EARNINGS WRAP — Friday, September 11 4 companies. Tech-heavy with ORCL and ADBE. One retail wildcard in Macy’s. Widest spread on ORCL — big beat but GAAP gap worth watching.

$ORCL Oracle Corporation Adj EPS $1.92 vs $1.74 est — +10.4% beat Revenue $19.3B, +29.6% yoy GAAP EPS $1.62 — $0.30 gap to adjusted Cloud momentum is real, but the GAAP gap says stock comp and one-timers are doing work. $ADBE Adobe Inc. Adj EPS $6.13 vs $6.09 est — +0.7% beat Revenue $6.8B, +12.9% yoy GAAP EPS $6.10 — tight gap, clean quarter Barely a beat, but no red flags. Steady as it gets. $CPRT Copart, Inc. Adj EPS $0.35 vs $0.38 est — -8.5% miss Revenue $1.2B, +2.4% yoy GAAP EPS $0.35 — no gap Slowest growth in a while. Industrials softness showing up in salvage volumes. $M Macy’s, Inc. GAAP EPS $0.63 vs $0.37 est — but basis mismatch, don’t force a beat Revenue $4.9B, +1.1% yoy Street number looks structurally off vs reported GAAP. Read the revenue, not the EPS spread. THE WRAP: ORCL’s 29.6% revenue growth is the standout — cloud infrastructure demand is carrying the tape. ADBE steady but unspectacular. CPRT’s miss is the quiet warning: industrial activity cooling. Macy’s is

$ORCL Oracle Corporation Adj EPS $1.92 vs $1.74 est — +10.4% beat Revenue $19.3B, +29.6% yoy GAAP EPS $1.62 — $0.30 gap to adjusted Cloud momentum is real, but the GAAP gap says stock comp and one-timers are doing work.