The Earnings Debate

Shopify Inc. reported its financial results for the first quarter of 2026. Management stated that Q1 GMV was $101 billion, that is up 35%. The company reported that "Our revenue was $3.2 billion for the quarter, that is up 34%". Furthermore, free cash flow was $476 million, delivering a 15% free cash flow margin. Q1 gross profit grew 32%, with gross margin for Subscription Solutions coming in at 8...

Pinterest reported First Quarter 2026 "global revenue was $1.8 billion" and "delivered $207 million in adjusted EBITDA" for the Quarter, representing an "adjusted EBITDA margin of 20%". The company also generated "Q1 free cash flow of $312 million" for the Quarter. User growth was highlighted, ending the Quarter with "631 million global monthly active users".Management emphasized the "acquisition...

Moderna, Inc. reported financial results for the first quarter of 2026. Management noted that "total revenue was $400 million" in the quarter. "Net loss for the quarter was $1.3 billion" on a GAAP basis. The company "ended the first quarter with cash and investments of $7.5 billion". "Cost of sales for the quarter was $955 million," which management stated "includes $878 million related to our pre...

Rivian Automotive, Inc. reported that for the first quarter, "consolidated revenue in the first quarter was approximately $1.4 billion". Management stated that "consolidated gross profit was $119 million, and our gross margin was 9%" for the quarter. The company noted that "adjusted EBITDA losses for the first quarter were 472million".Additionally,theSoftwareandServicessegmentgenerated"473 million...

GoDaddy Inc. reported its first quarter 2026 financial results. For the first quarter, "total revenue grew 6% on both a reported and constant currency basis to $1.3 billion". The company generated "strong free cash flow of $474 million" and delivered a "normalized EBITDA margin to 33%".  Management discussed advancing its "AI transformation" across three areas: AI-native products, Agent Name Servi...

Garmin Ltd. reported its financial results for the first quarter of 2026, noting that "Consolidated revenue increased 14% to $1.75 billion" for the first quarter. Management highlighted that "Gross and operating margins expanded to 59.4% and 24.6%, respectively". This performance led to a "record first quarter operating income of $432 million" and "pro forma EPS of $2.08" for the quarter. During t...

Advanced Micro Devices, Inc. reported its first quarter 2026 financial results, stating that "First quarter revenue increased 38% year-over-year to $10.3 billion" driven by higher sales of EPYC CPUs, Instinct GPUs, and Ryzen processors. Executive Vice President and CFO Jean Hu noted that for the quarter, "Gross margin was 55%" and "Operating income was $2.5 billion, representing a 25% operating ma...

Palantir Technologies Inc. reported first quarter 2026 revenue of $1.633 billion, representing 85% year-over-year growth and 16% sequential growth. U.S. revenue for the first quarter grew 104% year-over-year to $1.282 billion. The company reported an adjusted gross margin of 88% for the quarter and adjusted income from operations of $984 million, representing an adjusted operating margin of 60%. G...

Amgen reported "4% growth in product sales" for the first quarter. Non-GAAP operating margin was 45% for the quarter, and non-GAAP cost of sales as a percentage of product sales was 19.5%. The company generated $1.5 billion in free cash flow in the first quarter and spent $700 million in the first quarter on capital expenditures. The six key growth drivers delivered 24% year-over-year sales growth...

Crocs, Inc. reported financial results for the first quarter of 2026, highlighting "Enterprise revenue of $921 million". This represented an Enterprise revenue decrease of 2 percent compared to the prior year on a reported basis. The Crocs brand generated revenue of $767 million, which was down 2 percent, while the HEYDUDE brand delivered revenue of $154 million, down 13 percent. The enterprise ad...

During the first quarter of 2026, Illumina reported revenue of $1.09 billion, which was up 4.8 percent year-over-year and 1.2 percent on an organic basis. Non-GAAP gross margin for the first quarter was 68.2 percent, and non-GAAP operating margin was 21.9 percent. The company reported non-GAAP earnings per share of $1.15 per diluted share. Cash flow provided by operations was $289 million for the...

For the first quarter of 2026, DexCom reported worldwide revenue of $1.19 billion, representing growth of 15% on a reported basis and 12% on an organic basis. U.S. revenue totaled $832 million for the first quarter, representing an increase of 11%. International revenue grew 26%, totaling $360 million in the first quarter. First quarter gross profit was $757.4 million or 63.5% of revenue. Operatin...

For the first quarter, Chevron reported earnings of $2.2 billion or $1.11 per share, and adjusted earnings were $2.8 billion or $1.41 per share. The company generated cash flow from operations, excluding working capital, of $7.1 billion in the quarter. Adjusted free cash flow was $4.1 billion for the quarter, and share repurchases were $2.5 billion. Organic CapEx was $3.9 billion in the quarter. M...

For the first quarter, Caterpillar Inc. reported that "Sales and revenues were $17.4 billion," which was an increase of 22% versus the previous year. The first quarter adjusted operating profit margin was 18.0%. Adjusted profit per share was $5.54 for the quarter. During the first quarter, the company deployed $5.7 billion to shareholders through share repurchases and dividends. First quarter prof...

For the first quarter, Merck & Co., Inc. reported that "Total company revenues were $16.3 billion" representing "an increase of 5%". "Gross margin was 81.9%" for the quarter. The company noted it "reported a loss of $1.28 per share. which includes a negative impact of $3.62 per share from the onetime charge related to Cidara". For the quarter, "Operating expenses increased to $15.2 billion, in...

Eli Lilly and Company reported that Revenue grew 56% compared to Q1 2025. For the first quarter, Gross margin as a percentage of revenue was 82.6%. The company reported non-GAAP earnings per share was $8.55 including acquire R&D charges of $0.52 for the quarter. During the first quarter, the company distributed $1.5 billion in dividends and executed $2.4 billion in share repurchases. Executive...

For the first quarter, Samsung Electronics Co., Ltd. reported that "Total revenue reached a new high -- a new record high of KRW 134 trillion," up by 43% from the previous quarter. The company stated that "Operating profit also reached a new all-time high of KRW 57 trillion," up 185% quarter-over-quarter, and "operating margin expanded from 21% in the previous quarter to 43%." Net profit for the q...

Evercore reported its first quarter 2026 financial results, with net revenues, operating income and EPS on a GAAP basis of $1.4 billion, $331 million and $7.20 per share, respectively. First quarter adjusted net revenues were approximately $1.4 billion. Adjusted operating income for the quarter was $354 million, and adjusted earnings per share was $7.53. The adjusted operating margin for the quart...

Reddit, Inc. reported its first quarter 2026 financial results, noting that Q1 revenues of $663 million grew 69% year-over-year. Advertising revenue grew 74% year-over-year to $625 million in the quarter. The company achieved a 47% free cash flow margin and reported net income of $204 million, or $1.01 per diluted share. Gross margins were 91.5% and the adjusted EBITDA margin was 40% for the quart...

In the first quarter of 2026, Exxon Mobil Corporation reported that its Energy Products segment "made $2.8 billion in the quarter", which was up $2 billion compared to last year and a few hundred million compared to the fourth quarter. Management noted that excluding identified items and estimated timing effects, first quarter earnings per share were up versus the fourth quarter of 2025. Managemen...

Amazon.com, Inc. reported worldwide revenue of $181.5 billion for the first quarter of 2026, which represents a 17 percent increase year-over-year, or a 15 percent increase excluding the favorable impact from foreign exchange. Worldwide operating income for the quarter was $23.9 billion with an operating margin of 13.1 percent. The AWS segment reported revenue of $37.6 billion, which management no...

Apple reported March quarter results, with CEO Tim Cook stating, "Today, Apple is proud to report $111.2 billion in revenue up 17% from a year ago and a March quarter record". CFO Kevan Parekh noted that net income was $29.6 billion and diluted earnings per share was $2.01 for the March quarter. Company gross margin was 49.3%. Parekh also mentioned that operating cash flow was $28.7 billion for th...

During the third quarter, Microsoft Corporation reported that "revenue was $82.9 billion, up 18%" for the quarter. Operating income "increased 20%" and "earnings per share was $4.27" for the quarter. Chief Financial Officer Amy Hood noted that "our AI business annual revenue run rate surpassed $37 billion this quarter, growing 123% year-over-year". The Microsoft Cloud segment "exceeded $54 billion...

For the first quarter, The Coca-Cola Company reported that they grew organic revenues 10%. Unit case growth was 3%. First quarter comparable EPS of $0.86 increased 18% year-over-year, and free cash flow for the quarter was approximately $1.8 billion. Comparable gross margin declined approximately 30 basis points, stemming primarily from commodity pressures in tea and coffee businesses, phasing of...

For the three months ended March 31, 2026, Viking Therapeutics recorded a net loss of $158.3 million or $1.37 per share, compared to a net loss of $45.6 million or $0.41 per share in the corresponding period in 2025. Research and development expenses were $115.2 million for the first quarter of 2026, and general and administrative expenses were $14 million. The company ended the first quarter of 2...