The Earnings Debate

Siemens Aktiengesellschaft reported Q2 2026 group orders reached EUR 24.1 billion.Overall, "revenue growth reached 6%" driven by Digital Industries and Smart Infrastructure.Industrial Business profit reached EUR 3 billion, translating to a profit margin of 15.4%.Free cash flow picked up to EUR 1.7 billion compared to the first quarter.Earnings per share pre PPA were EUR 2.81, including a gain of EUR 172 million from the divestment of the airport logistics business in the U.S..The company emphasized its strategy to operate as a "ONE Tech company" driven by four key levers.The first lever is digital growth, where digital business grew by 19% in the first half of fiscal year 2026.Within Smart Infrastructure, the data center vertical stood out with "unprecedented triple-digit order growth in the quarter" driven by the build-out of cloud and AI infrastructure.Mobility recorded an order value of around CHF 2 billion to deliver up to 200 double-deck trains based on the Desiro platform for the Swiss commuter rail networks.Regarding forward guidance, Siemens confirmed its group level outlook for fiscal year 2026, expecting to reach the upper half of the group revenue growth guidance of 6% to 8%, and anticipating EPS pre PPA in the range of EUR 10.70 to EUR 11.10.The fiscal year 2026 guidance for Digital Industries revenue growth was raised to a narrowed range of 7% to 10%.Smart Infrastructure comparable revenue growth expectations were raised to the range of 8% to 10%.Mobility lowered its full-year outlook for revenue growth to a range of 5% to 7% after taking into consideration the current situation of U.S. tariffs.Siemens deepened its partnership with Alibaba to bring "advanced industrial software together with their cloud and AI capabilities" for customers in China. A new engineering agent called Eigen was launched, moving industrial AI from providing assistance to "autonomously planning and executing automation engineering tasks". The company also entered a strategic partnership with KION to turn warehouses from a physical hub into the digital nerve center for the supply chain using comprehensive digital twins.Furthermore, the timeline for the spin-off of Siemens Healthineers shares was clarified for February 2027, and a new share buyback program of up to EUR 6 billion over a period of up to 5 years was announced.

For the first quarter of 2026, Sea Limited reported that "Total GAAP revenue increased 47% year-on-year to $7.1 billion in the first quarter of 2026." Management highlighted that "Adjusted EBITDA exceeded $1 billion for the first time," reporting a total adjusted EBITDA of $1 billion for the first quarter.Net income was up by 7% year-on-year to $438 million.Shopee reported first quarter GAAP revenue of $5.1 billion and an adjusted EBITDA of $223 million.The Money segment reported first quarter GAAP revenue of $1.2 billion, up 58% year-on-year, with an adjusted EBITDA of $275 million.Garena bookings grew 20% year-on-year to $931 million, generating GAAP revenue of $697 million and an adjusted EBITDA of $574 million for the first quarter.Management detailed key strategic initiatives and business updates during the call.For Shopee, "average monthly active buyers increased 16% year-on-year and the buyer purchase frequency grew around 12% year-on-year." The company continued to scale its delivery options, observing that order volumes for instant delivery services grew over 35% in the first quarter with cost per order reducing by around 20% year-on-year.The Shopee VIP subscription-based membership program reached over 10 million subscribers across Asian markets by the end of March. In the Money segment, consumer and SME loans principal outstanding reached $9.9 billion at the end of March, an increase of more than 70% year-on-year, while the 90-day nonperforming loan ratio remained stable at 1.1% at the end of the quarter.Regarding forward guidance, management stated they are on track to deliver their 2026 guidance to "grow shops annual GMV by around 25% year-on-year, with full year adjusted EBITDA no lower than 2025 in absolute dollar terms." For the Garena segment, executives expressed confidence in delivering strong year-on-year bookings growth for the full year.Additionally, management highlighted a major product collaboration in January between Free Fire and the anime Jujutsu Kaisen, which "generated over $700 million official content views," as well as a globally expanded Ramadan campaign that achieved over 120 billion social media platform impressions.

AECOM reported second quarter 2026 results highlighting that "backlog increased 8% to a new record" and "The increase in NSR was driven by 8% growth in our Americas design business". Chief Executive Officer Troy Rudd noted that the "segment adjusted operating margin increased by 50 basis points to 16.5%" and they achieved a "design book-to-burn of 1.2x". In the International segment, Chief Financial and Operations Officer Gaurav Kapoor stated "NSR increased by 2% and declined by 3% on a constant currency basis". Capital allocation for the quarter included returning "$155 million of capital to shareholders in the second quarter through repurchases and dividends".Key strategic initiatives continued to focus on "proprietary AI and growing our advisory practice". Kapoor noted they "spent $13 million on our AI road map" during the second quarter.President Lara Poloni highlighted a major expansion in their high-tech business, stating "we expanded our relationship with a key hyperscaler that positions us for accelerating growth". Additionally, AECOM announced their selection "to deliver design and technical services for the U.K. STEP nuclear fusion program" and Poloni noted their "advisory business is on track to double its NSR within 3 years".For forward guidance, management increased their full year profit expectations.Kapoor stated, "we now expect to grow adjusted EPS and EBITDA by 14% and 7%, respectively, at the midpoint of the ranges". The company also maintained its revenue expectations, noting their "reaffirmed guidance for 4% to 6% NSR growth for the year" and "Excluding this impact, we continue to expect 6% to 8% NSR growth for the year". They are also "reaffirming our free cash flow guidance for this year as well as our long-term 100% plus free cash flow conversion target".

For FY March 2026, Mitsui & Co., Ltd. reported that Core Operating Cash Flow amounted to JPY 978.9 billion.Profit for FY March 2026 amounted to JPY 834 billion.Management noted that net interest-bearing debt increased by JPY 0.8 trillion from the end of March 2025 to JPY 4.1 trillion.Shareholder equity increased by JPY 1.3 trillion compared with the end of March 2025 to JPY 8.8 trillion.The net D/E ratio was 0.47x.The company detailed its transition to the Medium-term Management Plan 2029, adopting the theme of "shaping future through trust and innovation". Management defined "Nonlinear Combinatory Value as a creation of substantial new value by combining professional talent and AI's exploratory power". Key strategic initiatives were evolved into Industrial Business Solutions 2.0, Global Energy Transformation 2.0, and Wellness Ecosystem Creation 2.0. The corporate strategy was newly defined around three pillars: distinctive competitive advantages, continuously transforming earnings space, and value creation driven by highly capable individuals.Under Industrial Business Solutions 2.0, the company is pursuing the development of Rhodes Ridge, one of the world's largest iron ore resources, and the integrated operation of Anglo American Sur in copper.Management also highlighted the IPO of Firefly in the Machinery & Infrastructure segment, a valuation gain on ITC Antwerp in the Chemicals segment, and higher profit from Fertin Pharma in the Lifestyle segment.For the FY March 2027 business plan, the company expects Core Operating Cash Flow of JPY 1.05 trillion and profit of JPY 920 billion.Looking ahead to FY March 2029, management is targeting Core Operating Cash Flow of JPY 1.2 trillion, profit of JPY 1.1 trillion, and ROE of 12%.The company also provided a vision for 2030 of above JPY 1.4 trillion in profit and ROE above 13%.Management currently expects the shareholder returns payout ratio as a percentage of Core Operating Cash Flow to be in the 50% level for the Medium-term Management Plan 2029.

Hims & Hers Health, Inc. reported first quarter 2026 revenue of $608 million, representing a 4% year-over-year growth rate.Subscribers grew 9% year-over-year to nearly 2.6 million.First quarter adjusted EBITDA was $44 million, representing a 7% adjusted EBITDA margin, while GAAP net income declined to a loss of $92 million due to restructuring, M&A, and legal costs.The company generated $89 million in cash flow from operations and $53 million in free cash flow, ending the quarter with $751 million in available cash and short-term investments.First quarter gross margins were 65% on a GAAP basis, impacted by restructuring costs related to a strategic pivot in the weight loss specialty.Management highlighted a strategic shift to prioritize branded products within its weight loss business, which expanded direct access to Novo Nordisk GLP-1 products like Wegovy.Following this launch, the company is on track to add north of 100,000 new subscribers per month within the weight loss specialty.The company also saw momentum in newer specialties like testosterone, menopause, and labs.Furthermore, the company is integrating AI capabilities across its platform, launching Labs AI and an AI copilot for providers, and is actively preparing to enter the peptide therapies category.On the partnership and M&A front, the company collaborated with Novo Nordisk and completed the acquisition of YourBio to bring painless at-home blood collection technology to its platform.Hims & Hers also expects its planned acquisition of Eucalyptus to close in the second half of the year, extending its consumer health leadership into Australia, the U.K., Germany, Japan, and Canada.For the second quarter of 2026, the company anticipates revenue in the range of $680 million to $700 million and adjusted EBITDA between $35 million to $55 million.For the full year 2026, management raised its revenue outlook to $2.8 billion to $3 billion and expects adjusted EBITDA to be between $275 million and $350 million.These guidance figures do not include the pending Eucalyptus transaction.

For the first quarter of 2026, Enbridge Inc. reported that "adjusted EBITDA remained consistent, DCF per share is up 0.03. FX rates year-over-year impacted all 4 business units." Regarding forward guidance, the company reaffirmed its 2026 expectations, stating it is "on track to achieve the midpoint of our guidance ranges for both EBITDA and DCF per share." The company also reaffirmed its "post-2026 growth outlook, a 5% average annual growth rate for EBITDA, DCF per share and EPS" through the end of the decade.Key business updates for the first quarter included achieving "record first quarter volumes of 3.2 million barrels per day" on the mainline.Management highlighted they are advancing "mainline optimization Phase 2 or MLO2, which is expected to add 250,000 barrels per day of incremental WCSB egress capacity by the end of 2028." Additionally, the company "completed our seventh expansion of tank storage at Ingleside and have now increased storage capacity to approximately 20 million barrels" and brought the "120,000 barrel per day Gray Oak expansion into service."Notable partnership and product announcements included the company "expanding our partnership with Meta once again by sanctioning Cone, an onshore wind project in Texas, which we expect to invest USD 700 million and have the project enter service by the end of 2027." Management also announced they "sanctioned an expansion of the Vector pipeline for just over $100 million, adding 400 million cubic feet per day of westbound capacity" and "sanctioned approximately 8 Bcf of unregulated natural gas storage expansion at the Dawn Hub with an in-service date of 2029."

Uber Technologies, Inc. delivered top line and profitability at or above the high end of their guidance for the first quarter of 2026.Chief Executive Officer Dara Khosrowshahi stated, "Gross bookings were up 21% year-on-year". Mobility gross bookings accelerated to 20% with record margins, Delivery grew 23%, and freight returned to growth for the first time in nearly two years.The company also reported that "Non-GAAP EPS increased 44% year-over-year". During the quarter, Uber returned a record $3 billion to shareholders through buybacks.Uber surpassed 50 million Uber One members and 10 million drivers and couriers globally.Uber One accounts for over 50% of bookings and is growing 50% year-on-year.Management highlighted growth in sparse markets and United States suburbs, noting that trip growth rates are growing 2x faster in these areas compared to core urban markets.Furthermore, Uber expects the United States Mobility business to accelerate in 2026, aided by hundreds of millions of dollars of savings in the insurance line this year.The company is actively integrating Artificial Intelligence to improve efficiency, reporting that about 10% of their code is now built by autonomous agents.On the product and partnership front, Uber expanded its travel offerings by integrating 700,000 hotels onto its platform through a relationship with Expedia. In the autonomous vehicle space, the company launched Uber Autonomous Solutions and expanded its network to more than 30 autonomous partners, including Zoox, Nuro, and Waymo.Chief Executive Officer Dara Khosrowshahi noted that AV Mobility trips grew more than 10x year-on-year.The company remains on track to be live in up to 15 cities by the end of the year and announced a new financing relationship with Santander to help scale autonomous vehicle fleets.

In Q1 2026, Coinbase Global, Inc. "generated $1.4 billion of total revenue" for the quarter.The company reported a "quarterly net loss of 394million"and"303 million of positive adjusted EBITDA" for the quarter. "Total operating expenses were $1.4 billion" for the quarter. "Transaction revenue of $756 million" and "Subscription and services revenue was $584 million" were recorded for the quarter.Management highlighted progress on their top priorities, which include the "Everything Exchange," "stable coins and payments," and "growing on chain". The company posted its "12th consecutive quarter of native unit growth" and "reached a new all-time high encryptotrading market share". Additionally, management announced they are "transitioning to be an AI-native company," noting that "the number of requests per engineer is up almost 80% year-over-year".The company noted that "Coinbase One, now over 1 million paid subscribers" is demonstrating a strong value proposition.The retail derivatives business reached an "annualized run rate exceeding $200 million". Furthermore, "Prediction markets is also tracking well, and it's on track to be the 13th product to cross $100 million in annualized revenue". Management also highlighted the "x402 protocol" for agentic commerce, stating that "99% of the X402 transactions right now are settled in USDC".Looking ahead, management stated, "We expect subscription and services revenue in the range of $565 million to $645 million" for Q2. They expect technology and development and general and administrative expenses to fall within a "range of $820 million to $870 million in Q2". The company also expects "to incur $50 million to $60 million in restructuring expenses" in Q2. For the full year, management noted, "We expect 2026 adjusted expenses to be between $4.3 billion and $4.6 billion".

For the fiscal year ended March 26, Toyota Motor Corporation reported "sales revenues of JPY 50,684.9 billion" and "operating income of JPY 3,766.2 billion" for the year.Executives stated "income before income taxes of JPY 5,152.9 billion and net income of JPY 3,848 billion" for the year.The company noted it was "not able to fully offset the impact of U.S. tariffs amounting to JPY 1.38 trillion". Consolidated vehicle sales for this fiscal year reached 9,595,000 units.Management outlined two main pillars for sustainable growth: "making ever better cars" and "transforming into a mobility company". To enhance earnings power, the company aims to maximize production capacity utilization by "capturing the effects of initiatives such as Area 35". Additionally, the company is pursuing "new mobility across land, sea and air and robotics, leveraging connected as well as SDV technologies". President Kenta Kon stated, "I will increase the number of people who can build ever better cars.And that is the engine for Toyota's sustainable growth, and that is my mission".Looking ahead to the fiscal year ending March 27, the company provided full year guidance of "sales revenues of JPY 51 trillion" and "operating income of JPY 3 trillion" for the year.The consolidated vehicle sales forecast has been set at 9.6 million units.Management expects a "negative JPY 670 billion Middle East impact" for the year.Regarding shareholder returns, the dividend for fiscal year 26 was set at JPY 95 per share, with a "forecast annual dividend of JPY 100 per share" for fiscal year 27. CFO Yoichi Miyazaki also highlighted that they will advance toward an "ROE of 20%".

MP Materials Corp. reported Q1 2026 financial results, generating $132.9 million of revenue and PPA income for the quarter.The company reported adjusted EBITDA of $36.6 million and adjusted diluted EPS of $0.03 per share for the quarter.The Materials segment generated $114.5 million of revenue and PPA income along with $36.7 million of segment adjusted EBITDA. The Magnetics segment drove $21.1 million of revenue and $9.6 million of segment adjusted EBITDA in the quarter.The company ended the quarter with $1.7 billion of cash and short-term investments.During the quarter, the Materials segment produced a record 917 metric tons of NPR oxide and delivered just under 13,000 metric tons of REO concentrate.Management noted they began initial shipments to a newest U.S. customer, driving total NDPR oxide sales of 1,006 metric tons.The company recently broke ground on its 10x facility and is advancing the engineering design of the recycling circuit for its agreement with Apple.The heavy rare earth separation circuit is expected to begin commissioning in the second quarter.Looking ahead, management expects second quarter realized pricing to be in the low to mid-90s per kilogram.The company expects to achieve a single-digit quarter-over-quarter decline in NDPR oxide production in the second quarter due to a maintenance outage, followed by significant sequential growth in the third quarter.Full year capital expenditures are expected to be $500 million to $600 million.Initial magnet revenue is expected in the second half of 2026.

MercadoLibre, Inc. reported its Q1 2026 financial results, highlighting "net revenue up 49% year-over-year" and delivering "$611 million of income from operations, representing a 6.9% margin". Management noted that the margin compression reflects a deliberate choice to invest in strategic initiatives, stating they are "not trying to optimize short-term margins".In commerce, Brazil was a standout market where "GMV grew 38% year-over-year as items sold growth accelerated to 56%". A key driver was the "decision to lower the free shipping threshold in Brazil" to BRL 19, which management called "a sustained growth engine across multiple quarters". Additionally, logistics efficiency improved, with "cost per shipment down 17% year-over-year in local currency". Other regions also saw solid growth, with GMV increasing 28% in Mexico, 41% in Argentina, and 40% in Chile.The fintech segment saw significant expansion, as the company's "credit portfolio nearly doubled to $14.6 billion" and they issued "2.7 million credit cards this quarter". Management emphasized scaling the credit card in Mexico and Argentina while launching "private payroll loans" in Brazil. On the technology front, MercadoLibre "deployed LLMs in search in commerce for the first time this quarter" across Brazil, Mexico, and Argentina, which is "one piece in a much more broad Gen AI strategy for the marketplace". Regarding future expectations, management reiterated that they "rather not talk about margins on a quarterly basis and forward-looking".

Insmed Incorporated reported its first quarter 2026 financial results, noting that "cost of product revenues in the first quarter of 2026 was $47.4 million or 15.5% of revenues". Management highlighted its cash position, stating that as of the end of the first quarter of 2026, the company had approximately $1.2 billion in cash, cash equivalents and marketable securities.Executives expressed confidence in the company's financial trajectory, stating they "would expect to achieve sustainable cash flow positivity in 2027" without requiring additional capital to support their existing business.During the quarter, management stated that "BRINSUPRI's launch continues to exceed our expectations," delivering 44% sequential growth.The company noted strong payer access, with an approval rate of nearly 90% for patients processed through specialty pharmacies since launch.Additionally, more than 80% of patients on the therapy have enrolled in the inLighten patient support program.Insmed also launched Suspect BE, a new diagnosis-focused disease education campaign aimed at raising awareness and proper diagnosis of bronchiectasis.In clinical updates, Insmed plans to submit data from the Phase 3b ENCORE study of ARIKAYCE to regulatory authorities in the U.S. and Japan in the second half of the year.The company also advanced its TPIP pipeline, opening the first site for the Phase 3 PALM PAH study and anticipating data from a Phase 2b open-label extension study in the third quarter of this year.Looking forward, the company reiterated its full year 2026 revenue guidance of "at least $1 billion" for BRINSUPRI.

Whirlpool Corporation reported first quarter 2026 results, noting "we delivered an ongoing EBIT margin of 1.3% and an ongoing earnings per share of negative $0.56" for the quarter.First quarter free cash flow was negative $896 million. In the MDA North America segment, "net sales decreased 8% year-over-year to $2.2 billion" in the first quarter.Conversely, the SDA global business performed well, "delivering approximately 10% net sales growth year-over-year" and an EBIT margin of 21%.Management highlighted that "consumer sentiment has dropped to its lowest level in 50 years", driving U.S. appliance industry demand down 7.4% in the first quarter, with March down 10%. In response, executives announced "a promotional price increase, which is already in effect of more than 10% relative to the first quarter prices", alongside a lease price increase of "approximately 4%" effective July 9. The company reaffirmed a "commitment to deliver our $150 million in cost take out in 2026". Operational moves include a $60 million investment in a new production facility in Perrysburg, Ohio, modernization of the Amana, Iowa plant to generate an expected annualized EBIT benefit of approximately $70 million, and shifting front load washer production from Pilar, Argentina to Rio Claro, Brazil.For the full year 2026, Whirlpool revised its expectations, forecasting "revenue growth of approximately 1.5%" on a like-for-like basis.Full year guidance includes a "full year EBIT margin of approximately 4%" and "full year ongoing earnings per share of $3 to $3.50". The company expects to generate full year free cash flow of "more than $300 million". To ensure financial flexibility, management made the decision to "pause our quarterly dividend starting in the second quarter" to create capacity on the balance sheet to "pay down more than $900 million of debt in 2026".Product innovation remains a key priority with the introduction of the Artisan Plus stand mixer and a compact fully automatic espresso machine.The company noted the successful national rollout of the Whirlpool branded UV laundry tower, which captures "approximately 5 points" of share within weeks.Executives also showcased the new KitchenAid intelligent wall oven, which earned the Best of Show Award at KBIS, and the InSinkErator LEDefense Odor Fighting Sink Flange.

Albemarle Corporation reported "net sales of $1.4 billion, up 33% year-over-year" for the first quarter of 2026.The company delivered adjusted EBITDA of $664 million for the quarter, reflecting higher pricing and volume in Energy Storage and Specialties.First quarter net sales for Energy Storage increased 70% year-over-year, while the Specialties segment saw net sales increase 12% year-over-year.The company reported diluted earnings of $2.34 per share for the quarter.For the first quarter, the company generated $346 million of operating cash flow and $248 million of free cash flow.During the first quarter, the company repaid $1.3 billion of debt following the successful sales of the Eurecat joint venture and a controlling stake in Ketjen.Management noted they "ended the first quarter with a net debt-to-EBITDA leverage ratio of 1x". Albemarle achieved $40 million in cost and productivity improvements year-to-date.Operations at Wodgina and Greenbushes are operating in line with expectations, and the CGP3 investment at Greenbushes is operational and ramping as planned. At the Salar de Atacama, the company has initiated the environmental permitting process for a commercial direct lithium extraction project, and the Kings Mountain project recently received federal mining permits.For the full year 2026, Albemarle is raising its outlook for the Specialties segment, guiding for net sales between $1.3 billion and $1.5 billion, and an adjusted EBITDA outlook between $225 million and $275 million.The company is maintaining its total company outlook for 2026 across all three price scenarios despite global supply chain disruptions related to the Middle East.Management estimates that the unmitigated full year cost impact of these supply chain disruptions would be approximately $70 million to $90 million.The company continues to expect full year capital expenditures of $550 million to $600 million and remains on track to hit its full year 2026 cost and productivity improvements target of $100 million to $150 million.

HubSpot, Inc. reported financial results for the first quarter of 2026, noting that "Q1 revenue grew 23% year-over-year as reported and 18% in constant currency." For the first quarter, "Non-GAAP operating margin was 18%", and "GAAP operating margin was 3% in Q1." Management stated "Non-GAAP net income was $143 million, and non-GAAP net income per diluted share was $2.72" for the first quarter.Additionally, "in the first quarter, the company generated $154 million of free cash flow or 17% of revenue."Management highlighted strong customer growth, noting that "total customer count reached nearly 300,000 globally, driven by 10,800 net customer additions in the quarter." Executive Yamini Rangan shared upmarket momentum figures for the quarter, stating that "deals over 60,000 annual recurring revenue grew 37% year-over-year and deals over 120,000 ARR grew 64% year-over-year." Regarding AI adoption, Rangan stated that "Active core seat users grew 90% year-over-year" and "Total credits consumed grew 67% quarter-over-quarter." Management also shared that "Nearly 14,000 customers have activated" the Prospecting Agent and "Over 9,000 customers have activated data agent."The company announced packaging and pricing shifts, "moving to outcome-based pricing for customer and prospecting agents and introducing 28-day free trials for our agents and HubSpot AEO." On the corporate and product front, the company noted it "launched HubSpot AEO at Spring spotlight" to help marketers see how their brand appears in AI tools, and highlighted inorganic demand generation investments, having "bought 2 incremental acquisitions in Q1, starter story and future PDS."Looking ahead, CFO Kathryn Bueker provided forward guidance for the second quarter of 2026, stating "total as reported revenue is expected to be in the range of $897 million to $898 million", with "Non-GAAP operating income is expected to be between $173 million and $174 million" for the second quarter.For the full year of 2026, "total as reported revenue is now expected to be in the range of $3.7 billion to $3.708 billion", and "Non-GAAP operating income is now expected to be in the range of $762 million to $766 million."

Vistra Corp. reported first quarter 2026 results, delivering $1.494 billion in adjusted EBITDA for the first quarter of 2026.Generation delivered $1.426 billion of adjusted EBITDA in the quarter, while Retail delivered $68 million of adjusted EBITDA. The company deployed approximately $525 million in share repurchases during the first 4 months of the year and paid a first quarter dividend of approximately $75 million.Management highlighted a structurally improved demand environment, noting the announced acquisition of the 5,500-megawatt Cogentrix natural gas generation portfolio.The company also announced long-term power purchase agreements with Meta for approximately 2,600 megawatts of energy and capacity at its PJM nuclear sites.Vistra currently has approximately 4,500 megawatts of organic development opportunities recently completed or in process across its portfolio.The company also received an upgrade of its corporate issuer rating to investment grade from Fitch Ratings, which triggered fallaway provisions to release the liens on its assets.Looking ahead, Vistra is reaffirming the guidance ranges for 2026 adjusted EBITDA and adjusted free cash flow before growth, and maintaining its 2027 adjusted EBITDA midpoint opportunity range.Management noted it still has line of sight to more than $10 billion of cash generation over 2026 and 2027.Vistra plans to allocate approximately $3 billion to equity holders and approximately $4 billion toward accretive growth investments, leaving approximately $3 billion of additional capital available to allocate through year-end 2

For the first three months of 2026, Novo Nordisk A/S announced that "reported sales increased by 32%, reaching DKK 96.8 billion" for the quarter.However, adjusted sales declined by 4%, driven by lower realized prices, which was partly offset by GLP-1 volume growth and market expansion.The adjusted gross margin decreased to 80.6% compared to 83.5% in 2025, and adjusted operating profit decreased by 6% at CER. The company invested about DKK 22 billion in research and development and commercial initiatives during the first quarter of 2026, while returning nearly DKK 38 billion to shareholders through dividends and share buybacks.Management noted that obesity care sales increased 22%, driven by both operating units, with international operations growing by 44% and U.S. operations growing by 9%.The Wegovy Pill launched in the United States and has seen over 1 million people using the treatment, generating more than 2 million total prescriptions since launch.Executives stated the company is focused on driving competitiveness, progressing the pipeline, and making focused investments towards growth opportunities.The company is also utilizing TeleHealth partnerships, which account for around 20% of sales in some of their largest markets.Forward guidance for 2026 was raised, with adjusted sales growth now expected to be between minus 4% and minus 12%.Adjusted operating profit growth for 2026 is expected to be minus 4% to minus 12% at CER. Management stated this improvement in the outlook is mainly driven by increased expectations for GLP-1 product sales.In terms of product and partnership announcements, the company received FDA approval for high-dose semaglutide at 7.2 milligrams in the U.S. and initiated two pivotal Phase III trials in the cenogamtide development program, AMAZE. In the first quarter of 2026, the company achieved 6 regulatory approvals and more than 10 clinical trial initiations.Aweekly received FDA approval as a once-weekly long-acting basal insulin for people living with type 2 diabetes.Executives also highlighted building partnerships, such as a collaboration with OpenAI, to help ensure strong positioning for the future.

Natera reported first quarter 2026 financial results with "revenues of $697 million in Q1," which represented "39% growth over last year". The company achieved "gross margins coming in at just under 65%" for the quarter.Management noted that the "rapid increase in volumes in Q1 actually harmed margins by roughly 2 percentage points because we had more samples in process in the lab at the close of the quarter than normal".Management highlighted a milestone of "delivering 1 million units in a single quarter". The oncology division "processed 249,000 clinical oncology units in the quarter," representing a record increase.The company also saw a successful launch of its "fetal focused product," which is "approaching a run rate of nearly 200,000 focus orders". Additionally, the company is seeing success from its "integration with Onco EMR" and the acquisition of Foresight Diagnostics, leveraging "phased variant technology" to drive biopharma interest.For forward guidance, Natera announced it will "fully reset the revenue guide range by more than $120 million and increase our gross margin guidance to 65% at the midpoint". Management also plans to "bump R&D expectations by $50 million, primarily to pull forward" clinical trials.Notable updates included positive interim data from the ALPHA3 trial sponsored by Allogene Therapeutics, the progression of the FIND CRC screening study, and preparations for a broad commercial launch of Signatera in Japan with PMDA approval remaining "on track for Q2 2026".TWEETNatera $NTRA reported Q1 2026 earnings: 📊 Revenue: $697 million (Q), 39% growth ✅ Momentum: "integration with Onco EMR" & "record growth quarter for oncology" 🐂 Bull: "gross margins coming in at just under 65%" 🐻 Bear: "we had more samples in process in the lab" 🎧 Listen: [LINK]

Ginkgo Bioworks Holdings, Inc. reported its first quarter 2026 financial results.Revenue was $19 million in the first quarter of 2026, down 49 percent compared to the first quarter of 2025.Adjusted EBITDA in the first quarter of 2026 was negative $42 million, and cash burn in the first quarter of 2026 was $48 million.The company reported a cash position of $373 million with no bank debt as of the first quarter of 2026.Management stated that the focus for 2026 will be investing to win the category of autonomous labs.The company closed the spin-off of its biosecurity unit into a new company called Perimeter on April 3, and Ginkgo now operates as a single segment.The company is actively scaling its Nebula autonomous lab in Boston, expanding from 50 to 105 racks by the end of the month, and successfully launched its Cloud Lab service to the public.For forward guidance, management reaffirmed their overall cash burn guidance for 2026, totaling $125 million to $150 million.Management highlighted three new channels coming to their service business, including Amazon Biodiscovery, Benchling, and Tamarind Bio.The company also discussed a project with OpenAI using GPT 5 that demonstrated a 40 percent improvement in the cost of cell-free protein synthesis over scientific state-of-the-art.

Airbnb reported that "Revenue grew 18% year-over-year to $2.7 billion". For the Quarter, "net income was $160 million" and "adjusted EBITDA was $519 million". Management also highlighted their capital-light business model, "delivering $1.7 billion of free cash flow in Q1".Key business updates included the broader expansion of "Reserve Now, Pay Later" to most of the rest of the world.Management also mentioned scaling their "boutique and independent hotel pilot" and announced an expanded "rev share program" partnership with Delta Airlines.Furthermore, Airbnb is leveraging technology, with management stating that "Nearly 60% of the code our engineers produce is now written by AI" and "over 40% of issues are now resolved without a human agent".Looking ahead, for the second quarter of 2026, Airbnb expects to "generate revenue of $3.54 billion to $3.6 billion". For the full year 2026, the company expects "year-over-year revenue growth to accelerate to low to mid-teens" and anticipates "adjusted EBITDA margin to be at least 35%". Regarding the World Cup, the company noted it has "attracted an incremental 100,000 listings across those markets in advance of these games".

In Q1 2026, Axon Enterprise, Inc. reported revenue of $807 million for the quarter, up 34% year-over-year.Software and services increased 35% year-over-year to $355 million, while Connected Devices revenue grew 33% to $453 million.The company delivered a 25% adjusted EBITDA margin in Q1. Management raised revenue guidance for the year to a range of 30% to 32% growth, while maintaining expectations to deliver 25.5% adjusted EBITDA margins for the year.They also expect to deliver approximately $450 million of free cash flow for the full year 2026.Management emphasized accelerating product adoption, noting that Q1 was their strongest ever first quarter across revenue, bookings, and new products. AI product revenue grew more than 700% year-over-year, and AI bookings were up 140% versus Q1 last year.International revenue was up over 100% year-over-year, representing 20% of revenue for the quarter.Future contracted bookings reached $14.3 billion, up 44% year-over-year.The company also sponsored a significant investment in core product inventory to maximize growth and impact, noting minimal obsolescence risk with TASER CEW life cycles of 10 to 15 years.Executives highlighted the rapid scaling of the Dedrone counter drone business, with bookings up 500% year-over-year and Dedrone revenue up over 300% year-over-year across hardware and software. On the enterprise front, Axon closed a $40 million opportunity with one of the largest telecom providers in the world, centering around the Fusus platform.The company also discussed the upcoming launch of Axon Vision directly into the enterprise market, and highlighted the integration of recent acquisitions including Fusus, Dedrone, Carbine, and Prepared into the broader Axon ecosystem.

In the first quarter of 2026, CFO Jong-seok Park stated that "Consolidated revenue posted KRW 4.39 trillion, up 1.5% Q-on-Q". The company also reported that "We posted KRW 537.6 billion in consolidated operating income" for the quarter.Management announced the resumption of dividend payments, noting that "Dividend per share for the first quarter is KRW 831 (sic) [ 830 ]". During the Q&A, an analyst noted that AI data center revenue in the first quarter increased by 89% year-over-year.Regarding business updates, the Mobile Network Operator division "achieved a handset subscriber net add of approximately 210,000 in the first quarter". To improve customer value, the company is "restructuring the membership program" and "overhauling price plans to offer more choices to customers". The AI business is showing the effects of a "strategy of focus and prioritization". AI data center growth is being driven by the "Pangyo Data Center and higher utilization of Gasan Data Center," and the "construction of Ulsan AI Data Center is underway".For forward guidance, management stated the goal is to "improve the full year earnings further from the current levels". To increase profitability, SK Telecom is focusing on "securing high-LTV subscribers". The company plans to "actively pursue partnerships with global players" to expand the AI infrastructure business.Furthermore, SK Telecom is participating in research and standardization for AI-RAN technology alongside global players and manufacturers such as "Samsung, DOCOMO and NVIDIA".

Datadog reported its first quarter 2026 financial results, achieving revenue of $1.01 billion for the quarter, an increase of 32% year-over-year.The company generated free cash flow of $289 million for the quarter with a free cash flow margin of 29%.First quarter gross profit was $807 million with a gross margin of 80.2%, and first quarter operating income was $223 million for a 22% operating margin.Management noted that the 6% quarter-over-quarter revenue growth is the highest for a first quarter since 2022.Chief Executive Officer Olivier Pomel explained the company is framing its artificial intelligence efforts in two buckets: "AI for Datadog and Datadog for AI". The company highlighted broad-based acceleration of revenue growth across both AI and non-AI customer cohorts.Furthermore, Datadog's platform strategy continues to gain traction, with management stating that 56% of customers now use 4 or more products, and 20% of customers use 8 or more products.The company also announced it received FedRAMP High certification from the U.S. federal government and plans to launch its next data center in the U.K..During the quarter, Datadog launched its MCP server for general availability, shipped Bits Assistant in preview, and delivered the Bits AI Security Agent, which management claims reduces investigations that could take hours to as little as 30 seconds. To support the growing AI landscape, the company also launched GPU monitoring to help teams understand GPU fleet utilization, workload efficiency, thermal and power behavior and interconnect performance.The company highlighted landing 7-figure and 8-figure annualized deals with the AI research divisions of two of the world's largest technology companies, helping them optimize their hyperscale AI training workloads using GPU monitoring.For the second quarter of 2026, Datadog expects revenues to be in the range of $1.07 billion to $1.08 billion, which represents a 29% to 31% year-over-year growth.Second quarter non-GAAP operating income is expected to be in the range of $225 million to $235 million.For the full fiscal year 2026, the company expects revenues to be in the range of $4.3 billion to $4.34 billion, with non-GAAP operating income expected to be in the range of $940 million to $980 million.Chief Financial Officer David Obstler noted that they "are applying a higher degree of conservatism to our largest customer" in their guidance philosophy.

BeOne Medicines AG reported first quarter 2026 product revenue of $1.5 billion. BRUKINSA global revenues totaled $1.1 billion for the quarter.Gross margin for the first quarter improved to 89%.The company reported first quarter GAAP net income of $227 million with GAAP diluted earnings per ADS of $1.96.Non-GAAP net income was $375 million for the first quarter, which translates to diluted non-GAAP earnings per ADS of $3.24.The company also generated free cash flow of $161 million in the first quarter.Management highlighted BRUKINSA as the foundational BTK inhibitor with continued global leadership.The company also emphasized its next-generation BCL-2 inhibitor, Sonro, which received early market reception following approval in China, and its first-in-class BTK CDAC, which shows complete BTK degradation. BeOne is advancing its solid tumor pipeline towards registration, acquiring an exclusive option to license a novel PD-1 VGF CTLA4 trispecific, BON 110.The company highlighted that their pipeline is entering a critical phase of execution with foundational strength in hematology and a clear inflection point in solid tumors.For full year 2026 guidance, BeOne Medicines projects revenue to be between $6.3 billion and $6.5 billion. GAAP gross margin is expected to remain in the high 80% range. GAAP operating expenses are anticipated to be between $4.7 billion and $4.9 billion. GAAP operating income estimates are updated to be between $750 million and $850 million.The company expects a potential accelerated approval submission in the U.S. for its BTK CDAC in the second half of the year.

Angi Inc. reported that for the first quarter, "EBITDA came in at about 23million,"whichwasabovetheir"10 million to $15 million" guidance range.The company noted this was partly due to capitalizing "about EUR 2 million more of engineering labor" than initially anticipated.Management stated they are targeting a "cash flow cushion" in the "range of $50 million a year."The company announced a major strategic pivot, deciding to "stop trying to invest and improve our revenue on our old platform" and instead move "from our legacy platform to a new AI native technology platform." Central to this transition is the development of the "Angi Pro Chief Revenue Officer" and the use of "agentic coding" to build "AI agents" to improve the customer experience.Management made a "clear decision not to give guidance" going forward to focus resources on this transformation.The company highlighted its ongoing integration with generative AI, noting that "50% of our homeowners now touching our AI helper in their path." Executives confirmed they have "launched our app successfully on ChatGPT" and are "going to launch on Amazon soon."On capital allocation, the company noted it "bought about $100 million worth of bonds," representing about "20% of the debt outstanding." Executives confirmed they are capped on share repurchases until "April 2027" and are not looking to use balance sheet cash to buy "brand-new things" outside of their core strategy.

For the first quarter of 2026, Coupang reported total net revenues of $8.5 billion for the quarter, representing growth of 8 percent on both a reported and constant currency basis.Consolidated gross profit was $2.3 billion with a 27 percent margin.The company reported an operating loss for the quarter of $242 million and a net loss attributable to Coupang stockholders of $266 million, resulting in a diluted loss per share of $0.15.Consolidated adjusted EBITDA was $29 million.Trailing 12-month free cash flow was $301 million.Management focused on the ongoing recovery from a recent data incident.The company noted that the vast majority of WOW members never left, and Coupang has closed nearly 80 percent of the decline in WOW memberships that followed the incident.The $1.2 billion voucher program issued in response to the incident, as well as temporary inefficiencies in the network, pressured profitability this quarter.Regarding its Developing Offerings, Coupang highlighted its continuing investments in Taiwan, where its own last-mile delivery network now covers the vast majority of volume and offers next-day delivery to most consumers.The company also repurchased $391 million of stock during the quarter, and the Board of Directors approved an additional $1 billion to be added to a stock repurchase program.For the second quarter of 2026, Coupang anticipates consolidated constant currency revenue growth of 9 percent to 10 percent.The company also expects a consolidated adjusted EBITDA margin year-over-year contraction of approximately 300 to 400 basis points for the second quarter.For the full year, Developing Offerings segment adjusted EBITDA losses are expected to be between $950 million and $1 billion.Management expects annual margin expansion to resume next year.

Expedia Group, Inc. reported first quarter 2026 results with "Revenue increased 15% to $3.4 billion" for the quarter and "Gross bookings were 35.5 billion" for the quarter. CFO Scott Schenkel stated the company delivered "adjusted EBITDA of $542 million" for the quarter and an "Adjusted EPS of $1.96" for the quarter.For the trailing 12-month period, "free cash flow was $4.1 billion". Management noted "Consumer gross bookings of 24.8 billion" for the quarter and "B2B gross bookings grew 22% to $10.7 billion" for the quarter.CEO Ariane Gorin highlighted key strategic priorities, stating "We're using it to enhance the experience for our partners and the travelers that come to us direct and to acquire new traffic and market more effectively". Gorin shared that "Our 2 most widely adopted features are our servicing agent and AI-powered filters". The company also noted that "For the first time, vacation rentals on Expedia reached an annualized run rate of $1 billion". Regarding partnerships, Gorin shared, "We announced an exclusive partnership with Bank of Montreal AIR MILES, and just last week, became the exclusive hotel partner for Uber".Looking to guidance, management shared that "For the second quarter, we expect gross bookings growth of 7% to 9% and revenue growth of 9% to 11%". For the full year 2026, the company reiterated "expectations for gross bookings growth of 6% to 8% and revenue growth of 6% to 9%" and to "expect full year expansion of 100 to 125 basis points" for EBITDA margins.Schenkel noted the quarter experienced some volatility, stating the company "faced headwinds from travel advisories in Mexico, while in B2B, the conflict in the Middle East meaningfully impacted outbound travel".

During the Q1 2026 earnings call, CFO Gilian Munson reported that Duolingo "delivered adjusted EBITDA of $83 million, which is about 29% of our revenue" for the quarter.The company entered the second quarter with "over $1 billion in cash, no debt" and expects to "generate over $350 million in free cash flow this year". Munson also noted that under their buyback authorization, "repurchases to date are 514,000 shares or about 1% of our fully diluted shares outstanding".CEO Luis von Ahn highlighted the company strategic focus to prioritize teaching better, noting that "DAUs grew 21% year-over-year" for the quarter.The company introduced spoken tokens, started rolling out speaking adventures, and launched Flash Cards to help learners build fast recall.Duolingo also reached a major content milestone by offering courses up to professional proficiency across all 9 of their most learned languages, and "published 20,500 course units" in the first quarter.Management outlined efforts to find monetization tactics that are not at odds with daily active user growth, including experimenting with one-month and three-month free trials. In terms of international expansion, Asia remains the fastest-growing region, and the company highlighted successful brand partnerships, including an upcoming partnership with McDonald's in China.For the full year 2026, management provided point estimates of "bookings growth of roughly 10.5% and revenue growth of roughly 16.1% and an adjusted EBITDA margin of 25.7%". For the second quarter, guidance includes "expected Q2 bookings growth of about 6%", "about 17% growth in Q2 for revenue", an "approximately 71%" gross margin in Q2, and an "adjusted EBITDA margin in Q2 should be roughly 24%".

During the call, executives did not provide a specific revenue figure for the quarter, but Chief Financial Officer Ravi Inukonda stated the company's expectation is to "produce roughly about $200 million of EBITDA" for the full year.Inukonda also maintained forward guidance that the "overall 2026 EBITDA margin is going to be higher slightly compared to '25". Regarding costs, the financial impact from extending the Gas Rewards program in the first quarter "was about $50 million" and the projected impact for the second quarter "is also going to be about $50 million". Near-term operating expenses are expected to "roughly be in the 2% range".Management highlighted several key strategic updates, primarily a focus on integrating AI to create "agentic ordering experiences" that lower friction for customer discovery.Chief Executive Officer Tony Xu noted significant internal productivity gains from AI, stating that "closer to 2/3 of our code is written by AI today". Additionally, the company confirmed it is investing "several hundred million dollars back into the platform" to build a unified "global tech infrastructure stack" across DoorDash, Volt, and Deliveroo.This replatforming is currently processing live production traffic and is already porting logistics advances across global markets.Significant product and vertical initiatives include the expansion of grocery delivery, an area where the company became "the share leaders by volume" last winter.Management is actively developing "Dash mark fulfillment services" to build customized inventory management and fulfillment setups with grocery and retail partners.The company is also advancing its "autonomous delivery platform," which has launched in a couple of markets to improve speed and delivery range.Finally, on the corporate and partnership fronts, analysts discussed DoorDash's expanded partnership with Lyft, while management highlighted that its suite of corporate solutions, "DoorDash for business," is off to a great start scaling catering and meal manager tools.

AppLovin Corporation reported its first quarter 2026 financial results, highlighted by revenue of $1.84 billion, which was up 59% year-over-year and 11% sequentially.The company achieved an adjusted EBITDA of $1.56 billion, up 66% year-over-year, representing an 85% margin.Free cash flow for the quarter was $1.29 billion.During the first quarter, the company repurchased and withheld 2.3 million shares for $1 billion.Management emphasized the strength of the core gaming business and a meaningful shift in how game studios approach monetization.Games that historically relied solely on in-app purchases are increasingly testing hybrid models to unlock incremental ad revenue.The consumer vertical is scaling rapidly alongside gaming, with April reaching a record month in advertiser spend that was higher than any peak month in the fourth quarter.A major strategic initiative is the opening of the Axon platform to the public in June, which will allow advertisers globally to sign up and run campaigns via self-serve access.AppLovin is also deploying AI-powered ad creative tools, including an interactive paid generator and a video generation tool currently in testing, to assist advertisers in generating high-performing ads.Furthermore, the company is building Axon to be natively accessible to AI agents used by advertisers to manage marketing spend.For the second quarter of 2026, AppLovin expects revenue to be between $1.915 billion and $1.945 billion.Adjusted EBITDA is expected to be between $1.615 billion and $1.645 billion, with an adjusted EBITDA margin of approximately 84% to 85%.Management noted that capital allocation priorities for the balance of the year remain unchanged, focusing on organic investment and returning capital through buybacks.

CVS Health Corporation reported first quarter 2026 financial results, with management noting the company generated "over $100 billion of revenue" for the quarter.For the first quarter, "adjusted operating income of approximately $5.2 billion" and an "adjusted EPS of $2.57" were reported.Segment performance for the first quarter included the Health Care Benefits segment generating "nearly $36 billion of revenue in the quarter," the Health Services segment generating "revenues of over $48 billion," and the Pharmacy and Consumer Wellness segment generating "revenues of nearly $32 billion". Management also stated that during the first quarter, the company "generated cash flow from operations of approximately $4.2 billion".Management highlighted a strategic transition, aiming to evolve "from a consumer-based health care company to a consumer-based health care technology company". This includes the upcoming launch of Health100, described by executives as "an AI native, state-of-the-art technology and service platform that allows for any payer, PBM, pharmacy or provider to seamlessly connect". In the Medicare Advantage business, leadership noted that the Final Rate Notice was "a step in the right direction" but "remains insufficient to offset underlying medical cost trends". The company also emphasized efforts to reduce friction, stating that Aetna has integrated technology to "approve more than 95% of the eligible prior authorizations within 24 hours".For full year 2026 forward guidance, CVS Health increased its adjusted earnings per share expectation to "a range of $7.30 to $7.50". The company now expects full year total revenues to be "at least $405 billion" and updated its outlook for full year cash flow from operations to "at least 9.5billion".

Occidental Petroleum Corporation generated approximately $1.7 billion of free cash flow before working capital in the first quarter of 2026.The company reported first quarter adjusted earnings of $1.06 per diluted share and reported earnings of $3.13 per diluted share.The company exited the first quarter with more than $3.8 billion of unrestricted cash, and principal debt was reported at $13.3 billion.First quarter production averaged 1.43 million BOE per day.Management announced a leadership succession plan, with Vicki Hollub retiring as President and CEO on June 1, and Richard Jackson succeeding her in the role.The company stated its near-term cash flow priority is to reduce principal debt to $10 billion.Executives also highlighted ongoing cost efficiencies, noting they are on track for an additional $500 million in oil and gas cost savings for the 2026 year across new wells, facility costs, operating costs, and transportation.The company provided updates on STRATOS, noting the construction of Phase 2 is now complete, while an issue related to non-process components was identified following Phase 1 commissioning.For forward guidance, Occidental adjusted the midpoint of full year production guidance to 1.44 million BOE per day and raised the midpoint of full year midstream guidance to $1.1 billion.The full year capital guidance range was maintained at $5.5 billion to $5.9 billion.

Restaurant Brands International Inc. reported first quarter 2026 comparable sales growth of 3.2 percent and system-wide sales growth of 6.2 percent.Chief Executive Officer Josh Kobza stated the company converted strong top line results into a 10.7% organic AOI growth and mid-teens EPS expansion.Chief Financial Officer Sami Siddiqui noted that the company generated nearly $200 million of free cash flow in Q1 and that Adjusted EPS increased to $0.86 per share this quarter from $0.75 last year.During the first quarter, the company returned approximately $315 million of capital to shareholders through dividends and share repurchases.Management highlighted business priorities and updates across its major brands.Burger King U.S. delivered 5.8 percent same-store sales growth, which Kobza attributed to elevating our core menu, connecting with families and kids and delivering consistent everyday value.Tim Hortons delivered 1.5 percent comparable sales growth in Canada, with cold beverages up 10 percent for the quarter.Popeyes saw a comparable sales decline of 6.5 percent, prompting a narrowed focus on bone-in chicken, tenders, and the chicken sandwich to improve execution.The International segment delivered 5.7 percent comparable sales growth, and the company completed its Burger King China joint venture agreement with CPE, which injected $350 million of primary capital into the business to fund development over the next 5 years.For the 2026 financial guidance, the company expects segment G&A, excluding restaurant holdings, of about $600 million to $620 million for the year.Siddiqui stated they expect net adjusted interest expense to stay approximately flat year-over-year in the $500 million to $520 million range.Full year 2026 CapEx and cash inducements are projected to be around $400 million.The company expects total Restaurant Holdings adjusted operating income of roughly $10 million to $20 million for the 2026 full year, reflecting the impact of Carrols restaurant refranchising and incremental investments in international start-up businesses.Notable product and partnership announcements included Burger King launching the Elevated Whopper and $3.99 King Junior Meals.Popeyes introduced the $5 Faves platform to rebuild an everyday value proposition.Tim Hortons brought back its Roll Up To Win initiative in February and announced a forthcoming loyalty partnership with Canadian Tire for the second half of the year.Additionally, Tim Hortons is rolling out fountain drink equipment across its system to enable operational efficiencies and new cold beverage innovations.

Pfizer Inc. reported first quarter 2026 "revenues were $14.5 billion", which represented an operational increase of 2 percent.For the first quarter, "reported diluted earnings per share was $0.47 and adjusted diluted earnings per share was $0.75". The company stated its "adjusted gross margin for the first quarter was approximately 76%" and its first quarter 2026 "adjusted operating margin was strong at 38%". Management also noted that "total adjusted operating expenses were $5.5 billion for the first quarter".Executives highlighted strategic progress, noting "2 significant legal developments that improved our growth profile post 2028". These included "settlement agreements resolving infringement of patent related to VYNDAMAX" and a "Belgium court ruling regarding COMIRNATY contracts with EU member countries". Management noted that "embedding the use of artificial intelligence across our company is a key strategic priority" to "compress time lines and improve vision making". Additionally, the company expects "$700 million in savings from our Phase I of our manufacturing optimization program this year".Pfizer reaffirmed its full year 2026 guidance, expecting "total company revenues in the range of $59.5 billion to $62.5 billion and adjusted diluted earnings per share in the range of $2.80 to $3 a share". The company stated its "launched and acquired products had a tremendous start to the year with 22% growth". Key product updates included "notable EV-304 study findings for PADCEV" in bladder cancer, "positive top line results" from the "Phase III MagnetisMM-5 study of ELREXFIO" in multiple myeloma, and plans to "advance 10 Phase III studies this year" in obesity therapies following the Metsera acquisition.

Cameco reported its first quarter 2026 results, noting that "results were consistent with our expectations and with the annual plan". The company reported "improved underlying performance compared to the first quarter of last year as reflected in higher adjusted EBITDA despite reporting a net loss driven by normal quarterly variability". Executives emphasized that "year-over-year improvements were driven largely by timing and improved uranium pricing".Operationally, Cameco reported that "our assets delivered solid performance in the first quarter". The company is preparing for an "extended third quarter shutdown planned at the Key Lake mill" to tie in new infrastructure designed to enhance supply flexibility.Additionally, Cameco recently surpassed "$5 billion in goods and services procured from indigenous and northern Saskatchewan contractors since the time we started tracking that spend in 2004". Management also highlighted an India contract that is "absolutely on commercial terms, market terms at time of delivery".Looking ahead, the "full year guidance for 2026 is unchanged". The company continues to expect "consolidated uranium production of between 19.5 million and 21.5 million pounds, fuel services production of between 13 million and 14 million kilograms and a return to full planned production levels at JV Inkai". Management noted that "at the moment, we do not anticipate the cost increases will have a material impact on our 2026 financial results".Cameco provided updates on strategic initiatives, including advancing Global Laser Enrichment on the basis of it being a "tails re-enrichment project". Management highlighted ongoing progress regarding a commitment for the U.S. government to finance, permit, license, and reach a final investment decision on a minimum "$80 billion spend on AP1000". Executives emphasized that "interest in AP1000 technology continues to build across multiple global jurisdictions".

Rhythm Pharmaceuticals reported "$60.1 million in global net revenues from sales of IMCIVREE" for the first quarter of 2026, which represents "5% sequential growth over Q4 2025." Gross to net for U.S. sales in Q1 was 84%, and cost of goods sold in this quarter was "11.9% of product revenue." The company reported a GAAP EPS for the first quarter of 2026 as a "net loss per basic and diluted share of $0.83" and ended the first quarter with "approximately $341 million in cash, cash equivalents and short-term investments."Management highlighted that the "U.S. commercial launch is off to a strong start," receiving "more than 150 start forms in the six weeks since approval." To support this, Rhythm expanded its commercial organization, "going from 16 sales reps for BBS to a total of 42 sales reps deployed across the country." Internationally, the "European Commission granted marketing authorization for IMCIVREE" for acquired hypothalamic obesity, and the PMDA in Japan "has accepted and is reviewing our NDA filing" for the same indication.The company maintained guidance of "approximately $385 million to $415 million in non-GAAP operating expenses in fiscal year 2026." This is comprised of non-GAAP R&D of "approximately $197 million to $213 million" and non-GAAP SG&A expenses of "approximately $188 million to $202 million." Rhythm noted it is "aggressively pursuing our life cycle management strategy," anticipating "sharing 718 data midyear" and targeting the Q2 earnings call to share "Part C results in HO." The company also has a goal of being in a position to "start the Phase III trial with bivamelagon in HO by the end of 2026."

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 80% and gross margin for Merchant Solutions coming in at 39%.Operating expenses were $1.2 billion for the first quarter or 37% of revenue.During the quarter, management noted that AI is now Shopify's native language and reported that the number of weekly active shops using Sidekick in Q1 was up 4x year-over-year.The company highlighted the Universal Commerce Protocol, or UCP, an open protocol co-developed with Google.Shopify announced that Amazon, Meta, Microsoft, Salesforce and Stripe all joined the council.Additional business highlights included B2B GMV growing 80% in Q1 and offline GMV up 33%.Regarding payment processing, Shopify Payments processed $67 billion of GMV, while Shop Pay processed $35 billion of GMV, up 59% year-over-year.For forward guidance, Shopify expects Q2 revenue growth in the high 20s year-over-year.The company stated "We expect our gross profit dollars to grow in the mid-20s". Management expects operating expenses in Q2 to be 35% to 36% of revenue.Additionally, for Q2, Shopify expects free cash flow margins in the mid-teens.

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 of tvScientific" which closed in Q1 to power "high-performing CTV campaigns". The company continues to push its "sales and go-to-market organization" changes, aimed at "broadening our revenue base" across "mid-market, enterprise, managed SMB and international advertisers".On the product side, Pinterest noted the continued adoption of its "Pinterest Performance+" campaigns and the expansion of "Canvas, our in-house AI image generation model". CEO Bill Ready also addressed their beta launch of "Pinterest Assistant", noting they are taking their time in "getting the product market fit right".For forward guidance, Pinterest expects Quarter 2 "Q2 revenue to be in the range of $1.133 billion to $1.153 billion" and Quarter 2 "adjusted EBITDA to be in the range of $256 million to $276 million". For the full Year 2026, the company continues to expect "full year 2026 margins to come in around 29%".

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 previously disclosed litigation settlement". "R&D expenses for the quarter were $649 million," and "SG&A expenses for the quarter were $173 million".During the quarter, Moderna noted the approval of mCOMBRIAX in the European Union, describing it as "the first flu plus COVID combo vaccine approved in the world". Management highlighted that "we now have 4 approved products". The company also "secured key regulatory approvals in the European Union, including mNEXSPIKE". Additionally, the company "delivered our first shipment under a strategic partnership in the United Kingdom". In oncology, management stated they "initiated a new Phase III clinical trial in non-small cell lung cancer for patients with Stage 1 disease".Looking ahead, management stated they expect "total revenue to grow up to 10% in 2026". For the second quarter, they "are expecting revenue of between $50 million and $100 million". The full year "cost of sales projection has increased from $0.9 billion to $1.8 billion". For the full year, "R&D expenses are still anticipated to be approximately $3 billion," and "SG&A expenses are still expected to be approximately $1 billion". The company stated "we expect to end 2026 with between $4.5 billion to $5 billion of cash and investments".

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 of revenue" and "$181 million of gross profit" for the quarter.Rivian ended the quarter with "approximately $4.8 billion of cash, cash equivalents and short-term investments".A major highlight of the quarter was the start of "saleable R2 production". CEO RJ Scaringe stated that R2 is "our first mass market vehicle" and expects the bill of materials to be "approximately half of our R1 platform". Rivian also discussed a new "strategic partnership with Uber to accelerate our shared autonomous vehicle goals" and noted that development of the "Rivian Autonomy Processor or RAP1" chip is on track.Furthermore, the company highlighted a partnership with the U.S. Department of Energy, featuring an "up to $4.5 billion DOE loan" to expand the initial capacity of its future Georgia plant to "300,000 units".Looking ahead to the full year 2026, Rivian maintained its guidance "to deliver between 62,000 and 67,000 total vehicles across R1, R2 and our commercial vans". The company expects second quarter 2026 deliveries of "approximately 9,000 to 11,000 vehicles". For the full year 2026, Rivian continues to expect an "adjusted EBITDA loss of between $2.1 billion to $1.8 billion" and "capital expenditures of $1.95 billion to $2.05 billion". Management believes 2026 is a "transition year for the Automotive segment's path towards long-term profitability" as they scale the R2.

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 Service, and operational efficiency.The "Airo AI Builder" has "rapidly scaled to $10 million plus in annualized bookings run rate" within weeks of its beta launch.Additionally, GoDaddy launched "Airo Care" across voice and chat, which improved resolution rates in non-English markets by "over 150%". The company also noted an "upgrade of Websites + Marketing" currently being tested in the domains funnel.Looking ahead, management provided guidance for the second quarter of 2026, targeting "total revenue of $1.285 billion to $1.305 billion". For the full year 2026, the company expects "total revenue to be within a range of $5.195 billion to $5.275 billion" and a "free cash flow target of approximately $1.8 billion". The company highlighted signing a "couple of partnerships over the last quarter with real-world use cases" for its Agent Name Service.

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 the quarter, the company saw varied performance across its business segments.The Fitness segment was a key driver, where "Revenue increased 42% to $547 million" for the first quarter, which management attributed to "higher unit volumes, resulting in meaningful market share gains". The Aviation segment saw "revenue increased 18% to $264 million" for the first quarter, and the Marine segment reported "Revenue increased 11% to $355 million" for the first quarter.The Auto OEM segment reported that "Revenue increased 1% to $170 million" for the first quarter, while Outdoor "Revenue decreased 5% to $418 million" for the first quarter.Management provided updates on forward guidance, stating they are "maintaining the guidance issued in February". For specific segments, they expect "second quarter outdoor performance to be similar to that of Q1" and that "auto OEM revenue to decrease in 2026". They also reaffirmed their expectation that "the Fitness segment will be the strongest contributor to 2026 consolidated growth".The quarter included several notable product and partnership updates. In the Aviation segment, "Daher unveiled their new TBM 980 single-engine turboprop aircraft featuring our G3000 Prime avionics suite" and the "HondaJet Elite II was certified by the FAA, becoming the first twin turbine business jet with Garmin Emergency Autoland technology". In the Auto OEM segment, management noted they "continue to achieve important milestones leading up to the launch of our next large scale program with Mercedes-Benz, which we anticipate will drive significant growth starting in 2027 and beyond".TWEET GRMN reported Q1 2026 Earnings todayRevenue: $1.753 billion for the first quarter EPS: $2.08 for the first quarterMomentum: "meaningful market share gains" and "broad-based growth across multiple product categories"Bull case: "record first quarter operating income of $432 million" Bear case: "unfavorable impact on tariffs this Q1 versus last year"Listen to an informative and funny Garmin debate: [LINK]

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 margin." The company also generated a record $2.6 billion in free cash flow for the quarter, and diluted earnings per share was $1.37.Chair and CEO Lisa Su emphasized that "Data center is now the primary driver of our revenue and earnings growth" with data center revenue increasing 57% year-over-year to a record $5.8 billion for the quarter.She highlighted that "Inferencing and agentic AI are increasing the need for server CPU compute" and noted the company now expects the server CPU total addressable market to grow at greater than 35% annually, reaching over $120 billion by 2030.The client segment also grew, with first quarter revenue up 26% year-over-year to $2.9 billion.Management announced an "expanded strategic partnership with Meta to deploy up to 6 gigawatts of AMD Instinct GPUs spanning several product generations." This agreement includes a custom GPU accelerator based on the MI450 architecture.Lisa Su stated the company has "begun sampling MI450 series GPUs to lead customers and remain on track to ramp Helios production shipments in the second half of the year." Additionally, the company is preparing for its sixth-gen EPYC Venice processor, which remains on track to launch later this year.Providing forward guidance for the second quarter of 2026, Jean Hu stated, "We expect revenue to be approximately $11.2 billion, plus or minus $300 million." The company expects server CPU revenue to grow by more than 70% year-over-year in the second quarter.Furthermore, the company guided second quarter non-GAAP gross margin to be approximately 56% and non-GAAP operating expenses to be approximately $3.3 billion.

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%. GAAP net income for the first quarter was $871 million.First quarter adjusted free cash flow was $925 million.Management highlighted the accelerating demand for the Artificial Intelligence Platform, or AIP, with Chief Revenue Officer Ryan Taylor stating, "AIP is the only platform that establishes a true AI no-stop zone, a necessary requisite to converting potential AI leverage into compounding real-world value without risking enterprise disaster." The U.S. commercial business experienced 133% year-over-year growth in the first quarter, reaching $595 million in revenue, while the U.S. government business grew 84% year-over-year to $687 million.The company noted that AIP workflows utilize vastly more tokens and that the ontology serves as the intermediary representation to prevent economic harm.The company highlighted several customer deployments, noting that AIG is deploying AIP to implement a multi-agentic underwriting and claims solution coordinated through the ontology.Palantir is also working with Motor and Freedom Mortgage to revamp the end-to-end mortgage process with AIP. Additionally, GE Aerospace deepened their partnership to deploy agentic AI-powered solutions, and the USDA awarded Palantir a contract of up to $300 million to support American farmers and enhance supply chain resilience.For the second quarter of 2026, Palantir expects revenue between $1.797 billion and $1.801 billion, with adjusted income from operations between $1.063 billion and $1.067 billion.For the full year 2026, management raised revenue guidance to between $7.650 billion and $7.662 billion.The company also raised full year 2026 adjusted income from operations guidance to between $4.440 billion and $4.452 billion, and full year adjusted free cash flow guidance to between $4.2 billion and $4.4 billion.

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 and generated $5.6 billion in sales in the first quarter.First quarter sales included $876 million for Repatha, $562 million for EVENITY, and $490 million for TEPEZZA.Management highlighted the initiation of two new Phase III studies for MariTide to evaluate maintenance for durable weight loss, and another study that will "evaluate switching from weekly injectable GLP-1 therapies to MariTide". The company noted the application of artificial intelligence across the enterprise, including leveraging AI models that have accelerated antibody lead optimization by 50% and reduced production line clearance time at a manufacturing site "from approximately 30 minutes to about 2 minutes per batch run". Amgen also disclosed that it decided to "discontinue development of AMG 193" following a comprehensive review.Additionally, the company received a draft notice of proposed adjustment from the IRS for 2016 to 2018 asserting significant adjustments.For the full year 2026, Amgen expects total revenues in the range of $37.1 billion to $38.5 billion and non-GAAP earnings per share to be between $21.70 and $23.10.The company expects 2026 capital expenditures of approximately $2.6 billion to scale manufacturing capacity.Management anticipates non-GAAP other income and expense to be in the range of $2.2 billion to $2.3 billion of expense for the year, and expects a non-GAAP tax rate in the range of 15.0% to 16.5%.The company continues to expect the full year non-GAAP operating margin as a percentage of product sales to be "roughly 45% to 46%" and expects share repurchases not to exceed $3 billion for the year.

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 adjusted gross margin was 56.9 percent, which was down 90 basis points from the prior year.Management reported an adjusted diluted earnings per share of $2.99 for the quarter.During the quarter, the company experienced a "better-than-expected first quarter fueled by broad consumer relevance for both of our brands". Growth was led by the direct-to-consumer channel globally, with Crocs brand direct-to-consumer up 11 percent despite pulling back on promotional activity, and HEYDUDE direct-to-consumer up 8 percent despite lower performance marketing spend.Executives noted "best-in-class inventory management with total footwear units down high single digits" and enterprise inventory turns above their goal of 4x.Regionally, international revenue for the Crocs brand was up 7 percent on a reported basis, and the company completed the conversion of its Malaysia distributor business to directly owned and operated stores.Product innovation and brand collaborations were prominent throughout the first quarter.For the Crocs brand, management noted that consumers "responded positively to product newness across all categories," highlighting strength in the Echo, Crocband, and Crafted franchises.The company introduced new silhouettes like the classic Vale flat and launched successful partnerships, including a "multiyear global partnership with the LEGO brand" and a Love Shack Fancy collaboration that sold out completely.The HEYDUDE brand expanded its sandal and work offerings, while releasing collaborations with the Houston Rodeo, Chevy, and Jelly Roll.Management provided financial guidance for the second quarter and the full year of 2026.For the full year, enterprise revenue growth is expected "to be up 1% to down 1%" on a reported basis.Full year adjusted diluted earnings per share are projected to be in the range of $13.20 to $13.75.For the second quarter, executives expect revenues to be down slightly, with an expected adjusted operating margin of approximately 24.7 percent and adjusted diluted earnings per share in the range of $4.15 to $4.35.

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 quarter, and free cash flow was $251 million for the first quarter.Management highlighted the placement of over 80 NovaSeq X instruments in the first quarter, noting they were "supply constrained on the number of NovaSeq X units that were placed as the demand continues to remain very robust". Clinical sequencing consumable demand grew 20 percent excluding China for the second consecutive quarter.Illumina closed the acquisition of SomaLogic on January 30 for a net cash payment of $363 million. In product developments, the company launched TruPath, which enables whole-genome sequencing with deeper insight while eliminating traditional library prep, reducing hands-on time to about 10 minutes.They also introduced an 18-month road map for NovaSeq X, including new 14B and 35B flow cells.For full year 2026 guidance, the company raised its reported revenue expectation to a range of $4.52 billion to $4.62 billion, representing a $20 million increase from prior guidance.Illumina now expects full year 2026 non-GAAP diluted EPS of $5.15 to $5.30.For the second quarter of 2026, the company expects reported revenue of $1.12 billion to $1.14 billion and non-GAAP EPS of $1.20 to $1.25.Management noted they are taking several mitigating actions to fully offset the impact of near-term inflationary pressures related to freight costs and higher costs of electronic components during the year.

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.Operating income was $264.4 million or 22.2% of revenue in the first quarter of 2026.Net income for the first quarter was $216.3 million or $0.56 per share.The company closed the quarter with approximately $2.4 billion of cash and cash equivalents.Management highlighted strong demand for DexCom CGM globally, benefiting from broader access, new product launches, and continued active base growth. A key business update included the expansion of the DexCom G7 15-day system across all U.S. channels, featuring a new sensor algorithm and extended wear time.The company noted strong first quarter share gains in the U.S. type 2 diabetes category, primarily from people with type 2 diabetes who are not on insulin.Management announced a new reimbursement win, noting that Prime Therapeutics will begin covering DexCom CGM for all people with diabetes this summer, which puts the company on track to have commercial coverage for more than 7 million type 2 non-insulin lives by the end of the year.The company shared notable product updates, including a complete redesign of the Stelo app to offer more AI-driven personalized insights and additional food logging capabilities.DexCom is also expanding access within its pilot for the DexCom smart Basal feature.For full year forward guidance, DexCom reaffirmed its prior revenue guidance of $5.16 billion to $5.25 billion.The company reiterated its previous full year non-GAAP gross profit margin guidance of 63% to 64%, while increasing its non-GAAP operating profit margin guidance to 23% to 23.5% and its adjusted EBITDA margin guidance to 31% to 31.5% for the year.

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.Management highlighted strong momentum with U.S. production over 2 million barrels of oil equivalent per day, Gorgon and Wheatstone LNG running at full rates, and TCO producing above 1 million barrels of oil equivalent per day.First quarter 2026 oil equivalent production increased by approximately 500,000 barrels per day compared to the first quarter of 2025. In Venezuela, Chevron announced an asset swap with PDVSA, expanding its continuous acreage position with Petro Independencia and increasing its equity stake to 49%.Chevron confirmed that its 2026 guidance is unchanged.The company maintained its capital spending budget of $18 billion to $19 billion for the year and expects 7% to 10% production growth this year.Chevron is on track to deliver a $3 billion to $4 billion structural cost reduction target by year end.Management also noted that the buyback range is staying within $2.5 billion to $3 billion.Additionally, Chevron confirmed it is in exclusive discussions with Microsoft regarding a power project in West Texas, advancing the project by submitting an air permit, securing turbines, and selecting an EPC.

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 profit for Power and Energy was $1.5 billion, Construction Industries was $1.5 billion, and Resource Industries was $378 million.During the quarter, the company's backlog grew to a record level of $63 billion.Caterpillar announced an increase to its large reciprocating engine capacity from 2x 2024 levels to nearly 3x 2024 levels, with the additional investment primarily occurring from 2027 through 2029.The company completed the acquisition of RPMGlobal in February to bring a leader in mining software technology into its portfolio.The company also announced that Kyle Epley will succeed Andrew Bonfield as CFO.Looking ahead, management stated, "We now anticipate low double-digit growth for full year 2026 sales and revenues". For the full year, the adjusted operating profit margin is estimated to remain near the bottom of the target range.The company anticipates full year 2026 tariff costs in the range of $2.2 billion to $2.4 billion and expects restructuring costs of approximately $300 million to $350 million in 2026.For the second quarter, the company anticipates another quarter of strong sales growth versus the prior year.In product announcements, Caterpillar launched CAT compact, which is designed for small contractors and growing businesses.The company also announced an opportunity to provide up to 2.1 gigawatts of large gas generator sets for prime power generation in support of data center, oil and gas, and industrial applications.