C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Management did not provide specific forward guidance. They emphasized strong organic growth momentum and disciplined capital allocation, with confidence in achieving their 4 to 5 percent net client asset growth target despite aggressive recruiting competition. Huntington Bank partnership with 28 billion dollars in assets begins in the fourth quarter; Comerica advisers expected to depart by end of third quarter.

Call summary: Ameriprise posted record earnings of 11.26 dollars per share, beating consensus by 10 percent, as revenues grew 11 percent to 4.8 billion dollars. Assets under management reached 1.7 trillion dollars, up 12 percent, fueled by client net inflows and market gains. Management credited their integrated technology platform, strong adviser productivity reaching 1.2 million dollars, and disciplined hiring approach as key drivers. They remain focused on organic growth over acquisitions and are investing heavily in AI tools and new banking products.

+ EPS beat estimates by 9.2%; Revenue beat estimates by 2.1%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Commvault raised full year revenue guidance to $1.161 billion to $1.165 billion, up 17 percent year-over-year at the midpoint. The company expects subscription revenue of $753 million to $757 million, growing 28 percent. Management also forecast constant currency total annual recurring revenue growth of 18 percent, with subscription ARR growing 24 percent.

Call summary: Commvault delivered strong first quarter results with total ARR reaching $996 million, up 24 percent, driven by SaaS ARR growth of 63 percent to $307 million. The company exceeded 8000 customers and achieved a 47 percent Rule of 40 score. Management highlighted exceptional land-and-expand success, hyperscaler marketplace triple-digit growth, and announced plans to acquire Satori Cyber to strengthen AI and data security capabilities. The company continues to gain market share in cyber resilience with major partnerships including Deloitte, CrowdStrike, and HPE.

+ EPS beat estimates by 15.6%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: D.R. Horton guided for about $33.5 billion to $35 billion in sales for all of fiscal 2026, with 86,000 to 88,000 homes closed. For next quarter they expect $7.3 billion to $7.8 billion in revenue and 19,700 to 20,200 closings, with gross margins of 19 to 19.5 percent because incentives are higher.

Call summary: The company delivered a solid first quarter with $6.9 billion in revenue and $2.24 in earnings per share, beating profit expectations but falling short on sales. Orders rose 3 percent and community count jumped 12 percent year over year, reflecting broad expansion. However, management noted that incentives and rate buy-downs increased throughout the quarter and will weigh on second quarter margins, with the lowest fixed rate offer staying at 3.099 percent. Management remains cautious about affordability and demand uncertainty but feels positioned for the spring selling season.

+ EPS beat estimates by 3.0%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Management did not provide specific financial guidance for coming quarters or the full year. They emphasized disciplined underwriting and cycle management, noting that rates remain competitive but current returns are still acceptable. They expect to continue managing their portfolio to maintain profitability even as growth slows.

Call summary: Arch delivered 2.50 dollars of earnings per share, slightly above expectations, driven by strong underwriting performance across all three segments. The reinsurance unit had an excellent quarter with 441 million dollars in profit, while the insurance segment faced ongoing rate pressure from competition and intentional pullbacks from unprofitable business lines. Management emphasized their disciplined approach to capital allocation, repurchasing 783 million dollars of stock while increasing book value.

− Revenue missed estimates by 7.3%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Bandwidth raised its full year outlook to $880 million to $900 million in total revenue, up 18 percent year over year at the midpoint. The company expects full year earnings per share of $1.77 to $1.83, up 26 percent. Management sees strong momentum from AI-driven voice agent deployment and large enterprise deals still ramping.

Call summary: Bandwidth delivered record first quarter revenue of $209 million, up 20 percent year over year, beating analyst expectations. The company is winning large deals with enterprises and announcing a major partnership with Salesforce to power its new Agentforce contact center platform. Management credited strong demand from AI voice agents moving into production and expanding partnerships in financial services, messaging, and vertical AI applications.

+ EPS beat estimates by 22.1%; Revenue beat estimates by 4.3%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Charles River reaffirmed full year earnings growth guidance of 5 to 10 percent, expecting around $10.80 to $11.30 in earnings per share. They project significant operating margin expansion of 120 to 150 basis points in 2026, driven mainly by cost savings and completed acquisitions.

Call summary: Charles River delivered first quarter earnings of $2.06 per share, beating expectations of $1.96, with revenue of about $996 million slightly above consensus. The company faced planned headwinds from animal supply costs and timing issues, but management expressed confidence that these would ease in coming quarters. New CEO Birgit Girshick outlined a strategy called Pathway to Purpose focused on modernizing operations, improving client relationships and driving cost savings of over $100 million this year.

+ EPS beat estimates by 5.0%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Cisco guided for full-year revenue of about 61.5 billion dollars and earnings per share of 4.15 dollars, putting the company on track for its strongest year. The company also raised its AI infrastructure order target to over 5 billion dollars for fiscal 2026, expecting to recognize more than 3 billion dollars in AI revenue.

Call summary: Cisco delivered record 15.8 billion dollar revenue in the quarter, up 10 percent year over year, with networking revenue surging 21 percent driven by AI infrastructure demand and campus switching upgrades. The company shipped its millionth Silicon One chip, unveiled its new 102.4 terabit G300 processor, and expects strong AI orders exceeding 5 billion dollars for the year, though security revenue declined 4 percent due to Splunk transition to cloud subscriptions. Strong product order growth of 18 percent, especially from hyperscalers up 65 percent, shows broad momentum despite gross margin compression from memory cost inflation.

+ Revenue beat estimates by 2.7%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: The company raised full year earnings per share guidance to between $14.08 and $14.28, up $0.12. They now expect about $67.3 billion in total sales for the year. They also raised guidance for second quarter to about $16.7 billion in revenue and earnings per share between $3.74 and $3.78.

Call summary: AbbVie delivered strong first quarter results with $15 billion in sales and earnings per share of $2.65, beating expectations. Skyrizi sales hit $4.5 billion with 29 percent growth in psoriasis and inflammatory bowel disease markets. Rinvoq brought in $2.1 billion with 20 percent growth across rheumatology and gastroenterology, and the company is preparing to launch the drug in alopecia areata and vitiligo later this year.

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Airbnb raised full year revenue growth outlook to low to mid-teens percent. For the next quarter, they guided $3.54 billion to $3.6 billion in revenue, representing 14 to 16 percent growth year over year. They expect adjusted EBITDA margin to be at least 35 percent for the full year.

Call summary: Airbnb delivered a strong quarter with $2.678 billion in revenue, up 18 percent year over year, beating guidance. Gross booking value grew 19 percent and nights booked accelerated, though there was a 100 basis point headwind from Middle East conflict. The company is driving growth through Reserve Now Pay Later, which now represents 20 percent of bookings, app improvements that drove 22 percent app nights growth, and new initiatives like hotels and experiences. Management highlighted that nearly 60 percent of engineering code is now written with AI assistance, doubling the industry average.

− EPS missed estimates by 11.9%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Management provided no forward guidance for revenue or earnings. They noted that at current spending rates of about $1.8 million per quarter, they will need additional funding to continue the clinical trial work. They expect to complete first patient treatments in Australia by late 2025 or early 2026.

Call summary: Aethlon completed safety treatment of three oncology patients in Australia using their Hemopurifier device with no serious adverse events. An independent safety board approved advancing to the second patient cohort. The company cut operating expenses 32 percent to $1.8 million, down from $2.6 million a year ago, mainly through lower payroll. They canceled their planned Indian trial to focus resources on Australia, preserving $500,000 to $1 million in spending.

+ EPS beat estimates by 27.3%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Arista raised full year revenue guidance to 11.5 billion dollars, up 27.7 percent from last year. They expect about 2.8 billion in sales for next quarter. AI fabrics revenue target was increased from 3.25 billion to 3.5 billion, and campus revenue is expected to reach 1.25 billion.

Call summary: The company reported strong momentum across all business segments in the first quarter, with revenue of 2.71 billion dollars, up 35 percent year over year and beating expectations of 2.67 billion dollars. Management highlighted three major AI fabric use cases: scale out with 100 plus customers at 800 gigabit Ethernet, scale up coming in 2027 at 1.6 terabit speeds, and scale across with customers like hyperscaler cloud titans. However, supply chain constraints are severe and expected to persist into next year, forcing the company to accept margin pressure to secure chips and memory for customers.

+ EPS beat estimates by 5.8%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: AIG expects General Insurance net premiums to grow in the low to mid-teens for full year 2026. The company raised its quarterly dividend to 50 cents per share, up 11 percent, marking four straight years of double-digit increases. Management reaffirmed three-year targets from the 2025 Investor Day including over 20 percent operating earnings per share growth through 2027 and core operating return on equity of 10 to 13 percent. They plan to continue deploying capital into strategic opportunities while managing disciplined underwriting.

Call summary: AIG had its strongest first quarter since Peter Zaffino took over as CEO. Reported earnings per share of 2 dollars 11 cents beat consensus by 11 percent. Net premiums written jumped 18 percent year over year, driven by strong growth across all three insurance segments and favorable reinsurance renewals in January. The company is deploying advanced artificial intelligence tools to help underwriters review submissions faster and more accurately, with early tests showing 30 percent improvement in property quoting and 55 percent faster review time in their Lexington middle market business. However, the U.S. large account property market remains very competitive with pricing down 11 percent, so AIG is intentionally shrinking that segment to focus on more profitable opportunities.

+ EPS beat estimates by 10.1%

− Revenue missed estimates by 6.4%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: The company reaffirmed full year earnings growth in the low to mid single digits. They expect gross margins to decline due to about $300 million in additional raw material and logistics costs tied to oil prices around $110 per barrel. They plan to offset inflation through revenue growth management, innovation, and a $200 million to $300 million cost savings program.

Call summary: Colgate delivered a solid first quarter with accelerating volume growth, especially in emerging markets and the Hill's pet food business, which grew nearly 5 percent. However, North America oral care remains weak and the company faces significant pressure from rising costs in resins, petrochemicals, and oils, which are expected to be up more than 20 percent year over year. Management is confident in its ability to maintain earnings growth through pricing, innovation, and efficiency programs while continuing to invest in brands.

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Management did not provide specific forward guidance for future quarters. They indicated expecting about 28 net new warehouse openings in fiscal 2026 and are targeting 30 plus openings per year going forward. Capital expenditures are estimated at approximately 6.5 billion dollars for the full year.

Call summary: Costco delivered 9.1 percent revenue growth to 69.6 billion dollars in the second quarter, beating earnings per share at 4.93 dollars versus 4.92 dollars expected, but missing revenue versus consensus of 71.2 billion dollars. Same-store sales grew 7.4 percent excluding gas and currency effects. Comparable sales strength came from all categories, with meat and bakery leading fresh food at low double digits. Digital sales grew 22.6 percent, with personalized recommendations driving 470 million dollars in e-commerce sales. However, paid membership growth decelerated to 4.8 percent year over year, down from typical 5 percent levels, partly due to slower new warehouse openings in new markets and higher penetration of online signup members who renew at lower rates. Management emphasized continued price reductions on items like butter, coffee, and eggs despite tariff uncertainty, and highlighted technology investments in checkout efficiency and personalized experiences.

− Revenue missed estimates by 2.3%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: The company expects revenue between $4.7495 and $4.8055 billion for the full year, growing 20 to 22 percent. They guided for net new ARR to grow at least 40 percent in the second half and aim to exceed $5 billion in ending ARR by year-end.

Call summary: CrowdStrike delivered record results with net new ARR of $221 million and ending ARR of $4.66 billion, up 20 percent year over year. The company beat all guided metrics, driven by artificial intelligence demand and strong Falcon Flex adoption with over 1,000 customers. Management announced the acquisition of ONEM to enhance next-generation SIEM with faster data processing and lower costs, positioning them for accelerated growth.

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Chevron held its full-year capital spending at $18 billion to $19 billion and reaffirmed production growth of 7 percent to 10 percent. The company raised affiliate distribution expectations to over $2 billion above first quarter because TCO, CPChem, and Angola LNG are running strong. At $70 per barrel Brent, cash flow will be solid, and higher prices would boost results further.

Call summary: The quarter delivered $1.41 per share in adjusted earnings, beating consensus, but revenue of $47.6 billion fell short of the $52.6 billion street expected. The shortfall was mainly a revenue recognition timing issue from a sharp rise in commodity prices in March, which created about $3 billion in unfavorable mark-to-market effects on derivatives. Core operations remain strong, with Guyana and TCO running at full rates, Asian refineries running hard on Chevron crude, and the company capturing real value from integrating Hess assets. Management stayed disciplined, saying it is too early to change strategy after eight weeks of Middle East conflict.

+ EPS beat estimates by 46.5%

− Revenue missed estimates by 9.6%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Dover reaffirmed full year guidance and expects to drive toward the top end of the range. The company expects roughly $2.2 billion in second quarter revenue, with seasonal strength in Q2 and Q3. Management is committed to double-digit adjusted earnings per share growth for 2026.

Call summary: Dover had a strong first quarter with revenue of $2.05 billion, up 10 percent from last year, and adjusted earnings per share of $2.28, up 11 percent. The standout was bookings, which hit a record $2.5 billion, up 24 percent year over year, driven by strong demand in clean energy, climate technologies, and aerospace and defense. Management said customers are booking orders well into the future because of tight supply, not because they are trying to beat price increases or tariffs.

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: EA reaffirmed full year guidance without change. They expect Q2 net bookings between $1.8 billion and $1.9 billion, down 9 to 13 percent year over year. The company said timing shifts in sports games and deluxe edition content will weigh on Q2, but growth should return in the second half of the year.

Call summary: EA delivered revenue of $2.1 billion in the quarter, beating expectations, driven by strong Global Football results and better-than-expected performance from Apex Legends and catalog titles. However, earnings per share came in at $0.79, well below the $2.25 consensus, due to increased marketing spending for upcoming launches including Madden NFL 26, FC 26, and especially Battlefield 6. Management expressed excitement about Battlefield 6 and the upcoming game releases, positioning the back half as the most important period of the year.

+ Revenue beat estimates by 2.3%

− EPS missed estimates by 36.0%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Akamai expects revenue of about $4.5 billion in 2026, up 6 to 8 percent. Cloud infrastructure services will grow over 50 percent, driven by two huge new customer deals worth $1.8 billion and $200 million. They plan to spend heavily on data centers and GPUs this year to capture the AI computing wave.

Call summary: The quarter was strong overall with a landmark $1.8 billion seven-year deal announced, the largest in company history. Cloud infrastructure services revenue jumped 40 percent with multiple new AI customers signing on. Security also grew well at 11 percent as customers worry about AI-powered attacks. The company is investing heavily in GPUs and data centers to meet surging demand and expects double-digit revenue growth starting in 2027.

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Management raised full year property revenue guidance by about $145 million to approximately $10.9 billion, driven by foreign exchange tailwinds and accelerated straight-line revenue. They expect organic tenant billings growth around 4 percent when excluding one-time DISH churn, plus data center growth of about 13 percent. They reaffirmed attributable AFFO per share growth expectations in the mid to upper single-digit range over the long term.

Call summary: American Tower had a strong first quarter with reported revenue of $2.74 billion, beating consensus by about $53 million, and earnings per share of $2.84 versus consensus of $2.50. Organic growth excluding DISH churn was 4 percent in towers and 17 percent in the CoreSite data center business, driven by growing mobile data demand, AI workload expansion and a major inflection in interconnection activity. Management emphasized that structural tailwinds including 5G densification, eventual 6G deployment, and AI-driven infrastructure needs position the company well for mid to upper single-digit annual growth going forward.

+ EPS beat estimates by 13.6%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Management expects second quarter revenue between $1.56 billion and $1.7 billion, with datacom growing 10 percent sequentially from supply improvement. Gross margin is projected between 38 and 40 percent, and EPS between $1.10 and $1.30 per share.

Call summary: Coherent reported $1.81 billion in revenue for the first quarter, up 19 percent year over year on a pro forma basis. The company is experiencing record orders and exceptionally strong demand across its datacenter and communications businesses, driven by AI data center expansion and optical networking adoption. Management is aggressively ramping indium phosphide laser production capacity at two sites and expects to double capacity over the next year, with six-inch production yields exceeding three-inch lines.

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Management expects about $22.55 million in revenue next quarter and $91.25 million for the full year ending June 2026. The sequential quarter decline reflects sunsetting of the messaging platform and government customer delays, but full year represents a return to growth. Non-GAAP earnings per share guidance for the full year is $0.29 to $0.34.

Call summary: eGain delivered a strong first quarter with $23.5 million in revenue, beating consensus by $600,000, and non-GAAP earnings of $0.17 per share versus $0.04 a year ago. The company is seeing significant momentum in AI-powered knowledge products, with knowledge customer ARR growing 23 percent and gross margins expanding to 81 percent from 77 percent. Three major product launches at their Solve 25 conference in October are resonating with customers, and large deals including a major health insurer and energy company went live in under 100 days.

+ EPS beat estimates by 54.1%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: The company reaffirmed its full-year outlook. They expect production to be stronger in the second half of 2026 as Skouries begins producing in Q3 and McIlvenna Bay comes online. Skouries capital costs rose by $155 million to $1.315 billion, mainly due to extra contractor costs to finish electrical work and meet the Q3 startup target.

Call summary: Eldorado had a solid first quarter with revenue up 50 percent to $532 million driven by higher gold prices, even though production fell 13 percent. Skouries is 94 percent complete and on track for Q3 first concentrate, while McIlvenna Bay is in hot commissioning and expected to produce this month. The company strengthened its leadership team and opened exploration spending of $17 million at McIlvenna Bay to pursue three key targets including the Tesla copper zone.

+ EPS beat estimates by 33.0%; Revenue beat estimates by 3.5%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Atmos reaffirmed its full year earnings guidance of $8.15 to $8.35 per share. The company expects to complete 4.2 billion dollars in capital spending this year focused mainly on safety and system modernization. Management said there was no change to the long-term plan despite a recent rate case outcome in Mississippi.

Call summary: Atmos earned $2.44 per share in the first quarter, up 9.4 percent from last year, beating consensus on earnings. The company benefited from 35 million dollars in impacts from Texas House Bill 4384 and much wider natural gas spreads at its pipeline business. Winter Storm Fern tested the system but caused minimal supply problems because upstream storage worked well. The company added nearly 54,000 new customers over the past year, mainly in Texas, and continues to see strong industrial and data center interest.

− Revenue missed estimates by 7.5%

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Cadence raised its full year 2026 revenue outlook to about $6.2 billion, expecting 17 percent growth. The company expects to reach the Rule of 60 metric for the first time and plans to spend about half of free cash flow on share buybacks this year.

Call summary: Cadence delivered a strong first quarter with $1.47 billion in revenue and record $8 billion backlog, driven by accelerating demand for AI-powered chip design tools. The company introduced new agentic AI agents for analog and digital design, signed a major IP deal with a leading foundry, and expects these AI tools to boost usage of its existing software while opening new revenue categories through subscription and consumption-based pricing.

C+ Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.

Guidance: Darden raised its full year sales growth forecast to 7.5 percent to 8.5 percent and tightened same-restaurant sales guidance to 2.5 percent to 3.5 percent growth. The company kept earnings per share guidance unchanged at 10.50 to 10.70 dollars. Management warned that second quarter will see the biggest hit from higher beef costs, with pricing expected to be about 100 basis points below inflation that quarter.

Call summary: Olive Garden and LongHorn both delivered strong results with 5.9 percent and 5.5 percent same-restaurant sales growth respectively, driven by new menu items, delivery growth, and traffic gains. The company is investing in affordability through smaller portion options at Olive Garden and remains disciplined on pricing despite rising beef and seafood costs. Darden saw across-the-board traffic growth from all income groups, suggesting casual dining is gaining share as consumers seek value and price certainty.