Earnings Call Insights: ResMed (RMD) Q3 fiscal 2026 Management View “We delivered another set of strong results, including 11% growth in headline revenue or 8% growth on a constant currency basis… resulting in 21% growth in non-GAAP earnings per share,” said (CEO & Chairman Michael Farrell), while also announcing leadership change: “Brett will be retiring… and Aaron Bloomer has been appointed our ...
Earnings Call Insights: ResMed (RMD) Q3 fiscal 2026 Management View “We delivered another set of strong results, including 11% growth in headline revenue or 8% growth on a constant currency basis… resulting in 21% growth in non-GAAP earnings per share,” said (CEO & Chairman Michael Farrell), while also announcing leadership change: “Brett will be retiring… and Aaron Bloomer has been appointed our next Chief Financial Officer.” “Our gross margin expansion in the quarter was strong, 290 basis points year-over-year and 50 basis points of gross margin expansion sequentially,” (CEO & Chairman Farrell) said, adding, “we’ve continued the global rollout of our portfolio of novel fabric-based masks,” and citing adoption and compliance data: “the AirTouch N30i drives 6% higher 90-day compliance than its silicone equivalent.” “This week, we signed an M&A deal to acquire Noctrix,” (CEO & Chairman Farrell) said, describing it as “a strategic tuck-in acquisition,” and adding, “We expect to close this transaction on or around June 1, 2026.” “Group revenue for the March quarter was $1.43 billion,” said (Chief Financial Officer Brett Sandercock), and added, “Gross margin was 62.8% in the March quarter.” Outlook “Looking forward and subject to currency movements, we still expect gross margin to be in the range of 62% to 63% for fiscal year 2026,” (CFO Sandercock) said. “We plan to purchase shares to at least the value of $175 million during the fourth quarter of fiscal year 2026,” (CFO Sandercock) said. On the pending acquisition, “For Q4 FY ’26, we expect Noctrix Health to reduce non-GAAP EPS by approximately $0.02,” (CFO Sandercock) said. Financial Results “Group revenue for the March quarter was $1.43 billion… [and] gross margin was 62.8%,” (CFO Sandercock) said; “Operating margin improved to 36.7%,” and “Cash flow from operations for the quarter was $554 million.” “We ended the third quarter with a cash balance of $1.7 billion,” (CFO Sandercock) said, adding, “At March 31, we had...
In late April 2026, Microsoft reported fiscal third-quarter revenue of US$82,886 million and net income of US$31,778 million, with earnings per share rising versus a year earlier as cloud and AI demand lifted results. At the same time, management flagged plans for about US$190 billion of 2026 capital expenditures to expand AI and data center infrastructure, putting the scale and timing of returns ...
In late April 2026, Microsoft reported fiscal third-quarter revenue of US$82,886 million and net income of US$31,778 million, with earnings per share rising versus a year earlier as cloud and AI demand lifted results. At the same time, management flagged plans for about US$190 billion of 2026 capital expenditures to expand AI and data center infrastructure, putting the scale and timing of returns from this spending under sharper investor scrutiny. We’ll now examine how Microsoft’s planned...
Trigrey/iStock via Getty Images Once again, I fell into the trap of giving valuation too much importance. Back in February, I rated Seagate Technology Holdings plc ( STX ) as a Hold, citing a richer premium than its peers in the memory space despite having lower growth prospects. Interestingly, the stock has since outperformed the rest of the memory stocks (Micron ( MU ), Sandisk ( SNDK ), and Wes...
Trigrey/iStock via Getty Images Once again, I fell into the trap of giving valuation too much importance. Back in February, I rated Seagate Technology Holdings plc ( STX ) as a Hold, citing a richer premium than its peers in the memory space despite having lower growth prospects. Interestingly, the stock has since outperformed the rest of the memory stocks (Micron ( MU ), Sandisk ( SNDK ), and Western Digital ( WDC )), with the forward P/E multiple now sitting at 43x. The momentum in memory stocks is, in my view, the strongest tide that I see right now in the markets. I'm not saying it's not risky. In fact, as I'm writing, Sandisk (a stock that I also own) is down almost double-digits after a legendary "sell the news" drop after reporting strong results and guidance . In this piece, I discuss why I'm upgrading my rating on Seagate to a strong buy and why I bought the stock earlier in April. My Thoughts On The Fiscal Q3 Results Let me start with dessert. Seagate's fiscal Q3 revenue and non-GAAP EPS came in at $3.11B and $4.10 vs. the Street's expectations of $2.96B and $3.50. On the guidance for Q4 , management projected $3.45B ± $100m in sales and $5.00 ± $0.20 in non-GAAP EPS. The Street was looking for $3.16 in Q4 sales and $3.97 in non-GAAP EPS, so the quarter was a clear beat and raise. Were these numbers impressive enough? My answer is a rotund yes. Take a look at the chart below, showing the Street's sales models for the next 4 quarters. KoyFin Notice the upward revisions following the Q3 print. That's what I want to see in a growth stock like Seagate. If you’re curious, below is the same chart, but this time for EPS: KoyFin The reason I like Seagate and why I bought it earlier in April is due to the fact that the company is predominantly a data center storage story. The latest results confirm that. In Q3 FY26, the data center segment was 80% of total sales and 88% of total exabytes shipped. On top of that, I like how the company improved its balance sheet in ...
Amazon.com (NasdaqGS:AMZN) is expanding its logistics partnership with Rent-A-Center to support in-store pickup and returns. The collaboration covers more than 1,700 Rent-A-Center locations across the United States. Customers can pick up orders and return Amazon purchases at these stores without boxes or labels. For Amazon, known primarily for its online marketplace and Prime ecosystem, this move ...
Amazon.com (NasdaqGS:AMZN) is expanding its logistics partnership with Rent-A-Center to support in-store pickup and returns. The collaboration covers more than 1,700 Rent-A-Center locations across the United States. Customers can pick up orders and return Amazon purchases at these stores without boxes or labels. For Amazon, known primarily for its online marketplace and Prime ecosystem, this move extends its reach into physical retail locations through a partner network rather than its own...
Earnings Call Insights: Four Corners Property Trust (FCPT) Q1 2026 Management View "Q1 marked a continuation of the momentum from 2025 and a strong start to 2026," said (President, CEO & Director William Lenehan), adding that "AFFO per share grew by 3.4% versus the prior year period." (President, CEO & Director Lenehan) said FCPT "acquired $26 million of net lease properties at a 6.8% blended cash...
Earnings Call Insights: Four Corners Property Trust (FCPT) Q1 2026 Management View "Q1 marked a continuation of the momentum from 2025 and a strong start to 2026," said (President, CEO & Director William Lenehan), adding that "AFFO per share grew by 3.4% versus the prior year period." (President, CEO & Director Lenehan) said FCPT "acquired $26 million of net lease properties at a 6.8% blended cash cap rate, equivalent to a 7.3% GAAP cap rate," and emphasized that "we're seeing a lot of attractive opportunities and feel good about the strength of our pipeline," while noting "Q2 is shaping out that way so far" on seasonality. (President, CEO & Director Lenehan) highlighted financing and spread, saying, "We are also excited to have closed on a new $200 million term loan with a 7-year tenor earlier this month" and "The term loan all-in rate is 4.9%, which represents 200 basis points of spread to historical acquisition yields." (President, CEO & Director Lenehan) said tenant-level performance remained strong, citing rent coverage and key brands: "Our rent coverage in Q1 was 5.1x" and "The rent coverage figure for our garden properties specifically is 5.8x," while adding, "we would expect a very high renewal percentage for the spin-off portfolio in the coming years" as lease-extension notices approach. (President, CEO & Director Lenehan) provided an update on Bahama Breeze exposure and timing, stating, "we own 10 Bahama Breeze properties, which is 1.3% of our ABR," and that Darden plans to convert six locations, while "the remaining 4 properties are 50 basis points of ABR, and we already have actively negotiating letters of intent with new tenants to backfill these locations." "Michael Friedland has joined our Board," said (President, CEO & Director Lenehan), adding that he "recently retired from JPMorgan and brings 30 years of Wall Street experience in real estate finance and corporate credit to FCPT." (CFO & Treasurer Patrick Wernig) described post-quarter-end funding a...
Earnings Call Insights: Mastercard (MA) Q1 2026 Management View "Building on 2025 momentum, '26 is off to an excellent start" and "Net revenue growth was up 12% and net income up 15% in the first quarter" (CEO, President & Director Michael Miebach). "The backdrop remains uncertain, driven by geopolitical tensions, which has put some pressure on cross-border travel" and "we are monitoring the situa...
Earnings Call Insights: Mastercard (MA) Q1 2026 Management View "Building on 2025 momentum, '26 is off to an excellent start" and "Net revenue growth was up 12% and net income up 15% in the first quarter" (CEO, President & Director Michael Miebach). "The backdrop remains uncertain, driven by geopolitical tensions, which has put some pressure on cross-border travel" and "we are monitoring the situation in the Middle East and the global economy, and we will adjust as needed" (CEO, President & Director Miebach). "We're deepening our partnership with OpenAI, reinforcing their use of Mastercard Agent Pay" and "nearly all Mastercards around the world are now enabled for Mastercard Agent Pay" (CEO, President & Director Miebach). "We are excited about our planned acquisition of BVNK" and "we see clear potential for stablecoin technology, especially when paired with our network" (CEO, President & Director Miebach). "EPS was $4.60" and "During the quarter, we repurchased $4 billion worth of stock and an additional $1.7 billion through April 27, 2026" (Chief Financial Officer Sachin Mehra). Outlook "As it relates to our expectations for the second quarter of 2026, year-over-year net revenue growth is expected to be at the low end of low double-digits range" and "We assume the conflict ends in Q2 and the related headwinds will be largest in Q2 and then progressively recover" (CFO Mehra). "As it relates to our expectations for the full-year 2026, net revenue growth remains at the high end of a low-double-digit range" and "we expect a non-GAAP tax rate in the range of 20% to 21% for both Q2 and the full year" (CFO Mehra). Compared with Q4’s setup for 2026, management added a specific conflict duration assumption, saying "Since the outbreak of the conflict at the end of February, we have seen restrictions on travel" and tying recovery timing to "assum[ing] the conflict ends in Q2" (CFO Mehra). Financial Results "Net revenue was up 12%" and "Operating expenses increased 9%, and ope...