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US Earnings Financial Results SEC Filings — July 22, 2026

Financial Results & Earnings

By Gunpowder Editorial ·

25 high priority 25 total filings analysed

Executive Summary

This earnings digest reveals a sharply bifurcated market. On one side, industrial and infrastructure giants like GE Vernova, CSX, and United Rentals are delivering double-digit revenue and earnings growth, fueled by robust demand and pricing power.

On the other, a cluster of micro-cap and pre-revenue companies (Star Gold, NaturalShrimp, Alzamend Neuro, Ankam) are burning cash and facing existential liquidity crises, with one (NaturalShrimp) adopting liquidation accounting. A notable theme is the 'growth at a cost' pattern: several companies (Wabtec, AT&T, Essential Properties) are reporting strong top-line growth but seeing net income or cash flow pressured by aggressive M&A, share buybacks, or rising interest expenses. The real estate sector (EastGroup, Essential Properties, NETSTREIT) shows strong operational momentum but is increasingly exposed to credit quality deterioration and higher financing costs. Insider activity was notably absent from the enriched data, but capital allocation decisions—particularly the aggressive share repurchases by AT&T and United Rentals—signal management confidence, while the surge in provisions for credit losses at Travel + Leisure and Essential Properties warrants caution. The overall picture is one of a resilient economy for large-cap industrials and select REITs, but a punishing environment for cash-burning small caps and companies with high leverage.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: 10-K · 10-Q

Tracking the trend? Catch up on the prior US Earnings Financial Results SEC Filings digest from July 15, 2026.

Investment Signals (12)

  • GE Vernova ↓ (BULLISH)
    ▲

    Revenue surged 22% YoY to $11.1B, equipment sales up 32%, and gross margin expanded 100 bps to 21.3%. Operating cash flow exploded to $10.7B in H1 (vs $1.5B), driven by a $13.7B increase in contract liabilities, signaling massive future revenue backlog.

  • CSX Corp ↓ (BULLISH)
    ▲

    Revenue grew 10.1% YoY in Q2, with net earnings up 20.9% to $1.0B. Operating cash flow improved 37.5% to $2.6B in H1. The company is returning capital via a 7.7% dividend increase and $518M in buybacks, despite reducing buyback pace from prior year.

  • NVE Corp ↓ (BULLISH)
    ▲

    Revenue surged 80.7% YoY to $11.03M, with net income nearly doubling to $6.39M. Gross margin improved to 81.3%, and R&D spending increased 31.4%, indicating investment in future growth.

  • United Rentals ↓ (BULLISH)
    ▲

    Revenue grew 11.8% YoY to $4.41B, with equipment rental revenue up 12.7%. Net income rose 21.1% to $753M, and diluted EPS jumped 25.4% to $12.03. Aggressive $379M in Q2 share repurchases signals strong management conviction.

  • Armour Residential REIT ↓ (BULLISH)
    ▲

    Net income swung from a -$75.6M loss to a +$114.8M profit in Q2 YoY, driven by a 132% surge in net interest income to $76.8M. Net interest spread improved dramatically to 1.10% from 0.36%, signaling a successful repositioning of the portfolio.

  • Mueller Industries ↓ (BULLISH)
    ▲

    Net sales grew 25.5% YoY in Q2, with H1 net income up 21.1%. The company executed a $138.3M acquisition, increasing goodwill, and generated a $41.4M gain on sale of a business, demonstrating active portfolio management.

  • AT&T ↓ (BULLISH)
    ▲

    Net income grew 3.1% YoY in Q2, and the company significantly increased share repurchases to $4.7B in H1 (vs $1.2B in H1 2025), a 296% increase. This aggressive buyback, despite rising debt, signals a strong commitment to shareholder returns.

  • PulteGroup ↓ (BULLISH)
    ▲

    Despite a 9.6% revenue decline, the company increased its dividend and maintained aggressive share repurchases. Land sale revenues surged 128% to $78.9M, and SG&A expenses decreased 1.9%, showing cost discipline.

  • Weatherford International ↓ (BULLISH)
    ▲

    Revenue declined 8% YoY and net income dropped 71%, but operating cash flow improved 15% to $311M in H1. Total debt was slightly reduced, and shareholders' equity improved 5.5%, suggesting a focus on balance sheet strength despite operational headwinds.

  • Wabtec (MIXED)
    ▲

    Net sales grew 17.5% YoY to $3.18B, and net income rose 17.6% to $395M. However, a $44M foreign currency translation loss (vs a $166M gain in Q2 2025) caused comprehensive income to drop 30.1%, masking the strong operational performance.

  • Iridium Communications ↓ (MIXED)
    ▲

    Total revenue grew 3.8% YoY in Q2, but net income fell 55.9% due to a 50.2% surge in SG&A expenses. The company's cash position more than doubled to $184.2M, providing a buffer, but the expense growth is a concern.

  • RPM International ↓ (MIXED)
    ▲

    Net sales grew 6.7% to $7.86B, but net income declined 4.0% and net income margin compressed to 8.4% from 9.4%. Higher interest expense (+15.5%) and a higher tax rate are squeezing margins, despite strong segment-level EBIT growth in PCG (+11.1%).

Risk Flags (10)

  • NaturalShrimp / Going Concern↓ [HIGH RISK]
    ▼

    Adopted liquidation basis accounting as of March 31, 2026. All fixed assets ($35.8M) transferred to creditors, cash dwindled to $9,851, and net liabilities in liquidation are $8.99M. This is a terminal risk.

  • Alzamend Neuro / Cash Burn↓ [HIGH RISK]
    ▼

    Net loss widened 94% to $8.77M, with cash used in operations of $8.07M. Cash balance fell 82% to $710,689 from $3.95M. At the current burn rate, the company has less than one quarter of cash runway.

  • Ankam, Inc. / Revenue Collapse↓ [HIGH RISK]
    ▼

    Revenue declined 72.8% YoY to $44,900, swinging from a net profit of $55,687 to a net loss of $53,474. Cash fell 95% to $6,330, and stockholders' deficit deepened to $(647,853). The business model appears unsustainable.

  • Star Gold Corp. / Pre-Revenue Losses↓ [HIGH RISK]
    ▼

    Net loss increased 220.5% to $824,850, with operating expenses surging 281.7%. While liquidity improved due to financing, the company has no revenue and is burning cash at an accelerating rate, making it dependent on continued capital raises.

  • Travel + Leisure / Credit Deterioration↓ [MODERATE RISK]
    ▼

    Provision for loan losses increased 10% to $241M in H1, and inventory write-downs surged to $25M from $0. Operating cash flow fell 26.9% to $258M, indicating potential stress in the vacation ownership loan portfolio.

  • Essential Properties REIT / Rising Credit Concerns [MODERATE RISK]
    ▼

    Provision for impairment of real estate surged to $18.2M in H1 (from $6.5M), and the change in provision for credit losses turned to a charge of $3.3M from nil. This signals a deteriorating credit environment in the net-lease retail sector.

  • Forestar Group / Impairments Rising↓ [MODERATE RISK]
    ▼

    Impairments and land option charges more than doubled to $8.0M for the nine-month period. Capitalized interest increased 23.2% to $96.5M, and interest incurred rose 15.8%, suggesting higher carrying costs and potential write-downs ahead.

  • Wabtec / FX Exposure [MODERATE RISK]
    ▼

    The company reported a $44M foreign currency translation loss in Q2 2026, compared to a $166M gain in Q2 2025, a swing of $210M. This volatility can significantly impact reported comprehensive income and shareholder equity.

  • AT&T / Rising Debt↓ [MODERATE RISK]
    ▼

    Long-term debt increased to $134.6B from $127.1B at year-end 2025, a 5.9% increase. Combined with $4.7B in share repurchases and $2.7B in acquisitions, the company is levering up to fund capital returns, which could strain the balance sheet if interest rates remain high.

  • PulteGroup / Revenue Decline↓ [MODERATE RISK]
    ▼

    Total revenues fell 9.6% YoY in Q2 and 10.9% in H1, driven by lower home sale revenues. Net income declined 22.4% in Q2, indicating a potential slowdown in the housing market.

Opportunities (10)

  • GE Vernova / Energy Transition Play↓ (OPPORTUNITY)
    ◆

    With equipment sales up 32% YoY and a massive $13.7B increase in contract liabilities, GE Vernova is a direct beneficiary of the energy transition and grid modernization. The 22% revenue growth and expanding margins make it a core holding for industrial exposure.

  • CSX Corp / Rail Volume Recovery↓ (OPPORTUNITY)
    ◆

    Revenue grew 10.1% YoY, and net earnings surged 20.9%. The 37.5% improvement in operating cash flow to $2.6B provides ample firepower for further dividend increases and buybacks. The company is a play on a recovering industrial economy.

  • NVE Corp / High-Margin Niche Leader↓ (OPPORTUNITY)
    ◆

    With 81.3% gross margins and 80.7% revenue growth, NVE Corp is a high-margin, high-growth play in the specialty semiconductor space. The 31.4% increase in R&D spending suggests a pipeline of new products.

  • United Rentals / Infrastructure & Capex Cycle↓ (OPPORTUNITY)
    ◆

    Revenue growth of 11.8% and a 21.1% rise in net income make URI a direct play on the infrastructure and non-residential construction cycle. The aggressive buyback ($379M in Q2) is a strong signal of management's confidence in future cash flows.

  • Armour Residential REIT / Interest Rate Turnaround↓ (OPPORTUNITY)
    ◆

    The swing from a $75.6M loss to a $114.8M profit, driven by a 132% surge in net interest income, suggests the company has successfully navigated the rate hiking cycle. If the Fed cuts rates, the portfolio could see further gains.

  • Mueller Industries / Industrial Consolidation Play↓ (OPPORTUNITY)
    ◆

    With 25.5% revenue growth and a $138.3M acquisition, Mueller is actively consolidating in the industrial space. The $41.4M gain on sale of a business shows disciplined portfolio management.

  • EastGroup Properties / Industrial REIT Strength↓ (OPPORTUNITY)
    ◆

    Net income grew 19.3% YoY in Q2, and revenue rose 9.0%. The company is benefiting from strong demand for industrial and logistics space, with a 9.1% increase in income from real estate operations.

  • NETSTREIT Corp / High-Growth Net-Lease REIT↓ (OPPORTUNITY)
    ◆

    Total revenues increased 27% YoY, and net income nearly doubled. The company acquired 79 properties in Q2 (vs 23 in prior year), indicating a highly active acquisition pipeline and strong growth trajectory.

  • Weatherford International / Turnaround Play↓ (OPPORTUNITY)
    ◆

    Despite a 71% drop in net income, operating cash flow improved 15% and debt was reduced. The company is focusing on balance sheet repair and operational efficiency. If the DRE and WCC segments stabilize, the stock could re-rate.

  • RPM International / Margin Recovery Play↓ (OPPORTUNITY)
    ◆

    While net income declined 4.0%, the PCG segment saw EBIT growth of 11.1%. The company is investing in growth, and if interest expense pressures ease, margins could recover. The 6.7% revenue growth shows underlying demand is solid.

Sector Themes (6)

  • Industrial Strength
    ◆

    Companies like GE Vernova (rev +22%), CSX (rev +10.1%), United Rentals (rev +11.8%), and Mueller Industries (rev +25.5%) are all reporting double-digit revenue growth, driven by infrastructure spending, energy demand, and pricing power. This is a broad-based theme across the industrial sector.

  • Micro-Cap Cash Crisis
    ◆

    A cluster of micro-cap companies (Star Gold, NaturalShrimp, Alzamend Neuro, Ankam) are facing existential liquidity crises. All four are burning cash at accelerating rates, with one adopting liquidation accounting. This highlights the punishing environment for pre-revenue and cash-burning small caps in a high-interest-rate environment.

  • REIT Growth vs. Credit Quality
    ◆

    The REIT sector (EastGroup, Essential Properties, NETSTREIT) shows strong operational growth (revenue up 9-27%), but is increasingly challenged by rising credit costs. Essential Properties saw a 180% surge in impairment provisions, while NETSTREIT saw a decline in gains on sales. The divergence between top-line growth and credit quality is a key theme.

  • Capital Allocation Divergence
    ◆

    Companies are taking starkly different approaches to capital allocation. AT&T and United Rentals are aggressively buying back shares (AT&T: $4.7B in H1, URI: $379M in Q2), while CSX and PulteGroup are also returning capital but at a more measured pace. In contrast, cash-burning small caps are desperately seeking financing.

  • Margin Squeeze from Rising Costs
    ◆

    Several companies are reporting top-line growth but margin compression. RPM International saw net income margin decline to 8.4% from 9.4%, and Iridium's net income fell 55.9% due to a 50.2% surge in SG&A. Rising interest expenses (RPM, Essential Properties) and input costs (CSX fuel +65.8%) are squeezing profitability.

  • M&A as a Growth Driver
    ◆

    Wabtec, GE Vernova, Mueller Industries, and NETSTREIT all reported significant acquisition activity. Wabtec spent $1.06B, GE Vernova $4.9B, and NETSTREIT acquired 79 properties. This suggests that companies with strong balance sheets are using M&A to accelerate growth in a consolidating market.

Watch List (8)

  • NaturalShrimp / Liquidation↓ (IMMEDIATE)
    👁

    The company has adopted liquidation basis accounting. Monitor for any asset sales or creditor actions. The stock is effectively worthless.

  • Alzamend Neuro / Cash Runway↓ (IMMEDIATE)
    👁

    With only $710,689 in cash and an $8.07M annual cash burn rate, the company will likely need to raise capital or face a going concern issue. Watch for a dilutive offering or reverse stock split.

  • Ankam, Inc. / Revenue Sustainability↓ (IMMEDIATE)
    👁

    With revenue down 72.8% and cash at $6,330, the company's ability to continue as a going concern is in question. Watch for any disclosure of a strategic alternative or bankruptcy filing.

  • Travel + Leisure / Loan Loss Provisions↓ (NEXT EARNINGS)
    👁

    The 10% increase in provision for loan losses to $241M in H1 is a red flag for the consumer credit environment. Watch the Q3 2026 earnings call for commentary on delinquency trends and charge-offs.

  • Essential Properties REIT / Credit Impairments (NEXT EARNINGS)
    👁

    The surge in impairment provisions to $18.2M and the change in credit loss provisions warrant close monitoring. Watch for any tenant bankruptcies or rent deferrals in the coming quarters.

  • Wabtec / FX Impact (NEXT FILING)
    👁

    The $210M swing in foreign currency translation gains/losses is a significant source of earnings volatility. Watch for any hedging updates or guidance on FX exposure in the next filing.

  • GE Vernova / Contract Liability Conversion↓ (NEXT EARNINGS)
    👁

    The $13.7B increase in contract liabilities is a massive future revenue backlog. Monitor the conversion rate of this backlog into revenue and cash flow in the next 2-3 quarters.

  • AT&T / Debt and Buyback Balance↓ (NEXT FILING)
    👁

    With debt rising to $134.6B and buybacks at $4.7B, monitor the company's leverage ratio and interest coverage. Any credit rating downgrade could impact the cost of capital.

Filing Analyses (25)
Star Gold Corp. 10-K mixed materiality 8/10

22-07-2026

Star Gold Corp. (SRGZ) filed its 10-K annual report for the fiscal year ended April 30, 2026, reporting no revenue and a net loss of $824,850, a 220.5% increase from the prior year's loss of $257,386. Operating expenses surged 281.7% to $774,959, driven by a 2533.2% jump in pre-development expenses and a 232.5% rise in management costs. However, the company improved its liquidity position significantly, with working capital turning positive from a deficit of ($670,822) to $2,023,819, and stockholders' equity shifting from a deficit of ($314,755) to $2,727,386, primarily due to $2,861,000 in financing activities.

  • · The company had no revenue for both fiscal years 2026 and 2025.
  • · Pre-development expense surged 2533.2% to $231,565 from $8,794.
  • · Legal and professional fees increased 196.6% to $253,029.
  • · Management and administrative expenses rose 232.5% to $259,499.
  • · Interest expense, related party decreased 6.4% to $50,100.
  • · Mineral exploration expense remained flat at $30,866.
  • · Cash used in operating activities increased 490.7% to ($929,165).
  • · Cash provided by financing activities increased 1530.2% to $2,861,000.
  • · Total liabilities decreased from $1,022,113 to $124,352.
  • · All related party promissory notes and convertible notes were fully repaid or converted, with zero balances as of April 30, 2026.
  • · The company had two independent registered public accounting firms (PCAOB IDs 444 and 3627) providing reports.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP 10-Q mixed materiality 8/10

22-07-2026

Wabtec reported strong Q2 2026 results with net sales of $3,179M (+17.5% YoY) and net income attributable to shareholders of $395M (+17.6% YoY), driven by a 20% increase in goods sales. However, the company faced a significant foreign currency translation loss of $44M in Q2 (vs. a $166M gain in Q2 2025), leading to comprehensive income attributable to shareholders of only $355M, down 30.1% YoY. Cash flow from operations improved to $640M in H1 2026 from $400M in H1 2025, but cash and equivalents declined to $670M from $789M at year-end 2025 due to $1,062M in acquisition spending and $457M in stock repurchases.

  • · Diluted EPS for Q2 2026 was $2.33, up from $1.96 in Q2 2025.
  • · Total debt (current portion + long-term) increased to $6,571M at June 30, 2026 from $5,541M at December 31, 2025.
  • · Goodwill increased to $10,603M from $10,216M, reflecting acquisition activity.
  • · Accumulated other comprehensive loss worsened to $(729)M from $(616)M, driven by foreign currency translation losses.
  • · Dividends paid were $0.31 per share in both Q1 and Q2 2026, totaling $106M in H1 2026.
  • · Noncontrolling interest decreased to $30M from $48M, partly due to a $19M distribution/redemption in Q2 2026.
GE Vernova Inc. 10-Q positive materiality 9/10

22-07-2026

GE Vernova reported strong Q2 2026 results with total revenues of $11.1B, up 22% YoY from $9.1B, driven by equipment sales growth of 32% to $6.5B. Net income attributable to GE Vernova rose 30% to $668M from $514M, with diluted EPS of $2.47 vs $1.86. However, operating cash flow surged to $10.7B in H1 2026 from $1.5B a year ago, largely due to a $13.7B increase in contract liabilities, while the company also spent $3.7B on treasury stock repurchases and $4.9B on acquisitions, significantly increasing total assets to $80.8B from $63.0B at year-end 2025.

  • · Gross profit margin improved to 21.3% in Q2 2026 from 20.3% in Q2 2025.
  • · Selling, general, and administrative expenses rose 15.8% YoY to $1,372M in Q2 2026.
  • · Research and development expenses increased 18.4% YoY to $334M in Q2 2026.
  • · Goodwill more than doubled to $9,689M as of June 30, 2026 from $4,439M at year-end 2025, reflecting acquisitions.
  • · Intangible assets net surged to $4,507M from $727M at December 31, 2025.
  • · Long-term borrowings increased to $2,794M from $265M at year-end 2025, due to $2,567M in new debt issued.
  • · The company repurchased 2 million shares in Q2 2026 for $2,373M, and 3 million shares in H1 2026 for $3,671M.
  • · Dividends declared were $0.50 per common share in both Q2 2026 and Q2 2025.
  • · Assets held for sale were zero as of June 30, 2026, down from $396M at December 31, 2025, indicating completion of a divestiture.
  • · Other comprehensive loss attributable to GE Vernova was $159M in Q2 2026 vs a gain of $215M in Q2 2025, driven by currency translation losses.
AAR CORP 10-K mixed materiality 8/10

22-07-2026

AAR CORP reported fiscal 2026 annual results with total sales up 19.0% YoY to $3,308.0M, driven by strong Commercial (+20.6%) and Government & Defense (+14.9%) segments. However, consolidated gross margin slipped slightly to 18.8% from 19.0%, and the Parts Supply segment's operating margin declined from 14.3% to 12.5%. The company announced its intention to exit the Legacy Commercial Programs business, which will take 3–4 years to wind down.

  • · The company announced its intention to exit the Legacy Commercial Programs business during Q4 FY2026, with a wind-down expected to take 3–4 years.
  • · Legacy Commercial Programs operating income was essentially flat at $84.6M vs $84.0M (0.7% growth), and its operating margin declined from 9.0% to 7.8%.
  • · Government & Defense segment third-party sales grew only 1.4% YoY, essentially flat.
  • · Parts Supply segment operating margin declined from 14.3% to 12.5% despite strong sales growth.
  • · Commercial gross profit margin fell from 19.8% to 17.4%, a decline of 2.4 percentage points.
CAL-MAINE FOODS INC 10-K mixed materiality 8/10

22-07-2026

Cal-Maine Foods, the largest U.S. egg company, filed its annual 10-K for the fiscal year ended May 30, 2026. The filing highlights the acquisition of Echo Lake Foods (completed June 2, 2025) and ongoing impacts from highly pathogenic avian influenza (HPAI), which affected flocks in March 2026. While the company reported strong revenue growth, it also faces headwinds from HPAI outbreaks, rising feed costs, and legal proceedings, including the Oklahoma watershed pollution litigation.

  • · The company is a large accelerated filer and well-known seasoned issuer.
  • · HPAI first detected in U.S. commercial flocks in February 2022, impacted Cal-Maine flocks in Q3/Q4 FY2024 and again in March 2026.
  • · Acquisition of Echo Lake Foods completed June 2, 2025.
  • · Legal proceedings include: In Re Shell Eggs Litigation, Kraft Foods Global Inc. et al. v. United Egg Producers Inc. et al., and State of Oklahoma v. Cal-Maine Foods Inc. (watershed pollution litigation).
  • · The company's common stock trades on the Nasdaq Global Select Market under the symbol CALM.
  • · Fiscal year ends on the Saturday closest to May 31.
Iridium Communications Inc. 10-Q mixed materiality 7/10

22-07-2026

Iridium Communications reported mixed financial results for Q2 and H1 2026. Total revenue grew 3.8% YoY to $225.2 million in Q2, and 2.9% YoY to $444.3 million in H1, driven by growth in services (Q2: +3.7%) and engineering & support services. However, net income fell sharply — sliding 55.9% YoY in Q2 ($9.7 million vs $22.0 million) and 40.3% in H1 ($31.3 million vs $52.4 million) — and operating income dropped 32.3% YoY in Q2, mainly due to a 50.2% YoY surge in SG&A expenses. The company generated $185.8 million in operating cash flow for H1, while its cash position more than doubled to $184.2 million at June 30, 2026.

  • · Services revenue reached $161.3M in Q2 2026, up from $155.6M in Q2 2025 (+3.7%).
  • · Subscriber equipment revenue was $20.8M in Q2 2026 vs $19.5M in Q2 2025 (+6.7%); however, on a six-month basis it declined 3.8% to $41.0M from $42.6M in H1 2025.
  • · Engineering and support services revenue increased 3.0% in Q2 and 5.8% in H1.
  • · Cash from operations was $185.8M in H1 2026, down from $190.7M in H1 2025 (-2.6%).
  • · Capital expenditures rose 14.4% to $51.8M in H1 2026 from $45.3M in H1 2025.
  • · The company paid $32.7M in common stock dividends in H1 2026, up from $30.8M in H1 2025.
  • · No share repurchases occurred in H1 2026 vs $136.1M in H1 2025.
  • · Long-term secured debt remained relatively flat at $1.749B at June 30, 2026 vs $1.757B at Dec 31, 2025.
NaturalShrimp Inc 10-K negative materiality 10/10

22-07-2026

NaturalShrimp Inc. filed its 10-K annual report for the fiscal year ended March 31, 2026, reporting a net loss of $10.7 million for the period ended March 30, 2025, and a net loss available to common stockholders of $11.2 million. The company has adopted liquidation basis accounting as of March 31, 2026, with net liabilities in liquidation of $8.99 million, up from $8.79 million a year earlier. Cash has dwindled to just $9,851 from $101,969, and all fixed assets and intangibles ($35.8 million) were transferred to creditors in May 2025, reflecting the company's winding-down operations.

  • · The company has adopted liquidation basis accounting as of March 31, 2026, indicating it is winding down operations.
  • · All fixed assets and intangible assets ($35.8 million) were transferred to creditors in May 2025.
  • · Remaining liabilities of approximately $8.9 million include about $3.0 million to related parties (accrued salaries and outstanding loans).
  • · No additional costs or income are expected through the end of the liquidation period.
  • · The company reported a net loss of $10.7 million for the period ended March 30, 2025, with operating expenses of $7.0 million exceeding net revenue of $63,927.
  • · Cash used in operating activities was $3.9 million, while financing activities provided $3.8 million.
  • · The company has identified material weaknesses in internal control over financial reporting and plans to remediate by hiring additional accounting personnel and establishing an independent board and audit committee.
Travel & Leisure Co. 10-Q mixed materiality 7/10

22-07-2026

Travel + Leisure Co. reported Q2 2026 net revenues of $1,063M, up 4.4% from $1,018M in Q2 2025, driven by a 10.5% increase in vacation ownership interest sales to $524M. Net income was essentially flat at $109M vs $108M, with diluted EPS rising to $1.72 from $1.62. However, service and membership fees declined 2.7% to $396M, and operating cash flow for the first half of 2026 fell 26.9% to $258M from $353M, reflecting higher working capital outflows.

  • · Provision for loan losses increased to $241M in H1 2026 from $219M in H1 2025, a 10% rise.
  • · Inventory write-downs and impairments were $25M in H1 2026 versus $0 in H1 2025.
  • · Total debt (including non-recourse VIE debt) rose to $5,710M as of June 30, 2026 from $5,598M at December 31, 2025.
  • · Stockholders' deficit widened to $1,019M from $981M at year-end 2025, driven by share repurchases ($175M in H1 2026 vs $140M in H1 2025).
  • · Dividends paid were $78M in both H1 2026 and H1 2025, at $0.60 per share quarterly.
Forestar Group Inc. 10-Q mixed materiality 7/10

22-07-2026

Forestar Group Inc. reported revenue of $407.0M for Q3 FY26 (ended June 30, 2026), up 4.2% from $390.5M in Q3 FY25, and net income attributable to the company of $35.9M, up 9.1% from $32.9M. For the nine-month period, revenue grew 6.3% to $1,054.3M from $991.9M, while net income attributable to the company rose 3.1% to $83.5M from $81.0M. However, residential lot sales for the nine months declined 1.4% to $963.9M from $977.3M, and operating cash flow improved significantly to $27.6M from a use of $454.0M in the prior year period.

  • · Impairments and land option charges increased to $8.0M for nine months FY26 from $3.9M in prior year period.
  • · Interest incurred for nine months FY26 was $37.4M, up from $32.3M in prior year period.
  • · Capitalized interest at end of period increased to $96.5M from $78.3M year-over-year.
  • · Selling, general and administrative expense for nine months FY26 was $112.6M, essentially flat compared to $111.8M in prior year period.
  • · Stock-based compensation expense for nine months FY26 was $6.9M, up from $5.8M in prior year period.
  • · Deferred income taxes for nine months FY26 were $6.6M, down from $10.4M in prior year period.
  • · Net cash used in financing activities was $11.6M for nine months FY26, compared to net cash provided by financing activities of $162.6M in prior year period, reflecting debt repayments of $9.9M vs net debt additions of $170.6M in prior year.
  • · Total assets increased 2.7% to $3,220.6M from $3,137.0M at September 30, 2025.
  • · Retained earnings grew to $1,129.5M from $1,046.1M at September 30, 2025.
PULTEGROUP INC/MI/ 10-Q mixed materiality 9/10

22-07-2026

PulteGroup reported a decline in financial performance for Q2 and H1 2026 versus the prior year periods. Total revenues fell 9.6% YoY to $3.98B in Q2 and 10.9% to $7.39B in H1, driven by lower home sale revenues. Net income decreased 22.4% to $472M in Q2 and 27.6% to $819M in H1. However, the company maintained strong margins, increased its dividend, and continued aggressive share repurchases, returning significant capital to shareholders.

  • · Land sale and other revenues increased to $78.9M in Q2 2026 from $34.6M in Q2 2025, a 128% increase.
  • · Financial Services revenues declined to $96.9M in Q2 2026 from $101.2M in Q2 2025, down 4.2%.
  • · Selling, general, and administrative expenses decreased to $383.0M in Q2 2026 from $390.5M in Q2 2025, down 1.9%.
  • · Equity income from unconsolidated entities increased to $4.0M in Q2 2026 from $0.4M in Q2 2025.
  • · Income tax expense decreased to $150.4M in Q2 2026 from $198.7M in Q2 2025, down 24.3%.
  • · The company issued $794.8M in debt proceeds during H1 2026, with $600.7M in repayments of notes payable.
  • · Capital expenditures were $55.3M in H1 2026, down from $64.1M in H1 2025.
  • · Land-related charges were $27.6M in H1 2026, down from $42.2M in H1 2025.
  • · Write-offs of deposits and pre-acquisition costs were $6.5M in Q2 2026, down from $11.3M in Q2 2025.
  • · Interest income increased to $10.4M in Q2 2026 from $9.6M in Q2 2025.
  • · Inventory increased to $13.72B at June 30, 2026 from $12.93B at December 31, 2025, driven by increases in homes under construction and land under development.
  • · Notes payable increased to $1.82B at June 30, 2026 from $1.63B at December 31, 2025.
  • · Customer deposits increased to $512.3M at June 30, 2026 from $387.8M at December 31, 2025, a 32.1% increase.
AT&T INC. 10-Q mixed materiality 9/10

22-07-2026

AT&T reported Q2 2026 net income of $5,010M, up 3.1% YoY from $4,861M, and total comprehensive income attributable to AT&T of $4,834M, up 8.8% YoY. However, for the first half of 2026, net income declined 3.8% to $9,191M from $9,553M, and operating cash flow decreased 2.2% to $18,396M. The company increased share repurchases significantly, buying $4,669M in treasury stock in H1 2026 versus $1,179M in H1 2025, while long-term debt rose to $134,631M from $127,089M at year-end 2025.

  • · Operating income for Q2 2026 was $7,038M, with Advanced Connectivity segment contributing $7,345M, Legacy $523M, Latin America $38M, and Corporate & Other a loss of $868M.
  • · Capital expenditures increased to $10,577M in H1 2026 from $9,174M in H1 2025, a 15.3% increase.
  • · Acquisitions, net of cash acquired, totaled $2,725M in H1 2026 versus $48M in H1 2025.
  • · Discontinued operations used $4,332M in cash in H1 2026, compared to $0 in H1 2025.
  • · Dividends paid decreased to $3,973M in H1 2026 from $4,135M in H1 2025.
  • · Total assets increased to $428,359M as of June 30, 2026 from $420,198M at December 31, 2025.
  • · Retained earnings grew to $20,293M from $15,768M at year-end 2025.
  • · Accumulated other comprehensive loss worsened to $(1,185)M from $(860)M at December 31, 2025.
MUELLER INDUSTRIES INC 10-Q positive materiality 8/10

22-07-2026

Mueller Industries reported strong financial results for Q2 and H1 2026, with net sales increasing 25.5% to $1.428B in Q2 and 22.6% to $2.621B in H1. Net income attributable to the company rose 1.5% to $249.7M in Q2 and 21.1% to $488.7M in H1. However, operating cash flow declined 4.0% to $292.0M in H1, and the company recorded a $2.7M asset impairment charge and a $1.7M loss on asset disposals, partially offset by a $41.4M gain on sale of a business.

  • · Total assets increased 14.0% to $4.257B as of June 27, 2026 from $3.733B at December 27, 2025.
  • · Goodwill increased to $413.2M from $298.2M, reflecting the acquisition of a business for $138.3M.
  • · Accounts receivable rose 60.2% to $761.9M from $475.6M, and inventories increased 19.0% to $607.7M from $510.5M.
  • · Total liabilities increased 37.4% to $683.3M from $497.1M, primarily due to higher accounts payable and other current liabilities.
  • · The company recorded a $41.4M gain on sale of a business in H1 2026, with proceeds of $57.0M.
  • · Asset impairments of $2.7M were recorded in H1 2026, compared to none in the prior year.
  • · Net cash used in investing activities was $125.8M in H1 2026, compared to $33.5M in H1 2025, driven by the acquisition.
  • · Common stock repurchases decreased significantly to $76.4M in H1 2026 from $243.6M in H1 2025.
  • · Dividends paid to stockholders increased 39.9% to $76.1M in H1 2026 from $54.4M in H1 2025.
  • · The effective income tax rate was approximately 25.1% for both Q2 and H1 2026.
NVE CORP /NEW/ 10-Q positive materiality 8/10

22-07-2026

NVE Corp reported a strong Q1 FY27 with revenue surging 80.7% YoY to $11.03M, driven by product sales growth of 81.7%. Net income nearly doubled to $6.39M ($1.32 per share) from $3.58M ($0.74 per share) in the prior-year quarter. However, the company recorded an unrealized loss on marketable securities of $40,783 (net of tax), compared to a gain of $75,362 a year ago, and cash flow from operations remained relatively flat at $5.31M versus $5.19M.

  • · Gross profit margin improved to 81.3% in Q1 FY27 from 80.6% in Q1 FY26.
  • · Research and development expenses increased 31.4% YoY to $946,582.
  • · Selling, general, and administrative expenses rose 80.5% YoY to $755,594.
  • · Interest income decreased 9.7% YoY to $449,920.
  • · Accounts receivable more than doubled to $6.55M from $3.41M at March 31, 2026.
  • · Inventories decreased 5.8% sequentially to $6.67M.
  • · The company paid $1.00 per share in dividends, unchanged from the prior year.
  • · No cash was paid for income taxes during the quarter.
CSX CORP 10-Q positive materiality 9/10

22-07-2026

CSX Corp reported strong financial performance for Q2 and H1 2026. Second quarter revenue rose 10.1% YoY to $3,935M, driven by higher fuel surcharge revenue and core pricing gains. Net earnings for Q2 were $1,002M ($0.54 per share), up 20.9% from $829M ($0.44 per share) in Q2 2025. For the six months, revenue increased 6.0% to $7,417M and net earnings grew 22.6% to $1,809M ($0.97 per share). However, expenses outpaced revenue growth in certain areas: fuel expense surged 65.8% in Q2 (to $446M) and 37.5% for H1 (to $748M), while depreciation and amortization declined 3.7% in Q2 (to $411M) and 3.1% for H1 (to $826M). Operating cash flow improved significantly to $2,599M for H1 2026, compared to $1,890M in the prior year period.

  • · Share repurchases totaled $518M in H1 2026, down from $1,172M in H1 2025.
  • · Total shareholders' equity increased to $14,088M at June 30, 2026 from $13,160M at December 31, 2025.
  • · Dividends of $0.14 per share were paid in H1 2026, up from $0.13 per share in H1 2025.
  • · Operating cash flow increased 37.5% to $2,599M in H1 2026 from $1,890M in H1 2025.
  • · Total debt (current maturities plus long-term debt) stood at $18,864M at June 30, 2026 versus $18,873M at December 31, 2025.
  • · Interest expense remained stable at $211M in Q2 2026 (vs $212M in Q2 2025) and $424M for H1 2026 (vs $421M for H1 2025).
EASTGROUP PROPERTIES INC 10-Q positive materiality 8/10

22-07-2026

EastGroup Properties reported strong financial results for Q2 2026, with net income attributable to common stockholders increasing to $75.5M from $63.3M in Q2 2025, a 19.3% YoY increase. Revenue grew 9.0% to $193.3M, driven by a 9.1% increase in income from real estate operations. However, expenses from real estate operations and general & administrative costs also rose, and interest expense increased 16.9% to $9.0M. For the six-month period, net income surged 38.6% to $170.1M, boosted by a $30.1M gain on sales of real estate investments, while cash flow from operations grew 9.0% to $301.9M.

  • · Total assets increased to $5.52B at June 30, 2026 from $5.43B at December 31, 2025.
  • · Total equity increased to $3.58B from $3.50B over the same period.
  • · The company acquired $38.1M in real estate assets during 2026, compared to $143.1M in 2025.
  • · Cash and cash equivalents surged to $33.4M from $1.0M at year-end 2025, primarily due to operating cash flows and a common stock offering.
  • · Common dividends declared were $1.55 per share in both Q1 and Q2 2026.
  • · The company issued 365,620 common shares in a stock offering during Q1 2026, netting $68.9M.
EQT Corp 10-Q materiality 6/10

22-07-2026

GRACO INC 10-Q materiality 6/10

22-07-2026

Weatherford International plc 10-Q mixed materiality 8/10

22-07-2026

Weatherford International reported a 8% YoY decline in Q2 2026 revenue to $1,105M and a 71% drop in net income to $42M (versus $145M in Q2 2025), largely due to a $70M prior-year gain on sale of business and higher other charges. However, operating cash flow improved 15% to $311M in H1 2026, and the company slightly reduced total debt. Segment performance was mixed: while the PRI segment saw a 11% increase in adjusted EBITDA to $70M, the DRE and WCC segments posted declines of 16% and 9% respectively.

  • · Total current assets declined to $3,298M from $3,372M at year-end 2025, driven by a 10.5% drop in accounts receivable to $1,104M.
  • · Total liabilities decreased 5.4% to $3,313M from $3,501M, primarily due to lower current liabilities.
  • · Shareholders' equity improved 5.5% to $1,789M from $1,696M as retained deficit narrowed from ($1,129M) to ($1,022M).
  • · Capital expenditures fell 26.7% YoY to $42M in Q2 2026 and 26.7% to $96M in H1 2026.
  • · The company held $1,137M in total cash (including restricted cash) at June 30, 2026, up from $1,042M at start of the period.
  • · Long-term debt remained nearly flat at $1,450M vs $1,455M at Dec 31, 2025.
Armour Residential REIT, Inc. 10-Q mixed materiality 8/10

22-07-2026

Armour Residential REIT reported a strong turnaround for Q2 2026, with net income of $114.8M versus a loss of $75.6M in Q2 2025, driven by a surge in net interest income to $76.8M (up 132% YoY) and a swing to positive other income of $55.2M. However, for the six-month period, net income of $60.0M still reflects a loss of $55.1M from other income, and the company's net interest spread improved to 1.10% from 0.36% in the prior year quarter. The portfolio grew significantly, with total investment securities reaching $22.1B, but the agency securities portfolio carries a net unrealized loss of $71.4M.

  • · Management fees waived were $0 in Q2 2026 vs $1.65M in Q2 2025, indicating the waiver ended.
  • · Gain (Loss) on derivatives swung from -$108.0M in Q2 2025 to +$108.2M in Q2 2026, a $216.2M improvement.
  • · Loss on Agency Securities, trading, net was -$42.6M in Q2 2026 vs a gain of $16.5M in Q2 2025.
  • · For H1 2026, loss on Agency Securities was -$225.2M vs a gain of $224.8M in H1 2025.
  • · Total investment securities grew to $22.1B at June 30, 2026, up from $14.8B average in Q2 2025.
  • · Net unrealized loss on total investment securities was -$82.0M at June 30, 2026.
  • · The company held $600M in U.S. Treasury securities at June 30, 2026, with a net unrealized loss of $12.0M.
  • · CPR on agency securities ranged from 2.5% (2.5% coupon) to 28.2% (6.5% coupon), with a weighted average of 10.7%.
  • · Interest expense on repurchase agreements increased to $187.1M in Q2 2026 from $142.3M in Q2 2025, driven by higher average balances.
UNITED RENTALS, INC. 10-Q mixed materiality 8/10

22-07-2026

United Rentals reported strong Q2 2026 results with total revenue of $4.41B, up 11.8% YoY from $3.94B, driven by equipment rental revenue growth of 12.7% to $3.85B. Net income rose 21.1% YoY to $753M, with diluted EPS of $12.03 vs $9.59. However, the company faced a $6M restructuring charge in Q2 (vs $0 in prior year) and a $51M charge year-to-date, while cash and cash equivalents dropped sharply from $459M to $112M due to aggressive share repurchases ($379M in Q2 alone) and dividend payments.

  • · Total assets grew to $31.31B from $29.87B at year-end 2025.
  • · Total debt (short-term + long-term) was $14.23B at June 30, 2026, up from $14.23B at Dec 31, 2025 (essentially flat).
  • · Stockholders' equity increased to $9.22B from $8.97B.
  • · Year-to-date net income was $1.28B vs $1.14B in H1 2025, up 12.6%.
  • · Operating income for Q2 was $1.14B, up 13.5% YoY from $1.00B.
  • · Interest expense net was $178M in Q2, up from $171M in prior year.
  • · Other income net was -$47M (expense) in Q2 vs -$7M in prior year, a significant swing.
  • · Foreign currency translation adjustments were a loss of $31M in Q2 vs a gain of $130M in prior year.
  • · Dividends declared in Q2 were $124M vs $118M in prior year, a 5.1% increase.
  • · Share repurchases in H1 2026 totaled $756M vs $673M in H1 2025, up 12.3%.
Alzamend Neuro, Inc. 10-K negative materiality 9/10

22-07-2026

Alzamend Neuro reported a net loss of $8,772,382 for FY2026, widening 94% from a net loss of $4,514,853 in FY2025, driven by a 95% increase in total operating expenses to $8,766,841. Research and development spending surged 157% to $3,629,785, while general and administrative expenses rose 67% to $5,137,056. The company ended the year with $710,689 in cash, down from $3,948,658, as cash used in operations increased to $8,067,813 and financing activities provided only $4,829,844, compared to $10,440,796 in the prior year.

  • · Basic and diluted net loss per common share improved to ($2.63) from ($11.32) due to a 640% increase in weighted average shares outstanding.
  • · Stock-based compensation increased 118% to $707,527 in FY2026 from $325,108 in FY2025.
  • · Accounts payable and accrued liabilities nearly doubled to $1,346,152 from $634,761.
  • · Prepaid expenses and other current assets surged to $1,053,808 from $228,719.
  • · The company had no preferred stock outstanding at April 30, 2026, compared to 2,100 Series B and 150.7176 Series C shares at April 30, 2025, following conversions to common stock.
  • · Non-cash conversions of preferred stock to common stock totaled $7,857,176 in FY2026.
  • · The company entered into an At-The-Market Issuance Sales Agreement with Ascendiant Capital Markets, LLC in March 2026.
ESSENTIAL PROPERTIES REALTY TRUST, INC. 10-Q mixed materiality 8/10

22-07-2026

Essential Properties Realty Trust reported strong Q2 2026 results with total revenues of $161.9M for the quarter, up 18.1% YoY from $137.1M, and net income attributable to stockholders of $74.3M, up 17.5% from $63.2M. For the six-month period, revenues grew 20.4% to $320.7M and net income attributable to stockholders rose 12.4% to $134.1M. However, the provision for impairment of real estate surged to $18.2M for the six months (from $6.5M) and the change in provision for credit losses turned to a charge of $3.3M from nil, signaling rising credit concerns.

  • · Interest expense increased to $30.3M in Q2 2026 from $25.0M in Q2 2025, a 21.1% rise.
  • · Depreciation and amortization rose to $89.3M in H1 2026 from $73.6M in H1 2025, up 21.4%.
  • · Gain on dispositions of real estate, net was $9.97M in H1 2026 vs $7.06M in H1 2025.
  • · Total real estate investments, net grew to $6.62B as of June 30, 2026 from $6.15B at year-end 2025.
  • · Senior unsecured notes, net increased to $1.18B from $786.7M, reflecting a $389.9M net issuance.
  • · Non-controlling interests surged to $43.6M from $7.9M, primarily due to $36.6M OP Unit issuance.
  • · Dividends and distributions paid in H1 2026 were $133.0M, up from $114.3M in H1 2025.
  • · Cash and cash equivalents and restricted cash ended H1 2026 at $134.2M, up from $21.1M a year ago.
  • · Unrealized gain on cash flow hedges was $22.0M in H1 2026 vs a loss of $26.4M in H1 2025.
NETSTREIT Corp. 10-Q positive materiality 8/10

22-07-2026

NETSTREIT Corp. reported strong growth for Q2 2026, with total revenues increasing 27% YoY to $61.3M and net income attributable to common stockholders nearly doubling to $6.3M. However, the company saw a decline in gain on sales of real estate (down 53% YoY in Q2) and an increase in provisions for impairment. The balance sheet expanded with total assets growing 16% to $3.04B, driven by significant acquisition activity (79 properties acquired in Q2 vs 23 in prior year).

  • · Interest income on loans receivable decreased slightly from $3.1M to $2.9M in Q2 YoY.
  • · Total operating expenses increased 15.6% YoY to $41.6M in Q2.
  • · Interest expense, net increased 23.1% YoY to $15.6M in Q2.
  • · Cash provided by operating activities for H1 2026 was $63.1M, up 19.6% from $52.7M in H1 2025.
  • · Cash used in investing activities for H1 2026 was $447.2M, significantly higher than $96.7M in H1 2025, driven by acquisitions.
  • · The company issued 4.26M shares in Q2 2026, raising $70.7M net.
Ankam, Inc. 10-Q negative materiality 9/10

22-07-2026

Ankam, Inc. reported a net loss of $53,474 for the three months ended May 31, 2026, compared to a net profit of $55,687 in the same period last year, a dramatic swing to a loss. Revenue declined sharply by 72.8% to $44,900 from $165,000 in the prior-year quarter. The company's cash position deteriorated significantly, falling from $131,710 at November 30, 2025 to just $6,330 at May 31, 2026, while total stockholders' deficit deepened to $(647,853) from $(391,261).

  • · Total expenses for the three months ended May 31, 2026 were $98,357, up from $46,313 in the prior-year period, driven by $45,000 in director fees (none in prior year) and higher professional fees.
  • · General and administrative expenses increased to $6,047 from $1,663 year-over-year.
  • · The company had no revenue in the six months ended May 31, 2025, but reported $44,900 in the current six-month period, all recognized in the second quarter.
  • · Net cash used in operating activities was $167,343 for the six months ended May 31, 2026, compared to net cash provided of $152,405 in the prior period.
  • · The company's accumulated deficit grew to $821,483 from $564,891 at November 30, 2025.
  • · Capitalized software costs net decreased to $25,550 from $51,842 due to amortization, with total gross capitalized costs unchanged at $158,045.
  • · The company has a deferred tax asset of $172,511 related to net operating loss carryforwards, fully offset by a valuation allowance.
RPM INTERNATIONAL INC/DE/ 10-K mixed materiality 8/10

22-07-2026

RPM International reported fiscal 2026 net sales of $7,863.4M, up 6.7% from $7,372.6M in 2025, driven by growth across all segments. However, net income declined 4.0% to $662.5M from $690.3M, and diluted EPS fell 3.4% to $5.17 from $5.35, impacted by higher interest expense and a higher effective tax rate. Segment EBIT improved in CPG (+5.4%) and PCG (+11.1%), but Consumer EBIT declined 9.5%.

  • · Net income margin declined to 8.4% in FY2026 from 9.4% in FY2025.
  • · Interest expense increased 15.5% to $111.5M due to higher average interest rate (4.24% vs 4.00%) and acquisition-related borrowings.
  • · Total contractual obligations amount to $4,081.8M, with $575.9M due in 2027.
  • · Pension and postretirement benefit costs decreased to $40.9M from $49.5M, primarily due to higher expected return on plan assets and lower actuarial losses.

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