Latest earnings analyses

News Corp closed fiscal 2026 with record revenue of $9.03 billion, up 7.0%, and a fourth quarter that beat the $0.22 consensus estimate, with adjusted EPS of $0.35 and GAAP EPS of $0.33. Read the headline growth with care — currency added $189 million for the year, and the segment bars below cover the quarter while the cost chart covers the full year.

NiSource's second-quarter GAAP profit fell to $45.5 million from $102.2 million a year ago, and adjusted EPS of $0.16 came in just under the $0.1635 consensus. Total operating revenue rose 4.6% to $1.3424 billion, but depreciation and maintenance costs ate the gain. Guidance was reaffirmed, so the story is spending and cash rather than demand — watch the $28.6 billion capital plan.

Phillips 66's second quarter was a blowout: net income of $3.847 billion, or $9.55 a share GAAP, against a consensus estimate of $7.5136, on revenue of $51.00 billion. Read it as a margin quarter, not a growth quarter — refining realized margin jumped to $24.08 a barrel from $10.11 in the first quarter, and total debt fell $6.6 billion to $20.6 billion.

Realty Income delivered the steady quarter its net-lease model promises: revenue of $1.55 billion, up 9.7% from a year ago, and AFFO per share of $1.09, up 3.8%. The growth came from buying properties rather than raising rents — same store rental revenue rose only 1.2%. Guidance for the year was nudged higher. Read the GAAP profit line knowing it swings on write-downs and property sales, not on rent collection.

Zimmer Biomet's Q2 FY2026 revenue grew 4.8% to $2.177 billion, but adjusted diluted EPS was $2.07, flat versus last year and just above the $2.0294 consensus estimate. GAAP EPS jumped 33.8% to $1.03 on lower tax and restructuring charges, while gross margin slipped to 70.8%. The company raised full-year guidance on both revenue and adjusted EPS, so the quarter supports a neutral stance: steady execution, but no acceleration in underlying profitability.

CVS Health beat on both earnings and revenue and raised full-year guidance, making this a clean quarter. GAAP diluted EPS of $2.31 and adjusted EPS of $2.58 came in well above the $1.8702 consensus estimate, while revenue of $106.096 billion rose 7.3% on the prior year. The margin story is the one to watch: the medical benefit ratio fell to 87.4% as the Health Care Benefits recovery plan took hold.

DoorDash's Q2 2026 was a tale of two income statements: revenue of $4.45 billion rose 36.0% and Adjusted EBITDA of $914 million rose 40.0%, while GAAP net income fell 30.0% to $200 million. The gap is mostly depreciation, amortization and one-off legal reserves, not weak order demand. Read the operating metrics first, then treat the GAAP line as the accounting residue.

eBay's Q2 FY2026 was a strong quarter with a quieter quarter already baked into guidance: revenue rose 15.0% to $3.13 billion and non-GAAP EPS of $1.60 beat the $1.5356 consensus, yet Q3 revenue is guided to $3.07-$3.12 billion, below the $3.13 billion just reported. Read the quarter as a margin-and-EPS story, and the guidance as a sign growth is cooling.

Expedia closed fiscal 2026's second quarter with a broad beat: revenue of $4.32 billion rose 14.0%, GAAP EPS of $7.16 nearly tripled and adjusted EPS of $5.76 beat the $5.34 consensus. Management raised full-year revenue and margin guidance. The wobble is mix: B2B is now the growth engine but earns thinner margins, and shareholder equity is thin against debt.

Global Payments' second quarter of 2026 looks ugly at the GAAP line and merely okay underneath: reported EPS of $0.05 against adjusted EPS of $3.46, on revenue of $3.32 billion swollen by Worldpay. The gap is the story — $995.06 million of earnings adjustments, most of it intangible amortization from the acquisition. Read the adjusted numbers for the business, and the GAAP numbers for what shareholders actually keep.

Host Hotels delivered a strong operating quarter: comparable hotel RevPAR rose 7.0%, comparable hotel EBITDA margin improved to 31.9%, and management raised full-year RevPAR guidance. The catch is that reported revenue grew only 3.4% and EPS of $0.35 landed just below the $0.3636 consensus, because sold hotels keep shrinking the revenue base. Read this as an operations story, not a headline-revenue story.

Insulet's second quarter was strong on the income statement and softer on the outlook: revenue rose 23.5% to $801.7 million and adjusted earnings per share climbed 41.5%, while management trimmed full-year constant-currency revenue growth to 20%–22%. Read the scorecard for the growth and margin detail, then the guidance section, where the type 2 diabetes rollout is the story.

Iron Mountain's second quarter of 2026 was a record on revenue and profit: $2.03 billion of revenue, up 18.5%, and $106.1 million of net income versus a year-ago loss. The catch is cash: free cash flow was negative $38.9 million, because data center construction eats nearly everything the business throws off. Read the quarter as a growth story funded with debt, and judge it on leasing and leverage, not just the headline.

Kraft Heinz's second quarter of fiscal 2026 looks ugly at the bottom line — a $5.46 billion net loss — but almost all of it is a $7.4 billion non-cash impairment. Strip that out and adjusted EPS of $0.56 beat the $0.5344 consensus, yet adjusted operating income still fell 18.4%. Read the quarter as two stories: write-downs versus a shrinking profit engine.

CF Industries delivered a strong operating quarter: revenue rose 17.6% to $2.22 billion, gross margin jumped to 51.5% and diluted EPS nearly doubled to $4.73. The catch is that consensus expected $5.67, so a 16.6% earnings shortfall sits inside an otherwise excellent print. Read the scorecard as pricing power doing the work while volumes sag.

Charles River posted $1.00 billion of second-quarter revenue and a small GAAP loss, but beat the $2.76 non-GAAP EPS consensus with $3.02 and raised full-year guidance. Read it as a transition quarter: divestitures and one-time charges distort the headline, while organic growth of 0.1% shows the core business is only starting to stabilise.

Sandisk closed fiscal 2026 with revenue of $20.25 billion, up 175%, net income of $11.43 billion and a 71.5% gross margin, so the view here is Bullish — but read it as a price-driven memory upcycle, not steady compounding. Two-thirds of the latest quarter's sequential growth came from pricing, and guidance only extends the run by one quarter.

Solventum beat on adjusted profit and raised full-year guidance on organic sales, adjusted EPS and free cash flow, so the quarter reads Bullish — but much of the strength came from items that will not repeat. Read the top line two ways: reported sales rose 2.2% while organic sales rose 9.5%, because the Purification and Filtration business sold in September 2025 still sat in last year's reported numbers.

Steris delivered a clean fiscal 2027 first quarter: revenue of $1.49 billion, gross margin up to 45.8%, and adjusted EPS of $2.59 that beat the $2.5272 consensus. Management kept its full-year earnings range but trimmed free cash flow to about $800 million because capital spending is rising. Read the quarter as steady demand, better margins and reaffirmed guidance — with the cash-flow haircut as the one thing to watch.

TPL's second quarter of 2026 was a record on the headline lines: revenue of $246.1 million, net income of $153.9 million, diluted EPS of $2.23 (a slim beat over the $2.2069 consensus), $155.5 million of free cash flow and no debt. Royalties did most of the work because oil realizations jumped, while water and surface income kept climbing. Read it as a high-margin, unhedged Permian landowner at a strong point in the price cycle.

Uber's second quarter of FY2026 was a strong operating quarter wrapped in a noisy headline: revenue rose 12.0% to $14.19 billion and non-GAAP EPS reached $0.81, while GAAP EPS of $1.17 leaned on a $1.6 billion pre-tax gain on equity stakes. Read this quarter on non-GAAP operating income of $2.14 billion, up 40.0%, and free cash flow of $2.79 billion, not on GAAP net income of $2.39 billion.

Disney's fiscal Q3 was a beat on the numbers management controls: adjusted EPS of $2.06 topped the $1.8763 consensus and segment operating income rose 21.0%. Revenue of $25.25 billion grew 7.0% on a strong Experiences quarter. The catch is that reported GAAP EPS fell to $1.51 because last year carried a one-time Hulu benefit, so the operating story and the headline number point in different directions.

Western Digital closed FY2026 with revenue of $12.92 billion, up 36.0%, and Q4 growth of 44.0% year over year, the best quarter in the sequence we were given. The view is Bullish, with one caveat: GAAP EPS of $24.28 leans on a $6.50 billion one-off gain on the retained Sandisk stake, so the non-GAAP $10.22 is the cleaner read on storage.

Corpay beat on the bottom line: adjusted EPS of $7.00 versus a $6.71 consensus, on revenue of $1.34 billion, up 21.0%. Organic growth was 10.0% and management raised full-year revenue and profit guidance. The catch is GAAP: net income fell 13.0% to $248.31 million because of a $100 million FTC settlement charge. Read the quarter as a strong operating print with one legal hit inside GAAP.

Albemarle's second quarter was a price-led blowout: revenue of $1.74 billion, adjusted EPS of $3.75 against a $3.27 consensus, and adjusted EBITDA of $858.1 million. Read it as a lithium-price print, not a volume story — Energy Storage volumes rose 11.0% while realized prices rose 60.5%. Guidance is therefore presented as three price scenarios, not one number.

Allstate's second quarter of 2026 was strong on every reported line: revenue rose 11.8% to $18.60 billion, adjusted earnings per share of $8.99 blew past the $6.18 consensus, and $1.30 billion went back to shareholders. Our view is Bullish, but read the quality closely. The underlying Property-Liability combined ratio was essentially flat at 79.4, so much of the upside came from lower catastrophe losses and favorable reserve releases rather than a better core margin.

AppLovin grew revenue 52.8% to $1.92 billion and earned $3.76 per diluted share, matching the $3.7574 consensus almost exactly. Profitability remains extreme: 88.3% gross margin and $1.27 billion of net income. The soft spot is cash, where operating cash flow fell to $869.0 million and receivables kept building. Guidance implies more growth, just slower. Our view is Bullish.

Atmos Energy beat consensus on earnings and grew revenue 4.8%, then reaffirmed full-year guidance of $8.40 to $8.50 a share — a Bullish read. The scorecard below separates what actually moved: net income up 30.2%, a pipeline and storage segment now earning more than distribution, and capital spending of $3.1 billion already in the ground. Read the guidance section closely, because no history was provided for it.

Axon grew revenue 35.3% to $904.4 million and lifted its full-year growth plan, while bookings and recurring revenue rose even faster than sales. The GAAP picture is thinner: net income was $29.4 million and free cash flow was slightly negative. Read this quarter as a demand story, not a profit story.

Block's second quarter was two different reports wearing one cover: gross profit rose 25% to $3.17 billion and adjusted EPS hit $1.02, but GAAP net income fell to $88.5 million and GAAP EPS of $0.15 badly missed the $0.8764 consensus. The gap is $365 million of legal and restructuring charges. Read the gross profit, margin and cash flow lines for the business, and the GAAP lines for the noise.