Cleveland-Cliffs reported Q1 FY2026 revenue of $4.92B (+6.3% Y/Y) and a $274 million Y/Y swing in adjusted EBITDA to $95 million on April 21, 2026. The press release led with $3 billion of liquidity. The 10-Q filed the same day shows the cleaner accounting: cash on the balance sheet is $52 million, MD&A's stricter cash definition is $45 million, and the $3.1 billion is composed almost entirely of borrowing capacity under an ABL revolver that the company drew an extra $507 million on during the quarter — taking outstanding balance from $452M to $959M in 90 days. Steelmaking EBITDA was $80M on $4.80B of segment revenue (1.67% margin) versus $15M of EBITDA on $167M of Other Businesses revenue (8.98% margin). Diluted share count crossed 570M, up 15.4% year over year. POSCO — described as the company's #1 strategic priority in the Q4 2025 release — was demoted to the fifth strategic priority on the call, with the CEO stating Cleveland-Cliffs is 'no longer in a hurry.'
ServiceNow reported Q1 FY2026 revenue of $3.77 billion, beating guidance, and the stock fell ~17% the next day. The 10-Q shows why: a balance sheet reshaped by Veza (closed in-quarter) and Armis (closed April 20, three days before the filing), goodwill up $963M Q/Q, the largest single-quarter buyback in NOW's history, and GAAP operating margin compressing 126 basis points year-over-year while non-GAAP operating margin rose.
Dow Inc. (NYSE: DOW) reported Q1 FY2026 revenue of $9.79B (-6.1% YoY) and a $445M GAAP net loss. The 10-Q tripled disclosed risk factors from 3 to 8, flagged the Sadara financing-debt liability as the only HIGH-severity item, and newly named credit-rating downgrade risk by S&P and Moody's. The 8-K press release called the quarter 'solid.'
Las Vegas Sands' Q1 FY2026 GAAP diluted EPS jumped 73.5% to $0.85 on revenue of $3.59B (+25.3%). The press release led with the beat. The 10-Q filed two days later quietly grew the per-filing risk inventory from 3 items to 8 — adding 'Higher sales and marketing costs to attract patrons,' 'Potential non-compliance with credit facility covenants,' and 'Uncertainty regarding extension of Macao shareholder dividend tax agreement,' among others. Three of six Macao properties saw EBITDA margins contract year over year, $800M of fixed-rate Sands China notes were refinanced onto a floating-rate revolver at 105 basis points more, and capital return of $955M ran $418M above free cash flow. The stock closed -7.8% the day after the call. This analysis pulls the 10-Q evidence behind the disclosure shift.
Nasdaq's Q1 FY2026 GAAP diluted EPS jumped 33.3% to $0.91, while the press release led with the +21.5% non-GAAP figure of $0.96. Net revenue grew 13.8% to $1.41B and operating margin expanded 250 basis points to 46.7%. The 10-Q reveals what the 8-K narrative buried: Market Services gross revenue fell 8.1% year over year, operating-company IPOs collapsed 67% (offset by a SPAC surge), and Non-US revenue grew 57%. This analysis unpacks the leverage math, the IPO mix shift, the Nordic divestiture optic, and the geographic profile change that now changes Nasdaq's risk surface.
Baker Hughes (Nasdaq: BKR) reported Q1 FY2026 revenue of $6.59B (+2% Y/Y) and GAAP EPS of $0.93, beating consensus on adjusted metrics. The 10-Q filed April 24, 2026 reveals what the 8-K narrative skipped: $10B of senior notes priced March 11, of which $9.5B is subject to a special mandatory redemption at par if the $13.6B Chart Industries acquisition does not close by July 28, 2026; total debt rose 166% to $16.16B; the per-share dividend held flat at $0.23 with a zero-cent increase; share buybacks were zero for the third consecutive quarter; and free cash flow fell 60% year-over-year to $164M. This analysis traces the deal-funding architecture, the capital-return pause, the Mexico receivables hedge unwinding through September 2026, and where BKR ranks against SLB, HAL, FTI, NOV, and WFRD.
The Hartford reported Q1 2026 net income of $851M and diluted EPS of $3.04, up 36% year-over-year on a depressed Q1 2025 base. The structured filing-signal layer flagged risk receding (`Critical Liability Findings: no longer present`); the 10-Q narrative simultaneously disclosed a $70M legacy general-liability reserve increase tied to a religious-institution bankruptcy. The aggregate reinsurance treaty consumed $204M of its $750M annual trigger in Q1 alone — 27% of the buffer in 25% of the year. Stock fell 3.70% on April 24.
Kinder Morgan reported Q1 FY2026 Adjusted EPS of $0.48 — roughly 22% above consensus near $0.39 — on revenue of $4.83 billion (+13.8% Y/Y) and Adjusted EBITDA of $2.54 billion (+18% Y/Y). Management held the full-year Adjusted EPS guide at $1.36, which sits below sell-side consensus near $1.39, attributing the Q1 over-performance to winter storm Fern and explicitly excluding the $505M Monument Pipeline acquisition. The aftermarket reaction was +0.76%. The Q1 10-Q adds material the press release did not: gross margin compressed 413 basis points sequentially as the storm's variable gas-purchase costs ate roughly half of the Texas Intrastate revenue benefit, $885M of senior notes moved into the next-twelve-months bucket (driving the working-capital deficit from $1,568M to $2,475M), free cash flow fell 21.2% sequentially, and KMI's CO2 segment revenue declined 7.7% Y/Y. This analysis frames the guide-hold against peer-relative forward-guide credibility (WMB, OKE, EPD, ET, MPLX) for retail KMI shareholders.
Masco (NYSE: MAS) reported Q1 FY2026 revenue of $1,918M (+6% Y/Y) and adjusted EPS of $1.04 (+20% Y/Y), driving a 10-12% post-print rally. But the 10-Q — filed the day after Masco signed a new $500M delayed-draw term loan explicitly earmarked for share repurchases — discloses a capital-structure reset absent from the 8-K: a $1.0B new 5-year revolver (with $127M already drawn at 4.69%), the $500M term loan, and a $2.0B Board buyback authorization. This analysis tracks what the 10-Q adds, why Plumbing +9% overstates organic momentum after the Liberty Hardware segment reorganization, and how MAS's peer-leading ROIC and cheapest-in-class P/E frame the debt-funded capital return.
Genuine Parts Company (NYSE: GPC) reported Q1 FY2026 revenue of $6.26B (+6.8% Y/Y) and adjusted EPS of $1.77 (+1.1%). The quarter is the first to show the announced NAPA/Motion split on the financials: a dedicated $17.5M separation-cost line, $1.6B of assets reclassified to the Corporate segment, and NA Automotive CapEx cut 60% year over year. A $250M A/R Sales Agreement benefit padded operating cash flow to a positive $63.9M — without it, underlying OCF would have been roughly negative $186M. Management reaffirmed full-year 2026 guidance of +3% to +5.5% sales growth and $7.50-$8.00 adjusted EPS.
Quest Diagnostics reported Q1 2026 revenue of $2.90 billion (+9.2% year-over-year), reported diluted EPS of $2.24 (+15.5%), and raised full-year guidance. The 10-Q filed April 22, 2026 decomposes the growth bluntly: total volume +10.9% year-over-year, revenue per requisition -1.30%, and roughly 7 percentage points of the 10.8% organic volume growth came from two specific contract relationships — Fresenius Medical Care end-stage renal disease and the Corewell Health Collaborative Lab Solutions. Excluding those two relationships, organic volume grew only 3.8% and the underlying clinical revenue per requisition rose approximately 2.5%. The segment footnote shows DIS operating margin expanded only 15 basis points while consolidated operating margin expanded 73 basis points, a gap created by a $11 million reduction in general corporate activities expense. Equity-method investee earnings collapsed from $18 million to $4 million — a silent ~$0.10 per share drag not addressed in management's adjusted-EPS bridge.
Equifax reported Q1 FY2026 revenue of $1.649B (+14.3% Y/Y), $37M above the February guidance midpoint, and Adjusted EPS of $1.86 (+22% Y/Y). Management held full-year local-currency guidance anyway — citing post-Iran-conflict mortgage-rate reversal — and the stock fell 7.2%. The 10-Q adds financial texture the 8-K press release left out: net short-term borrowings swung +$263M year-over-year to fund the $327M quarterly shareholder return, commercial paper rose $196.5M sequentially to $958.5M, revolver availability fell to $0.5B of a $1.5B facility, and $275M of 3.25% notes are rolling into current maturities for June 2026. This analysis unpacks the guide hold, the USIS margin compression beneath the +21% revenue print, and the balance-sheet reveal that did not appear in the press release.
Waste Connections (WCN) reported Q1 2026 revenue of $2.371B (+6.4% YoY), but a brand-new organic-growth breakdown introduced this quarter reveals Yield of +4.7% is doing all the work while Unit Volume is −1.5%. GAAP operating margin compressed 215bp YoY on an $80.4M landfill closure/post-closure impairment — the only risk the 10-Q flagged as HIGH. Buybacks surged to $284M while free cash flow fell 24% YoY, funded in part by a $600M new senior notes issuance. Retail shareholders weighing the 39.6x P/E should read the volume line, not the headline.
MSCI reported Q1 FY2026 revenue of $850.8M (+14.1%) and GAAP diluted EPS of $5.53 (+49.1%). But an $88M discrete tax benefit from internal legal-entity restructuring drove the effective tax rate to (4.3)%, inflating the headline. Adjusted EPS grew 13.8%. Meanwhile total debt reached $6.45B — 3.2x EBITDA, the top of management's 3.0-3.5x target range — after funding ~$2.9B of buybacks over five quarters. This analysis unpacks the tax mechanic, the asset-based-fee mix shift, and the leverage ceiling that now constrains further buyback pace.
United Rentals reported Q1 2026 revenue of $3.985 billion (+7.2% year-over-year), adjusted EPS of $9.71, and raised full-year guidance — and the 10-Q filed April 22, 2026 lets a retail reader see the margin picture management's headline compression language hides. Net margin printed 13.32%, down 60 basis points year-over-year. Back out the $29 million after-tax benefit from the 2025 H&E merger break-up (which will not recur) and the new $45 million Q1 2026 restructuring charge (which did not exist last year), and underlying net margin is about +20 basis points year-over-year. The segment split shows the real operating story: General rentals gross margin +150 bps to 33.8% while Specialty gross margin -170 bps to 41.4% on a mix-driven drag that is not in the press release's one-sentence treatment.
CSX Corp.'s Q1 2026 10-Q, filed April 22, 2026, shows operating margin hitting 36.0% — a 558 basis-point year-over-year expansion and the best Q1 in the eight-quarter window MetricDuck tracks. The 10-Q rail-segment footnote discloses a $44 million gain on property disposition embedded inside the $153 million expense decline — a line the 8-K press release and the earnings-call narrative did not itemize. Backing it out, 'core' margin expansion is closer to 430bps and underlying operating-income growth is about +16%, not the headline +20%. Freight receivables also jumped 15.4% quarter-over-quarter against flat sequential revenue, creating a $130 million working-capital drag that softens the cash-earnings story.
Intuitive Surgical's Q1 FY2026 10-Q, filed April 22, 2026, discloses an operating margin of 30.9% — the highest Q1 on record — along with a $528 million European distributor acquisition that closed March 1 and a $339 million one-time tax benefit from accelerated research and development deductions. The filing reframes the outperformance narrative that the 8-K earnings release and prior earnings call established, because roughly one month of acquired distribution revenue and a §174 tax-timing tailwind are inside the headline numbers. Operating leverage is real — but so is the footnote-level tariff language ISRG placed in accounting policies rather than in Item 1A risk factors.
NIKE reported flat Q3 FY2026 revenues of $11.28B and beat EPS estimates at $0.35, but the 10-Q tells a different story. Operating cash flow collapsed 76% year-over-year to $430M, dividends of $609M exceeded net income of $520M by 17%, and share repurchases were zero for the quarter. The gap between the EPS story on the call and the cash reality in the filing is the defining feature of this quarter.
Disney reported Q1 FY2026 revenue of $26.0 billion (+5% Y/Y) and adjusted EPS of $1.63, beating consensus by $0.06 — but the 10-Q reveals adjusted EPS actually declined 7.4% from the year-ago quarter's $1.76. Organic streaming subscriber growth was just 1%, with higher prices (+4%) and the Fubo acquisition (+4%) doing the real lifting. Operating cash flow collapsed 77% to $735 million, but the filing attributes this to a multi-year California wildfire tax catch-up — a non-recurring event the 8-K press release failed to explain. Experiences remains the profit anchor at $3.3 billion operating income (33.1% margin), absorbing 76% of Disney's $3.0 billion Q1 capex.
FedEx reported Q3 FY2026 adjusted EPS of $5.25, crushing the $4.14 consensus by 27% — but the 10-Q reveals $0.41 per share came from a non-recurring foreign tax loss carryforward, reducing the operational beat to 17%. Meanwhile, FedEx Freight's operating income didn't actually collapse 97% to $8M as GAAP suggests — $126M in spin-off costs allocated to the segment masked an adjusted margin of 6.7%. With the Freight spin-off 10 weeks away, the standalone entity will start life with $3.7B in debt while FedEx parent retains the cash proceeds. The real story of Q3 is a Federal Express package business delivering 7.9% adjusted margins on 6.1% yield growth, offset by labor costs growing 320 basis points faster than revenue.
Broadcom reported Q1 FY2026 revenue of $19.3 billion (+28.7% Y/Y) and non-GAAP EPS of $2.05, but the 10-Q reveals a more complex picture. A single distributor now accounts for 42% of total revenue — up from 29% a year ago — as AI semiconductor revenue doubled to $8.4 billion. Meanwhile, infrastructure software grew just 1.4% Y/Y, GAAP EPS declined 14.3% Q/Q due to tax normalization, and capital returns of $10.9 billion exceeded operating cash flow by 32%, requiring new borrowings to bridge the gap.
Keysight Technologies reported record Q1 FY2026 revenue of $1.6 billion, beating consensus by $60 million with non-GAAP EPS of $2.17 topping estimates by 9%. But the 10-Q reveals a $101 million tax benefit from an audit settlement drove the effective tax rate to -42%, inflating GAAP EPS by approximately 40%. Beneath the tax windfall, 14% organic growth — double the FY2025 pace — and a 96% Q/Q cash flow surge to $441M with 1.57x cash conversion signal a genuine inflection in Keysight's demand trajectory, driven by AI data center infrastructure buildout.
Medtronic delivered Q3 FY2026 revenue of $9.02 billion — its highest growth rate in 10 quarters at 8.7% year-over-year — with non-GAAP EPS of $1.36 beating consensus by $0.02. The stock fell 3.2% anyway. The 10-Q filing reveals why: $306-356M in MiniMed separation costs are front-loaded into the income statement, a $1.146B antitrust verdict went unmentioned in the press release, and Medical Surgical's $19.8B goodwill sits on a cushion of just 12%. Cardiovascular acceleration — up 13.8% with PFA capturing 80% of the EP market — is the real story, but the separation repricing makes it harder to see.
Palo Alto Networks delivered $2.594 billion in Q2 FY2026 revenue (+15% Y/Y) and $1.03 non-GAAP EPS, beating consensus by 10%. But the stock dropped 5% on Q3 EPS guidance of $0.78–$0.80 versus the Street's $0.92. The 10-Q reveals why: stripping CyberArk's ~$280 million quarterly revenue contribution from Q3 guidance implies organic sequential growth of just 2.7%, while 73% headline incremental operating margins collapse to 16% when stock-based compensation timing is removed. With $6.45 billion in non-cancelable cloud commitments and four new CyberArk-related risk factors, the platformization thesis faces its first real integration test.
Micron Technology reported Q2 FY2026 revenue of $23.9 billion, nearly tripling year-over-year as the AI-driven memory supercycle delivered unprecedented pricing power. Gross margins hit 74.4% — double the year-ago level — while the balance sheet flipped from net debt to $6.5 billion net cash after $4.6 billion in debt prepayments. But the 10-Q reveals a deteriorating risk landscape with new tariff and trade investigation risks, a widening patent litigation front, and $27 billion in FY2026 capital commitments that test whether peak-cycle returns can fund the next generation of capacity.
Accenture beat Q2 FY2026 estimates with $18.04 billion in revenue (+8% Y/Y) and $2.93 EPS — but the 10-Q tells a different story. Below-the-line headwinds from a 390-basis-point tax rate spike and an unexplained $84.5 million non-operating swing consumed $0.25 per share of the $0.30 operating improvement investors didn't see. Meanwhile, EMEA's operating margin collapsed to 10.30% in a quarter with zero restructuring costs — worse than Q1's 12.99% which included $170 million in business optimization charges. The headline 'beat and raise' masks a business where 85% of revenue is growing at low-single-digit local currency rates and the post-restructuring margin recovery thesis faces its first real test.
Netflix's Q4 2025 earnings revealed a 4-6 percentage point growth deceleration for 2026. We analyze the structural factors behind this shift and decode the $83B Warner Bros acquisition strategy.