Member Articles

Visa’s Free Cash Flow Margin Is Fantastic

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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 … Read more

Alphabet Targets Capex in the Range of $175-$185 Billion in 2026

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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 … Read more

Valuentum’s Dividend Growth Newsletter Portfolio

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*Portfolio Information as of published date in top, left corner of table. The Dividend Growth Newsletter portfolio is not a real money portfolio. Past results are not a guarantee of future performance, and actual results may differ from simulated information provided. There is substantial risk associated with investing in financial instruments. The Dividend Growth Newsletter portfolio puts into practice our rigorous valuation and dividend growth frameworks. To access our commentary, articles and analysis on holdings in the portfolio of our Dividend Growth Newsletter (as well as each company’s 16-page equity report and dividend report), please use our ‘Symbol’ search box in our website header. The Dividend Growth Newsletter portfolio can always be found in each edition of the monthly Dividend Growth Newsletter. Learn more about your membership >> More … Read more

Altria Targets Progressive Dividend Growth Goal

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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 … Read more

Apple Reports Record-Breaking Quarter; Free Cash Flow Robust

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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 … Read more

Meta Platforms Climbs on Expected Advertising Revenue Strength

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Image Source: TradingView By Brian Nelson, CFA On January 28, Meta Platforms (META) reported fourth quarter results that showed a beat on both the top and bottom lines. Revenue increased 24% year-over-year in the quarter (up 23% on a constant currency basis), to $59.9 billion, beating consensus expectations for growth of about 21%, while income from operations advanced 6% year-over-year. Its operating margin contracted roughly 7 percentage points in the period, though net income and diluted earnings per share increased 9% and 11%, respectively. Diluted earnings per share was $8.88, up from $8.02 in the year ago period. Family daily active people (DAP) was 3.58 billion on average for December 2025, an increase of 7% year-over-year. Ad impressions increased 18% … Read more

Microsoft’s In-Line Cloud Growth and Elevated Capex Weigh on Shares

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Image Source: TradingView By Brian Nelson, CFA On January 28, Microsoft (MSFT) reported strong second quarter fiscal 2026 results (ended December 31, 2025) with both revenue and non-GAAP earnings per share exceeding the consensus forecast. Revenue of $81.3 billion beat consensus of $80.3 billion and increased 17% year-over-year (up 15% in constant currency), while operating income of $38.3 billion increased 21% year-over-year (up 19% in constant currency). Non-GAAP net income was $30.9 billion in the quarter, increasing 23% year-over-year (up 21% in constant currency). Non-GAAP diluted earnings per share came in at $4.14, increasing 24% (up 21% in constant currency) and exceeding the consensus forecast of $3.92. Management had the following to say about the results: We are only at … Read more

UnitedHealth Group Forecasts First Annual Revenue Decline in Decades

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Image Source: TradingView By Brian Nelson, CFA On January 27, UnitedHealth Group (UNH) reported mixed results for its fourth quarter of 2025 with non-GAAP earnings per share coming in-line with expectations, but revenue missing the mark. Consolidated revenues for 2025 were $447.6 billion, representing 12% year-over-year growth. For 2025, earnings from operations were $19 billion, and the company posted a net margin of 2.7%, while cash flow from operations was $19.7 billion, or 1.5x net income. For 2025, UnitedHealthcare expanded revenues 16%, while Optum expanded revenues 7% on the year. Full year adjusted net earnings were $16.35 per share. Management had the following to say about the results: We confronted challenges directly and finished 2025 as a much stronger company, … Read more

Kinder Morgan Delivers Highest Ever Fourth Quarter Net Income

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Image Source: TradingView By Brian Nelson, CFA On January 21, Kinder Morgan (KMI) reported better than expected fourth quarter results. Fourth quarter net income attributable to KMI came in at $996 million versus $667 million in the fourth quarter of 2024. Adjusted net income was 22% higher than the same period a year ago. Adjusted EBITDA was up 10%, to $2.27 billion, while earnings per share of $0.45 was up 50% versus the fourth quarter of 2024. Adjusted earnings per share was $0.39, up 22% versus the same period a year ago. Management had the following to say about the results: Led by record-setting performance in our Natural Gas Pipelines business segment, the company delivered its highest ever fourth quarter … Read more

Procter & Gamble Points to Challenging Consumer and Geopolitical Environment

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Image Source: TradingView By Brian Nelson, CFA On January 22, Procter & Gamble (PG) reported results for the second quarter of fiscal 2026 that were mixed. The company missed estimates on the top line but beat expectations on the bottom line. Net sales increased 1%, but organic sales were unchanged versus the prior year. Core earnings per share came in at $1.88, in-line versus the prior year. Operating cash flow was $5.0 billion, while net earnings were $4.3 billion for the quarter. Adjusted free cash flow productivity, as measured by operating cash flow less capital spending as a percentage of net earnings, was 88%. P&G returned $4.8 billion to shareholders, split between $2.5 billion in dividend payments and $2.3 billion … Read more