ASML Holding N.V.

ASML.AS Q2 2026

Reported: 2026-07-17

ASML’s shares rose modestly by 2.7% following Q2 results that beat on Installed Base Management sales and gross margins but fell short of prompting a stronger rally due to cautious cost management and elevated operating expenses.

Key takeaways

Total net sales reached EUR 9.3 billion, exceeding the high end of guidance primarily driven by Installed Base Management sales, which came in EUR 300 million above expectations at EUR 2.8 billion.
Net system sales totaled EUR 6.6 billion, split nearly evenly between logic (51%) and memory (49%), with EUV systems contributing EUR 3.8 billion, including one High-NA system shipped.
Gross margin was above guidance at 54%, supported by high-margin components within Installed Base Management.
Operating expenses were higher than forecast, notably R&D at EUR 1.3 billion, impacted by transformation-related costs, along with SG&A at EUR 0.3 billion.
The company raised full-year sales guidance to EUR 43–45 billion and expects continued strong demand in advanced logic and memory segments for 2026.

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BlackRock, Inc.

BLK Q2 2026

Reported: 2026-07-17

BlackRock’s shares rose 6.0% following the quarter, driven by clear outperformance in organic base fee growth, record net inflows, and expanding operating margins that impressed investors.

Key takeaways

Delivered $192 billion in net inflows, fueling 8% organic base fee growth for the quarter and more than 50% growth over the past year.
Revenue increased 31% year-over-year to $7.1 billion, supported by organic growth, market-driven AUM appreciation, and contributions from the HPS acquisition.
Operating income rose 39% to $2.9 billion, with a 260 basis point expansion in operating margin to 45.9%, marking the highest level in nearly five years.
Performance fees increased to $305 million, boosted by $115 million from alternatives and HPS, while technology services revenue grew 13% year-over-year.
Expenses rose 25% driven by higher compensation, distribution, and costs related to integration of HPS and Preqin, but margin expansion suggests disciplined cost management amid growth.

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BlackRock New York Municipal Income Trust

BNY Q2 2026

Reported: 2026-07-17

The market responded positively, lifting the stock 4.1%, driven by broad-based revenue growth, expanding margins, and continued sales momentum that collectively reinforced confidence in BNY’s operating and commercial transformation.

Key takeaways

Total revenue grew 13% year over year to a record $5.7 billion, reflecting strength across multiple business lines.
Earnings per share rose 27% year over year to $2.45, supported by approximately 600 basis points of operating leverage.
Pre-tax margin expanded to 40%, and return on tangible common equity improved to 31%, signaling improved profitability and capital efficiency.
The company reported its 14th consecutive quarter of year-over-year sales growth, with deal size increasing more than 20% and 10% of deals coming from new clients.
BNY continued executing on its multi-year reimagination strategy, with early benefits seen from a fully activated platform operating model that fosters faster collaboration and product innovation.

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Cintas Corporation

CTAS Q4 2026

Reported: 2026-07-17

Shares rallied 11.9% following a solid fiscal 26 fourth quarter beat on revenue growth, margin expansion, and earnings, with management raising an optimistic fiscal 27 outlook signaling confidence in continued double-digit EPS growth.

Key takeaways

Fourth quarter revenue rose 8.9% to $2.91 billion, with organic revenue growth at 8.4%.
Gross margin held at an all-time high of 51%, expanding approximately 130 basis points year-over-year.
Operating income increased 12.7% to $673 million; adjusted operating margin expanded roughly 120 basis points to 23.6%.
Adjusted diluted EPS grew 18.3% year-over-year to $1.29 in the quarter, finishing the full year at $4.94, slightly above earlier guidance.
Fiscal 27 guidance projects revenue growth of 7.4% to 8.7% and adjusted EPS growth between 8.5% and 11.3%, reflecting management’s confidence despite ongoing acquisition-related regulatory reviews.

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Elevance Health Inc. Common Stock

ELV Q2 2026

Reported: 2026-07-17

Elevance Health’s stock fell 12.6% as investors reacted negatively to cautious commentary on Medicaid margin pressures and the ongoing strategic exits from underperforming Medicaid markets, signaling concerns about margin compression and deceleration in this key segment despite raised EPS guidance.

Key takeaways

The company raised 2026 adjusted EPS guidance to at least $27, supported by disciplined cost management and targeted investments.
Medicaid continues to face a dynamic and elevated cost trend environment, with the 2026 operating margin expected to remain at a trough level and margins described as "appropriately prudent and unchanged."
Strategic market exits, including the recent decision to leave the D.C. Medicaid market, highlight challenges in generating sustainable returns in Medicaid.
Medicare Advantage shows progress due to deliberate repositioning, contributing positively across the portfolio but not enough to offset Medicaid concerns.
Investments in AI-enabled care management and digital tools aim to enhance cost detection and clinical intervention but remain future-oriented with uncertain impact on near-term results.

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J.B. Hunt Transport Services, Inc.

JBHT Q2 2026

Reported: 2026-07-17

J.B. Hunt’s shares rose 6.2% as volume growth and ongoing structural cost reductions surpassed market expectations, underpinning confidence in the company’s operational leverage and margin repair.

Key takeaways

Total revenue increased 19% year-over-year, driven by double-digit volume gains across major segments JBI, ICS, and JBT.
Operating income rose 32%, reflecting disciplined cost management alongside revenue growth.
Diluted EPS improved 45%, benefiting from operational efficiencies and leverage.
Over $135 million in structural costs were removed in the past year, with ongoing initiatives to automate and simplify processes.
Management highlighted improved market conditions with tight capacity supporting pricing discipline, though the emphasis remained on cost control and sustainable margin improvements rather than relying on pricing alone.

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Johnson & Johnson

JNJ Q2 2026

Reported: 2026-07-17

Shares declined 1.5% following Johnson & Johnson’s Q2 earnings despite management’s positive tone, reflecting investor caution over modest MedTech growth and cautious outlook signals amid mixed momentum across segments.

Key takeaways

Reported operational sales growth was 5.6% overall, with Innovative Medicine up 6.8% and MedTech growing only 3.6%.
Oncology remains a key growth driver, led by DARZALEX exceeding $4 billion in sales and nearly 18% growth, alongside strong early adoption of ICOTYDE and robust growth from CARVYKTI, TECVAYLI, and TALVEY.
Immunology showed impressive gains, with TREMFYA sales up 71% and successful expansion in indications like inflammatory bowel disease and myasthenia gravis.
Neuroscience products CAPLYTA and SPRAVATO showed encouraging new patient starts and momentum following regulatory approvals.
MedTech’s slower 3.6% growth and no further detail on margin expansion raised concerns about segment momentum in a competitive market environment.

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Morgan Stanley

MS Q2 2026

Reported: 2026-07-17

Morgan Stanley's shares dropped 4.1% following Q2 results, driven by a cautious outlook and margin pressure despite record revenues. Investors appeared disappointed by execution-related cost increases and strategic investment expenses weighing on operating leverage.

Key takeaways

Reported record revenues of $21.3 billion and EPS of $3.46, with ROTCE of 26.6%.
Institutional Securities led with record revenues of $11 billion and pre-tax profit of $4.3 billion, driven by equities and investment banking.
Efficiency ratio for the year-to-date stood at 65%, reflecting higher technology and infrastructure spending related to AI initiatives.
Operating leverage benefited from top-line growth but was partially offset by elevated execution costs and ongoing strategic investments.
Management highlighted geopolitical risks and AI adoption as key themes shaping the environment, suggesting cautious positioning into H2.

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M&T Bank Corporation

MTB Q2 2026

Reported: 2026-07-17

M&T Bank’s shares rose 5.0% following Q2 2026 results, driven by broad-based earnings strength including record diluted EPS and robust loan growth, which collectively outpaced market expectations.

Key takeaways

Diluted GAAP EPS reached $5.32, a significant increase from $4.13 in the prior quarter, marking the highest quarterly EPS in the bank’s history.
Net income rose to $818 million, up from $664 million sequentially, supported by the highest quarterly net interest income since 2023 and record fee income (excluding notable prior period items).
Average loans grew $3 billion to $141.4 billion, led by commercial lending which expanded $2.3 billion, with notable strength in middle market and business banking.
Strong asset quality continued, with net charge-offs at 23 basis points and a decline in commercial criticized loans by $0.7 billion for the ninth consecutive quarter.
Net interest margin remained stable at 3.70% amid growing loan balances and higher funding costs, reflecting disciplined margin management despite expansion.

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The PNC Financial Services Group, Inc.

PNC Q2 2026

Reported: 2026-07-17

PNC’s shares rose modestly by 1.3% following its Q2 report, reflecting a solid quarter with stable growth and ongoing investments but without clear upside surprises to drive a more pronounced rally.

Key takeaways

Net income was $2.1 billion, translating to $4.81 per diluted share, with a minor $0.04 EPS drag from FirstBank integration and other significant items.
Loans grew 4% sequentially to $363 billion, driven by commercial and industrial (C&I) demand; however, loan yields declined by 3 basis points to 5.47%.
Fee income increased notably—10% quarter-over-quarter and 20% year-over-year—highlighting diversified revenue streams.
Non-interest expense rose 9% largely due to a $140 million charitable contribution and integration costs, though operating leverage remained positive at 3%.
The board approved an 18% dividend increase to $2.00 per share, reflecting confidence in capital position; CET1 ratio stood at a solid 9.9%.

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PrairieSky Royalty Ltd.

PSK.TO Q2 2026

Reported: 2026-07-17

PrairieSky’s shares drifted modestly higher by 1.2% following Q2 results that showed steady production growth and strong cash flow, though the market reaction suggests the quarter was largely in line with expectations without meaningful upside surprises. Despite encouraging operational activity and financial metrics, the market’s muted response indicates investors were not surprised and await clearer signals of sustained growth or margin expansion.

Key takeaways

Total production reached a record 27,479 BOE per day, up 4% year-over-year, with oil volumes increasing 3% and NGL volumes climbing 15%.
Liquids pricing benefited from a US$92.80 WTI average, leading to a realized oil price of CAD 109.87/bbl and contributing 93% of total production revenue of CAD 167.1 million.
Funds from operations rose 38% year-over-year to CAD 133.1 million (CAD 0.57/share), driven by production growth and bonus lease consideration of CAD 6.4 million this quarter (YTD bonus CAD 18.7 million, +39% YoY).
Leasing activities remained active with 57 leases signed with 46 operators, notably in Duvernay light oil and Mannville heavy oil plays, indicating ongoing development but not signaling a material acceleration.
Net debt was reduced by CAD 71.1 million to CAD 186.6 million, supporting a payout ratio of 46% on dividends CAD 61.6 million declared this quarter.

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Earnings Recaps

ASML Holding N.V.

BlackRock, Inc.

BlackRock New York Municipal Income Trust

Cintas Corporation

Elevance Health Inc. Common Stock

J.B. Hunt Transport Services, Inc.

Johnson & Johnson

Morgan Stanley

M&T Bank Corporation

The PNC Financial Services Group, Inc.

PrairieSky Royalty Ltd.

Community

Earnings Recaps

ASML Holding N.V.

BlackRock, Inc.

BlackRock New York Municipal Income Trust

Cintas Corporation

Elevance Health Inc. Common Stock

J.B. Hunt Transport Services, Inc.

Johnson & Johnson

Morgan Stanley

M&T Bank Corporation

The PNC Financial Services Group, Inc.

PrairieSky Royalty Ltd.

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