Latest earnings analyses

Howmet beat on both revenue and profit and raised full-year guidance, so the quarter reads Bullish on the numbers alone. Revenue of $2.547 billion rose 24.0% year over year, or 21.0% organically, adjusted EBITDA margin expanded to 32.1%, and $0.48 billion of free cash flow funded $0.30 billion of buybacks. The catch: growth leans on aerospace and gas turbines while trucks are only starting to recover, and debt rose to pay for CAM.

Kenvue's third straight quarter of sales growth is real but thin: revenue rose 3.0% to $3.955 billion, and only 1.6% of that came from organic growth. Adjusted EPS of $0.31 missed the $0.3256 consensus, and gross margin slipped to 58.2%. With no guidance because of the pending Kimberly-Clark deal, the standalone story now rests on margins, not the top line.

Keurig Dr Pepper's second quarter was two quarters in one: net sales rose 75.6% to $7.31 billion because JDE Peet's closed on April 1, while GAAP earnings fell 89.0% on deal costs. Judge the business on adjusted EPS of $0.57, which beat the $0.5426 consensus, not on GAAP EPS of $0.04. Our view is Neutral.

Microchip beat its own June-quarter guidance and guided the September quarter higher again. Revenue of $1.485 billion rose 38.0% year over year, non-GAAP EPS of $0.76 cleared the $0.71 top of the range, and free cash flow hit $497.6 million. The read: an operating recovery is now showing up in margins and cash, while $5.361 billion of long-term debt remains the main constraint.

Molson Coors sold 5.4% less beer this quarter, and the profit drop was steeper than the sales drop: net sales fell 3.3% to $3.10 billion while GAAP EPS fell 42.3% to $1.23. The offset is that underlying EPS of $1.58 topped the $1.5229 consensus and management reaffirmed full-year guidance, so the story is cost and volume pressure rather than a broken thesis.

Monster Beverage posted a strong quarter: net sales rose 20.2% to $2.54 billion and diluted EPS rose 19.0% to $0.59, with gross margin ticking up to 55.9%. Growth leaned on international markets, where sales rose 34.6% and reached 46.0% of the total. The catch: operating expenses grew faster than sales and the beat rests on foreign currency, so read the quality of the growth, not just the headline.

Parker closed fiscal 2026 with record sales of $21.50 billion, adjusted EPS of $32.31 and $3.91 billion of free cash flow, then guided fiscal 2027 higher — a Bullish set of numbers. Read it this way: most of the gap between GAAP EPS of $28.48 and adjusted EPS of $32.31 is amortization of acquired intangibles, and one quarter got an $84 million tariff-refund boost that will not repeat.

Ralph Lauren beat on the top and bottom line in its fiscal 2027 first quarter, and management raised its full-year outlook — a Bullish read on the quarter. Revenue of $1.96 billion rose 14.0%, adjusted EPS of $4.59 topped the $4.45 consensus, and gross margin hit 73.7%. The caveats: much of the wholesale gain came from shipment timing and a resumed account, and the dividend-plus-buyback math consumed much of the quarter's operating cash.

Republic Services beat the consensus EPS estimate and raised full-year guidance, but the quarter's growth came almost entirely from price while volume shrank 1.6%. Revenue of $4.43 billion rose 4.6% and adjusted EPS of $1.85 edged past the $1.8315 consensus, with adjusted EBITDA margin flat at 32.1%. The read: pricing power is holding up, but the environmental solutions unit and landfill volumes are the soft spots to watch.

Viatris had a solid quarter underneath the headline loss: revenue rose 5% to $3.76 billion, adjusted EPS of $0.69 beat the $0.61 consensus, and management raised every full-year guidance midpoint. The reported GAAP loss of $119 million came from a $177.8 million non-cash charge on the planned Tyrvaya sale, and a $100 million to $150 million supply hit still weighs on the second half. Read the adjusted numbers and the GAAP numbers side by side.

Warner Bros. Discovery's Q2 2026 was a split-screen quarter: revenue fell 11% to $8.717 billion, yet diluted EPS of $0.06 beat a consensus estimate of -$0.1417 because a $433 million tax benefit and lower costs cushioned the top-line slide. The view is Neutral. Read the segments, not the total.

ConocoPhillips earned $3.93 billion, or $3.23 a share, in FY2026 Q2, and adjusted EPS of $3.24 came in 11.3% above the $2.91 consensus. Read the quarter as a price story, not a volume story: revenue rose 43.3% while production fell. The balance sheet is solid and $7.43 billion of free cash flow funded $3.00 billion of distributions.

Con Edison beat on the bottom line and management held its full-year guidance, which supports a Bullish view of the regulated utility story. Net income of $308 million, or $0.83 a share, topped the $0.78 consensus, and revenue rose 13.2% to $4.07 billion. Read it as solid utility execution with one offset: a bigger share count and very heavy capital spending.

Constellation beat on adjusted earnings and raised full-year guidance, but the quarter's GAAP profit fell sharply and cash flow turned negative. Adjusted operating earnings of $2.55 per share came in 10.7% above the $2.3045 consensus, while GAAP net income dropped to $1.42 per share from $2.67. Read the quarter as a Calpine-integration story: bigger fleet, heavier debt, and a wide gap between adjusted and reported profit.

Datadog's second quarter of fiscal 2026 was a clean bottom-line beat and another quarter of fast growth: revenue rose 36% to $1.12 billion and non-GAAP EPS of $0.65 beat the $0.61 consensus. Read the scorecard with one caveat: the GAAP numbers are thin, because roughly $46.28 million of profit comes from interest on the company's $5.0 billion cash pile, not from selling software.

Evergy beat the Street and held its full-year plan: second quarter GAAP EPS of $0.91 topped the $0.8461 consensus, and management reaffirmed 2026 adjusted EPS guidance of $4.14 to $4.34. Read this as a steady regulated utility grinding out growth rather than a re-rating story — the beat is modest, the reaffirmation is the real headline, and the balance sheet shows meaningful leverage.

Fiserv's second quarter was weak across the board: revenue fell 4.0% to $5.29 billion, GAAP EPS dropped 37.0% to $1.17 and adjusted EPS of $1.84 came in below the $1.9472 consensus estimate. Margins compressed sharply in both segments, and the company reset its 2026 outlook to organic revenue of (1%) to 0%. Read the quarter as a demand and execution problem, not an accounting one.

Fox closed fiscal 2026 with record revenue of $17.13 billion and record adjusted EBITDA of $3.91 billion, but GAAP earnings fell as a $773 million non-operating charge hit the bottom line. The view is Bullish, because the core beat the $1.45 consensus on both GAAP and adjusted fourth-quarter EPS. Read the adjusted numbers and the cash flow statement together, since the fourth quarter's 28.1% revenue jump leans on a one-time World Cup broadcast.

Revenue fell 1.0% to $4.12 billion and adjusted EPS of $1.75 came in just below the $1.7854 consensus, so this reads as a modest miss rather than a break. The GAAP headline of $1.63 jumped 37.7% only because investment losses shrank. Read every number with the yen in mind: a 9.3% weaker average rate dragged reported dollars down.

Airbnb's second quarter was an acceleration story: revenue rose 16.5% to $3.608 billion, net income hit $816 million, and management raised its full-year outlook again. GAAP earnings of $1.27 a share only matched the $1.2769 consensus and leaned on a $77 million tax benefit, so the headline beat is about demand, not profit per share. Read the revenue and margin lines first; treat the tax item as noise.

Akamai's second quarter was a revenue-in-line, profit-under-pressure story: $1.10 billion of sales, up 5.4%, but GAAP operating income fell 47.0% to $80.3 million and gross margin slid to 55.8%. Read the scorecard top-down, because the growth engines are working while the cost line and the shrinking delivery business drag profit. Profit quality, not headline growth, is the issue this quarter.

AIG's quarter was mixed: adjusted earnings per share of $2.00 beat the $1.94 consensus, but GAAP net income fell 17.1% to $948 million and revenue of $7.09 billion was flat year over year. Read the underwriting ratios for the real story — they improved at group level even as one segment soured.

BD's fiscal third quarter was a beat-and-raise: adjusted EPS of $3.23 topped the $3.17 consensus, revenue rose 5.4% to $4.98 billion, and management lifted the midpoint of full-year adjusted EPS guidance. Gross margin slipped to 46.5% and GAAP net income fell 34.3% to $377 million on a discontinued-operations loss, so read the adjusted headline next to the GAAP one.

Sempra beat on profit and left its 2026 adjusted guidance range untouched. Adjusted EPS of $1.16 topped the $1.0688 consensus by 8.5%, helped by Texas utility earnings that rose from $208 million to $346 million. The caveats: GAAP profit leaned on $82 million of unrealized derivative gains, revenue was down year over year, and long-term debt grew by $2.044 billion in six months. Read the adjusted numbers, then the balance sheet.

Targa's second quarter was a blowout: record adjusted EBITDA of $1.60 billion and earnings of $3.54 per share beat the $2.77 consensus, and management pushed full-year 2026 EBITDA toward the top of its $5.7 billion to $5.9 billion range. Read the quarter as volume-led, not price-led — fee revenue did the work while commodity sales slipped and Permian gas prices went negative.

The Trade Desk's fiscal Q2 2026 revenue rose 3.0% to $715.1 million, but non-GAAP EPS of $0.34 missed the $0.40 consensus and Q3 guidance of at least $650.0 million points below the quarter just reported. That combination — stalled growth, a thinner gross margin and a lower guide — is why our read is Neutral. Below, judge the report on growth, guidance credibility and cash conversion.

Lilly's second quarter was a clean beat: revenue of $22.97 billion, up 48.0%, and non-GAAP EPS of $8.38 against a $6.07 consensus. Read it with two caveats — $3.03 per share of acquired IPR&D charges sit inside those numbers, and the full-year EPS range was narrowed even as revenue guidance rose. The underlying franchise is accelerating; the accounting noise is not.

McKesson's adjusted profit grew 20.0% and management raised full-year guidance, so this quarter is a beat on the numbers investors watch most. The catch is the gap between adjusted and reported results: GAAP net income fell 22.0%, driven mostly by a $293 million charge tied to selling a slice of the medical-surgical business. Free cash flow was also negative at -$372 million, so read the two profit lines together, not one alone.

MetLife's second quarter of fiscal 2026 was a strong operating quarter behind a flat-looking headline: adjusted earnings per share rose 20.3% to $2.43 and beat the $2.3159 consensus, while GAAP net income of $705 million was only 1% higher than a year ago. Read the adjusted lines for how the businesses performed, and the GAAP lines for what markets did to the portfolio.

Motorola Solutions beat on the bottom line and raised full-year targets again: non-GAAP EPS of $4.41 versus a $3.8899 consensus, on revenue of $3.13 billion, up 13.0%. Read the beat carefully — $0.25 per share came from a one-off tariff refund, and organic growth was 5.0% once $243 million of acquisitions are stripped out. The story is still strong on backlog and margins, but less explosive than the headline suggests.