US Earnings

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Monday, May 4: Palantir Technologies, Tyson Foods.

Tuesday, May 5: AMD, Pfizer, Rivian, Shopify.

Wednesday, May 6: Disney, Marriott, Uber, Arm Holdings, Instacart, DoorDash.

Thursday, May 7: Coinbase, Airbnb, Gilead Sciences.

Palantir Technologies — Revenue surged 39% year over year while adjusted net income jumped approximately 70%, driven by accelerating demand for its AI platform across government and commercial customers.

Tyson Foods — Revenue increased roughly 1% year over year while adjusted operating profit rose more than 30% as chicken margins and operational efficiency improved.

Advanced Micro Devices — Revenue grew approximately 36% year over year and adjusted EPS increased about 55%, led by strong AI GPU and data centre demand. Pfizer — Revenue declined around 8% year over year while adjusted earnings fell roughly 20% as COVID-related product sales continued to normalise.

Rivian Automotive — Revenue increased approximately 10% year over year while net losses improved materially as manufacturing efficiency and cost reductions continued.

Shopify — Revenue climbed roughly 27% year over year while operating profit more than doubled as payment volumes and merchant adoption remained strong.

The Walt Disney Company — Revenue rose approximately 5% year over year while adjusted EPS increased around 20% as streaming profitability and parks performance improved.

Marriott International — Revenue increased around 6% year over year while net profit grew roughly 15% on resilient global travel demand.

Uber Technologies — Revenue grew approximately 14% year over year while adjusted EBITDA increased more than 35%, driven by mobility and delivery strength.

Arm Holdings — Revenue rose approximately 40% year over year while net income more than doubled due to AI-related chip demand and higher royalty revenue.

Instacart — Revenue increased roughly 12% year over year while adjusted EBITDA rose around 20% as advertising and higher-margin services expanded.

DoorDash — Revenue climbed approximately 22% year over year while adjusted EBITDA surged more than 50% on strong order growth and international expansion.

Coinbase — Revenue declined approximately 10% year over year while the company swung to a quarterly loss as crypto trading activity weakened.

Airbnb — Revenue grew around 8% year over year while adjusted earnings increased modestly despite softer international travel trends.

Gilead Sciences — Revenue increased approximately 5% year over year while adjusted EPS rose around 15%, supported by continued strength in HIV and oncology treatments.

The Week Ahead: May 4 – May 8, 2026

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The Week Ahead: May 4 – May 8, 2026

The upcoming week will be dominated by central bank policy and the tail-end of the US earnings season. Investors should focus on the following key events:

1. Macro Data and Central Banks

  • RBA Interest Rate Decision: The market is bracing for a possible 25 basis point (bps) rate hike from the Reserve Bank next week. Persistent cost pressures and the March inflation print of 4.6% have led analysts to forecast that rates could rise to 4.60% by September 2026.
  • US Fed Watch: With the Fed Funds Interest Rate currently at 3.75%, any commentary following the recent PCE data will be scrutinized for signs of a pivot or continued pause.

2. Company Events and Earnings

ASX Resource Reports: Following BHP’s recent Quarterly Activities Report, market participants will be looking for production guidance updates from mid-tier miners as commodity price volatility continues.

US Earnings: The earnings season continues with key players in the energy and consumer discretionary sectors scheduled to report. The focus will remain on whether corporate margins can continue to withstand higher interest costs.

CSL

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CSL is navigating a period of significant structural transition and market re-evaluation. The stock recently hit a nine-year low, primarily driven by a sharp earnings reset in its half-year results and broader regulatory headwinds.

Valuation: The price-to-earnings (P/E) ratio has compressed to approximately 15x (TTM) on an underlying basis.

Recent Financial Performance (H1 FY26)
The company’s February 2026 earnings report was a major catalyst for the recent sell-off:

  • Net Profit Plunge: Reported Net Profit After Tax (NPAT) fell 81% to US$401 million, largely due to ~US$1.1 billion in one-off restructuring charges and asset impairments.
  • Underlying Performance: Underlying NPATA fell 7% to US$1.9 billion.
  • Revenue: Declined 4% to US$8.3 billion (constant currency). The core CSL Behring plasma division saw a 7% sales contraction, driven by U.S. Medicare reimbursement reforms and policy changes in China affecting pricing.
  • Impairments: Significant write-downs were taken on CSL Vifor (primarily due to generic competition for its iron therapy, Venofer®) and intellectual property within CSL Seqirus.

Strategic Developments & Recovery Plan
Despite the earnings volatility, management is aggressively deploying capital to stabilize margins:

  • Capacity Expansion: In March 2026, CSL broke ground on a US$1.5 billion expansion of its Kankakee, Illinois facility. This project will utilize “Horizon 2” technology designed to increase protein yield from plasma.
  • Share Buy-back: CSL is currently active in an on-market share buy-back program. As of today, April 27, 2026, the company has repurchased nearly 6 million shares to support shareholder value.
  • Cost Savings: CSL has targeted US$500M+ in annual pre-tax savings by FY28 through organizational simplification.
  • Vaccine Pipeline: CSL Seqirus recently secured new long-term contracts with the Pan American Health Organization (PAHO) and Canada for pandemic influenza preparedness.

Dividends & Guidance

  • Dividends: The interim dividend of US$1.30 per share (unfranked) was paid on April 8, 2026. The current annual yield sits at approximately 3.3%.
  • FY26 Outlook: Management has maintained guidance for the full year 2026, expecting 2–3% revenue growth and 4–7% NPATA growth (excluding one-offs). However, the market remains cautious about the “structural” nature of margin pressures through FY28.

Investor Outlook
The current market sentiment is a battle between value seekers (pointing to “oversold” technical indicators and a 15-year low multiple) and skeptics concerned about the long-term impact of U.S. Medicare drug price negotiations and competition in the iron deficiency market.

Inner Circle

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Zscaler, Inc. – Common is scheduled to report its fiscal third-quarter (Q3 2026) earnings on Thursday, May 28, 2026, after the market closes. Based on the company’s most recent guidance and analyst consensus as of May 1, 2026, here are the growth expectations:

Q3 2026 Expectations (Quarterly)

Earnings Per Share (EPS): Consensus estimates sit at $1.00 to $1.01, up from $0.84 in the same period last year (approx. 20% growth).

Revenue Growth: Expected to be $834 million to $836 million, representing approximately 23% year-over-year (YoY) growth.

Profit (Non-GAAP Operating Income) Growth: Projected at $187 million to $189 million, which is a growth of 28% to 29% YoY.

Full-Year Fiscal 2026 Guidance
Management recently raised its full-year outlook following strong Q2 results:

ARR (Annual Recurring Revenue): Expected to reach $3.73–$3.745 billion, a 24% YoY increase.

Total Revenue: Guided to $3.309–$3.322 billion, reflecting 24% YoY growth.

Operating Profit: Guided to $742–$748 million, reflecting 28% to 29% growth.