The Earnings Debate

Insmed Incorporated reported its first quarter 2026 financial results, noting that "cost of product revenues in the first quarter of 2026 was $47.4 million or 15.5% of revenues". Management highlighted its cash position, stating that as of the end of the first quarter of 2026, the company had approximately $1.2 billion in cash, cash equivalents and marketable securities. Executives expressed confi...

Whirlpool Corporation reported first quarter 2026 results, noting "we delivered an ongoing EBIT margin of 1.3% and an ongoing earnings per share of negative $0.56" for the quarter. First quarter free cash flow was negative $896 million. In the MDA North America segment, "net sales decreased 8% year-over-year to $2.2 billion" in the first quarter. Conversely, the SDA global business performed well,...

Albemarle Corporation reported "net sales of $1.4 billion, up 33% year-over-year" for the first quarter of 2026. The company delivered adjusted EBITDA of $664 million for the quarter, reflecting higher pricing and volume in Energy Storage and Specialties. First quarter net sales for Energy Storage increased 70% year-over-year, while the Specialties segment saw net sales increase 12% year-over-year...

HubSpot, Inc. reported financial results for the first quarter of 2026, noting that "Q1 revenue grew 23% year-over-year as reported and 18% in constant currency." For the first quarter, "Non-GAAP operating margin was 18%", and "GAAP operating margin was 3% in Q1." Management stated "Non-GAAP net income was $143 million, and non-GAAP net income per diluted share was $2.72" for the first quarter. Ad...

Vistra Corp. reported first quarter 2026 results, delivering $1.494 billion in adjusted EBITDA for the first quarter of 2026. Generation delivered $1.426 billion of adjusted EBITDA in the quarter, while Retail delivered $68 million of adjusted EBITDA. The company deployed approximately $525 million in share repurchases during the first 4 months of the year and paid a first quarter dividend of appr...

For the first three months of 2026, Novo Nordisk A/S announced that "reported sales increased by 32%, reaching DKK 96.8 billion" for the quarter. However, adjusted sales declined by 4%, driven by lower realized prices, which was partly offset by GLP-1 volume growth and market expansion. The adjusted gross margin decreased to 80.6% compared to 83.5% in 2025, and adjusted operating profit decreased...

Natera reported first quarter 2026 financial results with "revenues of $697 million in Q1," which represented "39% growth over last year". The company achieved "gross margins coming in at just under 65%" for the quarter. Management noted that the "rapid increase in volumes in Q1 actually harmed margins by roughly 2 percentage points because we had more samples in process in the lab at the close of...

Ginkgo Bioworks Holdings, Inc. reported its first quarter 2026 financial results. Revenue was $19 million in the first quarter of 2026, down 49 percent compared to the first quarter of 2025. Adjusted EBITDA in the first quarter of 2026 was negative $42 million, and cash burn in the first quarter of 2026 was $48 million. The company reported a cash position of $373 million with no bank debt as of t...

Airbnb reported that "Revenue grew 18% year-over-year to $2.7 billion". For the Quarter, "net income was $160 million" and "adjusted EBITDA was $519 million". Management also highlighted their capital-light business model, "delivering $1.7 billion of free cash flow in Q1".Key business updates included the broader expansion of "Reserve Now, Pay Later" to most of the rest of the world. Management al...

In Q1 2026, Axon Enterprise, Inc. reported revenue of $807 million for the quarter, up 34% year-over-year. Software and services increased 35% year-over-year to $355 million, while Connected Devices revenue grew 33% to $453 million. The company delivered a 25% adjusted EBITDA margin in Q1. Management raised revenue guidance for the year to a range of 30% to 32% growth, while maintaining expectatio...

In the first quarter of 2026, CFO Jong-seok Park stated that "Consolidated revenue posted KRW 4.39 trillion, up 1.5% Q-on-Q". The company also reported that "We posted KRW 537.6 billion in consolidated operating income" for the quarter. Management announced the resumption of dividend payments, noting that "Dividend per share for the first quarter is KRW 831 (sic) [ 830 ]". During the Q&A, an a...

Datadog reported its first quarter 2026 financial results, achieving revenue of $1.01 billion for the quarter, an increase of 32% year-over-year. The company generated free cash flow of $289 million for the quarter with a free cash flow margin of 29%. First quarter gross profit was $807 million with a gross margin of 80.2%, and first quarter operating income was $223 million for a 22% operating ma...

BeOne Medicines AG reported first quarter 2026 product revenue of $1.5 billion. BRUKINSA global revenues totaled $1.1 billion for the quarter. Gross margin for the first quarter improved to 89%. The company reported first quarter GAAP net income of $227 million with GAAP diluted earnings per ADS of $1.96. Non-GAAP net income was $375 million for the first quarter, which translates to diluted non-G...

Angi Inc. reported that for the first quarter, "EBITDA came in at about 23million,"whichwasabovetheir"10 million to $15 million" guidance range. The company noted this was partly due to capitalizing "about EUR 2 million more of engineering labor" than initially anticipated. Management stated they are targeting a "cash flow cushion" in the "range of $50 million a year."The company announced a major...

For the first quarter of 2026, Coupang reported total net revenues of $8.5 billion for the quarter, representing growth of 8 percent on both a reported and constant currency basis. Consolidated gross profit was $2.3 billion with a 27 percent margin. The company reported an operating loss for the quarter of $242 million and a net loss attributable to Coupang stockholders of $266 million, resulting...

Expedia Group, Inc. reported first quarter 2026 results with "Revenue increased 15% to $3.4 billion" for the quarter and "Gross bookings were 35.5 billion" for the quarter. CFO Scott Schenkel stated the company delivered "adjusted EBITDA of $542 million" for the quarter and an "Adjusted EPS of $1.96" for the quarter. For the trailing 12-month period, "free cash flow was $4.1 billion". Management n...

During the Q1 2026 earnings call, CFO Gilian Munson reported that Duolingo "delivered adjusted EBITDA of $83 million, which is about 29% of our revenue" for the quarter. The company entered the second quarter with "over $1 billion in cash, no debt" and expects to "generate over $350 million in free cash flow this year". Munson also noted that under their buyback authorization, "repurchases to date...

During the call, executives did not provide a specific revenue figure for the quarter, but Chief Financial Officer Ravi Inukonda stated the company's expectation is to "produce roughly about $200 million of EBITDA" for the full year. Inukonda also maintained forward guidance that the "overall 2026 EBITDA margin is going to be higher slightly compared to '25". Regarding costs, the financial impact...

AppLovin Corporation reported its first quarter 2026 financial results, highlighted by revenue of $1.84 billion, which was up 59% year-over-year and 11% sequentially. The company achieved an adjusted EBITDA of $1.56 billion, up 66% year-over-year, representing an 85% margin. Free cash flow for the quarter was $1.29 billion. During the first quarter, the company repurchased and withheld 2.3 million...

CVS Health Corporation reported first quarter 2026 financial results, with management noting the company generated "over $100 billion of revenue" for the quarter. For the first quarter, "adjusted operating income of approximately $5.2 billion" and an "adjusted EPS of $2.57" were reported. Segment performance for the first quarter included the Health Care Benefits segment generating "nearly $36 bil...

Occidental Petroleum Corporation generated approximately $1.7 billion of free cash flow before working capital in the first quarter of 2026. The company reported first quarter adjusted earnings of $1.06 per diluted share and reported earnings of $3.13 per diluted share. The company exited the first quarter with more than $3.8 billion of unrestricted cash, and principal debt was reported at $13.3 b...

Restaurant Brands International Inc. reported first quarter 2026 comparable sales growth of 3.2 percent and system-wide sales growth of 6.2 percent. Chief Executive Officer Josh Kobza stated the company converted strong top line results into a 10.7% organic AOI growth and mid-teens EPS expansion. Chief Financial Officer Sami Siddiqui noted that the company generated nearly $200 million of free cas...

Pfizer Inc. reported first quarter 2026 "revenues were $14.5 billion", which represented an operational increase of 2 percent. For the first quarter, "reported diluted earnings per share was $0.47 and adjusted diluted earnings per share was $0.75". The company stated its "adjusted gross margin for the first quarter was approximately 76%" and its first quarter 2026 "adjusted operating margin was st...

Cameco reported its first quarter 2026 results, noting that "results were consistent with our expectations and with the annual plan". The company reported "improved underlying performance compared to the first quarter of last year as reflected in higher adjusted EBITDA despite reporting a net loss driven by normal quarterly variability". Executives emphasized that "year-over-year improvements were...

Rhythm Pharmaceuticals reported "$60.1 million in global net revenues from sales of IMCIVREE" for the first quarter of 2026, which represents "5% sequential growth over Q4 2025." Gross to net for U.S. sales in Q1 was 84%, and cost of goods sold in this quarter was "11.9% of product revenue." The company reported a GAAP EPS for the first quarter of 2026 as a "net loss per basic and diluted share of...