Weekly digest, Sep 15 to Sep 21, 2026: 103 new earnings analyses

This week: 103 new earnings analyses and 1 market brief were published from Sep 15 to Sep 21, 2026. Everything below is taken from those pieces; nothing here is new reporting.

New earnings analyses

Biggest swings in revenue

Year-over-year revenue change as reported in each analysis, among this week's reports.

Fastest growth

• AVGO Q3 2026: revenue +85.5%
• NVDA Full Year 2026: revenue +65.5%
• LLY Q2 2026: revenue +47.7%

Slowest growth or decline

• UNH Q2 2026: revenue +0.4%
• PG Full Year 2026: revenue +3.3%
• HD Q2 2026: revenue +5.7%

What the analyses found

• CRM Full Year 2026 (Revenue $41.5B (+9.6%) · EPS $7.80 (+22.6%)): Salesforce grew fiscal 2026 revenue 9.6% to $41.5 billion and lifted GAAP operating margin to 20.1%, but most of its 23% EPS jump came from a $1.0 billion mark-to-market gain on private investments rather than from operations.
• BAC Q2 2026 (Revenue $31.6B (+15.0%) · EPS $1.21 (+34.4%)): Bank of America grew Q2 2026 profit 26.6% to $9.07 billion on revenue of $31.56 billion, but roughly half the revenue gain came from Global Markets — where Equities trading revenue jumped 70% — while the CET1 capital cushion narrowed to 120 basis points above the minimum.
• JNJ Q2 2026 (Revenue $25.3B (+6.6%) · EPS $2.27 (-0.9%)): Johnson & Johnson posted its first $25 billion quarter with sales up 6.6%, but a jump in the effective tax rate to 18.0% from 14.7% left net income flat — while TREMFYA's $860M gain covered 94% of STELARA's patent-cliff decline and MedTech growth slowed to 3.6%.
• PG Full Year 2026 (Revenue $87.0B (+3.3%) · EPS $6.62 (+1.7%)): P&G grew fiscal 2026 net sales 3% to $87.0 billion on currency and price with zero volume growth, while operating margin fell 160 basis points and all five segments earned less than a year earlier.
• HD Q2 2026 (Revenue $47.9B (+5.7%) · EPS $4.79 (+4.6%)): Home Depot's reported 4.6% EPS growth in fiscal Q2 2026 rests almost entirely on a one-time $685 million IEEPA tariff refund booked into cost of goods sold; excluding it, EPS fell roughly 7% as comparable customer transactions declined 1.0% and lower-margin distribution acquisitions diluted operating margin.
• UNH Q2 2026 (Revenue $112.0B (+0.4%) · EPS $6.04 (+61.5%)): UnitedHealth's Q2 2026 operating earnings rose 55% on flat revenue as the medical care ratio fell to 86.7% from 89.4%, driven by repricing, 1.6 million fewer members and $860 million of favorable prior-period reserve development — but full-year guidance of 88.1% MCR signals the quarter is not the run rate.
• XOM Q2 2026 (Revenue $116.0B (+42.3%) · EPS $3.48 (+112.2%)): ExxonMobil doubled quarterly profit to $14.5 billion on higher crude realizations, unusually wide refining margins and a lower tax rate — while production, refinery throughput and chemical volumes all fell.
• WMT Q2 2026 (Revenue $187.9B (+5.9%) · EPS $0.80 (-9.1%)): Walmart's quarter ended 31 July 2026 shows revenue up 5.9% and operating income up 28.8%, but both headline figures are distorted: a one-time $2.9bn customs tariff refund exceeds the entire rise in operating profit, while a $3.9bn year-over-year swing in investment marks pushed reported EPS down 9.1% even as adjusted EPS rose 19.1%.
• COST Q3 2026 (Revenue $70.5B (+11.6%) · EPS $4.93 (+15.2%)): Costco's 12% net sales growth in fiscal Q3 2026 was inflated by a 20% jump in gasoline prices and a currency tailwind; comparable sales excluding both actually slowed to 7% from 8%, and about 4 of the 15 points of EPS growth came from interest income and a lower tax rate.
• ORCL Full Year 2026 (Revenue $67.4B (+17.3%) · EPS $5.83 (+34.3%)): Oracle grew fiscal 2026 revenue 17% to $67.4bn as cloud infrastructure jumped 77%, but the year is defined by $55.7bn of capex, -$23.7bn free cash flow and a backlog that ballooned from $138bn to $638bn.
• NFLX Q2 2026 (Revenue $12.6B (+13.4%) · EPS $0.80 (+11.1%)): Netflix grew Q2 2026 revenue 13.4% to $12.56bn but operating margin fell to 33.4% from 34.1% and free cash flow dropped 33%, leaving the full-year 31.5% margin target dependent on a second-half content-amortization slowdown that has been promised but not yet delivered.
• MA Q2 2026 (Revenue $9.3B (+14.1%) · EPS $4.97 (+22.1%)): Mastercard grew Q2 2026 net revenue 14% to $9.28bn and diluted EPS 22% to $4.97, but card volumes decelerated on every key measure — the growth came from 20% value-added-services expansion, pricing, and a 2-point currency tailwind, while rebates and incentives climbed to 52.4% of gross network fees.

Plus 91 more on the latest reports page.

Market briefs this week

• Market brief, Sep 21, 2026: Cost pressures squeeze companies as household borrowing rates climb: Reports point to tariffs, record diesel prices and higher interest rates pressing on US manufacturers, retailers and transport firms, while mortgage rates rose again and savers can lock in CD yields up to 4.40%.

Assembled automatically each week from this site's own published analyses and briefs. Figures are as stated in each linked report. For information only; not investment advice.