Latest earnings analyses

Lennox grew third-quarter revenue 10.2% to $1.57 billion but kept less of every dollar: adjusted EPS fell 7.3% to $6.84, missed the $7.4376 consensus, and full-year adjusted EPS guidance was cut about 9.6% at the midpoint. Read this as growth without profit — commercial HVAC is compounding, while residential is defending share with price and paying for it in margin.

KLA beat its own revenue guidance, grew revenue 28.9% year over year, and then guided the December quarter to $4.7 billion. That is the story: AI-driven process-control demand is outrunning the company's own forecasts. Read the scorecard for the quarter just closed, the guidance section for what management now expects, and the balance sheet for whether cash is keeping up. The view is Bullish.

Invitation Homes beat on the headline numbers and nudged guidance higher, but the rental engine underneath is barely moving. Revenue rose 6.3% to $731.3 million mostly because a homebuilding line that did not exist a year ago added $35.8 million, while Same Store NOI grew just 1.1%. Read this as a REIT, not a tech stock: Core FFO per share of $0.48 and the buyback tell you more than GAAP EPS does.

IDEX beat the $2.2551 consensus EPS with $2.33 adjusted and raised full-year guidance, so the quarter reads Bullish. Revenue of $951.7 million rose 8.3% and gross margin widened to 45.1%. The beat was modest, free cash flow was strong at $214.3 million, and growth leans heavily on AI-linked demand in one segment. Read the scorecard first, then the risks.

Honeywell Aerospace beat on profit and nudged full-year earnings and cash guidance higher in its first quarter as a standalone company. Sales rose 2.0% to $4.64 billion, adjusted EPS of $2.21 cleared the $1.90 consensus, and the board declared a $0.40 quarterly dividend. Read the scorecard for the quality of the beat, then the balance sheet for the debt and negative equity that arrived with the spin.

Garmin's FY2026 Q3 was a clean beat-and-raise quarter: revenue rose 12.0% to $1.99 billion, gross margin hit 63.3%, and pro forma EPS of $2.76 beat the $2.45 consensus. Read the quarter in three pieces: broad product demand, a margin lift that included $33 million of tariff refunds, and a raised full-year guide that still implies lower Q4 margin than Q3.

GE Vernova beat on every visible line: revenue rose 27.0% to $12.64 billion, gross margin jumped to 24.6%, and EPS of $4.81 cleared the $3.98 consensus. Management raised 2026 revenue, margin and free-cash-flow guidance in the same breath. The catch is the quality of growth — acquisitions and working capital did a lot of the work. Below we unpack the scorecard, the guidance math, the cash trail and the balance sheet.

Gen Digital's Q2 FY27 was a growth quarter with a margin asterisk: revenue rose 12.2% to $1.369 billion, non-GAAP EPS of $0.74 beat the $0.7265 consensus, and management raised full-year guidance. The read-through is positive on demand and bookings, less clean on gross margin, which fell to 75.9%. We treat the raised outlook as the main signal and the margin decline as the main thing to watch.

Fortive's fiscal Q3 2026 was a clean beat: revenue rose 7.8% to $1.11 billion, adjusted EPS of $0.77 topped the $0.71 consensus, and management raised full-year adjusted EPS guidance to $3.10–$3.14. The read-through is that the industrial segment is accelerating and buybacks are shrinking the share count, while healthcare profit slips. Below, judge the quarter on cash, margins, and what the guidance actually covers.

GE HealthCare beat on both lines and lifted full-year guidance: revenue rose 7.2% to $5.51 billion and adjusted EPS of $1.34 came in $0.11 above the $1.23 consensus. Read the quarter in three steps. Growth was broad across all three segments, margins expanded as volume and price outran inflation, and free cash flow jumped 64.2%. The one blemish is a $394 million inventory build.

Flex beat on both lines and guided higher again: adjusted EPS of $1.18 came in 10.4% above the $1.0691 consensus, and FY27 revenue guidance moved up to $34.9–35.9 billion. The catch is quality: GAAP operating margin was 4.9% against 7.1% adjusted, with $110 million of legal and other costs. Read revenue growth first, then the gap between the two profit lines.

Ford's Q3 2026 was a cash-flow and adjusted-profit beat wrapped around a smaller revenue base. Adjusted EPS of $0.49 beat the $0.4129 consensus estimate, and adjusted free cash flow rose to $4.667 billion, but revenue fell 2.0% and wholesales dropped 9%. Read the quarter as steady execution on costs and cash, offset by weaker volume and still-large Model e losses; the low-end guidance raise helps but does not settle the volume question.

Fortinet beat the non-GAAP EPS consensus and grew revenue 20.5%, and management raised its billings outlook for the third time this year. The blemish is margin: gross margin fell to 79.0% as fast-growing hardware outran higher-margin service revenue. Read the scorecard as a growth story with a mix problem, then check the guidance arithmetic and the inventory build behind the product surge.

FedEx delivered a clean beat on the numbers management controls: revenue rose 11.9% to $22.86 billion and adjusted EPS of $3.74 cleared the $3.40 consensus, while GAAP EPS of $1.21 was dragged down by a $1.24 billion mark on the retained FedEx Freight stake. Read the quarter as a volume-and-yield story with a cost problem underneath: purchased transportation grew faster than sales.

Everest's third quarter is a miss wrapped in a flat headline: GAAP EPS of $6.12 landed 31.5% below the $8.93 consensus and net income slipped to $233 million, with $268 million of prior-year reserve strengthening doing most of the damage. Revenue fell 14.0% to $3.71 billion and the Core combined ratio was 105.8%. Read the scorecard for what the reserve charge hides, and the balance sheet for what $474 million of buybacks did to book value.

Equinix beat on earnings and raised full-year 2026 revenue guidance for the third consecutive quarter, but the beat leaned partly on a one-off gain and recurring revenue grew slower than the headline. Read the scorecard as a growth story that is still working, with the caveat that the quarter's $4.93 EPS includes a non-recurring fee from the atNorth joint venture.

Chipotle grew revenue 9.6% in Q3 2026 but earned less: EPS fell to $0.27, about 8.0% short of the $0.2936 consensus, as labor and G&A absorbed the sales gain. Read it as a growth-by-new-restaurants story whose profit per dollar is shrinking — traffic is finally positive again, but the margin math runs the wrong way.

Carvana's Q3 FY2026 revenue jumped 42.4% to $8.040 billion and operating income reached $714 million, but diluted GAAP EPS of $0.39 missed the $0.4492 consensus and gross margin slipped to 18.9%. Read the scorecard as a scale story with a margin question: retail units and revenue are compounding, while GPU and Adjusted EBITDA margin fell year over year.

Boston Scientific grew third-quarter 2026 sales just 1.5% to $5.138 billion, but adjusted EPS slipped to $0.73 and gross margin fell to 66.7%, and management now guides fourth-quarter sales to shrink. Read it as a margin story: volume held, cost of products sold jumped to $1.710 billion, and the August cybersecurity incident still hangs over the fourth quarter.

C.H. Robinson's third quarter was a margin story dressed as a growth story: revenue rose 29.5% to $5.36 billion, but gross profit rose only 15.0%, and adjusted EPS of $1.80 landed a penny above the $1.787 consensus while GAAP EPS of $1.67 fell short. Read the top line as pass-through pricing and the profit lines as the real result.

Biogen's third quarter is a growth story with a profit problem: revenue rose 11.0% to $2.80 billion and non-GAAP EPS of $2.62 beat the $2.03 consensus, yet the company reported a GAAP net loss of $20.6 million. Read it in two layers — the commercial portfolio is genuinely expanding, while deal charges and a shrinking multiple-sclerosis franchise keep the bottom line from following.

ADP beat on the bottom line and raised its full-year targets: revenue rose 6.1% to $5.49 billion, adjusted EPS of $2.82 came in about $0.03 above the $2.79 consensus, and management lifted both revenue and adjusted EPS growth guidance. Read it as steady, broad-based compounding — Employer Services and PEO both grew about 6% to 7% — with a meaningful slice of profit still coming from client-funds interest.

Amphenol posted a blowout third quarter: revenue rose 65.1% to $10.23 billion and adjusted diluted EPS of $0.80 beat the $0.7312 consensus by 9.4%. Strip out acquisitions and sales still grew 37% organically, with orders of $12.2 billion leaving a 1.19:1 book-to-bill. Gross margin climbed to 39.3% and free cash flow reached $1.62 billion, so the growth is showing up in cash, not just on the top line.

Aon grew organically at 6.0% in the September quarter, yet GAAP operating income slipped 1.0% and adjusted EPS of $3.36 effectively matched the $3.357 consensus. Read it as a solid operating quarter wrapped around a balance sheet that just doubled its long-term debt to $26.32 billion to fund the pending USI deal. Revenue added $104 million year over year while divestitures trimmed 3.0% from reported growth.

AEP beat on both lines and lifted the long-term story: third-quarter operating EPS of $2.23 topped the $2.0749 consensus by 7.5%, and management now expects 2026 to land at or above the top of its $6.25–$6.55 range. The bigger news is a $100 billion five-year capital plan and 9%–11% earnings growth through 2031. Read this quarter as a capital-deployment story, not a rate-increase story.

American Water's third quarter was steady rather than spectacular: revenue rose 3.5% to $1.502 billion, adjusted EPS of $2.00 came in $0.07 under the $2.07 consensus, and GAAP EPS matched last year at $1.94. The real content is forward-looking — 2026 guidance narrowed to the top half of its range and new 2027 guidance implies 8.0% growth. Read the quarter as a down payment on that promise, funded with debt.

Alphabet's Q3 FY2026 was an operating beat dressed up as an earnings miss. Revenue rose 25.0% to $127.58 billion and operating income rose 30.0%, but an $8.66 billion loss on equity securities dragged EPS to $2.12 against a $3.1081 consensus. Read the income statement top-down: the miss sits below the operating line, while the cash-flow statement shows the real bill — capital spending.

Invesco's third quarter was an operating win and an earnings miss at the same time. Revenue rose 14.2% year over year to $1.87 billion and adjusted operating margin reached 40.7%, yet adjusted EPS of $0.72 landed below the $0.7443 consensus. Read the quarter through margins and flows first, then note that GAAP net income fell 14.7% sequentially on mark-to-market swings, not on weaker management fees.

Xylem delivered better profits on less revenue: sales fell 3.0% to $2.201 billion, adjusted EPS of $1.44 landed just under the $1.4638 consensus, and management cut full-year revenue guidance to about $8.95 billion. The offset is margin — gross margin of 41.2% and an adjusted EBITDA margin of 23.9%. Read it as a shrinking top line with a better-quality earnings line, which makes the quarter Neutral.

WM's third quarter was a good operating quarter that fell short on the bottom line: revenue rose 6.3% to $6.85 billion, but adjusted EPS of $2.15 landed below the $2.25 consensus. Read the release as two stories — a pricing-led top line plus $3.01 billion of nine-month free cash flow on one side, fuel and risk-management costs and soft volumes on the other.