Earnings Review · 13 October 2026
The print
Revenue $22.62B. EPS $1.87 vs $1.86 expected.
What changed versus going in
Earnings came in at $1.87 a share against $1.86 expected, a beat of 1% (+$0.01 a share). Revenue of $22.62B compares with $22.30B expected, 1.4% above consensus.
Did the flow confirm the move?
Price has run up but the money has been quietly leaving: distribution into strength. For a holder that is a trim-or-take-profit signal, not an add; the crowd sees the strength, the flow sees the exit. (21-day Chaikin Money Flow -0.05, five-day price change +3.9%, as of 2026-10-09, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 10%, net margins near 27%, a moderate competitive moat, backed by a 13% return on equity.
Levels that matter
At $83.55 the shares sit 15% below the 52-week high of $97.76 and 15% above the low of $72.78 (43% of the way up the range).
The valuation lens
Our fair-value work puts the shares about 31% below what the business is worth: value on offer. Fair value lands near $110 against a $83.55 share price, a margin of safety of about 31%. The trailing multiple sits around 12 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
If the theme is what draws you, Qatar International Islamic Bank (QIIK.QA) sits in the same industry (Banks – Regional) and clears our principled screen, the place to look instead of chasing a name that does not.
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.
