Latest earnings analyses

CDW's fiscal 2026 second quarter was a growth story with a thinner profit layer: revenue rose 10.0% to $6.5722 billion and non-GAAP EPS of $2.91 beat the $2.8275 consensus, but gross margin fell to 20.1% and free cash flow turned negative at -$82.6 million. Read the quarter as demand-led, not efficiency-led — the top line and earnings per share both improved, yet the cash and margin lines show what that growth cost.

Cencora beat the $4.3924 consensus adjusted EPS estimate with $4.48 and nudged full-year guidance up to $17.75–$17.95, so the quarter reads Bullish. The catch is mix: revenue rose 5.1% to $84.75 billion while $95.74 of every $100 of revenue still goes straight to product cost. OneOncology lifted gross margin and also added debt.

Gilead's base business grew 10.0% to $7.80 billion, but $11.18 billion of acquired IPR&D plus a $1.75 billion impairment turned the quarter into a $10.50 billion net loss. Read that as an accounting event about buying three companies, not a demand problem: HIV sales rose 12.0% and management raised its base-business sales forecast. The catch is a balance sheet that shed $7.43 billion of cash in six months.

Rockwell beat on the bottom line and raised full-year guidance: adjusted EPS of $3.49 rose 22.0% year over year and topped the $3.42 consensus, while sales of $2.31 billion grew 8.0% reported and 10.0% organically. Read the quarter as a volume-and-mix story, not a tax story, because the GAAP number leans on the Sensia joint-venture gain. Free cash flow of $654 million covered the dividend and buyback comfortably.

Zebra's second quarter was its strongest in the quarters shown: revenue rose 20.4% to $1.557 billion, gross margin jumped to 53.0%, and non-GAAP EPS of $6.35 beat the $4.4449 consensus. The company raised its full-year outlook. The catch is that a large part of the margin gain came from $73 million of IEEPA tariff recoveries, and organic growth was 9.2% once acquisitions and currency are stripped out.

Qnity's second quarter was a clean top-line beat with a messy bottom line. Revenue of $1.43 billion rose 22.1% from $1.17 billion a year earlier, yet GAAP net income fell 31.3% to $136 million because spin-off interest, amortization and restructuring now sit in the numbers. Read adjusted EPS of $1.19 against the $1.0829 consensus, and treat GAAP EPS as a year of transition accounting.

Mosaic lost $272.8 million in the June 2026 quarter, or $0.86 per share, as sulfur and ammonia costs and self-imposed production cuts shrank gross margin to 7.6% from 17.3% a year earlier. On adjusted numbers the quarter looked far less ugly and slightly beat the $0.13 consensus: adjusted EPS was $0.13 and adjusted EBITDA was $407 million versus $566 million. Read the loss as a cost-and-curtailment story, not a demand collapse — potash held flat.

NRG earned $506 million on a GAAP basis, a $610 million swing from a year ago, but most of that came from $289 million of non-cash hedge gains stripped out of adjusted results. Adjusted EPS of $1.49 missed the $1.71 consensus and slipped from $1.73, and the LS Power acquisition lifted long-term debt to $21.74 billion. Read the GAAP line as hedge noise, the adjusted line as the operating signal, and the balance sheet as the real question.

ONEOK beat on the bottom line and grew revenue fast, but that growth came from thin-margin commodity volumes rather than steady fee income. Revenue rose 52.8% to $12.049 billion, and diluted EPS of $1.53 came in above the $1.4722 consensus. The catch is gross margin: it fell to 23.3% from 32.0% a year earlier, so each extra dollar of sales carried less profit than before.

Paramount Skydance's Q2 FY2026 revenue rose 1.0% to $6.91 billion, but net income fell to $41 million from $57 million a year earlier. The company beat its own revenue guidance and raised its full-year EBITDA outlook, yet GAAP earnings were hit by $153 million in transaction costs and higher interest expense. We rate the quarter Neutral: streaming growth is offset by linear declines and integration risks.

Pfizer's second quarter looks ugly on the GAAP line — a $248 million net loss and $(0.04) per share — but that red ink is almost entirely a $4.3 billion non-cash impairment charge. Adjusted EPS of $0.77 beat the $0.6914 consensus, revenue rose 3.0% to $15.03 billion, and Pfizer raised the midpoint of its 2026 revenue guidance. Read the quarter as a beat-and-raise wrapped in an accounting loss.

Pinnacle West's second quarter was a demand story, not an earnings story: revenue rose 7.1% to $1.46 billion on an early Arizona summer, but diluted EPS fell to $1.43 from $1.58 and landed $0.05 below the $1.48 consensus. Higher interest and depreciation costs ate the top-line gain. Full-year guidance of $4.55 to $4.75 was unchanged.

PSEG's clean earnings beat says the regulated utility is fine; the headline numbers say the quarter was messy. Non-GAAP operating earnings of $0.86 a share topped the $0.8074 consensus while revenue fell 9.0% to $2.554 billion and GAAP EPS dropped to $0.67. Read GAAP and non-GAAP together: mark-to-market swings on power contracts, not operations, drove the gap.

Revvity's fiscal 2026 second quarter was a modest top line with a strong bottom line: revenue of $729.7 million grew 1.3% reported and 4.0% pro forma, and adjusted EPS of $1.41 beat the $1.2468 consensus by 13.1%, helped by $0.11 of tariff refunds. Read the Diagnostics-driven mix shift and the small guidance raise as the real story.

IDEXX delivered a genuinely strong quarter: revenue of $1.22 billion rose 9.7% as reported and 9.0% organic, gross margin reached 64.0%, and operating margin hit 35.0%. The $4.27 EPS beat the $4.0205 consensus, but $0.14 of it came from a share-based-compensation tax benefit, so the quality is lower than the headline suggests. Our read is Bullish, with cash conversion and the guidance mix as the details to watch.

IFF's second quarter looks better underneath than the headline. Continuing-operations sales rose 2.0% to $1.95 billion and comparable currency-neutral sales rose 6.0%, while adjusted EPS ex amortization of $0.82 came in below the $1.13 consensus EPS estimate. Read the GAAP and the adjusted numbers together, because this quarter's story is a portfolio being rebuilt, not a business accelerating.

Jacobs grew gross revenue 34.5% to $4.08 billion in its fiscal 2026 third quarter, yet adjusted EPS of $1.84 landed just below the $1.8684 consensus and gross margin fell to 19.9% from 25.0%. Read the headline growth with care: much of it is pass-through work billed to clients, and adjusted net revenue — the number management guides on — rose 8.3%. Cash generation and backlog were the clean wins.

Kimberly-Clark's second quarter looks calm on the surface — sales of $4.19 billion, up 0.6% — but the engine underneath is uneven. Organic sales slipped 0.1%, GAAP EPS fell 32.2% to $1.04, and adjusted EPS from continuing operations of $1.80 came in below the $2.03 consensus estimate. What genuinely improved was margin and cash: adjusted gross margin rose 190 basis points and the quarter produced $908 million of free cash flow.

Kimco delivered a solid quarter: revenue rose 4.9% to $550.80 million and FFO per share grew 4.5% to $0.46, with occupancy at a record 96.4%. The wobble is GAAP: net income fell year over year because property-sale gains shrank, and the $0.22 EPS figure now carries far less weight than the $0.46 FFO number. Read the dividend hike and the raised outlook as the real signals.

Leidos delivered a solid fiscal 2026 second quarter: revenue rose 7.2% to $4.55 billion, non-GAAP EPS of $3.26 beat the $2.97 consensus, and management nudged full-year guidance higher. The catch is the quality of growth — only 3.9% was organic, GAAP EPS fell 7% to $2.81, and adjusted EBITDA margin slipped to 13.8%. Read the segment mix and the cash flow line, not just the headline beat.

MPC's second quarter was a crack-spread quarter, not a volume quarter: revenue of $51.99 billion rose 53.8% from a year ago while throughput actually fell, and net income of $5.14 billion produced $17.73 of diluted EPS against a $13.88 consensus. Read this as a refining-margin story with midstream ballast, and ask how much of the margin level is repeatable.

McDonald's put up a solid quarter: revenue rose 4% to $7.10 billion, diluted EPS rose 6% to $3.32, and every segment posted positive comparable sales. Adjusted EPS of $3.38 just cleared the $3.3487 consensus. The catch is the U.S., where comparable sales grew only 0.8% on negative guest counts. View: Bullish, on global breadth rather than American momentum.

Merck's quarter looks ugly on the bottom line and solid on the top line: sales rose 5.0% to $16.61 billion, while a $5.7 billion charge for the Terns acquisition pushed GAAP EPS to a loss of $0.54. Strip out deal and restructuring costs and the non-GAAP loss was still $0.13, which is better than the $0.27 loss analysts expected. Read the sales line and the pipeline news, not the earnings line.

Duke Energy beat on profit and held its full-year outlook, so the quarter reads as steady rather than dramatic. Adjusted EPS of $1.43 topped the $1.318 consensus, and revenue of $7.59 billion edged past last year's $7.51 billion. The catch is where the growth comes from: rate recovery is doing the work, while depreciation and interest costs keep pulling the other way.

DuPont beat on adjusted earnings and raised full-year guidance, so the quarter reads Bullish even though the headline GAAP profit looks much smaller. The gap is presentation, not performance: $1.88 adjusted EPS versus $1.05 GAAP, because the Aramids business now sits in discontinued operations. Read revenue growth, segment margins and cash conversion first, and treat the bottom line as noise.

Emerson's fiscal third quarter beat on both the top and bottom line, and management raised its full-year outlook. Revenue of $4.87 billion rose 7.0%, gross margin widened to 54.5%, and adjusted EPS of $1.71 edged past the $1.69 consensus while excluding one-time tariff refunds. The soft spots were Europe, down 1.0%, and Final Control, where growth slowed to 4.0%.

Expeditors delivered a blowout second quarter: earnings per share of $2.03 beat the $1.72 consensus by 18%, on revenue up 32% to $3.50 billion. The view is Bullish, because the profit gain came with real volume growth in air freight and double-digit growth in customs, not just rate inflation. Read the numbers knowing that elevated air rates, tariff complexity and a $25 million restructuring charge all shaped the result.

FIS delivered $3.38 billion of revenue and $1.48 of adjusted EPS, roughly matching the $1.4874 consensus, but trimmed its pro forma revenue and EBITDA growth outlook for the year. Reported growth of 29% is mostly the Total Issuing Solutions acquisition, so the 5.3% pro forma rate is the number that describes the underlying business. View: Neutral.

Gartner's second quarter of fiscal 2026 was a profit story, not a growth story: GAAP earnings per share rose 33.1% and adjusted EPS beat the $3.87 consensus by about 13.1%, while reported revenue slipped 0.6% to $1.68 billion. Read the quarter as margin and buyback strength sitting on a flat top line, with part of the revenue drag coming from a divested operation.

Healthpeak's second quarter of FY2026 reads Neutral: revenue grew 11.1% to $771.58 million and GAAP earnings beat the consensus estimate, but FFO as Adjusted per share was unchanged at $0.46. The catch is the data: the extracted revenue line, $216.46 million, is only the senior housing fee line, so read the segment table, not the headline field.