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.