Daily ideas

HCA Healthcare grew Q2 2026 revenue 8.7% to $20.23 billion but absorbed a roughly $400 million hit as exchange patients went uninsured; Q3 results on October 23 show whether that hit narrows.

Record Q2 2026 revenue of $3.47 billion came with a 65.5% adjusted operating ratio, 210 basis points worse; the Q3 report must show whether the fuel tailwind beats the July 4% wage increase.

Comcast's Q2 2026 broadband revenue fell 5.5% and residential EBITDA fell 8% as it traded price for retention; the October 22 report tests whether ARPU and margins stabilize as losses worsen.

Union Pacific grew Q2 2026 revenue 12% to $6.9 billion while diesel pushed its operating ratio to 59.7%; the 2026-10-22 Q3 report tests whether truck-to-rail gains and fuel surcharge recovery hold.

Newmont realized $4,414 an ounce in Q2 2026 with $2.2 billion of free cash flow and $3.4 billion of net cash; Q3 shows whether AISC falls back from $1,621 once Cadia's copper credit returns.

Intel grew Q2 2026 revenue 25% to $16.1 billion on a 48% server ASP jump while Intel Foundry lost $2.1 billion; the 2026-10-22 Q3 report must show whether unit volume can replace price.

Freeport-McMoRan earned $984 million on $7.03 billion of Q2 2026 revenue with Indonesia at partial capacity; Q3 must show whether Grasberg's ramp to about 65% of capacity is on track.

Barclays grew H1 2026 pretax profit 17% to £6.07 billion with a 14.8% RoTE; the Q3 report must show whether the Barclays UK margin recovers above 3.68% while costs stay behind income.

GM earned $3.94 billion of adjusted EBIT in Q2 2026 on an 8.6% North America margin and guides $14-16 billion for the year; Q3 on October 20 tests whether that margin survives heavier costs.

Blackstone managed $1.35 trillion at June 30, 2026, with distributable earnings up 26% but base fees up only 4.5%; Q3 will show whether BCRED repurchase requests fall back inside the 5% cap.

P&G grew fiscal 2026 sales 3% to $87.0 billion with no volume contribution and core EPS up 1% to $6.89; Q1 FY2027 tests whether volume and pricing turn positive as a $1 billion cost headwind hits.

AAR grew fiscal 2026 sales 19% to $3.31 billion while its Parts Supply margin slipped to 12.5% and cash flow trailed profit; Q1 FY2027 results test whether distribution growth lifts margins and cash.

Valero earned $3.72 billion in Q2 2026 on a $23.62 per barrel refining margin and holds $7.9 billion of cash; Q3 will show whether feedstock discounts keep margins above $20 as diesel cracks retreat.

SAP grew Q2 2026 cloud revenue 24% and backlog 26% at constant currencies, yet operating profit rose only 9%; Q3 results show whether profit growth returns to the guided pace.

CME Group's Q2 2026 revenue rose 1% to $1.71 billion as average daily volume slipped 1%; Q3 results on October 21 will show whether rate per contract holds at $0.678.

Progressive grew premiums 5% in Q2 2026 at an 87.3 combined ratio, but August hit 89.3; Q3 results will show whether rate cuts and heavier advertising still buy policy growth.

Lam Research posted record June-quarter revenue of $6.72 billion at a 51.7% gross margin; Q1 fiscal 2027 results will show whether memory tool orders drive the guided $8.1 billion.

Abbott's Q2 2026 comparable sales grew 4.8% with adjusted EPS of $1.31 after the Exact Sciences deal; Q3 must show whether nutrition, diagnostics and devices can lift growth toward 6.5%-7.5%.

AT&T grew Q2 2026 revenue 2.3% to $31.6 billion with postpaid phone churn at 0.86% after a price increase; Q3 will show whether churn, fiber adds and cash flow hold.