Latest earnings analyses

Henry Schein's fiscal 2026 second quarter was a solid operating beat: sales rose 6.7% to $3.458 billion, gross margin held at 31.8%, and the company raised full-year guidance. The catch is that GAAP profit stayed thin at $94 million, just 2.7% of sales. Read this as improving operations, not as a high-margin business suddenly emerging.

Broadridge closed fiscal 2026 with $7.48 billion of revenue, $9.60 of adjusted EPS and 110% free cash flow conversion, then guided fiscal 2027 adjusted EPS growth to 8-12%. The view is Bullish, on a recurring-revenue base that grew 8.2% and a dividend raised 12.0%. Read the numbers with one caution: GAAP profit this year included $227 million of non-cash digital asset gains that adjusted EPS strips out.

Caterpillar's second quarter of FY2026 was its first ever above $20 billion in sales and revenues, and profit ran far ahead of what analysts expected: adjusted EPS of $8.17 against a $6.26 consensus estimate. The quality is good but not perfect — margins expanded sharply while inventory and receivables absorbed cash and a $392 million tariff recovery padded operating profit. Read the growth as real, and the cash and working-capital lines as the swing factors to watch.

Sysco closed fiscal 2026 with $84.553 billion of sales, up 3.9%, adjusted EPS of $4.61, up 3.4%, and GAAP EPS of $3.66, down 1.9%. Read it this way: the operating business got better, with case volumes positive and free cash flow up 16.3% to $2.1 billion, while deal and transformation costs dragged reported profit. The debate is whether cost-outs and volume gains outrun those drags.

Conclusion first: this was a beat-and-raise quarter. Sales rose 23.0% to $2.74 billion, adjusted EPS of $10.87 came in above the $10.40 consensus, and management lifted full-year sales, EBITDA and EPS guidance. Two caveats matter: only 13.0% of the growth was organic, and the balance sheet carries $32.76 billion of debt against negative equity.

Grainger beat on the top and bottom line: Q2 revenue of $5.02 billion rose 10.3% and EPS of $12.01 came in 5.2% above the $11.42 consensus, while management raised full-year sales and EPS guidance. The quarter leaned on real volume growth plus a $43 million tariff refund, so read the margin gain as part good business, part one-time help.

Waters beat its own second-quarter revenue guide and raised every component of full-year 2026 guidance, on 9% constant-currency organic growth and mid-single-digit growth in the newly acquired businesses. The ugly GAAP numbers — a $1.39 per-share loss and a 44.6% gross margin — are purchase-accounting artifacts: $155 million of inventory step-up in cost of revenue and $244 million of intangible amortization. Read adjusted EPS of $3.05 and the cash flow, not the loss.

Wynn beat the $1.1331 consensus EPS by a wide margin: GAAP diluted EPS was $1.32 and adjusted EPS $1.24. Revenue rose 6.9% to $1.86 billion and net income more than doubled to $140.1 million. But the growth came mostly from Macau and from a hot hold rate, while Las Vegas and Boston EBITDAR fell — so read the headline beat with one eye on the balance sheet.

Record revenue, a raised outlook and $1.25 billion of quarterly free cash flow — the direction of travel is up, even though reported EPS landed below consensus. Read the quarter in two parts: the demand story in power generation and North American trucks is clearly improving, while the bottom line was hit by tax items and higher incentive pay. Judge it on second-half margins, not on the $6.73 headline.

DaVita beat consensus earnings and grew revenue 5.2% to $3.55 billion, so our view is Bullish. The $4.02 per share came with a 16.3% operating margin and $490 million of operating cash flow, and full-year guidance implies a stronger second half. The caveats are a leveraged balance sheet and a book equity deficit, so the bullish case rests on cash generation rather than the balance sheet.

Devon Energy's second quarter looks strong on the surface: GAAP earnings of $2.03 per share beat the $1.41 consensus, and the company returned $1.06 billion to owners. But this is the first quarter including Coterra, so the numbers are not like-for-like. Reported revenue of $7.00 billion also conflicts with the $5.1 billion of oil, gas and NGL sales in the same press release, so read the cash flow and balance sheet, not just the headline.

AMD's second quarter of fiscal 2026 was a record on both revenue and profit: revenue of $11.54 billion, up 50.0% year-over-year, with non-GAAP EPS of $1.66 beating the $1.63 consensus estimate. Data Center did the heavy lifting at $6.72 billion, or 58.2% of sales. Guidance for the next quarter points to $13 billion, so the growth story is intact — the open questions are customer concentration and cash conversion.

AES posted a stronger-looking quarter than it really was: revenue rose 19.9% to $3.422 billion, gross margin improved to 20.2%, and earnings per share of $0.60 beat the $0.5181 consensus. But $209 million of the $426 million net income came from a gain on a business sale, and free cash flow was negative $597 million. That mix is why the read here is Neutral.

AMETEK beat on both the top and bottom line and raised full-year guidance, so the quarter reads Bullish. Sales of $2.04 billion rose 15.0% from a year ago and adjusted EPS of $2.09 topped the $2.01 consensus. The caveat: growth leans on acquisitions, and the adjusted figure sits $0.32 above GAAP EPS of $1.77.

Amgen beat on profit and lifted its full-year revenue outlook: second-quarter revenue rose 10.0% to $10.05 billion and net income hit $2.38 billion. The bullish read is that six growth drivers now carry the portfolio, offsetting steep declines in older drugs. Read the scorecard below as a test of quality: growth is real, but a chunk of the profit jump comes from lower amortization, not operations.

Aptiv's first quarter as a slimmed-down company beat on profit: adjusted EPS of $1.63 topped the $1.46 consensus, gross margin rose to 23.7%, and revenue grew 2% to $3.27 billion. The soft spot is cash — free cash flow fell to $12 million from $219 million a year ago. Read the profit beat and the cash drain together; both are real.

ADM's second quarter was a clean beat with a bigger raise: adjusted EPS of $1.84 against a $1.45 consensus, and full-year guidance lifted to $5.15-$5.60 from $4.15-$4.70. The profit came from crushing and ethanol margins, not cost cuts. Read the quarter as a policy-and-energy-price story that is currently running ADM's way, and judge it on whether that environment holds into the second half.

Arista's Q2 2026 was a beat-and-raise quarter: revenue of $3.04 billion rose 37.7% from a year ago, and non-GAAP EPS of $1.02 landed 13.0% above the $0.9026 consensus. The blemish is gross margin, down to 62.9% from 65.2%, and free cash flow that fell year over year. Read this as accelerating demand with thinner hardware margins, not a company running out of growth.

Assurant closed Q2 2026 with record GAAP net income of $298.6 million, adjusted EPS of $6.41 that beat the $5.23 consensus by 22.5%, and a raised full-year outlook, so the quarter reads Bullish. Read the headline growth next to the underlying numbers: catastrophe losses were $17.6 million lighter, a $10 million non-run-rate item flattered Connected Living, and reserve releases are shrinking, so the quality of the beat matters as much as its size.

Ball's second quarter looked strong on the surface: revenue rose 19.7% and comparable EPS of $1.03 beat the $1.0011 consensus estimate. Look underneath and the quality is mixed: most of the sales gain is aluminum price pass-through, North America's segment profit actually fell, and first-half free cash flow was negative $471 million against a full-year goal of more than $900 million. Verdict: Neutral.

Booking Holdings beat on the bottom line: Q2 2026 revenue rose 8.1% to $7.35 billion, GAAP EPS hit $2.53 versus a $2.4982 consensus, and adjusted EPS of $2.54 was up 15.0% year over year. The eye-catching 118% net income growth is mostly currency, so read revenue growth, adjusted EPS and free cash flow together, not the headline.

EchoStar reported $3.58 billion of revenue for the June 2026 quarter and $8.46 billion of net income, but the profit came from deconsolidating part of the business in a prepackaged Chapter 11, not from selling more service. Read the quarter as a shrinking top line with improving operating income, plus a balance sheet that leans on assets held for sale.

Loews earned $444 million, or $2.16 a share, in the second quarter of 2026, up from $391 million a year earlier, with all three operating segments posting higher net income. The catch: the gain came from insurance investment income and a hotel rebound, not better underwriting, as CNA's combined ratio worsened by 2.4 points and core income slipped to $324 million. Read the rest with that split in mind.

Marriott's fee engine kept compounding: second-quarter revenue rose to $7.07 billion and adjusted diluted EPS of $3.19 beat the $3.1211 consensus, even though reported EPS of $2.90 missed it. Reported net income was flat at $766 million because a $68 million hotel-sale impairment and a $27 million litigation accrual sat outside the adjusted figures. The read is Bullish, with the caveat that headline GAAP earnings now diverge sharply from the adjusted story.

onsemi beat on the bottom line and guided higher: Q2 2026 revenue rose 9.2% to $1.60 billion, non-GAAP EPS of $0.74 edged past the $0.7363 consensus, and management sees third-quarter gross margin expanding to 40.0%–42.0%. Free cash flow quadrupled to $425.4 million. The catch is that GAAP gross margin of 38.4% is still far below the level of two years ago, and total debt now exceeds cash. The view is Bullish.

Palantir closed FY2026 Q2 with revenue of $1.935 billion, up 93% year-over-year, net income of $1.062 billion (a 55% margin) and diluted EPS of $0.41, and it raised full-year revenue guidance to $8.150–$8.158 billion. How to read it: growth re-accelerated and cash generation is enormous, but gross margin slipped sequentially from 86.8% to 84.7% and the new guidance assumes even bigger quarters ahead.

The headline numbers are ugly, but the underlying operations and financing are not, so the read is Neutral. Revenue fell 10.1% to $662.8 million and adjusted FFO per share dropped 25.8% to $1.73. Offsetting that: leasing volume rose 60.0% to 1,038,917 RSF and management held its 2026 guidance midpoint.

SBA Communications delivered a steady but unexciting quarter: revenue rose 2.3% to $715.3 million, EPS of $1.87 came in 2.4% below the $1.9156 consensus, and AFFO per share slipped to $3.05. Full-year guidance was barely touched, with the revenue midpoint up only $2.0 million to $3.0 million. The real swing factor was churn and a smaller currency gain, not operations. View: Neutral.

TKO's second quarter was a growth story with a scorecard asterisk: revenue rose 18.2% to $1.547 billion and management raised full-year guidance, but GAAP EPS of $1.34 missed the $1.5046 consensus and most of the profit went to non-controlling interests. Read the raise as the signal and the per-share miss as a reminder that TKO keeps only part of what it earns. View: Neutral.

Tyson's fiscal third quarter was flat on the top line and carried by Chicken, not Beef: sales of $13.868 billion slipped 0.1% and adjusted EPS of $0.99 just missed the $0.9971 consensus. GAAP EPS was $0.52 because $73 million of leadership-transition charges and a $98 million legal accrual sat outside adjusted results. Read the segment detail and the guidance bridge, not the headline EPS.