Earnings calls, dissected.

Meituan posted Q1 FY2026 revenue of RMB91.0 billion, up 5.6% year over year, but swung to an adjusted net loss of RMB5.0 billion as intensified competition drove selling and marketing expenses up 51.1% and cost of revenues up 20.2%. The quarter marked a meaningful sequential recovery, with total operating loss narrowing sharply from RMB16.1 billion in Q4 FY2025 to RMB6.5 billion.

POSCO Holdings delivered Q1 2026 consolidated revenue of ₩17,876bn, recovering sequentially from a weak Q4 2025, with operating profit rebounding sharply to ₩707bn versus ₩13bn in the prior quarter. The result was driven by a recovery in steel and infrastructure segments, partially offset by continued pressure in battery materials.

Royal Bank of Canada delivered a standout Q2 FY2026 with net income of $5.5 billion, up 25% year-over-year, and diluted EPS of $3.85, beating consensus by a wide margin on the strength of diversified segment growth and sharply lower provisions. Capital returns accelerated with a 7% dividend increase and a new 45-million-share buyback announced alongside the results.

ORLEN Group delivered a standout first quarter, with group EBITDA surging 48% year on year to PLN 14,857 million and net profit nearly doubling to PLN 8,154 million, as stronger refining margins and higher crude prices more than offset petrochemical headwinds and a weaker US dollar. The group ended March 2026 in a net cash position of PLN 1,966 million, underscoring balance sheet resilience amid elevated geopolitical risk.

HP Inc. delivered its eighth consecutive quarter of top-line growth in Q2 FY26, with revenue of $14.4B rising 9% year-over-year and non-GAAP EPS of $0.86 beating guidance of $0.70–$0.76. Disciplined mitigation of rising memory and storage costs drove outperformance, though margin pressure is expected to intensify through the back half of the year.

SQM delivered a transformational first quarter, with revenues surging 70% year-over-year to $1.76 billion and net income jumping 165% to $364.7 million, driven by record lithium volumes and a near-doubling of realized lithium prices. Management raised full-year sales volume guidance across both lithium and Specialty Plant Nutrition, signalling broad-based operational momentum.

PDD Holdings posted Q1 2026 revenue of RMB106.2 billion, up 11% year-over-year and ahead of expectations, driven by a 20% surge in transaction services. Net income fell 15% to RMB12.5 billion as the company accelerates a structural pivot toward first-party brand development and deep supply chain investment.

Xiaomi reported Q1 2026 total revenue of RMB 99.1 billion, down 10.9% year-on-year, as a deliberate pullback in mid-to-low-end smartphone shipments weighed on the top line. Adjusted net profit of RMB 6.1 billion exceeded expectations, supported by record smartphone ASP and a strong IoT gross margin of 25.2%.

Lenovo delivered its best year in company history, surpassing $83 billion in full-year revenue and posting record Q4 results across all three business groups. AI-related revenues grew 105% year-on-year for the full year, now representing 33% of Group revenue, with ISG turning fully profitable for the first time.

Deere posted Q2 FY2026 net income of $1.773 billion ($6.55 per diluted share) on net sales of $11.778 billion, up 5% year-over-year, maintaining full-year net income guidance of $4.5–$5.0 billion despite a structurally challenged large ag environment. Portfolio diversification across Construction & Forestry and Small Ag & Turf is providing meaningful earnings resilience as the company positions for large ag cycle recovery.

ACWA Power reported Q1 2026 net profit attributable to equity holders of SAR 345 million, down sharply from SAR 729 million in Q1 2025, as lower business development revenues more than offset a resilient contribution from the expanded operating portfolio. Operating income before impairment and other expenses rose to SAR 19 million versus SAR 16 million in the prior-year quarter, reflecting portfolio growth tempered by front-end development cycle dynamics.

Alibaba Group reported full-year fiscal 2026 revenue of RMB1.024 trillion (US$148.4 billion), surpassing consensus expectations, as accelerating cloud and AI commercialization drove top-line reacceleration. Net income attributable to ordinary shareholders reached RMB105.9 billion (US$15.4 billion), reflecting a meaningful year-on-year recovery in profitability.

TJX delivered a standout Q1 FY27, with diluted EPS of $1.19 surging 29% year-over-year and consolidated comparable sales up 6%, both well above plan. The company responded by raising full-year guidance across comp sales, pretax margin, EPS, and share buybacks.

Target delivered a stronger-than-expected Q1 2026, with net sales of $25.4 billion rising 6.7% year-over-year and Adjusted EPS of $1.71 beating the prior-year adjusted figure by 32%. The company raised its full-year net sales growth outlook by two percentage points to approximately 4% and guided EPS toward the high end of the $7.50–$8.50 range.

NVIDIA delivered record Q1 FY27 revenue of $81.6 billion, up 85% year-over-year, driven by explosive Blackwell adoption across every major hyperscaler and cloud provider. Non-GAAP EPS of $1.87 surged 140% from a year ago, with Q2 guidance of $91.0 billion signalling no deceleration in AI infrastructure spend.

Lowe's posted Q1 2026 adjusted diluted EPS of $3.03, up 3.8% year-over-year, on total sales of $23.1 billion with comparable sales growth of 0.6% marking the fourth consecutive quarter of positive comps. Management affirmed its full-year 2026 outlook, targeting $92–$94 billion in sales and adjusted EPS of $12.25–$12.75.

Home Depot reported Q1 FY2026 results in line with expectations, with total sales of $41.8 billion (+4.8% YoY) and adjusted EPS of $3.43, as comparable sales grew a modest 0.6% amid persistent housing affordability headwinds. Management reaffirmed full-year guidance, projecting total sales growth of 2.5%–4.5% and adjusted diluted EPS growth of flat to 4%.

Indian Oil Corporation reported full-year FY2025-26 standalone PAT of ₹36,802 crore on revenue of ₹9,34,953 crore, supported by record operational throughputs across refining, pipeline, and marketing. The Board recommended a final dividend of ₹1.25 per share (12.5% on face value), reflecting disciplined capital returns alongside a ₹32,700 crore capex programme for FY2026-27.

Subaru posted a 90.1% collapse in operating profit to ¥40.1 billion for FY2026, overwhelmed by U.S. tariff costs, BEV impairment charges, and environmental regulatory credit losses, even as revenue edged up 2.1% to ¥4,785.0 billion. Management guides a sharp FY2027 recovery to ¥150.0 billion operating profit alongside a ¥150.0 billion share buyback, signalling confidence in its ICE/HEV-led stabilisation strategy.

Credicorp delivered record Q1 2026 net income of S/2,063 million, up 16.1% YoY, with ROE reaching an all-time high of 21.1% on broad-based business strength across universal banking, microfinance, insurance, and its expanding innovation portfolio. Full-year 2026 guidance was reaffirmed, with management targeting approximately 19.5% ROE and loan growth of around 8.5%.

CPFL Energia delivered R$3.86 billion in EBITDA and R$1.91 billion in net income in Q1 2026, with net income surging 18.2% year-over-year on lower financial expenses and a significantly reduced effective tax rate. The quarter was further underpinned by a landmark 30-year concession renewal for three major distributors and continued growth in data center-driven commercial consumption.

CSN reported Q1 FY2026 consolidated net revenue of R$10.6 billion and Adjusted EBITDA of R$2.6 billion, with year-over-year EBITDA growth of 5.5% driven by record cement segment performance and logistics resilience despite heavy rainfall and steel market headwinds. Net leverage declined to 3.36x as management advances a multi-pronged capital structure resolution plan including a US$1.2 billion bridge loan and ongoing asset sale program.

Orascom Construction delivered a standout Q1 2026, with revenue surging 73.2% year-on-year to USD 1,468.4 million and net profit attributable to shareholders more than doubling to USD 53.4 million. The results were underpinned by record U.S. backlog of USD 2.9 billion and EBITDA margin expansion to 7.4% across both operating segments.

Suzuki Motor posted record-high revenue of ¥6,293.0 billion (+8.0% YoY) and record net profit of ¥439.3 billion (+5.6% YoY) in FY2025, though operating profit slipped 3.1% to ¥622.9 billion as raw material cost inflation and accelerated growth investment weighed on margins. Management guides for a second consecutive year of operating profit decline in FY2026 despite projected volume growth of 7.1%.