Tuesday, February 17, 2026
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Earnings season is the heartbeat of the market, and every day brings fresh signals about where money is flowing. With each report, we learn not just how companies are performing, but how investors are reacting. In the Daily Beat, we spotlight the most important S&P 500 earnings moves from the prior session: the winners, the losers, and the reactions that reveal what really matters to the market right now. Whether it's a bellwether with broad economic implications or a niche name making waves, we cut through the noise to focus on the setups that matter most. |
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Here are the latest earnings stats from the S&P 500 👇 |
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*Click the image to enlarge it At the top of Friday's Beat Sheet was the $44B crypto brokerage platform, Coinbase $COIN. Despite missing expectations across the board, shareholders were rewarded with a +4.30 reaction score. COIN reported $1.78B in revenue, missing the expected $1.81B, and earnings per share of -$2.49, 350% below the expected $0.99. The positive reactions from Vertex Pharma $VRTX also stood out to us. At the bottom of Friday's list was the $26B travel services stock, Expedia $EXPE. Following a double beat, shareholders were punished with a -2.70 reaction score. EXPE's revenues came in at $3.55B, beating the expected $3.42B, and earnings per share of $3.78, beating the expected $3.35. Let's talk about what else happened 👇 |
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COIN rallied on bad news🔥 |
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Coinbase had a +17.9% post-earnings reaction, and here's what happened: |
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- Revenues fell 5% year-over-year, driven by declines in transaction revenue and subscription and services revenue.
- Launched the Everything Exchange, expanding into equities, prediction markets, and commodities. This is seeing early success and record trading volumes.
- Despite a weak quarter, the market is pricing in future growth from products like the Everything Exchange.
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This was one of the best miss/miss/pops we've seen all season, and it couldn't have happened at a more crucial level. After cratering nearly 70% from last summer's peak, the price stopped falling at a key shelf of former lows. Now the bulls want to see continued upside follow-through, which could turn the technical structure into a textbook "not a top." With renewed positive earnings sentiment, we expect COIN to hold above 140. |
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EXPE snapped a 2-quarter beat streak🩸 |
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Expedia had a -6.4% post-earnings reaction, and here's what happened: |
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- Bookings and revenue exceeded guidance, driven by strong international and U.S. demand.
- The company posted record free cash flow for 2025, ending the year with $5.7B in unrestricted cash and short-term investments.
- While it was a good quarter, the management team's forward guidance was weaker-than-expected.
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Heading into this earnings event, the stock was in free-fall from its peak in early January. As we talk about all the time around here, earnings reactions tend to happen in the direction of the short-term trend. And this was a textbook example of that. With the price back at a key level of interest, next week will be key. If the sellers can push the price back below the prior cycle's peak, the downside momentum will likely expand. On the flip side, if the EXPE bulls step in here, we expect to see another push back towards 300. Happy fishing -The Beat Team |
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Editor's Note: Walmart reports Thursday morning, and when Walmart speaks, retail listens. This could kick off AI's "prove it" year for consumer stocks. Join Jeff Macke LIVE on Thursday, February 19, at 4 pm ET to learn why "boring" brands like pizza chains, discount retailers, and coffee shops have quietly produced 10x–90x returns in previous tech cycles. |
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STAY HUNGRY. STAY FOOLISH |
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