The Earnings Debate

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We turn quarterly earnings calls into a fast-paced financial comedic debate. Our AI hosts (one skeptic and one optimist) agree on almost nothing. We cut through jargon, pressure-test claims, and spotlight the questions that matter. Rigorous analysis. Actual laughs. On the beat so you don't miss a beat.

  1. FactSet Research Systems Inc. Announced Q3 2026 Earnings on July 1, 2026, Reporting "Revenue was $622.9 million, representing 6.4% growth over the previous year"

    12h ago

    FactSet Research Systems Inc. Announced Q3 2026 Earnings on July 1, 2026, Reporting "Revenue was $622.9 million, representing 6.4% growth over the previous year"

    FactSet Research Systems Inc. reported its third quarter fiscal 2026 financial results, stating that organic ASV accelerated to 7.1% year-over-year, exceeding $2.48 billion. Third quarter revenue was $622.9 million, representing 6.4% growth over the previous year. Adjusted operating income was $211.8 million, representing a 34% margin for the quarter. Adjusted EPS grew 6.1% to $4.53. Management also noted that free cash flow grew to $254 million for the third quarter. During Q3, the company accelerated repurchase activity, buying back approximately 926,000 shares for $203 million, which brought the fiscal year-to-date total to over $500 million deployed for share repurchases. Management discussed business updates focused on commercial excellence, productivity improvement, and long-term strategy. Through productivity initiatives, coding agents now author 27% of committed code in the engineering teams using these tools, and the company initiated a roughly 10% reduction in its technology workforce. The company noted strong AI adoption, stating that over 90% of their top 50 clients are now using 4 or more FactSet AI solutions. The majority of ASV renewed in Q3 was in the form of enterprise agreements, and the average contract term extended by roughly 30%. The company announced several strategic product updates and partnerships, launching its AI solutions under the banner of FactSet Intelligence. FactSet launched a portfolio analytics MCP as well as a Capital Markets Intelligence suite of agents aimed at transforming investment banking workflows. Management highlighted a new strategic partnership with Google Cloud focused on enhancing the FactSet workstation with Google's enterprise search, bringing financial intelligence directly into Gemini Enterprise, and developing a new generation of agents using the Gemini Enterprise Agent platform. Additional partnerships were announced with InSync Analytics, Genius AI, and RepRisk. Regarding forward guidance, management stated they remain confident in the guidance ranges that were previously set for ASV, revenue, operating margin and EPS. For revenue and EPS, management noted they are tracking toward the high end of those ranges based on their business trajectory.

    20 min
  2. NIKE, Inc. (NKE) Announced Q4 2026 Earnings on June 30, 2026, Reporting "revenues were down 1% on a reported basis and down 4% on a currency-neutral basis."

    12h ago

    NIKE, Inc. (NKE) Announced Q4 2026 Earnings on June 30, 2026, Reporting "revenues were down 1% on a reported basis and down 4% on a currency-neutral basis."

    For the fourth quarter of fiscal 2026, Executive Vice President and Chief Financial Officer Matt Friend stated that "revenues were down 1% on a reported basis and down 4% on a currency-neutral basis." Friend noted that "Nike Direct was down 9%, with Nike Digital declining 12% and Nike Stores down 7%", while "Wholesale grew 1%." The company reported that "Gross margin was 49.2%, up 890 basis points versus the prior year", which was driven by a benefit related to the recovery of incremental tariffs. "Earnings per share for the quarter was $0.72" and "Inventory was flat versus the prior year". For the full year, "revenue was flat on a reported basis and down 2% on a currency-neutral basis."President and Chief Executive Officer Elliott Hill highlighted progress on the company's "win now priorities" and the implementation of the "Sport Offense", noting they have moved "about 8,000 teammates into verticals sport teams under our new operating model". While the performance business "grew mid-single digits this fiscal year", Hill acknowledged that "sell-through remains challenged" in Nike Sportswear and Jordan Streetwear. Friend added that they are making progress "reducing classic footwear franchises by more than $2 billion". In Greater China, the company's "House of Innovation in Shanghai, posted double-digit growth for the quarter", and they are seeing "recovery in full price realization on digital" following actions to reduce promotions. Regarding forward guidance, management stated they "now expect revenue to be down low- to mid-single digits, with Q2 having a sequential deceleration from Q1". For the first quarter specifically, they "expect reported revenues to be down low- to mid-single digits" and "expect gross margin in Q1 to be slightly positive." Leadership highlighted product innovations, including the "PEG 42" and "Aero-FIT", and announced that "Shai Gilgeous-Alexander has joined the Nike Basketball family" as part of a move allowing Converse to fully focus on its lifestyle business. They also highlighted that "revenue growth and retail sales comp with Foot Locker was positive for the first time in 4 years".

    19 min
  3. Micron Technology, Inc. (MU) Announced Q3 2026 Earnings on June 24, 2026, Reporting Total fiscal Q3 revenue was $41.5 billion.

    12h ago

    Micron Technology, Inc. (MU) Announced Q3 2026 Earnings on June 24, 2026, Reporting Total fiscal Q3 revenue was $41.5 billion.

    In fiscal Q3 2026, CFO Mark Murphy reported that Total fiscal Q3 revenue was $41.5 billion, up 74% sequentially and up 346% year-over-year. Fiscal Q3 DRAM revenue was a record $31.3 billion, and fiscal Q3 NAND revenue was a record $9.9 billion. The company generated an operating income of $33.7 billion in fiscal Q3, with a consolidated gross margin for fiscal Q3 of 84.9%. Non-GAAP diluted earnings per share in fiscal Q3 was $25.11. Fiscal Q3 free cash flow was $18.3 billion, which was noted as a quarterly record for the company.CEO Sanjay Mehrotra stated that data center revenue exceeded $25 billion in fiscal Q3. A major business update was the signing of 16 strategic customer agreements, which the company expects will fundamentally transform their business model. These agreements are structured as take-or-pay agreements with binding commitments to purchase specific volumes over a multiyear term. On the product side, Micron has already shipped over $1 billion in HBM 4 revenue, and the HBM4 12-high volume ramp is tracking twice as fast as HBM3E 12-high. Management expects tight supply conditions to persist beyond calendar 2027 due to AI-driven demand and structural supply constraints. For forward guidance, the company expects fiscal Q4 revenue to be a record $50 billion, plus or minus $1 billion, and gross margin to be approximately 86%. Fiscal Q4 EPS is expected to be a record $31 per share, plus or minus $1. Capital expenditures for fiscal Q4 are projected at around $10 billion, bringing full year fiscal 2026 capital spending to approximately $27 billion.

    13 min
  4. Adobe Inc. (ADBE) Announced Q2 2026 Earnings on June 11, 2026, Reporting "$6.62 billion in revenue in Q2"

    Jun 12

    Adobe Inc. (ADBE) Announced Q2 2026 Earnings on June 11, 2026, Reporting "$6.62 billion in revenue in Q2"

    For the second quarter of fiscal 2026, CEO Shantanu Narayen stated that Adobe achieved "$6.62 billion in revenue in Q2". GAAP earnings per share for the quarter was $4.25, and non-GAAP earnings per share was $5.96. Senior Vice President Steve Day noted that cash flows from operations in the quarter were $2.17 billion, and total Adobe ending ARR reached $27.1 billion, which included approximately $480 million from the acquisition of Semrush. Management emphasized a strategic shift to capture a broader audience. Shantanu Narayen highlighted the opportunity to "accelerate new user acquisition and lifetime value through a freemium offering" for both Acrobat and Express, as well as a plan to "attract hundreds of millions of additional creators through a freemium funnel based on the early success of Firefly." To prioritize this user acquisition, Adobe made the decision to defer previously planned Creative Cloud second half line optimizations. Adobe also announced the departure of CFO Dan Durn, with Steve Day stepping in as interim CFO.Product and partnership announcements focused heavily on new AI capabilities. President of Creativity and Productivity David Wadhwani introduced the Adobe productivity agent for Acrobat and the Adobe Creative Agent beta. President of Customer Experience Orchestration Anil Chakravarthy highlighted native integrations with Microsoft CoPilot, Anthropic, OpenAI, and Google Gemini, alongside an NVIDIA partnership that brings CX enterprise coworker capabilities into the Nemo Claw enterprise agent platform. The company provided guidance for the third quarter of fiscal 2026, targeting total Adobe revenue of $6.67 billion to $6.72 billion. For the third quarter, GAAP EPS is targeted at $4.40 to $4.45, and non-GAAP EPS is targeted at $6.05 to $6.10. For the full fiscal year 2026, management set a total Adobe ARR growth target of 10.2 percent.

    21 min
  5. Oracle Corporation (ORCL) Announced Q4 2026 Earnings on June 10, 2026, Reporting "Revenue was $19.2 billion"

    Jun 12

    Oracle Corporation (ORCL) Announced Q4 2026 Earnings on June 10, 2026, Reporting "Revenue was $19.2 billion"

    Oracle Corporation reported its fourth quarter and full fiscal year 2026 results. For the quarter, management stated that revenue was $19.2 billion. Cloud infrastructure revenue grew 93 percent, and net operating income increased 22 percent in U.S. dollars to $8.6 billion. For the full year, the company reported surpassing revenues of $67 million for the first time, generating a non-GAAP operating income of $29 billion, and achieving cash flow from operations of $32 million. The remaining performance obligations finished at $638 million. Key business updates centered on artificial intelligence and cloud infrastructure. Management highlighted the delivery of more than 1,000 AI agents across their application suites. In the AI infrastructure business, the company signed $67 billion in contracts this quarter, increasing the total combination of bring your own hardware or prepaid customer contracts to $75 billion. The company also announced a move toward outcome based commercial pricing models and the limited rollout of token bundles for accessing advanced reasoning AI capabilities. Over the fiscal year 2026, the company delivered more than 1.2 gigawatts of capacity to customers. Notable business wins included an agency-wide award for Fusion HCM from the United States Office of Personnel Management. The company also continued its deployment at the United States Department of Veterans Affairs, adding medical centers in Michigan and Ohio. Additional highlighted customers included Claro, which chose OCI and field services applications to automate customer service, and Vodafone, which selected an OCI dedicated region to consolidate operations. For forward guidance, management expects fiscal year 2027 total revenues to grow 34 percent in constant currency. The net cash outlay for capital expenditures in fiscal year 2027 is expected to be around $70 million, which excludes customer prepayments and timing impacts expected at around $20 billion to $25 billion. For the first quarter of fiscal year 2027, total revenues are expected to grow between 27 percent and 29 percent in U.S. dollars, with cloud revenues growing between 58 percent and 64 percent. Management guided first quarter non-GAAP EPS to be between $1.72 and $1.76.

    12 min
  6. lululemon athletica inc. (LULU) Announced Q1 2026 Earnings on June 4, 2026, Reporting "total net revenue rose 4% or 2% in constant currency to $2.5 billion"

    Jun 6

    lululemon athletica inc. (LULU) Announced Q1 2026 Earnings on June 4, 2026, Reporting "total net revenue rose 4% or 2% in constant currency to $2.5 billion"

    For the first quarter, Interim Co-CEO and CFO Meghan Frank reported "total net revenue rose 4% or 2% in constant currency to $2.5 billion". Gross profit for the first quarter was $1.34 billion or 54.2% of net revenue. Operating income for the quarter was $277 million, or 11.2% of net revenue. Net income for the quarter was $195 million, or $1.69 per diluted share. Inventory at the end of the first quarter was $1.7 billion. Management stated their priorities are to strengthen performance in North America while continuing to expand their global growth engine. The company noted that recent sales trends were impacted by spikes of negative commentary regarding the brand and some product launches not meeting expectations. In response, management is focusing on a three-pillar action plan including product creation, product activation, and enterprise enablement. The company is leaning into faster chase times, chasing 20% more volume this year relative to last year, and reducing their mainline product development process. In North America store channels, the company is featuring 15% fewer SKUs to better highlight new styles and innovation. The company noted good guest response to updates in key run franchises including Fast and Free, Swiftly, and Metal Vent, as well as the Day drift and Define styles. The brand held a yoga experience on The Great Wall of China and announced the return of the SeaWheeze half marathon event in Vancouver. Upcoming product launches will include warm weather styles across run, tennis, golf, and lifestyle offerings, as well as new lounge fabrics in the second half of the year. For the second quarter, management expects revenue in the range of $2.45 billion to $2.475 billion. They expect earnings per share in the second quarter to be in the range of $1.76 to $1.81. For the full year 2026, the company expects revenue to be in the range of $11 billion to $11.15 billion. For the fiscal year 2026, the company expects diluted earnings per share in the range of $10.95 to $11.15. Capital expenditures for the full year are expected to be approximately $700 million to $720 million.

    20 min
  7. ServiceTitan, Inc. Announced Q1 2027 Earnings on June 4, 2026, Reporting "Q1 total revenue of $268.8 million grew 25% year-over-year."

    Jun 6

    ServiceTitan, Inc. Announced Q1 2027 Earnings on June 4, 2026, Reporting "Q1 total revenue of $268.8 million grew 25% year-over-year."

    ServiceTitan, Inc. reported its fiscal first quarter 2027 results. For the quarter, management stated, "Q1 total revenue of $268.8 million grew 25% year-over-year." The company reported "Subscription revenue of $202 million" and "Usage revenue grew 29% year-over-year to $58.5 million." Furthermore, management noted "Q1 operating income of $40.8 million resulted in operating margin of 15.2%" and "Q1 platform gross margin was 81.3%." The company's "Q1 free cash flow was negative $9.6 million."Key business updates highlighted the company's multiyear growth vectors to build the "agentic operating system to the trades." ServiceTitan emphasized its progress in the enterprise, commercial, and roofing segments. During the quarter, the company surpassed "2,000 total customers with annualized billings greater than $100,000." Management also discussed the rapid adoption of its Max platform, noting they "more than doubled the number of locations on Max" during the first quarter and expect to "again double the number of locations on Max during Q2."In product announcements, ServiceTitan noted significant enhancements within the commercial segment, including the launch of "invoicing agents, equipment systems and enhanced CRM capabilities." For its AI and agentic workflows, the company introduced "inbound call booking automation, auto inventory replenishment and invoice protection." Additionally, the company expanded its virtual agents product line with "outbound calling and receptionist capabilities."Management provided forward guidance for the second fiscal quarter and full fiscal year 2027. For the second quarter, the company stated, "we expect total revenue in the range of $284 million to $286 million" and "operating income in the range of $38 million to $39 million." For the full fiscal year 2027, ServiceTitan expects "total revenue in the range of $1.13 billion to $1.14 billion" and "operating income in the range of $142 million to $147 million." Management also noted they now expect "incremental operating margins for the full fiscal year 2027 to be higher than our initial target of 25%."

    16 min
  8. Veeva Systems Inc. (VEEV) Announced Q1 2027 Earnings on June 3, 2026, Reporting "Total revenue in the quarter was $883 million"

    Jun 4

    Veeva Systems Inc. (VEEV) Announced Q1 2027 Earnings on June 3, 2026, Reporting "Total revenue in the quarter was $883 million"

    Veeva Systems Inc. reported fiscal 2027 first quarter financial results. For the quarter, management stated that "Total revenue in the quarter was $883 million with non-GAAP operating income of $395 million." Management also noted that the first quarter EBIT margin arrived at 45 percent. During the call, management introduced Veeva Falcon, describing it as the next chapter of their industry cloud that provides "agentic labor." This technology is designed to fully replace standard jobs within life sciences, initially focusing on the high-volume processing of clinical trial documentation and safety cases. Management also detailed the recent acquisition of Ostro, a brand engagement platform designed to help biopharma companies interact with health care professionals and patients. Furthermore, the company provided updates on its Vault CRM product, highlighting that over 150 customers are now live and over 40 migrations have been completed, including recent global wins with Teva and Merck KGaA.Looking ahead, management provided guidance for the full year, including an expected 44 percent EBIT margin. The company expects the Ostro acquisition to contribute about $10 million in the remaining three quarters, representing about two-thirds of the $15 million increase in commercial subscriptions overall for the year. Management also reiterated confidence in its trajectory for 2030, noting they are on track for their $6 billion of revenue target.

    21 min
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We turn quarterly earnings calls into a fast-paced financial comedic debate. Our AI hosts (one skeptic and one optimist) agree on almost nothing. We cut through jargon, pressure-test claims, and spotlight the questions that matter. Rigorous analysis. Actual laughs. On the beat so you don't miss a beat.

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