The Earnings Debate

AbbVie Inc. reported first quarter 2026 results with total net revenues for the quarter of $15 billion, reflecting robust sales growth of 12.4%. For the first quarter, the company achieved adjusted earnings per share of $2.65. Adjusted gross margin for the quarter was 83.6% of sales, adjusted R&D expense was 15.1% of sales, and adjusted SG&A expense was 22.7% of sales. Management noted the...

Alphabet Inc. reported its first quarter 2026 results, with executive Anat Ashkenazi stating that "Consolidated revenue reached $109.9 billion" for the quarter. The company reported an operating income of $39.7 billion and an operating margin of 36.1 percent for the first quarter. Net income was $62.6 billion and earnings per share was $5.11 for the quarter. Google Cloud revenues were $20 billion...

AstraZeneca PLC reported that "Total revenue grew 8% in the quarter" driven by robust demand for innovative medicines. "Core operating profit grew by 12%" and "Core EPS grew by 5% to $2.58" in the first quarter. Performance varied across segments, with "Oncology total revenues grew 16% in the first quarter to $6.8 billion" and "Rare Disease delivered total revenue of $2.4 billion in quarter 1". Co...

Meta Platforms, Inc. reported its first quarter 2026 financial results, stating "Q1 total revenue was $56.3 billion" and "Q1 total expenses were $33.4 billion". Management announced "First quarter operating income was $22.9 billion, representing a 41% operating margin". Furthermore, "Net income was $26.8 billion or $10.44 per share" and "Free cash flow was $12.4 billion" for the quarter. The compa...

In the first quarter of 2026, Generac Holdings Inc. reported that consolidated net sales during the quarter increased 12 percent to $1.06 billion. The Commercial and Industrial segment total sales increased approximately 28 percent to $510 million for the quarter, while the Residential segment total sales increased approximately 1 percent to $552 million for the quarter. The consolidated gross pro...

Booking Holdings Inc. reported its first quarter 2026 financial results, stating "first quarter gross bookings of $53.8 billion grew 15%, revenue of $5.5 billion grew 16% and adjusted EBITDA of approximately $1.3 billion increased 19%". Management noted that "adjusted EPS of $1.14 grew 14% year-over-year". The company reported "about $3.1 billion in free cash flow generated in the quarter" and hig...

During the first quarter of 2026, Centene Corporation reported $44.7 billion in premium and service revenue for the quarter. The company also reported a first quarter adjusted diluted EPS of $3.37. The consolidated HBR was 87.3% for Q1, with the Medicaid HBR at 93.1% and the Medicare segment producing an HBR of 84.9%. Cash flow provided by operations was $4.4 billion for Q1.Executive leadership no...

For the first quarter of 2026, SoFi Technologies, Inc. reported that "adjusted net revenue grew 41% to $1.1 billion". Management stated that for the quarter, "adjusted EBITDA was $340 million, up 62% year-over-year" and their "adjusted EBITDA margin for the quarter was 31%". Regarding the first quarter, "Net income in the quarter was $167 million at a margin of 15%" and "Earnings per share were 0....

S&P Global Inc. reported that revenue increased 10% year-over-year in the first quarter of 2026, or 9% on an organic constant currency basis. The company delivered 140 basis points of margin expansion on a trailing 12-month basis and increased adjusted diluted EPS by 14% year-over-year in the first quarter. S&P Global returned $1 billion to shareholders through share repurchases in the qua...

Teva Pharmaceutical Industries Limited reported Q1 2026 financial results with revenue of $4 billion. For the quarter, GAAP net income was $360 million, and non-GAAP EPS reached $0.53. Adjusted EBITDA reached $1.1 billion, and Q1 free cash flow was $188 million. Non-GAAP gross margin in Q1 2026 was 52.9%, and the non-GAAP operating margin was 24%. Management discussed continued progress on the Piv...

For the fiscal second quarter 2026, Visa Inc. reported that "net revenue was up 17% year-over-year to $11.2 billion" and "EPS was $3.31, up 20% year-over-year". Management stated that "payments volume grew 9% year-over-year in constant dollars to $3.7 trillion" and "process transactions grew 9% year-over-year to $66 billion". Additionally, "value-added services revenue grew 27% year-over-year in c...

Incyte Corporation reported that "Total revenue in the first quarter of '26 was $1.27 billion" and "Net sales in the first quarter totaled $1.1 billion". Product performance included "Jakafi sales in the first quarter were $758 million", Opzelura "with sales of $143 million", Niktimvo where "Net sales were $55 million in the first quarter of '26", "Monjuvi sales were $49 million in the first quart...

During the first quarter of 2026, Union Pacific Corporation reported that "operating revenue of $6.2 billion increased 3% versus last year" and "freight revenue of $5.9 billion grew 4%". Management noted that "reported net income of $1.7 billion grew 5%" and "earnings per share of $2.87 increased 6%" for the quarter. The company's adjusted "operating ratio came in at 59.9%". Additionally, the comp...

During the first quarter of 2026, NextEra Energy, Inc. reported that "Adjusted earnings per share increased by 10% year-over-year". Florida Power and Light Company reported its first quarter 2026 earnings per share increased $0.06 year-over-year, with capital expenditures of approximately $3.2 billion for the quarter. Energy Resources reported adjusted earnings growth of approximately 14% year-ove...

Freeport-McMoRan Inc. reported that sales of copper, gold and unit costs were better than forecast in the first quarter of 2026. The company generated growth in revenues, EBITDA and cash flow compared with last year's first quarter. Management stated that U.S. mining operations contributed 2.5x more operating income in the first quarter of this year compared with last year's first quarter. The com...

Novartis AG reported first quarter 2026 financial results with "sales down 5% and core op inc down 14%". Management noted that the "Core margin in Q1 declined 4.1%" due to higher research and development investments and the impact of generics on the gross margin. Despite the overall decline in the first quarter, executives emphasized that "growth drivers were up 34% in constant currency". The comp...

The Procter & Gamble Company reported its third quarter of fiscal 2026 results, with management noting that "Organic sales increased more than 3% versus the prior year." Chief Financial Officer Andre Schulten stated that for the quarter, "core earnings per share came in at $1.59," and the company "returned $3.2 billion of cash to shareowners this quarter, $2.5 billion in dividends and over $60...

In the first quarter of 2026, Newmont Corporation reported "adjusted EBITDA of $5.2 billion" and "adjusted net income of 2.90perdilutedshareforthequarter".Thecompanygenerated"3.8 billion in cash flow from operations after working capital" and a "record $3.1 billion of free cash flow". Gold "all-in sustaining costs were below our full year guidance at $1,029 per ounce for the first quarter on a byp...

For the first quarter of 2026, Marc Casper stated, "Our revenue grew 6% to $11.01 billion." First quarter adjusted operating income grew 6% to $2.4 billion, and the Q1 adjusted operating margin was 21.8%. Management reported they grew adjusted EPS by 6% to $5.44 per share. First quarter cash flow from operations was $1.2 billion and free cash flow was $830 million. Total company adjusted gross mar...

American Express Company reported its Q1 2026 earnings with EPS of $4.28 for the quarter, up 18 percent over the prior year. Management stated, "Revenue in the quarter grew 11% or 10% on an FX-adjusted basis". Overall spend was up 10 percent FX reported this quarter. Provision expense of $1.3 billion for the quarter included a reserve release of $24 million. The VCE to revenue ratio was 44.7 perce...

During the Q1 2026 earnings call, Chief Financial Officer Gina Mastantuono reported that Q1 subscription revenues were $3.671 billion. She noted that RPO ended the quarter at approximately $27.7 billion and current RPO was $12.64 billion. Mastantuono also stated that the non-GAAP operating margin was 32% and the free cash flow margin was 44% for the quarter. Chief Executive Officer Bill McDermott...

For the first quarter of 2026, Bank OZK reported a "420 net interest margin" which management noted is "really strong" and drives profitability well above the industry. The bank maintained a "39% efficiency ratio" while navigating a competitive environment. On the balance sheet, management highlighted "just under $2 billion in growth over the last year" for deposits, while simultaneously "reducing...

Elevance Health reported first quarter adjusted diluted earnings per share of $12.58. Chief Financial Officer Mark Kaye reported that "Operating revenue totaled $49.5 billion" for the quarter. The company's consolidated benefit expense ratio was 86.8% for the quarter, and the adjusted operating expense ratio was 10.5% for the quarter. During the quarter, Elevance Health recorded an accrual of $935...

For the first quarter, management noted that "Both MIS and MA grew revenues by 8%". The company reported "150 basis points of adjusted operating margin to 53.2%" and "adjusted diluted EPS of $4.33" for the quarter. In the first quarter, the company generated "free cash flow of $844 million" and "returned $1.7 billion through buybacks and dividends in the quarter". "MA revenue increased 8% in the f...

In the first quarter of 2026, GE Vernova Inc. booked orders of $18.3 billion, representing a 71% increase year-over-year. Revenue increased 7% with growth in both equipment and services. Adjusted EBITDA grew 87% year-over-year to $896 million, and the adjusted EBITDA margin expanded 390 basis points. The company generated $4.8 billion in free cash flow in the first quarter. Management highlighted...