Brian Nelson

UnitedHealth Group Raises 2026 Adjusted Earnings Guidance

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Image Source: TradingView By Brian Nelson, CFA On April 21, UnitedHealth Group (UNH) reported better than feared first quarter results with both revenue and non-GAAP earnings coming in higher than the consensus estimates. First-quarter 2026 revenues grew 2%, to $111.7 billion, while adjusted earnings per share came in at $7.23 compared to $7.20 in the year-ago period. Earnings from operations in the quarter was $9.0 billion, down from $9.1 billion in the first quarter of 2025, while its first-quarter 2026 medical care ratio fell to 83.9% compared to 84.8% in the first quarter of last year. Its first-quarter 2026 operating cost ratio was 13.8%, compared to 12.4% in 2025. Management noted that it continues “to help simplify and modernize health … Read more

Lockheed Martin Reaffirms 2026 Outlook

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Image Source: TradingView By Brian Nelson, CFA On April 23, Lockheed Martin (LMT) reported weak first quarter results that missed expectations on both the top and bottom lines. Revenue was essentially flat on a year-over-year basis, to $18.02 billion, missing estimates by $230 million, while GAAP earnings per share of $6.44 missed the consensus estimate by $0.25 and compared to $7.28 in the first quarter of 2025. Cash flow from operations was $220 million in the first quarter, while free cash flow dipped into the red at -$291 million, compared to $955 million in the first quarter of 2025. Management had the following to say about the results: Lockheed Martin’s superior capabilities in delivering advanced defense technology and systems and … Read more

Johnson & Johnson Raises 2026 Outlook

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Image Source: TradingView By Brian Nelson, CFA Johnson & Johnson (JNJ) recently reported better than expected first quarter results with both revenue and non-GAAP earnings per share exceeding the consensus forecast. First-quarter reported sales growth was 9.9%, to $24.1 billion, with adjusted operational growth of 5.3%. First-quarter earnings per share was $2.14, while adjusted earnings per share came in at $2.70. Management had the following to say about the results: Johnson & Johnson had a strong start to 2026 and is delivering on its promise for a year of accelerated growth and impact. The depth and strength of our portfolio and pipeline is unrivaled and our relentless focus on innovation delivered multiple game-changing approvals this quarter, including ICOTYDE in the … Read more

Key Comments from the Banks This Earnings Season

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Image Source: TradingView By Valuentum Analysts JPMorgan’s (JPM) CEO Jamie Dimon: The Firm delivered strong results in the first quarter, reporting net income of $16.5 billion. Performance was strong across our businesses. In the CIB, revenue grew 19%. Markets revenue reached a record $11.6 billion, while IB fees increased 28% due to stronger advisory and ECM activity. Additionally, Payments continued to deliver very strong results, with double-digit growth in deposits and fees. In CCB, revenue rose 7%. We continued to acquire new customers at a robust rate across the franchise, including achieving record net inflows in self-directed investing and opening more than 450,000 net new checking accounts. Finally, in AWM, revenue increased 11%, and flows remained healthy with $54 billion … Read more

Albemarle Benefiting from Improved Lithium Market Conditions

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Image Source: TradingView By Brian Nelson, CFA Albemarle Corp (ALB) recently reported fourth quarter results that were mixed. Revenue beat expectations, but non-GAAP earnings per share came up a bit short. Fourth quarter net sales were $1.4 billion, up 16%, led by gains in all of its segments. Adjusted EBITDA in the quarter of $269 million was up 7% led by Energy Storage and Ketjen. Albemarle posted an adjusted diluted loss per share of ($0.53). Management had the following to say about the results: Our results for the fourth quarter and full year 2025 are a testament to our team’s focus on execution amid dynamic market conditions. Albemarle achieved year-over-year sales growth of more than 15% in the fourth quarter, … Read more

ASML Holding Reports Blowout Bookings

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Image Source: TradingView By Brian Nelson, CFA ASML Holding (ASML) recently reported fourth quarter results that were mixed, but its quarterly net bookings were quite strong. Fourth quarter total net sales were €9.7 billion with a gross margin of 52.2%, resulting in net income of €2.8 billion. Net bookings in the fourth quarter were €13.2 billion (better than consensus expectations of €6.85 billion), of which €7.4 billion is EUV (extreme ultraviolet lithography). Backlog at the end of 2025 was €38.8 billion, roughly in-line with 2026 sales expectations. Management had the following to say about the results: ASML reported another record year in 2025, with total net sales of €32.7 billion and a gross margin of 52.8%. The fourth quarter was … Read more

Chipotle Confident in Achieving 7,000 North American Units

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Image Source: TradingView By Brian Nelson, CFA Chipotle Mexican Grill (CMG) recently reported fourth quarter results that were better than consensus forecasts on both the top and bottom lines. Total revenue increased 4.9% but the pace of growth was weighed down by a 2.5% decrease in comparable restaurant sales. Its operating margin in the fourth quarter was 14.1%, declining from 14.6% year-over-year. Restaurant level operating margin also fell 140 basis points, to 23.4%, in the quarter. Diluted earnings per share increased 4.2%, while adjusted diluted earnings per share remained flat at $0.25. During the quarter, Chipotle opened 132 company-owned restaurants, with 97 locations including a Chipotlane, and seven international partner-operated restaurants. Management had the following to say about the results: … Read more

Domino’s Pizza Expects Continued Market Share Gains; Raises Dividend

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Image Source: TradingView By Brian Nelson, CFA Domino’s Pizza (DPZ) recently reported fourth quarter results that were mixed. Revenue of $1.54 billion was up 6.4% and beat estimates but GAAP earnings per share came in a bit light relative to forecasts. U.S. same store sales growth was 3.7% for the fourth quarter, better than the 3.25% consensus estimate, while international same store sales growth was 0.7% for the period. Global net store growth was 392 for the fourth quarter, helping to drive income from operations 7.3% higher, after adjusting for currency impacts. The board approved a ~15% increase in its quarterly dividend to $1.99 per share, with Domino’s now sporting a 2.2% estimated forward dividend yield. Management had the following … Read more

Realty Income Targets $8 Billion in 2026 Investments

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Image Source: TradingView By Brian Nelson, CFA Realty Income (O) recently reported fourth quarter results that were mixed. Net income available to common stockholders was $296.1 million, or $0.32 per share, while adjusted funds from operations was $1.08 per share, a penny light of expectations. The REIT invested $2.4 billion, with its pro-rata share of $2.3 billion achieving an initial weighted average cash yield of 7.1%. Realty Income achieved a rent recapture rate of 104.9% on properties released. Net debt to annualized pro forma adjusted EBITDAre was 5.4x. Management had the following to say about the results: 2025 represented another year of consistent returns and deliberate execution of strategic initiatives that will amplify our competitive strengths. The momentum in our … Read more

Phillips 66 Raises Dividend

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Image Source: TradingView By Brian Nelson, CFA Phillips 66 (PSX) recently reported fourth quarter results that came in better than expected on the bottom line. Adjusted earnings were $1.0 billion or $2.47 per share in the quarter, while the company achieved record NGL transportation and fractional volumes of over 1 MMBD each. Phillips 66 delivered record clean product yield of 88% in the quarter and operated at 99% crude capacity utilization in Refining. Phillips 66 generated $2.8 billion in net operating cash flow ($2.0 billion excluding working capital), and reduced debt by $2.0 billion during the quarter, ending the year at $19.7 billion. Management had the following to say about the results: 2025 was a transformative year for Phillips 66. … Read more