Latest earnings analyses

DoorDash beat on profit and set records on revenue in FY2026 Q3: $4.62 billion of revenue, $466 million of net income and $1.06 of diluted EPS against a $0.8594 consensus. Margin, not just order volume, did the heavy lifting. Read the scorecard first, then the $17 billion Instacart agreement — that deal, not this quarter, shapes the next two years.

DaVita's third quarter of 2026 beat the number investors watch and missed the one accountants count: adjusted EPS of $3.82 cleared the $3.64 consensus, while GAAP EPS of $3.40 did not, because a $62 million China impairment ran through operating income. Revenue rose 4.6% to $3.58 billion. Read it as a steady core with thinning margins and weaker cash conversion.

Dexcom beat on both lines and raised full-year revenue guidance again, but the raise is tiny and the implied fourth quarter sits below consensus. Revenue rose 11.1% to $1.34 billion, gross margin reached 64.3% and non-GAAP EPS of $0.73 topped the $0.6874 estimate. Read the scorecard for growth quality, then guidance and the balance-sheet notes for what the headline hides.

CRH's Q3 2026 revenue grew 3.0% to $11.40 billion, but earnings quality weakened: diluted EPS fell to $1.86 and missed the $2.20 consensus, while FY26 net income guidance was cut to $3.1-$3.3 billion. Read the quarter as a top-line-resilient, margin-and-guidance story; the buyback and Arcosa deal are capital-allocation offsets, not an earnings fix.

Coinbase's Q3 looks like a profit rebound, but the operating business was soft: revenue fell 35.0% year over year to $1.22 billion and operating income was only $61.7 million, while net income of $718.7 million leaned on a $715.0 million crypto investment gain. Read it as cost discipline plus mark-to-market swings, not a demand recovery.

Cognizant's quarter was a clean revenue beat with a soft centre: revenue of $5.664 billion cleared the guided midpoint, but adjusted EPS of $1.49 landed a fraction of a cent under the $1.4944 consensus and adjusted net income slipped year over year. Read the growth line carefully — on the release's own attribution, acquisitions and third-party product resales supplied most of it.

Carrier’s quarter tells two stories: 15.0% organic sales growth, orders up ~35% and a record $8.5 billion backlog on one side, and a $3.1 billion non-cash goodwill write-down that turned GAAP EPS into a $3.16 loss on the other. Adjusted EPS of $0.87 beat the $0.7817 consensus, but about $0.10 of that came from one-off IEEPA refunds. Read the demand signals and the cash flow as the real story.

Bristol Myers Squibb beat the $1.1539 consensus EPS with $1.35 non-GAAP, and revenue rose 7.0% to $13.069 billion — yet gross margin fell 3.6 points and non-GAAP EPS dropped 17.2%. The gap is $1.558 billion of acquired IPRD charges. Below, check revenue quality, then the guidance mechanics, then the balance sheet.

Baxter beat the adjusted EPS consensus, grew sales 5.0% with every division contributing, and lifted full-year guidance — but adjusted profit still fell 16.0% on a higher tax rate. Read the quarter in two layers: the top line and cash are improving, while the bottom line is propped up by a $253 million debt-extinguishment gain and a still-thin 7.6% GAAP operating margin.

Ameriprise's Q3 2026 was a strong GAAP quarter with a softer adjusted result: revenue rose, GAAP EPS jumped to $12.32, but adjusted operating EPS of $11.26 missed the $11.82 consensus after an $0.81 unlocking hit. Read the quarter by separating market marks and unlocking from core flows: capital return was $1.03 billion, while Asset Management had $9.3 billion of net outflows.

Amazon's Q3 FY2026 was an operating triumph and a headline-earnings miss: revenue rose 12.1% to $201.94 billion and operating income hit a record $28.08 billion, yet EPS of $1.89 fell short of the $2.003 consensus because last year's quarter carried $9.5 billion of Anthropic investment gains. Read the quarter through operating margin (13.9%) and AWS growth (39.3%), not the bottom line.

Altria's Q3 FY2026 was a mixed quarter: revenue rose 1.0% to $6.13 billion and adjusted EPS rose 4.8% to $1.52, but that was 2.0% below the $1.5518 consensus. Management raised full-year adjusted EPS guidance to $5.66–$5.74. Read the quarter as steady cash generation plus a still-shrinking cigarette base, with oral tobacco margins under pressure.

A modest earnings beat on a flat top line, with the real news being structural: A. O. Smith is selling 81% of its China business, and 2026 guidance now excludes China entirely. Read the quarter in two halves — a stable North America franchise with a margin pinch, and a shrinking Rest of World. Then read the guidance against 2025's China-excluded base, not the old headline number.

WEC Energy Group beat and raised: third-quarter EPS of $1.18 came in 21.0% above the $0.9756 consensus, and management lifted 2026 guidance to $5.60–$5.64. The catch is that warmer-than-normal weather did much of the work — weather-normalized electricity deliveries grew just 0.4%. Read this as a strong but weather-assisted quarter, with the capital plan funded by new debt and new equity.

Bunge beat the adjusted EPS consensus by about $0.05 and kept its full-year range intact, but the headline number came with a heavy working-capital drag. Adjusted EPS of $2.56 compares with $2.509 expected, and net sales rose 7.4% to $23.80 billion. Read the beat alongside $2.30 billion of operating cash used in nine months, because inventory, not profit, is where the cash went.

Generac beat the $2.4763 non-GAAP EPS consensus with $2.54 on record revenue of $1.294779 billion, up 16.2%. The real story is mix: data center orders drove Commercial & Industrial sales up about 28%, while home standby and portable generators pushed Residential back to growth. Read the scorecard for the size of the beat, the guidance section for what management actually committed to, and the balance sheet for the working capital that funded the quarter.

VICI grew revenue 5.8% and AFFO per share 4.3%, raised full-year AFFO guidance and lifted the dividend for a ninth straight year — a steady quarter for a triple-net landlord. The ugly GAAP line, net income down 55.1%, is a non-cash credit-loss charge, not a rent-collection problem. The catch: AFFO per share of $0.62 landed 14.9% below the $0.7282 consensus figure, so read the guidance raise before the net income drop.

Vertiv beat the $3.75 billion revenue midpoint it guided to by $563 million and beat the $1.8488 EPS estimate with $1.95 of GAAP earnings, then raised full-year 2026 sales guidance by $650 million. Growth was 55.0% organic, with acquisitions adding roughly 6%. Read it top-down: revenue first, then how much of it dropped through to profit, then what the fourth-quarter guide actually implies.

Tyler's third quarter was a margin and cash story rather than a growth story: revenue rose 8.7% to $647.6 million while GAAP operating margin climbed to 18.1% from 16.4%. Non-GAAP EPS of $3.52 landed within a cent of the $3.5132 consensus, so the quarter was a meet, not a beat. Read the numbers as steady, cash-rich compounding.

T-Mobile beat the $2.9699 consensus EPS with $3.22 and grew net income 27.3% to $3.46 billion, so the quarter was a clear upside surprise. Read it this way: revenue of $23.58 billion rose 7.4%, service revenue carried the growth, and management nudged full-year profit and cash-flow guidance higher. The blemish is fewer new postpaid accounts and slightly higher churn.

Teradyne beat its own guidance and the Street's EPS estimate in FY2026 Q3, posting $1.31 billion of revenue, up 69.8%, and non-GAAP EPS of $2.29 against a $2.0992 consensus. The catch is the Q4 guide, whose $1.30 billion midpoint sits just below what Teradyne just delivered. Read this quarter as an AI capital-spending read-through: margins and cash held up, so the sequential line now matters more than the year-over-year one.

ServiceNow beat its own guidance again, grew revenue 20.5% to $4.11 billion, and lifted the full-year free cash flow margin target to 36%. Read the quarter in two layers: the subscription and cash engine looks stronger than ever, while the GAAP income statement got visibly worse as acquisitions and stock pay push costs up. One number settles the argument — free cash flow.

Phillips 66 beat the $11.84 consensus EPS estimate by 18.9%, earning $14.08 a share on $50.54 billion of revenue as realized refining margin jumped 57.8% to $38.00 per barrel. Revenue slipped 0.9% quarter over quarter even as profit more than doubled. This is a refining-cycle quarter, not a broad-based one: four of the five operating segments earned less than in Q2, so read the segment table before the headline.

Otis grew third-quarter sales 6.1% to $3.91 billion and held its full-year outlook, but profit quality is uneven: Service margin improved sequentially while New Equipment profit nearly halved year over year. Adjusted EPS of $1.05 was flat and essentially matched the $1.0467 consensus. Read the top line as genuinely strong, and the profit mix beneath it as still under repair.

NiSource beat the $0.2345 consensus by $0.0355 a share and pushed 2026 guidance into the upper half of $2.02–$2.07, while extending a $40.0 billion capital plan out to 2033. The earnings line is clean and the long-term growth promise got bigger. Read it alongside one uncomfortable fact: nine-month free cash flow is negative $1.43 billion and cash on hand is $57.5 million.

MAA's third quarter was a hold, not a break: revenue rose 1.0% to $560.13 million, but same-store NOI fell 1.8% and management cut the full-year EPS midpoint 10.0%. Core FFO of $2.10 per share landed in line with the company's own plan while GAAP EPS of $0.72 missed the $0.7737 consensus. Read Core FFO for the operating story and the balance sheet for the risk.

Microsoft beat on the top and bottom line, but the quality of that bottom line is mixed: revenue rose 18.8%, while the 32% GAAP EPS jump came mostly from last year's OpenAI losses flipping to a small gain. Strip that out and EPS grew 18.0%. Read the scorecard for growth, then the cash-flow and margin notes, because free cash flow fell as capital spending more than doubled.

Masco beat the $1.04 consensus EPS with $1.17 of GAAP and $1.19 of adjusted earnings, and raised its full-year adjusted range to $4.65–$4.75. Read the quarter as a margin story first: gross margin rose to 36.6% and adjusted operating margin to 17.9% on sales growth of just 3.0%, with the extra profit coming from cost of sales falling to $1.25 billion.

MGM's September quarter was a miss on both the top line and the profit line: revenue fell 0.9% to $4.21 billion and consolidated adjusted EBITDA dropped 20.4% to $402.8 million, with adjusted EPS of -$0.11 against a consensus estimate of $0.09. Strip room rates were the culprit. Read the segments first, then the balance sheet, which still carries $2.40 billion of cash.

Labcorp's third quarter was another steady climb: revenue rose 6.9% to $3.81 billion and adjusted EPS gained 14.5% to $4.78, while GAAP EPS of $3.22 barely moved and finished just under the $4.7951 consensus. Management raised full-year revenue and adjusted EPS guidance. Read the gap between GAAP and adjusted first: $167.9 million of charges is why the two lines tell different stories.