Latest earnings analyses

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.

Colgate's second quarter of 2026 was a split decision: the base business beat and gross margin expanded 140 basis points, but GAAP EPS fell 5% and missed the roughly $0.98 consensus estimate. Read the two EPS lines side by side — $0.86 reported versus $0.99 base business — and the gap is mostly $129 million of restructuring charges, not weak selling.

Dominion Energy's quarter splits cleanly in two: reported net income fell to $340 million ($0.37 per share) while operating earnings rose to $712 million, or $0.79 per share, 14.7% above the $0.6887 consensus. Revenue grew 17.6% to $4.48 billion and full-year operating guidance of $3.45 to $3.69 per share was reaffirmed. Read the adjustment table before judging either number.

Eaton's quarter was a growth story with a margin asterisk: sales hit a record $8.53 billion, up 21.0%, adjusted EPS of $3.15 beat the $3.10 consensus and set a record, and full-year organic growth guidance was raised. The catch is that gross margin fell to 33.5% from 37.0% as acquisition accounting and Boyd Thermal's lower-margin mix diluted profitability. The view is Bullish, as long as margins move toward management's own targets.

ExxonMobil earned $14.53 billion in Q2 2026, up from $7.08 billion a year ago, yet adjusted EPS of $3.52 landed 1.9% below the $3.59 consensus estimate. Read the 46.0% revenue jump as a price story: non-U.S. crude sold at $92.42 a barrel against a $104.52 Brent benchmark while production slipped to 4,514 koebd. Cash was the real headline, with $17.24 billion of free cash flow.

Federal Realty's core engine is running well — Core FFO per share rose 6.8% to $1.88 and management raised 2026 guidance — but reported net income fell to $88.6 million from $160.0 million because last year carried a bigger property-sale gain and a one-time tax credit. Read the FFO lines, not GAAP EPS, to judge this quarter.

Franklin Resources' fiscal third quarter splits into two stories: record assets of $1,791.6 billion and $18.4 billion of long-term net inflows, but GAAP net income of $171.5 million, down 36.1% from the prior quarter. The gap is mostly charges — $100.0 million tied to regulatory settlements and $77.2 million of special termination benefits — which the company adds back, turning $0.31 of GAAP EPS into $0.72 adjusted.

Linde's second-quarter fiscal 2026 was solid rather than spectacular: sales rose 9% to $9.29 billion and adjusted EPS climbed 10% to $4.50, but that adjusted figure landed slightly under the $4.5288 consensus estimate. Read the quarter as a volume-and-price story with a margin catch: adjusted operating margin held at 29.5%, yet operating margin fell 60 basis points as cost inflation ate into pricing and productivity gains.

Alliant Energy beat consensus on the bottom line and kept its full-year guidance in the top half of the range, so the quarter reads better than the headline numbers suggest. Revenue grew 1.0% to $971 million while net income slipped to $170 million, and weather cost the utility money rather than helping it. The catch: cash on hand fell sharply and interest expense is climbing.

Cboe's second quarter was a record on the top line: net revenue rose 25.0% to $731.6 million and diluted EPS rose 50.0% to $3.35, beating the $3.55 consensus. Read it as an options-volume story with a data business attached: Options alone supplied $473.9 million of net revenue. The blemish is cash flow, which turned negative, and the fact that headline revenue and net revenue are very different numbers.

Alnylam delivered a strong quarter with a softer full-year message: revenue rose 67.0% to $1.29 billion and non-GAAP EPS of $1.84 beat the $1.5858 consensus, yet management cut full-year TTR product sales guidance to $4.2–$4.5 billion. Read this as a launch finding its real growth rate after an early phase flattered by pent-up demand, not as a business losing its franchise.

Illumina's fiscal Q2 2026 revenue rose 9.5% to $1.159 billion and non-GAAP EPS of $1.31 beat the $1.2507 consensus, prompting management to raise full-year revenue and EPS guidance. The catch is that GAAP net income fell to $207 million from $235 million, because last year's quarter carried a large investment gain. Read the revenue and EPS notes for the quality of the beat, then the guidance section for what management now promises.

Strategy's second quarter of fiscal 2026 was a bitcoin story, not a software story: revenue rose 6.9% to $122.4 million, but an $8.32 billion unrealized loss on digital assets turned $81.6 million of gross profit into an $8.22 billion net loss. Strip out that write-down and the software business still ran at a small shortfall, because R&D of $23.1 million plus SG&A of $74.0 million were larger than gross profit. Verdict: Neutral.

Labcorp grew second quarter revenue 5.8% to $3.73 billion and lifted adjusted EPS 14.9% to $4.99, beating the $4.92 consensus estimate, while raising full-year revenue and adjusted EPS guidance. Both operating segments expanded margins, and the company returned $412.5 million to shareholders through buybacks and dividends. Cash flow is the one soft spot: free cash flow fell to $313.9 million from $542.7 million a year ago.

Live Nation's second quarter looked strong on the top line and on EPS, but the profit engine behind the concerts business stalled. Revenue of $7.67 billion rose 9.0% and GAAP EPS of $1.05 beat the $0.67 consensus, yet adjusted operating income grew just 2.0% and Concerts AOI fell 14.0%. Read the quarter as demand-rich and margin-poor: the case now rests on the second half.

Martin Marietta's second quarter was a story of scale, not margin: revenue rose 21.0% to a record $1.947 billion, but gross profit was flat at $495 million and adjusted EBITDA rose 13.0% to $638 million. Read the quarter as bought growth plus a stronger lime business, with softer aggregates pricing and a large one-off accounting charge dragging the GAAP numbers.

Mastercard beat the $4.91 consensus EPS estimate with $5.04 of adjusted earnings on $9.28 billion of revenue that grew 14%. Cross-border volume rose 12% and value-added services grew 20%, while $4.90 billion of buybacks more than offset a softer free cash flow number. The view is Bullish, with one caveat: incentives paid to customers are growing much faster than network revenue.

Mettler-Toledo beat on both lines in Q2 2026: adjusted EPS was $11.46 against a $10.90 consensus, and full-year guidance moved up. Read the quarter carefully — a one-time $52 million US tariff refund flattered cost of sales, and gross margin's jump from 59.0% to 63.3% is mostly that. Organic local currency sales grew 4%, with the Americas the weak spot.

Monolithic Power posted a record quarter that beat guidance and the Street, so the read is Bullish. Revenue of $980.6 million rose 47.6% from a year ago, non-GAAP EPS of $6.50 topped the $5.98 consensus, and management guided Q3 to about $1.15 billion. The caveats are narrower: GAAP EPS of $5.22 sits below consensus because of $53.5 million in stock-based compensation, and a payables figure in the filing data does not reconcile.

NCLH beat on the bottom line but cut the top-line outlook: Q2 GAAP EPS of $0.48 topped the $0.3988 consensus, and Adjusted EBITDA of $666 million beat guidance. Revenue rose 4.9% to $2.64 billion, yet net yield fell and management now guides full-year net yield down about 5%. Read this as a cost-driven quarter inside a still-unfinished turnaround. Our view: Neutral.

Quanta's second quarter was a blowout: revenue of $9.56 billion rose 41.1% and adjusted EPS of $4.24 beat the $3.33 consensus by $0.91, prompting management to lift full-year revenue guidance to a $39.5 billion midpoint. The one wrinkle: GAAP EPS of $2.96 came in $0.37 below consensus. Read the view as Bullish, with the second-half step-up as the thing to watch.

Reddit's Q2 FY2026 beat on both lines: revenue of $804.9 million rose 61.0%, and diluted EPS of $1.25 came in 28.9% above the $0.97 consensus. Profitability held—91.3% gross margin, 31.4% net margin—while $234.6 million of buybacks reduced the share count. Read it as a highly profitable ad machine; the open question is the Q3 guide, which implies growth well below 60%. View: Bullish.

Exelon's second quarter of 2026 was steady rather than spectacular: revenue rose 9.9% to $5.97 billion, adjusted earnings per share climbed to $0.43 from $0.39, and management reaffirmed full-year guidance of $2.81 to $2.91. The catch is that $0.43 landed slightly below the $0.4412 consensus estimate. So the story here is durable regulated growth and confirmed rate recovery, not an upside surprise. Verdict: Neutral.

First Solar's second quarter was a margin story, not a growth story: revenue slipped 3.7% to $1.06 billion while gross margin jumped to 57.3% and earnings per share rose to $3.92, beating the $2.89 consensus estimate. Management reaffirmed rather than raised full-year guidance, and cash fell to $1.7 billion. Read the quarter as high profitability on a shrinking top line, with the negative free cash flow the item to watch.

GoDaddy's fiscal 2026 second quarter was a beat with a narrower outlook: revenue of $1.30 billion, GAAP earnings of $1.83 a share against a $1.7279 consensus, and $443.5 million of free cash flow. Read it as a maturing subscription business trading headline growth for margin, cash and buybacks. The stance here is Bullish, with the caveats spelled out below.

Hershey's second quarter of FY2026 was a margin recovery story: net sales rose 6.6% to $2.79 billion and gross margin jumped to 45.3% from 30.5% a year ago, lifting reported EPS to $2.26 and adjusted EPS to $1.90. But roughly 12 points of the organic gain came from price while volume fell about 8 points, so read the profit rebound alongside shrinking unit sales.

HII beat on earnings with $5.27 per share against a $3.84 consensus and lifted full-year shipbuilding revenue guidance to $10.2–$10.4 billion. The catch is cash: free cash flow was negative $150 million in the quarter. Read the sales and margin gains as real, then check whether the second half converts them into the $500–$600 million of free cash flow management still promises.

Ingersoll Rand's second quarter looks solid on the surface — revenue rose 8.5% to $2.05 billion and adjusted EPS of $0.86 edged past the $0.8513 consensus — but the quality of the growth is mixed. Only 4.1 points of that revenue increase was organic, and profitability slipped: gross margin fell to 42.1% from 43.7%, while adjusted EBITDA margin dropped to 25.4% from 27.0%. View: Neutral.

ICE posted a solid rather than explosive quarter: net revenues rose 4.8% to $2.67 billion, adjusted EPS of $1.90 nudged past the $1.86 consensus, and all three segments grew. The catch is mid-single-digit growth and a 13.0% drop in energy revenue. Read the scorecard as durability plus capital return, not acceleration.