The Earnings Debate

For the second quarter, Deere reported that "Net sales and revenues were up 5% to $13.369 billion, while net sales for the equipment operations were up 5% to $11.778 billion". Management noted an "equipment operations margin of 16.9%". For the quarter, "Net income attributable to Deere & Company was $1.773 billion or $6.55 per diluted share". The company also "recognized a recovery of $272 mil...

Intuit reported third quarter fiscal 2026 financial results with revenue of $8.6 billion, up 10% for the quarter. GAAP operating income for the quarter was $4 billion versus $3.7 billion last year, and non-GAAP operating income was $4.7 billion versus $4.3 billion last year. GAAP diluted earnings per share for the quarter was $11.09 versus $10.02 a year ago, and non-GAAP diluted earnings per share...

Lowe's Companies, Inc. reported first quarter sales of $23.1 billion, with comparable sales increasing 0.6%. The company generated GAAP diluted earnings per share of $2.90 and adjusted diluted earnings per share of $3.03 for the quarter. Gross margin for the first quarter was 32.7%, and the adjusted operating margin rate was 11.5%. Additionally, the company generated $2.8 billion in free cash flow...

NVIDIA Corporation reported its first quarter fiscal 2027 financial results, delivering total revenue of $82 billion, which was up 85% year-over-year and 20% sequentially. Data center revenue of $75 billion was up 92% year-over-year and 21% sequentially. The company generated record free cash flow of $49 billion for the first quarter, up from $35 billion in Q4. GAAP gross margin was 74.9% and non-...

For the first quarter, management stated that "Consolidated revenue in constant currency increased nearly $10 billion". They reported "First quarter adjusted operating income growth in constant currency of approximately 5%" alongside a "gross margin expansion of 29 basis points". The company noted it absorbed "approximately $175 million or about 250 basis points of operating income growth from hig...

During the first quarter, management reported that "net sales of $25.4 billion were 6.7% higher than last year." The company reported first quarter GAAP and adjusted EPS of $1.71. First quarter gross margin rate was 29%, and the first quarter operating margin rate was 4.5%. First-party digital sales grew nearly 9%, led by growth in same-day delivery of more than 27%. On the Target Plus third-party...

CAVA Group, Inc. reported first quarter 2026 revenue of $434.4 million, representing a 32.2% increase year-over-year. Same-restaurant sales increased 9.7%, driven by traffic growth of 6.8%. The company reported net income of $23.6 million for the first quarter and diluted EPS of $0.20. Adjusted EBITDA for the quarter was $61.7 million, a 37.6% increase over the prior year period. CAVA restaurant l...

The Home Depot, Inc. reported sales for the first quarter were $41.8 billion, representing an increase of 4.8% from the same period last year. Total company comparable sales for the first quarter increased 0.6% and U.S. comparable sales increased 0.4%. Diluted earnings per share for the first quarter were $3.30, and adjusted diluted earnings per share were $3.43. The company reported a gross margi...

In Q1 2026, Baidu reported that total revenue of Baidu was RMB 32.1 billion. Revenue from Baidu General business was RMB 26.0 billion, and revenue from Baidu Core AI-powered business exceeded RMB 13 billion for the quarter. Operating income was RMB 3.2 billion with an operating margin of 10 percent, while non-GAAP operating income was RMB 3.8 billion with a non-GAAP operating margin of 12 percent....

Nu Holdings Ltd. reported a "quarter 1 historical high net income of $871 million" and "record revenue, reaching $5 billion for the first time in our history". The company achieved a "record low efficiency ratio below 18%", which officially reached "17.6% on a reported basis" for the quarter. The gross profit line "closed at $1.88 billion in the quarter", and net interest income reached a "record...

Birkenstock Holding plc reported "second quarter revenues of EUR 618 million" for fiscal 2026. This represented a "growth of 8% on a reported basis" and 14% in constant currency. The adjusted gross profit margin for the quarter was 54.6%. Management reported "Adjusted EBITDA in the second quarter of EUR 198 million" with an adjusted EBITDA margin of 32.1%. Adjusted net profit for the quarter was E...

Tencent Holdings Limited reported its financial results for the first quarter of 2026. Management announced "total revenue was RMB 196.5 billion, up 9% year-on-year". During the first quarter, "Gross profit was RMB 111.3 billion, up 11% year-on-year" and "Overall gross margin was 57%, up 1 percentage point year-on-year". Executives highlighted that "Free cash flow was RMB 56.7 billion, up 20% year...

Alibaba Group Holding Limited reported its financial results for the quarter, stating that "total revenue was RMB 243.4 billion". Management noted that "Our GAAP net income was RMB 23.5 billion, an increase of 96%", while "Total adjusted EBITA decreased 84%" primarily due to strategic investments in technology businesses, quick commerce and user experience. For the quarter, the company reported th...

Brookfield Corporation reported "Distributable earnings were $1.6 billion for the quarter" and $6 billion over the last 12 months. Distributable earnings before realizations for the quarter were $1.4 billion or $0.59 per share, representing a 7% increase over the prior year quarter. The Asset Management business generated $765 million of distributable earnings or $0.32 per share for the quarter, w...

Siemens Aktiengesellschaft reported Q2 2026 group orders reached EUR 24.1 billion. Overall, "revenue growth reached 6%" driven by Digital Industries and Smart Infrastructure. Industrial Business profit reached EUR 3 billion, translating to a profit margin of 15.4%. Free cash flow picked up to EUR 1.7 billion compared to the first quarter. Earnings per share pre PPA were EUR 2.81, including a gain...

For the first quarter of 2026, Sea Limited reported that "Total GAAP revenue increased 47% year-on-year to $7.1 billion in the first quarter of 2026." Management highlighted that "Adjusted EBITDA exceeded $1 billion for the first time," reporting a total adjusted EBITDA of $1 billion for the first quarter. Net income was up by 7% year-on-year to $438 million. Shopee reported first quarter GAAP rev...

AECOM reported second quarter 2026 results highlighting that "backlog increased 8% to a new record" and "The increase in NSR was driven by 8% growth in our Americas design business". Chief Executive Officer Troy Rudd noted that the "segment adjusted operating margin increased by 50 basis points to 16.5%" and they achieved a "design book-to-burn of 1.2x". In the International segment, Chief Financi...

For FY March 2026, Mitsui & Co., Ltd. reported that Core Operating Cash Flow amounted to JPY 978.9 billion. Profit for FY March 2026 amounted to JPY 834 billion. Management noted that net interest-bearing debt increased by JPY 0.8 trillion from the end of March 2025 to JPY 4.1 trillion. Shareholder equity increased by JPY 1.3 trillion compared with the end of March 2025 to JPY 8.8 trillion. Th...

Hims & Hers Health, Inc. reported first quarter 2026 revenue of $608 million, representing a 4% year-over-year growth rate. Subscribers grew 9% year-over-year to nearly 2.6 million. First quarter adjusted EBITDA was $44 million, representing a 7% adjusted EBITDA margin, while GAAP net income declined to a loss of $92 million due to restructuring, M&A, and legal costs. The company generated...

For the first quarter of 2026, Enbridge Inc. reported that "adjusted EBITDA remained consistent, DCF per share is up 0.03. FX rates year-over-year impacted all 4 business units." Regarding forward guidance, the company reaffirmed its 2026 expectations, stating it is "on track to achieve the midpoint of our guidance ranges for both EBITDA and DCF per share." The company also reaffirmed its "post-20...

Uber Technologies, Inc. delivered top line and profitability at or above the high end of their guidance for the first quarter of 2026. Chief Executive Officer Dara Khosrowshahi stated, "Gross bookings were up 21% year-on-year". Mobility gross bookings accelerated to 20% with record margins, Delivery grew 23%, and freight returned to growth for the first time in nearly two years. The company also r...

In Q1 2026, Coinbase Global, Inc. "generated $1.4 billion of total revenue" for the quarter. The company reported a "quarterly net loss of 394million"and"303 million of positive adjusted EBITDA" for the quarter. "Total operating expenses were $1.4 billion" for the quarter. "Transaction revenue of $756 million" and "Subscription and services revenue was $584 million" were recorded for the quarter....

For the fiscal year ended March 26, Toyota Motor Corporation reported "sales revenues of JPY 50,684.9 billion" and "operating income of JPY 3,766.2 billion" for the year. Executives stated "income before income taxes of JPY 5,152.9 billion and net income of JPY 3,848 billion" for the year. The company noted it was "not able to fully offset the impact of U.S. tariffs amounting to JPY 1.38 trillion"...

MP Materials Corp. reported Q1 2026 financial results, generating $132.9 million of revenue and PPA income for the quarter. The company reported adjusted EBITDA of $36.6 million and adjusted diluted EPS of $0.03 per share for the quarter. The Materials segment generated $114.5 million of revenue and PPA income along with $36.7 million of segment adjusted EBITDA. The Magnetics segment drove $21.1 m...

MercadoLibre, Inc. reported its Q1 2026 financial results, highlighting "net revenue up 49% year-over-year" and delivering "$611 million of income from operations, representing a 6.9% margin". Management noted that the margin compression reflects a deliberate choice to invest in strategic initiatives, stating they are "not trying to optimize short-term margins".In commerce, Brazil was a standout m...