Latest earnings analyses

Entergy beat consensus EPS by 14.7% and grew revenue 14.5% year over year, driven by higher retail sales and regulatory actions. The quarter also benefited from favorable weather, which added $0.24 per share. With guidance narrowed to $4.35–$4.45, the company is on track to meet its full-year outlook. The balance sheet shows strong liquidity but rising debt.

Fox opened fiscal 2027 with record quarterly revenue and record adjusted EBITDA, but a large slice of that growth came from two things that will not repeat next year: the FIFA Men's World Cup and a heavy political advertising cycle. Read the numbers as a strong quarter with an unusually loud one-off soundtrack, and watch the cost lines that scaled up with the revenue.

Marriott beat the $2.8712 EPS consensus with $3.04 and grew gross fee revenue 14.0%, so the quarter reads Bullish. Read revenue with care: $5.08 billion of the $7.01 billion is cost reimbursement revenue that passes through at near-zero margin. The fee lines, owned/leased profit and the raised RevPAR outlook are the real signal.

Loews earned $1.50 a share, down from $2.43, because its insurance arm absorbed a $125 million after-tax long-term care reserve charge. Revenue of $4.76 billion barely moved, up 1.9%, so this was a margin and reserve story, not a demand story. Hotels and pipelines held; CNA did not.

General Dynamics beat the $4.2502 EPS consensus with $4.49 and grew revenue 12.9% to $14.57 billion, so the quarter reads clean on both lines. What makes it unusual is orders: $98.8 billion booked in three months pushed backlog to $220.3 billion, a 6.8-to-1 book-to-bill. The one soft spot is cash, where free cash flow fell to $1.23 billion from $1.90 billion a year ago as capital spending more than doubled. We read this as a Bullish quarter on demand, with a capex caveat.

Alliant Energy beat the $1.3179 consensus EPS estimate by $0.20 with $1.52 in the third quarter of 2026, and management narrowed full-year guidance to the top half of its old range. Revenue of $1.285 billion rose 6.2% on higher electric sales and warm weather. The quarter's tax benefit flatters the comparison, so read the 2027 guidance and the bigger capital plan as the real story.

ExxonMobil beat on the number management steers by: adjusted EPS of $4.23 against a $4.12 consensus, while GAAP EPS of $3.72 was dragged down by $2.54 billion of unfavorable timing effects. Revenue rose 32.7% year over year to $113.16 billion. Read the quarter through cash instead of the GAAP headline: $18.47 billion of free cash flow comfortably covered $9.40 billion of dividends and buybacks.

Kenvue grew net sales 3.2% to $3.886 billion and lifted adjusted EPS 4% to $0.29, but that was roughly a penny under the $0.3004 consensus, and management gave no guidance at all because of the pending Kimberly-Clark deal. Read this as a steady operating quarter wrapped in transaction fog: margins improved, cash generation jumped, and the forward view is deliberately blank.

LyondellBasell delivered a genuine turnaround: revenue rose 10.0% to $8.50 billion, net income swung to $758 million from a year-ago loss, and free cash flow reached $1.41 billion. The catch is that non-GAAP EPS of $2.54 came in just below the $2.59 consensus and fell hard from $4.30 in the prior quarter. Read the year-over-year gains as real and the sequential fade as partly seasonal.

Cboe's third quarter was a genuine beat: net revenue rose 17.6% to $712.2 million, adjusted diluted EPS of $3.63 topped the $3.5041 consensus by $0.13, and management raised its 2026 organic growth target while cutting its expense range. The engine is index options, and part of the gain is a product-mix story. Read net revenue ($712.2 million), not the $1.36 billion total revenue line, to see the actual growth rate.

Colgate posted a clean quarter: sales up 4.6% to $5.37 billion, base-business EPS up 7.0%, gross margin up 80 basis points, and management raised full-year margin and earnings guidance. The blemish is North America, where volume fell 3.7% and segment profit dropped 11.0%. Our view is Bullish, because cash generation and margin expansion are doing work that volume is not.

Dominion Energy beat on both lines and kept full-year guidance intact: third-quarter 2026 operating earnings were $1.28 a share against a $1.23 consensus, on revenue of $5.59 billion, up 23.5%. The catch is where the growth came from — rate riders and regulatory outcomes, not more kilowatt-hours. Read the segment split and the charges excluded from the headline number before you take the beat at face value.

Exelon’s Q3 FY2026 was a mixed beat: adjusted EPS came in at $0.87 versus $0.7957 consensus, while GAAP EPS fell to $0.70 and net income dropped to $729 million. Revenue rose 9.2% to $7.319 billion. Read the quarter through the gap between adjusted and GAAP results, then check guidance and the debt-heavy balance sheet.

Federal Realty beat the $0.7315 consensus EPS line with $0.74 and lifted the low end of its full-year FFO range. The quarter's real story is leasing: 14% cash rent spreads on 532,220 square feet and a 96.5% leased rate. Read revenue and FFO together — revenue grew 5.2% while GAAP net income grew 7.0%, because depreciation and interest absorb most of the difference.

Church & Dwight beat its own outlook and the Street in FY2026 Q3: organic sales rose 5.1%, gross margin gained 170 basis points, and adjusted EPS of $0.92 topped the $0.91 consensus while management raised the full-year sales outlook. The catch is the headline number: reported sales grew only 1.0% because 2025 divestitures removed 6.1 points. Read the organic line, not the reported one.

Strategy’s FY2026 third quarter looks spectacular only because of bitcoin accounting: net income was $19.53 billion and diluted EPS $44.75, both driven by a $20.91 billion digital-asset gain. Read the software line separately: revenue was $125.4 million, down 3.0% year over year, with a 71.5% gross margin. The real question is whether the capital structure and bitcoin holdings can keep producing these marks without leaning on asset sales or new shares.

Twilio beat on both lines: revenue of $1.56 billion grew 20.0% and non-GAAP EPS of $1.65 came in above the $1.496 consensus. The company also raised full-year operating income and free cash flow guidance. The catch is the fourth-quarter guide, which implies organic growth of just 11.0% to 12.0%. Read the scorecard as a profitable-growth story with a decelerating core.

Alnylam's quarter is a commercial win inside an accounting one. Net product revenue rose 52.0% to $1.29 billion and total revenue 17.0% to $1.46 billion, yet GAAP EPS of $15.72 came almost entirely from a $1.87 billion tax benefit. Read the top line as the real result and the bottom line as a one-time release of valuation allowances.

WTW's third quarter of 2026 was a margin and cash story, not a growth story. Adjusted diluted EPS rose 18.0% to $3.63, adjusted operating margin reached 21.9%, and nine-month free cash flow climbed to $1.06 billion. Revenue of $2.46 billion grew 8.0% as reported but only 4.0% organically. Read the adjusted numbers first, then look at what they exclude.

Xcel Energy’s Q3 2026 was a clean beat: revenue rose 6.6% to $4.17 billion, GAAP EPS jumped to $1.52 from $0.88, and net income reached $960 million. The quarter was helped by infrastructure recovery, equity-method gains and warm weather. Read the scorecard against consensus and the narrowed $4.10-$4.16 2026 EPS range, then check debt and wildfire risk.

Illumina beat on earnings and raised full-year guidance, but the quarter's shine owes a lot to a one-off tariff refund. Strip that out and revenue growth was 4.8% organic and non-GAAP EPS was $1.44, still ahead of the $1.3833 consensus. Read the headline numbers first, then focus on what repeats: gross margin, free cash flow, and the Q4 implied by guidance.

Vulcan's third quarter was smaller, not weaker. Revenue fell 4.7% to $2.18 billion on 3% fewer aggregates tons, yet gross margin edged up to 30.5% and adjusted EBITDA margin to 32.3%; adjusted EPS of $2.83 missed the $2.92 consensus. Read the scorecard first, then the guidance section — the implied fourth-quarter step-up is the real story here.

West beat its own guided sales midpoint and the consensus EPS number, then raised full-year guidance on both lines. Revenue of $874.5 million rose 8.7% while gross margin jumped to 39.7% from 36.6%, so profit grew far faster than sales. Read the two EPS lines carefully: GAAP EPS of $3.02 carries a $0.45 per-share gain on the SmartDose sale, and the $2.66 adjusted figure is the cleaner read on the quarter.

Weyerhaeuser beat a low bar on earnings but shrank where it matters: third-quarter net income fell to $61 million from $80 million a year ago even as sales rose 8.4% to $1.862 billion. Read the quarter as a margin story — gross margin slid to 13.8% from 16.7% in the second quarter as wood products cooled — not as a growth story. View: Neutral.

Veralto beat on the adjusted numbers and raised full-year guidance: Q3 revenue rose 7.5% to $1.509 billion and adjusted EPS of $1.18 topped the $1.1138 consensus. The catch is GAAP — operating profit fell to $298 million from $326 million. Core sales grew 5.1% and free cash flow was $304 million. Read this quarter as an adjusted-margin and cash story, not a GAAP-profit one.

Trane's third quarter was a demand quarter: revenue up 17.7% to $6.76 billion, bookings up 21%, backlog at $12.5 billion and adjusted EPS up 25% to $4.86, a hair under the $4.88 consensus. Management raised full-year revenue guidance and held profit guidance. The blemish is gross margin, down 1.6 points to 35.3%. Read it as growth with a cost problem, not a demand problem.

Textron beat the consensus earnings number and raised full-year guidance for both adjusted EPS and cash flow, so this is a beat-and-raise rather than a mixed print. Revenue rose 4.0% to $3.751 billion, with Aviation and Systems carrying growth while Bell shrank. Read the scorecard as a quality check: earnings outran revenue, but inventory and Bell are the two items worth watching.

T. Rowe Price beat on adjusted EPS ($2.86 versus a $2.7033 consensus) and grew revenue 5.9% to $2.00 billion, yet $28.3 billion of client money left and the fee rate slipped to 37.8 basis points. Read the operating line and the flow line together: the cost machine is working, the asset-gathering machine is not.

Stryker grew organic sales 7.7% to $6.52 billion and lifted adjusted EPS 10.3% to $3.52 in Q3 2026, but the quarter fell short of management's own expectations and adjusted EPS missed the $3.58 consensus. GAAP EPS of $1.96 looks ugly mainly because of a $293 million goodwill impairment. Read the adjusted numbers for the business, the GAAP numbers for what the charges actually cost.

Sandisk's fiscal first quarter was extraordinary on every line: $11.03 billion of revenue, up 378% year over year, an 85.0% gross margin and non-GAAP EPS of $49.51 against a $47.15 consensus. Guidance of about $12.40 billion for the December quarter keeps the momentum but halves the sequential growth rate. Read this quarter as a pricing story first and a demand story second, because that is what the numbers are.