FN2 Earnings Intelligence
Earnings, decoded
Event-level earnings scorecards, market reactions, and transcript intelligence generated from FN2's source records.
Tesla, Inc.
Tesla delivered record Q2 volumes and grew FSD adoption to 55% of North American deliveries, beating revenue estimates by 6.9%. However, a 34% EPS miss revealed margin compression across both automotive and energy segments, compounded by warranty true-ups, tariff-related cost changes, and rising subvention costs. The market reaction was severe with a 14.5% decline on roughly 3x baseline volume, reflecting investor concern that Tesla's massive capital expenditure cycle will continue to drain free cash flow through 2026 even as management projects confidence in its AI, robotics, and energy strategy.
Alphabet Inc.
Alphabet crushed earnings estimates with 24% revenue growth and a massive EPS beat, driven by accelerating Cloud demand (82% YoY) and deepening Gemini AI adoption. Yet shares fell 5.7% on an abnormal basis as the company raised its 2026 capex guidance to $195-205 billion, up from $180-190 billion just one quarter ago. The market is grappling with the tension between extraordinary AI-driven growth and the rising capital intensity required to sustain it. With a record $514B Cloud backlog and nearly 90% of Fortune 100 companies using Gemini Enterprise, the demand signals are strong; the question is whether the returns on that capital will materialize fast enough.
Johnson & Johnson
Johnson & Johnson delivered a solid Q2 2026 with $25.3 billion in sales (5.6% operational growth) and a $400 million raise in full-year guidance to a $101.1 billion midpoint. EPS of $2.90 beat the $2.84 consensus by 2.1%. The quarter was anchored by strong uptake of newly launched products across both Innovative Medicine (ICOTYDE, INLEXZO, RYBREVANT) and MedTech (VARIPULSE, vision lenses), with oncology remaining a primary growth engine through DARZALEX, CARVYKTI, and TALVEY. Despite the beat and raise, shares declined 2.7% on the report session, partially reflecting MedTech cardiovascular headwinds and STELARA biosimilar erosion, before recovering 7.7% over the subsequent period. Management's confident tone and continued pipeline execution (Firefly Bio acquisition, OTTAVA robotics, milvexian readout) reinforce the trajectory toward double-digit growth by decade's end.
JPMorgan Chase & Co.
JPMorgan Chase delivered a decisive Q2 2026 beat, with EPS of $7.59 (36% above consensus) and revenue of $57.3B (13% above estimates). Growth was led by markets, investment banking, and asset & wealth management. Management raised full-year NII ex-Markets guidance to $96.5B, citing higher deposit balances and a favorable mix shift. The firm is investing aggressively in AI (approximately 1,000 use cases, 50 high-impact projects), international expansion, and capital deployment, while flagging regulatory uncertainty around Basel III endgame and rising operating expenses as key watchpoints. The stock rose 2.5% on the report and drifted an additional 3.9% higher in subsequent sessions. Compared with Q1 2026, where guidance was maintained and bullish sentiment scored 75, this quarter marks a clear step up: guidance raised, bullish score at 78, and capex outlook shifting to increasing.
Micron Technology, Inc.
Micron's fiscal Q3 results mark a step-change in the AI memory cycle. Revenue nearly doubled sequentially to $41.5 billion at an 84.9% gross margin, driven by tight DRAM and HBM supply meeting surging data-center demand. The signing of 16 strategic customer agreements with $22 billion in cash deposits transforms revenue visibility, while Q4 guidance of approximately $50 billion at 86% margin signals the cycle has further to run. However, a 24% post-earnings drift lower suggests the market is weighing how much upside is already priced in at current levels. With the stock at $900 against a consensus target of $1,576, the gap between fundamental momentum and near-term price action is wide.
Broadcom Inc.
Broadcom delivered record Q2 FY26 revenue of $22.2B with AI semiconductor sales surging 143% YoY to $10.8B, now nearly half of total revenue. Free cash flow hit a record $10.3B and operating margin held at ~67%. Despite beating both EPS and revenue estimates, shares fell roughly 13%, with continued downward drift of ~11% in subsequent sessions. The sell-off appears tied to gross-margin compression from the AI-mix shift, customer concentration risk, and elevated inventory levels. Management struck a confident tone, backed by $30B in AI bookings and a new $35B AI XPU platform, but the market remains skeptical on execution risk at scale.
Walmart Inc.
Walmart delivered a solid Q1 FY27 with constant-currency sales growth of roughly 6% that beat the top end of guidance, powered by 26% eCommerce growth, ~50% U.S. marketplace growth, and a 37% increase in advertising revenue. High-margin businesses -- advertising, membership, and fulfillment services -- now account for about a third of operating income, and AI-driven initiatives like the Sparky shopping agent are measurably lifting basket sizes. Despite these positives, the market reacted sharply, sending shares down 7.3% on heavy volume with a further 3.4% drift, suggesting investors are focused on margin sustainability amid fuel cost headwinds, tariff refund uncertainty, and the ability to expand incremental margins. Management reaffirmed full-year guidance and signaled increasing capital investment, maintaining a confident tone. The sharp divergence between the operational beat and…
NVIDIA Corporation
NVIDIA's Q1 FY2027 results reinforce the AI infrastructure supercycle thesis, with revenue of $81.6B beating consensus by 4.1% and EPS of $1.87 beating by 6.3%. Data-center revenue accelerated to 92% YoY growth, up from 75% in the prior quarter. The launch of the Vera CPU platform opens an estimated $200B TAM beyond GPUs, and a new reporting segmentation (Hyperscale vs. ACIE) provides investors with clearer workload visibility. Despite the beat, the stock declined 1.97% on the report with 4.95% subsequent drift, suggesting expectations were elevated. Q2 guidance of $91B implies continued sequential growth. Capital returns were boosted with an $80B share-repurchase authorization and a dividend increase to $0.20/share. At $196.51, the stock trades well below the analyst consensus target of $319.48, reflecting both the recent pullback and the wide dispersion in targets ($218 to $500).
Advanced Micro Devices, Inc.
AMD's Q1 2026 results mark a structural acceleration in its AI-driven data center business. Revenue grew 38% year-over-year to $10.3 billion, beating consensus on both EPS ($1.37 vs $1.29) and revenue ($10.25B vs $9.90B). Data center revenue rose 57% YoY, with EPYC server CPU revenue up over 50% and Instinct GPUs posting double-digit growth. Management raised guidance, projecting Q2 revenue of approximately $11.2 billion (+46% YoY) and server CPU revenue growth above 70% YoY. The company expanded its server CPU TAM projection to over $120 billion by 2030 (growing at over 35% CAGR, up from the prior 18% CAGR) and deepened its AI partnership with Meta for up to 6 GW of Instinct GPU deployments including a custom MI450. Free cash flow tripled to a record $2.6 billion. The market responded forcefully, with the stock rising approximately 18.6% on the report and drifting an additional 24%…
Exxon Mobil Corporation
Exxon Mobil delivered a strong first quarter despite unprecedented Middle East conflict disrupting global energy supplies. EPS of $1.16 beat the $0.98 consensus by 18%, and revenue of $85.1B exceeded the $81.1B estimate by 5%. The company leveraged its integrated portfolio to offset disruptions: record Guyana production, the first LNG cargo from Golden Pass Train 1 in March, and a 200,000 barrel-per-day increase in Gulf Coast refining throughput from February to March. However, the market reaction was negative -- the stock showed a -1.3% abnormal move on the report session and drifted an additional -2.2% afterward, suggesting investors focused on the damaged Qatar LNG trains (3-5 year repair timeline representing ~3% of global production) and the uncertain geopolitical backdrop rather than the earnings beat. Management's bullish score rose to 88 from 85 in the prior quarter, and capex…
Mastercard Incorporated
Mastercard delivered a solid Q1 FY2026 with non-GAAP net revenue up 12% year-over-year and EPS of $4.60, beating consensus by 4.3%. Revenue of $8.40 billion topped estimates of $8.26 billion. Despite the beat, the stock declined sharply following the report, with an abnormal move of -5.24% versus a benchmark that rose nearly 1%, and a subsequent drift of -1.78%. The negative reaction centered on geopolitical headwinds in the Middle East pressuring cross-border travel volumes, decelerating Switch transaction growth, and questions about VAS pricing dynamics. Management remains confident, maintaining FY2026 guidance at the high end of low-double-digit net revenue growth while advancing strategic initiatives in agentic commerce, stablecoin integration via the planned BVNK acquisition, and AI-driven value-added services.
Eli Lilly and Company
Q1 2026 marks a pivotal quarter for Eli Lilly. The FDA approval and commercial launch of Foundayo, the first oral GLP-1 therapy for obesity, adds a major new growth engine alongside continued Mounjaro and Zepbound dominance. Revenue grew 56% YoY to $19.8B, exceeding consensus by over $2B, while EPS of $8.55 surpassed estimates by 23%. Management raised full-year guidance to $82-$85B in revenue and $35.50-$37 in non-GAAP EPS, reflecting confidence that volume expansion can absorb U.S. pricing pressure. A session move of nearly 10% and subsequent drift of 18% suggest investors are pricing in sustained incretin franchise leadership. Execution on Foundayo scaling, manufacturing capacity buildout, and access program effectiveness will determine whether that trajectory holds.
Apple Inc.
Apple's Q2 FY2026 results show continued momentum with $111.2B in revenue (up 17% YoY), beating consensus on both EPS ($2.01 vs $1.95 estimate) and revenue ($111.2B vs $109.5B estimate). iPhone grew 22% and Services hit a record $31B. The quarter introduced two significant structural developments: a CEO transition to John Ternus effective September 1 with Tim Cook moving to Executive Chairman, and expansion of ad inventory across the App Store and Apple Maps. Near-term supply constraints on Mac models and rising memory costs temper the outlook, but management tone remained confident and guidance sentiment was maintained. The stock initially underperformed the benchmark post-earnings but subsequently drifted +15%, suggesting the market digested the results favorably over time.
Meta Platforms, Inc.
Meta's Q1 2026 results demonstrated accelerating AI-driven growth: 33% YoY revenue to $56.3B, a 55.8% EPS beat, and a wave of product launches including the Muse Spark model and expanded AI glasses. Yet the market reacted sharply negative, with shares falling 8.6% against a rising benchmark, as investors focused on ballooning capital intensity — full-year CapEx raised to $125-$145B and $107B in contractual compute commitments. The central tension is whether Meta's massive infrastructure investment will generate commensurate returns, or whether it represents over-investment ahead of proven monetization.
Amazon.com, Inc.
Amazon delivered a broad-based Q1 2026 beat: revenue of $181.5B (+2.4% vs consensus) and EPS of $2.78 (+70.6% vs consensus). AWS accelerated to 28% YoY growth, the fastest in 15 quarters, powered by AI services and Trainium and Graviton custom silicon, which has attracted over $225B in multi-year revenue commitments. Retail grew 15% in units with grocery expanding to the second-largest U.S. grocer, and advertising rose 22% to $17.2B. The Globalstar acquisition and advancing LEO satellite business add a new growth vector targeting commercial launch in Q3. Despite the strong print, the market reaction was muted: a -0.23% abnormal move against a +0.99% SPY benchmark, though the stock drifted +2.11% higher in subsequent sessions. Guidance was maintained and capex is increasing to fund AI and data-center expansion, which investors will monitor for margin impact.
Microsoft Corporation
Microsoft's Q3 FY2026 results crystallize the tension between AI monetization and AI investment. Revenue of $82.9B beat estimates by 1.8%, AI annual revenue run-rate surpassed $37B (up 123% YoY), and Microsoft 365 Copilot topped 20M paid seats with 250% YoY growth. Yet the market initially sold off 4.9% on capex guidance exceeding $40B per quarter and $190B for FY2026, before recovering 10.4% as investors digested the strength of AI revenue growth. The central question remains whether Azure revenue can scale fast enough to justify the accelerating capital deployment.
Visa Inc.
Visa delivered its strongest top-line growth since 2022 in Q2 FY2026, with revenue of $11.2 billion (+17% YoY) and EPS of $3.31, beating consensus estimates by 4.5% on revenue and 6.8% on EPS. Value-added services now represent approximately 30% of net revenue and grew 27% YoY, reflecting a structural shift beyond transaction processing toward higher-margin recurring services. Management raised full-year guidance to low-double-digit revenue growth and low-teen EPS growth, supported by a record $7.9 billion share repurchase authorization. Emerging growth engines — AI-driven agentic commerce (Visa CLI, Intelligent Commerce Connect) and stablecoin settlement infrastructure ($7 billion annualized run rate across six blockchains) — position Visa for incremental multi-billion-dollar opportunities beyond its core payments network. The stock responded with an 8.3% abnormal move on the…