Latest earnings analyses

AEP's second-quarter 2026 headline profit fell sharply and missed consensus, yet management still raised full-year guidance — so read this quarter as timing and one-off noise around a steady utility. Revenue grew 7.4% while operating earnings slipped only 3.1%; the GAAP drop comes from items excluded from operating results. That is why the scorecard below shows a miss and a raise at the same time.

Apple's June quarter was a record: revenue of $109.4 billion, up 16.4% from a year ago, and diluted EPS of $2.02 came in 4.8% above the $1.9271 consensus. Gross margin of 50.1% looks like the headline story, but about 2 percentage points of it came from one-off tariff refunds. Read this as strong underlying growth with a boost that will not repeat.

Arthur J. Gallagher reported $4.00 billion of Q2 FY2026 revenue, up 25.9% from a year earlier, while adjusted EPS of $2.84 essentially matched the $2.8404 consensus. GAAP EPS fell to $1.25 from $1.40, mainly due to amortization and integration costs from recent deals. The quarter is best read as strong on revenue and adjusted profit, but messy on GAAP earnings, with no numeric guidance to anchor the next quarter.

Stryker reported $6.589 billion of revenue for Q2 FY2026, up 9.4%, and adjusted EPS of $3.69 against a $3.5233 consensus, with both segments growing near 9%. Read the beat as real, and the narrowed guidance as a sign management sees the cyber recovery holding. But the reported 68.3% gross margin carries a $158 million reversal of 2025 tariffs inside it, so the durable margin is nearer 66.0%.

P&G closed fiscal 2026 with $87.03 billion of sales, but only 1.0% of that growth was organic, and fourth-quarter core EPS of $1.43 slipped 3.0% and landed just under the $1.4514 consensus. Management's fiscal 2027 plan promises little more than flat-to-modest growth while absorbing $1.00 billion of after-tax cost headwinds. That mix of steady cash returns and stalled underlying volume reads as Neutral; here is where the money actually went.

PTC's third fiscal quarter was a split decision: revenue fell 6.8% to $600.0 million and GAAP EPS slid to $1.03, yet constant-currency ARR excluding divested businesses rose 9.1% and free cash flow of $249.3 million beat the top of guidance. Read this as a smaller, subscription-heavy business after the Kepware and ThingWorx sales, and judge it on ARR, cash flow and share count rather than the headline top line.

Public Storage's second quarter mixes a stronger headline with a weaker core: revenue rose 2.6% to $1.23 billion, yet same-store revenue fell and Core FFO per share slipped 2.6% to $4.17. Management still raised 2026 Core FFO guidance to $16.75–$17.05. Read the quarter as a portfolio-building story, not a rent-pricing one.

Qualcomm's fiscal Q3 was a passing grade, not a strong one: revenue of $9.947 billion fell 4.1% and non-GAAP EPS of $2.21 missed the $2.2724 consensus, yet the top line landed at the high end of guidance. Read the quarter as a handset problem wrapped in a cost problem — automotive and IoT growth is real, but it is not yet big enough to offset a shrinking premium phone market.

Robinhood's Q2 2026 headline numbers were strong: revenue of $1.308 billion, up 32% year-over-year, and diluted EPS of $0.62, 37.8% above the $0.4499 consensus. But $0.14 of that EPS came from a one-time gain, and GAAP net income of $573 million is not the same as the $561 million attributable to shareholders. Growth is broad; crypto is the weak spot.

L3Harris delivered a clean beat: $5.88 billion of revenue, $3.13 of diluted EPS against a $2.8318 consensus, and higher full-year guidance for both revenue and EPS. Read it as broad-based growth plus better execution rather than a one-off, because all three segments grew and free cash flow swung sharply positive after a weaker first quarter.

Lam Research closed FY2026 with a record June quarter: full-year revenue of $23.23 billion, net income of $7.27 billion and diluted EPS of $5.76, while guiding the September quarter to $8.10 billion. The view is Bullish, based on the growth and margin expansion rather than on any single quarter. Read the full-year figures as the base and the quarterly segment split as a momentum check, while treating a few of the filing's own data labels with care.

Lennox delivered a modest quarter: revenue rose 3% to $1.55 billion and diluted EPS was flat at $7.72, just under the $7.7577 consensus estimate. The bigger news is the trimmed full-year EPS range of $23.00 to $24.00. Commercial heating and cooling carried the quarter while residential stayed weak, so read this as a mixed report rather than a clean beat. View: Neutral.

Masco beat the earnings estimate but the beat came mostly from a tariff refund, not from better operations, and revenue fell 3% to $1.99 billion. Adjusted EPS rose 26% to $1.64 against a $1.3331 consensus, while adjusted operating margin jumped to 24.2%. Read the margin jump as a one-time refund rather than a durable improvement, and watch whether the sales decline reflects a soft market or lost share.

Meta grew revenue 28.0% to $60.80 billion, yet GAAP EPS fell 13.0% to $6.18 and free cash flow collapsed to $784 million — a quarter where the top line held up but the cost line told the story. Read it as a spending quarter: $2.40 billion of legal charges and a $31.08 billion capex bill hit earnings, while guidance points to more of the same.

MGM's second quarter set a revenue record, yet the profit measure management prefers went backwards, so the headline EPS jump needs a second look. Revenue rose 1.0% to $4.45 billion, while Adjusted EPS fell to $0.59 from $0.79 and Consolidated Adjusted EBITDA slipped to $610 million from $648 million. The view is Neutral: a stable base, not an accelerating one.

Microsoft closed fiscal 2026 with $331.84 billion of revenue, up 18.0%, and GAAP earnings per share of $17.95, up 32.0%, yet the cash the business generates actually shrank. Read it as two stories: the income statement is booming on cloud demand, and the cash flow statement shows $115.95 billion of capital spending eating the gains.

MAA's second quarter was steady but not growing: revenue of $555.1 million rose 1.0%, yet Core FFO per share fell 3.3% to $2.08 and same-store NOI dropped 1.0%. Management kept the full-year Core FFO midpoint at $8.53 but cut GAAP EPS guidance. The read-through is a landlord still grinding through soft rent pricing, with lease-rate trends improving off a low base. View: Neutral.

O'Reilly posted $4.89 billion of second-quarter revenue, up 8%, with comparable store sales up 6.0% and diluted EPS up 10% to $0.86 — though that EPS figure landed about 2.2% below the $0.8798 consensus estimate. Management raised full-year revenue and comparable-sales guidance. The quarter shows a healthy core business whose per-share result leaned heavily on a shrinking share count.

Old Dominion beat consensus on earnings and expanded its operating margin by 450 basis points, delivering $350.6 million of net income on $1.55 billion of revenue. The catch is that all of the top-line growth came from price, not volume: LTL tons per day fell 4.1%. Read it as excellent execution in a soft freight market, helped by a $17.2 million one-off property gain.

Fortive beat on adjusted profit and lifted full-year guidance, so the quarter reads as a clean win: revenue of $1.10 billion rose 7.9% and adjusted EPS of $0.74 came in above the $0.7154 consensus. The view is Bullish because core growth accelerated to 6.7% and adjusted EBITDA rose 12.0%. Read the rest with one caveat: per-share gains lean on a shrinking share count and a bigger debt balance.

Fortinet's fiscal Q2 2026 was strong on almost every line: revenue rose 26.0% to $2.05 billion, GAAP EPS reached $0.82 and non-GAAP EPS of $0.90 beat the $0.7611 consensus estimate. Net income was $606.3 million and gross margin held at 80.2%. Growth accelerated and management raised full-year revenue guidance, but margin is below year-ago levels and the buyback pace slowed sharply, so read the growth story first and the margin trend second.

Garmin beat and raised. Second-quarter revenue rose 11.4% year over year to $2.02 billion, gross margin jumped to 62.4%, and pro forma EPS of $2.81 beat the $2.2897 consensus by about 22.7%. Management lifted full-year revenue guidance to roughly $8.05 billion. The catch is the margin step-down baked into that full-year guide, so read this as a strong quarter, not a straight-line trend.

Generac beat sharply on both sales and profit in FY2026 Q2, but roughly $71 million of tariff refunds did much of the work. Revenue rose 11.0% to $1.17 billion and GAAP EPS hit $2.40 against a $2.05 consensus. Read the quarter in two layers: a genuine data center-driven C&I ramp underneath, and a one-time margin windfall on top.

General Dynamics grew revenue 8.1% to $14.09 billion and diluted EPS 13.4% to $4.24 in the fiscal 2026 second quarter, beating the $4.0905 consensus EPS estimate, while operating margin expanded to 10.4%. Aerospace and Marine Systems did the heavy lifting, and a 1.4-to-1 book-to-bill lifted backlog to $136.5 billion. The read: execution is improving and cash conversion is strong, but Combat Systems is standing still.

Humana's second quarter was a revenue story with a profit caveat: sales rose 26.2% to $40.867 billion and adjusted EPS of $7.61 beat the $7.29 consensus, while the Insurance benefit ratio worsened to 91.2% from 89.9%. Management held full-year adjusted EPS at 'at least $9.00' but cut GAAP EPS guidance to 'at least $6.52'. View: Neutral, because growth is real but the Star Ratings hit and the second-half guidance gap keep us cautious.

IDEX beat the Street and raised full-year guidance: adjusted EPS of $2.32 cleared the $2.131 consensus, orders topped $1 billion for the first time, and revenue of $920.6 million rose 6%. The catch is that a one-time tariff-refund benefit did much of the margin work. Read the quarter as a real demand story at HST plus a smaller, repeatable base underneath.

Invitation Homes' second quarter of 2026 was steady rather than spectacular: revenue rose 9.7% to $747.6 million and GAAP earnings per share jumped, yet the rental core barely moved. Read it in two layers — the rental business, where same-store NOI grew 1.5%, and the homebuilding and home-selling activity that flattered reported profit.

Johnson Controls posted a strong fiscal Q3 2026, with revenue up 9.0% to $6.61 billion and adjusted EPS of $1.42 beating the $1.32 consensus. The company also raised full-year organic sales growth and adjusted EPS guidance, signaling confidence in its momentum. Investors should note the broad-based growth, margin expansion, and robust cash flow, though some segments face headwinds.

Vulcan's second quarter was steady rather than spectacular: revenue rose 2.5% to $2.16 billion, adjusted EPS of $2.59 edged past the $2.57 consensus, but Adjusted EBITDA slipped 0.8% to $654.0 million. The read-through is that aggregates pricing and cost control are working while weather and diesel costs hold back the reported numbers. We rate the quarter Neutral.

WEC Energy Group beat the street in Q2 2026: $0.91 of diluted EPS against $0.8238 expected, on revenue of $2.06 billion, with full-year guidance of $5.51-$5.61 reaffirmed. The quarter's profit carries a caveat, since a chunk of the gain came from non-operating income rather than utility operations, and free cash flow turned negative as capital spending jumped. Read the earnings beat as real, and the cash burn as the open question.