Briefings
Microsoft (MSFT) — Q1 FY2027 Earnings Briefing
Microsoft beat every headline line in fiscal Q1 FY2027 — revenue of $92.3B (+19% YoY) and EPS of $4.89 — as AI demand filled record commercial backlog despite late capacity deliveries; record CapEx, thinning free cash flow, and a first open mention of debt funding frame the quarter’s tension.
October 28, 2026Alphabet (GOOGL) — Q3 FY2026 Earnings Briefing
Alphabet grew revenue 25% YoY to $127.6B with Google Cloud doubling to record profitability and a $561B backlog, while negative free cash flow, a SpaceX mark, and an AI Mode monetization gap mark the cost of the buildout.
October 27, 2026PayPal (PYPL) — Q3 FY2026 Earnings Briefing
A beat-and-raise Q3: EPS up 8% on cost discipline and Venmo/financial-services momentum, while branded checkout stays stuck at 1–2% and management frames 2027 as an investment year.
October 21, 2026Tesla (TSLA) — Q3 FY2026 Earnings Briefing
Demand outran production for a second straight quarter: automotive gross margin ex-credits hit 18.1% while paid FSD reached 1.7 million customers. Robotaxi miles 8x’d in the quarter, but the quarter also locked in a multi-year capital program for Optimus and TeraFab.
October 20, 2026Netflix (NFLX) — Q3 FY2026 Earnings Briefing
Netflix reaffirmed 2026 guidance on improving churn while admitting view-hour growth is unsatisfying; a new content chief, ads running behind aggressive targets, and a maturing theatrical strategy frame the 2027 setup.
October 20, 2026Intuitive Surgical (ISRG) — Q3 FY2026 Earnings Briefing
ISRG beat across the board with revenue up 22% to $3B and non-GAAP EPS of $3.00, record placements and an accelerating benign push — against a deliberate 3–5% per-procedure pricing headwind and a $450M settlement in GAAP results.
October 15, 2026TSMC (TSM) — Q3 FY2026 Earnings Briefing
TSMC cleared its Q3 guide with $46.7B revenue and lifted FY26 growth to ~44% YoY, even as 2nm and a widening overseas-fab drag press gross margins; a first-ever three-fab 3nm expansion and record capex frame a supply-constrained build-out.
September 29, 2026CarMax (KMX) — Q2 FY2027 Earnings Briefing
EPS up 81% YoY to $1.16 and used unit comps +13% as CarMax’s Shift into GEAR strategy shows P&L proof — GPUs deliberately lower, CAF income up 32% on lower provisioning, buybacks restart in Q3.
September 27, 2026Shopify (SHOP) — Q2 FY2026 Earnings Briefing
Q2 2026 marks a compounding quarter: GMV $116B (+32% YoY, fifth straight quarter above 30%), revenue $3.6B (+34%), FCF margin just over 18%. Agentic-commerce buildout — Catalog (1B+ products), UCP protocol, Sidekick (3.6x DA merchants), Shop Pay >$400B lifetime GMV — with agentic volume still small and AI monetization deliberately deferred.
September 25, 2026Adobe (ADBE) — Q2 FY2026 Earnings Briefing
Record quarter on the surface — revenue $6.62B (+13% YoY), AI-first ARR tripled YoY to more than $500M — but the real story is a deliberate freemium land-grab: deferred Creative Cloud optimizations, FY26 revenue and EPS targets raised, yet the ending-ARR growth target cut to 10.2%, with CFO departure, a CEO search, and a goodwill impairment as overhanging noise.