Latest earnings analyses

Nvidia's third quarter of fiscal 2026 was another record: $57.01 billion of revenue, $31.91 billion of net income and $1.30 of diluted EPS, with Data Center at $51.22 billion. Guidance for the next quarter of $65.00 billion, plus or minus 2%, points to continued growth. The main caveats are margin drift, a large receivables and inventory build, and a payables figure that does not tie between the filing's balance sheet and the XBRL data. View: Bullish.

HPE's fiscal 2026 third quarter was a beat on every headline: revenue of $12.21 billion, gross margin of 40.1% and non-GAAP EPS of $1.11, all above guidance, with raised FY26 and FY27 targets. Read the segment detail first, then the balance sheet: inventory and payables both ballooned, and that is the number to watch.

Nvidia printed $46.74 billion of revenue in its fiscal 2026 second quarter, up 56.0% year over year, with no H20 sales to China-based customers at all. The story is still Data Center ($41.10 billion, 87.9% of revenue) and a third-quarter guide of $54.00 billion. Read the margin and cash-flow lines closely: headline growth is clean, but cash conversion and zero China are the asterisks.

Brown & Brown's second quarter shows two very different growth stories. Total revenue rose 30.4% to $1.68 billion, but organic revenue actually fell 0.7%, which means essentially all of the increase came from acquisitions rather than from customers buying more. Adjusted earnings per share of $1.07 landed just under the $1.09 consensus estimate, and margins narrowed. The honest read is Neutral: the deal engine is working, the core business is not.

Nvidia's April quarter showed $44.06 billion of revenue, up 69.0% from a year ago, but a $4.5 billion H20 export charge cut gross margin to 60.5% from 78.4%. Excluding it, non-GAAP gross margin was 71.3% and adjusted non-GAAP earnings per share were $0.96 rather than $0.81. Read this quarter as a policy event, not an operating one.

The headline: Mosaic turned $11.12 billion of FY2024 revenue into $174.9 million of net income, or $0.55 per share, a 1.6% net margin. Read it top-down: cost of revenue alone took $9.61 billion, and income tax of $186.7 million exceeded the entire profit left for shareholders. No guidance or consensus estimates were provided, so margins and the balance sheet carry the analysis.

AES closed 2024 with $12.28 billion of revenue, down 3.1%, but adjusted EPS of $2.14 beat the $1.87 to $1.97 guidance given a year earlier. The catch is what comes next: 2025 adjusted EPS guidance of $2.10 to $2.26 straddles that result, and none of the quarters shown produced positive free cash flow. Our view is Neutral — the backlog is real, the cash conversion is not there yet.

Copart's fiscal second quarter showed clean growth: revenue rose 14.0% to $1.1633 billion and net income rose 19.0% to $387.4 million, on a debt-free balance sheet with $3.80 billion in cash and securities. The caveats are that facility costs grew faster than revenue and quarterly free cash flow was only $61.5 million. The view is Bullish.

EchoStar's September 2024 quarter got smaller and more expensive at the same time: revenue fell 5.3% to $3.89 billion, the operating line swung to a $160.8 million loss, and interest expense rose to $81.5 million. With $674.4 million of cash and investments against $21.56 billion of long-term debt, the direction of travel matters more than any single line. Start with revenue, then follow the cash.

EchoStar's second quarter of FY2024 was a loss-making quarter: revenue of $3.95 billion fell 9.3% from $4.36 billion a year earlier, operating income of $0.25 billion turned into a $65.4 million operating loss, and the net loss attributable to EchoStar was $205.6 million, or $0.76 per share. Read the numbers together with the balance sheet: cash and marketable securities of $0.52 billion sit against $21.76 billion of debt.