Earnings Review · 13 October 2026
The print
Revenue $24.77B. EPS $2.83 vs $2.62 expected.
What changed versus going in
Earnings came in at $2.83 a share against $2.62 expected, a beat of 8% (+$0.21 a share). Revenue of $24.77B compares with $23.70B expected, 4.5% above consensus.
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow +0.04, five-day price change +2.6%, as of 2026-10-12, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 16%, net margins near 22%, a narrow competitive moat, backed by a 9% return on equity.
Levels that matter
At $131.92 the shares sit 11% below the 52-week high of $147.96 and 41% above the low of $93.66 (70% of the way up the range).
The valuation lens
Our fair-value work puts the shares about 35% below what the business is worth: value on offer. Fair value lands near $175 against a $129.64 share price, a margin of safety of about 35%. The trailing multiple sits around 14 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.
