Earnings Review · 27 October 2026
The print
Revenue $14.95B. EPS $2.46 vs $2.24 expected.
What changed versus going in
Earnings came in at $2.46 a share against $2.24 expected, a beat of 10% (+$0.22 a share).
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow +0.07, five-day price change +2.4%, as of 2026-10-26, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 1%, net margins near 23%, a unknown competitive moat, backed by a 30% return on equity.
Levels that matter
At $153.81 the shares sit 10% below the 52-week high of $170.46 and 27% above the low of $121.57 (66% of the way up the range). The 50-day average is $148.11, below the price. The 200-day average is $150.46, below the price.
The valuation lens
The shares trade about 23% below our fair-value estimate: a modest cushion. Fair value lands near $185 against a $150.38 share price, a margin of safety of about 23%. The trailing multiple sits around 22 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.
