EARNINGS WRAP — Tuesday, August 04

77 companies reported. Heavyweight industrials and healthcare names dominated the tape. Widest consensus spread? $BIO at nearly 700% — but that’s a one-time GAAP mirage, not a real beat. $CAT crushed it. Adj EPS $8.17 vs $6.20 consensus — a 32% beat. Revenue surged 24% to $20.5B. The industrial economy isn’t rolling over. $MRK posted an adjusted loss of $-0.13, narrower than the $-0.26 feared. Revenue +5.1% to $16.6B. Steady, not spectacular. $ANET keeps winning. Adj EPS $1.02 beat by 15%. Revenue exploded 38% to $3.0B. AI networking demand is real and accelerating. $AMGN delivered a clean 12% beat — Adj EPS $6.29 vs $5.62. Revenue +9.5% to $10.1B. The biotech stalwart flexed. $PFE was a mess. GAAP EPS $-0.04 missed consensus of $0.68 by -106%. Flagged for extreme GAAP/Street divergence and a one-time net income spike. Ignore the headline; this quarter was noisy. $MPC gushed cash. GAAP EPS $17.73 beat by 27% on revenue of $52.3B (+54% YoY). One-time net income spike inflated the

77 companies reported. Heavyweight industrials and healthcare names dominated the tape. Widest consensus spread? $BIO at nearly 700% — but that’s a one-time GAAP mirage, not a real beat.