Latest earnings analyses

Intuit closed fiscal 2026 with $21.448 billion of revenue, up 14.0%, and GAAP earnings per share of $16.46, up 20.0%, but the details are uneven: TurboTax customer counts fell while prices rose, and fiscal 2027 guidance points to slower growth of 9.0% to 10.0%. Read the scorecards below in pairs, because this filing mixes full-year and fourth-quarter figures in the same tables.

Deere's fiscal third quarter was solid: revenue rose 5.0% to $12.608 billion, net income rose 7.0% to $1.379 billion, and full-year guidance moved up to $4.75–$5.00 billion. Read it as a mix-led recovery — Construction & Forestry operating profit nearly doubled while large agriculture stayed soft — with cash generation and a bottoming ag cycle carrying the story.

Ross Stores posted a blowout quarter: sales rose 13% to $6.26 billion, EPS reached $2.66 versus $1.56, and management raised full-year EPS guidance to $8.61–$8.77. About $0.60 of the quarter's EPS came from one-time IEEPA tariff refunds. Read it in two layers — a genuinely strong core business plus a cash boost that will not repeat. View: Bullish.

Walmart's Q2 FY27 revenue rose 5.9% to $186.1 billion, with operating income up 28.8% to $9.38 billion and adjusted EPS of $0.81. The quarter benefited from tariff refunds that boosted gross margin, but management is reinvesting those gains into price, so the underlying profit growth is less dramatic. Guidance for the full year was raised, signaling confidence in the business despite a cautious consumer backdrop.

Lowe's grew sales 8.3% to $25.96 billion, but GAAP EPS was stuck at $4.27 and the full-year outlook was narrowed to the bottom of the old ranges. Read it this way: the top line is holding, the profit engine is not, and $0.11 of that $4.27 came from one-time tariff refunds. Growth is coming from Pro, online and acquisitions, not the core DIY shopper.

Analog Devices posted record fiscal third-quarter revenue of $4.02 billion, up 40.0% from a year ago, with gross margin at 67.3% and adjusted EPS of $3.45. Management guided the current quarter to $4.30 billion, and the company returned $1.69 billion to shareholders. That combination — accelerating sales, fatter margins and heavy cash return — is why the read here is Bullish. Below, we unpack the numbers line by line.

Target's second quarter looked spectacular — EPS doubled to $4.11 — but $994 million of one-time tariff refunds did most of the work. Strip those out and EPS still rose 20 percent, comparable sales grew 3.8 percent and gross margin expanded about 100 basis points. Management raised full-year sales guidance and its EPS range to $9.90 to $10.90, which still includes the refund benefit.

The headline is strong but flattered: TJX earned $1.36 per share, yet $0.14 of that came from one-time tariff refunds, leaving $1.22 of adjusted EPS, still up 11%. Sales rose 5.4% to $15.18 billion and every division except the largest grew comps 6% to 7%. Read the quarter as a solid underlying business with one big division question mark. View: Bullish.

Estée Lauder's fiscal 2026 was a turnaround year on paper: net sales rose 5.0% to $15.05 billion, adjusted operating margin jumped 320 basis points to 11.2%, and free cash flow nearly doubled to $1.32 billion. The catch is that reported results still show a $116 million fourth-quarter loss and a 64.8% reported tax rate, so the honest read is the adjusted numbers, with the gap between them explained below.

Nordson closed its fiscal third quarter with record sales of $817.7 million, up 10.3% year over year, record GAAP EPS of $2.73 and a raised full-year outlook. The growth was organic at 11.7% and every segment set a record, so this reads as a demand story rather than a currency or accounting one. Read the guidance and the balance sheet next.

Home Depot's fiscal 2026 second quarter was solid on its own terms: sales rose 5.7% and adjusted EPS rose 5.1%, with gross margin up 30 basis points. The catch is composition — customer transactions fell 1.0% while average ticket rose 2.8%. Read the quarter as a ticket-driven performance paired with reaffirmed guidance that implies slower growth in the second half.

Keysight closed FY2026 Q3 with revenue of $1.85 billion, up 36.5% from a year ago, a 65.9% gross margin and GAAP EPS of $2.30, and guided Q4 revenue to $1.93–$1.95 billion. Read this as a margin-and-orders story rather than a beat-versus-consensus story: the Q4 midpoint sits about 2.3% below the next-quarter analyst estimate of $1.98 billion, even as orders hit a second straight record above $2 billion.

Applied Materials delivered record revenue of $9.12 billion, up 25.0% year over year, with record non-GAAP EPS of $3.50. Semiconductor Systems carried the quarter, and DRAM grew to 26% of that segment's revenue. Guidance points to $10.25 billion next quarter, a figure that sits 2.5% below the $10.51 billion consensus number supplied here. Read the margin and working-capital lines as closely as the headline growth.

Tapestry closed fiscal 2026 with $8.00 billion of revenue, up 14.0%, and non-GAAP EPS of $7.05, up 38.0% — a strong year that management says hit its Investor Day targets two years early. Read the results in two layers: the reported full-year numbers cover the whole company, while the brand-level figures here are just the fourth quarter, when Coach grew 15.0% and Kate Spade fell 7.0%.

Amcor's fiscal 2026 was a Berry-acquisition year: sales jumped 57.0% to $23.51 billion, gross margin reached 20.0%, and adjusted EPS rose 13.0% to $4.02. Strip out the deal and the picture is softer — organic sales fell 2.0%, net debt is still $12.90 billion, and management guides to 3.5x–3.6x leverage. Read the growth lines as bought, not earned.

Bio-Techne's fiscal 2026 was a flat year dressed up by prior-year charges: revenue was unchanged at $1.22 billion, GAAP EPS jumped to $1.16, and adjusted EPS inched to $1.93. With the company set to be acquired by Merck KGaA for $73 a share in cash, quarterly operating swings matter far less than deal completion. Read the numbers below as a closing snapshot, not a growth story.

Trimble's core business is accelerating: revenue rose 11.0% to $972.0 million, gross margin reached a record second-quarter 69.4%, and non-GAAP earnings per share of $0.86 beat the $0.8171 consensus. The headline GAAP loss of $471.7 million is a valuation write-off, not a cash drain — a $562.0 million goodwill impairment in Transportation and Logistics. Read the operating metrics first, then the accounting charge.

Verdict: Bullish. Cisco closed fiscal 2026 with $63.33 billion of revenue, up 12%, and $3.33 of GAAP earnings per share, up 31%, then guided fiscal 2027 revenue to $72.2–$73.4 billion. Read the scorecard with two filters: how much of the profit came from one-off investment gains, and how much of the growth is concentrated in AI-driven hyperscaler orders.

Coherent finished fiscal 2026 with accelerating growth, wider margins and a next-quarter guide above what it just delivered — a Bullish setup on the operating numbers. Read it this way: revenue and margin expansion are real and broad, earnings beat on a non-GAAP basis, but cash generation went the wrong way as capital spending more than doubled. This is a growth-at-a-cost story, not yet a self-funding one.

Lumentum ended fiscal 2026 with $3.01 billion of revenue, up 83.2%, and a GAAP loss of $6.94 billion that is almost entirely a one-time, non-cash charge for swapping convertible debt into stock. Strip out that charge and non-GAAP net income was $782.3 million, or $8.67 a share, and fourth-quarter non-GAAP EPS of $3.23 beat the $3.0312 consensus. Read every GAAP line in this report with the debt conversion in mind.

Cardinal Health finished fiscal 2026 with $254.2 billion of revenue, up 14%, and GAAP diluted EPS of $7.23 against $11.26 on a non-GAAP basis. That $4.03 gap is the story: a $100 million tariff refund and a long list of excluded charges separate the two numbers. Think of it as a distributor earning pennies on every dollar of sales — good execution, noisy optics.

Jack Henry wrapped fiscal 2026 with record revenue of $2.54 billion, up 7.1%, and GAAP EPS of $6.98, up 11.9%, while the June quarter was much softer: operating income fell 12.2% and EPS fell 10.2%. Read the year and the quarter as two different stories — the year shows margin expansion and $539.3 million of free cash flow, the quarter shows costs outpacing revenue. The buyback and dividend numbers explain why cash fell.

Simon Property's quarter was strong where it counts for a landlord: revenue rose 19.5% to $1.79 billion and Real Estate FFO per share rose 7.9% to $3.29, and management raised full-year guidance. GAAP net income fell 13.1% to $483.1 million, or $1.49 a share, but that drop lines up with a $0.21 per share non-cash investment gain booked in last year's quarter.

Ferguson's June quarter beat expectations: revenue rose 4.6% to $8.75 billion and diluted EPS of $3.43 cleared the $3.3541 consensus, while management raised full-year sales and margin guidance. The catch is quality — gross margin slipped 20 basis points and free cash flow turned negative on a working-capital build. Read this as solid execution against a still-soft housing market, not as a demand recovery.

Berkshire's second-quarter net income jumped to $25.667 billion from $12.370 billion, but $12.684 billion of that was investment gains the company itself calls meaningless quarter to quarter. Strip those out and operating earnings still rose 16.3% to $12.983 billion. Underwriting and insurance investment income both slipped, which is why the quarter reads better on the headline than underneath.

Take-Two's fiscal 2027 first quarter was a small step forward on sales and a bigger step back on profit: revenue rose 2.0% to $1.53 billion while the net loss widened to $34.1 million. The story investors are actually paying for sits in November, when Grand Theft Auto VI ships. Read the scorecard as steady operations plus a reiterated full-year bookings target, not as a beat.

Vistra's second quarter of 2026 looks weak on the GAAP line and solid underneath. Net income of $305 million fell $22 million year over year as a $472 million unrealized hedge loss landed in the quarter, while Ongoing Operations Adjusted EBITDA rose 31.0% to $1.767 billion. Those hedge marks are paper losses that settle later, so the adjusted number is the better read on the business — yet GAAP EPS of $0.76 badly missed the $1.6938 consensus. View: Neutral.

PPL's second quarter was solid but short of the street: ongoing earnings of $0.33 per share came in about 5.0% below the $0.3473 consensus, while revenue grew 4.2%. Management reaffirmed 2026 guidance and its 6% to 8% growth target. Read the quarter as a reaffirmation story, not an acceleration story: the plants, backlog and data-center pipeline matter more than these three months. View: Neutral.

Zoetis reported flat second-quarter revenue of $2.468 billion and adjusted EPS of $1.87, a hair below the $1.8742 consensus, then cut full-year revenue and EPS guidance hard. The read-through is simple: U.S. companion animal demand is the problem, livestock and international sales are the offset, and the balance sheet leaves little room for a long slump.

Gen Digital beat on both lines and raised full-year guidance, so we read the quarter as Bullish. Revenue of $1.336 billion came in above the guided range and non-GAAP EPS of $0.71 edged the $0.6988 consensus. Two caveats matter: GAAP operating income of $443 million slipped 1.0%, and the Cyber Safety Platform segment shrank to $846 million from $869 million. Free cash flow of $430 million funded $181 million of buybacks and dividends.