The Earnings Debate

For the first half of the year, management reported that "net revenue of the company grew 7% in the first half of the year" and "Reported EPS grew 6% in the first half". Globally, the company stated, "we've grown global volumes, 3% in foods and 2% in beverages". In the international segment, the "second quarter operating margin grew by a full point". However, in the PBNA segment, "operating margin...

FactSet Research Systems Inc. reported its third quarter fiscal 2026 financial results, stating that organic ASV accelerated to 7.1% year-over-year, exceeding $2.48 billion. Third quarter revenue was $622.9 million, representing 6.4% growth over the previous year. Adjusted operating income was $211.8 million, representing a 34% margin for the quarter. Adjusted EPS grew 6.1% to $4.53. Management al...

For the fourth quarter of fiscal 2026, Executive Vice President and Chief Financial Officer Matt Friend stated that "revenues were down 1% on a reported basis and down 4% on a currency-neutral basis." Friend noted that "Nike Direct was down 9%, with Nike Digital declining 12% and Nike Stores down 7%", while "Wholesale grew 1%." The company reported that "Gross margin was 49.2%, up 890 basis points...

In fiscal Q3 2026, CFO Mark Murphy reported that Total fiscal Q3 revenue was $41.5 billion, up 74% sequentially and up 346% year-over-year. Fiscal Q3 DRAM revenue was a record $31.3 billion, and fiscal Q3 NAND revenue was a record $9.9 billion. The company generated an operating income of $33.7 billion in fiscal Q3, with a consolidated gross margin for fiscal Q3 of 84.9%. Non-GAAP diluted earnings...

For the second quarter of fiscal 2026, CEO Shantanu Narayen stated that Adobe achieved "$6.62 billion in revenue in Q2". GAAP earnings per share for the quarter was $4.25, and non-GAAP earnings per share was $5.96. Senior Vice President Steve Day noted that cash flows from operations in the quarter were $2.17 billion, and total Adobe ending ARR reached $27.1 billion, which included approximately $...

Oracle Corporation reported its fourth quarter and full fiscal year 2026 results. For the quarter, management stated that revenue was $19.2 billion. Cloud infrastructure revenue grew 93 percent, and net operating income increased 22 percent in U.S. dollars to $8.6 billion. For the full year, the company reported surpassing revenues of $67 million for the first time, generating a non-GAAP operating...

For the first quarter, Interim Co-CEO and CFO Meghan Frank reported "total net revenue rose 4% or 2% in constant currency to $2.5 billion". Gross profit for the first quarter was $1.34 billion or 54.2% of net revenue. Operating income for the quarter was $277 million, or 11.2% of net revenue. Net income for the quarter was $195 million, or $1.69 per diluted share. Inventory at the end of the first...

ServiceTitan, Inc. reported its fiscal first quarter 2027 results. For the quarter, management stated, "Q1 total revenue of $268.8 million grew 25% year-over-year." The company reported "Subscription revenue of $202 million" and "Usage revenue grew 29% year-over-year to $58.5 million." Furthermore, management noted "Q1 operating income of $40.8 million resulted in operating margin of 15.2%" and "Q...

Veeva Systems Inc. reported fiscal 2027 first quarter financial results. For the quarter, management stated that "Total revenue in the quarter was $883 million with non-GAAP operating income of $395 million." Management also noted that the first quarter EBIT margin arrived at 45 percent. During the call, management introduced Veeva Falcon, describing it as the next chapter of their industry cloud...

In Q2 2026, Broadcom reported total revenue reached a record $22.2 billion, up 48 percent year-on-year. Q2 operating margin was a record 67 percent, and adjusted EBITDA was 69 percent of revenue, or $15.2 billion. Free cash flow in the quarter was a record $10.3 billion, representing 46 percent of revenue. The Semiconductor Solutions segment generated a record $15 billion in Q2 revenue, driven by...

CrowdStrike Holdings, Inc. reported first quarter fiscal 2027 total revenue of $1.39 billion, an increase of 26% over the first quarter of last year. First quarter non-GAAP operating income was $325.7 million, representing a non-GAAP operating margin of 24%. The company generated record free cash flow of $468.5 million, or 34% of revenue, for the quarter. CrowdStrike achieved record first quarter...

Medtronic reported "$9.8 billion in revenue" for the fourth quarter of fiscal 2026, up "9.9% on a reported basis and 6.6% organically." For the full fiscal year, the company "delivered 36.4billioninrevenue."MedtronicreportedfourthquarteradjustedEPSof"1.55" and full fiscal year 2026 adjusted EPS of "$5.53." The company also reported an "adjusted gross margin was 65.4%" for the quarter and an "adjus...

GitLab Inc. reported its first quarter fiscal year 2027 financial results, with management stating "Revenue of $264 million, growth of 23%" and "operating profit of $38 million and a 14% non-GAAP operating margin" for the quarter. For the first quarter, adjusted free cash flow was $147 million, representing a free cash flow margin of 56%. Management also highlighted that they ended the quarter wit...

Palo Alto Networks reported that "Total revenue for the quarter was $3 billion, growing 31% year-over-year". Management noted that the company "delivered $8.13 billion in NGS ARR during the third quarter". For the quarter, "diluted non-GAAP EPS... reached $0.85" and the company "generated adjusted free cash flow of $910 million". Additionally, "Total gross margin for the quarter was 75.8%" and "no...

For the first quarter, executives reported that "Net sales for the quarter increased 3.4% to $10.8 billion" and "Same-store sales increased 2% during the quarter". Management highlighted that "For Q1, gross profit as a percentage of sales was 31.6%, an increase of 65 basis points". Additionally, "Operating profit for the first quarter increased 10.8% to $638.5 million" and "EPS for the quarter inc...

Costco Wholesale Corporation reported net income for the third quarter of 2026 at $2.192 billion, or $4.93 per diluted share. Net sales for the third quarter were $69.15 billion, an increase of 11.6 percent from $61.96 billion in the third quarter of 2025. Comparable sales were up 9.8 percent. The company reported membership fee income of $1.373 billion. At the end of the third quarter, the compan...

Dell Technologies Inc. reported its first quarter financial results, stating that revenue was $43.8 billion, up 88 percent. Diluted earnings per share was $4.86, up 214 percent for the quarter. Management noted the company delivered a record first quarter cash flow from operations of $4.1 billion. Gross margin dollars grew 57 percent to $7.9 billion, with a gross margin rate of 18.1 percent. Opera...

MongoDB reported total revenue of $688 million in the first quarter of fiscal 2027, representing a 25% increase year-over-year. Atlas consumption revenue grew 29.4% year-over-year, accounting for approximately 75% of total first quarter revenue, adding a record $117 million. EA and Other revenue grew 13% year-over-year in the first quarter. The company delivered first quarter non-GAAP income from...

XPeng Inc. reported its financial results for the first quarter of 2026, noting that total revenues were RMB 13.03 billion for the first quarter of 2026. Revenues from vehicle sales were $11 billion for the first quarter of 2026, while revenues from services and others were $2.03 billion for the first quarter of 2026. Gross margin was 20.6 percent for the first quarter of 2026, and vehicle margin...

Salesforce reported Q1 revenue of " $11.13 billion " and delivered " $6.7 billion " in Q1 operating cash flow. The current remaining performance obligation ended the first quarter at " $33.6 billion ". Management noted a Q1 non-GAAP operating margin of " 34.8% " and a Q1 GAAP operating margin of " 21.1% ". The company also commenced a " $25 billion accelerated share repurchase " program, which red...

Financial Results For the first quarter of fiscal 2027, Snowflake reported product revenue of $1.334 billion, representing 34% year-over-year growth. The company achieved a net revenue retention rate of 126%. First quarter non-GAAP operating margin expanded over 300 basis points year-over-year to 12%. Remaining performance obligations grew 38% year-over-year in the first quarter. During the quarte...

Zscaler, Inc. reported financial results for the third quarter of fiscal 2026. Revenue for the quarter was $850 million, growing 25 percent year-over-year. Total annual recurring revenue was $3.5 billion, representing 25 percent year-over-year growth. Non-GAAP operating income was $196 million, with a non-GAAP operating margin of 23 percent. The company generated a free cash flow margin of 16 perc...

For the first quarter of 2026, PDD Holdings Inc. reported that total revenues increased 11% year-over-year to RMB 106.2 billion. This growth was mainly driven by revenues from transaction services, which reached RMB 56.3 billion, up 20% from the same quarter last year. Revenues from online marketing services and others for the quarter were RMB 49.9 billion. The company reported a GAAP operating pr...

Workday reported its Q1 fiscal 2027 results, highlighting that subscription revenue in Q1 was $2.354 billion, up 14%. Total revenue in Q1 was $2.542 billion, a growth of 13%. The company reported non-GAAP operating income for the first quarter was $809 million, representing a non-GAAP operating margin of 31.8%. Free cash flow for the quarter was $616 million, growth of 46%. The 12-month subscripti...

Zoom Communications, Inc. reported its first quarter fiscal year 2027 financial results, noting that in Q1 total revenue grew 5.5% year-over-year to $1.24 billion. The enterprise segment saw revenue growing 7.2% year-over-year, representing 61% of total Q1 revenue. Non-GAAP income from operations grew 9% year-over-year to $509 million, which yielded a non-GAAP operating margin of 41.1% for Q1. Non...