SF_trdr | Earnings Call Intelligence

Earnings-call intelligence for investors - 30-year markets veteran - analyzing disclosure, financial quality & management promises

[SF_trdr | Earnings Call Intelligence @SF_trdr]

I read earnings calls to separate management’s story from what the numbers actually say.
Every call gets:
• Disclosure grade
• Financial-quality grade
• Management promises tracked quarter to quarter
Follow for transcript-backed earnings intelligence—without the PR filter.

[SF_trdr | Earnings Call Intelligence @SF_trdr]

@GoshawkTrades great clip of @GrantStenger - excited to hear more of your interview with him.

[Goshawk Trades @GoshawkTrades]

jane street invented their own trading game to train people. it isn't poker.

it's called Figgie, and a former jane street trader, describes it as modelled on an open outcry pit:

"almost like the chicago pit traders type trading experience, where you have four or five players and you're bidding for these things."

"you're quoting these spreads, i'm three bid spades, i'm offering a five for diamonds, and you can make a lot of your money in this game by capturing the spread that you're quoting."

"it really teaches you how to be a market maker in this toy example."

SIG went a different route entirely. their training runs on texas hold'em, and new traders play a minimum of 100 hours of it.

two of the biggest market makers alive, both training people on card games instead of markets.

"you can't model these things completely through, and this is much more akin to the real world, where incomplete information is sort of all over the place."

jane street have since put a digital version of Figgie online. you can go play it.

[SF_trdr | Earnings Call Intelligence @SF_trdr]

$KEY Q2'26 earnings call, graded.

Disclosure C+ | Financial Quality C

The wholesale funding bridge is the real story: management chose expensive wholesale funding over repricing deposits, betting on $3B deposit inflows that better materialize...

[SF_trdr | Earnings Call Intelligence @SF_trdr]

$AMD reports Tuesday after the close (call 5pm ET).

Three things we flagged at the end of last quarter's call sheet:

1/ Data Center AI Mix
2/ Server CPU Pricing
3/ Memory Cost Impact

Q1'26 graded A-.

[SF_trdr | Earnings Call Intelligence @SF_trdr]

$DHR Q2'26 earnings call, graded.

Disclosure C+ | Financial Quality C

Bioprocessing consumables orders up mid-teens but revenue missed by $50-60M as customers delayed shipments...

Grade, bottom line, and what changed

[SF_trdr | Earnings Call Intelligence @SF_trdr]

$VRTX reports Monday after the close (call 4:30pm ET).

Three things we flagged at the end of last quarter's call sheet:

1/ CF Growth Trajectory
2/ KASJEVY Revenue Timing
3/ GERNAVICS Gross-to-Net

Q1'26 graded A-. Prior call sheet

[SF_trdr | Earnings Call Intelligence @SF_trdr]

Full notes here: https://t.co/s8qr2WBcv2

[SF_trdr | Earnings Call Intelligence @SF_trdr]

$PLTR reports Monday after the close.

Three things we flagged at the end of last quarter's call sheet:

1/ Sales Capacity
2/ Customer Concentration
3/ AIP Monetization

Q1'26 graded B+. Prior call sheet

[SF_trdr | Earnings Call Intelligence @SF_trdr]

$PLTR New Promises (Q1’26), Track Next Quarter
Full year 2026 revenue between $7.65B and $7.662B (71% growth midpoint)
US Commercial revenue in excess of $3.224B representing at least 120% growth
Adjusted income from operations between $4.44B and $4.452B for full year
Adjusted free cash flow between $4.2B and $4.4B for full year
Maven deployment to all combatant commands completed by end of government fiscal year
American tech fellowship for submarine industrial base launching later this month
Revenue from strategic commercial contracts less than $0.5M each remaining quarter
Platform-native agent engine SDK development with unified cost attribution capabilities

[SF_trdr | Earnings Call Intelligence @SF_trdr]

$FDX on the Q4'26 call:

"FY26 adjusted EPS $19.30-$20.10"

Status: KEPT.

Delivered $20.24, above high end of range

We log every promise on every call.

[SF_trdr | Earnings Call Intelligence @SF_trdr]

$COF Q2'26 earnings call, graded.

Disclosure C+ | Financial Quality C

The Discover Brownout is Worse Than Expected: -1.5% YoY Legacy Discover Loans While COF Claims Victory...

The call sheet

[SF_trdr | Earnings Call Intelligence @SF_trdr]

Clearly a strong print on the top line but a quick run through financials we see earnings up seq but op cash flow down. Sign of poor quality qtr. The part getting less attention: $rddt retired the logged-in vs logged-out DAU split this qtr.That split was what showed monetization quality, it's gone right as the mix-shift story gets harder to tell. Def a red flag. No position

[SF_trdr | Earnings Call Intelligence @SF_trdr]

Full write up: https://t.co/2YSaFTNGhf

[SF_trdr | Earnings Call Intelligence @SF_trdr]

$VRT Q2'26 Conference Call Notes - The 30-second version-
The 800V DC revenue opportunity is expanding per megawatt, but deployment timeline is slipping from 2027 to 2028
Record Q2 beat masks supply chain execution issues on complex projects that pushed $100M+ of revenue
Deferred revenue surge to record levels signals massive prepayments but also execution risk

[SF_trdr | Earnings Call Intelligence @SF_trdr]

Full report: https://t.co/rPmTzm6aTB

[SF_trdr | Earnings Call Intelligence @SF_trdr]

$MOD Q1'27 Earnings Call: The 30-second version: Supply chain constraints are actually LABOR inefficiencies masked as parts shortage - Record backlog means nothing when you can't produce - CEO taking over data center business after head resigned is NOT normal - #AIinfrastructure investors need to learn to read financials. No position

[SF_trdr | Earnings Call Intelligence @SF_trdr]

Strong thread- the commercial engine is obviously stout 61% rev growth/ 43% EBITDA margin. But 2 things cut against "every metric is record": mgmt is killing the logged-in vs logged-out DAU disclosure right as the mix-shift breaks down- why? Op CF actually fell QoQ $311M to $262M while net income rose to $253M- a red flag. This reads like a bad qtr, not just a bad day in the tape.

[SF_trdr | Earnings Call Intelligence @SF_trdr]

@TheWiseIC Take a quick read. Things are not great. https://t.co/dBUb3vRv10 no position

[SF_trdr | Earnings Call Intelligence @SF_trdr]

500M WAU is the headline, but the engine underneath is softer. Operating cash flow actually declined while net income grew, & mgmt admitted Reddit's feed tech is years behind competitors (smaller models, updating in days not minutes). AI monetization is still in beta after 6 months, no GA date.