Clara Borresen
Clara analyses sector-level earnings trends, estimate revisions, and the margin story running underneath each reporting season.
Articles by Clara Borresen
Most Investors Haven't Read Scalare's Half-Year Filing. That Is the Opportunity.
The ASX small cap with 360% lodged revenue growth is still an unread PDF to most of the market. Not for long.
As of Sept. 4, seventy S&P 500 companies had guided third-quarter EPS up and 41 down
FactSet's Sept. 4 Earnings Insight put positive third-quarter EPS guidance at 70 companies against a five-year average of 43, with negative guidance at 41. The estimated third-quarter earnings growth rate had risen to 28.5% from 26.6% at the start of the quarter on June 30, reversing the usual within-quarter drift. All figures are as of Sept. 4 and have not been updated since.
Kroger's identical sales guide carries a 130 basis point drag disclosed only in a footnote
The grocer reports second-quarter results before Friday's open. Every profit line in its fiscal 2026 outlook table is an adjusted measure the company says it cannot fully reconcile to GAAP, and the sales range absorbs an Inflation Reduction Act headwind flagged in small print.
ABM lifts its adjusted EPS midpoint by two and a half cents while cutting the segment margin guide
Fiscal third-quarter GAAP diluted EPS was $0.84; the adjusted figure was $1.04. The full-year adjusted range narrowed to $3.95-$4.10 from $3.85-$4.15, and the segment operating margin outlook came down to 7.7%-7.8% from 7.8%-8.0%.
Docusign Beat Its Own Quarter by $8.7 Million and Raised the Full Year by $7 Million
The fiscal 2027 revenue guide moved from $3,490-$3,502 million to $3,499-$3,507 million. At the midpoints that increase is smaller than the second-quarter revenue beat, which leaves the implied second half fractionally lower than it was in June.
Victoria's Secret Raises Its Full-Year Sales Outlook but Guides Third-Quarter Operating Income to $10 Million to $20 Million
Second-quarter net sales rose 10% and adjusted earnings beat both compilers' consensus, yet the retailer's plan to step up marketing spending left the current quarter's profit guide well below Street expectations. Shares fell sharply in premarket trading.
Two Discounters Raised Full-Year Guidance on Tariff Refunds Neither Company Adjusted Out
Dollar Tree booked a $1.31-per-share tariff refund benefit inside a $2.70 quarter, and its GAAP and adjusted EPS came in identical, meaning the refund survives both measures. Dollar General's $0.25 benefit accounts for 43.5% of the midpoint increase in its full-year guidance, and unlike Dollar Tree, whose release announces an increase only at the earnings line, it also raised its sales and same-store sales ranges.
Zscaler already told investors what fiscal 2027 looks like. Thursday is when it has to mean it
Zscaler closes its fiscal year with a report after Thursday's close, and its own May shareholder letter has already put a number on the year that follows: total ARR and revenue growth of 16 to 17 percent. That is roughly eight percentage points below the growth rate the company has guided fiscal 2026 to finish at.
Three Wednesday-Night Reports, Three Different GAAP-to-Non-GAAP Directions: Nvidia, Salesforce and CrowdStrike
Nvidia's GAAP EPS landed above its adjusted number. Salesforce's sat $1.61 below. CrowdStrike's GAAP net income was roughly one sixty-first of its non-GAAP figure. Same label, three different stories.
Nvidia's 'Second Quarter' Ended July 26. DICK'S Ended Aug. 1. Intuit's Report Tonight Closes a Fiscal Year.
The last heavy week of the season is stacked with companies whose quarters do not line up with the calendar, with each other, or with the blended growth rate everyone is quoting.
XPeng's total gross margin rose to 20.7% while vehicle margin fell to 12.1%, and its Q3 delivery guide brackets zero growth
XPeng reported second-quarter revenue of RMB19.74 billion on Aug. 24, up 8.0% year over year and 51.5% sequentially, with total gross margin of 20.7% and vehicle margin of 12.1%. The GAAP net loss widened to RMB1.34 billion from RMB0.48 billion a year earlier; the non-GAAP net loss was RMB1.24 billion. Third-quarter guidance of 115,000 to 121,000 deliveries implies a year-over-year change of roughly minus 0.87% to plus 4.30%.
Ross Stores lifted its full-year outlook to $8.61-$8.77 a share, and told you in the same sentence that roughly $0.60 of it is a tariff refund. Back that out and the raise over the May guide is closer to half a dollar than a full one.
Ross reported diluted EPS of $2.66 for the quarter ended August 1, 2026, on sales of $6.265 billion and a 10% comparable store sales gain. Approximately $253 million of IEEPA tariff refunds sat inside that number, worth about $0.60 a share and 405 of the 610 basis points of operating margin expansion. The shares traded at $249.68 in premarket trading Friday, up 9.1%, per a Benzinga note timestamped 4:53 a.m. Eastern; Friday's regular session had not closed at the time of writing.
TJX Reports Wednesday, and Its Margin Guide Points Almost Exactly at the Margin Its Own 10-Q Implies for Last August
TJX is planning a second-quarter pretax profit margin of 11.4% to 11.5%. Its own filed 10-Q for the year-ago quarter shows $1.647 billion of pretax income on $14.401 billion of sales, which divides out to 11.44% — our arithmetic, not a margin TJX published. And the fiscal 2026 base the full-year guidance is measured against contains a credit card settlement that appears as $470 million, $419 million or $221 million depending on which document you open.
Sandisk's Three-Year Model Guides Gross Margin Below Where It Already Is. The Stock Closed Up 13.67% Anyway
At its Aug. 13 investor day Sandisk laid out an FY2028-FY2030 framework built on approximately 80% non-GAAP gross margin. Its last reported quarter came in at 84.6% non-GAAP and its current-quarter non-GAAP guide is 83.0% to 85.0%. What the market bought was not the margin line but the contract book underneath it.
Optical suppliers are guiding far above the models, and the tape is still fading the prints
Coherent guided fiscal first-quarter revenue about 8% above consensus and earnings about 10% above, hours after Lumentum's own outlook drove a rally across the group. Coherent shares fell in extended trading anyway.
Simon Property Raises Full-Year FFO Guidance as Mall Metrics Stay Hot
The mall REIT lifted its 2026 funds-from-operations outlook to $13.20 to $13.30 per share on the strength of 13.9% retailer sales growth, and the market's calm response shows what a raise buys this season.