Earnings Review · 13 November 2026
The print
Revenue $17.25B. EPS $1.40 vs $1.33 expected.
How the market took it
On 2026-11-12 the shares closed at $102.01, +1.2% against the prior close of $100.76 (opening -1.1% from the prior close). Buyers absorbed the reaction: the stock recovered 2.4 points from the open, which says the market looked through the headline. Across the last 25 reports the shares have moved an average of -0.1% over the five sessions after the print, so the +1.2% on the day sits ahead of that average.
What changed versus going in
Earnings came in at $1.40 a share against $1.33 expected, a beat of 5% (+$0.07 a share). Revenue of $17.25B compares with $18.10B expected, 4.7% below consensus.
Did the flow confirm the move?
Underlying money flow reads as distribution (21-day Chaikin Money Flow -0.25, five-day price change -2.8%, as of 2026-11-11, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 18%, net margins near 21%, a moderate competitive moat, backed by a 27% return on equity.
Levels that matter
At $95.64 the shares sit 27% below the 52-week high of $130.37 and 35% above the low of $71.10 (41% of the way up the range). The 50-day average is $108.82, above the price. The 200-day average is $101.72, above the price.
The valuation lens
Our fair-value work puts the shares about 27% below what the business is worth: value on offer. Fair value lands near $141 against a $102.01 share price, a margin of safety of about 27%. The trailing multiple sits around 30 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Screens compliant (both standards agree). A name values-conscious investors can weigh on the merits.
The verdict for a values-conscious investor
It clears the screen; size it to your own risk and conviction. One quarter, strong or soft, does not decide whether a holding is suitable.
This is analysis, not financial advice. Always manage your risk.
