Earnings Review · 29 October 2026
The print
Revenue $9.29B. EPS $3.66 vs $4.17 expected.
How the market took it
On 2026-10-29 the shares closed at $503.15, -1.0% against the prior close of $508.16 (opening +0.1% from the prior close). Across the last 25 reports the shares have moved an average of +0.6% over the five sessions after the print, so the -1.0% on the day sits behind that average.
What changed versus going in
Earnings came in at $3.66 a share against $4.17 expected, a miss of 12% (-$0.51 a share).
Did the flow confirm the move?
Underlying money flow reads as accumulation (21-day Chaikin Money Flow +0.10, five-day price change +1.5%, as of 2026-10-28, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 9%, net margins near 20%, a moderate competitive moat, backed by a 18% return on equity.
Levels that matter
At $503.15 the shares sit 8% below the 52-week high of $548.20 and 30% above the low of $387.78 (72% of the way up the range). The 50-day average is $480.66, below the price. The 200-day average is $490.95, below the price.
The valuation lens
The shares trade about 41% above our fair-value estimate: priced for things to go right. Fair value lands near $358 against a $503.15 share price, a margin of safety of about -41%. The trailing multiple sits around 32 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.
