C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: Aethlon provided no forward guidance on revenues or earnings. The company said it needs to raise more money through equity or grants to continue operations, since it has no product sales yet. Management expects to complete the Australian trial in about nine to twelve months and said India could move faster once it starts.

Call summary: The company treated three cancer patients with its Hemopurifier device in Australia without complications, marking the most clinical progress in company history. Operating costs fell 26 percent to 9.3 million dollars, but the company still has only 5.5 million dollars in cash and must raise capital to fund ongoing oncology trials in Australia and India plus a long COVID research collaboration with UC San Francisco.

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: The company raised its full year outlook to $525 million to $535 million in revenue and $90 million to $95 million in adjusted earnings before interest, taxes, depreciation, and amortization. Management expects continued momentum from stronger device volumes and better pricing power across international markets.

Call summary: Digital Turbine reported $131 million in revenue with 11 percent growth and $25 million in adjusted earnings before interest, taxes, depreciation, and amortization up 73 percent year over year. The On Device Solutions business grew 18 percent, driven by 30 percent plus growth in revenue per device and expanded device volumes, while brand advertiser campaigns increased 50 percent quarter over quarter, showing strong diversification. Management is optimistic about regulatory changes opening app store alternatives and positioning the company to capitalize on shifts in the mobile advertising landscape.

+ EPS beat estimates by 84.5%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: Baxter expects full year 2026 organic revenue to be approximately flat and adjusted earnings between $1.85 and $2.05 per share. The company plans to improve significantly in the second half as manufacturing cost headwinds and prior year comparison challenges ease.

Call summary: First quarter revenue reached $2.7 billion with reported growth of 3 percent year over year, but organic growth declined 1 percent due to Novum infusion pump issues and challenging prior year comparisons. Adjusted earnings of $0.36 per share beat expectations. Management emphasized steady progress on their turnaround plan through process improvements and cost management, with confidence that second half performance will improve as known headwinds clear.

+ EPS beat estimates by 15.9%; Revenue beat estimates by 2.2%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: Bristol reaffirmed its 2026 financial targets and said the company is tracking toward the upper end of guidance. The management team noted strong momentum in the growth portfolio and multiple clinical readouts expected in the second half of the year, including Milvexian in atrial fibrillation and Cobenfy in Alzheimer's psychosis.

Call summary: Bristol delivered a solid first quarter with revenue of 11.5 billion dollars, up 1 percent year over year, and earnings per share of 1.58 dollars, beating Wall Street by 10 percent. The growth portfolio grew 9 percent, led by strong performances from Eliquis at 4.1 billion dollars and Breyanzi up 53 percent. Management highlighted progress across pipeline programs including positive data for Pumitamig and upcoming late-year readouts for Factor XI inhibitor Milvexian and Cobenfy in Alzheimer's disease psychosis.

+ EPS beat estimates by 10.4%; Revenue beat estimates by 4.3%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: Dropbox raised full year revenue guidance to $2.50 billion to $2.51 billion, expecting roughly flat growth after adjusting for one-time headwinds. They also raised operating margin guidance to 39.5 to 40 percent and lifted free cash flow expectations to at least $1.055 billion. For the next quarter, they guide revenue between $624 million and $627 million.

Call summary: The company reported revenue of $630 million, slightly beating the $627 million consensus, driven by better-than-expected retention and paying user gains in the core business. However, earnings per share came in at $0.76 versus the expected $0.71, driven by non-GAAP adjustments but missing reported consensus of $0.71. Management emphasized progress on three fronts: stabilizing the core business through retention improvements and pricing changes, rolling out Dash AI features to existing Dropbox users with 30 percent weekly repeat engagement, and launching Dropbox Protect for security. The company ended the quarter with 18.09 million paying users, slightly higher than expected, and generated $236 million in free cash flow, up 69 percent year-over-year.

+ EPS beat estimates by 8.0%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: Duke reaffirmed its 2026 earnings target of $6.55 to $6.80 per share and 5 to 7 percent yearly growth through 2030, with confidence to hit the top half of the range starting in 2028. The company expects data center customers to begin taking power in late 2027 and into 2028, ramping through the early 2030s. Management will update load forecasts more frequently as deals accelerate.

Call summary: Duke delivered $1.93 in adjusted earnings per share, beating the $1.79 target, driven by infrastructure spending and favorable weather. The company signed $2.7 billion in data center contracts this quarter, bringing total to $7.6 billion, with 15.4 billion in discussions. Major wins include $3.1 billion in clean energy tax credits for customers and approval to combine two Carolina utilities, saving customers $2.3 billion by 2040. The company closed over $5 billion in asset sales and is executing its largest regulated capital plan.

+ EPS beat estimates by 2.2%; Revenue beat estimates by 7.8%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: The company expects revenue of 145 million to 155 million in the second quarter, roughly flat with Q1. Management reaffirmed full year targets for 2026 and signaled strong momentum into 2027 with partnerships from ADT, Samsung and Comcast launching or expanding. They plan to spend more on research and product development while integrating recent acquisitions like Aloe Care.

Call summary: Arlo reported record revenue of 150 million dollars, up 26 percent from last year, and non-GAAP earnings of 28 cents per share, up 86 percent year over year. The company added 318,000 paid subscriber accounts, well ahead of targets, bringing the total to 6 million accounts. Annual recurring revenue jumped to 357 million dollars, up 29 percent. Management highlighted major partnerships with ADT, Samsung and Comcast that will launch soon and drive 2027 growth, plus the acquisition of Aloe Care to enter the 23 billion dollar age-in-place market.

+ EPS beat estimates by 42.6%; Revenue beat estimates by 5.5%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: Management gave no guidance for upcoming quarters. They said roughly $70 million in contracted proceeds should arrive by the end of their fiscal year, mostly in the fourth quarter. The accelerator program for utilities is oversubscribed.

Call summary: Anterix reported $1.958 billion in revenue, beating consensus of $1.664 billion, but much of the beat came from a $35 million license exchange gain rather than operations. The company is debt-free with $41 million cash and around $140 million in outstanding contracted proceeds. Management emphasized that seven utilities are now deploying 900 megahertz private LTE networks at scale, and an accelerator program offering matching spectrum value has drawn interest from utilities representing over $500 million in potential contract value, far exceeding the original $250 million pool. However, management declined to provide any forward guidance on timing or amounts for future quarters, citing dependence on utility customer decisions and FCC approval schedules.

+ Revenue beat estimates by 17.7%

− EPS missed estimates by 29.9%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: Corpay raised full year 2026 revenue guidance to 5.29 billion dollars and cash earnings per share to 26.70 dollars, both increases of about 2 percent from prior guidance. The company expects 10 percent organic revenue growth and 17 percent total revenue growth for the full year.

Call summary: Corpay delivered a blowout first quarter with 1.26 billion dollars in revenue, up 25 percent year over year, and cash earnings per share of 5.80 dollars, up 29 percent. The company reported 11 percent organic growth for the fourth straight quarter, with Corporate Payments growing 16 percent and spend volumes up 43 percent. Management attributed the outperformance to strong core fundamentals across all three geographies and higher fuel prices, while reaffirming a strategic shift toward building three global businesses focused on employee payments, accounts payable solutions, and cross-border services.

+ EPS beat estimates by 3.9%; Revenue beat estimates by 2.1%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: Cushman & Wakefield kept their full year outlook unchanged at 15 to 20 percent earnings per share growth and 6 to 8 percent revenue growth. They reaffirmed three-year targets including a 2x net debt leverage goal by 2028.

Call summary: The company reported a strong first quarter with 2.5 billion dollars in revenue, up 9 percent, and earnings per share of 15 cents, up 67 percent from last year. Leasing was particularly strong at 17 percent growth, driven by industrial and office demand, while capital markets grew 14 percent. Management emphasized broad-based growth across geographies and asset classes, with data center advisory emerging as a major growth opportunity with 50 projects underway in Asia-Pacific.

+ EPS beat estimates by 11.4%; Revenue beat estimates by 2.5%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: No forward guidance was provided in the earnings call.

Call summary: Dollar Tree reported earnings per share of 1.74 dollars, beating the expected 1.53 dollars. However, revenue came in at about 4.98 billion dollars, slightly below the expected 5.06 billion dollars. The transcript does not contain sufficient detail on management commentary to describe the quarter or outlook.

+ EPS beat estimates by 10.6%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: Edison reaffirmed its full year 2026 core earnings guidance of $5.90 to $6.20 per share. The company also reaffirmed long-term targets including 5 percent to 7 percent annual core earnings growth through 2030 and said it needs no new common equity for the next five years. Capital investment of $38 billion to $41 billion from 2026 through 2030 supports grid modernization and clean energy objectives.

Call summary: Edison reported first quarter 2026 core earnings of $1.42 per share, beating the consensus estimate of $1.32 per share, though revenue of $4.1 billion fell short of the expected $4.16 billion. The company highlighted progress on wildfire mitigation with 93 percent of physical grid hardening work complete and nearly 1,500 settlement offers totaling over $500 million made to Eaton fire claimants. Management emphasized operational excellence efforts including new artificial intelligence tools that could unlock roughly $25 million in unbilled revenue recovery and expressed confidence in executing the approved regulatory framework through 2028 without requiring new equity issuance.

+ EPS beat estimates by 7.1%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: Management did not provide full year revenue or earnings guidance. Instead, they said they will give updated 2026 guidance after Q2 results. They expect strong sequential growth in YORVIPATH in Q2 after one-time disruptions reversed. YUVIWEL launch is tracking much stronger than hoped.

Call summary: Ascendis reported first quarter revenue of about $251 million, down slightly from the $276 million consensus expected, but beat earnings expectations at $0.32 per share versus $0.21 expected. YORVIPATH contributed $197 million in revenue but was hit by about $15 million in one-time headwinds. YUVIWEL, their new hypochondroplasia treatment approved in February, saw about 60 children prescribed in just four to five weeks after launch, showing strong unmet need. The company is now profitable with a 22 percent non-IFRS operating margin and plans to give full-year guidance after the next quarter.

− EPS missed estimates by 471.1%; Revenue missed estimates by 9.0%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: Alignment raised its full year revenue guidance to approximately $5.2 billion, up from prior outlook, expecting 31 percent growth. The company also raised adjusted EBITDA guidance, projecting between $138 million and $163 million for 2026. For the second quarter, they guided revenue between $1.3 billion and $1.32 billion and EBITDA of $50 million to $60 million. Management emphasized confidence in delivering the first half at strong margins while continuing investments in automation and clinical infrastructure.

Call summary: Alignment Healthcare reported first quarter 2026 revenue of $1.2 billion, up 33 percent year over year, driven by strong membership growth of 31 percent to 284,800 members. The company beat adjusted EBITDA expectations at $38 million, exceeding guidance range. Management highlighted a temporary January billing issue related to observation versus acute rate payments that caused higher inpatient admissions in early Q1, but stated the problem was internal, quickly resolved by February, and did not signal a systemic flaw. Management remained confident in scaling to 1 million members and emphasized continuous improvement in claims automation, AI deployment, and clinical efficiency.

+ EPS beat estimates by 575.7%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: The company expects full year sales growth of 3 to 5 percent from $5.27 billion last year, reaching about $5.43 billion. They plan to deliver operating margins of 12 to 12.5 percent and earnings per share between $10.20 and $11. They are returning $450 million to shareholders through stock buybacks.

Call summary: Abercrombie delivered record first quarter sales of $1.11 billion, up 2 percent year over year, marking the 14th straight quarter of growth. Earnings per share of $1.47 beat expectations, helped by better-than-planned operating margins and lower tariff costs. The Middle East conflict hurt sales by about 50 basis points, and a technology system upgrade temporarily limited growth by 100 basis points, but both are now behind them.

+ EPS beat estimates by 14.1%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

+ EPS beat estimates by 2.9%; Revenue beat estimates by 2.6%

C- Underwhelming report. Mixed results that may lead to slightly lower expectations.

Guidance: Ares expects full year fee-related earnings growth of 16 to 20 percent and realized income growth of 20 to 25 percent, with margin expansion toward the upper end of 0 to 150 basis points. Management expects another record fundraising year and strong deployment across credit, real assets and secondaries as market dislocation creates better investment terms.

Call summary: First quarter revenue of 1.5 billion dollars beat expectations and AUM grew 18 percent to 644 billion dollars. Management fees exceeded 1 billion dollars for the first time in company history as FPAUM grew 19 percent. The firm raised record 30 billion dollars in gross capital in Q1 and deployed over 32 billion dollars despite market headwinds from geopolitical issues and slowing U.S. M&A deal counts. Dividend increased over 20 percent reflecting confidence in earnings power, though EPS of 1.24 dollars missed consensus of 1.32 dollars due to lower-than-expected realized performance income timing into later quarters.

+ Revenue beat estimates by 27.0%

− EPS missed estimates by 9.0%