The Earnings Debate

Spotify Technology S.A. reported financial results for the first quarter of 2026. Management stated "Total revenue was EUR 4.5 billion" for the quarter. Additionally, they reported an "operating income of EUR 715 million" and noted that "free cash flow was EUR 824 million in the quarter". The company finished the quarter with 761 million monthly active users and added 3 million net subscribers, fi...

Intuitive Surgical, Inc. reported that "Quarter 1 revenue increased 23% to $2.77 billion", with "recurring revenue also higher by 23% to $2.4 billion". The company noted "Non-GAAP net income for the first quarter was $901 million" and "Non-GAAP earnings per share was $2.50 per share". Additionally, "Non-GAAP operating margin was strong at 39%" and "Quarter 1 systems revenue grew 24% to $651 millio...

UnitedHealth Group Incorporated reported its first quarter 2026 results, stating, "Total revenues in the quarter were $111.7 billion". For the first quarter, the company reported "adjusted earnings per share of $7.23". OptumHealth contributed to these results, reporting "Adjusted earnings of $1.3 billion" for the quarter. Management stated, "Our reported medical care ratio of 83.9% compares to 84....

In the first quarter of 2026, Tractor Supply Company reported that "Net sales increased 3.6% to $3.59 billion" for the quarter, driven by new store openings. Management stated that "Diluted earnings per share were $0.31" for the quarter. Furthermore, "Comparable store sales increased 0.5% with average ticket up 1.6% and transactions down 1%" for the quarter. The company noted that "Gross margin wa...

During the March 2026 quarter, Lam Research Corporation reported that "March quarter revenue came in at $5.84 billion". The company stated that "Gross margin in the March quarter was 49.9%" and "March quarter operating margin was 35%". Executives highlighted that "The March quarter diluted earnings per share came in at a record of $1.47". Additionally, the Customer Support Business Group generated...

For the first quarter of 2026, Tesla reported it "ended the quarter with just over $1.4 billion" in free cash flow. Management noted that "auto margins, excluding credits, improved sequentially from 17.9% to 19.2%", which included onetime benefits from "warranty true-downs around $230 million" for the quarter. The energy storage business set a record with gross margins "over 39.5%", benefiting fro...

For the first quarter of 2026, SK hynix Inc. reported that first quarter revenue increased by 60% Q-o-Q, and 198% Y-o-Y to KRW 52.6 trillion. The company stated that first quarter operating profit reached KRW 37.6 trillion, increasing nearly twofold from that of the previous quarter. Operating margin also improved by 13 percentage points Q-o-Q to 72%. Net profit was KRW 40.3 trillion and net profi...

During the earnings call, management maintained their strong outlook for organic growth established for the full year 2026. They expect "revenue growth of 12% to 14%" and an "operating margin at 31.5%". For the year, the company anticipates "roughly doubling the advertising business to about USD 3 billion". Netflix ended the previous year with "more than 325 million paid members". Management estim...

For the first quarter, management noted that for the total company, "core operating margin increased about 10 basis points". Management stated, "We had organic revenue increase, 2.6%, core EPS increased 9%". The PBNA segment's total business grew 9%, reflecting a combination of organic revenue growth of 2% plus 7 points of additional platforms that are now in the distribution system. In the PFNA s...

Taiwan Semiconductor Manufacturing Company Limited reported its financial results for the first quarter of 2026. Management stated, "We concluded our first quarter with revenue of USD 35.9 billion". First quarter gross margin was 66.2%, and first quarter operating margin was 58.1%. First quarter EPS was TWD 22.08. The company noted that 3-nanometer process technology contributed 25% of wafer reven...

On a GAAP basis for the first quarter, total revenue was up 5%, operating income improved 16%, and diluted earnings per share improved 27% versus the prior year period. Management reported that the company was able to expand margins 70 basis points year-over-year in the quarter. During the quarter, the company repurchased 383,000 shares of stock for approximately $80 million and retired $700 milli...

For the first quarter of 2026, Bank of America Corporation reported that "Revenue grew 7% year-over-year to $30.3 billion". Executive Brian Moynihan noted that for the first quarter, "Earnings per share were up 25% year-over-year to $1.11 per share". The company achieved "operating leverage of 290 basis points this quarter" and reported that the "efficiency ratio for our company improved 170 basis...

For the first quarter of 2026, ASML reported that "total net sales were EUR 8.8 billion" and "gross margin for the quarter was at the high end of our guidance at 53%". The company stated that "net income in Q1 was EUR 2.8 billion" resulting in "earnings per share of EUR 7.15" for the quarter. Quarterly net system sales were EUR 6.3 billion, which included over EUR 4.1 billion from EUV systems and...

Wells Fargo & Company reported its first quarter 2026 results, with Chief Executive Officer Charles Scharf noting "diluted earnings per share increasing 15%" and "revenue increasing 6%" compared to a year ago. Scharf stated that revenue growth was driven by a "5% increase in net interest income and an 8% increase in noninterest income". Furthermore, "pretax pre-provision profit grew 14% from a...

JPMorgan Chase & Co. reported first quarter 2026 net income of $16.5 billion and EPS of $5.94 with an ROTC of 23 percent. Revenue for the quarter was reported at $15.5 billion. Expenses for the quarter were $26.9 billion. Credit costs were $2.5 billion with net charge-offs of $2.3 billion and a net reserve build of $191 million. The standardized CET1 ratio ended the quarter at 14.3 percent. Ma...

Johnson & Johnson reported first quarter 2026 financial results with worldwide sales of $24.1 billion for the quarter, an operational sales increase of 6.4 percent. For the quarter, net earnings were $5.2 billion and diluted earnings per share were $2.14. Adjusted net earnings for the quarter were $6.6 billion, and adjusted diluted earnings per share were $2.70. Free cash flow in the first qua...

The Goldman Sachs Group, Inc. reported first quarter 2026 "net revenues of $17.2 billion, net earnings of $5.6 billion and earnings per share of $17.55". Management stated that these results drove a "return on equity of 19.8% and an ROTE of 21.3%". For the first quarter, "Global Banking & Markets produced record revenues of $12.7 billion," while "Asset & Wealth Management revenues were $4....

For the third quarter of fiscal 2026, Executive Vice President and Chief Financial Officer Matt Friend stated that "revenues were flat on a reported basis and down 3% on a currency-neutral basis." Friend noted that "NIKE Direct was down 7% with NIKE Digital declining 9% and and NIKE stores down 5%", while "Wholesale grew 1%." "Gross margins declined 130 basis points to 40.2% on a reported basis,"...

FactSet Research Systems Inc. reported Q2 2026 financial results, noting that second quarter revenues grew 7.1% year-over-year to $611 million, or 6.8% organically. Management stated that organic ASV grew 6.7% to $2.45 billion. Adjusted operating margin was 35% for the quarter, and adjusted diluted EPS was $4.46. The company reported deploying over $300 million year-to-date to repurchase shares, i...

For the fourth quarter of 2025, PDD Holdings Inc. reported that total revenues increased 12% year-over-year to RMB 123.9 billion, and for the full year 2025, revenues were RMB 431.8 billion. Fourth quarter revenues from online marketing services and others were RMB 60 billion, while transaction services revenues for the quarter reached RMB 63.9 billion. The company reported a fourth quarter GAAP o...

XPeng Inc. reported its financial results for the fourth quarter of 2025, stating that total revenues were RMB 22.25 billion for the fourth quarter of 2025. Revenues from vehicle sales were RMB 19.07 billion for the fourth quarter of 2025, while revenues from services and others were RMB 3.18 billion for the fourth quarter of 2025. Gross margin was 21.3% for the fourth quarter of 2025, and vehicle...

Tencent Holdings Limited reported its financial results for the fourth quarter of 2025. Management announced "total revenue was RMB 194.4 billion, up 13% year-on-year". During the quarter, "Gross profit was RMB 108.3 billion, up 19% year-on-year" and "Overall gross margin was 56%, up 3 percentage points year-on-year". Executives also highlighted that "Free cash flow was RMB 34 billion, increasing...

Angi Inc. reported full year 2025 revenue growth that landed at "minus 13%" and delivered "$140 million" of adjusted EBITDA for the year. The company noted that its proprietary business "grew 17% in 2025". Management also highlighted that over the last three years they have "doubled our EBITDA and cut our capital expenditures in half" and swung from "real negative free cash flow to real positive f...

ServiceTitan, Inc. reported its fourth quarter fiscal year 2026 results. For the full fiscal year 2026, management stated, "we delivered $961 million in total revenue, growing 24% year-over-year". For the quarter, the company stated, "Q4 total revenue of $254 million grew 21% year-over-year". Subscription revenue for the fourth quarter was $192 million. The company reported, "Q4 operating income o...

Alibaba Group Holding Limited reported its financial results for the quarter, stating that total revenue was RMB 284.8 billion. The company reported that GAAP net income for the quarter was RMB 15.6 billion, representing a decrease of 66 percent. Operating cash flow for the quarter was an inflow of RMB 36 billion, and free cash flow for the quarter was RMB 11.3 billion. Management noted that total...