F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Accenture reaffirmed full year guidance expecting about 2 to 5 percent revenue growth in local currency. They plan to invest roughly 3 billion dollars in acquisitions and return at least 9.3 billion dollars to shareholders through dividends and buybacks.

Call summary: Accenture delivered a strong first quarter with 18.7 billion dollars in revenue growing 5 percent, beating expectations. Advanced AI bookings nearly doubled to 2.2 billion dollars while total bookings reached 20.9 billion dollars. The company is shifting away from reporting AI metrics separately because artificial intelligence is now embedded across most of their work, not just standalone projects.

+ EPS beat estimates by 2.1%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Salesforce raised the low end of full-year revenue guidance to approximately $41.1 billion to $41.3 billion, representing about 8.5 to 9 percent growth. The company also raised non-GAAP operating margin guidance by 10 basis points to 34.1 percent and raised operating cash flow growth guidance to 12 to 13 percent. For next quarter, revenue is expected to be $10.24 billion to $10.29 billion, up 8 to 9 percent year over year.

Call summary: Salesforce delivered strong second quarter fiscal 2026 results with $10.25 billion in revenue, up 10 percent year over year. The company highlighted exceptional momentum in Agent Force and Data Cloud, with Data Cloud and AI products generating $1.2 billion in ARR up 120 percent. Net new bookings from deals over $1 million grew 26 percent, and the company closed major deals with Dell, Marriott, and the US Army. Management emphasized that the agentic enterprise transformation is driving customer success, with 40 percent of Agent Force and Data Cloud bookings coming from existing customers expanding their investments.

+ EPS beat estimates by 23.2%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Company reaffirmed full year revenue of $3.78 billion to $3.82 billion and raised adjusted EBITDA guidance to $780 million to $820 million. For the second quarter, they expect revenue of $922 million to $932 million and adjusted EBITDA of $160 million to $180 million, with Residential reaching profitability.

Call summary: CoStar delivered strong Q1 results with revenue of $897 million, up 23 percent year over year, and adjusted EBITDA of $132 million, doubling the prior year quarter. The Homes.com business accelerated with 35,175 agent members generating an average 11x return on subscription investment, while Apartments.com grew 10 percent and added significant Matterport tours. Management emphasized that activist distraction is behind them and they are confident in executing their growth and profitability targets through 2030.

+ EPS beat estimates by 22.5%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

− EPS missed estimates by 6.9%; Revenue missed estimates by 5.3%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: AvePoint raised its full-year ARR target to between $523 million and $529 million, up 26 percent year over year. For the second quarter, management expects $120 million to $122 million in revenue, growing 19 percent. However, currency headwinds reduced the overall revenue raise because more of 2026 deals are now coming in as cloud subscriptions rather than upfront term licenses.

Call summary: The company delivered $117 million in first-quarter revenue, up 26 percent year over year, beating expectations by roughly $1 million. SaaS revenue jumped 35 percent and now represents 80 percent of the business. Management emphasized strong traction in AI governance and data protection, noting that enterprise demand for controlling and auditing AI agents has become a major driver of growth across regulated industries including healthcare and financial services.

+ EPS beat estimates by 21.2%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: BioMarin raised full year revenue guidance to 3.825 to 3.925 billion dollars after closing the Amicus acquisition, which adds Galafold and Pombility to their Enzyme Therapies portfolio. They expect 20 percent revenue growth in 2026 at the midpoint, with about 55 percent of annual revenue coming in the second half of the year due to order timing and eight months of Amicus product sales beginning in May.

Call summary: The company closed its acquisition of Amicus last week and is integrating two therapies for rare genetic disorders. Q1 revenue of 766 million dollars was below guidance due to order timing from strong Q4 orders, but patient demand remains robust with Voxzogo patient growth up 20 percent year over year and new adolescent label for Palynziq driving physician engagement. Management expects Q2 EPS to be only modestly higher than Q1 due to pre-close acquisition costs and revenue timing weighted to later quarters, but pivotal data readouts for Voxzogo in hypochondroplasia and BMN-401 are expected in Q2.

− EPS missed estimates by 29.5%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Management did not provide explicit full-year revenue or earnings guidance. They indicated organic growth should improve each quarter in 2026 compared to the first quarter, with back-half growth potentially reaching about 2.5 percent. Specialty Distribution is expected to be relatively flat in Q2 due to heavy property placements, then improve in the second half as the Accession business contributes.

Call summary: Brown & Brown delivered $1.9 billion in revenue with earnings per share of $1.39, beating expectations slightly despite missing on top-line. The first quarter was strong on margins at 38.5 percent and cash flow at $260 million, driven by large increases in contingent commissions of $54 million from strong underwriting performance. However, organic growth remained weak at only 2.2 percent including contingents and flat excluding them, hurt by property rates declining 15 to 35 percent and a shift in the pharmacy consulting business model. Management is integrating Accession, repositioning the Retail sales model for better specialization, and investing heavily in AI capabilities to improve customer experience and automate routine work, with early examples showing 25 percent of specialty submissions now processed by AI agents.

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Management raised full year revenue guidance to $11.06 billion to $11.18 billion, expecting 7 to 8.1 percent growth. They also raised EPS guidance to $4.74 to $4.86, up 7.7 to 10.5 percent. They expect continued growth across all three route-based businesses despite economic uncertainty.

Call summary: The company reported strong start to fiscal 2026 with organic revenue growth of 7.8 percent and $2.72 billion in first quarter sales. All three route-based businesses performed well, with First Aid and Safety jumping 14.1 percent. Management emphasized their ability to grow through multiple channels including converting non-programmers to customers, selling more services to existing accounts, and making strategic acquisitions. They noted the business is generating strong cash flow of $414.5 million and that despite uncertain macroeconomic conditions, customer retention remains solid and new business wins are steady.

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Management raised full year adjusted earnings per share to $8.35 to $8.55 from the prior range. Revenue guidance remains 3 percent to 6 percent growth for the full year, with lower respiratory sales of $1.6 billion to $1.7 billion offset by better core growth elsewhere. Second quarter expected to show low single digit core revenue growth with operating margins around 26.5 percent.

Call summary: Danaher started 2026 solidly with adjusted earnings per share of $2.06, up 9.5 percent year over year, beating the consensus of $1.95. Revenue came in at $5.951 billion, slightly below the $6.057 billion expected, due mainly to a lighter respiratory season at Cepheid being down roughly 25 percent. However, strong bioprocessing momentum, with consumables up high single digits and equipment orders surging over 30 percent year over year for the first time in nearly two years, offset weakness. Diagnostics and Life Sciences showed pockets of improvement, with Beckman Coulter diagnostics growing mid single digits outside China and newer products like the Xpert GI panel gaining traction.

+ EPS beat estimates by 5.3%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: CDW expects gross profit to grow low to mid-single digits for all of 2026, now raised from mid-single-digit guidance. Full year non-GAAP earnings per share expected to grow at the high end of mid-single digits. For the second quarter, they expect gross profit to grow high single digits from the first quarter and mid-single digits year over year.

Call summary: CDW had a strong first quarter with net sales up 9 percent and gross profit up 6 percent, beating revenue expectations by about $147 million but missing earnings per share by 15 cents. The quarter was driven by customer urgency to buy hardware infrastructure, especially servers and networking equipment for AI applications, amid memory pricing uncertainty. Commercial customers led growth at 10 percent, and the company is rolling out AI tools to its sales teams to improve efficiency. Management expects the elevated backlog to support second quarter growth and believes margin pressure from heavy hardware mix will ease in the second half as customers balance spending across services and software.

+ Revenue beat estimates by 2.7%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Cooper cut its full year sales forecast to about $4.28 billion to $4.32 billion, down from prior expectations. The company now expects organic growth of 3.5 percent to 4.5 percent instead of the prior range. Asia Pacific contact lens sales are declining because customers are shifting to glasses and online purchases, and Japan and China are softer than expected.

Call summary: Cooper beat earnings at $1.21 per share versus $1.10 expected, with revenue of $1.08 billion topping the $1.064 billion consensus. However, the company took a large $271.6 million charge to settle litigation tied to a 2023 embryo culture media recall. The company is running a strategic review of its surgery business and has received multiple indications of interest, though no deal is imminent.

+ EPS beat estimates by 9.3%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Cencora raised full year revenue growth guidance to 7 to 9 percent from 5 to 7 percent, and operating income growth to 11.5 to 13.5 percent from 8 to 10 percent. The company closed its OneOncology acquisition and expects the MSO platform to drive meaningful operating income expansion this year and beyond.

Call summary: The company delivered a strong first quarter with 12 percent operating income growth and 9 percent earnings per share growth, driven by continued strength in specialty pharmaceuticals, particularly GLP-1 products which grew 11 percent. Management highlighted that US healthcare solutions performed at the high end of long-term guidance even excluding recent acquisitions like RCA and the newly closed OneOncology deal. The completion of the OneOncology acquisition marks a major strategic expansion of Cencora's managed service organization platform, which management views as a natural extension of its specialty pharmaceutical leadership.

− EPS missed estimates by 2.3%; Revenue missed estimates by 4.3%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Management reaffirmed its full year outlook for organic growth of 6 percent and underlying margin expansion of 40 to 60 basis points. They expect second quarter brokerage organic growth of 5 percent and full year of 5.5 percent, with property pricing remaining down about 7 percent but offset by strength in casualty and benefits.

Call summary: Gallagher delivered a strong first quarter with 28 percent total revenue growth, driven by 5 percent organic growth plus 23 percent from the AssuredPartners acquisition. The company beat on EPS at 4.47 dollars per share versus 4.40 dollars expected, and expanded brokerage margins by 50 basis points. Management said their new business hit ratio improved to 45 percent from 32 percent historically using digital tools, and they are confident about durability even as property pricing moderates.

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: The company cut its full year sales growth guidance from an expected 8 to 10 percent range down to 6.5 to 8 percent. They expect second quarter sales to grow only 5 to 7 percent year over year. The company now guides full year earnings per share to $3.34 to $3.41, still up 9 to 11 percent but well below prior expectations.

Call summary: Boston Scientific reported first quarter sales of $5.2 billion, up 9.4 percent, and beat on earnings at $0.80 per share. However, management revealed major headwinds in three key franchises. The EP cardiology ablation business, which grew 22 percent this quarter, is now expected to slow to 10 percent full year as competition from Medtronic, J and J, and Abbott pressures U.S. share. WATCHMAN, which grew 19 percent, slowed sharply in February as stand-alone procedures fell even as concomitant adoption grew. Urology nearly flatlined at 1 percent growth due to problems in stone management and sacral neuromodulation. Management said the company lost more market share than expected and hospital capacity constraints are limiting WATCHMAN procedure volume.

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: CME reaffirmed its full-year adjusted expense guidance of about $1.695 billion. The company expects to continue investing in technology and cloud migration while maintaining capital returns through dividends and share buybacks.

Call summary: CME delivered a record first quarter with average daily volume of 36.2 million contracts, up 22 percent year-over-year, marking the highest in company history. Revenue reached $1.88 billion, up 14 percent, with record performance across all six asset classes and international markets. The company achieved record adjusted operating margins of 72.8 percent and adjusted earnings per share of $3.36, returning $3.2 billion to shareholders through dividends and buybacks.

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Management raised the full year earnings per share guidance by two cents to a range of one dollar fifty-eight to one dollar sixty-one per share. They are keeping the annual recurring revenue growth target of thirteen to fourteen percent and expect around two billion dollars in ARR by year-end. They raised total revenue guidance by seven million dollars to account for a shift in how they recognize on-demand consumption revenue.

Call summary: Dynatrace reported a strong quarter with four hundred seventy-seven million dollars in revenue, up nineteen percent year over year. Subscription revenue grew nineteen percent and annual recurring revenue climbed sixteen percent. The company signed twelve seven-figure expansion deals and now has sixty-five percent of its revenue from their newer platform subscription model. Management highlighted momentum in logs, which grew over one hundred percent year over year, and they remain on track to hit one hundred million dollars in annual logs consumption by year-end.

+ EPS beat estimates by 2.4%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Adobe expects $20.5 billion to $20.6 billion in revenue for the full year, raising its prior target. For next quarter, the company guides to $6.67 billion to $6.72 billion in revenue. The company is investing heavily in freemium products and deferring Creative Cloud price increases to capture new users and build long-term growth.

Call summary: Adobe reported $6.62 billion in revenue, beating consensus by $33 million, but missed earnings at $5.96 non-GAAP EPS versus expected $5.83. The company is pivoting to a freemium strategy, growing Creative Cloud freemium users from 50 million to 90 million and Acrobat users from 700 million to 850 million. Firefly AI revenue approached $300 million and grew 50 percent quarter over quarter. Management stressed that capturing traffic and user engagement now is more important than short-term profit, similar to how Acrobat Reader became a long-term moat.

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: American Water expects to deliver 8 percent earnings per share growth in 2026, reaching $6.02 to $6.12 per share. The company plans most revenue increases in the second half of the year from new rates in key states like Pennsylvania and New Jersey. They continue pursuing dividend growth of 7 to 9 percent yearly.

Call summary: The company delivered first quarter earnings of $1.01 per share, in line with expectations despite a slight miss versus the consensus estimate of $1.10. Revenue of $1.207 billion matched consensus exactly. Management highlighted successful execution on regulatory and capital plans, including secured $185 million in PFAS manufacturer settlements and completion of rate cases in two states. The Essential Utilities merger received Kentucky regulatory approval and is on track to close by the end of the first quarter 2027.

− EPS missed estimates by 9.3%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Axon expects full year revenue growth of 30 to 32 percent and raised that guidance from prior expectations. The company plans to spend about 450 million dollars on free cash flow this year and maintain 25.5 percent adjusted EBITDA margins. Management says AI adoption and counter-drone demand are accelerating faster than planned.

Call summary: The quarter was the strongest ever for first quarter results, with revenue up 34 percent year over year to 807 million dollars. AI Era Plan bookings jumped 140 percent and Dedrone counter-drone business exploded up 500 percent, driven by demand across law enforcement, enterprise, and international markets. Management says they are at an inflection point where AI and connected devices are becoming essential infrastructure that customers want to deploy immediately, with nearly all large police agencies now including AI in their technology plans.

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Dollar General raised its full-year profit forecast to $7.20 to $7.45 per share from $7.10 to $7.35. The company expects sales growth of 3.7 percent to 4.2 percent for all of 2026, and same-store sales growth of 2.2 percent to 2.7 percent. Management said they plan to accelerate spending on new stores and technology while expanding profit margins through better inventory management and new advertising programs.

Call summary: Dollar General delivered a strong first quarter with earnings of $2.00 per share, beating expectations, as the company expanded margins despite harsh winter weather and high fuel costs. Customer traffic increased for the fourth straight quarter, with higher-income shoppers now trading down to Dollar General alongside the core budget-conscious customers. The company is leaning into its $1 price point and value offerings, expanding delivery service to 18,000 stores, and launching a new frozen section, all to capture customers being squeezed by inflation and gas prices.

+ EPS beat estimates by 3.0%

− Revenue missed estimates by 3.2%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Abbott cut full year earnings guidance from $5.68 to $5.48 per share, reflecting $0.20 of dilution from the Exact Sciences acquisition. The company guided full year revenue growth of 6.5 percent to 7.5 percent on a comparable basis including Exact Sciences. For the second quarter, Abbott expects earnings of $1.25 to $1.31 per share. Management said they are being conservative on respiratory season assumptions and expect acceleration in the second half driven by Nutrition recovery, Core Lab Diagnostics growth, and Exact Sciences integration.

Call summary: Abbott completed its $2.4 billion acquisition of Exact Sciences on March 23 and is integrating the cancer diagnostics business into its portfolio. First quarter results came in slightly ahead, with sales of $11.2 billion, up 3.7 percent on a comparable basis, though the respiratory season was weaker than expected. The company is seeing early signs of volume recovery in Nutrition after price increases, expects Core Lab Diagnostics to accelerate, and is launching new cardiac devices like the Volt pulsed field ablation catheter and TactiFlex Duo. Management remains confident in second half acceleration but is being cautious on near term market conditions.

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Broadridge now expects recurring revenue growth at the higher end of their 5 to 7 percent range for the full year. They are keeping their guidance for 8 to 12 percent adjusted earnings growth and between 290 million and 330 million in closed sales.

Call summary: The company had a very strong start to the year with 8 percent recurring revenue growth and 51 percent adjusted earnings growth, driven by strong equity position growth, higher trading volumes, and a major mutual fund proxy event that brought in 114 million in event-driven revenue. They are investing in tokenization and shareholder engagement solutions, with digital asset revenues now contributing 4 million per quarter as a super validator on the Canton Network.

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Calix raised its full-year growth outlook to between 15 and 20 percent, up from the prior 10 to 15 percent range. The company expects second quarter revenue between $287 million and $293 million. Gross margins will face headwinds from higher memory costs despite partial customer surcharges, with full-year gross margin expected to decline 50 to 150 basis points.

Call summary: Calix delivered record quarterly revenue of $280 million and completed migration of all customers to its new cloud platform by end of March. The company is benefiting from strong customer demand and added 14 new customers this quarter. Management attributed the raised guidance primarily to robust underlying demand and partially to memory cost surcharges that will flow through starting in May, though demand was the bigger driver.

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Charter plans to grow EBITDA slightly in 2026 and expects capital spending around 11 billion dollars. After network upgrades finish, spending should drop below 8 billion dollars yearly. They still need California approval to close the Cox deal, expected in summer.

Call summary: Charter added 370,000 mobile lines and cut video losses to 60,000 from 181,000 a year ago by improving products. But broadband lost 120,000 customers as competition from fiber and fixed wireless access tightened. Total revenue fell 1 percent to $13.6 billion, and adjusted EBITDA dropped 2.2 percent due to heavy mobile costs and lower video revenue.

− EPS missed estimates by 11.8%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: The company expects second quarter organic sales growth of 0 to 2 percent, with reported sales up 2 to 4 percent including currency and acquisition contributions. Earnings per share is expected to be $2.43 to $2.53, up 3 percent year over year at the midpoint. For the full year, management expects sequential earnings growth each quarter, though no new full-year guidance was provided.

Call summary: Avery Dennison started 2026 solidly with adjusted earnings per share up 7 percent to $2.47, driven by strong base label sales and productivity gains. However, high-value categories like Graphics and Intelligent Labels underperformed, partly due to difficult comparisons and weak logistics demand. Management is managing through raw material inflation by implementing price increases and cost reductions, expecting high single-digit inflation in the second quarter. The company deepened its partnership with Williard through a $75 million investment to expand its intelligent labels platform into food and condition-monitoring applications.

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Management lowered full-year guidance. U.S. same-store sales now expected to grow low single digits instead of 3 percent, and international same-store sales also cut to low single digits from prior plan. They expect global retail sales growth of mid-single digits for 2026. Operating income growth guidance trimmed to mid- to high single-digit growth.

Call summary: Domino's reported flat-to-negative momentum in Q1 with only 0.9 percent U.S. same-store sales growth, hit by macro pressure, competitive discounting, and weather. Management emphasized they still believe in long-term 3 percent target and are adjusting marketing calendar and launching new pizza innovations in May to recover. Carryout grew 2.4 percent but delivery fell 0.3 percent as customer confidence weakened, though the company continues to take market share in pizza.

− EPS missed estimates by 8.1%; Revenue missed estimates by 2.1%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Allegion raised its reported revenue outlook to 6 percent to 8 percent growth for the year because of the DCI acquisition it closed in March. The company reaffirmed its organic revenue growth outlook of 2 percent to 4 percent and earnings per share guidance of $8.70 to $8.90. Management expects tariff and inflation headwinds of about 1 percent of cost of goods, but plans to offset these through pricing and cost actions that should be neutral to full year earnings.

Call summary: Allegion delivered $1.04 billion in first quarter revenue, up 9.7 percent year over year, driven by the Americas nonresidential business and acquisitions. However, organic revenue grew only 2.6 percent because of an unexpected ERP implementation failure in a European mechanical business that hurt both volume and margins. Management said production rates are improving and it expects to recover the lost sales over the rest of the year, while also managing inflationary pressures from tariffs and other input costs through price increases and cost actions.

− EPS missed estimates by 6.9%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: AutoZone did not issue specific quarterly or full-year revenue or earnings guidance. Management stated they remain on track for their fiscal 2026 objectives, expect gross margin to remain manageable while growing operating expenses in line with accelerated store openings, and believe sales will improve in the back half with better weather and higher tax refunds. They also plan to continue opening 350 to 360 stores for the full year, up from 304 last year.

Call summary: Second quarter sales grew 8.1 percent to $4.3 billion, but earnings per share fell 2.3 percent to $38.07 due to a $59 million non-cash LIFO charge from tariffs. Domestic same-store sales grew 3.4 percent despite severe winter weather in late January and early February that hurt both DIY (up 1.5 percent) and commercial (up 9.8 percent) for two weeks. Management believes the weather impact is temporary and expects strong sales in coming quarters from tax refunds, normal summer weather driving maintenance needs, and continued market share gains from hub and Mega Hub expansions.

+ EPS beat estimates by 3.9%

− Revenue missed estimates by 12.4%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Builders FirstSource now expects about $14.6 billion to $15.6 billion in sales for 2026, down from prior expectations. They forecast adjusted EBITDA of $1.1 billion to $1.5 billion with margins between 7.5 and 9.6 percent. For the second quarter, they guide sales of $3.75 billion to $4.05 billion and EBITDA of $300 million to $350 million. The company cited weak housing starts, lower home values, and fuel cost inflation as reasons for the reduction.

Call summary: Sales fell 10 percent to $3.3 billion as single-family starts dropped 11 percent and builders reduced home size and complexity by another 10 percent versus 2019. Gross margin fell 220 basis points to 28.3 percent, hurt by lower volume, specialty product weakness, and fuel inflation costs totaling roughly $100 million for the year. The company raised its share buyback authorization to $500 million and cut $100 million in annual costs, but remains confident in long-term market share gains as competitors struggle with tighter margins.

− EPS missed estimates by 28.4%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: The company now expects full-year sales growth of about 2 to 4 percent, down from prior views. Earnings per share is guided to 3 dollars 70 cents to 4 dollars, reflecting weakness in China and a delay in commercial water heater regulations that pushes demand into next year. Steel and fuel costs are rising much more than expected.

Call summary: A.O. Smith reported 946 million dollars in sales, down 2 percent year over year, with earnings of 85 cents per share, down 11 percent. China sales fell 17 percent due to weak consumer demand and ended government stimulus. North America water heater sales dropped 2 percent, hurt by weather damage at a plant and soft residential construction. The company took a 20 million dollar charge to restructure its water treatment business but remains optimistic about market share stabilization and the new Leonard Valve acquisition.

− EPS missed estimates by 10.7%; Revenue missed estimates by 4.2%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Coinbase expects subscription and services revenue between $565 million and $645 million in the next quarter, up from current levels. Operating expenses for Q2 are expected between $820 million and $870 million, down 4 to 9 percent from Q1. Full year adjusted expenses should come in between $4.3 billion and $4.6 billion, roughly $500 million lower than exit rates from late 2025.

Call summary: Coinbase reported $1.4 billion in Q1 revenue, down 21 percent from Q4 due to a crypto market decline of over 20 percent. Despite tough conditions, the company reached an all-time high in crypto trading market share and posted its 12th straight quarter of native asset inflows. The Everything Exchange strategy is working, with derivatives generating $200 million annualized revenue and prediction markets hitting $100 million annualized revenue in just two months. Management emphasized strong fundamentals in stablecoins, with $19 billion in average USDC held and 10x growth in stablecoin transactions on the Base blockchain.

− EPS missed estimates by 559.7%; Revenue missed estimates by 9.0%

F Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Guidance: Artivion lowered full year 2026 guidance to 480 million to 496 million dollars, down from prior expectations. The company expects constant currency revenue growth of 7 percent to 11 percent for the year. AMDS starter set sales in the U.S. fell short in the first quarter, and international stent graft sales softened, particularly in the Middle East. Management expects AMDS PMA approval by mid-year and plans to launch NEXUS in January 2027.

Call summary: The company reported 116.3 million dollars in first quarter revenue, up 12 percent year over year, with adjusted EBITDA reaching 22.1 million dollars. On-X heart valve grew 17 percent and tissue processing grew 23 percent, but stent grafts grew only 10 percent due to lower AMDS starter set sales and weaker international markets. Management acquired Endospan to bring NEXUS aortic arch stent grafts to the U.S. market starting January 2027, completing a comprehensive aortic portfolio.

− EPS missed estimates by 40.1%