Daily ideas

WM grew Q2 2026 revenue 4.0% to $6.68 billion at a 30.9% adjusted EBITDA margin; Q3 results test whether collection volume can hold flat under 5.7% core price.

Vertiv grew Q2 2026 sales 24% to $3.27 billion at a 22.6% adjusted margin; Q3 tests whether delayed data center projects deliver 34%-36% organic growth.

S&P Global grew Q2 2026 pro forma revenue 11% to $3.68 billion as ratings rose 17%; Q3 tests whether ratings can beat a $1.24 billion prior-year base.

Starbucks lifted U.S. comps 7.9% and its non-GAAP margin to 14.4% in fiscal Q3 2026; Q4 results test whether traffic and margins hold without tariff refunds.

ServiceNow grew Q2 2026 subscription revenue 24.5% to $3.877 billion at a 29.5% operating margin; Q3 tests growth after a federal pull-forward and margins after Armis.

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.