In today’s briefing:
- Meta: A Good 3Q Spoiled by a Tax Problem. Capex Boom Continues in 2026.
- Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?
- Medline Inc. (MDLN): Peeking at the IPO Prospectus of Mega Hospitals Product & Supply Chain Company
- Navan Inc. (NAVN): Mispriced AI Travel Platform Stumbles in Debut
- Booz Allen Hamilton Eyes Solid Growth with AI-Driven 6G & Quantum Defense Tech; Can It Materialize?
- Tri Pointe Homes’ 32
- Intel’s Quarter That Finally Justified the Pain
- Euronet’s Strategic Partnerships With Citibank & Fireblocks Are Fueling a Payments Revolution; Is This The Biggest Growth Catalyst?
- How Hasbro Is Using Marvel, Star Trek, & The Hobbit to Supercharge Magic: The Gathering!
- Gentex Corporation Powers Ahead With In-Cabin Tech—Can It Outpace ADAS Giants?
Meta: A Good 3Q Spoiled by a Tax Problem. Capex Boom Continues in 2026.
- Good 3Q25: revenue 4% above Consensus, Operating Income 7% above. But a huge US$18bn tax reversal leads to a big GAAP miss. A 10% NON-GAAP beat.
- 2025 Capex revised up to high end of range, from $66-72 bn to $70-72 billion. 2026 Capex dollar growth will be notably larger than 2025, that means over 100bn.
- Stock down -9% after hours, an over-reaction to a one-off non-cash tax write off. Valuations: slightly high as 2026 growth is forecast to be low due to OP margin decline.
Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?
- First 3 hyperscalers to report (GOOG, META, MSFT). GOOG and META increase 2025 Capex. GOOG and META mention “significant increase” or “larger increase” in 2026.
- MSFT is in 1Q26, ending June-27. In FY25 Capex increased by 58% YoY. FY 26 capex will increase more than in FY25.
- Altogether it looks like a ~50% Capex increase in 2026.
Medline Inc. (MDLN): Peeking at the IPO Prospectus of Mega Hospitals Product & Supply Chain Company
- Through their two segments, Medline Brand and Supply Chain Solutions, they offer approximately 335,000 med-surg products.
- They had net sales of $21.4 billion, $23.2 billion, and $25.5 billion and net income (loss) of ($25 million), $234 million, and $1.2 billion in 2022, 2023, and 2024, respectively.
- This company is a staple to the healthcare and hospitals industry and we anticipate a market cap north of $50 billion.
Navan Inc. (NAVN): Mispriced AI Travel Platform Stumbles in Debut
- Navan Inc. (NAVN) priced its IPO at the midpoint of the range, $25.00 per share, raising approximately $922 million in gross proceeds.
- The stock opened below issue price at $22.00 and failed to find support during its debut session, trading as low as $19.74 before closing near its intraday lows.
- Despite strong top-line growth and margin improvement, investor skepticism centered around long-term scalability and sector defensibility.
Booz Allen Hamilton Eyes Solid Growth with AI-Driven 6G & Quantum Defense Tech; Can It Materialize?
- Booz Allen Hamilton provided detailed insights into their second quarter fiscal year 2026 performance and presented a mixed financial outlook characterized by a stark bifurcation in their market segments.
- The company faces significant challenges and opportunities, presenting both potential advantages and drawbacks for investors.
- On the positive side, Booz Allen’s national security portfolio, encompassing defense and intelligence sectors, shows encouraging signs.
Tri Pointe Homes’ 32
- Tri Pointe Homes has reported its financial performance for the third quarter of 2025, providing a mixed outlook on both its immediate results and strategic direction moving forward.
- During this period, the company closed 1,217 homes at an average selling price of $672,000, generating home sales revenue of $817 million.
- This exceeded the upper limit of their delivery guidance, showcasing their ability to navigate a challenging housing market environment.
Intel’s Quarter That Finally Justified the Pain
- Intel’s Q3 results confirm discipline over drama, with stronger liquidity, narrowing foundry losses, and tangible proof that the “systems foundry” strategy is progressing on schedule.
- $5.7 billion from the U.S. government, $2 billion from SoftBank, and divestments in Altera and Mobileye together fortified balance-sheet flexibility for the foundry ramp ahead.
- Guidance underscores managed deceleration rather than weakness: Q4 margins to soften on Core Ultra 3 and Altera deconsolidation, even as execution tightens and demand continues to outpace supply into 2026.
Euronet’s Strategic Partnerships With Citibank & Fireblocks Are Fueling a Payments Revolution; Is This The Biggest Growth Catalyst?
- Euronet Worldwide reported its third-quarter financial results, showcasing a mixed performance across its segments.
- The company achieved a revenue of $1.1 billion, with operating income standing at $195 million.
- Adjusted EBITDA reached $245 million, while the adjusted earnings per share were $3.62, reflecting a 19% growth compared to the previous year.
How Hasbro Is Using Marvel, Star Trek, & The Hobbit to Supercharge Magic: The Gathering!
- Hasbro’s third-quarter 2025 financial performance indicates a mixed but generally positive trajectory for the company.
- Net revenue and operating profit increased year-over-year, driven by key brands such as Magic: The Gathering and various collaborations.
- The company reported an 8% rise in net revenue, reaching $1.4 billion, and a similarly robust increase in operating profit of 8%, resulting in an adjusted operating profit margin of 25.6%.
Gentex Corporation Powers Ahead With In-Cabin Tech—Can It Outpace ADAS Giants?
- Gentex Corporation’s third-quarter 2025 financial results present a mixed picture with several positive elements, tempered by notable challenges.
- The company reported consolidated net sales of $655.2 million, which marks an 8% increase from the prior year, driven primarily by the contributions from the recent acquisition of VOXX, which added $84.9 million in revenue.
- However, core Gentex revenue decreased by 6% compared to the same quarter last year.
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