EARNINGS WRAP — Tuesday, July 28

68 companies. 25 reported. Heavyweight day: $BA, $UPS, $KO, $PYPL, $V all dropped. Widest consensus spread? $CNC — low $0.89, high $2.72. That’s a 3x gap. Chaos in the estimate. $BA — GAAP EPS: -$0.76. Missed by -123.5%. Revenue -41.9% to $24.6B. No sugarcoating that. Defense can’t carry the commercial drag. $CNC — Adj EPS: $2.51. Beat by +182%. Revenue $53.6B, +9.9% YoY. The wide consensus range screamed uncertainty. Actuals landed near the top. Medicaid managed care flexing. $INCY — Adj EPS: $3.09. Beat by +89.6%. Revenue +37.7% to $1.7B. Guidance: FY rev $860M-$890M. That’s the signal — pipeline monetization hitting the P&L. $DINO — Adj EPS: $5.31. Beat by +21%. Revenue +53.1% to $10.4B. Refining margins still printing cash. Energy sector quietly crushing. $TRU — Adj EPS: $1.23. Beat by +24.2%. Revenue +14.9% to $1.3B. Credit data demand stays hot. Consumers are still swiping. $IQV — Adj EPS: $3.15. Beat by +15.8%. Revenue +8.7% to $4.4B. CRO giant seeing strong trial a

68 companies. 25 reported. Heavyweight day: $BA, $UPS, $KO, $PYPL, $V all dropped.