Latest earnings analyses

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.

Reddit beat on both lines and guided the fourth quarter to a $1.015 billion midpoint, so this is a clean quarter: revenue of $895.0 million grew 53.0% and diluted EPS of $1.40 edged past the $1.3755 consensus. Read the scorecard for where the growth came from, then the guidance and balance sheet sections for what it costs to keep it running.

Republic Services grew third-quarter revenue 8.2% to $4.56 billion and raised full-year guidance for revenue, adjusted EBITDA and adjusted free cash flow, yet adjusted EPS of $1.94 rose only 2.1% as adjusted EBITDA margin slipped to 31.8% from 32.8%. Read the quarter as a pricing story with a cost problem attached: the top line is firing, the bottom line is not keeping pace.

ResMed beat the $2.70 consensus EPS estimate with $2.91 of non-GAAP EPS, on revenue of $1.41 billion, up 5.9%, and gross margin up 30 basis points to 61.5%. The catch: operating margin fell to 32.0% and free cash flow dropped 9.8% to $373.7 million while $1.03 billion went back to shareholders. Read the scorecard as strong demand plus improving gross margin, partly offset by cost growth.

Quanta's Q3 FY2026 is a clear beat: revenue rose 57.4% to $12.01 billion, adjusted EPS of $6.06 topped the $5.07 consensus, and management raised full-year revenue guidance to a $41.45 billion midpoint. Read the quarter through three lenses: explosive Electric-led growth, a $63.7 billion backlog that supports future work, and working-capital and project-timing risks that can distort cash and guidance.

Norwegian Cruise Line Holdings beat on both lines in Q3 2026 — $1.07 GAAP EPS against $0.96 consensus — mostly by spending less per berth and selling more onboard, not by charging more. Revenue of $2.95 billion was flat year over year while capacity grew 5.4%, so per-unit pricing fell. Read the beat as a cost story, not a demand story.

Mondelēz beat the $0.73 adjusted EPS consensus with $0.78 and grew revenue 2.3% to $9.97 billion, while volume/mix added 1.8 points. The catch is quality: reported gross margin was flattered by derivative mark-to-market swings, and year-to-date adjusted EPS is still down 4.1% at constant currency. Read the quarter as a solid volume-led rebound, not yet a full-year re-rating.

Mastercard's third quarter was another clean beat on growth: revenue rose 14.0% to $9.81 billion and adjusted EPS reached $5.31, a hair under the $5.3156 consensus. Read it as a volume story — cross-border up 11.0% and value-added services up 19.0% — not a pricing story, since incentives to customers grew 18.0%.

Linde beat the $4.5612 consensus adjusted EPS number with $4.59 and posted record sales of $9.404 billion, up 9.0% from a year earlier. The catch sits on the GAAP line, where EPS of $3.66 fell 11.0% on charges the company strips out of its adjusted figures. Read the quarter as steady operating progress wrapped in a noisier accounting result, with full-year guidance of $17.82 to $17.92 still pointing to 8.0%–9.0% growth.

Lilly beat consensus and raised full-year revenue guidance, but the headline EPS number understates the quarter: $4.57 per share of acquired IPR&D charges buried a far stronger operating result. Revenue rose 39.0% to $24.40 billion. Read the revenue and underlying-EPS notes first, then the guidance math, where a $4.07 underlying raise was swallowed by $4.57 of deal charges. View: Bullish.

Kimco posted a clean operating quarter: FFO per share rose 6.8% to $0.47, portfolio occupancy hit a record 96.6%, and management raised full-year guidance toward a third straight year of above-5% FFO growth. The $0.41 GAAP figure looks like a blowout against the $0.21 consensus, but most of that jump came from property-sale gains, not rent. Read the scorecard through FFO, then check guidance and the balance sheet.

L3Harris beat on the third quarter and raised both the low end of revenue guidance and the whole EPS range. Revenue rose 7.0% to $6.06 billion, EPS of $3.28 topped the $2.9725 consensus by about 10.3%, and free cash flow nearly tripled to $1.26 billion. The read: strong execution, but the new guidance implies a quieter fourth quarter than the one just reported.

Incyte's third quarter looked like a blowout loss and wasn't one: revenue rose 14.0% to $1.56 billion and the $784.8 million net loss came from a $1.23 billion one-time charge for the Vega Therapeutics purchase. Read the quarter on the commercial line and on the raised net sales guide; treat the GAAP EPS as noise.

Ingersoll Rand beat on the adjusted line and on orders: adjusted EPS of $1.07 topped the $0.928 consensus by 15.3%, and total orders rose 20.7% to $2.35 billion. Read the quarter in two layers. The GAAP headline of $1.73 per share is inflated by a $380.1 million insurance recovery. The operating story is slower, with 3.9% organic revenue growth and a 120 basis point margin squeeze in the largest segment.

Intel beat on both lines and grew revenue 21.0%, but the fourth-quarter guide resets the story: revenue down 6.1% sequentially and gross margin near 37.5%. The split inside the quarter — Data Center and AI up 78.0%, client computing down 5.1% — is where the read is. Below: the scorecard, the guidance track record, and what the balance sheet says about the $23 billion raise.

ICE's third quarter was its best ever on revenue, operating income and EPS, with adjusted EPS of $2.02 edging the $1.99 consensus. Revenue growth of 14.7% came almost entirely from the exchanges, where transaction revenue jumped on higher trading activity. Below, we walk through the revenue mix, the expense guide for the fourth quarter and a balance sheet that carries $23.3 billion of debt ahead of the MarketAxess deal.

HII beat consensus by $1.04 a share and lifted FY26 shipbuilding revenue guidance, and the quarter's real story is margin: operating margin went from 5.0% to 7.0%. Read the scorecard as a test of whether that margin holds, then check the cash line, where nine-month free cash flow is still negative $182 million. Contract awards of $32.4 billion in the quarter are the reason to keep reading.

Revenue of $2.70 billion and adjusted EPS of $1.46 both cleared the $1.38 consensus, and management raised full-year revenue guidance to $10.29–$10.31 billion while pointing to roughly $11.5 billion for 2027. The engine is volume: all four end markets grew, with gas turbines up 45.0%. Read the scorecard for the growth math, the guidance section for a four-quarter beat pattern, and the balance sheet for acquisition-funded debt.

Hershey beat the $2.13 consensus with $2.64 in adjusted EPS and lifted full-year adjusted EPS growth guidance to 36.0%–38.5%. The catch is quality: price added about 11 points while volume fell about 10, and $0.22 of the quarter's EPS came from tariff refunds. Read the segments before cheering — confectionery margins soared while salty snacks and International slipped.

Gilead's base business is growing faster than it has in a decade, and management raised full-year sales guidance again, to a $31.15 billion midpoint — that, not the GAAP loss, is the quarter's story. Revenue rose 7.0% to $8.30 billion, product sales excluding Veklury climbed 16.0%, and non-GAAP EPS of $2.55 beat the $2.23 consensus. Read on for the growth engine, the accounting drag in guidance, and how much of the company still rests on HIV.

GoDaddy beat on both lines and pointed to the top of its full-year range: revenue of $1.34 billion rose 6.0% and diluted EPS of $2.08 cleared the $1.886 consensus. Profit grew faster than sales, with operating margin at 27.0% versus 23.4% a year ago. The wrinkle is that growth leans on pricing and a smaller share count, not on new customers.

First Solar earned $5.30 a diluted share against a $4.75 consensus while revenue fell 22.8% to $1.23 billion — margin, not volume, carried this quarter. Gross margin hit 57.9% and net income rose to $571.1 million. The catch: full-year sales guidance was cut to $4.6–4.9 billion and free cash flow stayed negative. Read the profit line first, then the balance sheet.

FedEx Freight's first standalone report is a tale of two numbers: adjusted operating income rose 16.4% while GAAP net income fell 49.5%. The gap is $127 million of spin-off costs plus a fuel surcharge inflating revenue. Read the sales growth as mostly fuel, and judge the business on the adjusted margin, which improved to 15.5% over the four months.

Edison beat consensus on core EPS ($1.92 vs $1.8274) and reaffirmed 2026–2028 guidance, but the quarter is not what moves this stock. The real story is that California's regular legislative session ended without wildfire liability reform, and SCE still cannot estimate a loss range for the Eaton Fire. Read the numbers first, then the regulatory risk.

Erie Indemnity posted a flat third quarter of FY2026: revenue of $1.07 billion, up 0.3%, and net income of $182.0 million, down 0.5%. Diluted EPS of $3.48 beat the $3.4476 consensus but trailed last year's $3.50. Read the scorecard first for the growth math, then the balance sheet — this is a fee business with no long-term debt and a large related-party receivable.

EMCOR beat on the lines that matter: revenue of $5.54 billion rose 28.8%, non-GAAP EPS of $9.60 cleared the $8.44 consensus, and management raised full-year revenue and EPS guidance again. This is a contractor running at record backlog, so read the quarter through order growth and SG&A leverage rather than the headline EPS alone.

Digital Realty’s FY26 Q3 supports a positive read: revenue rose 20.6% to $1.90 billion, Core FFO per share was $2.10, and management raised 2026 revenue and Core FFO guidance. Read the quarter with two adjustments: GAAP EPS of $0.48 sits below the $0.534 consensus, and last quarter’s revenue included $201 million of promote income. Record leasing and a $2.5 billion backlog are the forward-looking anchors.