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.