Earnings Street
Analyst briefings prepared from earnings-call transcripts.
TSMC (TSM) — Q3 FY2026 Analyst Q&A Breakdown
Forensic breakdown of all 17 analyst questions on TSMC’s Q3 FY2026 call: demand certainty without numbers, an overseas-dilution timing walk-back, packaging exclusivity claims, and Texas/Terafab preconditions.
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 29, 2026CarMax (KMX) — Q2 FY2027 Catalysts and Risks
Nine positive catalysts and eight risks from CarMax’s Q2 FY2027 earnings call: the comp and earnings inflection, run-lean self-funding of price, and the FTC pricing-enforcement tailwind sit against guided Q3/Q4 GPU declines, unseasoned Tier 2 credit, and a CAF income step-down. The Carmax.xlsx cross-check maps every Future Catalysts row as covered and flags four risks missing from the workbook’s Future Risks.
September 29, 2026CarMax (KMX) — Q2 FY2027 Analyst Q&A Breakdown
Forensic breakdown of 10 analysts and 21 question units: management quantifies the FTC tailwind at half of comp gains, admits web traffic fell while quality rose, calls Tier 2 CAF growth not incremental, and defers GPU-floor answers to the November 3 update.
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 27, 2026Shopify (SHOP) — Q2 FY2026 Catalysts and Risks
Ten positive catalysts and ten risks from the Q2 2026 call — each with evidence, horizon, and monitorable signals: agentic infrastructure (Catalog/UCP), enterprise “final migration” wins, payments penetration at 68% of GMV, and the deferred AI monetization question.
September 27, 2026Shopify (SHOP) — Q2 FY2026 Analyst Q&A Breakdown
All 9 analyst questions from the Q2 2026 call itemized and graded: what was answered, what was deflected, where narratives contradict, and which seven asks went completely unanswered — management declined to dollarize agentic volume or commit to direct AI monetization.
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.
September 25, 2026Adobe (ADBE) — Q2 FY2026 Catalysts and Risks
Seven positive catalysts and seven risks from the Q2 FY26 call — each with evidence, horizon, and monitorable signals: the freemium/MAU land-grab, AI-first ARR momentum, enterprise GenStudio/AEP depth against the cut ending-ARR growth target, deferred pricing optimizations, and leadership churn.
September 25, 2026Adobe (ADBE) — Q2 FY2026 Analyst Q&A Breakdown
All 10 analyst questions from the Q2 FY26 call itemized and graded: what was answered, what was deflected, where narratives contradict, and which five asks went completely unanswered — from the freemium payback math to the next-CEO timeline.