Total revenue in Q1 was $2.542 billion, a growth of 13%.

The company reported non-GAAP operating income for the first quarter was $809 million, representing a non-GAAP operating margin of 31.8%.

Free cash flow for the quarter was $616 million, growth of 46%.

The 12-month subscription revenue backlog, or cRPO, was $8.81 billion at the end of Q1, growing 15.5%.

Chief Executive Officer Aneel Bhusri highlighted that Q1 was the best first quarter of new ACV growth in 5 years.

Management emphasized three simplified priorities to build and deliver the AI future, grow with our customers, and live our values.

The company noted new ACV from Agentic AI products grew more than 200% year-over-year in Q1. Workday also highlighted its Flex Credits pricing model, which unifies AI monetization across agents, AI APIs and data cloud.

Looking ahead, Workday reiterated its FY 27 subscription revenue outlook of $9.925 billion to $9.950 billion, representing a growth of 12% to 13%.

The company increased its FY 27 non-GAAP operating margin guidance to 30.5%.

Workday maintained its FY 27 free cash flow outlook of $3.180 billion, growth of 15%.

For Q2 FY 27, management expects subscription revenue to be approximately $2.455 billion, a growth of 13%, and a Q2 non-GAAP operating margin of approximately 30%.In product announcements, Workday launched Sana Travel Agent to bring business travel planning, booking and expenses into a single conversational experience.

The company also announced Sana for ITSM to automate workflows for employee on and offboarding, access changes and everyday IT requests.

Furthermore, management noted that Workday recognition powered by Achievers is live, and the company expanded its Workday Wellness program with Morgan Stanley at Work and PerkSpot.

The enterprise segment saw revenue growing 7.2% year-over-year, representing 61% of total Q1 revenue.

Non-GAAP income from operations grew 9% year-over-year to $509 million, which yielded a non-GAAP operating margin of 41.1% for Q1. Non-GAAP diluted net income per share in Q1 increased to $1.55, and the company generated $500 million in Q1 free cash flow.

Additionally, the company announced that its Board authorized an incremental $1 billion share repurchase.

Management outlined three primary priorities: elevating workplace with AI, driving growth in new AI revenue streams, and scaling AI-first customer experience.

The company highlighted its shift toward becoming a system of action, noting the appointment of Russell Dicker as Chief Product Officer to help drive the AI-first roadmap. In product news, AI Companion usage scaled with paid monthly active users growing 184% year-over-year.

The new My Notes product surpassed 1.5 million monthly active users, excluding trial users, just four months after launch.

The company also detailed customer wins with organizations like Chelsea FC and Caliber Collision adopting Zoom Phone and Zoom Contact Center solutions.

For the second quarter, Zoom expects revenue to be in the range of $1.265 billion to $1.27 billion and non-GAAP operating income to be in the range of $508 million to $513 million.

The outlook for Q2 non-GAAP earnings per share is $1.45 to $1.47.

For the full fiscal year 2027, the company raised its guidance, expecting revenue in the range of $5.08 billion to $5.09 billion and non-GAAP operating income in the range of $2.065 billion to $2.075 billion.

Full year non-GAAP earnings per share guidance was increased to $5.96 to $6, and free cash flows for the full fiscal year 2027 are expected to be in the range of $1.7 billion to $1.74 billion.

Executives stated that the results reflected a "strong diversified portfolio of businesses" and noted that "we are delivering double-digit margins across all segments". Regarding the agricultural market, management stated their "baseline view remains that 2026 will represent the bottom of the ag cycle". The company also detailed progress on managing equipment levels, noting that new "Inventories for both high horsepower tractors and combines are down more than 50% from their mid-2024 peak". During the quarter, the company "returned $635 million to shareholders through a combination of share repurchases and dividends".For fiscal year 2026, management stated that "our net income forecast remains unchanged between $4.5 billion and $5 billion". The guidance for full year cash flow from the equipment operations "remains projected between $4.5 billion and $5.5 billion". By segment for the full year, net sales for Production and Precision Ag are forecast to be "down between 5% to 10%", Small ag and turf net sales are expected to be "up approximately 15%", and Construction & Forestry net sales are "now forecasted to be up approximately 20%".The company highlighted continued investment in domestic manufacturing, noting they "recently started building Deere-designed excavators in Kernersville, North Carolina following a $70 million expansion investment". In agricultural technology, management discussed progress with their "partnership with Starlink for satellite-based connectivity", noting they have "sold more than 12,500 JDLink Boost kits". The company also highlighted new offerings including "burrow optimization through our exact depth solution" and "FurrowVision technology", as well as advancements in "See & Spray Green on Green" capabilities.

Management highlighted momentum in its growth engines, noting that assisted tax, its money portfolio, and the mid-market all grew north of 30%.

The company faced headwinds with the most price-sensitive segment of DIY tax filers earning less than $50,000 a year, prompting a shift in its business model to better serve simple filers and monetize beyond tax using its broader consumer platform.

Intuit also announced a decision to reduce its full-time workforce by 17% to simplify its organizational structure and become a faster, leaner, and more focused company.

During the quarter, the company launched QuickBooks Free and QuickBooks Light to provide a low-friction entry point for early-stage businesses.

Looking ahead to August, Intuit is launching a sweeping expansion and a new lineup of its AI-driven expert platform, which will introduce a consumption-based pricing model for its AI and human intelligence services.

Intuit raised its total company guidance for revenue and all non-GAAP metrics for the full fiscal year.

Full-year fiscal 2026 guidance includes total company revenue of $21.341 billion to $21.374 billion, representing growth of 13% to 14%.

For the fourth quarter of fiscal 2026, guidance includes total company revenue growth of 11% to 12%, GAAP earnings per share for the quarter of $0.73 to $0.79, and non-GAAP earnings per share of $3.56 to $3.62.

The company generated GAAP diluted earnings per share of $2.90 and adjusted diluted earnings per share of $3.03 for the quarter.

Gross margin for the first quarter was 32.7%, and the adjusted operating margin rate was 11.5%.

Additionally, the company generated $2.8 billion in free cash flow in the first quarter.

Management highlighted that positive comparable sales for the quarter were driven by strong execution during the spring season and the SpringFest event, despite winter storms in February.

The company continues to advance its Total Home strategy, achieving 15.5% sales growth online and maintaining momentum in the Pro and Home Services segments.

Management also discussed perpetual productivity improvement initiatives, leveraging AI tools like the Mylow shopping assistant and Mylow companion for associates to drive productivity and enhance the customer experience.

During the quarter, Lowe's launched HomeCare+, a subscription service offering routine home maintenance tasks exclusively for MyLowe's Rewards members.

The company also rolled out an AI-enabled tool for materials lists that converts formats like photos or handwritten notes into actionable quotes for Pro customers.

Other highlights included offering free same-day delivery for purchases over $25 for loyalty members, an upcoming limited edition Messi inflatable as part of a partnership with Lionel Messi, and a $250 million investment by the Lowes Foundation to train skilled tradespeople.

For the full fiscal year 2026, Lowe's affirmed its outlook, expecting sales in the range of $92 billion to $94 billion and comparable sales in a range of flat to up 2%.

Management anticipates a full year adjusted operating margin in a range of 11.6% to 11.8% and full year adjusted diluted earnings per share of approximately $12.25 to $12.75.

Capital expenditures are expected to be up to $2.5 billion for the year.

Data center revenue of $75 billion was up 92% year-over-year and 21% sequentially.

The company generated record free cash flow of $49 billion for the first quarter, up from $35 billion in Q4. GAAP gross margin was 74.9% and non-GAAP gross margin was 75%.

The company also returned a record $20 billion to shareholders and announced an $80 billion share repurchase authorization.

Management introduced a new reporting framework comprising data center and edge computing market platforms to better reflect growth drivers.

The data center segment now reports hyperscale and ACIE, which stands for AI clouds, industrial, and enterprise.

Executive leadership emphasized that the build-out of AI factories is accelerating, driven by the transition to GPU-based computing and the rising adoption of agentic AI. The company highlighted that its Vera CPU opens a brand-new 200 billion TAM for NVIDIA, representing a market they have never addressed before.

The company announced several deepening partnerships and product deployments, including expanding Anthropic's compute capacity. AWS will add more than 1 million Blackwell and Rubin GPUs starting this year. In edge computing, a partnership with Uber will power a Robotaxi fleet across nearly 30 cities and 4 continents by 2028.

Management confirmed they are on track to commence production shipments of Vera Rubin in the second half of the year, starting in Q3.For the second quarter, NVIDIA expects total revenue to be $91 billion, plus or minus 2%, driven primarily by the data center segment. GAAP and non-GAAP gross margins for the second quarter are expected to be 74.9% and 75%, respectively, plus or minus 50 basis points.

For the full year 2027, the company expects GAAP and non-GAAP tax rates to be between 16% and 18%.

Management also stated they have full confidence in the $1 trillion in Blackwell and Rubin revenue they foresee from 2025 through calendar 2027.

First quarter gross margin rate was 29%, and the first quarter operating margin rate was 4.5%.

First-party digital sales grew nearly 9%, led by growth in same-day delivery of more than 27%. On the Target Plus third-party digital sales platform, the company saw nearly 60% growth in first quarter GMV.Management highlighted investments in its "Food Forward strategy" and a multiyear reinvention in its home categories. In the first quarter, the company opened seven new stores, including its 2,000th location, and has over 100 remodels underway this year. To support its "stores as hub fulfillment model," Target invested in upstream facilities, opening a new receive center in Houston and a new food distribution center in Colorado.

Management is also investing hundreds of millions of dollars in payroll and training for store team members.

Target reported strong engagement from exclusive first quarter drops and partnerships with Parke, Roller Rabbit, Pokemon, and a K-Pop-BTS launch.

The company is also preparing for the fall launch of a "Target beauty studio" in more than 600 stores and is testing a new baby concierge service in 200 stores.

For its forward guidance, management stated they are "planning for a net sales increase in a range centered around 4%" for the full year.

Target previously provided a full year "EPS range of $750 million to $850 million" and is now "expecting to end the year near the high end of that range." The company also continues to expect about $5 billion of capital expenditures for the full year.

Same-restaurant sales increased 9.7%, driven by traffic growth of 6.8%.

The company reported net income of $23.6 million for the first quarter and diluted EPS of $0.20.

Adjusted EBITDA for the quarter was $61.7 million, a 37.6% increase over the prior year period. CAVA restaurant level profit was $108.9 million, or 25.1% of revenue.

The company opened 20 net new restaurants during the quarter, ending the period with 459 total locations.

Key strategic updates included the launch of Cavacor, a modern data platform, and Cava current, a modular real-time commerce platform designed to integrate AI into operations.

Management also highlighted the expansion of the Assistant General Manager position through the Flavor Your Future initiative, which is now in place in over 50% of restaurants to support leadership development and operational integrity.

Culinary innovation was marked by the nationwide launch of Pomegranate salmon, the company's first seafood offering, and the seasonal return of roasted white sweet potato.

For the full year 2026, CAVA raised its guidance to expect 75 to 77 net new restaurant openings and same-restaurant sales growth of 4.5% to 6.5%.

Management projects full year adjusted EBITDA between $181 million and $191 million and common restaurant level profit margin between 23.7% and 24.3%.

Total company comparable sales for the first quarter increased 0.6% and U.S. comparable sales increased 0.4%.

Diluted earnings per share for the first quarter were $3.30, and adjusted diluted earnings per share were $3.43.

The company reported a gross margin of 33% for the first quarter, which was a decrease of approximately 75 basis points from the first quarter of last year.

Operating margin for the first quarter was 11.9%.

Management stated they remain focused on their strategy of driving our core and culture delivering a frictionless interconnected experience and winning the Pro.

The company announced the completed acquisition of Mingledorffs, a wholesale distributor of heating, ventilation and air conditioning equipment. To improve customer service, the company has transitioned over 1,000 stores to distinct merchandising execution teams.

Digital initiatives include an AI-powered material list builder and a project management tool within the Pro digital workspace that allows for real-time delivery tracking and purchase history viewing.

The company reaffirmed its fiscal 2026 guidance, expecting total sales growth of between approximately 2.5% and 4.5% and comparable sales growth to range between flat to 2% growth.

For the full fiscal year, the company expects adjusted diluted earnings per share to increase approximately flat to 4%.

The Home Depot plans to open approximately 15 new stores and 40 to 50 new SRS locations during the fiscal year.

Executives noted that underlying demand in the first quarter was relatively similar to fiscal 2025 despite consumer uncertainty and housing affordability pressure.

Revenue from Baidu General business was RMB 26.0 billion, and revenue from Baidu Core AI-powered business exceeded RMB 13 billion for the quarter.

Operating income was RMB 3.2 billion with an operating margin of 10 percent, while non-GAAP operating income was RMB 3.8 billion with a non-GAAP operating margin of 12 percent.

Net income attributable to Baidu was RMB 3.4 billion, and diluted earnings per ADS was RMB 8.76 for the quarter.

Operating cash flow for Baidu was positive at RMB 2.7 billion in Q1. Total cash and investments were RMB 279.3 billion as of March 31, 2026.

Management highlighted that the core AI-powered business accounted for more than half of Baidu General business revenue for the first time.

Driven by strong enterprise demand for AI infrastructure, the company is actively expanding capacity and improving resource efficiency.

Executives noted that GPU cloud structurally carries higher margin profiles than traditional CPU cloud.

Operationally, Baidu is driving cost optimization across the organization, deploying AI extensively to improve internal productivity, and continuously improving server utilization rates.

Furthermore, the Apollo Go autonomous driving unit has achieved unit economics breakeven in its largest operational city in China.

Notable product announcements included Apollo Go delivering 3.2 million fully driverless operations in Q1. The company launched ERNIE 5.1, an overseas digital human platform supporting 24 languages, Miaoda 3.0 with an enterprise version and mobile app, and Famou agent 2.0. In partnership developments, Apollo Go vehicles arrived in London in preparation for testing with Uber and Lyft, and the company partnered on a rental model using fully driverless vehicles stationed at an airport in Hainan.

For forward guidance, management expects higher-margin, faster-growing businesses to contribute not only to revenue growth but also to margin expansion over time, providing multiple drivers for sustainable profit improvement.

Management stated that the medium to long-term margin trajectory is compelling and sustainable.

Regarding international expansion, management noted that as the company expands globally, the pricing environment becomes much more attractive, and overseas operations have the potential to deliver much stronger profitability as they continue to ramp up.

The gross profit line "closed at $1.88 billion in the quarter", and net interest income reached a "record $3.25 billion in the quarter".Management noted the "customer base now stands above 135 million customers", including surpassing "115 million customers" in Brazil and crossing "15 million customers" in Mexico.

The company emphasized its "AI transformation is a core priority of Nu", highlighting that "nuFormer, our set of proprietary foundation models, are in production today for credit card decisioning in Brazil and Mexico and for unsecured lending in Brazil". Executives stated their strategy involves "deepening Brazil from a position of leadership, scaling Mexico and Colombia through their inflection points and making AI compound through every layer of the company, including investing further in our internationalization plans".For forward guidance, the company stated "we expect our consolidated efficiency ratio for the full year of 2026 to land at approximately 20%". Regarding expansion, management announced they are "expanding our model to the U.S. deliberately and at a measured pace". The company projected that "the maximum OpEx headwind we expect from U.S. investment in each of 2026 and 2027 is less than 100 basis points on our consolidated efficiency ratio". Finally, the company expects its "IFRS ETR for the remainder of 2026 to converge towards the 15% to 20% range".

This represented a "growth of 8% on a reported basis" and 14% in constant currency.

The adjusted gross profit margin for the quarter was 54.6%.

Management reported "Adjusted EBITDA in the second quarter of EUR 198 million" with an adjusted EBITDA margin of 32.1%.

Adjusted net profit for the quarter was EUR 93 million, and adjusted EPS was EUR 0.50.

Executives highlighted the resilience of the business despite disruptions in the Middle East, U.S. tariff increases, and high inflation.

Chief Executive Officer Oliver Reichert stated that "Closed-toe penetration was up 300 basis points, driven by strong growth in clogs". Within the direct-to-consumer segment, owned retail grew over 60% in constant currency.

The company opened five new owned retail doors during the quarter, bringing its global total to 111.

Regionally, Asia-Pacific grew 30% in constant currency, and the Americas segment grew 14% in constant currency.

For the full fiscal year 2026, the company reiterated its guidance of 13% to 15% constant currency revenue growth, projecting reported revenue of EUR 2.3 billion to EUR 2.35 billion.

The outlook includes an expected adjusted gross margin of 57% to 57.5% and "adjusted EBITDA of at least EUR 700 million for the year". Adjusted EPS for the year is expected to be EUR 1.90 to EUR 2.05.

Product discussions highlighted that 11 out of the top 20 styles are closed-toe, featuring clogs like the Boston, Naples, Tokyo, and Buckley, alongside traditional shoes such as the London and Highwood.

Management announced "total revenue was RMB 196.5 billion, up 9% year-on-year". During the first quarter, "Gross profit was RMB 111.3 billion, up 11% year-on-year" and "Overall gross margin was 57%, up 1 percentage point year-on-year". Executives highlighted that "Free cash flow was RMB 56.7 billion, up 20% year-on-year". On a reported basis for the quarter, "Operating profit was RMB 67.4 billion, up 17% year-on-year" and "Net profit attributable to equity holders was RMB 67.9 billion, up 11% year-on-year".Discussing strategic priorities, the company emphasized its progress in artificial intelligence.

Management stated "we start 2026 by making significant initial progress on our new AI products so as continue to utilize AI to grow our existing core business". The company noted that "In April, we launched Hunyuan 3 Preview" which has "already become a leading reasoning model in China". Executives also highlighted their focus on productivity tools, stating "it has become increasingly evident that agent AI represents a breakthrough use case" and "Tencent has established an early lead in agent AI deployment evidenced by the leading DAU of our product, WorkBuddy".Providing forward guidance, management addressed infrastructure investments and capital returns.

The company guided that "you should expect a substantial increase in CapEx, especially in the second half of this year as more China designed ASICs become available to us month by month through the year". Regarding capital allocation, executives confirmed "we're accelerating the process of liquidizing some of that investment portfolio and that will enable us to sustain buybacks going through the rest of this year".The company shared several product updates across its divisions. In domestic games, "Honor of Kings and Peacekeeper Elite achieved record highs in gross received during the first quarter of 2026". The newly released game Roko Kingdom World achieved "over 13 million average DAUs" in its first month since launch. In the enterprise segment, "Tencent Cloud's international business grew its revenue over 40% year-on-year". Additionally, in digital content, management noted "we cemented our leadership in animated content with 8 of our self-commissioned series ranking among the top 10 across all video platforms in China during the quarter".

For the quarter, the company reported that "Operating cash flow was an inflow of RMB 9.4 billion" and "Free cash flow was an outflow of RMB 17.3 billion".During the quarter, Alibaba emphasized its two strategic priorities of AI plus Cloud and consumption.

The Cloud Intelligence Group saw revenue from external customers accelerate to grow 40 percent.

Management highlighted that AI-related products continued to lead this momentum, noting, "We delivered our 11th consecutive quarter of triple-digit growth in AI revenue". This AI revenue now accounts for 30 percent of external cloud revenue.

Additionally, the company reported exponential growth in its model and application services, and noted that T-Head proprietary GPU chips have achieved scaled MaaS production.On the consumption front, revenue from the China E-commerce Group was RMB 122 billion for the quarter.

The company stated that "Revenue from our quick commerce business increased 57% to RMB 20 billion". Management noted that the quick commerce business further improved its unit economics and increased the average order value quarter-over-quarter.

Additionally, the Qwen app fully integrated Taobao and Tmall commerce service capabilities during the quarter, positioning it as an all-in-one personal assistant.

Looking forward, management provided guidance for its AI model and application services, expecting annualized recurring revenue to surpass RMB 10 billion in the June quarter and RMB 30 billion by year-end.

For the quick commerce segment, management stated they are confident that unit economics will turn positive by the end of fiscal year 27.

Furthermore, the Board of Directors approved an annual dividend of USD 1.05 per ADS.

Distributable earnings before realizations for the quarter were $1.4 billion or $0.59 per share, representing a 7% increase over the prior year quarter.

The Asset Management business generated $765 million of distributable earnings or $0.32 per share for the quarter, while the Wealth Solutions business delivered distributable earnings of $430 million or $0.18 per share in the quarter.

The operating businesses delivered distributable earnings of $360 million or $0.15 per share for the quarter.

Management noted the company raised $67 billion of capital so far this year, including $21 billion during the quarter.

Executives discussed ongoing themes of digitalization, decarbonization, and deglobalization driving demand for new infrastructure.

Management noted that replacement costs have risen significantly across core real estate markets, making new supply very difficult to deliver, and indicated that the Super Core portfolio generated 2% same-store net operating income growth in the quarter. A corporate simplification initiative was highlighted, with management working toward combining the corporation and the Wealth Solutions business to create a fully integrated insurance and investment organization.

Management intends to seek shareholder approvals for this combination at Annual General Meetings scheduled on July 16.

Management highlighted the recent close of the acquisition of Just Group on April 1, a pension risk transfer platform in the United Kingdom, which increased total insurance assets by $40 billion and was acquired at an attractive going-in return of approximately 10% to 12% on $1 billion of invested capital.

Forward guidance indicated that management expects to write circa $25 billion of new policies across all retail and institutional annuity channels in 2026.

Management also confirmed the Board of Directors declared a quarterly dividend of $0.07 per share payable at the end of June to shareholders of record at the close of business on June 15, 2026.

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.

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.

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".

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.

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.

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."

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.

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".

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%".

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.

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".

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.

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.

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.

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."

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

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.

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]

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.

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".

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.

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".

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.

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.

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.

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.

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".

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%".

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.

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.

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".

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.

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.

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.

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".

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."

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.

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%".

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".

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.

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.

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]

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.

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.

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.

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.

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.

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.

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.

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.

The company noted it "reported a loss of $1.28 per share. which includes a negative impact of $3.62 per share from the onetime charge related to Cidara". For the quarter, "Operating expenses increased to $15.2 billion, including a $9 billion onetime charge related to the acquisition of Cidara Therapeutics".Management highlighted several key business updates, noting "the transformation of our portfolio to a far more diversified set of commercial drivers is now well underway". The company is currently seeing "initial launches of over 20 new products". In terms of strategy, the company announced a "multiyear partnership with Google Cloud to scale advanced AI, data and agentic capabilities" and highlighted its "proposed acquisition of Terns Pharmaceutical" to advance "TERN-701".Regarding product announcements and performance for the quarter, "sales of the KEYTRUDA family of products which includes KEYTRUDA and KEYTRUDA QLEX, increased 8% to $8 billion". "WINREVAIR continues to have a positive impact on patients with pulmonary arterial hypertension.

Global sales were $525 million" for the quarter. "GARDASIL sales were $1.1 billion" for the quarter.

The company also announced that "the FDA approved IDVYNSO as a new treatment option for adults with virologically suppressed HIV-1".For full year 2026 forward guidance, management stated, "We now expect revenue to be between $65.8 billion and $67 billion". For the full year, "We expect EPS of $5.04 to $5.16". Furthermore, "Our gross margin assumption remains approximately 82%" and "Operating expenses are assumed to be between $36 billion and $36.8 billion".

For the first quarter, Gross margin as a percentage of revenue was 82.6%.

The company reported non-GAAP earnings per share was $8.55 including acquire R&D charges of $0.52 for the quarter.

During the first quarter, the company distributed $1.5 billion in dividends and executed $2.4 billion in share repurchases.

Executives highlighted momentum across all therapeutic areas, particularly in cardiometabolic health and obesity.

The company launched a new oral GLP-1 therapy, Foundayo, in the U.S. for weight management, noting it is broadly available on more than 12 major telehealth platforms and via the new Lilly Employer Connect platform.

Management emphasized their focus on patient activation and expanding HCP engagement to support this rollout and drive additional share of market.

Management provided updated expectations for 2026 financial guidance.

They increased the top and the bottom end of the revenue range by $2 billion, and now expect full year revenue to be between $82 million and $85 billion.

The company expects non-GAAP performance margin to be between 47% and 48.5% for the year.

Furthermore, they expect non-GAAP earnings per share of $35.50 to $37 for the full year.

During the quarter, Eli Lilly announced agreements to acquire multiple companies with clinical stage programs, including Orna Therapeutics, Syntessa Pharmaceuticals, Colonia Therapeutics, and Ajax Therapeutics.

The company also announced a licensing agreement with CSL for clazakizumab.

The company stated that "Operating profit also reached a new all-time high of KRW 57 trillion," up 185% quarter-over-quarter, and "operating margin expanded from 21% in the previous quarter to 43%." Net profit for the quarter recorded KRW 47 trillion, while "Earnings per share came in at KRW 7,123 for common shares and KRW 7,124 for preferred shares." Capital expenditures in the first quarter totaled KRW 11.2 trillion.

Executives noted that the record performance was "driven by continued AI technology innovations and our proactive market response." The Memory business posted its "second straight quarterly earnings record," and the company "started shipping industry's first mass-produced HBM4 and SOCAMM2." The MX division reported first quarter revenue of KRW 37.5 trillion and delivered a "combined operating profit of KRW 2.8 trillion across the MX and network businesses." Notable announcements included the successful launch of the new A Series models, plans to "start mass production of the second-generation 2-nanometer process" in the second half, and the acquisition of a strategic project from a "leading optical communication module player."Looking ahead to the second quarter, management indicated that "semiconductor demand is expected to remain strong" and that they "expect memory price to stay on the current upward trend driven by ongoing expansion in AI infrastructure." The company plans to "provide the first samples of HBM4E in the second quarter." Conversely, in the DX division, they "expect profit to decline due to rising cost pressures." For the full year 2026, the company expects a "substantial year-on-year increase in CapEx driven by sustained demand related to AI."

First quarter adjusted net revenues were approximately $1.4 billion.

Adjusted operating income for the quarter was $354 million, and adjusted earnings per share was $7.53.

The adjusted operating margin for the quarter was 25.3%.

The firm returned a total of $673 million of capital in the quarter through the repurchase of 1.9 million shares and the payment of dividends.

Management stated that performance was broad-based, resulting in a record revenue quarter for the North American advisory business and a record first quarter for EMEA Advisory, Private Capital Advisory, Private Funds Group, Equities, and Wealth Management.

During the quarter, the firm advised on several significant transactions, including Warner Bros.

Discovery on its $110 billion sale to Paramount Skydance, Devon Energy on its $58 billion merger with Coterra Energy, Jetro Restaurant Depot on its sale to Sysco for $29 billion, and Apellis on its sale to Biogen for approximately $5.6 billion.

The firm also acted as lead left bookrunner on Diamond Energy's $2.2 billion follow-on offering.

Regarding business updates, the firm highlighted the benefits of its "multiyear investment strategy" and its "diversified business model". Three senior managing directors joined the investment banking practice in the first quarter, and three additional SMDs committed to join this year, bringing the total to 182 SMDs in investment banking.

Management observed continued CEO and boardroom confidence, particularly around large-cap strategic M&A, and noted that financing markets remain open and abundant.

For forward guidance, management stated they "expect our second quarter to be closer to what we experienced in last year's second quarter," noting that the first quarter benefited from the acceleration of some large transactions that were originally on track for a second quarter closing.

Management expects that the compensation ratio improvement this year "will likely be meaningfully more modest than what we achieved in each of the last 2 years". The firm also anticipates a similar growth rate in non-compensation expenses in 2026, in line with what was experienced in the last couple of years.

Advertising revenue grew 74% year-over-year to $625 million in the quarter.

The company achieved a 47% free cash flow margin and reported net income of $204 million, or $1.01 per diluted share.

Gross margins were 91.5% and the adjusted EBITDA margin was 40% for the quarter.

Management stated their goal is to reach 100 million daily U.S. users. To achieve this, the company is prioritizing broadening the top of funnel, improving new user retention, and making Reddit faster across the board.

The company's advertising strategy focuses on scaling automation through the RedditMax platform, delivering advertiser value across all objectives, and expanding the Reddit for Business ecosystem.

For the second quarter of 2026, management estimates revenue in the range of $715 million to $725 million.

They expect Q2 adjusted EBITDA to be in the range of $285 million to $295 million.

The Q2 guidance assumes a total adjusted cost basis of $430 million.In product and partnership updates, the company launched RedditMax to beta in early Q1 to integrate more automation and AI into their ad stack. In March, they announced an integration with Shopify to strengthen their retail and e-commerce partnership ecosystem.

Management also highlighted ongoing data partnerships with Google and OpenAI, stating that Reddit continues to be the most cited source in AI citations across all platforms.

Management noted that excluding identified items and estimated timing effects, first quarter earnings per share were up versus the fourth quarter of 2025.

Management highlighted several key business updates, including achieving record levels of production in Guyana and delivering on plans to increase Permian production year-over-year.

The company optimized logistics and safely maximized refinery throughput, noting that in March, refinery throughput increased by approximately 200,000 barrels a day versus February.

Additionally, the Beaumont refinery expansion completed in 2023 fully recovered its initial investment ahead of expectation. In Low Carbon Solutions, ExxonMobil began transporting and storing captured CO2 from the new generation gas gathering project.

Looking forward, the company stated it remains on track to grow full year Permian production to 1.8 million oil equivalent barrels in 2026.

ExxonMobil also expects to start facilities through this year and next with the capacity to capture an additional 4 million tons per year of CO2. For the Golden Pass LNG facility, Train 2 is expected to be mechanically complete by the end of this year, and Train 3 should be mechanically complete as the company heads into the second quarter of next year.

Notable product and partnership announcements included Train 1 of the Golden Pass LNG facility, a joint venture with Qatar Energy, achieving first LNG in March, which will deliver an increase of about 5 percent relative to 2025 U.S. exports.

The company also announced it has committed a $100 million investment over 10 years to support national STEM education in Guyana.

Furthermore, the company held a ribbon-cutting ceremony at a pilot production plant in Kentucky to build a reliable domestic supply of advanced synthetic graphite.

Worldwide operating income for the quarter was $23.9 billion with an operating margin of 13.1 percent.

The AWS segment reported revenue of $37.6 billion, which management noted was a 28 percent year-over-year growth rate, with AWS operating income reaching $14.2 billion for the quarter.

North America segment operating income was $8.3 billion, and International segment operating income was $1.4 billion.

Cash capital expenditures were $43.2 billion in Q1, which management stated primarily relates to AWS and generative AI.Management emphasized significant growth and investment in artificial intelligence, noting that the AWS AI revenue run rate is over $15 billion and that AWS is now a $150 billion annualized revenue run rate business.

Discussing custom silicon, CEO Andy Jassy stated, "at scale, we expect Trainium will save us tens of billions of dollars of CapEx each year and provide several hundred basis points of operating margin advantage versus relying on other chips for inference". In the retail business, overall unit growth was 15 percent, and perishable sales have grown over 40x year-over-year.

Management also highlighted that they have delivered more than 1 billion items same-day overnight so far this year.

For the second quarter of 2026, management expects net sales to be between $194 billion and $199 billion.

Second quarter operating income is expected to be between $20 billion and $24 billion.

This guidance assumes a year-over-year cost increase of approximately $1 billion related to Amazon Leo as the company manufactures and launches more satellites in preparation for its commercial service offering.

Notable announcements included making OpenAI models available in Amazon Bedrock, starting with the GPT 5.4 model.

The company discussed an agreement with Anthropic for over $100 billion, over $225 million in revenue commitments for Trainium, and a commitment from Meta to use tens of millions of Graviton cores.

Additionally, Amazon announced a planned acquisition of Globalstar to expand the Amazon Leo satellite network with direct-to-device capabilities, alongside an agreement with Apple for Amazon Leo to power satellite services for iPhones and Apple Watches.

Company gross margin was 49.3%.

Parekh also mentioned that operating cash flow was $28.7 billion for the quarter.A major business update was the announcement of a CEO transition.

Tim Cook stated, "I very much look forward to stepping into the role of Executive Chairman on September 1". He added, "As I have said, there is no 1 on this planet I trust more to lead Apple into the future than John Turnes". The company also provided updates on its supply chain strategy, stating, "As part of our $600 billion commitment to the U.S., we were pleased to share recently that Mac Mini production is coming to America later this year expanding our factory operations in Houston with a brand-new facility".Regarding products, the company saw strong demand for the iPhone 17 family and the new MacBook Neo.

Cook noted, "the iPhone 17 family is now the most popular lineup in our history when looking at the launch through the March quarter". For the Mac segment, Cook stated, "the customer response to Mac Neo has just been off the charts with higher-than-expected demand". He also mentioned that the company faced supply constraints, explaining, "the primary constraint is the availability of the advanced nodes our SoCs are produced on".For forward guidance, Parekh stated, "We expect our June quarter total company revenue to grow by 14% to 17% year-over-year". He also provided expectations for margins and expenses, noting, "We expect gross margin to be between 47.5% and 48.5%" and "We expect operating expenses to be between $18.8 billion and $19.1 billion". Parekh added that they expect the tax rate to be "around 17%" for the June quarter.

Operating income "increased 20%" and "earnings per share was $4.27" for the quarter.

Chief Financial Officer Amy Hood noted that "our AI business annual revenue run rate surpassed $37 billion this quarter, growing 123% year-over-year". The Microsoft Cloud segment "exceeded $54 billion in revenue" for the quarter.

Company "gross margin percentage was 68% down year-over-year," which Hood stated was "driven by continued investment in AI infrastructure and growing AI product usage".Chief Executive Officer Satya Nadella stated the company is executing against two priorities, which are building "cloud and AI infrastructure" and "building high-value agentic systems across core domains such as productivity, coding and security". Microsoft "added another gigawatt of capacity this quarter" and "announced new data center investments across 4 continents". Microsoft 365 Copilot paid seats are "now over 20 million," and Accenture "now has over 740,000 seats". Additionally, the company announced a "business model transition in GitHub Copilot that will align pricing with usage and value" starting June 1.For the fourth quarter, Microsoft expects total company revenue to be "between USD 86.7 billion and USD 87.8 billion". In the Intelligent Cloud segment, the company expects revenue of "USD 37.95 billion to USD 38.25 billion," with Azure Q4 revenue growth expected to be "between 39% and 40% in constant currency". Hood noted that they "expect CapEx spend to increase to over $40 billion" for the fourth quarter.

For calendar year 2026, Microsoft expects to invest "roughly $190 billion in capital expenditures". Management expects "full year FY '26 operating margins to be up about 1 point year-over-year".

Unit case growth was 3%.

First quarter comparable EPS of $0.86 increased 18% year-over-year, and free cash flow for the quarter was approximately $1.8 billion.

Comparable gross margin declined approximately 30 basis points, stemming primarily from commodity pressures in tea and coffee businesses, phasing of inventory costs, and timing of trade spend.

Comparable operating margin increased approximately 70 basis points.

Management highlighted a focus on becoming more consumer-centric and leveraging digital capabilities to create enduring value.

The company extended its streak of gaining overall value share for the past 20 consecutive quarters and noted its system added more than 600,000 outlets in the past year.

Product highlights included the relaunch of Coca-Cola Zero-Zero in Europe to capture evening drinking occasions, a new global campaign for Sprite, and double-digit global volume growth for Fuze Tea.

Executives also affirmed that their long-standing partnership with McDonald's is intact, pointing to the performance of Sprite Berry Blast and Lunar splash craft beverage offerings.

The company stated it is well positioned to deliver on its updated 2026 guidance.

Management continues to expect organic revenue growth of 4% to 5%.

The company now expects comparable earnings per share growth of 8% to 9% versus $3 in 2025.

This was noted as an increase from the prior estimate of 7% to 8% due to a lower underlying effective tax rate for 2026, which is now expected to be 19.9%.

Research and development expenses were $115.2 million for the first quarter of 2026, and general and administrative expenses were $14 million.

The company ended the first quarter of 2026 with cash, cash equivalents, and short-term investments of $603 million.

Management stated they anticipate having cash into 2028 and remain funded as expected.

During the first quarter of 2026, the company completed enrollment in the Phase III VANQUISH-2 clinical trial for its lead obesity compound, VK2735, a dual agonist of the GLP-1 and GIP receptors.

Participants in both the VANQUISH-1 and VANQUISH-2 studies began transitioning from a vial and syringe to an auto-injector device.

The company also completed enrollment in a Phase I maintenance dosing study for VK2735, expanding the number of subcutaneous dosing arms in this study from 4 to 8, and expects to report the results of the subcutaneous portion in the third quarter of 2026.

Following an end of Phase II meeting with the FDA, Viking elected to advance the oral tablet formulation of VK2735 into Phase III clinical development for the treatment of obesity, which it expects to initiate in the fourth quarter of 2026. In addition, the company filed an Investigational New Drug application for its novel amylin receptor agonist, VK3019, and expects to initiate a Phase I clinical trial later in the quarter.

The company also announced the appointment of Neil Aubuchon as its first Chief Commercial Officer.

For the first quarter, the company achieved adjusted earnings per share of $2.65.

Adjusted gross margin for the quarter was 83.6% of sales, adjusted R&D expense was 15.1% of sales, and adjusted SG&A expense was 22.7% of sales.

Management noted the adjusted operating margin ratio was 40.8% of sales for the first quarter.

Management noted momentum in immunology and neuroscience, which are both delivering share gains in growing markets.

The company announced the U.S. regulatory submissions of Rinvoq for Alopecia Areata and Skyrizi subcutaneous induction in Crohn's disease.

AbbVie expanded its emerging oncology pipeline by closing the Remagen agreement, giving the company a novel PD-1 VEGF bispecific antibody. In obesity, positive top line results were announced for the long-acting amylin analog ABBV-295, demonstrating weight loss of nearly 10% after 12 weeks of treatment.

Management also announced a $1.4 billion investment to build a pharmaceutical manufacturing campus in North Carolina and a $380 million investment for 2 new plants in North Chicago.

For the full year 2026, AbbVie raised its adjusted earnings per share guidance to between $14.08 and $14.28.

The company now expects full year total net revenues of approximately $67.3 billion.

For the second quarter of 2026, management anticipates net revenues of approximately $16.7 billion and adjusted earnings per share between $3.74 and $3.78.

The company is forecasting a second quarter adjusted operating margin ratio of approximately 50%.

The company reported an operating income of $39.7 billion and an operating margin of 36.1 percent for the first quarter.

Net income was $62.6 billion and earnings per share was $5.11 for the quarter.

Google Cloud revenues were $20 billion for the quarter, and Google Search and Other advertising revenues were $60.4 billion for the quarter.

First quarter CapEx was $35.7 billion and free cash flow was $10.1 billion for the first quarter.CEO Sundar Pichai noted that "our AI investments and full stack approach are driving performance across our business". The company highlighted strong momentum in its enterprise AI offerings, which became the primary growth driver for Google Cloud for the first time.

The Google Cloud backlog reached $462 billion at the end of the first quarter.

Additionally, paid subscriptions reached 350 million, and Waymo surpassed 500,000 fully autonomous rides per week.

Executive Philipp Schindler stated the company is "accelerating the deployment of Gemini across our entire ads infrastructure".Alphabet Inc. closed the acquisition of Wiz in March.

The company noted it will begin delivering TPU hardware to a select group of customers in their own data centers. In partnerships, Kingfisher, Target, and Wayfair closed multiyear cloud and ads deals, while Amazon, Meta, Microsoft, Salesforce, and Stripe joined the Universal Commerce Protocol tech council.

Management provided an updated full year 2026 CapEx guidance range of $180 billion to $190 billion to include investments related to the acquisition of Intersect.

For 2027, the company expects CapEx to "significantly increase compared to 2026". The company expects an FX tailwind of approximately 1 percentage point to consolidated revenue in the second quarter.

Alphabet Inc. also anticipates a low single-digit percentage point headwind to cloud operating margin for the remainder of 2026 related to the Wiz acquisition.

Performance varied across segments, with "Oncology total revenues grew 16% in the first quarter to $6.8 billion" and "Rare Disease delivered total revenue of $2.4 billion in quarter 1". Conversely, "Biopharmaceuticals total revenue declined by 2% to $5.8 billion" in the quarter.

Management highlighted continued momentum, securing 14 approvals in major regions since the Q4 2025 results.

The company announced results from 4 positive Phase III programs, including new molecular entities tozorakimab and efzimfotase alfa. "Core R&D expenses increased by 8%" in the first quarter as the company continued to invest in its pipeline and "transformative technologies, including cell therapies and T cell engagers".The company reiterated its full year guidance, noting that total revenue is "anticipated to increase by mid- to high single-digit percentage" and core EPS is "anticipated to increase by low double-digit percentage" at constant exchange rates.

Notable pipeline progress included positive primary analysis data from the Phase III EMERALD-3 trial for Imfinzi in combination with Imjudo.

Management also noted preparations for upcoming product launches, including the anticipated "quarter 2" regulatory decision for baxdrostat.

The company also reported that "Q1 family of apps ad revenue was $55 billion".Key business updates centered on artificial intelligence and hardware, with CEO Mark Zuckerberg announcing "the release of our Muse family of models and our first model MuSpark along with a significantly upgraded new version of Meta AI". Zuckerberg highlighted the company's focus on "delivering personal and business agents to billions of people around the world" and advancing "personal Super Intelligence". On the hardware front, management noted continued strong growth in AI glasses revenue, having released "Ray-Ban Meta optics this quarter designed for all day wear".Advertising efficiency and engagement saw targeted improvements during the quarter. CFO Susan Li stated that "ranking improvements that we made in Q1 drove a 10% lift in real time spent" on Instagram.

The deployment of artificial intelligence across advertising systems also yielded positive results, with advances driving "a more than 6% increase in conversion rate for landing page view ads". The company noted that "Family of Apps Other revenue was $885 million," driven primarily by WhatsApp paid messaging and subscriptions.

Forward guidance provided by management expects "second quarter 2026 total revenue to be in the range of $58 billion to $61 billion". Management also forecasted "full year 2026 total expenses to be in the range of $162 billion to $169 billion". Due to expectations for higher component pricing, Meta increased its infrastructure outlook, anticipating "2026 capital expenditures including principal payments on finance leases to be in the range of $125 billion to $145 billion". To help offset these investments, management stated "we plan to reduce the size of our employee base in May".

The Commercial and Industrial segment total sales increased approximately 28 percent to $510 million for the quarter, while the Residential segment total sales increased approximately 1 percent to $552 million for the quarter.

The consolidated gross profit margin for the first quarter was 38.7 percent, and the first quarter adjusted EBITDA was $193 million, or 18.3 percent of net sales. GAAP net income for the company in the quarter was $73 million, with diluted net income per share on a GAAP basis of $1.24 for the first quarter.

Free cash flow was reported at $90 million for the quarter.

Management highlighted continued momentum in the data center end market and the recent acquisitions of Allmand and Enercon as key business updates.

The company is in the final stages of vendor approval with two hyperscale data center customers.

Management also noted receiving a nonbinding notice to proceed for approximately $600 million in 2027 deliveries with a certain hyperscale customer. In the residential segment, the company introduced Generac Home, a new organizational structure combining home standby, portable generator, and energy technology teams.

Notable product updates include the ramping production of Power Micro and the growth of ecobee to more than 5 million connected homes, which delivered its first positive adjusted EBITDA during the first quarter.

Given the first quarter outperformance and momentum across certain end markets, Generac raised its full year 2026 outlook for net sales and adjusted EBITDA. The company now expects full year 2026 consolidated net sales to increase at a mid- to high teens rate.

Commercial and Industrial segment net sales are projected to increase in the mid- to high 20s percent range for the full year, while Residential segment net sales guidance for the year remains consistent with an expected increase in the 10 percent range.

Management updated its gross margin expectations for the full year 2026 to a range of 38.5 percent to 39.5 percent, and increased the guidance range for adjusted EBITDA margins for the full year to 18.5 percent to 19.5 percent.

Projected free cash flow generation is approximately $350 million for the full year 2026.

Despite these headwinds, the company reported its "U.S. room night growth accelerated for the fourth consecutive quarter to the low teens". Management also highlighted progress on their connected trip vision, stating "connected transactions meaning trips that included bookings across more than 1 vertical grew in the high teens range".For forward guidance, the company expects "second quarter room night growth to be between 2% and 4% and for gross bookings, revenue and adjusted EBITDA to each grow between 4% and 6%". For the full year 2026, guidance assumes "gross bookings to be up high single digits to low double digits" and "revenue to be up high single digits". Additionally, the company expects full year "adjusted EPS to be up low to mid-teens" and stated they remain firmly committed to a "long-term constant currency growth ambition of at least 8% gross bookings growth, 8% revenue growth and 15% adjusted EPS growth for future years".On product and partnership announcements, management discussed utilizing generative AI, pointing out that at Priceline, "Penny continues to evolve into a more interactive end-to-end AI-driven journey". For Booking.com, they announced that "smart filters have now been rolled out globally in accommodations". At OpenTable, the company is expanding its AI concierge "beyond answering diner questions, into a broader discovery tool". The company also highlighted external collaborations, citing "relationships with companies such as OpenAI, Google, Anthropic and Amazon".

The company also reported a first quarter adjusted diluted EPS of $3.37.

The consolidated HBR was 87.3% for Q1, with the Medicaid HBR at 93.1% and the Medicare segment producing an HBR of 84.9%.

Cash flow provided by operations was $4.4 billion for Q1.Executive leadership noted they are working to "drive margin improvement through targeted and increasingly scaled initiatives to modernize and standardize processes to better manage medical cost trend." In the Marketplace business, Centene gained visibility into demographic and claims experience, forecasting a slight risk adjustment receivable for the year.

Centene is also "deploying advanced analytics and selective AI-enabled tools across forecasting, medical economics and payment integrity" to help "identify fraud, waste and abnormal claims behavior earlier."For forward guidance, Centene updated its projections to "increase our full year 2026 adjusted EPS outlook to greater than $3.40." The company "added $1 billion of premium revenue to our prior range" and expects the "Medicaid composite rate yield around 4.5%," with "no change to our HBR full year range of 90.9% to 91.7%." Additionally, Centene announced leadership changes, noting "Dan Finke joined the organization to serve as our Group President, overseeing the Medicaid and Commercial businesses," and the company elevated "Michael Carson to Group President, overseeing our Medicare PDP and Specialty businesses."

Executives also prioritized "brand building" and noted that "unaided brand awareness rose to an all-time high of 10%" in the quarter.

Regarding products and partnerships, the company noted it "began minting SoFiUSD" and formed an "important partnership with Mastercard to enable SoFiUSD settlement across their global payments network". Management also discussed their "new big business banking offering, which was officially launched earlier this month" and noted they "relaunched SoFi Plus with significantly enhanced benefits" on April 1. Furthermore, the company added "$3.6 billion of new commitments with 3 new partners" to their loan platform business during the quarter, "including a leading global bank, a prominent insurance group and a top 5 global private asset management firm".For the second quarter of 2026, the company expects to deliver "adjusted net revenue growth of approximately 30% from Q2 '25, which would equate to roughly $1.115 billion". Management also anticipates "an adjusted EBITDA margin of approximately 30%, which would equate to roughly $330 million" for the quarter.

Additionally, guidance for the second quarter includes "an adjusted net income margin of approximately 12% to 13%, which equates to roughly $0.10 to $0.11 of EPS". Executives confirmed that their "full year guidance, which remains unchanged" keeps them on track to hit their 2026 targets.

The company delivered 140 basis points of margin expansion on a trailing 12-month basis and increased adjusted diluted EPS by 14% year-over-year in the first quarter. S&P Global returned $1 billion to shareholders through share repurchases in the quarter.

For the first quarter, the Market Intelligence division revenue grew 8%, Ratings revenue increased 13% year-over-year, Energy revenue grew 7%, Mobility revenue grew 8%, and S&P Dow Jones Indices revenue grew by 17%.

Management highlighted the deployment of AI native solutions and tools, including ChatIQ and Document Intelligence, for customers seeking speed and scale on the CapIQ Pro platform.

The company is completely revamping the Upstream business within the Energy division, which involves an agreement to divest the software portfolio in the second half of 2026 or early 2027 to focus on proprietary Data and Insights.

The planned separation of the Mobility business remains on track, including completion of the spin mid-2026.

For full year 2026 forward guidance, S&P Global is reiterating its enterprise guidance for organic constant currency revenue growth in the range of 6% to 8%.

The company is also reiterating its guidance for 50 to 75 basis points of margin expansion in 2026 excluding the impact of OSTTRA. However, the company currently expects to deliver organic constant currency revenue growth in the range of 4.5% to 6% in the Energy division for the full year, which is 1 percentage point lower than previous guidance, due to the Iran conflict and related energy disruptions.

Management noted they expect to use a combination of incremental share repurchases and debt reduction to increase share repurchases to roughly $4.5 billion for the year.

During the first quarter, the company unveiled a new AI native Upstream product for data and insights called CERA Titan. S&P Dow Jones Indices launched the iBoxx U.S. Treasuries Index as the first major index available as a native digital asset on a blockchain, and launched an additional tokenized S&P 500 Index on blockchain in partnership with Centrifuge. S&P Global also announced a new distribution partnership with SLB.

For the quarter, GAAP net income was $360 million, and non-GAAP EPS reached $0.53.

Adjusted EBITDA reached $1.1 billion, and Q1 free cash flow was $188 million.

Non-GAAP gross margin in Q1 2026 was 52.9%, and the non-GAAP operating margin was 24%.

Management discussed continued progress on the Pivot to Growth strategy, highlighting the $700 million upfront cash agreement to acquire Emalex Biosciences.

This acquisition includes ecopipam, a first-in-class asset for pediatric Tourette syndrome.

The company noted that its innovative portfolio continues to drive growth, with Q1 AUSTEDO revenues reaching $559 million in the U.S. and UZEDY Q1 revenues reaching $63 million.

The generics pipeline continues to expand, with 11 biosimilar products currently on the market.

For full year 2026 forward guidance, Teva reaffirmed its 2026 outlook range on an underlying basis, excluding Emalex.

The company expects 2026 non-GAAP gross margin to be in the range of 54.5% to 55.5%, and operating expenses to be toward the higher end of the 27% to 28% range.

Management also reiterated AUSTEDO guidance of $2.4 billion to $2.55 billion for the year.

Teva expects to reach a 30% operating margin target by 2027.In pipeline updates, the company announced the EU submission for olanzapine LAI, which is also currently under FDA review.

Teva completed enrollment for the Phase III FLAIR program for its dual-action rescue inhaler, enrolling over 2,700 patients.

The company also highlighted 44-week maintenance data for duvakitug in ulcerative colitis and Crohn's disease, and anticipates upcoming milestone readouts for its anti-IL-15 program in vitiligo and celiac disease later this year.

Management outlined four primary drivers for future growth: winning in consumer and commercial money movement, leveraging AI and agentic commerce, utilizing stablecoins and blockchain, and expanding value-added services.

The company positioned itself as a "hyperscaling bridge layer between stablecoin and real-world solutions" with a "$7 billion annual run rate of stablecoin settlement volume" and over 160 stablecoin card programs globally.

Visa is preparing for agentic commerce, where AI agents will intelligently split purchases and create micro transactions, which management believes will "accelerate the digitization of commerce around the world".During the quarter, Visa announced multiple strategic partnerships and product deployments. In the U.K., Visa partnered with TikTok to "launch a debit card specifically designed for content creators". In the U.S., X will utilize Visa Direct and a Visa Flex credential for X money.

The company announced that Wells Fargo "entered into an agreement to migrate to Pismo's core account ledger as part of its core banking modernization". Additional agreements were highlighted with PayPay in Japan, UnionPay International in Mainland China, High Note, Westpac, and Scotiabank.

Management also noted the recent acquisitions of Prisma and New Pay.

For the full year, management increased their guidance, stating they "now expect low double-digit to low teens" net revenue growth and adjusted EPS growth "in the low teens". The company also projected full-year operating expense growth in the "low double-digit to low teens," largely due to increased client demand for FIFA-related marketing services.

For the third quarter, management expects "Q3 net revenue growth in the low double digits", "Q3 operating expense growth in the low teens", and "third quarter EPS growth to be in the mid- to high single digits".

The company's adjusted "operating ratio came in at 59.9%". Additionally, the company "generated free cash flow of $630 million" for the first quarter.

Management highlighted several key business updates, emphasizing operational efficiency.

The company achieved "best-ever terminal dwell of 19.7 hours" and reported that "freight car velocity increased 9% to 235 miles per day". Executives also noted that "workforce productivity, which includes all employees, increased 7%" and "locomotive productivity improved 6%". Regarding corporate strategy, management stated they are "100% on track with filing a revised application on April 30" for an ongoing merger process.

Looking ahead, Union Pacific is "affirming our 2026 outlook", which includes expectations for "reported earnings per share of mid-single-digit growth and operating ratio improvement" for the full year.

For the longer term, the company remains "committed to attaining our 3-year CAGR target of high single-digit to low double-digit EPS growth throughout 2027". Management also highlighted business development momentum, mentioning "expansion into Mexico, such as Bartlett's new facility in Monterrey", winning "incremental volume with BMW", and the upcoming third-quarter start-up of the "Golden Triangle Polymers Company joint venture with CPChem".

Energy Resources reported adjusted earnings growth of approximately 14% year-over-year for the quarter.

Adjusted earnings from Corporate and Other decreased by $0.02 per share year-over-year for the quarter.

Management provided key business updates, emphasizing that "demand for electricity in this country is not slowing down. In fact, it's accelerating". Florida Power and Light Company added nearly 100,000 customers in the first quarter compared to the prior year comparable period.

Energy Resources achieved a record quarter by adding 4 gigawatts of new long-term contracted renewables and storage projects to its backlog.

The company also advanced its growth strategy with the strategic acquisition of Symmetry Energy Solutions, one of the leading natural gas suppliers in the U.S.. Additionally, the company is executing its data center hub strategy and working with hyperscalers on a bring your own generation model.

Regarding forward guidance, NextEra Energy's 2026 adjusted earnings per share expectations range of $3.92 to $4.02 remains unchanged.

The company expects to grow adjusted earnings per share at a compound annual growth rate of 8% plus through 2032 from a 2025 base of $3.71 adjusted earnings per share.

The company also continues to expect to grow dividends per share at roughly 10% per year through 2026 off a 2024 base, and 6% per year from year-end 2026 through 2028.

Florida Power and Light Company expects full-year capital investments to be between $12 billion and $13 billion and anticipates investing between $90 billion and $100 billion through 2032.

The company announced several notable partnerships and product initiatives.

The U.S. Department of Commerce selected Energy Resources to build 9.5 gigawatts of new gas-fired generation in connection with a U.S.-Japan trade deal.

NextEra Energy also highlighted a joint development agreement with Excel to deploy new generation, storage, and transmission across an 8-state service territory.

The company launched its new Rewire initiative and a partnership with Google Cloud, introducing AI products such as Conduit, Generation Entitlement, and Grid Composer.

Management also noted a collaboration with NVIDIA focused on dispatchable power solutions during extreme demand.

The company generated growth in revenues, EBITDA and cash flow compared with last year's first quarter.

Management stated that U.S. mining operations contributed 2.5x more operating income in the first quarter of this year compared with last year's first quarter.

The company reached an agreement with insurance providers for a $700 million insurance recovery and returned approximately $300 million to shareholders in the first quarter.

The company completed the required remediation at Grasberg to commence a phased ramp-up in production blocks 2 and 3. During the quarter, the company identified material handling bottlenecks downstream of the extraction level at Grasberg due to an increase in wet ore, with 45 percent of active draw points currently wet compared to 30 percent in September 2025. To address this, the company is installing specialized equipment to regulate the flow of ore for train loading. In the U.S., the company achieved a 19 percent increase in mining rates at Morenci compared with last year's first quarter.

The company expects net unit costs to average $1.95 per pound of copper for the year, updated from a prior estimate of $1.75 per pound.

The revised 5-year production forecast for the Grasberg district reflects an approximate 9 percent reduction for copper and 7 percent for gold.

For the second half of the year, volumes are expected to be approximately 30 percent higher for copper and approximately 50 percent higher for gold compared with the first half.

Capital expenditures are expected to approximate $4.3 billion in 2026 and $4.5 billion in 2027.

The company reached a memorandum of understanding in February with the Government of Indonesia to extend operating rights for the life of the resource. In March, the company submitted an environmental impact statement for a major expansion at the El Abra project in Chile in partnership with CODELCO. The company also commenced a pilot test at Morenci to increase the temperature of stockpiles by applying a heated leaching solution, aiming to scale this innovative leach initiative to 300 million to 400 million pounds per annum in the 2026 to 2027 time frame.

Despite the overall decline in the first quarter, executives emphasized that "growth drivers were up 34% in constant currency". The company also reported that first quarter free cash flow was broadly in line with the previous year's first quarter, and they paid a $9.1 billion dividend in March and April.

Management highlighted a strong start to the first quarter across priority brands and launches.

Executives stated that "Kisqali grew 55%" driven by momentum in early and metastatic breast cancer.

The company noted Kesimpta had a 26 percent growth, outpacing the market, while Pluvicto United States sales grew 76 percent in the first quarter.

Additionally, "Scemblix was up 79%" and Leqvio saw 31 percent growth in the United States alongside 106 percent constant currency growth outside of the United States.

During the first quarter, Novartis AG completed its acquisition of Avidity, adding three late-stage medicines for neuromuscular disease to its pipeline.

The company also announced two early-stage deals intended to support its oncology and immunology disease franchises. In terms of capital allocation, management noted they continue to progress with an up to $10 billion share buyback program, with around $6.1 billion remaining to be completed by the end of 2027.

For forward guidance, the company reaffirmed its full year 2026 expectations.

For the full year 2026, Novartis AG anticipates low single-digit sales growth and a low single-digit decline in core operating income.

The core net financial expense for the full year 2026 is projected to be around $1.7 billion and the core tax rate will be about 16.5 percent.

Management expects second quarter sales to decline low single digits and core operating income to decline high single digit to low double digit, before seeing a second half sales growth of mid-single digit and core operating income growth of mid- to high single digits.

Looking ahead, P&G is maintaining its fiscal 2026 guidance ranges but expects "full year EPS results to be towards the lower end of the guidance range" due to a new "headwind of approximately $150 million after tax for the fiscal" tied to commodity inflation and logistics disruptions from the conflict in the Middle East.

The company expects fiscal year "organic sales growth of in line to 4%" and fiscal year "core EPS growth in line to 4% versus prior year.

This equates to a range of $6.83 to $7.09 per share." For the full fiscal year, P&G forecasts "adjusted free cash flow productivity in the range of 85% to 90%" and a "plan to return roughly $15 billion of cash to shareowners at fiscal 26."

Newmont is maintaining its "full year production guidance of 5.3 million ounces" and full year cost guidance.

For the second quarter, "production is expected to be slightly below the first quarter" and "All-in sustaining costs are expected to be notably higher in the second quarter" driven by the ramp-up in sustaining capital and "lower silver production than we saw in the first quarter as planned". Operations are expected to return "to normal levels beginning the third quarter".

Management reported they grew adjusted EPS by 6% to $5.44 per share.

First quarter cash flow from operations was $1.2 billion and free cash flow was $830 million.

Total company adjusted gross margin in the first quarter was 40.8%.

The company also deployed $3.2 billion of capital to shareholders through $3 billion of share buybacks and approximately $160 million of dividends in the first quarter.

Management highlighted their growth strategy consisting of three pillars: high-impact innovation, their trusted partner status with customers, and their unparalleled commercial engine.

During the first quarter, the company completed the acquisition of Clario for approximately $9 billion.

Marc Casper noted that Clario is a market leader in digital endpoint data solutions and described it as an outstanding strategic fit and highly complementary to their clinical research capabilities.

Thermo Fisher Scientific Inc. also formed a strategic collaboration with SHL Medical to offer fully integrated sterile fill-finish and device assembly solutions, and progressed a strategic collaboration with NVIDIA to integrate advanced AI capabilities into their laboratory technologies.

Notable first quarter product launches included the Thermo Scientific Glacios 3 Cryo-TEM, an electron microscope that features AI-enabled workflows, and the Thermo Scientific TSQ Certis Triple Quad Mass Spectrometer.

The company also introduced the Thermo Scientific Niton XL5E handheld XRF analyzer, the Gibco CTS Compleo fill and finish system, and the FluidEase Pro ClipTip electronic pipettes.

Additionally, the company opened a new Cryo-EM Drug Discovery Center in San Francisco.

For the full year 2026, management is raising their guidance on the top and bottom line.

They expect full year revenue to be in a new range of $47.3 billion to $48.1 billion, which continues to assume 3% to 4% organic revenue growth.

Adjusted earnings per share for the full year 2026 is expected to be in the range of $24.64 to $25.12.

For the second quarter of 2026, the company is assuming organic revenue growth of about 3% and expects Q2 adjusted EPS to be between $0.25 and $0.30 higher than Q1. Management estimates between $1.9 billion and $2.1 billion of net capital expenditures, approximately $660 million of net interest expense, and free cash flow in the range of $6.9 billion to $7.4 billion for the full year.

Management stated, "Revenue in the quarter grew 11% or 10% on an FX-adjusted basis". Overall spend was up 10 percent FX reported this quarter.

Provision expense of $1.3 billion for the quarter included a reserve release of $24 million.

The VCE to revenue ratio was 44.7 percent this quarter.

The company noted accelerated spend growth within its U.S. Platinum portfolio following a recent refresh.

Management stated they will increase investments in marketing and technology for the year to capitalize on key growth opportunities.

The company acquired a company called HyperCard, bringing in expertise in expense management.

The company returned $2.3 billion of capital to shareholders in the quarter, including $0.7 billion of dividends and $1.7 billion of share repurchases.

Regarding forward guidance, management stated, "we are reaffirming our full year guidance of revenue growth of 9% to 10% and earnings per share between $17.30 and $17.90". The company expects NII growth to continue to outpace growth in balances for the year.

For the full year, the company expects the VCE to revenue ratio to be around 44 percent.

The company expects marketing expenses to grow in the mid-single digits for the full year.In notable announcements, the company announced a multiyear global partnership with the NFL, making American Express the League's official payments partner beginning with the 2026 season.

The company announced new multiyear sports and entertainment agreements with MetLife Stadium and Mercedes-Benz Stadium, and renewed its sponsorship with the NBA. The company announced a roadmap for new commercial products starting with the launch of the new Graphite Business Cash Unlimited card.

The company also introduced the Amex Agentic Commerce Experiences or ACE Developer Kit, along with Amex Agent purchase protection.

She noted that RPO ended the quarter at approximately $27.7 billion and current RPO was $12.64 billion.

Mastantuono also stated that the non-GAAP operating margin was 32% and the free cash flow margin was 44% for the quarter.

Chief Executive Officer Bill McDermott highlighted that subscription revenue grew 19% in constant currency.

Management emphasized their strategic focus on the AI control tower for business reinvention. McDermott discussed the integration of recent acquisitions, noting that Moveworks closed 7-figure deals in Q1 and has rebranded as employee works. He also highlighted the recent acquisition of Armis, which solves visibility, real-time agentless discovery of every asset, and Veza, which solves the identity governance.

Furthermore, McDermott stated that 50% of net new business now comes from a non-seat-based pricing model.

Providing forward guidance for the full year 2026, Mastantuono stated they are raising our subscription revenues by $205 million at the midpoint to $15.735 billion to $15.775 billion.

For the full year, they expect a subscription gross margin of 81.5%, an operating margin of 31.5%, and a free cash flow margin of 35%.

For Q2 2026, the company expects subscription revenues between $3.815 billion and $3.820 billion and an operating margin of 26.5%.

Regarding product and partnership announcements, McDermott stated that the entire ServiceNow portfolio is AI native and announced that ServiceNow launched autonomous workforce. He also highlighted that OpenAI native voice and text models are integrated directly into the ServiceNow AI platform and mentioned that ServiceNow and Cohesity announced a partnership to deliver agent resilience.

Additionally, he noted that ServiceNow and Carisoft expanded our partnership to extend ServiceNow AI platform availability.

The bank maintained a "39% efficiency ratio" while navigating a competitive environment. On the balance sheet, management highlighted "just under $2 billion in growth over the last year" for deposits, while simultaneously "reducing rates by 18 basis points" and maintaining average depositor balances of $52,000.

Additionally, the bank deployed excess liquidity into investments early in the quarter, allocating about 40% into municipal housing bonds with a "tax equivalent yield of around 6%" and 60% into agency mortgage-backed securities yielding in the "460 range or better".Management emphasized the Corporate and Institutional Banking division as the "predominant growth engine" for the bank.

This group now encompasses "over 42 different industry niches" and recently launched "franchise capital solutions" to complement existing asset-based lending, equipment finance, and fund finance services.

Executives noted they are "passing on 80%, 85% of the deals" they see to maintain credit quality, yet still achieved a "12 bp uptick on the average spread" for new deals.

Conversely, the Real Estate Specialties Group is experiencing repayment headwinds, particularly from multifamily projects, though management expects a "slowing of the headwinds from RESG repayments in 2027". The bank's indirect lending segment, described as a "high prime, super prime consumer portfolio", stayed steady and pushed up to about 13% of the portfolio.

Providing forward guidance, executives stated they expect the efficiency ratio will "stay in that high 30s range this year and maybe into next year" as they invest in fee-generating businesses like trust and wealth and treasury management.

Management also projected that the Corporate and Institutional Banking portfolio will "pull up even with RESG" in 2027.

Regarding interest rates, the bank is "agnostic as to whether rates go up 25 basis points or 50 basis points, or rates go down 25 basis points or 50 basis points". Finally, concerning credit quality for the IQHQ San Diego life science project maturing in August, executives affirmed they "expect sponsor support to continue" for that asset.

Chief Financial Officer Mark Kaye reported that "Operating revenue totaled $49.5 billion" for the quarter.

The company's consolidated benefit expense ratio was 86.8% for the quarter, and the adjusted operating expense ratio was 10.5% for the quarter.

During the quarter, Elevance Health recorded an accrual of $935 million related to historical risk adjustment data submitted to CMS, along with a $129 million charge related to business optimization.

Operating cash flow for the quarter was $4.3 billion.

President and CEO Gail Boudreaux stated that the company strategy remains clear: "lower the cost of health care and simplify how people navigate the system". To support this strategy, the company is investing more than $1 billion in digital and AI-enabled capabilities, embedding these tools across clinical, operational, and administrative workflows.

Boudreaux also provided an update on Carelon, reporting that the combination of CareBridge and Care at Home capabilities into a single risk-based solution has "reduced hospital readmission by 20% and generated more than 10% savings on post-acute care". Additionally, Boudreaux noted the company's AI-enabled virtual assistant is being used by 22 million commercial members.

Looking ahead, Elevance Health is raising its full year 2026 adjusted diluted earnings per share guidance to at least $26.75.

For the year 2027, management expects to return to at least 12% adjusted EPS growth based off a revised 2026 earnings baseline of $25.75.

The company anticipates full year 2026 operating cash flow of at least $5.5 billion and expects to execute at least $2.3 billion in share repurchases over the year.

Management also reaffirmed a full year operating margin outlook of approximately negative 1.75% for the Medicaid business, while remaining on track to achieve an operating margin of at least 2% in the Medicare business for the year.

For the second quarter, management expects "MIS revenue growth in the low to mid-teens with adjusted diluted EPS of approximately $4.15 to $4.30". The company expects to "close the sale of our Regulatory Solutions business on April 30".

Revenue increased 7% with growth in both equipment and services.

Adjusted EBITDA grew 87% year-over-year to $896 million, and the adjusted EBITDA margin expanded 390 basis points.

The company generated $4.8 billion in free cash flow in the first quarter.

Management highlighted that the company's total backlog expanded to $163 billion. GE Vernova completed the acquisition of the remaining 50% ownership stake of Prolec for $5.3 billion, adding new factory capacity and expanding its offerings in transformers.

The company is also deploying artificial intelligence to automate the matching of installed base demand and streamline manual sourcing processes, which management expects will save tens of millions of dollars every year going forward.

For the full year of 2026, GE Vernova raised its revenue guidance to a range of $44.5 billion to $45.5 billion.

The company increased its 2026 free cash flow guidance to between $6.5 billion and $7.5 billion.

Management also raised the full year adjusted EBITDA margin expectation to 12% to 14%.

Second quarter 2026 expectations include positive free cash flow and electrification segment revenues between $3.3 billion and $3.5 billion.

The company experienced significant demand from data centers, which accounted for approximately $2.4 billion in first quarter electrification orders. GE Vernova closed its first energy management system order to complement substation equipment for a data center customer in the first quarter. In the nuclear sector, management highlighted a U.S. and Japanese government announcement of up to $40 billion for GE Vernova Hitachi to build small modular reactors in the U.S..

Management stated "Total revenue was EUR 4.5 billion" for the quarter.

Additionally, they reported an "operating income of EUR 715 million" and noted that "free cash flow was EUR 824 million in the quarter". The company finished the quarter with 761 million monthly active users and added 3 million net subscribers, finishing at 293 million subscribers.

The "Gross margin came in at 33%" for the quarter.

The company discussed integrating AI across its operations to accelerate product development.

Management noted that "IDJ is now used by 94 million subscribers" and highlighted the launch of new AI powered features like "Taste Profile" and "Prompted Playlist" to allow users to actively shape their platform experience. On the advertising side, executives mentioned that they rebuilt their ad stack to capture programmatic and automated sales, noting that "Biddable represents more than 1/3 of ad revenue" for the quarter.A new partnership was announced in the fitness space, with the company "launching a fitness hub on Spotify" that "features Peloton's premium subscriber content in an ad-free experience". Looking ahead to the second quarter of 2026, management provided forward guidance of "MAU of 778 million" and "299 million" subscribers.

They are forecasting "total revenue of approximately EUR 4.8 billion" with an anticipated "quarter 2 gross margin of 33.1%" and guiding to "EUR 630 million" in operating income for the upcoming quarter.

Management stated, "Our reported medical care ratio of 83.9% compares to 84.8% in the first quarter of 2025". Operating results were supported by "solid operating cash flows of $8.9 billion in the quarter".Management highlighted their strategy, stating, "We remain on track to invest nearly $1.5 billion in AI-related initiatives in 2026". These investments focus on AI-enabled modernization, which executives noted are "increasing productivity and reducing administrative burden". The company is also supporting independent rural healthcare providers, stating, "We will accelerate payments in all lines of business by 50% for rural hospitals and exempt rural health care providers for most medical prior authorization requirements". Regarding utilization, management noted, "As we monitor underlying utilization trends, they remain consistent with the high levels we saw in the prior year".For the full year 2026 forward guidance, management noted, "we've updated our full year outlook to greater than $18.25 per share". They expect an earnings cadence with "approximately 2/3 of earnings in the first half of the year and the remaining 1/3 in the second half". In notable announcements, Optum Financial Services "has agreed to acquire Alegeus Technologies, a leading health financial services business". Additionally, the company announced new AI products, including a "generative AI chatbot answering member questions for UnitedHealthcare" and noted that "Optum Real, an AI-first platform launched a couple of quarters ago, now has 0.5 billion transactions year-to-date".

Management stated that "Diluted earnings per share were $0.31" for the quarter.

Furthermore, "Comparable store sales increased 0.5% with average ticket up 1.6% and transactions down 1%" for the quarter.

The company noted that "Gross margin was 36.2%" and "SG&A increased 6.1% to $1.07 billion" for the quarter.

Management highlighted key strategic updates, particularly concerning their "Life Out Here 2030 priorities" and their "needs-based model". The company opened "a record 40 traction supply stores in the quarter". A major focus was the companion animal segment, which experienced softness. To address this, the company is executing a structured plan centered on assortment transformation, exclusive brand innovation, digital capabilities, and customer engagement.

Management noted they are "aggressively scaling fresh and frozen pet" with plans to reach more than 250 stores by the end of May.

Additionally, the company is expanding its "Final Mile" delivery network and reported that their "online pet business grew mid-teens in Q1 led by subscription".Regarding products, the company is rolling out "New for Health shreds formulas" and a relaunched "Retriever portfolio" in the third quarter.

They also noted that the "Field & Stream" exclusive brand is "on track to hit over $100 million in sales this year". The company experienced "stronger seasonal penetration" and reported that "Chick Days is off to an encouraging start". For forward guidance, Tractor Supply Company stated it is "reaffirming our full year 2026 guidance" and will "continue to target comp sales growth in the range of 1% to 3% for each of the remaining quarters". Management expects "gross margin to strengthen in the second half" of the year.

The company expects "Gross margin of 50.5%, plus or minus 1 percentage point" and is "Forecasting operating margins of 36.5% plus or minus 1 percentage point". Management is also "forecasting record earnings per share of $1.65, plus or minus $0.15". In terms of product announcements, the company introduced "the next generation of Dextro, which packs 10x more compute power than the first generation into a smaller footprint" and shared a "new agreement with a leading foundry/logic customer to deploy our equipment intelligence services for critical deposition applications".

Management noted that "auto margins, excluding credits, improved sequentially from 17.9% to 19.2%", which included onetime benefits from "warranty true-downs around $230 million" for the quarter.

The energy storage business set a record with gross margins "over 39.5%", benefiting from "tariff recognitions of more than $250 million". Regarding future investments, the "current expectation for 2026 is over $25 billion of CapEx" to support six factories, AI infrastructure, and new product launches.

During the call, executives outlined plans to dismantle the Model S and X production line, with the "last S and X production" occurring in "early May". The capacity will be converted for the Optimus robot, with a targeted "start of production" that is "somewhere around the late July, August time frame". Tesla also shared details on its internal semiconductor plans, confirming a "research fab" at Giga Texas. CEO Elon Musk described this as a "$3 billion-ish initiative" that will be "capable of maybe a few thousand wafers per month", adding that Tesla plans "to use Intel's 14A process" for core manufacturing technologies.In the software business, the company reached "nearly 1.3 million paid customers globally" for its Full Self-Driving product.

The Robotaxi fleet has expanded to Dallas and Houston.

While Musk mentioned that unsupervised FSD will reach customer cars "probably in the fourth quarter", he clarified that "hardware 3 simply does not have the capability to achieve unsupervised FSD", necessitating hardware retrofits.

Additionally, management announced the early tape-out of the new AI5 chip, which will be utilized in Optimus and data centers.

Looking forward, Tesla intends to "keep growing volumes further" across all vehicle factories, though executives cautioned that their "biggest limiter continues to be our battery pack capacity". For energy storage, the company deployed "8.8 gigawatt hour of energy storage" in the first quarter.

Despite this being a "38% sequential decline", management stated they "still expect 2026 deployments to be higher than 2025" for the year and are preparing to "begin production of Megapack 3 later this year".

The company stated that first quarter operating profit reached KRW 37.6 trillion, increasing nearly twofold from that of the previous quarter.

Operating margin also improved by 13 percentage points Q-o-Q to 72%.

Net profit was KRW 40.3 trillion and net profit margin was 77%. As of the end of the first quarter, cash and cash equivalents including short-term investments stood at KRW 54.3 trillion, and the company recorded net cash of KRW 35 trillion.

Management noted that AI technology is now evolving rapidly beyond the training phase into the inference and agentic AI stage. As the volume of data generated by AI agents continues to increase, the demand base is broadening for both DRAM and NAND. To secure sufficient supply capacity to respond to structural demand growth, capital expenditure this year is expected to increase significantly compared with last year.

The majority of this CapEx is allocated to infrastructure preparation centered on the Yong-in cluster and ramp-up of M15X, as well as the procurement of key equipment such as EUV tools.

The company also aims to achieve financial soundness with net cash of more than KRW 100 trillion while working to establish an implementation plan for expanded shareholder returns within the year.

Regarding forward guidance for the second quarter, the company plans to actively respond to demand for high-density server modules and mobile products, with DRAM shipments expected to increase by high single-digit percent Q-o-Q. For NAND, they expect shipments to increase by mid-teen percent Q-o-Q. In terms of product announcements, the company completed development of the industrys first 1C-nanometer-based LPDDR6 during the first quarter and began mass production of a 192 gigabyte SOCAMM2 product optimized for NVIDIAs Vera Rubin platform.

Additionally, they began supply of the PQC21 client SSD, which adopts CTF-based 321-layer QLC technology.

They expect "revenue growth of 12% to 14%" and an "operating margin at 31.5%". For the year, the company anticipates "roughly doubling the advertising business to about USD 3 billion". Netflix ended the previous year with "more than 325 million paid members". Management estimated their addressable revenue for 2026 at "USD 670 billion" and noted they account for "only 5% of TV view share globally," leaving "plenty of room to grow into our addressable market".Co-CEO Ted Sarandos highlighted three main priorities, including to "deliver even more entertainment value," "leveraging technology to improve the service," and "improving monetization". Regarding the decision to walk away from acquiring Warner Bros., Sarandos stated the deal was "a nice to have, not a need to have," and that the cost "grew beyond the net value to our business and to our shareholders". The company confirmed it maintains its capital allocation philosophy to invest both organically and "opportunistically with M&A," as demonstrated by their recent acquisition of InterPositive.On the product and engagement front, Netflix cited the success of streaming the World Baseball Classic, calling it "the most watched program we've ever had in Japan" with "31.4 million viewers". The company also detailed its gaming strategy, including the introduction of Netflix Playground, "a separate app for games for kids" featuring ad-free titles.

Furthermore, management expects GenAI to "help make content better and better" and noted that the InterPositive acquisition accelerates their capabilities because it is "a proprietary technology that was created specifically for filmmakers".Finally, management addressed an executive transition, noting that Reed Hastings, Founder and Board Chair, decided "not to run for reelection for our Board at the next shareholders meeting". Sarandos stated Hastings will remain the Chairman and the member of the Board "through his current term".

Regarding external volatility and the Iran conflict, management stated, "We've had no major issues from a supply chain standpoint". The company affirmed its full year top line guidance, stating, "We guided 2% to 4% and the upper end of that in the towards the back half of the year". To combat potential inflation, the company expects to leverage its infrastructure, push harder on productivity, and utilize options with price pack architecture.

Management also highlighted an ongoing strategy of "reducing cost, cost per unit and overall cost for the food business".The company discussed momentum across its product lines, noting that the permissible portfolio is growing double digit in brands like SunChips and Smartfood. In the beverage segment, the company is participating in the energy portfolio through its CELSIUS investment and distribution, while Gatorade and Propel are gaining share.

Management also outlined a global commercial strategy for the summer involving a World Cup activation, which features the "no Lays no game" campaign and Quaker brand participation in stadiums.

Management stated, "We concluded our first quarter with revenue of USD 35.9 billion". First quarter gross margin was 66.2%, and first quarter operating margin was 58.1%.

First quarter EPS was TWD 22.08.

The company noted that 3-nanometer process technology contributed 25% of wafer revenue in the first quarter, while 5-nanometer and 7-nanometer accounted for 36% and 13%, respectively.

High performance computing increased 20% quarter-over-quarter to account for 61% of first quarter revenue.

Regarding business updates, management highlighted that "AI-related demand continues to be extremely robust". To support this demand, the company is increasing capital expenditures to expand 3-nanometer capacity.

Management stated, "We now expect our 2026 capital budget to be towards the high end of our range of between USD 52 billion and USD 56 billion". The company outlined a global capacity plan that includes a new 3-nanometer fab in Taiwan, utilizing 3-nanometer technologies in a second Arizona fab, and planning to use 3-nanometer technology in a second Japan fab.

Management also provided an update on its A14 technology, featuring its second-generation nanosheet transistor structure, stating, "Our A14 technology development is on track and progressing well," with volume production scheduled for 2028.

For forward guidance, management expects second quarter 2026 revenue to be between USD 39.0 billion and USD 40.2 billion.

Based on an exchange rate assumption of USD 1 to TWD 31.7, second quarter gross margin is expected to be between 65.5% and 67.5%, and second quarter operating margin is expected to be between 56.5% and 58.5%.

For the full year 2026, the company expects revenue to "grow by above 30% in U.S. dollar terms". Additionally, management mentioned that the initial ramp-up of 2-nanometer technology is expected to cause between 2% and 3% gross margin dilution for the full year of 2026.

Management reported that the company was able to expand margins 70 basis points year-over-year in the quarter.

During the quarter, the company repurchased 383,000 shares of stock for approximately $80 million and retired $700 million of notes.

The company also eliminated over $30 million during the quarter as part of an initiative to remove structural costs from the business.

The company experienced strong demand across service offerings as a predominantly supply-driven freight recovery continued to gain steam. In the Intermodal segment, volumes were up 3% year-over-year for the quarter, and the company set a weekly volume record in March with over 46,000 loads delivered. In the Highway businesses, JBT reported a fourth consecutive quarter of double-digit volume growth, with revenue increasing 23% on 19% load growth, while gross profit declined 5% due to higher purchase transportation rates.

Final Mile end market demand showed stabilization across furniture and exercise equipment.

Regarding forward guidance, the company reiterated its guidance of a $600 million to $800 million net CapEx plan for the year.

The Dedicated Contract Services segment maintained its full year target for net truck sales of 800 to 1,000 new trucks this year, and management expects only modest operating income growth in the dedicated business in 2026.

The company noted increased challenges in driver hiring, stating that current driver need is the highest it has been since June of 2022.

Every segment grew earnings.

Every segment grew average deposits and every segment grew loans". The company observed that "Client activity remained healthy and revenues in each of these areas grew at double-digit rates compared to the first quarter of 2025",. Executive Alastair Borthwick highlighted that "Consumer Banking delivered a strong first quarter" with "Net income was $3.1 billion, up 21% year-over-year". Furthermore, Borthwick noted that "Digital adoption remains strong with 79% of households digitally active".Regarding forward guidance, Borthwick announced, "we're raising our full year NII growth guidance range for 2026 versus 2025 to be up 6% to 8%". Management also stated, "we continue to expect more than 200 basis points of positive operating leverage for the year". For taxes, Borthwick provided guidance that "for the full year 2026, we expect an effective tax rate of just a little more than 20%",. Strategically, the company continues to focus on "The continued digitization of activities by our clients and inside our company, the application of artificial intelligence that detailed process reengineering" to limit cost increases.

Quarterly net system sales were EUR 6.3 billion, which included over EUR 4.1 billion from EUV systems and over EUR 2.1 billion from non-EUV systems.

Management highlighted that "the growth outlook for the semiconductor industry continues to solidify, driven primarily by AI-related infrastructure investment". To address capacity constraints across end markets, ASML noted they are "executing on an output plan of at least 60 low-NA EUV system" for 2026 and "raising low-NA EUV capacity to at least 80 systems next year". In product developments, ASML shared that their "High-NA platform has now processed over 0.5 million wafers and achieved over 80% availability". The company also announced that for the NXE:3800F system, they "have raised the wafer per hour specification from 250 wafers to 260 wafers per hours" with plans to begin shipping in 2027.

Providing forward guidance, management stated they expect second quarter 2026 "total net sales to be between EUR 8.4 billion and EUR 9 billion" with a "gross margin for Q2 is expected to be between 51% and 52%". For the full year 2026, ASML updated its guidance by "both narrowing and increasing the expected revenue range to between EUR 36 billion and EUR 40 billion while maintaining our expectation of a gross margin between 51% and 53%".

Scharf stated that revenue growth was driven by a "5% increase in net interest income and an 8% increase in noninterest income". Furthermore, "pretax pre-provision profit grew 14% from a year ago". During the first quarter, the company "returned $5.4 billion to shareholders in the first quarter, including $4 billion in common stock repurchases".Scharf announced that the company "closed our final outstanding consent order", stating the focus is now on "accelerating growth and improving returns". During the quarter, Wells Fargo "launched 2 new travel-focused reward credit cards available exclusively to new and existing premier and private wealth clients". The auto business saw "originations more than doubled from a year ago", benefiting from being the "preferred financing provider for Volkswagen and Audi vehicles in the United States". Additionally, the AI-powered virtual assistant, Fargo, "reached over 1 billion customer interactions", "mobile active users surpassed 33 million", and the company "completed the sale of our railcar leasing business".Regarding forward guidance, Chief Financial Officer Michael Santomassimo stated the company is "retaining our guidance of $50 billion, plus or minus of net interest income this year". He also confirmed that expense guidance is unchanged, and they "still expect 2026 noninterest expense to be approximately $55.7 billion". Scharf emphasized that the company is "increasing our investments in areas like technology, including AI, as well as in advertising", while executing on efficiency initiatives, which has resulted in "23 consecutive quarters of head count reductions".

Revenue for the quarter was reported at $15.5 billion.

Expenses for the quarter were $26.9 billion.

Credit costs were $2.5 billion with net charge-offs of $2.3 billion and a net reserve build of $191 million.

The standardized CET1 ratio ended the quarter at 14.3 percent.

Management discussed concerns regarding the Basel III endgame and G-SIB reproposal, noting that the proposed rules could increase CET1 capital around 4 percent and result in a total increase of about $20 billion of G-SIB capital.

They emphasized this could mean the cost of credit to United States households and businesses is likely higher than it is from other domestic non-G-SIB banks.

Executives addressed an artificial intelligence cash tool currently in early stages, which is targeted at a small subset of the client base to take a larger share of the investment wallet.

They also discussed the private credit market, noting leverage lending is a $1.7 trillion market, and stated that a potential default cycle in private credit would not be systemic at that size.

The United States consumer was described as resilient, with consumer spend growth continuing above last year's pace.

Management also noted that they are evaluating cyber risk and the additional vulnerabilities created by generative artificial intelligence models.

For the full year 2026 outlook, the firm expects net interest income excluding markets to be about $95 billion and total net interest income to be approximately $103 billion.

The adjusted expense outlook for the year continues to be about $105 billion, and the card net charge-off rate continues to be approximately 3.4 percent.

Management also noted expectations for full year card loan growth to be 6 percent.

For the quarter, net earnings were $5.2 billion and diluted earnings per share were $2.14.

Adjusted net earnings for the quarter were $6.6 billion, and adjusted diluted earnings per share were $2.70.

Free cash flow in the first quarter was approximately $1.5 billion.

Executives highlighted that their "unique combination of innovative medicine and MedTech" is delivering resilient growth.

The innovative medicine division delivered operational sales growth of 7.4 percent in the quarter, while MedTech reported operational sales growth of 4.6 percent.

Management noted that their "priority is to invest behind our portfolio of new product launches and our promising pipeline programs" while they "remain opportunistic from a business development standpoint".The pipeline saw significant momentum with the recent FDA approval of ICOTYDE for the first-line treatment of plaque psoriasis, which management described as "the first and only IL-23 targeted oral peptide". In oncology, INLEXZO received a permanent J-code for reimbursement, and the FDA approved TECVAYLI plus DARZALEX FASPRO for relapsed or refractory multiple myeloma.

Within MedTech, TECNIS PureSee received FDA approval as an extended depth of focus intraocular lens, and the company made progress on their "OTTAVA robotic surgical system" with a second investigational device exemption trial underway.

For the full year 2026, the company is "increasing our operational sales guidance to be in the range of 5.9% to 6.9%, with a midpoint of $100.2 billion". The company estimates reported sales growth between 6.5 percent to 7.5 percent, with a midpoint of $100.8 billion for the full year.

Executives are "increasing our guidance by $0.02 to a range of $11.30 to $11.50" for adjusted operational earnings per share for the year.

Executives reaffirmed they have "a clear line of sight to double-digit growth by the end of the decade".

For the fourth quarter of fiscal 2026 specifically, management expects "revenues in Q4 to be down 2% to 4%", with "Greater China to be down approximately 20% in the fourth quarter." Friend added they expect "sequential improvement in gross margin with Q4 down approximately 25 to 75 basis points, including 250 basis points due to higher tariffs in North America." The "full year tax rate" is expected "to be in the low 20% range."Leadership highlighted new product innovations, with Hill unveiling the "new NIKE Mind platform with over 150 patents filed globally," which "sold out in all geographies." The company also introduced Aero-FIT for football, described as our "new elite apparel cooling platform that increases airflow by 200% over regular dry fit," and plans to expand it into multiple sports including NIKE Running in the fall.

Management stated that organic ASV grew 6.7% to $2.45 billion.

Adjusted operating margin was 35% for the quarter, and adjusted diluted EPS was $4.46.

The company reported deploying over $300 million year-to-date to repurchase shares, including approximately 652,000 shares for $163 million in the second quarter.

Management highlighted three priorities for the company: driving commercial excellence, delivering productivity improvements, and solidifying its long-term strategy for sustainable growth.

The company reported that productivity initiatives have already captured more than half of the 100 basis points of productivity improvement targeted for the year.

This included deploying AI tools across data operations and utilizing AI coding assistants that author nearly 1/5 of successful code commits.

Direct seat-based exposure now represents less than 20% of ASV, driven by appropriate minimums and bundling into enterprise agreements.

The company discussed several partnerships and product highlights, including an open architecture approach with Snowflake and Databricks.

FactSet is also partnering with Anthropic and OpenAI to make data sets available in their marketplaces.

The newly launched MCP server reached over 120 clients actively engaged since its launch in December.

Management also noted expanding mandates with products like the Portware trading platform and the LiquidityBook order management system.

For fiscal 2026, FactSet raised its ASV revenue and EPS outlook ranges. ASV growth is expected at $130 million to $160 million, representing approximately 5.4% to 6.7% growth.

The company is targeting GAAP revenue for the year at $2,450 million to $2,470 million.

The guidance range for GAAP EPS was increased to $14.85 to $15.35, while adjusted EPS was raised to a range of $17.25 to $17.75.

The guidance ranges for GAAP operating margin and adjusted operating margin were maintained.

Fourth quarter revenues from online marketing services and others were RMB 60 billion, while transaction services revenues for the quarter reached RMB 63.9 billion.

The company reported a fourth quarter GAAP operating profit of RMB 27.7 billion and a non-GAAP operating profit of RMB 29.5 billion, representing a non-GAAP operating profit margin of 24%.

Fourth quarter net income attributable to ordinary shareholders was RMB 24.5 billion, and the full year net income was RMB 99.4 billion.

Management emphasized their strategic focus of "investing deeply in the supply chain and concentrating on high-quality, brand-oriented growth". During the year, the company launched the "CNY 100 billion support program" to assist farmers and merchants, which includes initiatives like the total local specialties and new quality supply programs designed to upgrade supply chain operations and agricultural added value.

Additionally, PDD piloted a "free delivery to villages" project in the fourth quarter, covering transhipping fees and building last-mile logistics infrastructure across multiple regions to extend e-commerce benefits into remote rural areas.

Regarding the business outlook and global environment, management noted that the company is currently operating in nearly 100 markets and faces a rapidly evolving international geopolitical landscape.

While no specific numerical forward guidance was provided, executives stated that increased uncertainty in the economic and trade climate will "inevitably bring more challenges and weigh on our future performance, putting pressures on our profitability in short term". The company intends to remain in a strategic investment phase, prioritizing long-term value generation and ecosystem health over short-term financial performance.

Revenues from vehicle sales were RMB 19.07 billion for the fourth quarter of 2025, while revenues from services and others were RMB 3.18 billion for the fourth quarter of 2025.

Gross margin was 21.3% for the fourth quarter of 2025, and vehicle margin was 13% for the fourth quarter of 2025.

Management noted a net profit of RMB 0.38 billion for the fourth quarter of 2025.

For the full fiscal year 2025, gross margin reached 18.9%, and the company had a free cash inflow of approximately RMB 5 billion, ending the year with a RMB 47.66 billion cash position.

Management highlighted a strategic focus on physical AI transformation and a business model driven by technology leadership.

The company integrated its autonomous driving center and smart cabin center into a General Intelligence Center to improve research and development efficiency. XPeng plans to increase investment in physical AI related R&D to RMB 7 billion this year.

The company also emphasized globalization, aiming to double overseas deliveries in 2026 year over year, with international business contributing over 20% of total revenue. To support this, the company plans to target 680 overseas stores for sales and service and introduce 4 new models to the global market.

For the first quarter of 2026, XPeng expects deliveries to be between 61,000 and 66,000 units, and revenue is expected to be between RMB 12.2 billion and RMB 13.2 billion.

Notable product updates include the gradual rollout of the VLA 2.0 autonomous driving system and the planned preorders for the XPeng GX, a 6 seat full size SUV, in the third quarter of 2026.

The company announced that its next generation humanoid robot, IRON, is targeted to enter mass production by the end of 2026.

Additionally, management noted that Volkswagen is their first external customer for both the Turing SoC and VLA 2.0, and that shipments of the Turing SoC are targeted to reach nearly 1 million units this year.

Management announced "total revenue was RMB 194.4 billion, up 13% year-on-year". During the quarter, "Gross profit was RMB 108.3 billion, up 19% year-on-year" and "Overall gross margin was 56%, up 3 percentage points year-on-year". Executives also highlighted that "Free cash flow was RMB 34 billion, increasing over 6x year-on-year". On a non-IFRS basis, "operating profit was RMB 69.5 billion, up 17% year-on-year" and "Net profit attributable to equity holders was RMB 64.7 billion, up 17% year-on-year".Discussing strategic initiatives, the company emphasized its focus on integrating artificial intelligence.

Management stated "we prioritized leveraging AI to reinforce our core businesses" and are now advancing to "add development of new AI products to our priorities". Executives detailed that "Our spending on our 2 biggest new AI products, Hunyuan and Rembao, was RMB 7 billion in the fourth quarter of 2025 and RMB 18 billion for the full year". The company indicated that "We expect to more than double these investments in Hunyuan, Yuanbao and other new AI products in 2026, which we intend to fund from increasing earnings from our core businesses".Providing forward guidance, management addressed capital allocation by stating "we will likely buy back lower value of our shares versus 2025 to fund investment in AI while increasing our dividends". The company noted that for the full year of 2025, "we repurchased 153 million shares with a total consideration of HKD 80 billion". Executives announced "we are proposing an annual dividend of HKD 5.3 per share, reflecting an 18% year-on-year increase". This dividend will be payable to shareholders on the 1st of June 2026.

The company shared several product milestones, noting "our international games business surpassed USD 10 billion in annual revenue for the first time". In domestic games, the new release Delta Force "surpassed 50 million peak daily active users" in February 2026.

The enterprise software division saw Tencent Cloud achieve "RMB 5 billion adjusted operating profit" in 2025.

Regarding their foundation model progress, management announced that "Hunyuan 3.0 is in internal testing".

The company noted that its proprietary business "grew 17% in 2025". Management also highlighted that over the last three years they have "doubled our EBITDA and cut our capital expenditures in half" and swung from "real negative free cash flow to real positive free cash flow".Key business updates include a restructuring that involved "cutting the organization by 40%" and is expected to generate "$70 million to $80 million" of annualized savings.

These savings are creating room to reinvest in brand marketing, returning to "2024 levels", and ramping up online Pro marketing.

The company is also executing a global platform consolidation, beginning with rebuilding the core homeowner experience in a "componentized and more flexible way".For the full year 2026, management expects revenue growth in the "low single digits", specifically "1% to 3%", with first quarter revenue expected to be "minus 1% to minus 3%". Adjusted EBITDA for the upcoming year is guided to "$145 million to $150 million". The company also announced a deal with "Amazon's Alexa" and stated they have "started working actively working with every LLM" to integrate their marketplace data into generative AI platforms.

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

The company reported, "Q4 operating income of $27.1 million resulted in operating margin of 10.7%". Furthermore, "Q4 free cash flow was $35 million up from $11 million for the prior year fourth quarter" and "FY '26 free cash flow was $85 million".Key business updates focused on the company's vision to build the "Agentic Operating System for the trades". The company highlighted the initial deployment of its Max program, which brings together core products, existing Pro products, and new AI capabilities.

Management noted progress in the Commercial and Roofing segments, including a partnership with Vertex.

ServiceTitan also announced the hiring of Abhishek Mathur as Chief Technology and Product Officer to oversee AI research and development.

Management provided forward guidance for the first fiscal quarter and full fiscal year 2027.

For the first quarter, the company stated, "we expect total revenue in the range of $255 million to $257 million" and "operating income in the range of $27 million to $28 million". For the full fiscal year 2027, the company expects "total revenue in the range of $1.11 billion to $1.12 billion" and "operating income in the range of $128 million to $133 million". ServiceTitan also expects to continue its "25% incremental operating margin framework over the full year FY '27".

The company reported that GAAP net income for the quarter was RMB 15.6 billion, representing a decrease of 66 percent.

Operating cash flow for the quarter was an inflow of RMB 36 billion, and free cash flow for the quarter was RMB 11.3 billion.

Management noted that total adjusted EBITDA for the quarter decreased by 57 percent primarily due to strategic investments in technology-related innovation initiatives and the consumption front, including quick commerce business.

During the quarter, Alibaba maintained strong investment momentum in its two strategic priorities, AI plus cloud and consumption.

The Cloud Intelligence Group saw revenue from external customers accelerate to 35 percent for the quarter, with AI-related product revenue delivering triple-digit year-over-year growth for the tenth consecutive quarter.

The company announced the establishment of the new Alibaba Token Hub Business Group as the organizational foundation for executing its AI strategy, alongside the launch of Wukong, an enterprise AI agent platform.

Management also highlighted that T-Head proprietary GPU chips achieved scaled mass production, having cumulatively shipped 470,000 AI chips as of February 2026.On the consumption front, the China e-commerce group generated quarterly revenue of RMB 159.3 billion.

The company reported that revenue from its quick commerce business increased 56 percent to RMB 20.8 billion during the quarter.

Management noted that this quick commerce expansion drove Taobao app monthly active consumers to double-digit year-over-year growth and demonstrated clear synergies with traditional e-commerce.

Looking forward, management established a business goal for its AI strategy over the next 5 years to surpass USD 100 billion in combined cloud and AI external revenue, including mass.

For the consumer segment, the company maintains a target of achieving over RMB 1 trillion in Quick Commerce GMV by FY 2028.

Management stated they expect to generate positive cash flow when the GMV target is achieved and expect the Quick Commerce business to be profitable in FY 2029.

The company updated its financial investments, noting "we increased our outlook on CapEx to over $25 billion" for fiscal year 2026, up from $20 billion.

Management expects fourth quarter operating expenses to be close to $1.6 billion, and start-up costs for new facilities to be $100 million to $200 million per quarter starting in the next quarter or so.

Micron discussed its ongoing strategy to manage supply and demand, including adding cleanroom space in Singapore and ramping the Powerchip Tongluo facility.

Management stated that meaningful supply from these cleanroom projects will not impact the market until fiscal 2028.

Chief Business Officer Sumit Sadana highlighted very robust demand for NAND, pointing out that "AI servers are using a huge amount of SSDs" and concluding that "our supply is nowhere close to being able to meet the demand that we see for the foreseeable future." The company expects tight supply conditions to continue beyond 2026.

Regarding forward guidance and product updates, Micron assumes "some modest growth, volume growth in third quarter for both DRAM and NAND." On the product side, management announced they are "the first company in the world to have a Gen6 SSD in the market," which works well with NVIDIA systems.

Additionally, the company reported strong execution on High Bandwidth Memory, noting that HBM3E 12-high continues to execute well in high volume and that HBM4 is experiencing "an even faster yield ramp than HBM3E 12-high."

Operating income for the quarter was approximately $812 million, or 22.3% of net revenue.

Net income for the quarter was $587 million or $5.01 per diluted share.

Inventory at the end of Q4 was $1.7 billion.

Management outlined an action plan focused on product creation, product activation, and enterprise enablement.

Interim Co-CEO Andre Maestrini stated a primary goal in North America is "returning the business to healthier levels of full-price sales" after seeing a higher markdown penetration in 2025.

The company has increased its new style penetration to approximately 35% and is sharpening its focus on activity based merchandising in stores by offering clear destinations for core activities including run, train, and yoga and pilates.

The company highlighted several new product innovations, including the Unrestricted Power training collection constructed from the newest technical fabric innovation called PowerLu, and ThermoZen insulated jackets and vests. An updated version of the ShowZero no-show-sweat technology was developed in collaboration with professional tennis player Frances Tiafoe and debuted at the BNP Paribas Open.

Additionally, the brand continues its partnership as the official outfitter of Team Canada for the Olympics.

For the full year 2026, management expects revenue to be in the range of $11.35 billion to $11.5 billion, representing growth of 2% to 4% relative to 2025.

Diluted earnings per share for the fiscal year 2026 are expected in the range of $12.10 to $12.30.

For the first quarter of 2026, the company expects revenue in the range of $2.4 billion to $2.43 billion, with earnings per share expected in the range of $1.63 to $1.68.

For fiscal year 2025, Adobe delivered record revenue of $23.77 billion and over $10 billion in operating cash flows.

Management stated that Total Adobe ending ARR reached $25.2 billion.

Management highlighted the integration of generative AI across its product portfolio, targeting Business Professionals and Consumers, Creators and Creative Professionals, and Marketing Professionals.

Executive Vice President and CFO Dan Durn noted, "Total new AI-influenced ARR now exceeds 1/3 of our overall book of business". President of Digital Media David Wadhwani discussed expanding the ecosystem of AI model partnerships, stating that consumption of Generative Credits increased 3x quarter-over-quarter.

President of Digital Experience Anil Chakravarthy emphasized the enterprise content supply chain, noting that GenStudio solution ending ARR grew over 25% year-over-year.

The company provided fiscal 2026 targets, including Total Adobe revenue of $25.9 to $26.1 billion and Total Adobe ending ARR book of business growth of 10.2%.

For the first quarter of fiscal 2026, the company is targeting Total Adobe revenue of $6.25 billion to $6.3 billion.

Adobe also announced the intent to acquire Semrush Holdings for an equity value of approximately $1.9 billion in an all-cash transaction, which is expected to close in the first half of fiscal 2026.

Regarding forward guidance, management stated, "for 2026, we expect net sales growth in the range of 3.7% to 4.2%, same-store sales growth in the range of 2.2% to 2.7% and EPS in the range of $7.10 to $7.35". They also noted, "We expect capital spending in the range of $1.4 billion to $1.5 billion" for the year.

For the first quarter, the company expects "Q1 comp sales to be in the low 2% range" following negative impacts from winter storms, and for the full year 2026 anticipates "modest SG&A deleverage" alongside an effective tax rate of approximately 25 percent.In product and partnership updates, Dollar General plans to capitalize on discretionary categories and "launch at least 15 new brands in nonconsumable categories in 2026," building on the previous success of brand expansions with "Dolly Parton, Kathy Ireland and others". The company also expanded its delivery reach, noting they are "now delivering customers through approximately 18,000 stores and with our own myDG delivery offering as well as through third-party partners, DoorDash and Uber Eats".

Multicloud Database revenue grew 531% year-over-year, and AI infrastructure revenue grew 243% year-over-year.

The company reported a $553 billion RPO and stated that gross margin for AI capacity delivered in Q3 remained above guidance at 32%.

Key business updates included the rapid adoption of AI coding tools, enabling small engineering teams to build three new CX applications.

Oracle has delivered well over 1,000 AI agents inside its horizontal back office and industry applications. In the AI infrastructure segment, the company delivered more than 400 megawatts to customers in Q3. Management also noted they have signed more than $29 billion of contracts using a new business model involving bring your own hardware and upfront customer payments to grow AI infrastructure without negative cash flow.

Oracle achieved global region coverage in its partner clouds, with 33 regions live with Microsoft, 14 live with Google, and 8 live with AWS. The company announced it now holds a 15% equity stake in the independent TikTok U.S. company.

Additionally, Oracle raised $30 billion through investment-grade bonds and mandatory convertible preferred stock.

For forward guidance, management stated they are confidently raising their FY 27 forecast and expect to exit Q4 with 22 AWS regions live.

Net sales for the second quarter were $68.24 billion, which represents an increase of 9.1 percent from the second quarter of 2025.

Comparable sales were up 7.4 percent.

The company reported membership fee income of $1.355 billion, an increase of 13.6 percent year-over-year.

The quarter ended with 82.1 million total paid members and 4.4 million paid executive memberships.

Management highlighted several key business priorities, including increasing the pipeline of new warehouses domestically and internationally.

The company expects to have 28 net new openings in fiscal year 2026 and is targeting 30-plus new openings per year in the coming years. In digital and warehouse operations, the company is piloting automated pay stations that allow members to pay seamlessly, with an average transaction time of around 8 seconds.

Additionally, personalized product recommendation carousels drove over $470 million of e-commerce sales in the second quarter.

Looking ahead, the company estimates full-year capital expenditure will be approximately $6.5 billion to support a larger pipeline of new warehouses, remodeling existing locations, expanding the depot network, and enhancing the digital experience.

Management noted that egg price deflation is expected to continue to be a headwind to sales in food and sundries for the foreseeable future.

Furthermore, they indicated that the situation in the Middle East could impact fuel costs and shipping schedules if there is instability in the region for a sustained period of time.

During the quarter, Costco lowered prices on several Kirkland Signature items, including butter, organic coconut water, and olive oil.

The company also launched approximately 30 new Kirkland Signature items, such as crispy wings and blackened salmon.

The pharmacy and food court businesses experienced double-digit comparable sales growth.

Same-day delivery services offered through Instacart, Uber Eats, and DoorDash continued to grow at a faster pace than overall digital sales.

For the full year 2025, the company reported $10.36 billion in gross profit and growth of 17% year-over-year.

Block grew adjusted operating income 46% year-over-year to $588 million in the fourth quarter. On a per share basis, adjusted diluted EPS grew 38% year-over-year in the quarter.

Executives announced an organizational restructuring, reducing the workforce from over 10,000 people to just under 6,000.

This structural change is designed to increase velocity and leverage intelligence tools across the company. In terms of network growth, Cash App monthly actives reached 59 million in December, with primary banking actives growing 22% year-over-year to 9.3 million.

Meanwhile, Square accelerated its gross payment volume growth to 10% in 2025.

Block provided strong forward guidance for 2026, expecting year-over-year gross profit growth of 18% to $12.2 billion.

The company increased its guidance for 2026 adjusted operating income to $3.2 billion and adjusted diluted EPS to $3.66.

For the first quarter of 2026, Block expects year-over-year gross profit growth of 22% to $2.8 billion, adjusted operating income of $600 million, and adjusted diluted EPS of $0.67.

The company highlighted notable momentum with Cash App Borrow, which saw origination volume grow more than 3x year-over-year in the fourth quarter.

Block also launched Afterpay pre-purchase functionality on the Cash App Card in February and introduced Pay in 4 functionality for peer-to-peer transactions.

Looking ahead, Block is focused on scaling new intelligence products, including Moneybot, Managerbot, and Square AI for sellers.

The company ended the quarter with over $2.5 billion in cash, cash equivalents, and short-term investments.

Additionally, total contract value generated through AWS Marketplace grew over 45 percent in fiscal year 2026 to approximately $750 million. In January, the company repurchased and retired over 875,000 shares for a total cost of $79 million under a $1 billion share repurchase program.

Management highlighted strong performance from their portfolio of new products, which represented approximately 30 percent of Q4 bookings.

When these new products are included in a deal, the average contract uplift is approximately 40 percent.

Okta Identity Governance now has over 2,000 customers.

The company outlined its top priorities for fiscal year 2027, including securing agentic AI, increasing focus on large customers, and becoming the default identity security solution for the U.S. federal vertical and highly regulated industries.

The company introduced its newest products, Auth0 for AI Agents and Okta for AI Agents, designed to secure and govern the life cycle of AI agents.

Management emphasized that their neutral and independent identity solution is uniquely positioned to address the growing security threat represented by nonhuman identities.

Okta also announced a strategic decision to shift more professional services business to global system integrators to deepen partner relationships and increase business with large enterprises.

For the first quarter of fiscal year 2027, Okta expects total revenue growth of 9 percent, current RPO growth of 10 percent, non-GAAP operating margin of 23 percent to 24 percent, and free cash flow margin of 33 percent to 35 percent.

For the full year fiscal 2027, the company expects total revenue growth of 9 percent, non-GAAP operating margin of 25 percent to 26 percent, and a free cash flow margin of 27 percent to 28 percent.

For the quarter, management stated that total revenue was $836 million with non-GAAP operating income of $366 million.

For the full year, total revenue reached $3.195 billion and non-GAAP operating income was $1.434 billion.

The company also announced it surpassed its $3 billion revenue run rate goal.

During the call, management provided updates on several key business initiatives, highlighting significant momentum with Vault CRM, noting that close to 140 customers are now live.

The company also announced a milestone deal with a top 20 life sciences company standardizing on its RTSM product.

Additionally, Veeva discussed its ongoing AI strategy, revealing plans to roll out agents across all product areas this year and introducing a token-based pricing model for these offerings.

Looking ahead, the company discussed its fiscal 2027 guidance, which incorporates a 13 percent total revenue growth starting point and anticipates continued healthy growth from the Crossix business.

Management also noted that CRM represents roughly 20 percent of total revenue today and is projected to account for about 10 percent by the 2030 time frame, while pulling the Veeva CRM end of support date into December 2029 to ensure no stragglers remain in 2

Gross margin was 77 percent of revenue. Q1 operating income reached a record $12.8 billion.

Adjusted EBITDA was a record $13.1 billion, representing 68 percent of revenue.

Free cash flow for the quarter was $8 billion, which represented 41 percent of revenue.

The Semiconductor Solutions segment generated a record $12.5 billion in revenue, while infrastructure software revenue was $6.8 billion.

During the call, management highlighted that the ramp of custom AI accelerators across their customers is progressing very well.

Broadcom now has six customers for custom AI XPUs, including Google, Anthropic, Meta, and OpenAI. AI networking revenue grew 60 percent year-on-year and represented one-third of total AI revenue, driven by demand for the Tomahawk 6 switch and 200G SERDES. Additionally, VMware Cloud Foundation was emphasized as the essential software layer in data centers.

The company has fully secured capacity for leading-edge wafers, high-bandwidth memory, and substrates for 2026 through 2028.

For Q2 2026, Broadcom issued guidance for consolidated revenue of approximately $22 billion, up 47 percent year-on-year, with adjusted EBITDA expected to be approximately 68 percent of revenue.

Second-quarter semiconductor revenue is forecast at approximately $14.8 billion, with AI semiconductor revenue expected to be $10.7 billion.

Looking further ahead, management stated they have line of sight to achieve AI revenue from chips in excess of $100 billion in 2

Full year research and development expenses were $218.6 million, and selling, general, and administrative expenses decreased to $150 million.

Full year net loss attributable to ImmunityBio common stockholders was $351.4 million.

The company reported consolidated cash, cash equivalent, and marketable securities of $242.8 million as of December 31, 2025.

The company highlighted the commercial momentum of ANKTIVA, which is now authorized across 33 countries.

Management introduced askIB, an internally developed artificial intelligence solution utilizing advanced large language models to integrate with the global enterprise application suite.

The company also discussed the NANT Leonardo platform for automated cellular manufacturing using artificial intelligence and machine vision.

The company stated it will not be providing forward financial guidance on the call.

However, management intends to submit a biologics licensing application for the BCG-naive indication in the fourth quarter of 2026.

ImmunityBio partnered with Accord Healthcare to support commercial launch across 31 countries in Europe, including the United Kingdom and all 27 European Union member states.

The company also announced partnerships with Biopharma and Cigalah to expand access across the Middle East and North Africa region following the Saudi FDA approvals of ANKTIVA for nonmuscle-invasive bladder cancer and metastatic nonsmall cell lung cancer.

The company posted record net new ARR of $330.7 million, bringing ending ARR to $5.25 billion.

Fourth quarter non-GAAP operating income reached a record $325.8 million, representing 25% of revenue.

Additionally, the company generated record free cash flow of $376.4 million, or 29% of revenue, for the quarter.

Full fiscal year 2026 non-GAAP operating income reached a record $1.05 billion.

Management emphasized the success of the Falcon Flex subscription model, noting the addition of more than 350 Flex customers in the fourth quarter to reach a total of over 1,600.

The company stated that 50% of subscription customers are now using 6 or more modules.

Chief Executive Officer George Kurtz highlighted that the company's endpoint business accelerated for the second consecutive quarter, driven by elevated demand for the Falcon platform amidst accelerating AI adoption.

For the first quarter of fiscal 2027, CrowdStrike expects total revenue between $1.360 billion and $1.364 billion, with non-GAAP income from operations in the range of $308 million to $310 million.

Full fiscal year 2027 guidance anticipates total revenue between $5.868 billion and $5.928 billion, and non-GAAP income from operations between $1.422 billion and $1.462 billion.

Management also indicated a change in the sales commission amortization expense period from 4 to 5 years starting in Q1, which is expected to benefit non-GAAP operating income by $85 million to $95 million for the full year.

The company shared details on its recent acquisitions of SGNL AI to provide zero standing privilege for all identities, and Seraphic to bring secure enterprise browser capabilities to the Falcon platform.

CrowdStrike also launched a new AIDR offering designed to give customers immediate visibility into employee usage of AI tools.

Regarding partnerships, management announced that CrowdStrike is now open for business on the Microsoft marketplace, allowing customers to utilize their Microsoft Azure consumption commitment dollars on Falcon.

For the full fiscal year 2026, revenue grew 26% to $955 million, and adjusted free cash flow grew 83% to $220 million.

Fourth quarter non-GAAP operating income was $53.4 million, representing an operating margin of 20.5%.

The company's Board also authorized a first-time share repurchase program of $400 million.

Management outlined five specific strategies to improve growth at scale for fiscal year 2027, which include reaccelerating first orders, scaling sales capacity, expanding product packaging, engaging price-sensitive customers, and executing an AI strategy.

The company is entering the new fiscal year with its highest sales capacity ever and has overhauled territory design. On the product front, the company launched the GitLab Duo agent platform in mid-January, which introduces usage-based pricing alongside the company's seat model.

For forward guidance, management expects first quarter fiscal year 2027 total revenue of $253 million to $255 million, representing approximately 18% to 19% year-over-year growth.

The company also expects first quarter non-GAAP operating income of $32 million to $34 million and non-GAAP net income per share of $0.20 to $0.21.

Management noted they are assuming minimal revenue contribution from the GitLab Duo agent platform in fiscal year 2027 as they allow time to convert pilots into production deployments.

For the full year of 2025, the company generated 22.9 billion dollars in total GAAP revenue, a 36 percent year-on-year increase, and full year net income reached 1.6 billion dollars.

Shopee achieved full year GMV of 127 billion dollars with an adjusted EBITDA of 881 million dollars.

The Money segment reported a full year revenue of 3.8 billion dollars, while Garena generated full year bookings of 2.9 billion dollars.

Management highlighted operational improvements across all three core businesses.

Shopee expanded its logistics and fulfillment capabilities, with its SPX Express processing over 30 million deliveries daily on average.

The Shopee VIP membership program was rolled out across all Asian markets, reaching over 7 million subscribers by year-end, and the company plans to launch the program in Brazil.

Shopee also deepened its content ecosystem through partnerships with YouTube and Meta, noting that orders driven by YouTube content more than tripled year-on-year in the fourth quarter.

The credit business grew to 9.2 billion dollars in consumer and SME loans principal outstanding while maintaining a 90-day nonperforming loan ratio of 1.1 percent.

For 2026, Sea Limited provided forward guidance for its e-commerce and digital entertainment segments.

Management stated they aim to grow Shopee GMV by about 25 percent year-on-year, with its full year adjusted EBITDA expected to be no lower than 2025 in absolute dollars.

For Garena, the company expects double-digit growth for 2026 and plans to extend its intellectual property collaborations, including a new Naruto release anticipated in the third quarter.

For the prior year, the gross margin rate was down about 30 basis points, aided by lower inventory shrink which delivered about 90 basis points of benefit.

Notably, same-day services generated more than $14 billion in sales last year.

Key business updates: Target is executing a strategic transformation with a more than $2 billion incremental investment this year.

This includes an additional $1 billion in capital for new stores and remodels, and another $1 billion reinvested into the P&L to elevate the guest experience.

Notable product initiatives include introducing Target Beauty Studio in 600 stores, launching a new style series in apparel, and expanding the Good & Gather food brand.

Management is also investing hundreds of millions of dollars to support additional store labor and training, alongside technology investments in AI to make search more conversational.

Forward guidance: For the full year 2026, Target expects to grow net sales in a range around 2% versus last year.

Management anticipates generating GAAP and adjusted EPS in a range from 7.50 to 8.50 in 2026.

The company plans approximately $5 billion in capital expenditures this year, supporting the opening of more than 30 new stores and the completion of more than 130 full-store remodels.

Atlas revenue grew 29% year-over-year, accounting for 72% of total revenue, while non-Atlas revenue grew 20% year-over-year.

The company delivered a non-GAAP operating margin of 23% and $159 million in income from operations.

Non-GAAP net income in the fourth quarter was $143 million, or $1.65 per share, and free cash flow was $177 million.

Management highlighted that the company signed several large deals, including an approximately $90 million transaction with a large technology company and a greater than $100 million transaction with a large financial institution for Enterprise Advanced. CEO CJ Desai outlined his priorities, including remaining customer-focused to accelerate growth, empowering product and engineering teams, scaling the self-serve motion, and driving operational excellence.

The company also announced go-to-market leadership changes, appointing Erica Volini as Chief Customer Officer and noting the upcoming departures of Cedric Pech and Paul Capombassis while the search for a new Chief Revenue Officer is in its final stages.

For the first quarter of fiscal 2027, management expects revenue of $659 million to $664 million and non-GAAP net income per share of $1.15 to $1.19.

For the full year fiscal 2027, the company guided for revenue of $2.86 billion to $2.9 billion and non-GAAP net income per share of $5.75 to $5.93. On the partnership front, management highlighted an expansion with Adobe, where MongoDB will underpin key initiatives including agentic experiences powered by Atlas Vector Search.

Newly appointed CFO Gilian Munson announced that the Board authorized a buyback of up to $400 million of the company shares.

Management outlined a strategic shift for 2026, prioritizing the size of the active learner base over near-term monetization.

The medium-term goal is to reach 100 million daily active users in 2028. To achieve this, the company will focus on three categories: teaching languages better, improving the free user experience, and feeding new growth engines like the math, music, and chess subjects.

Regarding product updates, Duolingo Chess reached about 7 million daily active users in less than a year.

The company also plans to experiment with moving the video call feature into the Super Duolingo tier and rolling out a speaking adventures feature.

For forward guidance, management expects 2026 year bookings growth of 10 percent to 12 percent, revenue growth of 15 percent to 18 percent, and an adjusted EBITDA margin around 25 percent.

For Q1 2026, guidance includes 11 percent bookings growth, 25 percent revenue growth, and an adjusted EBITDA margin of 25.5 percent.

Cell engineering revenue was $26 million in the fourth quarter of 2025, down 26 percent compared to the fourth quarter of 2024.

For the full year, cell engineering revenue was $133 million in 2025.

The biosecurity business generated $7 million of revenue in the fourth quarter and $37 million of revenue in the full year 2025.

Total adjusted EBITDA in the fourth quarter of 2025 was negative $36 million, and cash burn in the fourth quarter of 2025 was $47 million.

Management stated that the technological and business focus for 2026 will be on investing in the category of autonomous labs. To facilitate this focus, the company announced it will be divesting its biosecurity business into a separate private entity where Ginkgo will hold a minority position.

The company plans to systematically decommission traditional lab benches and move more work onto a single large autonomous lab, aiming to grow from 50 racks to 100 racks by the first half of the year.

For forward guidance, management noted they will not be providing revenue guidance for 2026, but expect overall cash burn guidance to be in the range of $125 million to $150 million.

The company also announced a new $47 million contract with the Department of Energy to build a 97 robot autonomous lab at Pacific Northwest National Labs.

Additionally, management highlighted a project with OpenAI using GPT 5 as an AI scientist to design experiments submitted to the autonomous lab.

During the call, executives highlighted significant acceleration in their artificial intelligence business. The company reported that in Q4, they booked $34.1 billion in AI orders and shipped $9.5 billion in shipments in the quarter. They noted exiting the year with a "record $43 billion in AI backlog". The Infrastructure Solutions Group saw record revenue of $19.6 billion, up 73 percent for the quarter. To navigate the dynamic component environment, management emphasized their strategic advantages, stating their direct model, world-class supply chain and long-standing supplier relationships are differentiators during periods of disruption.

Regarding product updates, the storage division posted revenue of $4.8 billion, with PowerStore posting its seventh consecutive quarter of double-digit growth. Management also announced that Lightning, their parallel file solution, remains on track for general availability in the first half of the year. For fiscal year 2027 guidance, the company expects full year revenue of $138 billion to $142 billion. They anticipate $50 billion in AI revenue for the year, noting this reflects the composition of their existing backlog, customer readiness, and delivery schedules.

Management highlighted BRUKINSA as the leading global BTK inhibitor, noting its long-term progression-free survival and overall survival data. The company achieved its first global approvals in China for sonrotoclax in relapsed and refractory mantle cell lymphoma and chronic lymphocytic leukemia. Furthermore, BeOne Medicines initiated three Phase III studies for its BTK degrader in 2025. The company strategy focuses on deepening leadership in chronic lymphocytic leukemia, expanding across hematological malignancies, establishing a solid tumor franchise, and advancing immunology assets toward registration.

For 2026, BeOne Medicines projects revenue to be between $6.2 billion to $6.4 billion. GAAP gross margin percentage is expected to be in the high 80 percent range. GAAP operating expenses are anticipated to be between $4.7 billion and $4.9 billion. GAAP operating income is expected to be between $700 million and $800 million, while non-GAAP operating income is expected to be between $1.4 billion and $1.5 billion. The company anticipates modest initial contributions from its launches of sonrotoclax and zanidatamab in 2026.

Throughout 2025, Vistra executed significant strategic asset acquisitions and entered into long-term power purchase agreements. The company closed the acquisition of seven natural gas generation facilities from Lotus Infrastructure Partners in October. Additionally, Vistra announced an agreement to acquire Cogentrix Energy, which includes ten natural gas generation facilities totaling approximately 5,500 megawatts of capacity. On the partnership front, Vistra signed a 20-year agreement with Amazon Web Services for 1,200 megawatts at the Comanche Peak nuclear power plant, and 20-year agreements with Meta covering 2,176 megawatts of operating capacity and 433 megawatts of uprates at its PJM nuclear plants.

Looking ahead, Vistra management projects the company will generate more than $10 billion of cash through year-end 2027. The company expects adjusted free cash flow before growth per share to exceed $12.5 for 2026, and anticipates this metric will increase to approximately $16 per share when incorporating the Cogentrix acquisition, Meta power purchase agreements, and assumptions regarding share repurchases. Vistra currently has approximately $1.8 billion of share repurchase authorization remaining to meet its annual share repurchase target through 2027.

Management highlighted several strategic and organizational initiatives, including the proposed spin-off and separate listing of its Kunlunxin AI chip business. The company also announced a new USD 5 billion share repurchase program and adopted its first dividend policy.... Operationally, Baidu restructured its ERNIE model development organization into two dedicated teams and established the Personal Super Intelligence business group, which integrates Baidu Wenku and Baidu Drive. Subscription-based revenue from AI accelerator infrastructure grew 143 percent year-over-year in Q42122.

Notable product and partnership announcements included the Apollo Go autonomous ride-hailing service delivering 3.4 million fully driverless operational rides in the quarter and expanding its global footprint to 26 cities.... Baidu announced partnerships with Uber and Lyft to pilot autonomous vehicles in London, and a partnership with Uber to bring autonomous ride-hailing to Dubai. For forward guidance, management stated they expect the core AI-powered business to become the majority of Baidu General business in the foreseeable future. Management also expressed confidence that the cloud business will continue to grow faster than the industry in 2026.

Management highlighted strong momentum in their artificial intelligence initiatives, noting that Snowflake Intelligence has scaled to over 2,500 accounts and Cortex Code is helping 4,400 customers build AI-powered applications. The company signed the largest deal in Snowflake's history, representing "greater than $400 million in total contract value," and also secured seven 9-figure contracts in the quarter. In corporate development, Snowflake closed the acquisition of the observability platform Observe for approximately $600 million in a combination of cash and stock. Furthermore, management announced a $200 million expanded partnership with OpenAI and highlighted partnerships with SAP, Entropic, and Google Cloud to expand native model choice for customers.

For the first quarter of fiscal 2027, Snowflake expects product revenue between $1.26 billion and $1.26 billion, representing 27% year-over-year growth, alongside a non-GAAP operating margin of 9%. For the full fiscal year 2027, guidance includes approximately $5.66 billion in product revenue, a non-GAAP product gross margin of 75%, and a non-GAAP operating margin of 12.5%. The company also guided to a non-GAAP adjusted free cash flow margin of 23% for the full year, which includes an approximate 150 basis point headwind related to the Observe acquisition.

Management highlighted significant momentum from "agentic and physical AI applications" and sustained demand for the Blackwell architecture. Notable product announcements included the unveiling of the Rubin platform, which comprises six new chips including the Vera CPU and Rubin GPU, with first samples already shipping to customers. NVIDIA also announced deepening partnerships, highlighted by a "$10 billion investment" in Anthropic, Meta's deployment of millions of GPUs, and a nonexclusive licensing agreement with Grok.

Providing forward guidance, NVIDIA expects first-quarter fiscal 2027 revenue to be $78 billion, plus or minus 2%, driven primarily by the Data Center segment. GAAP and non-GAAP gross margins for Q1 are projected to be 74.9% and 75%, respectively, plus or minus 50 basis points. Management noted that while end demand remains strong, they expect "supply constraints to be the headwind to Gaming in Q1 and beyond," and tightness in supply for advanced architectures is expected to persist.

Management emphasized a strategic shift from systems of record toward an "AI-driven system of action". The company established three priorities: elevating the workplace with AI, driving the growth of new AI products, and scaling an AI-first customer experience. Momentum in the customer experience (CX) sector was a key theme, with management noting that every one of the company's top 10 deals in Q4 included paid AI, and seven of those deals represented competitive displacements of leading Contact Center as a Service (CCaaS) vendors. Additionally, Zoom Phone annual recurring revenue continued to grow in the mid-teens.

On the product front, Q4 marked the launch of AI Companion 3.0 and advancements in Zoom Virtual Agent (ZVA), with ZVA voice featured in four of the top 10 CX deals. The company also expanded its AI offerings into specific vertical workflows, noting the acquisition of BrightHire to bring conversational AI value to recruiting and hiring processes. Significant competitive enterprise wins were detailed, including a 140,000-seat deployment on Zoom Phone replacing Cisco Calling, and an expansion with a leading global bank that brought its total deployment to 150,000 Zoom Phone seats.

For the first quarter of fiscal 2027, Zoom expects revenue in the range of $1.22 billion to $1.22 billion and non-GAAP earnings per share between $1.40 and $1.42. For the full fiscal year 2027, management provided guidance for total revenue to cross the $5 billion milestone, landing in the range of $5.06 billion to $5.07 billion. Full-year non-GAAP operating income is projected between $2.05 billion and $2.06 billion, with non-GAAP earnings per share expected to be $5.77 to $5.81. Free cash flow for fiscal 2027 is guided at $1.7 billion to $1.74 billion.

Management focused on the transition to an "Agentic enterprise," highlighting that "Agent force and Data 360 ARR inclusive of Informatica Cloud ARR reached $2.9 billion". The company introduced the Agentic work unit to measure AI value, noting that "AI agents on the Salesforce platform delivered 2.4 billion agentic work units" to date. The company is also "updating our share repurchase authorization to $50 billion".

For the first quarter of fiscal year 2027, the company expects revenue of "$11.03 billion to $11.08 billion". For the full fiscal year 2027, Salesforce initiated revenue guidance of "$45.8 billion to $46.2 billion". The company updated its fiscal year 2030 revenue target to "$63 billion".

Salesforce highlighted a 10-year contract with the U.S. Army with a ceiling of "$5.6 billion". The company noted its partnership with Anthropic, sharing that it invested another "$100 million" to bring its total investment to about "$330 million". Management stated that Anthropic runs its global operation on Salesforce and Slack.

Management stated that " was a fantastic year for Nubank" and the company "closed the year with 131 million customers adding 17 million net new customers". Going into 2026, management sees it as an "inflection year" and "the year we begin transitioning from a Latin American leader to a global digital banking platform". Priorities for 2026 are organized around "winning in our core markets," strengthening "foundations for international expansion," and treating "AI as a superpower". Product updates included putting "Nu Former" into production for credit decisioning and receiving "conditional approval from the OCC for a U.S. national bank charter".

The company warned of "upward pressure on the efficiency ratio in the near term" due to "deliberate investments". This includes a "return to office policy" effective mid-2026, which will "likely bring kind of our efficiency ratio, all else constant, up by about 80 to 100 basis points". Management also noted a regulatory headwind where "recent changes to FGTS regulations have reduced Nu originations by more than half". In Mexico, the company recorded an extraordinary contribution of "approximately $25 million" to Prosofipo, a sector-wide deposit insurance fund.

Management highlighted substantial momentum across its product lines and new markets. The newly launched AI Era plan accounted for approximately $750 million worth of bookings in its first full year. The company also noted record results internationally, with the international team crossing $1 billion in annual bookings for the first time. Other strategic updates included the announcement of the new Axon Body Mini arriving later in the spring, and the recent acquisitions of 911 tech providers Prepared and Carbyne.... Management emphasized their strategic vision to build the world's largest AI-supercharged global sensor network, seamlessly integrating hardware and software to eliminate manual workflows for their users....

Looking ahead, Axon provided its financial outlook for the full year 2026, guiding for revenue growth in the range of 27% to 30% year-over-year and maintaining an adjusted EBITDA margin expectation of 25.5%. In addition to its 2026 guidance, the company unveiled new 2028 financial targets, which include an approximate revenue target of $6 billion and an adjusted EBITDA margin target of 28%.

During the quarter, Lowe's navigated a challenging macroeconomic environment and persistent housing market volatility by focusing on its "perpetual productivity improvement" (PPI) initiatives, which included the elimination of approximately 600 corporate and support roles. The company also rewarded its frontline associates with a discretionary bonus of $125 million for their performance. Recent strategic moves included the integration of acquisitions Foundation Building Materials (FBM) and Artisan Design Group (ADG), which are expected to support cross-selling opportunities and help build an interior solutions deployment for homebuilders.

Looking ahead to fiscal 2026, Lowe's issued cautious guidance, forecasting full-year sales ranging from $92 billion to $94 billion and comparable sales in a range of flat to up 2%. The company expects 2026 adjusted diluted earnings per share of approximately $12.25 to $12.75. On the product and partnership front, Lowe's expanded its DEWALT tool assortment, became the first big-box retailer to offer Toto toilets, and announced an exclusive national home improvement partnership with the National Association of Homebuilders (NAHB). Additionally, the company will be activating an expanded relationship with the influencer Mr. Beast later in the spring.

The company shared multiple business milestones, achieving "record market share gains in e-commerce in Brazil and Mexico" and reaching "the highest NPS level in commerce and fintech in Argentina, Brazil and Mexico". The fintech segment remained highly active, as the company "issued nearly 3 million cards" in the fourth quarter alone. Management provided a positive update on credit card maturation, sharing that in Brazil, "cohorts that are older than 2 years are already profitable". The cross-border trade business is also scaling, with the company "expanding now to the China and the U.S. corridor".

Strategically, MercadoLibre highlighted its focus on AI and agentic commerce, deploying a new "MercadoPago's AI assistant" that is "helping mostly with solving questions and concerns from our users". Management emphasized they are dedicating engineering resources to "building our own agents and our own shopping assistant within MercadoLibre" to capture the shift from offline to online retail. When asked about future financial projections, management reiterated their standard policy, stating, "we don't guide".

CEO Aneel Bhusri highlighted the company's entry into "Chapter 4," signaling a "return to focusing on innovation" and an opportunity to transform the enterprise by "reimaging HR and finance with AI". Management emphasized an accelerating adoption of "agentic AI" across organically developed role-based agents and acquired solutions like Sana and Paradox. Workday generated over $100 million in new annual contract value (ACV) from emerging AI products in Q4, growing over 100% year-over-year. Additionally, Workday introduced its Flex credit pricing model to help customers align their spend with the value they receive.

Looking ahead, Workday provided FY 2027 guidance expecting subscription revenue of $9.92 billion to $9.95 billion, representing a growth of 12% to 13%, and an FY 2027 non-GAAP operating margin of approximately 30%. The company noted strategic expansions and partnerships in the quarter, including Accenture reinventing HR at scale with Workday's AI solutions, and new partnerships with Lira Health, Empathy, and Avid through the Workday Wellness program.

During the year, CAVA opened 72 net new restaurants, ending 2025 with 439 locations. Key operational updates included the completion of the TurboChef oven rollout across all restaurants and the expansion of the "kitchen display screen system," which is now live in 370 locations. To deepen guest relationships, the company evolved its loyalty program with tiered status levels, including a new invite-only tier named "Oasis". Additionally, CAVA focused on team member development by launching the "Flavor Year Future" program and creating the Assistant General Manager role, with 60% of these new positions already filled. The company also announced the appointment of Doug Thompson as Chief Operations Officer.

Looking ahead to the full year 2026, CAVA's forward guidance projects 74 to 76 net new restaurant openings and same-restaurant sales growth of 3% to 5%. Management expects a restaurant level profit margin between 23.7% and 24.2%, and adjusted EBITDA between $176 million and $184 million. On the culinary front, the company brought back its "roasted white sweet potato" and introduced "Power greens," "Tangerine Apple juice," and a "Sumac Onion Peter Chip". Furthermore, CAVA announced plans to launch its first-ever seafood offering, salmon, towards the end of the first quarter.

The company highlighted a "sharpened and deliberate strategy" focusing on an "AI journey" and evolving its go-to-market approach.... Management discussed evolving Airo into an "agentic operating system for small businesses brought to life on Airo.ai," which currently has "25 agents live". Additionally, GoDaddy introduced a "streamlined purchase experience for new domain customers" and a promotional price for .com domains with a 1-year term, successfully increasing new customer volume. Internally, "AI tools are now generating the majority of our code".

In product and partnership announcements, GoDaddy launched an integration between "MuleSoft, Agentic Fabric and GoDaddy ANS" to validate its framework and extend Agent Name Service into enterprise-grade workflows. Looking ahead to full year 2026, management expects "total revenue to be within a range of $5.19 billion to $5.27 billion" and to drive "free cash flow of approximately 1.8 billion".  For Q1 2026, the company expects total revenue of "1.25 billion to $1.27 billion".

Executives indicated that fourth quarter results aligned with expectations, impacted by ongoing consumer uncertainty, housing pressures, and a lack of storm activity in the third quarter, though January storms provided a sales benefit. The company noted growth in its Pro ecosystem and "interconnected shopping experience," driven by new capabilities such as "real-time delivery tracking for big and bulky deliveries" and an "AI takeoff scheme" that allows Pros to quickly build project lists. Strategic acquisitions were also a focus, with management highlighting that SRS delivered organic sales growth and expanded market share, while integration with GMS is actively creating revenue synergies.

Looking ahead to fiscal 2026, management anticipates that broader housing and economic pressures will persist, citing historical lows in housing turnover and no immediate catalyst for an inflection in activity. The company expects fiscal 2026 total sales growth of approximately 2.5% to 4.5% and comparable sales growth between flat to 2%. Adjusted diluted earnings per share are projected to grow approximately flat to 4%, and the company plans to open approximately 15 new stores and 40 to 50 new SRS locations during the year. 

Throughout 2025, subscribers on the platform grew to over 2.5 million, with approximately 65% utilizing a personalized treatment. Management highlighted the company's evolution toward "proactive and preventative care" by bringing new offerings to market. Within a 90-day span, Hims & Hers launched a new Labs offering as well as hormone therapies supporting low testosterone, menopause, and perimenopause. The company also expanded its international presence through the acquisitions of ZAVA and Livewell, serving consumers in markets including the U.K., Germany, and Canada.

Looking ahead, management announced an agreement to acquire Eucalyptus, a global health innovator, for up to $1.15 billion in total consideration to expand into Australia and Japan. For the first quarter of 2026, Hims & Hers is anticipating revenue in the range of $600 million to $625 million and adjusted EBITDA between $35 million to $55 million. For the full year 2026, the company expects revenue between $2.7 billion to $2.9 billion and adjusted EBITDA between $300 million and $375 million, which excludes the pending Eucalyptus transaction.

Key business updates included that "eCommerce sales were strong across markets, with growth up 24%" for the quarter. In Walmart U.S., "eCommerce sales grew 27%, with 35% of store-fulfilled orders delivered in under 3 hours". Management also observed that "Our advertising businesses globally increased 37%" and "Consolidated membership income increased more than 15%". The company noted "share gains in GM, and in fashion".

On the product and partnership front, management discussed "enhancing our shopping assistance, like Sparky, and building new experiences with partners like OpenAI and Alphabet that are shaping the future of agentic commerce". Customers engaging with Sparky saw "an average order value that's about 35% higher". The Board also "authorized a $30 billion share repurchase program, our largest to date".

For the full year, forward guidance states "constant currency sales are expected to grow between 3.5% and 4.5%" and "operating income is expected to grow between 6% and 8%, with EPS in the range of $2.75 to $2.85". For Q1, expectations are for "constant currency growth in sales of 3.5% to 4.5% and operating income of 4% to 6%, with EPS of $0.63 to $0.65"

Management provided several business updates, noting that "All business segments delivered higher net sales year-over-year with both Small Ag and Turf and Construction Forestry top line growing by over 20%". Executives stated that "results for the quarter exceeded our forecast" and observed that "order books continue to grow".

In terms of forward guidance, management noted, "For fiscal year '26. Our updated outlook for net income is now between $4.5 billion and $5 billion". Additionally, for the full year, "projections for cash flow from the equipment operations increased by $500 million at both ends of our range and is now expected to be between $4.5 billion and $5.5 billion". The guidance for the year also "incorporates an effective tax rate between 25% and 27%".

On the product and partnership front, the company stated, "yesterday, we completed the acquisition of Tenna". Management also announced, "we are excited to announce our new Deere Design 2010 class excavators at the upcoming ConExpo Show in Las Vegas", adding that the event "will feature 24 product launches".

Key business updates included the fact that the company "closed both the CyberArk and Chronosphere acquisitions". Management highlighted that "in Q2, we delivered approximately 110 net new platformizations". Additionally, the "SASE business continued to go from stand to stand, surpassing the $1.5 billion ARR milestone". In the realm of AI security, "Prisma AIRS... is scaling rapidly with over 100 customers ending Q2".

Regarding forward guidance, for "fiscal third quarter 2026," management expects "revenue to be in the range of $2.941 billion to $2.945 billion" and "diluted non-GAAP EPS to be in the range of $0.78 to $0.80". For "fiscal year 2026," the company projects "revenue to be in the range of $11.28 billion to $11.31 billion" and "diluted non-GAAP EPS to be in the range of $3.65 to $3.70 per share".

On the product front, executives announced their "intent to acquire Koi, a pioneer in securing the next major inflection point in security, the agentic endpoint". Management also discussed "Gen 5 firewalls" and noted that "Prisma Browser has been adopted by over 1,500 customers"

Business updates highlighted growth across segments, with "strong double-digit revenue growth in 3 business segments" during the quarter. Management reported that "Fitness revenue increased 33% to $2.36 billion" for the year, driven by "wearables as we continue to benefit from both market share gains and market growth". In the Auto OEM segment, the company announced a program with "Mercedes-Benz" that "will broadly apply across their portfolio of passenger car models". Additionally, the Aviation segment saw the "Garmin G5000H cockpit system" selected for the "Brazilian Air Force UH-60 Black Hawk helicopter".

Looking ahead to 2026, Garmin anticipates "revenue to increase approximately 9% to $7.9 billion" and expects "operating income to exceed $2 billion for the first time". The company also provided guidance for "pro forma earnings per share approximately $9.35". Management addressed supply chain concerns, noting that their guidance considers "recent cost pressures on memory components".

Business updates focused on four "generational growth drivers," including the Cardiac Ablation Solutions business where "PFA grew nearly 200% worldwide". Management highlighted that the "Hugo robot received FDA clearance for urologic surgical procedures," and they "completed our first cases at Cleveland Clinic". In Neuroscience, the company "secured FDA clearance for our Stealth AXiS Surgical System," describing it as a "new transformative platform that unifies AI-powered planning, robotics and navigation".

Looking ahead, Medtronic is "reiterating fiscal '26 organic revenue growth guidance of approximately 5.5%". The company is "maintaining our fiscal '26 EPS guidance in the range of $5.62 to $5.66" and maintains their "expectation for high single-digit EPS growth in fiscal year '27"

Key business updates included the sanctioning of "over $14 billion of capital in 2025" and placing "CAD 5 billion of assets into service" during the past year. The company's "growth backlog has grown 35%" since the previous Investor Day. Operational highlights included the Mainline transporting "approximately 3.1 million barrels per day on average" and the "sanctioning of Bay Runner," an extension of the Whistler pipeline.

Management reaffirmed 2026 guidance, stating confidence in achieving "full-year EBIT expectations between CAD 20.2 billion and CAD 20.8 billion" and "DCF of between 570 and 610 per share". The company also noted it expects to "achieve 5% growth through the end of the decade".

Notable announcements included a partnership with "Meta Inc" to sanction "Cowboy Phase One and Easter Wind," which will supply "over 500 MW of renewable power to support data center operations". Additionally, the company announced the "first phase of Sequoia Solar entered service in December"

Key business updates included the performance of "Tier One assets," with the company stating they "produced 21 million pounds on a consolidated basis in 2025." Management highlighted that "contracting activity increased late in the year" and they ended 2025 with "approximately 230 million pounds committed under long-term contracts." Additionally, the "fuel services segment delivered another strong year," achieving "record UF6 production at Port Hope." The company also discussed a "strategic partnership" with Brookfield, Westinghouse, and the U.S. government "backed by at least $80 billion in planned investment."

Looking ahead to 2026, Cameco expects "to produce between 19.5 million and 21.5 million pounds of uranium" and "deliver between 29 and 32 millions pounds of uranium." The "average realized price" is projected to be "between CAD 85 and CAD 89." For the Westinghouse segment, the outlook for their share of "adjusted EBITDA... is approximately 370million−430 million." Management cautioned that "while we do not expect comparable distributions in 2026" regarding Westinghouse, the outlook "remains strong."

Business updates highlighted that "mNEXSPIKE captured 24% of the total US retail market" during its launch. The company announced a "5-year strategic agreement with the government of Mexico" and an "agreement with Recordati for the global commercialization of our propionic acidemia". However, executives expressed "disappointment to the FDA refusal to file letter on our flu program, mRNA-1010", noting that "regulatory uncertainty threatens U.S. leadership in innovative medicines".

Looking forward, the company expects "total revenue growth of up to 10% in 2026". Expense guidance anticipates "R&D expenses are anticipated to be approximately $3 billion" and "SG&A expenses are expected to be approximately $1 billion". On the pipeline front, the "phase 3 norovirus program is now fully enrolled", and the "adjuvant melanoma study is one that we are confident will read out this year"

Key business updates focused on "Project Y," an internal innovation model designed to "Make it easier to find and book a home on Airbnb". Management highlighted the success of "Reserve Now, Pay Later," noting that "guests in the U.S. could book eligible stays paying $0 upfront". Additionally, "Guest Favorites" made up "nearly half of all bookings" in Q4. The company also noted that "Brazil moved from a top ten market to a top five market".

Looking ahead, Airbnb expects Q1 revenue to be "2.59billion−2.63 billion". For the full year 2026, management expects "revenue growth to accelerate to at least low double digits" and "adjusted EBITDA margin to be stable year-over-year". The company also mentioned preparing supply for the "2026 FIFA World Cup" and continuing to roll out a custom "AI agent" that is "resolving a third of the support issues without needing a live specialist"

Business updates focused heavily on the upcoming launch of the R2 platform. CEO RJ Scaringe stated, "we are months away from starting customer deliveries of R2," describing it as "an extension of the experience we delivered in R1... but in a smaller form factor and importantly, at an attractive lower price point". The company noted that in Q4 2025, "the R1S was the best-selling premium electric vehicle priced above $70,000 in California, New York, New Jersey, Oregon, Virginia and Washington, D.C.". Additionally, Rivian highlighted progress with the Volkswagen Group, noting they have "delivered vehicles for winter testing for multiple Volkswagen Group brands".

Looking ahead, Rivian provided guidance for 2026, expecting "to deliver between 62,000 and 67,000 total vehicles across R1, R2 and our commercial vans". Management forecasts a 2026 "adjusted EBITDA loss of between $2.1 billion and $1.8 billion" and expects "capital expenditures of $1.95 billion to $2.05 billion". The company plans to provide "additional product, pricing and lineup details on March 12" regarding the R2.

Management highlighted key business updates, noting they "launched the Everything Exchange in Q4" and that "Base set a new transaction all-time high". They also stated that "subscription and services revenue hit all-time highs" and the company now has "12 products doing over $100 million in annualized revenue". Additionally, Coinbase "repurchased $1.7 billion of our common stock".

Looking ahead, management provided guidance for the first quarter of 2026. They "expect subscription and services revenue to be in the range of 550million−630 million". On the expense side, they "expect technology and development, plus general and administrative expenses to be flat quarter-over-quarter" in the "range of 925million−975 million", and "sales and marketing expenses to be flat to down" in the "range of 215million−315 million"

Key business updates included the fact that the company "returned Vrbo and Hotels.com to growth" and "grew B2B bookings by 24%". CEO Ariane Gorin noted product improvements, stating "our sites and apps are 30% faster than they were a year ago". Additionally, the company announced an "intent to acquire Tickets" to broaden activities for partners and declared that the "quarterly dividend raised by 20% to $0.48 per share".

Looking ahead, management provided guidance for the first quarter of 2026, expecting "revenue of 11% to 13%". For the "full year," the company expects "revenue of 6% to 9%". CFO Scott Schenkel noted that "full-year margins to expand by 100 to 125 basis points" in 2026.

Management highlighted the "acquisition of TV Scientific" to monetize "off-platform supply" and the beta launch of "Pinterest Assistant", a "voice-activated, visual-first conversational assistant". Despite these advances, CEO Bill Ready noted they are "not satisfied with our Q4 revenue performance", citing an "exogenous shock this year related to tariffs" which disproportionately affected "ad spend from our top retail advertisers". The company is executing a "sales and go-to-market transformation" to broaden its revenue mix, specifically targeting "mid-market, SMB, and international advertisers".

For forward guidance, Pinterest expects "Q1 revenue to be in the range of $951,000,000 to $971,000,000" and "adjusted EBITDA to be in the range of $166,000,000 to $186,000,000". For the full year 2026, the company expects "adjusted EBITDA margin to be roughly in line with 2025 at approximately 30%" excluding the impact of the TV Scientific acquisition, or "29%" on a combined basis. CFO Julia Donnelly noted that the sales transformation "may cause some near-term disruption" which is "factored into our guidance".

Management provided updates on brand performance, stating that "International revenues... grew double digits" and "Direct-to-consumer was over half of our enterprise revenue." However, the "Hey Dude brand" saw revenue "down 14%," and "North America was down 7%." To address this, executives mentioned they "accelerated returns and markdown allowances" and "pulled back on unproductive performance marketing" to clean up the channel.

Looking forward, the company released guidance for 2026, expecting "enterprise revenue growth to be in the range of up slightly to down 1%" and "adjusted diluted earnings per share to be in the range of 12.88−13.35." On the product front, management announced a "multiyear global partnership with LEGO" and highlighted the success of the "launch of Stranger Things" collaboration.

Management provided updates on strategic actions, including the "difficult but necessary decision to idle operations at our Kemerton lithium hydroxide plant" to "improve financial flexibility." Additionally, Albemarle closed the "sale of our stake in the Eurocat joint venture" and expects to close the "sale of a majority stake of Ketjen" in the first quarter, which together are "expected to generate approximately $660 million in pretax proceeds."

Looking ahead, the company introduced "2026 global lithium demand expectations of 1.8-2.2 million tons, up 15%-40% year-over-year." Albemarle is "targeting an additional 100million−150 million in cost and productivity improvements in 2026" and sees the "potential for meaningful, positive free cash flow at current lithium pricing."

In terms of business updates, the company "added 9,800 net new customers in Q4", reaching "more than 288,000 customers globally". Executive Yamini Rangan highlighted upmarket momentum, noting that "Deals over $5,000 in monthly recurring revenue grew 33%, and deals over $10,000 grew 41%". Regarding AI adoption, Rangan stated that "Customer Agent" was "activated by over 8,000 customers" and "Prospecting Agent" was "activated by over 10,000 customers".

Looking ahead, the company provided guidance for the full year 2026, with CFO Kathryn A. Bueker stating "total as-reported revenue is expected to be in the range of $3,690,000,000 to $3,700,000,000". Additionally, the "board of directors have authorized a share repurchase program of up to $1,000,000,000". Bueker also noted they "expect full year 2026 net new ARR growth to outpace constant currency revenue growth".

Management highlighted that "B2B business outperformed DTC during the quarter," with B2B up "24% in constant currency while DTC was up 12%". In terms of products, "closed-toe share of revenue reached close to 60% of revenue". The company also "added nine new stores, ending the quarter with 106 stores" and noted that their "membership program... is up over 20% year over year".

Looking ahead, the company expects "revenue growth of 10% to 12% to €2.30-€2.35 billion" for the full year. They project "Adjusted gross margin of 57% to 57.5%" and "adjusted EBITDA margin of 30% to 30.5%". Management also announced they "intend to repurchase shares for total consideration of €200 million during fiscal 2026".

We analyze Shopify's aggressive pivot from logistics to "Agentic Commerce," a strategy designed to let AI agents discover and negotiate purchases autonomously. Listeners will learn about the newly launched Universal Commerce Protocol (UCP), co-developed with Google, which serves as the infrastructure for AI shopping across the internet. We also examine the concept of the "commerce sound barrier," where Shopify aims to provide uncapped reach and resources to entrepreneurs, potentially birthing more billion-dollar brands in the next decade than in the last century.

Key topics include:

• The "New Normal": Revisiting CEO Tobi Lütke’s 2015 prediction and how 2026 marks the realization of Shopify as the only platform needed to build an empire.

• Agentic Commerce & UCP: How Shopify is syndicating billions of products to major AI platforms like ChatGPT and Gemini, facilitating a 15x increase in orders from AI search.

• Operational Intelligence: The evolution of the AI assistant "Sidekick" into a proactive "co-founder" capable of generating tasks, apps, and automations for merchants.

• Financial Powerhouse: A look at Shopify's "Rule of 40" status, with strong growth in International markets (up 36%), B2B GMV (up 96%), and Offline retail.

• The Analyst View: Understanding the "AI Reality Gap" and how the market is weighing the transition from a logistics-heavy model to a high-margin software/fintech hybrid.

The Bull Case (The Optimist):

• The AI Money is Real: "Now Assist" ACV hit $600 million, doubling year-over-year.

• Cash Machine: Free Cash Flow margin spiked to a staggering 57% in Q4.

• Growth Acceleration: Subscription revenue up 21% to $3.47 billion, beating the high end of guidance.

• The Vision: The "AI Control Tower" strategy is consolidating the enterprise stack, with huge wins like a 7-figure deal replacing a legacy CRM competitor.

The Bear Case (The Cynic):

• The M&A Spree: If organic growth is the "fastest in history", why did they need to buy Moveworks, VESA, and Armis in such rapid succession?

• The "One-Time" Margin Spike: That 57% FCF margin looks great, but management admits it was driven by collection timing.

• Language Games: Management is talking about "hybrid pricing" and "assist packs"—is this flexibility or just a way to hide seat compression?

• The "Tippy Toes" Defense: When the CEO has to explicitly tell investors "we do not have large-scale M&A on the roadmap" to stop the stock from dropping, the market is nervous.

Join us as we decode the difference between "technically true" and "business reality," translate McDermott’s poetic metaphors into plain English, and decide if ServiceNow is truly the "AI defining software of the 21st century" or just the loudest voice in the room.

Key topics covered in this episode:

• The Financials: How Datadog maintains "Rule of 40" status with 29% revenue growth and a 31% Free Cash Flow margin.

• The "AI Actionability" Pivot: We analyze CEO Olivier Pomel’s strategy to shift from merely observing problems to using "Bits AI" agents to fix them. We also explain the two buckets of AI growth: "AI for Datadog" (internal features like the AI SRE agent) and "Datadog for AI" (observability for customers' LLM stacks).

• Platform Stickiness: The "Platformization Scorecard" shows that 18% of customers now use 8+ products, the highest margin and stickiest segment for the company.

• The Bear vs. Bull Debate: Is AI cannibalizing software seats, or creating more complexity? Management argues that the rise of agents creates more systems to monitor, not fewer.

• 2026 Outlook: A look at the conservative guidance of $4.1 billion in revenue for 2026 and why analysts watch the "remaining performance obligations" (RPO) growth of 52% as a leading indicator of future re-acceleration.