Earnings Review · 13 October 2026
The print
Revenue $112.03B. EPS $4.69 vs $4.14 expected.
What changed versus going in
Earnings came in at $4.69 a share against $4.14 expected, a beat of 13% (+$0.55 a share). Revenue of $112.03B compares with $111.50B expected, 0.5% above consensus.
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow -0.05, five-day price change +2.0%, as of 2026-10-09, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 0%, net margins near 3%, a weak competitive moat, backed by a 14% return on equity.
Levels that matter
At $379.30 the shares sit 18% below the 52-week high of $461.62 and 48% above the low of $255.97 (60% of the way up the range).
The valuation lens
Our fair-value work puts the shares about 30% below what the business is worth: value on offer. Fair value lands near $494 against a $379.30 share price, a margin of safety of about 30%. The trailing multiple sits around 24 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.
