Daily ideas

Petrobras posted US$7.66 billion of Q2 free cash flow and record Q3 oil output of 2.832 million b/d; Q3 2026 earnings show whether its 70% E&P margin holds.

Cencora's fiscal Q3 revenue rose 5.1% to $84.8B with U.S. segment profit up 15.9%; Q4 tests whether U.S. profit reaches $964M-$997M with double-digit organic growth.

IDEXX grew Q2 2026 revenue 9.7% to $1.22 billion with a 35.0% operating margin; Q3 earnings test whether diagnostics can keep growing about 10% as vet visits fall.

Simon Property Group grew first-half 2026 Real Estate FFO 7.5% to $6.46 a share on 6.3% rent gains; Q3 earnings test whether rents outrun rising interest costs.

AMETEK posted record Q2 2026 sales of $2.04 billion and a $4.11 billion backlog; Q3 earnings test whether orders convert to EIG revenue as Indicor costs arrive.

Cummins grew Q2 2026 revenue 9% to $9.457 billion as the Power Systems margin hit 24.5%; Q3 must show whether trucks can lift Engine and Components margins.

Brookfield Asset Management's Q2 2026 fee-related earnings rose 20% to $808 million; Q3 results test whether new flagships and insurance credit lift DE per share.

Air Products lifted fiscal Q3 2026 adjusted EPS 12% to $3.47 on 3% higher volumes; Q4 earnings test whether new plants and pricing sustain growth as capex falls.

Grainger grew Q2 2026 sales 10.3% to $5.02 billion at a 16.1% operating margin; Q3 results test whether volume, not tariff pricing or refunds, drives growth.

National Grid earned 78.0p underlying EPS in 2025/26 as net debt rose to £44.16bn; its half-year results test whether RIIO-T3 lifts UK transmission profit above 18% growth.

Entergy's Q2 2026 adjusted EPS slipped to $1.03 from $1.05 as interest and dilution offset rate gains; Q3 earnings test whether rate actions outrun financing costs.

Lumentum posted $1.006 billion Q4 revenue at a 50.4% non-GAAP gross margin; Q1 tests whether fab capacity lifts laser chip sales while margins hold near 50%.

Realty Income earned $1.09 in AFFO per share in Q2 2026 as acquisition yields fell to 6.4%; Q3 earnings test whether its $10 billion plan still adds to per-share growth.

Cameco's Q2 2026 uranium gross profit fell 27% to C$158 million as deliveries dropped 18% and unit costs rose 26%; Q3 tests whether higher prices offset the Key Lake shutdown.

Cigna earned $7.78 per adjusted share in Q2 2026 as pharmacy benefit profit fell 27%; Q3 earnings test whether that decline has bottomed as specialty growth slows.

MUFG grew Q1 net interest income 27.7% to ¥882.4 billion and profit 48.2% to ¥809.4 billion; first-half results test whether its yen spread kept widening after the June BoJ hike.

Diamondback Energy pumped 525,200 barrels of oil a day in Q2 2026 and cut net debt to $12.3 billion; Q3 earnings test whether output holds after its DUC drawdown.

DoorDash grew Q2 2026 revenue 36% to $4.45 billion, or 24% excluding Deliveroo; Q3 tests whether organic orders hold above 16% at a 13.5% take rate.