
How Do Buybacks Manufacture Earnings Growth Without New Profit?
Repurchases shrank the S&P 500's share count by roughly two percent a year for a decade — arithmetic that lifts EPS while net income stands still.
Quarterly results read closely: segment margins, working capital, guidance changes, and the questions management declined to answer on the call.

Repurchases shrank the S&P 500's share count by roughly two percent a year for a decade — arithmetic that lifts EPS while net income stands still.

With 97 percent of the S&P 500 reported, the season delivered roughly double the growth markets entered it expecting.

Stocks trade on the future being revised, not the past being reported — the mechanics of why a beat can sell off and a miss can rally.

Companies increasingly report two bottom lines, and the gap between them has averaged tens of percent — a guide to reading both honestly.

The chip designer closed fiscal 2026 with $215.9 billion in annual revenue, beating expectations on the segment that matters most.