Earnings calls, dissected.

Deep-dive analysis of NVIDIA's Q1 FY2026 earnings — Blackwell ramp, data centre revenue trajectory, and guidance read-throughs for the AI infrastructure supply chain.

Cisco delivered record quarterly revenue of $15.8 billion in Q3 FY2026, beating the high end of guidance on both top and bottom lines, driven by an explosive surge in AI infrastructure orders from hyperscalers and an accelerating campus networking refresh cycle. Management raised FY2026 AI order expectations to $9 billion from $5 billion and lifted full-year revenue guidance to $62.8–$63.0 billion.

Tata Motors Commercial Vehicles delivered a landmark Q4 and full-year FY26, posting record standalone revenue of ₹77.4K Cr (+11%) and EBITDA margin of 13.2% — ahead of mid-term guidance — while free cash flow surged to ₹9.2K Cr, driving the domestic business to a net cash position of ₹7.5K Cr.

HPCL delivered record market sales of 51.4 MMT and PAT of ₹17,175 crore in FY2026, more than doubling year-on-year profit on the back of sharply higher refining margins and government LPG compensation. The board declared a final dividend of ₹19.25 per share, bringing total FY2026 distributions to ₹24.25 per share.

State Bank of India delivered a strong close to FY2026, reporting full-year standalone net profit of ₹80,032 crore, up 12.9% year-on-year, underpinned by continued asset quality improvement and robust loan growth. The board declared a dividend of ₹17.35 per share, signalling sustained capital confidence.

Niva Bupa delivered a landmark FY2026, with Gross Written Premium surging 27.4% to ₹9,433 crore and PAT nearly doubling to ₹366 crore under IFRS — the strongest profitability in the company's listed history. Retail health market share expanded to 10.1%, underscoring competitive momentum well ahead of the broader industry's 16.7% health segment growth.

MetLife delivered a strong first quarter, with adjusted EPS of $2.42 beating expectations by 23% year-over-year and premiums, fees and other revenues rising 5% to $14.3 billion. All six operating segments posted double-digit earnings growth, underpinned by favorable underwriting, volume expansion and a 58% surge in variable investment income.

MetLife delivered a strong Q1 2026 beat across earnings and revenue, with adjusted EPS of $2.42 surging 23% year-over-year on broad-based segment growth and a 58% surge in variable investment income. The quarter reflects accelerating momentum in year two of the New Frontier strategic plan.

ENGIE delivered a solid Q1 2026 with EBIT ex-nuclear of €3.4bn, down 6.6% organically against a high prior-year base, while confirming full-year NRIgs guidance of €4.6–5.2bn. The quarter was defined by the landmark completion of the UK Power Networks acquisition and the opening of exclusive negotiations to transfer all Belgian nuclear assets to the Belgian State.

Bouygues delivered a resilient Q1 2026, with group COPA rising €8m year-on-year to €77m and net loss attributable to the group narrowing by €62m to -€94m, despite a 3.2% reported sales decline. Net debt improved by more than €2bn year-on-year to €5.1bn, and full-year guidance was confirmed.

Shell delivered a strong Q1 2026 with Adjusted Earnings of $6.9 billion, up 24% quarter-on-quarter, driven by exceptional trading performance across Chemicals and Products and Marketing. The company simultaneously announced a transformative $13.6 billion acquisition of ARC Resources and a new $3.0 billion buyback programme, signalling confidence in its cash generation capacity.

Bharat Forge delivered consolidated FY26 revenue of Rs 16,812 crore (+11.2% YoY) and EBITDA of Rs 2,921 crore (+5.9% YoY), with Q4 standalone revenue recovering 8.5% QoQ to Rs 2,260 crore on export restocking. Standalone full-year performance declined, weighed by North American truck destocking, a Rs 450 crore EV impairment, and European restructuring charges that drove a reported standalone net loss in Q4.

StoneX delivered record quarterly net income of $174.3mm in fiscal Q2 2026, up 143% year-over-year, driven by explosive growth across listed derivatives, physical contracts, and the newly consolidated RJO franchise. Diluted EPS of $2.07 and a quarterly ROE of 26.5% underscore the breadth and momentum of the firm's diversified global market ecosystem.

McKesson closed FY2026 with full-year adjusted EPS of $39.11, up 18% year-over-year, on revenues of $403 billion, surpassing both initial guidance and long-term growth targets. The company enters FY2027 with $43.80–$44.60 EPS guidance and a $5 billion share repurchase plan underpinned by Medical-Surgical separation proceeds.

Prudential Financial posted Q1 2026 GAAP net income of $597 million ($1.68 diluted EPS), down from $707 million ($1.96) a year ago, as higher policyholder benefits and G&A expenses offset a 15% surge in total revenues to $15.5 billion. The year-over-year earnings decline reflects elevated costs and a one-time Japan misconduct-related disruption, even as net investment income and premium growth remained robust.

Disney delivered a broad-based Q2 beat, with revenue rising 7% year-over-year to $25.2 billion and adjusted EPS growing 8% to $1.57, driven by accelerating streaming growth and record Experiences results. Management reaffirmed approximately 12% adjusted EPS growth for fiscal 2026, excluding the 53rd week, and guided Q3 total segment operating income to approximately $5.3 billion.

Performance Food Group delivered Q3 FY2026 Adjusted EBITDA of $410.6 million, exceeding the top end of its February guidance range, on net sales of $16.3 billion that rose 6.4% year-over-year. Management narrowed full-year FY2026 guidance and signalled accelerating sales and profit growth heading into fiscal 2027.

CVS Health delivered a strong first-quarter beat on both revenue and earnings, with adjusted EPS of $2.57 on revenues of $100.4 billion, prompting a $0.30 raise to full-year adjusted EPS guidance. The Health Care Benefits segment drove the upside, with Aetna's medical benefit ratio of 84.6% coming in well below prior-year levels amid disciplined cost management and favorable prior-year development.

Pfizer delivered Q1 2026 revenues of $14.5 billion, up 5% year-over-year, beating expectations on top-line growth while adjusted diluted EPS of $0.75 declined 18% versus the prior-year quarter. Management reaffirmed full-year 2026 guidance of $59.5–$62.5 billion in revenue and $2.80–$3.00 adjusted diluted EPS.

SRF Limited delivered a strong FY26, with consolidated revenue rising 7.4% to ₹15,787 crore and PAT surging 46.7% to ₹1,835 crore as EBITDA margins expanded to 23.5% from 20.2%. The Chemicals Business drove the majority of earnings growth, while Performance Films staged a meaningful recovery.

Marathon Petroleum delivered a sharp Q1 2026 earnings recovery, with net income attributable to MPC swinging to $511 million ($1.73 per share) from a $74 million loss in Q1 2025, driven by a near-tripling of Refining & Marketing adjusted EBITDA. Consolidated revenues rose 8.5% year-over-year to $34.2 billion, reflecting stronger refining margins and higher refined product sales volumes.

ADM delivered Q1 2026 adjusted EPS of $0.71, matching the prior year on stronger ethanol and Nutrition results, while raising full-year adjusted EPS guidance to $4.15–$4.70 from $3.60–$4.25. Total segment operating profit rose 2% year-over-year to $764 million despite $275 million of net negative mark-to-market and timing impacts in Ag Services and Oilseeds.

Larsen & Toubro closed FY26 with record order inflows of ₹4,356 bn (+22% YoY) and recurring PAT of ₹172 bn (+18% YoY), completing its Lakshya 26 strategic plan ahead on most targets. The board recommended a final dividend of ₹38 per share and initiated the Lakshya 31 plan targeting 12–15% revenue CAGR and 16–17% ROE through FY31.

Energy Transfer delivered a record-setting Q1 2026, with Adjusted EBITDA surging 20% year-over-year to $4.94 billion, driven by broad-based volume growth across NGL, crude, and midstream segments. The Partnership raised full-year 2026 Adjusted EBITDA guidance to $18.2–$18.6 billion and increased growth capital spending to $5.5–$5.9 billion, signaling accelerating execution of its infrastructure buildout.