All published reports.

Super Micro Computer reported $21.97 billion of fiscal 2025 revenue and $10.24 billion of calendar Q1 2026 revenue. The thesis turns on AI-server demand, customer concentration, working-capital pressure, governance controls and cash conversion.

TJX reported FY2026 revenue of $60.37 billion, FY2026 net income of $5.49 billion and Q3 FY2026 revenue of $15.12 billion. The upgrade case depends on traffic, merchandise availability, buying discipline, inventory turns, wage control and international execution staying aligned.

Teradyne is a semiconductor equipment story with a sharper question than simple AI exposure. The filing baseline shows a profitable test-equipment company with strong recent revenue and cash generation, but the thesis depends on whether the rebound can broaden across customers, end markets and product cycles.

Atlassian reported fiscal 2025 revenue of $5.22 billion and March-quarter revenue of $1.79 billion. The upgrade case depends on cloud migration, enterprise expansion, operating leverage, cash conversion and discipline around equity compensation.

Rubrik reported FY2026 revenue of $1.3 billion, FY2026 operating cash flow of $282.9 million, a FY2026 net loss of $348.8 million and $380.2 million of cash. The thesis depends on subscription durability, data security demand, operating leverage, cash conversion and balance-sheet quality.

Q2 Holdings reported FY2025 revenue of $794.8 million, Q1 2026 revenue of $216.5 million, FY2025 operating cash flow of $201.5 million and Q1 2026 net income of $26.6 million. The thesis depends on banking software demand, subscription durability, margin expansion, cash conversion and customer concentration risk.

SAIC reported FY2026 revenue of $7.26 billion, operating income of $521 million, operating cash flow of $609 million and $182 million of cash. The thesis depends on federal budget durability, recompete execution, margin quality, cash conversion and leverage discipline.

Saia reported FY2025 revenue of $3.23 billion and 2026 Q1 revenue of $806.2 million. The thesis turns on LTL demand, terminal expansion, pricing discipline, operating ratio and capital intensity.

QuidelOrtho reported FY2025 revenue of $2.73 billion and 2026 Q1 revenue of $619.8 million. The thesis turns on diagnostics demand, integration execution, operating losses, cash conversion and balance-sheet repair.

S has an annual revenue baseline of $1.00B, latest revenue marker of $258.9M fiscal Q3 2026, annual net income of -$450.7M and cash of $169.6M. The thesis depends on revenue durability, margins, cash conversion and balance-sheet discipline.

Pinterest reported FY2025 revenue of $4.2 billion and 2026 Q1 revenue of $1.0 billion. The thesis depends on ad demand, user engagement, AI shopping relevance, cost discipline and cash generation.

Progressive reported 2025 revenue of $87.7 billion and Q1 2026 revenue of $22.2 billion. The thesis turns on premium growth, underwriting discipline, investment income, claims severity and capital strength.

Norfolk Southern reported FY2025 revenue of $12.2 billion and 2026 Q1 revenue of $3.0 billion. The thesis depends on rail volume, pricing, operating ratio, safety performance, capex and cash conversion.

NRG reported FY2025 revenue of $30.7 billion and 2026 Q1 revenue of $10.3 billion. The thesis depends on retail customer economics, generation exposure, commodity volatility, debt and cash conversion.

Omnicom reported FY2025 revenue of $17.3 billion and 2026 Q1 revenue of $6.2 billion. The thesis depends on client budgets, agency integration, AI-driven disruption, working capital and cash conversion.

Okta reported FY2026 revenue of $2.9 billion, FY2026 operating income of $149 million and FY2026 operating cash flow of $884 million. The thesis depends on identity demand, retention, remaining performance obligations, margin discipline and security-platform competition.

Cloudflare reported FY2025 revenue of $2.2 billion and Q1 2026 revenue of $639.8 million. The thesis depends on security demand, developer platform adoption, operating leverage, capex discipline and cash conversion.

Norwegian Cruise Line Holdings reported FY2025 revenue of $9.83 billion and Q1 2026 revenue of $2.33 billion, but heavy ship investment and debt keep the thesis tied to cash conversion and balance-sheet repair.

Microchip reported FY2025 revenue of $4.40 billion and December-quarter revenue of $1.19 billion, putting the thesis on whether the embedded semiconductor cycle can recover without balance-sheet or margin slippage.

Jack Henry reported FY2025 revenue of $2.4 billion and Q3 FY2026 revenue of $636 million. The thesis depends on core banking demand, payments resilience, recurring software economics, margins and cash conversion.

Kraft Heinz reported FY2025 revenue of $24.9 billion and Q1 2026 revenue of $6.0 billion. The thesis depends on brand durability, pricing, volume recovery, impairment risk, debt and cash conversion.

Keysight reported fiscal 2025 revenue of $5.38 billion and latest quarterly revenue of $1.60 billion. The thesis turns on whether electronic design and test demand can sustain margins, cash conversion and balance-sheet flexibility through semiconductor, communications and industrial cycles.

JetBlue reported 2025 revenue of $9.06 billion and Q1 2026 revenue of $2.24 billion. The thesis turns on whether the airline can restore operating profitability, control capex and improve cash conversion while fuel, labor, fleet and demand risks remain material.

Humana reported 2025 revenue of $129.66 billion and Q1 2026 revenue of $39.65 billion. The thesis turns on whether Medicare Advantage scale can translate into durable margins and cash flow while medical cost trends, rate pressure and regulatory scrutiny remain central risks.

HubSpot reported 2025 revenue of $3.13 billion and Q1 2026 revenue of $881.0 million. The thesis turns on whether subscription CRM growth, ecosystem expansion and AI/product investment can keep converting into operating income and cash flow without sacrificing retention or margin discipline.

GitLab reported FY2026 revenue of $955.2 million, gross profit of $834.5 million, operating loss of $70.5 million and operating cash flow of $232.9 million. The setup depends on DevSecOps adoption, platform consolidation, gross-margin durability, operating discipline and deferred-revenue conversion.

GameStop reported fiscal 2025 revenue of $3.63 billion and a year-end cash and restricted-cash balance of $6.33 billion. The thesis is not the old mall-retail story alone; it is whether a large cash position can offset shrinking store economics and produce a credible reinvestment path.

GE Vernova reported FY2025 revenue of $38.1 billion, FY2025 operating income of $1.4 billion, FY2025 operating cash flow of $5.0 billion and Q1 2026 revenue of $9.3 billion. The setup depends on grid demand, power-equipment execution, contract liabilities, margin progress and cash conversion.

GE HealthCare reported 2025 revenue of $20.63 billion and Q1 2026 revenue of $5.13 billion. The thesis turns on whether imaging, ultrasound, patient-care and pharmaceutical-diagnostics scale can keep converting into margin and cash while debt, hospital capital budgets and China exposure remain visible risks.

Equinix reported FY2025 revenue of $9.2 billion, operating cash flow of $3.9 billion and Q1 2026 revenue of $2.4 billion. The thesis depends on interconnection demand, data-center utilization, power availability, debt capacity and capital efficiency.

Five Below reported fiscal 2025 revenue of $4.76 billion and fiscal year-to-date revenue of $3.04 billion through November. The thesis turns on whether new stores, value merchandise and operating discipline can overcome retail traffic, shrink, labor, tariff and inventory risk.

FIS reported 2025 revenue of $10.68 billion and Q1 2026 revenue of $3.30 billion. The thesis depends on banking and payments software demand, transaction-adjusted earnings quality, debt, integration and free-cash discipline.

Fair Isaac reported fiscal 2025 revenue of $1.99 billion and fiscal 2026 year-to-date revenue of $1.20 billion through March. The thesis turns on whether FICO Scores, software and analytics pricing power can keep producing exceptional margins and cash flow despite leverage and regulatory scrutiny.

F5 reported fiscal 2025 revenue of $3.09 billion and fiscal 2026 year-to-date revenue of $1.63 billion through March. The thesis turns on whether application delivery, multicloud security and software support can keep converting into cash while hardware cycles, customer spending and platform transitions remain visible risks.

e.l.f. Beauty reported fiscal 2025 operating income of $158.0 million and fiscal Q3 2026 quarterly revenue of $489.5 million. The thesis depends on brand demand, retail velocity, marketing spend, inventory and cash conversion.

Estee Lauder reported fiscal year-to-date 2026 revenue of $11.42 billion, operating income of $819.0 million, net income of $298.0 million and operating cash flow of $1.20 billion. The thesis turns on China and travel retail recovery, brand demand, inventory, restructuring and margin repair.

GoDaddy reported 2025 revenue of $4.95 billion and Q1 2026 revenue of $1.27 billion. The thesis turns on whether its domains, hosting and commerce platform can keep compounding cash flow while debt, buybacks, SMB churn and competitive intensity stay controlled.

General Dynamics reported 2025 revenue of $52.55 billion and Q1 2026 revenue of $13.48 billion. The thesis turns on whether defense demand, Gulfstream deliveries and shipbuilding backlog can convert into margins and cash flow despite labor, supply-chain and program-execution pressure.

CVS reported Q1 2026 revenue of $100.43 billion, operating income of $4.68 billion, net income of $2.94 billion and operating cash flow of $4.25 billion. The thesis turns on insurance margin repair, pharmacy services stability, retail traffic, debt capacity and integration execution.

Cisco reported fiscal 2025 revenue of $56.65 billion and fiscal Q3 2026 nine-month revenue of $46.07 billion. The thesis depends on networking demand, security integration, software mix, margins and cash conversion.

DUOL has an annual revenue baseline of $1.04B, latest revenue marker of $292M Q1 2026, annual net income of $414.1M and cash of $1.14B. The thesis depends on revenue durability, margins, cash conversion and balance-sheet discipline.

DocuSign reported fiscal 2026 revenue of $3.22 billion, operating income of $298.6 million, net income of $309.1 million and operating cash flow of $1.17 billion. The thesis turns on growth durability, retention, product expansion and cash conversion.

Dollar General reported fiscal 2025 revenue of $42.72 billion and fiscal 2025 operating cash flow of $3.63 billion. The thesis depends on traffic, merchandising, shrink, labor, store growth and cash conversion.

BILL has an annual revenue baseline of $1.46B, latest revenue marker of $1.22B first nine months fiscal 2026, annual net income of $24M and cash of $994.7M. The thesis depends on revenue durability, margins, cash conversion and balance-sheet discipline.

Alibaba reported fiscal 2026 revenue of CNY 1.02 trillion, operating income of CNY 50.15 billion and net income of CNY 103.59 billion. The thesis turns on China commerce durability, cloud/AI growth, capital returns and ADR/geopolitical risk.

Applied Materials reported Q1 fiscal 2026 revenue of $7.01 billion, operating income of $1.83 billion and cash of $7.22 billion. The thesis turns on wafer-fab equipment demand, China controls, services durability and capital-return discipline.

Akamai reported 2025 revenue of $4.21 billion and Q1 2026 revenue of $1.07 billion. The thesis depends on security growth, cloud transition execution, delivery-network durability, operating leverage and cash conversion.

Tesla reported 2025 revenue of $94.8 billion and Q1 2026 revenue of $22.4 billion. The thesis depends on vehicle demand, pricing, margins, energy storage scale, autonomy claims, cash generation and capital discipline.