The Earnings Debate

Management did not explicitly state total revenue or profit figures for the quarter, but CFO Mark Murphy noted that "both DRAM and NAND pricing was up strongly" and that both segments grew volume sequentially. The company updated its financial investments, noting "we increased our outlook on CapEx to over $25 billion" for fiscal year 2026, up from $20 billion. Management expects fourth quarter ope...

For the fourth quarter of 2025, interim Co-CEO and CFO Meghan Frank reported that "total net revenue rose 1% to $3.6 billion". Gross profit for the fourth quarter was $2 billion or 54.9% of net revenue. Operating income for the quarter was approximately $812 million, or 22.3% of net revenue. Net income for the quarter was $587 million or $5.01 per diluted share. Inventory at the end of Q4 was $1.7...

For the fourth quarter, Adobe achieved revenue of $6.19 billion. GAAP EPS in Q4 was $4.45 and non-GAAP EPS was $5.50. For fiscal year 2025, Adobe delivered record revenue of $23.77 billion and over $10 billion in operating cash flows. Management stated that Total Adobe ending ARR reached $25.2 billion. Management highlighted the integration of generative AI across its product portfolio, targeting...

For the fourth quarter, executives reported that "Net sales increased 5.9% to $10.9 billion in Q4" and "Same-store sales increased 4.3% during the quarter". Management highlighted that "For Q4, gross profit as a percentage of sales was 30.4%, an increase of 105 basis points". Additionally, "Operating profit for the fourth quarter increased 106% to $606 million" and "EPS for the quarter increased 1...

Oracle Corporation reported Q3 2026 results highlighting that both organic total revenue and organic non-GAAP EPS grew at 20% or better in USD. Management noted that cloud applications revenue was up 11% in the quarter, reaching an annualized run rate of $16.1 billion. Multicloud Database revenue grew 531% year-over-year, and AI infrastructure revenue grew 243% year-over-year. The company reported...

Costco Wholesale Corporation reported net income for the second quarter of 2026 at $2.035 billion, or $4.58 per diluted share. Net sales for the second quarter were $68.24 billion, which represents an increase of 9.1 percent from the second quarter of 2025. Comparable sales were up 7.4 percent. The company reported membership fee income of $1.355 billion, an increase of 13.6 percent year-over-year...

Block reported fourth quarter 2025 results with $2.87 billion in gross profit, representing 24% year-over-year growth. For the full year 2025, the company reported $10.36 billion in gross profit and growth of 17% year-over-year. Block grew adjusted operating income 46% year-over-year to $588 million in the fourth quarter. On a per share basis, adjusted diluted EPS grew 38% year-over-year in the qu...

In Q4, Okta closed a record amount of total contract value of nearly $1.3 billion and surpassed a major milestone of $3 billion in annual contract value. The company ended the quarter with over $2.5 billion in cash, cash equivalents, and short-term investments. Additionally, total contract value generated through AWS Marketplace grew over 45 percent in fiscal year 2026 to approximately $750 millio...

Veeva Systems Inc. reported fiscal 2026 fourth quarter and full year financial results. For the quarter, management stated that total revenue was $836 million with non-GAAP operating income of $366 million. For the full year, total revenue reached $3.195 billion and non-GAAP operating income was $1.434 billion. The company also announced it surpassed its $3 billion revenue run rate goal. During th...

In Q1 2026, Broadcom reported consolidated revenue of a record $19.3 billion, up 29 percent year-on-year. Gross margin was 77 percent of revenue. Q1 operating income reached a record $12.8 billion. Adjusted EBITDA was a record $13.1 billion, representing 68 percent of revenue. Free cash flow for the quarter was $8 billion, which represented 41 percent of revenue. The Semiconductor Solutions segmen...

ImmunityBio, Inc. reported full year net product revenue for ANKTIVA of $113 million, representing a 700% year-over-year increase compared to $14.1 million in 2024. In the fourth quarter, net product revenue increased from $31.1 million to $38.3 million. Full year research and development expenses were $218.6 million, and selling, general, and administrative expenses decreased to $150 million. Ful...

CrowdStrike Holdings, Inc. reported fourth quarter fiscal 2026 total revenue of $1.31 billion, an increase of 23% over Q4 of last year. The company posted record net new ARR of $330.7 million, bringing ending ARR to $5.25 billion. Fourth quarter non-GAAP operating income reached a record $325.8 million, representing 25% of revenue. Additionally, the company generated record free cash flow of $376....

GitLab Inc. reported its fourth quarter and fiscal year 2026 financial results, with management noting that Q4 revenue was $260 million, up 23% year-over-year. For the full fiscal year 2026, revenue grew 26% to $955 million, and adjusted free cash flow grew 83% to $220 million. Fourth quarter non-GAAP operating income was $53.4 million, representing an operating margin of 20.5%. The company's Boar...

For the fourth quarter of 2025, Sea Limited reported total GAAP revenue of 6.9 billion dollars, representing a 38 percent increase year-on-year, and total adjusted EBITDA of 787 million dollars. For the full year of 2025, the company generated 22.9 billion dollars in total GAAP revenue, a 36 percent year-on-year increase, and full year net income reached 1.6 billion dollars. Shopee achieved full y...

Financial results: Management reported a decline in sales for the fourth quarter, but successfully grew adjusted operating income dollars and adjusted EPS over the prior year. GAAP operating dollars and EPS were down a small amount in Q4 as the company recognized about $90 million of nonrecurring business transformation costs. For the prior year, the gross margin rate was down about 30 basis point...

MongoDB reported total revenue of $695 million in the fourth quarter, representing a 27% increase year-over-year. Atlas revenue grew 29% year-over-year, accounting for 72% of total revenue, while non-Atlas revenue grew 20% year-over-year. The company delivered a non-GAAP operating margin of 23% and $159 million in income from operations. Non-GAAP net income in the fourth quarter was $143 million,...

During the Q4 2025 earnings call, CEO Luis von Ahn reported that Duolingo surpassed 50 million daily active users and delivered over 1 billion in bookings and more than $300 million in adjusted EBITDA for the year. Newly appointed CFO Gilian Munson announced that the Board authorized a buyback of up to $400 million of the company shares. Management outlined a strategic shift for 2026, prioritizing...

Zscaler, Inc. reported financial results for the second quarter of fiscal 2026. Revenue for the quarter was $816 million, which grew 26 percent year-over-year. Total annual recurring revenue was $3.4 billion, representing 25 percent year-over-year growth. For the quarter, non-GAAP operating income was $181 million, growing 29 percent year-over-year, with a non-GAAP operating margin of 22.2 percent...

Natera reported fourth quarter 2025 financial results, generating "roughly $666 million of revenue in the quarter," representing "approximately 40% revenue growth over Q4 of 2024." The company achieved a "gross margin of 66.9% in the quarter" and "generated over $107 million in cash flow in 2025." Natera significantly narrowed its operating losses in Q4 and generated net income, supported by a bal...

Intuit reported second quarter fiscal 2026 financial results with revenue of $4.7 billion, up 17% for the quarter. GAAP operating income for the quarter was $855 million, and non-GAAP operating income was $1.5 billion. GAAP diluted earnings per share for the quarter was $2.48, and non-GAAP diluted earnings per share was $4.15. Management highlighted momentum across its platforms, noting that Onlin...

Ginkgo Bioworks Holdings, Inc. reported its fourth quarter 2025 financial results. Cell engineering revenue was $26 million in the fourth quarter of 2025, down 26 percent compared to the fourth quarter of 2024. For the full year, cell engineering revenue was $133 million in 2025. The biosecurity business generated $7 million of revenue in the fourth quarter and $37 million of revenue in the full y...

Dell Technologies Inc. reported its fiscal year 2026 fourth quarter results, stating that Q4 revenue was $33.4 billion, up 39 percent, and earnings per share was $3.89, up 45 percent. For the full year, the company reported that revenue reached $113.5 billion, up 19 percent, and EPS grew 27 percent to $10.30. Management also noted that they delivered cash flow from operations of $4.7 billion for t...

MP Materials Corp. reported Q4 2025 financial results, noting that consolidated revenue increased 10% year-over-year. The Magnetic segment generated $66.9 million of revenue and $26.4 million of adjusted EBITDA for the year. The Materials segment generated $40.3 million of adjusted segment EBITDA in the quarter, and the company reported $51 million in price protection agreement income for the quar...

For the fourth quarter of 2025, Coupang reported total net revenues of $8.8 billion, representing an 11 percent increase on a reported basis. The company generated a consolidated gross profit of $2.5 billion, with a gross profit margin of 28.8 percent. Operating income for the fourth quarter was $8 million, and the company reported a net loss of $26 million, resulting in a diluted loss per share o...

BeOne Medicines AG reported fourth quarter 2025 product revenue of $1.5 billion. For the full year 2025, BRUKINSA global revenues were $3.9 billion. Gross margin for the full year improved to 87 percent. Full year GAAP net income reached $287 million with GAAP diluted earnings per ADS of $2.53. Non-GAAP net income came in at $918 million for full year 2025, which translates to diluted non-GAAP ear...