Earnings Review · 14 October 2026
The print
Revenue $19.88B. EPS $3.03 vs $2.92 expected.
What changed versus going in
Earnings came in at $3.03 a share against $2.92 expected, a beat of 4% (+$0.11 a share). Revenue of $19.88B compares with $20.10B expected, 1.1% below consensus.
Did the flow confirm the move?
Money has been flowing IN underneath a flat-to-lower price: quiet accumulation, the kind of positioning that tends to show up before a name moves, not after. (21-day Chaikin Money Flow +0.07, five-day price change -0.2%, as of 2026-10-09, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 28%, net margins near 26%, a moderate competitive moat, backed by a 18% return on equity.
Levels that matter
At $190.02 the shares sit 18% below the 52-week high of $232.25 and 24% above the low of $152.80 (47% of the way up the range).
The valuation lens
The shares trade about 17% below our fair-value estimate: a modest cushion. Fair value lands near $212 against a $181.51 share price, a margin of safety of about 17%. The trailing multiple sits around 15 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.
