Latest earnings analyses

HII beat on earnings with $5.27 per share against a $3.84 consensus and lifted full-year shipbuilding revenue guidance to $10.2–$10.4 billion. The catch is cash: free cash flow was negative $150 million in the quarter. Read the sales and margin gains as real, then check whether the second half converts them into the $500–$600 million of free cash flow management still promises.

Ingersoll Rand's second quarter looks solid on the surface — revenue rose 8.5% to $2.05 billion and adjusted EPS of $0.86 edged past the $0.8513 consensus — but the quality of the growth is mixed. Only 4.1 points of that revenue increase was organic, and profitability slipped: gross margin fell to 42.1% from 43.7%, while adjusted EBITDA margin dropped to 25.4% from 27.0%. View: Neutral.

ICE posted a solid rather than explosive quarter: net revenues rose 4.8% to $2.67 billion, adjusted EPS of $1.90 nudged past the $1.86 consensus, and all three segments grew. The catch is mid-single-digit growth and a 13.0% drop in energy revenue. Read the scorecard as durability plus capital return, not acceleration.

International Paper's second quarter was weaker than the headline suggests: a $12 million net loss, an $80 million operating loss in EMEA, and adjusted EBITDA down 12.4% year over year to $587 million. Management still promises a much stronger second half, with full-year guidance implying a fourth quarter roughly twice the size of this one. Read the segments first — North America carries the profit and EMEA is where the money goes.

Revenue rose 12.5% to $5.73 billion and the company's preferred per-share measure, adjusted net income per share, landed at $1.63 against a $1.43 consensus. The catch is the gap underneath: GAAP diluted earnings were $0.70 per share, and three balance-sheet figures appear in two different versions in this filing, so read the quality of the beat before the size of it.

Edison International beat on the bottom line in the June 2026 quarter: core EPS of $1.54 came in 31.1% above the $1.1743 consensus, and management reaffirmed 2026 core EPS guidance of $5.90–6.20. Revenue fell 4.1% to $4.357 billion, but for a regulated utility revenue is a weak signal — rates are set by regulators, not by demand. Read the EPS beat next to the still-unquantified Eaton Fire liability.

EMCOR's second quarter beat on every line and management raised full-year revenue, margin and EPS guidance. Revenue rose 19.8% to $5.15 billion, diluted EPS jumped 34.8% to $9.06, and operating margin reached 10.6%. The one thing to watch is cash: first-half operating cash flow of $289.9 million came in slightly below last year's despite far higher revenue. Read the rest through that lens.

Xcel Energy beat the $0.79 consensus by $0.14 with $0.93 of quarterly EPS, up 24.0% from a year ago, and reaffirmed full-year ongoing guidance of $4.04 to $4.16. The catch is where the profit came from: cheaper fuel, more construction financing credits and lighter depreciation — not revenue, which fell 5.1%. Read the segments and the balance sheet before celebrating.

Yum! Brands' GAAP profit looks spectacular and mostly isn't: a $449 million tax benefit tied to the Pizza Hut review turned $449 million of adjusted net income into $853 million of reported net income. Revenue rose 12.2% to $2.169 billion, but EPS excluding Special Items of $1.62 beat the $1.5954 consensus by roughly $0.02. Read this quarter through adjusted earnings and the divisions, not the headline EPS.

Cigna's second quarter reads close to neutral: revenue rose 7.0% to $71.67 billion and adjusted earnings per share of $7.78 landed just under the $7.826 consensus, while management lifted full-year guidance by only $0.10 to at least $30.45 per share. The soft spot is margin mix, where pharmacy benefit profit fell 27.0% and Cigna Healthcare carried the quarter.

Coinbase's second quarter of fiscal 2026 reads Neutral: revenue slid 18.5% year over year to $1.22 billion and the net loss was $359.5 million, yet subscription and services held at 48% of net revenue and adjusted EBITDA stayed positive at $207.8 million. Read the quarter as a shrinking trading business cushioned by recurring fees and cost cuts, not as a collapse.

Corteva's fiscal 2026 second quarter was a margin story, not a growth story: revenue slipped 1.2% to $6.38 billion, yet gross margin jumped to 57.4% and adjusted EPS of $2.30 edged past the $2.27 consensus. The catch is that GAAP EPS was just $1.73 and the first half burned cash. View: Neutral.

CRH beat the Street in Q2 2026 and reaffirmed full-year guidance, so the quarter reads as a solid yes rather than a warning. Revenue rose to $10.777 billion and diluted EPS of $2.21 came in $0.18 above the $2.0334 consensus, but part of that lift came from divestiture gains and a higher tax charge rather than day-to-day operations. The view is Bullish, tempered by the paused buyback and the $8.5 billion Arcosa deal still to close.

Dexcom's second quarter was a clean beat: revenue of $1.3084 billion grew 13.1% and gross margin jumped to 63.4%, with GAAP EPS of $0.64 ahead of the $0.6229 consensus. The raised full-year revenue midpoint moved only $10 million, so the real news is margin, not top-line ambition. Read the guidance and balance-sheet sections before the headline growth number.

Erie Indemnity reported $1.09 billion of revenue for the June 2026 quarter, up 2.8%, and diluted EPS of $3.45, up 3.3% and a hair above the $3.4435 consensus. The company earns management fees from Erie Insurance Exchange and affiliates, so the number that matters is fee growth versus cost growth inside that segment — fees rose 4.7%, segment costs rose 5.5%. No guidance was given.

Avery Dennison beat on both lines in its fiscal 2026 second quarter, with sales up 10.9% to $2.46 billion and adjusted EPS of $2.89 arriving 15.9% above the $2.4943 consensus estimate. The read is simple: the big Materials segment grew volume and price, gross margin expanded to 29.6%, and adjusted free cash flow roughly doubled to $365.4 million. Management guided full-year adjusted EPS to $10.00 to $10.30.

Baxter beat the $0.37 adjusted-EPS consensus by a wide margin with $0.56 and raised full-year guidance, so the quarter is better than the 5.0% sales growth alone suggests. Read the beat carefully: it leans on a one-time $0.11 per-share tariff refund, adjusted EPS still slipped 5.0% from a year ago, and GAAP net income was just $126 million. That combination is why the view below is Neutral rather than Bullish.

Bristol Myers Squibb beat on both lines and raised full-year revenue and EPS guidance, so this quarter reads Bullish on execution rather than on one-off gains. Read it in three layers: $12.97 billion of revenue grew 6.0%, gross margin slipped to 71.3%, and GAAP EPS of $1.62 came in against a $1.6038 consensus.

Builders FirstSource posted a net loss of $3.9 million in FY2026 Q2 as revenue fell 8.8% to $3.86 billion, and adjusted EPS of $1.17 missed the $1.293 consensus. Management also cut full-year sales guidance to $14.0 billion to $14.8 billion. The read: costs are falling, but not fast enough to offset weaker housing demand. The scorecard explains the margin math and the balance sheet shows the leverage cost.

Camden's second quarter was flat where it matters: Core FFO of $1.68 per share against $1.70 a year ago, with same-property net operating income down 1.4%. The headline EPS swing is mostly noise — last year carried a $47.293 million property gain, while 2026's guidance jump comes from the pending California sale. Read this REIT on Core FFO, occupancy and lease rates, not GAAP EPS.

Southern Company beat on adjusted earnings in the second quarter of 2026 — $1.13 a share against a $1.03 consensus — while revenue stayed flat at $6.98 billion. Read the beat carefully: lower income taxes and construction-related allowance income supplied most of the upside, not the top line. Below we separate what customers actually paid for from what taxes and accounting added.

Trane Technologies grew revenue 11% to $6.35 billion but adjusted EPS of $4.31 landed below the $4.3922 consensus, and margins slipped. The quarter's real story is demand: bookings rose 39% and backlog hit a record $12.1 billion. Read the income statement and the order book as two clocks — one measures today's profit, the other tomorrow's.

Valero's second quarter was a step-change, not a grind: revenue rose 48.8% to $44.48 billion and net income hit $3.72 billion, versus $714 million a year earlier. The driver is refining margins, which lifted gross margin to 12.3% from 4.2%. Adjusted EPS of $12.54 beat the $10.2192 consensus by 22.7%. Read this as a peak-margin quarter, not a new baseline.

Weyerhaeuser's second quarter of 2026 was profitable but not improving: net income of $162 million, or $0.23 per diluted share, held up on a $71 million gain from selling Oregon timberlands. Strip that out, and the non-GAAP figure is $0.13, still ahead of the $0.0884 consensus. Revenue of $1.867 billion was slightly below last year's $1.884 billion, so this is a cost-and-portfolio story, not a demand story.

WTW's second quarter looks better on the numbers management controls than on the ones accounting rules dictate: adjusted EPS rose 17.0% and beat consensus, while GAAP EPS fell 27.0%. Both segments expanded margins, first-half free cash flow rose 65.9%, and buyback capacity grew by $1.5 billion. The catch is that a prior-year tax charge flattered the adjusted comparison. Here is how to read the rest.

A. O. Smith's second quarter was a story of two businesses: North America grew sales 5.0% while Rest of World fell 19.0%, leaving total revenue roughly flat at $1.00 billion. The headline $0.91 of GAAP EPS misses the $0.93 consensus, but $0.16 a share of that shortfall is a restructuring charge in the water treatment unit. Read the quarter on adjusted EPS of $1.03, down 4.0%.

Air Products' fiscal 2026 third quarter looks catastrophic on a GAAP basis and healthy underneath: a $1.4408 billion net loss and a $6.47 loss per share, caused by $2.9 billion of pre-tax charges for exiting the Louisiana clean energy complex, Casa Grande hydrogen and smaller projects. Adjusted EPS of $3.47 beat the $3.3772 consensus. The real question is whether the slimmed-down project pipeline now converts into steadier cash.

Altria's second quarter was steady rather than strong: net revenues matched last year at $6.11 billion and adjusted diluted EPS of $1.48 came in below the $1.542 consensus, while the company narrowed full-year guidance to $5.61–$5.72 and raised the low end. The read-through is simple — cigarette pricing still funds the dividend, but oral tobacco is now the drag and profit quality leans on second-half timing benefits.

Amazon's second quarter delivered the best operating momentum in years — 20.0% revenue growth, a 52.3% gross margin and operating income up 43.0% — and the real question is not demand but cash. Net income of $62.65 billion looks spectacular only because a $53.4 billion non-operating gain from the Anthropic investment flowed through it. Read the scorecard on operating profit, not on EPS.

Ameren beat the consensus earnings estimate and held its full-year range, but the top line shrank. Diluted EPS of $1.13 came in above the $1.0976 consensus, while revenue of $2.092 billion fell 5.8% from $2.221 billion a year ago. Read the quarter as a regulated-utility earnings story, not a growth story: the profit gain came from infrastructure investments, while revenue was dragged down by lower off-system sales.