Latest earnings analyses

Baker Hughes beat on the profit line it asks investors to judge it by: adjusted EPS of $0.70 against a $0.6182 consensus, with revenue of $8.025 billion up 14.0% year-over-year. GAAP EPS of $0.41 tells a different story, weighed down by $284 million of acquisition-related adjustments. The quarter was reshaped by Chart, which added $888 million of revenue; the rest of the business grew only slightly.

American Tower's Q3 2026 was a cash-flow quarter, not an earnings quarter: AFFO rose 2.4% to $1.34 billion while net income fell 14.4% on unrealized equity losses. Revenue of $2.79 billion grew 2.5%, and management nudged its full-year property revenue midpoint up for the third time this year. The mild negative: EPS of $1.64 landed just below the $1.66 consensus. Verdict: Neutral.

Verizon's third quarter was a services story: revenue rose 1.5% to $34.31 billion, adjusted EBITDA margin set a company record at 40.2% and management lifted full-year guidance for the third consecutive quarter. Adjusted EPS of $1.31 landed a hair below the $1.3111 consensus, so the good news sits in the mix and the cash flow, not the headline earnings number.

Principal's third-quarter GAAP EPS of $2.91 beat the $2.44 consensus, but the beat came from exited-business swings, not operations: non-GAAP operating EPS was $2.22, below consensus. Read the operating earnings line first, then the five segment lines — the reported $4.62 billion top line is more than half items outside segment revenue.

Hartford's third quarter of 2026 looks far better at the top of the page than underneath it: net income rose 23% to $1.32 billion, yet core earnings fell 6% to $956 million. The gap is a $497 million one-time reinsurance commutation gain. Read the headline as a capital-return story and the core line as the operating story.

Cadence beat the non-GAAP EPS bar and grew revenue 22.0%, and management raised full-year growth to 21.0%. The catch is profitability: GAAP operating margin fell to 26.2% from 31.8%. Read the scorecard for the growth, the guidance section for what the fourth quarter must deliver, and the balance sheet for how acquisitions and buybacks reshaped the cash position.

Brown & Brown grew third-quarter revenue 7.4% to $1.73 billion, but organic growth of 1.2% and a lower adjusted EBITDAC margin of 34.6% carry the real message: most of the top line came from acquisitions, not existing business. Read the scorecard as a split verdict — solid cash generation and adjusted EPS of $1.07, thinner operating leverage.

CINF’s Q3 FY2026 is a mixed beat: GAAP EPS of $2.96 topped the $2.03 consensus by 45.8%, but net income fell to $459 million from $1.122 billion a year earlier as investment gains normalized. Read the quarter through underwriting: the GAAP combined ratio was 90.9%, and revenue was $3.047 billion, below last year’s $3.726 billion. No quantitative guidance was issued.

Public Storage's Q3 2026 was a tale of two earnings lines: revenue jumped 11.6% to $1.37 billion and Core FFO per share edged up 0.7% to $4.34, while GAAP EPS fell 35.5% to $1.69 on acquisition costs and depreciation. Read the Core FFO line for the operating business and the GAAP line for what the two big acquisitions cost to digest.

Alexandria's third quarter looks ugly on the bottom line: a $637.9 million impairment on assets held for sale turned $1.54 of adjusted FFO per share into a $3.74 GAAP loss. Revenue fell to $671.2 million from $751.9 million a year earlier, and same-property NOI is still shrinking. Read the GAAP loss as an accounting write-down rather than cash leaving the business, and judge the quarter on leasing, occupancy and leverage instead.

SLB's FY2026 Q3 is a growth-with-a-caveat quarter: revenue rose 6% year on year to $9.45 billion and adjusted EPS of $0.64 beat the $0.6216 consensus, but GAAP EPS fell 2% and adjusted EBITDA margin dropped 121 basis points year on year. Read the release as a volume recovery in the Middle East, North America and deepwater, with the profit debate centered on margins and charges rather than demand.

American Express closed Q3 FY2026 with $20.06 billion of revenue, up 8.9%, and adjusted EPS of $4.68, up 13.0% and 3.3% ahead of the $4.53 consensus. The GAAP $5.42 includes a $1.11 gain on the GBTG sale, so use the adjusted line and the raised $17.60–$17.90 guidance to see the real trend. Credit stayed clean, with net write-offs at 1.8%.

Valero’s third quarter is a sharp margin-led beat: revenue reached $46.10 billion, gross margin hit 20.4%, and EPS of $23.89 topped the $21.28 consensus. Read it as a refining-cycle print, not a broad-based growth story: Refining produced $8.78 billion of $9.07 billion operating income while Ethanol and Renewable Diesel stayed much smaller. The filing gives no quantitative guidance, so the quarter’s numbers carry the story.

Roper beat the $5.85 adjusted EPS consensus by about $0.04 and raised full-year adjusted DEPS guidance to $22.35–$22.40. Revenue rose 8.0% to $2.17 billion on a 70.1% gross margin. The 33.0% GAAP EPS jump is flattered by a $56.2 million Indicor gain; adjusted growth of 15.0% is the cleaner read. That still supports a Bullish view — here is how to check it.

Huntington's Q3 2026 was solid but not clean: adjusted EPS of $0.38 was just below the $0.3814 consensus, revenue fell 1.6% sequentially, and credit metrics worsened. The year-over-year jump is mostly acquisition-driven, so read the quarter sequentially: net interest income up, fees down, expenses flat, and provisions/charge-offs rising. That mix explains the cautious tone.

eBay's third quarter beat where it counts: revenue rose 14.0% to $3.21 billion, non-GAAP EPS came in at $1.51 against a $1.44 consensus, and free cash flow was $749 million. The caveats sit in margins, which narrowed, and in a fourth-quarter guide whose midpoint barely exceeds the quarter just reported. Read the scorecard for growth, then the margin and guidance notes for what that growth cost.

There is a real beat and a real downgrade here, and they point in different directions. Deckers earned $2.31 per diluted share against a $1.8296 consensus, but $0.28 of that came from one-time IEEPA tariff refunds, while the full-year sales outlook was trimmed to a $5.7125 billion midpoint from $5.885 billion. The story now rests on HOKA and UGG growing into a lower-margin year.

Quest Diagnostics delivered a volume-led quarter, beat the $2.89 consensus on adjusted EPS with $3.00, and raised full-year revenue and EPS guidance — a Bullish read on the operating business. Revenue of $3.10 billion rose 10.0%, though the mix is telling: requisitions up 14.5%, revenue per requisition down 4.2%. GAAP EPS of $2.78 landed below consensus, so the quality of the beat depends on how you treat $0.24 of amortization.

Dow's third quarter of 2026 was a price story that worked: sales rose 13.0% to $11.27 billion and gross margin nearly doubled to 12.2%, turning a year-ago operating loss into $0.71 of operating EPS. Read this as a margin-recovery quarter, not a volume quarter, because volume fell 1.0%. The balance sheet still carries $16.78 billion of long-term debt against $4.14 billion of cash.

Western Digital beat on both lines in FY2027 Q1 and guided the next quarter to $5.1 billion, about 69% above last year's base. The story is now narrow and simple: a $4.38 billion quarter that is 88.3% Cloud, a 57.8% gross margin, and $1.06 billion handed back to shareholders. Read the quarter for pricing power, then read the risks for customer concentration.

Omnicom's third quarter looks ugly at the top line of the EPS table and strong underneath: core revenue grew 7.2% organically and adjusted EPS rose 21.9% to $2.73, while GAAP EPS of $2.38 landed below the $2.6567 consensus because of merger charges. Read the core-operations and adjusted figures first, then the segment mix and working capital. Headline revenue growth is mostly the IPG deal, not demand.

Snap-on's fiscal third quarter missed the $4.98 consensus EPS estimate, printing $4.64 on net sales of $1,183.7 million, down 0.6% from a year ago. The shortfall is not a demand collapse: the Commercial & Industrial Group put up a record quarter while franchisees in the van channel cut inventory. Read it as a channel-inventory quarter with an intact gross margin, not yet a recovery.

Union Pacific grew revenue 15.3% in the fiscal third quarter and adjusted EPS to $3.53, and the story is volume rather than price. Revenue reached $7.20 billion and diluted EPS rose 16.0% to $3.49, though $1.04 billion of fuel expense — up 69.0% as fuel prices rose 64.0% — did much of the top-line work. Read the growth as roughly half real: freight revenue excluding fuel surcharge rose 6.0%.

Verisign's third quarter of 2026 was a clean operating quarter with a soft bottom line: revenue rose 5.7% to $443.0 million and gross margin reached 88.8%, yet net income was flat at $212.6 million and GAAP EPS of $2.35 landed 4.4% below the $2.4577 consensus. Read the profit line rather than the top line, because SG&A, taxes and a $7.5 million loss on assets held for sale did the damage.

PG&E's third quarter was a modest step back: revenue fell 1.0% to $6.19 billion, GAAP EPS slipped to $0.34 and core EPS of $0.41 came in below the $0.42 consensus. Guidance for 2026 and 2027 was reaffirmed, so the story is a slower 2026, not a broken one. Read the segments for the mix shift, then the balance sheet for the debt load.

P&G beat the $1.94 consensus EPS by $0.03 and grew sales 4.0%, yet gross margin fell 160 basis points — the quarter was a volume-and-mix win paid for with cost pressure. Read the scorecard for growth, then the margin lines and the $0.79 per-share cost headwind embedded in guidance, which is where the real story sits.

PulteGroup missed the quarter on the bottom line: EPS of $2.53 came in $0.15 under the $2.68 consensus while revenue fell 9.8% to $3.97 billion. Gross margin of 26.8% held only modestly below last year's 27.8%, with home sale gross margin down to 24.8%. Read this as a volume story — fewer closings and fewer orders — cushioned by buybacks and a $6.4 billion backlog.

Nasdaq's September quarter was a clean beat on the top line and a rounding-error beat on the bottom line: net revenue rose 13.0% to $1.48 billion while non-GAAP EPS of $1.04 edged the $1.0366 consensus. Read the $2.39 billion total revenue line with care — $912 million of it is pass-through trading cost. Subscriptions, not trading, did the work. View: Bullish.

Newmont's Q3 FY2026 results support a positive operating read: revenue was $6.363 billion, GAAP EPS was $2.35 and free cash flow was $1.9 billion. Read the quarter through volume and price, not just the headline: higher gold sales and copper prices lifted revenue, while the company also improved full-year cost guidance. The main tension is Q4, when costs are guided higher even as production is expected to be the strongest of the year.

Norfolk Southern posted a record $3.53 billion of revenue in Q3 2026, but the operating ratio worsened to 67.4%, so the story is top-line strength against cost pressure. Read the scorecard as two ledgers: GAAP EPS of $3.37 came in under the $3.51 consensus, while adjusted EPS of $3.62 — which strips out merger and Eastern Ohio costs — cleared it. Free cash flow of $736 million was the strongest of the last four quarters.