Thursday, February 19, 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 Wednesday's Beat Sheet was the $23B software stock, Global Payments $GPN. The company beat expectations across the board, and shareholders were rewarded with a +5.48 reaction score. GPN reported $2.32B in revenue, beating the expected $2.31B, and earnings per share of $3.18, beating the expected $3.16. At the bottom of Wednesday's list was the $123B cybersecurity stock, Palo Alto Networks $PANW. Following a double beat, shareholders were punished with a -4.13 reaction score. PANW's revenues came in at $2.59B, beating the expected $2.58B, and earnings per share of $1.03, beating the expected $0.94. Let's talk about what else happened 👇 |
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GPN had its best earnings reaction since 2008🔥 |
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Global Payments had a +16.5% post-earnings reaction, and here's what happened: |
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- Revenues grew 6% year-over-year with 80 basis points of margin expansion over the same period.
- The company completed the acquisition of Worldpay nearly 6 months sooner than anticipated. This purchase positions the company as a pure-play merchant solutions provider.
- In addition to the strong quarter, the management team issued compelling 2026 guidance. They expect 13-15% EPS growth with 150 basis points of margin expansion.
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Since peaking in 2021, GPN has suffered a brutal drawdown of more than 60%, making it one of the worst-performing components in the S&P 500. The technical downtrend was confirmed by consistent negative earnings sentiment. However, this has significantly changed recently. On Wednesday, the stock had its best earnings reaction since the Financial Crisis, marking the third consecutive positive earnings reaction. And while there's still a lot of work to be done on the technical side, we believe GPN is in the process of carving out a bottom. |
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PANW has been punished for 4 of its last 5 earnings reports🩸 |
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Palo Alto Networks had a -6.8% post-earnings reaction, and here's what happened: |
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- The company closed major acquisitions of Chronosphere and CyberArk, expanding observability and identity security platforms.
- These acquisitions are massively diluting shareholders and will therefore cause a steep drop in earnings per share.
- What really spooked the market was the management team's forward guidance. After adjusting for the acquisitions, top- and bottom-line growth are expected to be flat to negative.
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While this quarter's earnings reaction wasn't good, it was nothing out of the ordinary. For over a year, the market has been consistently punishing shareholders for this company's earnings events. The technicals are confirming this negative earnings sentiment as the stock is carving out a massive distribution pattern. Until something significantly changes, the path of least resistance for PANW is lower for the foreseeable future. Happy fishing -The Beat Team |
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Editor's Note: If you want to catch the next big winner from AI, you need to look where others aren't. Join Jeff Macke LIVE today at 4 pm ET to see why retailers, restaurants, and other "boring" consumer brands have quietly delivered 10x–90x returns in past tech cycles. Jeff will also show you how AI-driven margin expansion could set the stage for the next wave of re-ratings. |
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STAY HUNGRY. STAY FOOLISH |
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