Earnings calls, dissected.

Meituan posted Q1 FY2026 revenue of RMB91.0 billion, up 5.6% year over year, but swung to an adjusted net loss of RMB5.0 billion as intensified competition drove selling and marketing expenses up 51.1% and cost of revenues up 20.2%. The quarter marked a meaningful sequential recovery, with total operating loss narrowing sharply from RMB16.1 billion in Q4 FY2025 to RMB6.5 billion.

PDD Holdings posted Q1 2026 revenue of RMB106.2 billion, up 11% year-over-year and ahead of expectations, driven by a 20% surge in transaction services. Net income fell 15% to RMB12.5 billion as the company accelerates a structural pivot toward first-party brand development and deep supply chain investment.

TJX delivered a standout Q1 FY27, with diluted EPS of $1.19 surging 29% year-over-year and consolidated comparable sales up 6%, both well above plan. The company responded by raising full-year guidance across comp sales, pretax margin, EPS, and share buybacks.

Target delivered a stronger-than-expected Q1 2026, with net sales of $25.4 billion rising 6.7% year-over-year and Adjusted EPS of $1.71 beating the prior-year adjusted figure by 32%. The company raised its full-year net sales growth outlook by two percentage points to approximately 4% and guided EPS toward the high end of the $7.50–$8.50 range.

Lowe's posted Q1 2026 adjusted diluted EPS of $3.03, up 3.8% year-over-year, on total sales of $23.1 billion with comparable sales growth of 0.6% marking the fourth consecutive quarter of positive comps. Management affirmed its full-year 2026 outlook, targeting $92–$94 billion in sales and adjusted EPS of $12.25–$12.75.

Home Depot reported Q1 FY2026 results in line with expectations, with total sales of $41.8 billion (+4.8% YoY) and adjusted EPS of $3.43, as comparable sales grew a modest 0.6% amid persistent housing affordability headwinds. Management reaffirmed full-year guidance, projecting total sales growth of 2.5%–4.5% and adjusted diluted EPS growth of flat to 4%.

Subaru posted a 90.1% collapse in operating profit to ¥40.1 billion for FY2026, overwhelmed by U.S. tariff costs, BEV impairment charges, and environmental regulatory credit losses, even as revenue edged up 2.1% to ¥4,785.0 billion. Management guides a sharp FY2027 recovery to ¥150.0 billion operating profit alongside a ¥150.0 billion share buyback, signalling confidence in its ICE/HEV-led stabilisation strategy.

Suzuki Motor posted record-high revenue of ¥6,293.0 billion (+8.0% YoY) and record net profit of ¥439.3 billion (+5.6% YoY) in FY2025, though operating profit slipped 3.1% to ¥622.9 billion as raw material cost inflation and accelerated growth investment weighed on margins. Management guides for a second consecutive year of operating profit decline in FY2026 despite projected volume growth of 7.1%.

Honda reported a net loss of JPY 423.9 billion for FY2026, overwhelmed by JPY 1,577.8 billion in EV-related charges as the company executed a sweeping retreat from its North American electrification roadmap. Looking through the charges, the underlying operating business generated JPY 1,039.3 billion in adjusted operating profit, with the motorcycle segment posting record earnings.

Honda reported a net loss of JPY 423.9 billion for FY2026, overwhelmed by JPY 1,577.8 billion in EV-related charges that erased an otherwise profitable underlying business. Looking ahead, management guides for a return to JPY 500 billion operating profit in FY2027, anchored by record motorcycle performance and a strategic pivot away from North American EV launches.

Nissan posted a net loss of ¥533.1 billion in FY2025 as revenue fell 4.9% to ¥12.0 trillion, weighed down by ¥366.2 billion in impairment charges, rising financing costs, and deteriorating affiliate earnings. The company targets a return to operating profit of ¥200 billion in FY2026, anchored by its Re:Nissan restructuring plan and a capacity reduction to 2.5 million units outside China.

JD.com delivered Q1 2026 revenue of RMB315.7 billion, up 4.9% year-on-year and ahead of expectations, driven by accelerating general merchandise and services growth. Non-GAAP net income of RMB7.4 billion came in below the prior-year period as new business investment — principally JD Food Delivery — weighed on the bottom line.

Falabella delivered a record first quarter, with revenue of USD 3.601 billion (+7% YoY) and EBITDA of USD 584 million (+15% YoY), driving EBITDA margin to 16.2% the highest Q1 margin in the company's modern history. The results validate management's multi-year pivot toward ecosystem integration, disciplined cost control, and financial services expansion across Latin America.

Sony Group delivered record consolidated operating income of JPY 1,447.5 billion in FY2025, up 13% year-on-year, driven by standout performances in G&NS, Music, and I&SS. For FY2026, management targets JPY 1,600 billion in operating income alongside a JPY 500 billion share buyback, signalling confidence in sustained earnings power despite mounting geopolitical and memory market headwinds.

MercadoLibre reported Q1 2026 net revenues of $8.85 billion, up 49% year-over-year and ahead of consensus, while EPS of $8.23 missed expectations as surging credit provisions and elevated operating investment weighed on net income. The results underscore a deliberate trade-off between near-term profitability and aggressive fintech and logistics expansion across Latin America.

Magazine Luiza posted adjusted EBITDA of R$718 million at a 7.8% margin in Q1 2026, underpinned by 6.9% physical store sales growth and improving credit quality at Luizacred, even as total sales declined 5.6% year-over-year amid a sharp e-commerce contraction. The quarter marks a strategic inflection point as Magalu accelerates its financial services buildout and positions its full ecosystem for a World Cup-driven Q2 catalyst.

BMW Group reported Q1 2026 group revenues of €31.0bn (down 8.1% year-on-year) and profit before tax of €2.35bn (down 24.6%), as US tariff headwinds, China market softness, and currency effects weighed heavily on results. Free cash flow in the Automotive segment surged 88.1% to €777m, providing a notable bright spot in an otherwise pressured quarter.

Mercedes-Benz reported Q1 2026 group revenue of €31.6 billion and EBIT of €1.9 billion, both down year-over-year, pressured by a sharp China volume decline and adverse foreign exchange. Adjusted free cash flow of €2.84 billion rose 18%, offering a meaningful offset to headline earnings deterioration.

Volkswagen Group posted Q1 2026 revenue of €75.7 billion and an operating margin of 3.3%, weighed down by €0.8 billion in special charges and €0.6 billion in US tariff costs. Despite the headline pressure, the Group confirmed its full-year 2026 outlook and generated €2.0 billion in automotive net cash flow.

Stellantis returned to profitability in Q1 2026, posting net revenues of €38.1 billion (+6% YoY) and net profit of €0.4 billion versus a loss of €0.4 billion in Q1 2025. Management confirmed full-year guidance, targeting mid-single-digit revenue growth and a low-single-digit AOI margin.

LG Electronics posted Q1 2026 consolidated sales of KRW23.7 trillion (+4.3% YoY) and operating income of KRW1.67 trillion (+33% YoY), with operating margin expanding 160 basis points to 7.1%. Both HS and VS divisions achieved record-high quarterly sales, while the long-troubled MS division returned to profitability.

BYD reported a sharp year-on-year decline in Q1 FY2026, with revenue falling 11.8% to RMB 150.2 billion and net profit attributable to shareholders dropping 55.4% to RMB 4.1 billion. The results reflect the dual headwinds of foreign exchange losses and a high prior-year base that included H-share placement proceeds.

General Motors reported Q1 2026 EBIT-adjusted of $4.3 billion, up 21.9% year-over-year, with EPS-diluted-adjusted of $3.70 beating expectations even as revenue declined modestly to $43.6 billion. The strong operating result prompted management to raise full-year EBIT-adjusted guidance to $13.5–$15.5 billion, reflecting a $500 million IEEPA tariff adjustment benefit and continued core business momentum.

Ford Motor Company delivered a sharp earnings recovery in Q1 2026, with net income surging to $2.55 billion from $473 million a year earlier on revenues of $43.3 billion. The result reflects meaningful operating leverage across its core vehicle and financial services businesses despite an elevated tariff and restructuring backdrop.