Earnings Review · 14 October 2026
The print
Revenue $7.08B. EPS $15.93 vs $14.30 expected.
What changed versus going in
Earnings came in at $15.93 a share against $14.30 expected, a beat of 11% (+$1.63 a share). Revenue of $7.08B compares with $7.40B expected, 4.3% below consensus.
Did the flow confirm the move?
Underlying money flow reads as accumulation (21-day Chaikin Money Flow +0.14, five-day price change +1.6%, as of 2026-10-12, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 31%, net margins near 24%, a unknown competitive moat, backed by a 12% return on equity.
Levels that matter
At $1083.92 the shares sit 11% below the 52-week high of $1219.94 and 18% above the low of $917.39 (55% of the way up the range).
The valuation lens
The shares trade close to our fair-value estimate (+5% margin of safety): fairly priced, little cushion for a miss. Fair value lands near $1137 against a $1082.39 share price, a margin of safety of about 5%. The trailing multiple sits around 26 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, Business activity screen. A strong business is not the same as a suitable one; for a values-conscious book this is a do-not-chase regardless of the print.
The compliant alternative
There is no direct compliant equivalent in the same industry on our screen, the honest answer is to screen a step wider rather than reach for a false substitute.
The verdict for a values-conscious investor
A beat-and-raise does not change the screen. This is a great company you can admire without owning, protection first. One quarter, strong or soft, does not decide whether a holding is suitable.
This is analysis, not financial advice. Always manage your risk.
