Latest earnings analyses

Apollo earned $1.36 billion of net income, or $2.15 per diluted share, on $11.15 billion of revenue in the June 2026 quarter, but Adjusted Net Income of $2.11 per share came in below the $2.20 consensus. Revenue looks spectacular mostly because of mark-to-market swings at the insurance arm. Read the recurring lines — fee related earnings and spread related earnings — for the real picture.

Constellation Brands is Neutral: first-quarter profit rose sharply on better margins while underlying sales drifted lower, and full-year guidance points to flat-to-down revenue with comparable EPS slightly below last year. Read the 3% sales drop as partly divestiture-driven, since organic sales rose 3%, but note beer depletions slipped 0.3%, so volume rather than price is the soft spot. Cash generation and shareholder returns remain the dependable part.

Honeywell Technologies' quarter looks spectacular only at the GAAP line: the $17.83 per-share profit leans on a $6.629 billion gain on deconsolidating Quantinuum. Strip that out and adjusted EPS of $4.52 came in below the $4.86 consensus, while sales of $9.719 billion rose 4.3%. Sales grew, gross margin did not, and guidance shifted from volume to margin. Neutral until adjusted profit and margin turn back up.

Honeywell Aerospace's first report as a standalone company is a mixed one: sales rose 5.0% to $4.522 billion, but adjusted EPS of $1.87 missed consensus and management cut full-year organic growth guidance to 4.0%-5.0% from 7.0%-9.0%. The story now hinges on supply, not demand, because backlog grew 9.0% to $18.154 billion. We read this quarter as Neutral.

Darden closed fiscal 2026 with $13.21 billion of sales, up 9.4%, and adjusted EPS of $10.64, up 11.4% — a year management says significantly outperformed the industry. Every brand group posted positive same-restaurant sales and fiscal 2027 guidance of $11.10–$11.35 extends the growth, so the read leans positive. Just remember the extra 53rd week added $0.25 of EPS, a one-off that flatters the comparison.

McCormick's headline growth flatters the underlying business: sales rose 16.7%, but only 1.7% of that was organic. Adjusted EPS of $0.80 beat last year's $0.69 with help from an acquisition and a tariff refund. The view is Neutral — steady execution and a reaffirmed outlook, offset by thin organic growth and a large deal that is still only a plan.

The takeaway is Bearish: FedEx Freight's recast calendar 2025 shows revenue of $8.78 billion, down 3.5%, net income of $1.06 billion, down 26.5%, and a small operating loss in the December quarter. Read it as history rather than guidance — this 8-K restates calendar 2024 and 2025 under a new cost presentation, offers no outlook, and warns the numbers are not what a standalone FedEx Freight would necessarily have reported.

Verdict: Bullish on the quarter's numbers. Micron delivered $41.46 billion of revenue, $28.24 billion of GAAP net income and an 84.6% gross margin, then guided fiscal Q4 to $50.0 billion. Read it as pricing power plus AI demand rather than shipping volume: DRAM alone produced $31.33 billion of revenue. The caveat is that these margins sit far above the 35.3%–44.7% range Micron reported across fiscal 2025.

Paychex closed fiscal 2026 with revenue of $6.51 billion, up 17.0%, and adjusted diluted EPS of $5.51, up 11.0%. Most of that growth came from owning Paycor for a full year rather than from the existing business, and management guides fiscal 2027 revenue growth down to 5% to 6%. Verdict: Neutral — a high-margin, cash-generative business entering a slower, more leveraged phase.

Carnival's second quarter of FY2026 was a demand record with a fuel bill attached: revenue of $6.663 billion rose 5.3% and adjusted EPS of $0.41 rose over 15%, while GAAP operating income fell to $851 million and gross margin slipped to 36.6%. Read it as pricing power plus cost drag — net yields set a record, and $9.0 billion of customer deposits says bookings, not the quarter's profit, drive the story. View: Bullish.

Nike's fiscal 2026 was a holding year: revenue flat, profit slightly lower, and a fourth quarter whose headline numbers look far better than the underlying business because of a one-time tariff refund. Read the year, not the quarter. Full-year revenue was $46.40 billion and net income fell 3.0% to $3.11 billion, while NIKE Direct kept shrinking. Our view is Neutral.

FedEx's recast figures show a leaner, more profitable core: calendar-2025 continuing-operations revenue of $82.46 billion, up 4.2%, and operating income of $4.55 billion, up 39.2%. Read this filing as a history lesson, not a forecast. It restates two years of results after the FedEx Freight spin-off and a switch to a December fiscal year end, and it carries two different revenue figures for the same period.

Accenture reported $18.72 billion of revenue, $3.80 of diluted EPS and a 17.0% operating margin for FY26 Q3. Growth looks like 6% in dollars but only 3% in local currency, because foreign exchange added roughly 2.5 points. Full-year local-currency growth guidance was trimmed to 3%–4% while EPS guidance edged up. The read: profit and cash came through, bookings did not.

Jabil's fiscal 2026 third quarter was the best of the year so far: revenue rose 11.8% to $8.75 billion, gross margin widened to 9.5% and management raised its full-year outlook. The catch is the margin math — cost of revenue still eats 90.5% of every revenue dollar, so the profit line depends on volume and mix staying favorable.

Lennar's second quarter of fiscal 2026 was a smaller, cheaper business than a year ago: revenue fell 5.2% to $7.94 billion and GAAP EPS dropped to $1.24 from $1.81. Read the quarter through two lenses — the year-over-year decline in price and gross margin, and the sequential improvement management is guiding to for the third quarter. The balance sheet is the stabilizer, with low leverage and a large buyback.

Neutral. Adobe's Q2 FY26 revenue of $6.62 billion rose 13.0% year over year and gross margin held at 89.2%, but GAAP net income of $1.71 billion grew only 1.2% and diluted EPS slipped to $4.25 from $4.60 in Q1. The full-year revenue and non-GAAP EPS targets were raised, yet Q3 guidance implies a step down in margin and a CFO change adds noise.

Dollar General's first quarter of fiscal 2026 was a margin story: revenue rose 3.4% to $10.79 billion, gross margin widened to 31.6%, and EPS jumped 12.4% to $2.00, while full-year EPS guidance was nudged up to $7.20–$7.45. That is why the read here is Bullish — but note the growth came from margin, not from a demand surge, so the quality of the beat matters more than its size.

Costco's fiscal third quarter lifted total revenue 11.6% to $70.53 billion and diluted EPS 15.2% to $4.93, while gross margin slipped to 12.8% from 13.0%. Read the sales headline with care: reported comparable sales of 9.8% fall to 6.6% once gasoline prices and foreign exchange are stripped out. Membership fees are still compounding and the balance sheet is clean, which is why the overall tilt is positive.

Dell's fiscal 2027 first quarter was a blowout: revenue of $43.84 billion, up 88.0%, and GAAP EPS of $5.24, up 282.0%, with $24.4 billion of AI orders booked. The trade-off is mix: gross margin fell to 17.8% from 21.1% as AI servers did the heavy lifting. Read the results as an AI-infrastructure ramp with thinner margins, not a broad-based margin story.

AutoZone's fiscal 2026 third quarter was a solid operating quarter: revenue grew 8.4% to $4.84 billion and diluted EPS rose to $38.07 from $35.36. What keeps it short of flawless is a 57 basis point gross margin decline, mostly a non-cash LIFO charge. Read the sales and expense lines first; the margin line explains the rest.

Lowe's grew sales 10.3% to $23.08 billion and affirmed full-year guidance, but GAAP EPS slipped to $2.90 and gross margin fell to 32.7%. Comparable sales rose only 0.6%, so the headline growth is not coming from existing stores. Read this quarter as a solid but not clean print: adjusted EPS of $3.03 beat last year while GAAP earnings did not.

Nvidia's April-quarter revenue rose 85.0% to $81.62 billion and gross margin held at 74.9%, so the core business is still compounding quickly. The setup is murkier: management guides the July quarter to $91.00 billion while the only consensus figure here is $94.01 billion, and the outlook assumes zero Data Center compute revenue from China. Read the results as excellent and the guidance as cautious rather than weak.

DTE Gas, the Michigan utility owned by DTE Energy, grew revenue 6.3% to $923 million while net income rose just 2.0% to $209 million — steady, unexciting, and valued like a regulated bond substitute. Read the quarter as a rate case story: costs and capital spending are climbing faster than profit, and management has asked Michigan regulators for $163 million more in base rates. View: Neutral.

Principal Financial's first quarter of 2026 was a mixed but overall solid report: non-GAAP operating earnings of $2.07 a share beat the $2.02 consensus, yet revenue fell 4.5% to $3.53 billion. Read it as an earnings-quality story — underwriting and margins improved, while the top line and a $0.10 per-share drag from significant variances kept the quarter short of its $2.17 underlying run rate.

Nvidia closed fiscal 2026 with $215.94 billion of revenue, up 65.0%, and a fourth quarter that accelerated to 73.0% growth. The read: the Data Center business is doing nearly all the work, gross margin held at 75.0% in the quarter after slipping for the full year, and management's $78.0 billion guide for the next quarter assumes zero China Data Center compute revenue.

Nvidia's third quarter of fiscal 2026 was another record: $57.01 billion of revenue, $31.91 billion of net income and $1.30 of diluted EPS, with Data Center at $51.22 billion. Guidance for the next quarter of $65.00 billion, plus or minus 2%, points to continued growth. The main caveats are margin drift, a large receivables and inventory build, and a payables figure that does not tie between the filing's balance sheet and the XBRL data. View: Bullish.

HPE's fiscal 2026 third quarter was a beat on every headline: revenue of $12.21 billion, gross margin of 40.1% and non-GAAP EPS of $1.11, all above guidance, with raised FY26 and FY27 targets. Read the segment detail first, then the balance sheet: inventory and payables both ballooned, and that is the number to watch.

Nvidia printed $46.74 billion of revenue in its fiscal 2026 second quarter, up 56.0% year over year, with no H20 sales to China-based customers at all. The story is still Data Center ($41.10 billion, 87.9% of revenue) and a third-quarter guide of $54.00 billion. Read the margin and cash-flow lines closely: headline growth is clean, but cash conversion and zero China are the asterisks.

Brown & Brown's second quarter shows two very different growth stories. Total revenue rose 30.4% to $1.68 billion, but organic revenue actually fell 0.7%, which means essentially all of the increase came from acquisitions rather than from customers buying more. Adjusted earnings per share of $1.07 landed just under the $1.09 consensus estimate, and margins narrowed. The honest read is Neutral: the deal engine is working, the core business is not.

Nvidia's April quarter showed $44.06 billion of revenue, up 69.0% from a year ago, but a $4.5 billion H20 export charge cut gross margin to 60.5% from 78.4%. Excluding it, non-GAAP gross margin was 71.3% and adjusted non-GAAP earnings per share were $0.96 rather than $0.81. Read this quarter as a policy event, not an operating one.