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. Duolingo, Inc. (DUOL) Announced Q4 2025 Earnings on February 26, 2026, Reporting "over 1 billion in bookings and more than $300 million in adjusted EBITDA"

    6H AGO

    Duolingo, Inc. (DUOL) Announced Q4 2025 Earnings on February 26, 2026, Reporting "over 1 billion in bookings and more than $300 million in adjusted EBITDA"

    During the Q4 2025 earnings call, CEO Luis von Ahn reported that Duolingo surpassed 50 million daily active users and delivered over 1 billion in bookings and more than $300 million in adjusted EBITDA for the year. Newly appointed CFO Gilian Munson announced that the Board authorized a buyback of up to $400 million of the company shares. Management outlined a strategic shift for 2026, prioritizing the size of the active learner base over near-term monetization. The medium-term goal is to reach 100 million daily active users in 2028. To achieve this, the company will focus on three categories: teaching languages better, improving the free user experience, and feeding new growth engines like the math, music, and chess subjects. Regarding product updates, Duolingo Chess reached about 7 million daily active users in less than a year. The company also plans to experiment with moving the video call feature into the Super Duolingo tier and rolling out a speaking adventures feature. For forward guidance, management expects 2026 year bookings growth of 10 percent to 12 percent, revenue growth of 15 percent to 18 percent, and an adjusted EBITDA margin around 25 percent. For Q1 2026, guidance includes 11 percent bookings growth, 25 percent revenue growth, and an adjusted EBITDA margin of 25.5 percent.

    12 min
  2. Zscaler, Inc. (ZS) Announced Q2 2026 Earnings on February 26, 2026, Reporting "Revenue of $816 million grew 26% year-over-year"

    7H AGO

    Zscaler, Inc. (ZS) Announced Q2 2026 Earnings on February 26, 2026, Reporting "Revenue of $816 million grew 26% year-over-year"

    Zscaler, Inc. reported financial results for the second quarter of fiscal 2026. Revenue for the quarter was $816 million, which grew 26 percent year-over-year. Total annual recurring revenue was $3.4 billion, representing 25 percent year-over-year growth. For the quarter, non-GAAP operating income was $181 million, growing 29 percent year-over-year, with a non-GAAP operating margin of 22.2 percent. The company generated a free cash flow margin of 20.7 percent for the quarter and ended the period with $3.5 billion in cash, cash equivalents and short-term investments.Management highlighted strong demand across three growth pillars, which include AI security, Zero Trust Everywhere, and Data Security Everywhere. The company discussed its newly introduced AI Protect solution for securing enterprise AI adoption, as well as its Z-Flex program which generated more than $290 million in total contract value during the quarter. Management noted that non-seat-based metered usage solutions delivered just over one quarter of new annual contract value. The company also announced the recent closures of its acquisitions of SquareX for browser security and Red Canary for agentic security operations, though management noted that Red Canary's churn has been elevated post acquisition.For the third quarter of fiscal 2026, Zscaler expects revenue of $834 million to $836 million and an operating profit of $187 million to $189 million. For the full year fiscal 2026, the company guided for revenue of $3.09 billion to $3.322 billion, and total annual recurring revenue of $3.730 billion to $3.745 billion. Full year operating profit is expected to be $742 million to $748 million with a free cash flow margin of approximately 26.5 percent to 27 percent. Management stated they will continue to monitor the recent increases in memory, storage, and processor prices, which could become a factor in the future as they purchase equipment for data centers and branch appliances.

    19 min
  3. Natera, Inc. (NTRA) Announced Q4 2025 Earnings on February 26, 2026, Reporting "roughly $666 million of revenue in the quarter"

    7H AGO

    Natera, Inc. (NTRA) Announced Q4 2025 Earnings on February 26, 2026, Reporting "roughly $666 million of revenue in the quarter"

    Natera reported fourth quarter 2025 financial results, generating "roughly $666 million of revenue in the quarter," representing "approximately 40% revenue growth over Q4 of 2024." The company achieved a "gross margin of 66.9% in the quarter" and "generated over $107 million in cash flow in 2025." Natera significantly narrowed its operating losses in Q4 and generated net income, supported by a balance sheet with "over $1 billion in cash and securities."Management highlighted strong volume momentum, stating they "processed about 924,000 tests and set another record for MRD clinical unit growth with 225,000 tests processed in Q4." Notable product announcements included launching the "21-gene fetal focused single-gene NIPT test" and submitting their "first tissue free MRD assay" for colorectal cancer, LATITUDE, to MolDX. Natera also integrated "phased variants" technology into the Signatera platform following the acquisition of Foresight Diagnostics, driving detection thresholds to "unprecedented levels below one-fragmented tumor DNA in a background of 10 million normal copies."For forward guidance, Natera expects "to generate between $2.62 billion and $2.7 billion in revenues" for 2026. The company guided for "gross margins between 63% and 65%" for the year. Management outlined their strategic approach by stating they are "holding SG&A stable while we make targeted investments in R&D with the expectation that we generate another strong cash flow year in 2026."

    10 min
  4. Intuit Inc. (INTU) Announced Q2 2026 Earnings on February 26, 2026, Reporting "revenue of $4.7 billion, up 17%"

    8H AGO

    Intuit Inc. (INTU) Announced Q2 2026 Earnings on February 26, 2026, Reporting "revenue of $4.7 billion, up 17%"

    Intuit reported second quarter fiscal 2026 financial results with revenue of $4.7 billion, up 17% for the quarter. GAAP operating income for the quarter was $855 million, and non-GAAP operating income was $1.5 billion. GAAP diluted earnings per share for the quarter was $2.48, and non-GAAP diluted earnings per share was $4.15.Management highlighted momentum across its platforms, noting that Online Ecosystem revenue for QBO Advanced and Intuit Enterprise Suite increased 40%. The company stated that total online payment volume grew 29% in the second quarter. Intuit is expanding its direct sales team by approximately 30% and noted that new Intuit Enterprise Suite contracts grew nearly 50% quarter-over-quarter. QuickBooks Live customer growth was over 50% in the second quarter. Within Mailchimp, revenue was down slightly versus a year ago, with expectations to return to double-digit growth sometime beyond fiscal 2026.During the quarter, Intuit announced a multiyear partnership with Anthropic to advance personalized experiences using Anthropic's Claude Agent Builder. The company also launched all four of its apps in OpenAI's app directory. For products, Intuit launched a construction addition for Intuit Enterprise Suite, which is the first in a series of industry-specific AI-native ERP solutions designed for the mid-market.Intuit reaffirmed its fiscal 2026 guidance, expecting total company revenue for the year of $20.997 billion to $21.186 billion, representing growth of 12% to 13%. For the third quarter of fiscal 2026, guidance includes total company revenue growth of 10%, GAAP earnings per share of $10.56 to $10.62, and non-GAAP earnings per share of $12.45 to $12.51.

    18 min
  5. Ginkgo Bioworks Holdings, Inc. (DNA) Announced Q4 2025 Earnings on February 26, 2026, Reporting "Cell engineering revenue was $26 million in the fourth quarter of 2025"

    8H AGO

    Ginkgo Bioworks Holdings, Inc. (DNA) Announced Q4 2025 Earnings on February 26, 2026, Reporting "Cell engineering revenue was $26 million in the fourth quarter of 2025"

    Ginkgo Bioworks Holdings, Inc. reported its fourth quarter 2025 financial results. Cell engineering revenue was $26 million in the fourth quarter of 2025, down 26 percent compared to the fourth quarter of 2024. For the full year, cell engineering revenue was $133 million in 2025. The biosecurity business generated $7 million of revenue in the fourth quarter and $37 million of revenue in the full year 2025. Total adjusted EBITDA in the fourth quarter of 2025 was negative $36 million, and cash burn in the fourth quarter of 2025 was $47 million. Management stated that the technological and business focus for 2026 will be on investing in the category of autonomous labs. To facilitate this focus, the company announced it will be divesting its biosecurity business into a separate private entity where Ginkgo will hold a minority position. The company plans to systematically decommission traditional lab benches and move more work onto a single large autonomous lab, aiming to grow from 50 racks to 100 racks by the first half of the year. For forward guidance, management noted they will not be providing revenue guidance for 2026, but expect overall cash burn guidance to be in the range of $125 million to $150 million. The company also announced a new $47 million contract with the Department of Energy to build a 97 robot autonomous lab at Pacific Northwest National Labs. Additionally, management highlighted a project with OpenAI using GPT 5 as an AI scientist to design experiments submitted to the autonomous lab.

    17 min
  6. Dell Technologies Inc. (DELL) Announced Q4 2026 Earnings on February 26, 2026, Reporting "Q4 revenue was $33.4 billion"

    8H AGO

    Dell Technologies Inc. (DELL) Announced Q4 2026 Earnings on February 26, 2026, Reporting "Q4 revenue was $33.4 billion"

    Dell Technologies Inc. reported its fiscal year 2026 fourth quarter results, stating that Q4 revenue was $33.4 billion, up 39 percent, and earnings per share was $3.89, up 45 percent. For the full year, the company reported that revenue reached $113.5 billion, up 19 percent, and EPS grew 27 percent to $10.30. Management also noted that they delivered cash flow from operations of $4.7 billion for the quarter. Gross margin dollars increased 18 percent to $6.8 billion, with the gross margin rate at 20.5 percent for the quarter. During the call, executives highlighted significant acceleration in their artificial intelligence business. The company reported that in Q4, they booked $34.1 billion in AI orders and shipped $9.5 billion in shipments in the quarter. They noted exiting the year with a "record $43 billion in AI backlog". The Infrastructure Solutions Group saw record revenue of $19.6 billion, up 73 percent for the quarter. To navigate the dynamic component environment, management emphasized their strategic advantages, stating their direct model, world-class supply chain and long-standing supplier relationships are differentiators during periods of disruption. Regarding product updates, the storage division posted revenue of $4.8 billion, with PowerStore posting its seventh consecutive quarter of double-digit growth. Management also announced that Lightning, their parallel file solution, remains on track for general availability in the first half of the year. For fiscal year 2027 guidance, the company expects full year revenue of $138 billion to $142 billion. They anticipate $50 billion in AI revenue for the year, noting this reflects the composition of their existing backlog, customer readiness, and delivery schedules.

    18 min
  7. MP Materials Corp. (MP) Announced Q4 2025 Earnings on February 26, 2026, Reporting "revenue increased 10% year-over-year"

    1D AGO

    MP Materials Corp. (MP) Announced Q4 2025 Earnings on February 26, 2026, Reporting "revenue increased 10% year-over-year"

    MP Materials Corp. reported Q4 2025 financial results, noting that consolidated revenue increased 10% year-over-year. The Magnetic segment generated $66.9 million of revenue and $26.4 million of adjusted EBITDA for the year. The Materials segment generated $40.3 million of adjusted segment EBITDA in the quarter, and the company reported $51 million in price protection agreement income for the quarter. The company noted it has more than $1.8 billion of cash on hand.Management highlighted a record year of production, exceeding 50,000 metric tons of rare earth oxide produced in 2025 and exiting the year at an annualized run rate of nearly 4,000 metric tons of separated NdPr oxide. The company selected Northlake, Texas, as the site for its new 10x facility, securing more than $200 million in incentives and grants. Additionally, the technical team advanced grain boundary diffusion capabilities, resulting in a magnet formulation that uses approximately 60% less heavy rare earth content than originally anticipated.Looking ahead, the company expects total capital expenditures to be in the range of $500 million to $600 million in 2026, primarily reflecting the accelerated 10x investment. Management announced a new long-term NdPr offtake agreement with a leading technology and industrial company. MP Materials also received an additional $32 million prepayment from Apple in the fourth quarter to support the expansion of recycling and magnet capacity. Commercial sales of magnets are expected to begin in the second half of the year.

    17 min
  8. Coupang, Inc. (CPNG) Announced Q4 2025 Earnings on February 26, 2026, Reporting "total net revenues of $8.8 billion".

    1D AGO

    Coupang, Inc. (CPNG) Announced Q4 2025 Earnings on February 26, 2026, Reporting "total net revenues of $8.8 billion".

    For the fourth quarter of 2025, Coupang reported total net revenues of $8.8 billion, representing an 11 percent increase on a reported basis. The company generated a consolidated gross profit of $2.5 billion, with a gross profit margin of 28.8 percent. Operating income for the fourth quarter was $8 million, and the company reported a net loss of $26 million, resulting in a diluted loss per share of $0.01. Consolidated adjusted EBITDA reached $267 million with a 3 percent margin. Full year free cash flow was reported at $527 million.Management addressed a data incident involving a former employee that impacted user accounts late in the year, which led to a temporary slowdown in revenue growth and active customers in December. To address the impact, the company announced a customer compensation program issuing approximately $1.2 billion in vouchers. On the operations side, Coupang highlighted its continued investment in Taiwan, which saw revenues growing triple digits year over year. The company has rapidly built out its own last mile logistics network in Taiwan, now covering nearly 70 percent of the geography and delivering 75 percent of December volume the next day. Additionally, the recently acquired Farfetch generated positive year over year revenue growth and positive overall economics for the first time since acquisition.Looking ahead to the first quarter of 2026, Coupang anticipates growing consolidated constant currency revenues in the 5 percent to 10 percent range. Management expects muted trends in growth and profitability over the next few months as the impacts from the data incident diminish over the course of the year. For Developing Offerings, the company expects to incur full year adjusted EBITDA losses in 2026 between $950 million and $1 billion, reflecting continued investments in early stage initiatives. Over the long term, Coupang expects its effective tax rate to normalize closer to 25 percent.

    11 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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