Latest earnings analyses

Dover did not beat consensus and did not miss it: adjusted EPS of $2.88 matched the $2.8701 estimate while revenue rose 7.5% and orders jumped 15.5%. The value is in the mix — margins up, bookings ahead of shipments, and a full-year adjusted EPS range of $10.60–$10.75 that implies double-digit growth. The read-through: demand is fine, and the soft spot sits in Europe.

Comfort Systems turned in a volume-led blowout: revenue rose 53.7% to $3.77 billion and diluted EPS climbed 68.6% to $13.91, ahead of the $12.9993 consensus. Read it as a backlog story — $17.81 billion of signed work versus $9.38 billion a year ago — being converted into revenue faster than overhead grew. Gross margin was flat year over year, so the beat came from scale, not pricing.

Honeywell Technologies’ Q3 FY2026 is a Bullish quarter: sales were only up 1.0% reported, but organic growth was 7.0%, segment margin expanded to 21.3%, and management raised full-year adjusted EPS and free cash flow guidance. Read the print through organic growth and adjusted EPS, not the GAAP headline, because prior-year one-time gains and divestitures distort the reported comparisons.

Lockheed Martin beat the $7.5016 consensus EPS with $7.97 and grew sales 11.3% to $20.71 billion, with every one of its four segments posting year-over-year growth. The view is Bullish: the company raised full-year sales, EPS and free cash flow guidance for a second straight quarter on a record $292.0 billion backlog. The main caveat is an F-35 Lot 20 funding gap the company flagged itself.

Allegion beat on both lines and raised its full-year outlook. Revenue rose 9.6% to $1.17 billion and adjusted EPS of $2.60 landed about a nickel above the $2.5522 consensus. Read the quarter in two layers: 7.2% organic growth and a 24.7% adjusted operating margin describe the core, while $19.9 million of tariff refunds sit in reported but not adjusted profit.

Bloom Energy posted a blowout quarter and raised full-year guidance for the third time this year. Revenue of $1.24 billion grew 138.1% and GAAP EPS of $0.78 beat the $0.70 consensus. The catch is cash: free cash flow was negative $0.18 billion as contract assets and inventory ballooned. Read the income statement and the cash flow statement side by side.

CBRE beat the bar again: core EPS of $2.05 topped the $2.0078 consensus, growing 28.1% on revenue of $11.41 billion. Read the quarter as a mix story — critical infrastructure and property sales did the heavy lifting while leasing and project management crawled. No numeric guidance was issued, so the segment detail is the only forward-looking evidence on offer.

Comcast's quarter looks ugly on the reported line and merely flat once you adjust for businesses it no longer owns: revenue fell 6.1% to $29.30 billion, but pro forma revenue rose 0.5%. Adjusted EPS of $1.07 beat the $1.01 consensus yet still fell 4.0% year over year, and buybacks have stopped. Read the pro forma lines first, then the broadband subscriber numbers.

UDR's Q3 2026 looks better at the net-income line than in its core rental operations. Net income was $216.1 million and GAAP EPS was $0.67, but the quarter included a $190.1 million gain on sale of real estate owned. FFO per diluted share and unit was $0.62 and FFO as adjusted was $0.65, both flat year over year. Read the quarter through same-store growth, FFO and leverage rather than the GAAP jump.

Thermo Fisher beat on adjusted earnings and widened margins in the September 2026 quarter: revenue rose 9.1% to $12.14 billion and adjusted EPS of $6.68 came in above the $6.4673 consensus. Read the growth in two parts — 6% organic, 3% net from deals — and treat the GAAP-to-adjusted gap as a real cost, not noise.

Northern Trust beat the $2.91 consensus EPS estimate with $3.40 in diluted earnings, helped by $48.7 million of pre-tax one-off gains. Strip those out and the quarter still shows fee growth, expense control and a 20.1% return on common equity. Read the revenue line carefully: total revenue was $2.29 billion, not the $1.37 billion trust-fee subtotal.

Teledyne posted a record quarter and then raised the bar: revenue rose 9.4% to $1.68 billion, non-GAAP EPS of $6.72 beat the $6.232 consensus, and full-year guidance moved up. The quality is good — growth was almost entirely organic and gross margin improved to 43.9%. Read the scorecard for growth quality, then the balance-sheet notes for what the Varex deal will consume.

Las Vegas Sands missed on both lines in the September 2026 quarter: revenue fell 3.5% to $3.22 billion, adjusted property EBITDA dropped 16.7% to $1.12 billion, and GAAP EPS of $0.48 landed well below the $0.70 consensus. Read this as a margin problem at Marina Bay Sands rather than a demand collapse — Macao volumes grew while profit fell, and a $950 million buyback propped up the per-share numbers.

Kinder Morgan delivered a record third quarter and beat the $0.326 consensus with $0.35 of adjusted EPS, which supports a Bullish view of a franchise now carried mostly by fee-based gas contracts. Read it in two layers: the income statement shows steady improvement, while the $14.4 billion project backlog is where future cash flow sits — and it does not arrive until 2029 and 2030.

CME delivered a record third quarter: revenue rose 13.0% to $1.7373 billion, and adjusted EPS of $3.02 matched the $3.0193 consensus almost exactly. The read-through is simple: more contracts traded at a slightly lower average price, plus record market data. Below: revenue quality, the cost puts and takes, and why there is no company guidance to grade.

Texas Instruments beat on both lines: revenue of $6.06 billion rose 28.0% from a year ago and earnings per share of $2.62 landed 7.3% above the $2.44 consensus. The real story is margin — gross margin reached 64.2% and free cash flow hit 40.6% of trailing revenue. Read the scorecard first, then how the quarter turned sales into cash, then what a flat fourth-quarter guide really says.

Philip Morris neither beat nor missed: adjusted EPS of $2.36 landed on the $2.36 consensus, and revenue of $11.44 billion rose 5.5%. The story is margin and mix — 68.7% gross margin and record operating income — plus a fourth quarter that now has to deliver roughly $1.77 to $1.92 of adjusted EPS. Read this scorecard on the adjusted numbers; the GAAP line is noise from investment revaluations.

In the third quarter of 2026 Rollins grew revenue 6.2% to $1.09 billion but shrank profit: operating income fell 1.0% and adjusted EPS slipped to $0.34, about 2.4% below the $0.3482 consensus. Read the quarter as a tug of war between a durable top line and costs rising faster than sales — the segment and cost breakdowns below show exactly where the margin went.

Meta's Q3 FY2026 revenue grew 26% to $64.60 billion, but GAAP EPS was $3.83 and missed the $5.7889 consensus because of a $9.89 billion legal charge; excluding it, EPS would have been $7.40. Read the quarter as strong ad demand plus a one-time legal hit, with capex and negative free cash flow as the key offset.

Southwest's third quarter was a real step up: revenue hit a record $8.42 billion and adjusted EPS of $0.66 beat the $0.5816 consensus even as fuel costs rose $821 million. The catch is that reported EPS of $0.55 fell short of that same consensus, and $214 million of aircraft sale gains flattered operating income. Read this as margin progress, not a clean sweep.

IBM beat the operating EPS consensus: $2.95 against $2.8866 expected, on revenue of $17.10 billion, up 5.0%. The catch is quality. Pre-tax income rose only 3.0% while net income rose 26.0%, because the effective tax rate fell to 11.9% from 28.2%. Treat software growth and free cash flow as the durable part, and the tax benefit as the one-off.

Lam Research closed fiscal Q1 2027 with record revenue of $8.22 billion, up 54.4% from a year earlier, and net income of $2.75 billion. The quarter came in above the $8.10 billion midpoint the company had guided to, and earnings per share of $2.20 on a non-GAAP basis landed about a penny under the $2.2215 consensus. Below, the numbers that matter, read in plain English.

NextEra Energy's third quarter was a clean beat on the number management steers by: adjusted EPS of $1.24 came in ahead of the $1.188 consensus, up 9.7% from a year ago. Revenue of $8.09 billion rose just 1.6%, and GAAP EPS of $2.28 is flattered by hedging gains rather than operations. Read the quarter through adjusted earnings and the backlog, not the headline GAAP figure.

AT&T's third quarter looked weak at the bottom line and strong underneath: revenue rose 5.3% to $32.32 billion and adjusted EPS of $0.65 topped the $0.6106 consensus, while a $2.6 billion non-cash impairment on the Mexico wireless business dragged GAAP EPS to $0.12. Read the adjusted figures for the underlying business and the GAAP figures for what the exit from Mexico costs.

Moody's grew revenue just 1.0% in Q3 2026, and adjusted EPS of $4.14 came in below the $4.3067 consensus, so this is not a beat-and-raise quarter — guidance was only reaffirmed. The offset is a durable recurring base: 64.3% of revenue recurs and MA ARR rose 8.0%. Read it as steady, not accelerating.

United Rentals delivered record third-quarter 2026 results and raised full-year revenue and adjusted EBITDA guidance. The headline revenue figure in the data set is flagged as a mismatch, so this analysis anchors on the press release's $4.893 billion total revenue and $920 million net income. Read the scorecard as a demand-and-margin story: rental revenue growth, fleet productivity and cost efficiencies drove profit, while the balance sheet carries $13.064 billion of long-term debt.

CSX beat on the top and bottom line: revenue of $4.02 billion rose 12.0% and EPS of $0.57 cleared the $0.54 consensus, with operating margin at 39.1%. Read the quarter against last year's adjusted base, not the reported one — a $164 million goodwill impairment flattered the headline growth rates. The rest of this note walks through revenue, earnings, missing guidance and the balance sheet.

Elevance beat on the bottom line and raised its 2026 outlook, but the quarter's profit leaned on investment income as much as on insurance operations. GAAP EPS of $6.27 topped the $4.73 consensus, and adjusted EPS rose to $6.99 from $6.03. Read the rest with that split in mind: Carelon carried the operating gain while Health Benefits margin thinned to 1.0%.

Wabtec beat on the bottom line and lifted full-year adjusted EPS guidance, with gross margin up 2.6 points to 37.3% and a $31.44 billion backlog. The catch is that roughly half the sales increase came from acquisitions and part of the EPS beat came from currency, not operations. Read the scorecard for what repeatable demand looks like, and the balance sheet for what the deals cost.

Danaher beat on the numbers management controls: adjusted EPS of $2.11 topped the $1.9359 consensus, revenue rose 8.5%, and free cash flow jumped 19.0% to $1.63 billion. The catch is that core growth was only 3.0%, with respiratory testing a 2.5-point headwind and acquisitions and divestitures subtracting 6.5 points. Read this quarter as a margin-and-cash story, not a demand story.