Daily ideas

Bristol Myers Squibb grew Q2 2026 revenue 6% to $13.0 billion as Eliquis rose 22%; Q3 tests whether that pace and cash flow hold before Eliquis loses EU exclusivity.

Phillips 66 earned $3.79 billion adjusted in Q2 2026 on a $24.08/bbl refining margin; Q3 results test how much holds once doubled crack spreads and hedge gains fade.

Cloudflare grew Q2 2026 revenue 36% to $696.1 million with a 73.1% non-GAAP gross margin; Q3 tests whether early pool consumption drove the beat.

ADP grew fiscal 2026 revenue 7% to $21.95 billion as client fund interest rose 13.9%; Q1 must show whether 1% headcount growth still supports 5%-6% Employer Services growth.

AB InBev grew Q2 2026 revenue 5.6% organically to $16.66 billion with EBITDA up 5.8%; Q3 tests whether easing cost pressure outweighs World Cup marketing spend.

BBVA earned EUR 3,062 million in Q2 2026 with CET1 at 12.90%; Q3 results test whether Mexico loan growth still beats a peso spread down to 11.61%.

Equinor earned $11.48 billion adjusted operating income in Q2 2026 with net debt at 10.4%; Q3 tests whether cash still funds buybacks once Norwegian tax catches up.

AbbVie grew Q2 2026 revenue 10.2% to $16.99 billion as Skyrizi and Rinvoq offset Humira; Q3 results on 2026-10-30 test whether Skyrizi keeps its $21.7 billion full-year pace.

Booking Holdings grew Q2 2026 room nights 5.3% and revenue 8.1% to $7.35 billion; its Q3 report tests whether 3%-5% room-night guidance holds as long-haul travel stays weak.

Boeing delivered 171 jets in Q2 2026 and turned free cash flow to $631 million; Q3 tests whether the 737 ramp to 47 a month keeps deliveries and cash positive.

AstraZeneca's Q2 2026 revenue rose 5% at CER to $15.38 billion with a 34% core operating margin; Q3 results test whether oncology growth can offset Farxiga generics.

Western Digital grew Q4 revenue 44% to $3.75 billion as exabytes rose only 22%; Q1 fiscal 2027 results test whether volume and 40TB costs can take over from contract pricing.

ExxonMobil earned $14.7 billion adjusted with $17.2 billion free cash flow in Q2 2026; Q3 tests whether fewer Guyana barrels and easing margins still fund buybacks.

Chevron earned $12.1 billion in Q2 2026 on $104 Brent and 20% output growth; Q3 tests whether Hess volumes and cost cuts hold upstream profit as oil and timing gains fade.

UBS posted a 70.0% underlying cost/income ratio and 14.4% CET1 ratio in Q2 2026; Q3 results test whether buybacks hold after tougher Swiss capital rules.

Chubb earned $7.26 core EPS in Q2 2026 with an 83.8% P&C combined ratio; Q3 results on Oct 27 test whether casualty margins hold as soft pricing spreads.

Linde grew Q2 2026 sales 9% to $9.29 billion while its adjusted margin slipped to 29.5%; Q3 earnings test whether Americas margins recover and start-ups keep volumes growing.

Amazon grew Q2 2026 sales 20% to $200.6 billion as AWS rose 37%, but trailing free cash flow hit -$7.6 billion; Q3 tests whether AWS growth outruns AI capex.

T-Mobile grew Q2 2026 service revenue 8.9% to $18.98 billion as account churn rose to 0.99%; Q3 results test whether higher ARPA outweighs migration-driven churn.