Earnings Review · 04 November 2026
The print
Revenue $15.03B. EPS $0.87 vs $0.74 expected.
How the market took it
On 2026-11-03 the shares closed at $30.00, -2.2% against the prior close of $30.67 (opening +0.0% from the prior close). Sellers faded the pop: 2.2 points of the opening gain were given back by the close, which says the first read was too generous. Option volatility implied a normal one-day swing of about ±1.7%, so a -2.2% close was larger than the market implied. Across the last 25 reports the shares have moved an average of +0.2% over the five sessions after the print, so the -2.2% on the day sits behind that average.
What changed versus going in
Earnings came in at $0.87 a share against $0.74 expected, a beat of 18% (+$0.13 a share). Revenue of $15.03B compares with $15.90B expected, 5.4% below consensus.
Did the flow confirm the move?
Underlying money flow reads as accumulation (21-day Chaikin Money Flow +0.15, five-day price change +3.0%, as of 2026-11-02, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 3%, net margins near 7%, a narrow competitive moat, backed by a 5% return on equity.
Levels that matter
At $30.00 the shares sit 1% below the 52-week high of $30.44 and 27% above the low of $23.62 (94% of the way up the range). The 50-day average is $28.30, below the price. The 200-day average is $26.48, below the price.
The valuation lens
The shares trade about 16% below our fair-value estimate: a modest cushion. Fair value lands near $36 against a $30.00 share price, a margin of safety of about 16%. The trailing multiple sits around 39 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Screens compliant (on our anchor standard; the faith-based screen is stricter here). 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.
