Latest earnings analyses

Record revenue, a raised outlook and $1.25 billion of quarterly free cash flow — the direction of travel is up, even though reported EPS landed below consensus. Read the quarter in two parts: the demand story in power generation and North American trucks is clearly improving, while the bottom line was hit by tax items and higher incentive pay. Judge it on second-half margins, not on the $6.73 headline.

DaVita beat consensus earnings and grew revenue 5.2% to $3.55 billion, so our view is Bullish. The $4.02 per share came with a 16.3% operating margin and $490 million of operating cash flow, and full-year guidance implies a stronger second half. The caveats are a leveraged balance sheet and a book equity deficit, so the bullish case rests on cash generation rather than the balance sheet.

Devon Energy's second quarter looks strong on the surface: GAAP earnings of $2.03 per share beat the $1.41 consensus, and the company returned $1.06 billion to owners. But this is the first quarter including Coterra, so the numbers are not like-for-like. Reported revenue of $7.00 billion also conflicts with the $5.1 billion of oil, gas and NGL sales in the same press release, so read the cash flow and balance sheet, not just the headline.

AMD's second quarter of fiscal 2026 was a record on both revenue and profit: revenue of $11.54 billion, up 50.0% year-over-year, with non-GAAP EPS of $1.66 beating the $1.63 consensus estimate. Data Center did the heavy lifting at $6.72 billion, or 58.2% of sales. Guidance for the next quarter points to $13 billion, so the growth story is intact — the open questions are customer concentration and cash conversion.

AES posted a stronger-looking quarter than it really was: revenue rose 19.9% to $3.422 billion, gross margin improved to 20.2%, and earnings per share of $0.60 beat the $0.5181 consensus. But $209 million of the $426 million net income came from a gain on a business sale, and free cash flow was negative $597 million. That mix is why the read here is Neutral.

AMETEK beat on both the top and bottom line and raised full-year guidance, so the quarter reads Bullish. Sales of $2.04 billion rose 15.0% from a year ago and adjusted EPS of $2.09 topped the $2.01 consensus. The caveat: growth leans on acquisitions, and the adjusted figure sits $0.32 above GAAP EPS of $1.77.

Amgen beat on profit and lifted its full-year revenue outlook: second-quarter revenue rose 10.0% to $10.05 billion and net income hit $2.38 billion. The bullish read is that six growth drivers now carry the portfolio, offsetting steep declines in older drugs. Read the scorecard below as a test of quality: growth is real, but a chunk of the profit jump comes from lower amortization, not operations.

Aptiv's first quarter as a slimmed-down company beat on profit: adjusted EPS of $1.63 topped the $1.46 consensus, gross margin rose to 23.7%, and revenue grew 2% to $3.27 billion. The soft spot is cash — free cash flow fell to $12 million from $219 million a year ago. Read the profit beat and the cash drain together; both are real.

ADM's second quarter was a clean beat with a bigger raise: adjusted EPS of $1.84 against a $1.45 consensus, and full-year guidance lifted to $5.15-$5.60 from $4.15-$4.70. The profit came from crushing and ethanol margins, not cost cuts. Read the quarter as a policy-and-energy-price story that is currently running ADM's way, and judge it on whether that environment holds into the second half.

Arista's Q2 2026 was a beat-and-raise quarter: revenue of $3.04 billion rose 37.7% from a year ago, and non-GAAP EPS of $1.02 landed 13.0% above the $0.9026 consensus. The blemish is gross margin, down to 62.9% from 65.2%, and free cash flow that fell year over year. Read this as accelerating demand with thinner hardware margins, not a company running out of growth.

Assurant closed Q2 2026 with record GAAP net income of $298.6 million, adjusted EPS of $6.41 that beat the $5.23 consensus by 22.5%, and a raised full-year outlook, so the quarter reads Bullish. Read the headline growth next to the underlying numbers: catastrophe losses were $17.6 million lighter, a $10 million non-run-rate item flattered Connected Living, and reserve releases are shrinking, so the quality of the beat matters as much as its size.

Ball's second quarter looked strong on the surface: revenue rose 19.7% and comparable EPS of $1.03 beat the $1.0011 consensus estimate. Look underneath and the quality is mixed: most of the sales gain is aluminum price pass-through, North America's segment profit actually fell, and first-half free cash flow was negative $471 million against a full-year goal of more than $900 million. Verdict: Neutral.

Booking Holdings beat on the bottom line: Q2 2026 revenue rose 8.1% to $7.35 billion, GAAP EPS hit $2.53 versus a $2.4982 consensus, and adjusted EPS of $2.54 was up 15.0% year over year. The eye-catching 118% net income growth is mostly currency, so read revenue growth, adjusted EPS and free cash flow together, not the headline.

EchoStar reported $3.58 billion of revenue for the June 2026 quarter and $8.46 billion of net income, but the profit came from deconsolidating part of the business in a prepackaged Chapter 11, not from selling more service. Read the quarter as a shrinking top line with improving operating income, plus a balance sheet that leans on assets held for sale.

Loews earned $444 million, or $2.16 a share, in the second quarter of 2026, up from $391 million a year earlier, with all three operating segments posting higher net income. The catch: the gain came from insurance investment income and a hotel rebound, not better underwriting, as CNA's combined ratio worsened by 2.4 points and core income slipped to $324 million. Read the rest with that split in mind.

Marriott's fee engine kept compounding: second-quarter revenue rose to $7.07 billion and adjusted diluted EPS of $3.19 beat the $3.1211 consensus, even though reported EPS of $2.90 missed it. Reported net income was flat at $766 million because a $68 million hotel-sale impairment and a $27 million litigation accrual sat outside the adjusted figures. The read is Bullish, with the caveat that headline GAAP earnings now diverge sharply from the adjusted story.

onsemi beat on the bottom line and guided higher: Q2 2026 revenue rose 9.2% to $1.60 billion, non-GAAP EPS of $0.74 edged past the $0.7363 consensus, and management sees third-quarter gross margin expanding to 40.0%–42.0%. Free cash flow quadrupled to $425.4 million. The catch is that GAAP gross margin of 38.4% is still far below the level of two years ago, and total debt now exceeds cash. The view is Bullish.

Palantir closed FY2026 Q2 with revenue of $1.935 billion, up 93% year-over-year, net income of $1.062 billion (a 55% margin) and diluted EPS of $0.41, and it raised full-year revenue guidance to $8.150–$8.158 billion. How to read it: growth re-accelerated and cash generation is enormous, but gross margin slipped sequentially from 86.8% to 84.7% and the new guidance assumes even bigger quarters ahead.

The headline numbers are ugly, but the underlying operations and financing are not, so the read is Neutral. Revenue fell 10.1% to $662.8 million and adjusted FFO per share dropped 25.8% to $1.73. Offsetting that: leasing volume rose 60.0% to 1,038,917 RSF and management held its 2026 guidance midpoint.

SBA Communications delivered a steady but unexciting quarter: revenue rose 2.3% to $715.3 million, EPS of $1.87 came in 2.4% below the $1.9156 consensus, and AFFO per share slipped to $3.05. Full-year guidance was barely touched, with the revenue midpoint up only $2.0 million to $3.0 million. The real swing factor was churn and a smaller currency gain, not operations. View: Neutral.

TKO's second quarter was a growth story with a scorecard asterisk: revenue rose 18.2% to $1.547 billion and management raised full-year guidance, but GAAP EPS of $1.34 missed the $1.5046 consensus and most of the profit went to non-controlling interests. Read the raise as the signal and the per-share miss as a reminder that TKO keeps only part of what it earns. View: Neutral.

Tyson's fiscal third quarter was flat on the top line and carried by Chicken, not Beef: sales of $13.868 billion slipped 0.1% and adjusted EPS of $0.99 just missed the $0.9971 consensus. GAAP EPS was $0.52 because $73 million of leadership-transition charges and a $98 million legal accrual sat outside adjusted results. Read the segment detail and the guidance bridge, not the headline EPS.

Vertex's second quarter was a top-line story: revenue rose 12% to $3.33 billion, management nudged full-year guidance to $13.1 billion to $13.2 billion, and non-GAAP EPS of $4.73 landed just under the $4.83 consensus. Read the quarter as cystic fibrosis still paying the bills, ALYFTREK taking over that franchise, and CASGEVY and JOURNAVX only starting to matter. Every figure below comes from the company's own release and balance sheet.

Williams posted $827 million of second-quarter 2026 net income, $0.68 per diluted share, and lifted its 2026 Adjusted EBITDA midpoint to $8.40 billion while agreeing to buy Momentum Midstream for up to $5.50 billion. Read the quarter as solid operations plus a bigger, more levered growth plan: adjusted profit grew 8%, but free cash flow was negative $458 million and capital spending is running at $7.30–$7.90 billion for the year.

Clorox's fiscal fourth quarter looked ugly on the surface and mostly has an explanation underneath: revenue fell 2.0% to $1.95 billion, gross margin dropped 520 basis points, and GAAP earnings per share halved to $1.34. The view is Neutral, because most of the damage is acquisition accounting and a one-year ERP shipment swing, while the FY27 plan still implies only thin organic growth and no margin recovery.

LyondellBasell delivered its strongest quarter in over a year: revenue of $9.18 billion rose 19.8% year over year and adjusted EPS of $4.30 beat the $3.45 consensus by $0.85. Read the $1.71 GAAP figure carefully, though — $2.59 of it vanished into a $734 million loss on the European asset sale. The operating rebound is real; the open question is how much of it was market luck rather than company work.

Moderna's second quarter was tiny on sales and still deeply unprofitable, but it beat expectations and improved on a year ago. Revenue of $145 million edged past last year's $142 million, EPS of -$1.97 beat the -$2.1247 consensus, and management trimmed its 2026 expense plan again. Read this as a cost-control story with a pipeline bet attached, not yet a growth story.

Chevron's second quarter 2026 was a blowout: revenue of $67.199 billion, net income of $12.072 billion and adjusted EPS of $6.06 that beat the $5.615 consensus estimate by 7.9%. The catch is that most of it came from outside the company — Brent averaged $104 a barrel versus $68 a year ago, plus 20 percent higher production after the Hess deal. Read this as an oil-price and volume story first, and a refining-margin story second.

T. Rowe Price's second quarter of 2026 looks solid on the surface: revenue rose 10.7% to $1.91 billion, GAAP EPS jumped 28.6% to $2.88 and adjusted EPS of $2.57 edged past the $2.5493 consensus. The catch is that growth came from markets, not clients — net outflows were $6.5 billion and the fee rate slipped to 38.1 basis points. Read the GAAP profit line carefully: a big slice of it is investment gains.

Church & Dwight beat its own second-quarter plan on the top line, but adjusted EPS of $0.89 landed just under the $0.9057 consensus, so the read is bullish on demand and cautious on near-term profit. Organic sales rose 5.8% and management raised full-year sales, EPS and cash flow guidance, yet reported revenue grew only 1.6% because of 2025 portfolio actions.