Delta Revenue Rose 16%. Why Was Adjusted EPS Flat?
Delta's extra $2.39bn of quarterly revenue met $2.41bn of extra implied operating costs. Rebuild the margin squeeze behind nearly flat earnings.
2 primary sourcesSection · 40 articles
Company Analysis
Individual companies, read from their own 10-K and 10-Q filings. Numbers pulled from the source, not from summaries.
JPMorgan EPS Rose 10%: How Much Came From Fewer Shares?
JPMorgan's $15.3bn profit grew more slowly than EPS. Rebuild the share-count effect and see why sharply lower buybacks matter for the next quarter.
2 primary sourcesAMD AI Deals Could Add 320m Shares: Who Pays?
AMD would need 19.6% more net profit to offset maximum OpenAI and Meta warrant dilution. The filings show which conditions stand between deals and shares.
7 primary sourcesTesla Q3 Deliveries Exceed Production by 22,141
Tesla's Q3 deliveries outpaced production, but Q2 left negative $1.092bn of free cash flow. A three-quarter bridge tests the inventory improvement.
2 primary sourcesConstellation Brands Shipments Rise 5.5%
Constellation Brands added $128.6m of beer sales as distributors restocked. Its Q2 filing shows why shipments and operating profit tell different stories.
2 primary sourcesCarnival Cut Debt $2.8bn. Cash Fell $718m
Carnival generated $3.16bn after capex, but debt repayments, buybacks and dividends used $3.73bn. Its Q3 filing shows where the cash went.
2 primary sources · 1 correctionBlackBerry Revenue Rose 26%. Q3 Guidance Is Lower
BlackBerry guides licensing from $22.1m to about $6m. A segment bridge explains how QNX can grow while total sales fall next quarter.
2 primary sources · 1 correctionConagra Adjusted EPS Rose 5%. Cash Flow Turned Negative
Conagra booked $50.4m of investment earnings but received $18.2m in distributions. Its Q1 cash-flow bridge shows what the EPS increase leaves out.
1 primary source · 1 correctionKroger's adjusted EPS rose 5% on 57 million fewer shares
Kroger's adjusted net earnings fell to $667m from $695m in the second quarter, and buybacks cut the diluted share count to 608m from 665m.
4 primary sources · 1 correctionDave & Buster's free cash flow turned positive on $48.9m
Dave & Buster's posted a $12.5m quarterly loss and called its six-month free cash flow positive. Operating cash less capital spending was −$29.4m.
2 primary sourcesJersey Mike's profit fell 37%. Its income tax was zero.
Jersey Mike's first 10-Q names $33m of costs it says will not repeat, a $14m one-off gain inside operating income, and a tax line with nothing on it.
3 primary sources · 1 correctionAmerican Eagle guided $45-50m of profit. It made $211m.
American Eagle's second-quarter operating profit was $211.4m against guidance of $45-50m. Strip the tariff refunds and it made $50.4m.
4 primary sourcesWhy Casey's EPS rose 28% as free cash flow fell 28%
Casey's revenue rose 24.3% and gross profit 11.4%. Operating cash flow rose 3.1% while capital expenditure rose 76.6%, to $194.4m.
2 primary sourcesWhy GameStop's gross profit rose 22% as sales fell 19%
GameStop's mix flipped — collectibles are 45.1% of sales and video games 33.3%. The quarter also carried $4,386.3m of cash paid for eBay shares.
3 primary sourcesWhy Docusign's 80% jump in operating income became 23%
Docusign's tax provision tripled to $47.3m and interest income fell 34%, so an operating result up 80% arrived as net income up 23%. Buybacks did the rest.
2 primary sources · 1 correctionWhy Lululemon fell 17% on EPS 64% above guidance
Lululemon's $2.92 second-quarter EPS included $0.86 of IEEPA tariff refunds. Strip it out of the new full-year outlook and the cut is 21%, not 13%.
4 primary sources · 1 correctionWhy Tyson's 11% guidance cut is 43% off one quarter
Tyson took $250m off its fiscal 2026 outlook a month after setting it. Beef is half. Chicken, which the release praises, is $75m of it.
4 primary sources · 1 correctionWhy Campbell's cut its dividend 36% after earning $405m
Campbell's paid $470m of dividends on $405m of net earnings in fiscal 2026 while total debt rose to $7.1bn. The cut saves about $167m a year.
1 primary source · 1 correctionNetApp's cash flow fell 25%. Components rose 8.6 times.
NetApp's operating cash flow fell to $503m from $673m while net income rose 61%. The 10-Q shows where the money went: purchased components, $14m to $120m.
2 primary sources · 1 correctionDICK'S cut sales guidance 0.9%. It cut EPS guidance 17%.
DICK'S revised outlook takes $0.2bn off sales and $2.33 off EPS. The filings show how a small sales revision becomes a much larger earnings cut.
2 primary sources · 1 correctionnCino's cash flow was $115.6m. Its buybacks, $175.7m
nCino's operating cash flow rose 60% in the first half. It spent half again that much on its own shares, funded by a new $200m term loan.
2 primary sourcesBaker Hughes never drew its $14.9bn bridge for Chart
Baker Hughes committed to a $14.9bn bridge loan for Chart Industries in July 2025 and terminated it unused in March 2026. What actually paid for the deal.
8 primary sourcesEA's interest bill was $53m. Buyout notes cost $427m
Electronic Arts went private on 4 August 2026 at $210 a share. The notes financing it carry 6.250% to 8.750% coupons — and EA guarantees them.
8 primary sourcesNVIDIA earned $59.7bn last quarter, collected $24.1bn
NVIDIA's second quarter turned $59,688m of net income into $24,077m of operating cash. The filing names the gap: receivables, inventory, a mark-up.
5 primary sourcesAir Products wrote off $6.6bn of what it built
Air Products' capex tripled to $7.0bn while revenue stopped growing. Exit charges now equal 23% of everything it spent building since 2019.
4 primary sourcesEchoStar sold $20.25bn of spectrum. $2.4bn never came
EchoStar could not close with AT&T until the buyer funded a creditor trust out of the 2026 purchase price, to decommission the network being sold.
4 primary sourcesUber's €14.2bn bridge: the fee clock starts on 13 Nov
Uber signed for €14.2 billion of bridge debt on 16 July, termed out €4.0bn of it on 6 August, and lifted its revolver to $7.7bn. The fee date did not move.
5 primary sources · 1 correctionAlphabet borrowed $25bn. $10bn of it matures after 2045
Alphabet priced nine tranches out to a 6.500% bond due 2066. Its first-half interest expense was already up more than fivefold before any of this landed.
5 primary sources · 1 correctionAMD tripled its long-term debt in one day, at 4.6-5.5%
AMD's $4.75bn note sale on 17 August takes long-term debt from $2.35bn to about $7.1bn and adds $240m of annual interest to a barely-indebted company.
4 primary sources · 1 correctionWhat Moderna's 10-Q disclosed before the melanoma readout
Moderna's July 10-Q said melanoma data could arrive in 2026 and disclosed a different Phase 3 setback. The filing also details cash, losses and Merck economics.
3 primary sources · 1 correctionIntel's operating recovery met a $12.5bn escrow charge
Intel's data-centre operating profit nearly quadrupled, but Foundry still lost $2.1bn. An escrowed-share charge explains the consolidated net loss.
6 primary sources · 1 correctionNVIDIA guaranteed $105bn of OpenAI's data-centre leases
NVIDIA is backstopping 4.25 gigawatts of Ohio data-centre leases in a 17 August filing. If OpenAI cannot pay, NVIDIA covers it, from 2028, for 20 years.
5 primary sources · 1 correctionFabrinet's record year: NVIDIA's revenue share halved
Fabrinet's revenue rose 35.7% and net income 42.3%. Its 10-K shows the largest customer's revenue shrinking in dollars while the overall business grew.
4 primary sources · 1 correctionPeloton's first profit came with 247,000 fewer members
Peloton's $63.2M profit ends eight years of losses. Subscribers fell 8.8% while subscription revenue held flat, and now make up 93% of gross profit.
4 primary sources · 1 correctionCoreWeave's depreciation and interest beat $1.5B EBITDA
Revenue doubled to $2.6bn in the June quarter, operating income turned negative, and debt rose $13.7bn in six months. What the filings show.
3 primary sources · 1 correctionmonday.com grew revenue 22%. Cash flow fell 17%.
monday.com's deferred revenue contribution went from $18.4m to minus $3.5m. That is where the cash went while revenue grew and guidance decelerated.
4 primary sources · 1 correctionOracle's free cash flow was −$23.7B in its own 10-K
Oracle's capital expenditure rose 26-fold in five years to $55.7bn, funded by $43bn of new senior notes. Performance obligations went $138bn to $638bn.
3 primary sources · 1 correctionFICO raised guidance. Scores supplied 98% of revenue growth
FICO revenue rose 26% and EPS 41%. The filings show how Scores pricing, segment margins and buybacks contributed to the results.
4 primary sources · 1 correctionSandisk earned $6.9B. Pricing explains the record quarter
Sandisk's revenue rose 372% and gross margin reached 84.6%. The filings explain pricing, costs and guidance for the following quarter.
3 primary sources · 1 correctionAmazon's 2025 free cash flow: $7.7B, $6.1B, or −$11.8B
Amazon's own 10-K supports all three figures under three standard definitions, and one of them is negative. Alphabet, Microsoft and Meta, the same way.
6 primary sources · 1 correction