Amazon 2026 Capex Guidance Casts Shadow Over Stock
February 18, 2026
Image Source: TradingView By Brian Nelson, CFA Amazon (AMZN) recently reported mixed fourth quarter results with revenue coming in better than expected, but GAAP earnings per share missing the mark. Net sales for the quarter increased 14%, to $213.4 billion, with AWS segment sales increasing 24% year-over-year, to $35.6 billion. Adjusted operating income in the fourth quarter came in at $27.4 billion compared with $21.2 billion in the fourth quarter of 2024. North America segment operating income was $11.5 billion, compared to $9.3 billion in the year-ago period, while AWS segment operating income was $12.5 billion, compared to $10.6 billion in last year’s quarter. Net income increased to $21.2 billion in the fourth quarter, or $1.95 per diluted share, compared
Lockheed Martin Boasts Record Backlog
February 18, 2026
Image Source: TradingView By Brian Nelson, CFA Lockheed Martin (LMT) recently reported better than expected fourth quarter results with both revenue and GAAP earnings per share exceeding the respective consensus forecasts. The company reported fourth quarter 2025 sales of $20.3 billion, compared to $18.6 billion in the fourth quarter of 2024. Net earnings in the fourth quarter of 2025 were $1.3 billion, or $5.80 per share, compared to $2.22 per share in last year’s quarter. Operating cash flow was $3.2 billion in the fourth quarter of 2025, compared to $1 billion in the year-ago quarter. Free cash flow was $2.8 billion in the fourth quarter of 2025 compared to $441 million in the fourth quarter of 2024. Management had the
Philip Morris’ Growth Targets Are Solid
February 18, 2026
Image Source: TradingView By Brian Nelson, CFA Philip Morris (PM) recently reported fourth quarter results that were mixed with revenue missing the consensus forecast, but non-GAAP earnings per share coming in-line with estimates. In the fourth quarter, net revenues increased 6.8% led by a 12% increase in its smoke-free business. Organic growth was 3.7%. Gross profit advanced 5.1% on an organic basis, while operating income increased 4.5% on an organic basis. In the quarter, adjusted diluted earnings per share, excluding currency, came in at $1.69, up 9% year-over-year. For the full year 2025, its smoke-free business accounted for 41.5% of its total net revenues and nearly 43% of total gross profit. Management had the following to say about the
Tesla’s Shares Remain Pricey
February 14, 2026
Image Source: Tesla By Brian Nelson, CFA Tesla (TSLA) recently reported better than expected fourth quarter results, but revenue of $24.9 billion fell 3% in the quarter driven by lower automotive revenues, which declined 11% year-over-year. The consensus revenue estimate was $24.8 billion. Total gross profit fared better, however, advancing 20%, but income from operations dropped 11%, to $1.41 billion in the quarter. Its operating margin contracted 50 basis points year-over-year. Adjusted EBITDA fell 4%, as its adjusted EBITDA margin fell 17 basis points. Non-GAAP net income dropped 16% in the quarter, while non-GAAP earnings per share fell 17%, to $0.50, a nickel better than expected. Management had the following to say about the results: 2025 marked a critical year
NextEra Energy Targets Long Term Earnings Growth
February 13, 2026
Image Source: NextEra Energy By Brian Nelson, CFA NextEra Energy (NEE) recently reported fourth quarter results that were mixed. Revenue missed the consensus forecast, while non-GAAP earnings per share slightly beat. Fourth quarter 2025 adjusted net income attributable to NextEra Energy was $1.133 billion, or $0.54 per share, compared to $1.095 billion, or $0.53 per share, in the fourth quarter of 2024. On an adjusted basis, full-year 2025 earnings were $7.683 billion, or $3.71 per share, compared to $7.063 billion, or $3.43 per share, in 2024, representing year-over-year growth of roughly 8.2%. Management had the following to say about the results: NextEra Energy delivered strong operational and financial performance in 2025, increasing full-year adjusted earnings per share by more than
Cisco Faces Headwinds Due to Gross Margin Pressures
February 13, 2026
Image Source: Cisco By Brian Nelson, CFA On February 11, Cisco (CSCO) reported better than expected results for the second quarter of fiscal 2026. Quarterly revenue of $15.3 billion increased 10% year-over-year, beating the consensus forecast of $15.11 billion, while non-GAAP earnings per share for the quarter came in at $1.04, up 11% year-over-year, and better than the consensus estimate of $1.02. The double-digit top and bottom-line growth exceeded Cisco’s guidance, and it was encouraging to see earnings advance faster than revenue in the quarter. Non-GAAP gross margin came in at 67.5%, down from 68.7% in last year’s quarter, while its non-GAAP operating margin was 34.6% in the quarter. Management had the following to say about the results: Cisco’s strong
Visa’s Free Cash Flow Margin Is Fantastic
February 5, 2026
Image Source: TradingView By Brian Nelson, CFA Visa (V) recently reported first quarter fiscal 2026 results with revenue and non-GAAP earnings per share coming in better than expected. Net revenue increased 15%, or 13% on a constant-dollar basis, to $10.9 billion. GAAP net income came in at $5.9 billion, or $3.03 per share, up 17%, while non-GAAP net income came in at $6.1 billion or $3.17 per share, up 15%. Management had the following to say about the results: Visa delivered a very strong fiscal first quarter with net revenue up 15% year-over-year, GAAP EPS up 17% and non-GAAP EPS up 15%, driven by resilient consumer spending and a strong holiday season, as well as continued strength in value-added services
Alphabet Targets Capex in the Range of $175-$185 Billion in 2026
February 5, 2026
Image Source: TradingView By Brian Nelson, CFA On February 4, Alphabet (GOOG) (GOOGL) reported better than expected fourth quarter results with both revenue and non-GAAP earnings per share exceeding the consensus forecast. Consolidated Alphabet revenues increased 18%, or 17% in constant currency, to $113.8 billion. Management noted that it experienced strong momentum across the business and acceleration in growth in both Google Services and Google Cloud. Google Services revenues increased 14%, to $95.9 billion, led by 17% growth in Google Search & other, 17% in Google subscriptions, platforms, and devices, and 9% in YouTube revenue, which exceeded $60 billion for the full year 2025. Google Cloud revenue increased 48%, to $17.7 billion. Management had the following to say about the
Altria Targets Progressive Dividend Growth Goal
January 30, 2026
Image Source: TradingView By Brian Nelson, CFA On January 29, Altria (MO) reported mixed fourth quarter results with revenue coming in ahead of the consensus forecast, but non-GAAP earnings per share missing the mark. Revenue net of excise taxes fell 0.5% in the quarter, while adjusted diluted earnings per share were flat on a year-over-year basis. In the fourth quarter, Altria repurchased 4.8 million shares for a total cost of $288 million and had $1 billion remaining under its $2 billion share repurchase program, which expires on December 31, 2026. The company paid dividends of $1.8 billion in the fourth quarter. Management had the following to say about the results: 2025 was a year of continued momentum for Altria, marked
Apple Reports Record-Breaking Quarter; Free Cash Flow Robust
January 30, 2026
Image Source: TradingView By Brian Nelson, CFA On January 29, Apple (AAPL) reported first quarter fiscal 2026 (December quarter end) results that came in better than expectations. The iPhone maker put up all-time records for total company revenue and earnings per share. Its iPhone and Services revenue reached all-time highs as well. Apple’s quarterly revenue of $143.8 billion was up 16% year-over-year, beating consensus expectations of $138.5 billion, while diluted earnings per share was $2.84, up 19% year-over-year, beating the consensus estimate of $2.67 per share. Management had the following to say about the results: Today, Apple is proud to report a remarkable, record-breaking quarter, with revenue of $143.8 billion, up 16 percent from a year ago and well above
