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Apple printed Q2 FY2026 revenue of $111.18B (+17% YoY), beating consensus by 1.5% and clearing the +13–16% guide by a full point at the high end, with iPhone at a March-quarter record of $57.0B (+22% YoY), Services at an all-time high of $31.0B (+16.2%), and double-digit growth across every geographic segment. Diluted EPS of $2.01 (+22% YoY) set a March-quarter record. Gross margin held at 49.3% — 27bps above the 48–49% guide and a 110bps step-up from December — while management guided June revenue to +14–17% YoY (implied $107.2B–$110.0B against the $94.0B prior-year base), framed as the largest CEO transition handoff in Apple's modern history. The signal: the records cadence flagged as a risk two quarters ago is now in its third consecutive validation, AI has moved from opex line item to architectural foundation, and the abandonment of the net-cash-neutral target is the loudest capital-allocation shift Apple has made since 2018.

30-second take: Brown-Forman closed FY26 with Q4 reported net sales of $912M (+2% YoY, +2% organic), GAAP EPS of $0.12, and a Q4 operating margin of 10.5% — a sharp step-down driven principally by $132M of intangible impairment charges (Gin Mare $45M + Diplomático $87M). Full-year reported net sales of $3.93B fell 1% YoY but were flat on an organic basis, beating the "low-single-digit decline" FY26 organic guide, while FY26 organic operating income declined 2% — in-line with the low-single-digit decline guide. FY26 operating margin landed at 25.5%. The forward setup is harder than the FY26 landing: FY27 organic net sales are guided to approximately flat and FY27 organic operating income to decline 3% to 5% — a second consecutive year of organic OI contraction against flat sales, with FY27 CapEx guided to $60–70M versus FY26 actual of $107M (itself a beat vs. the $110–120M prior guide). Management is no longer trying to grow through this; they are sizing the business to a lower demand level.

Veeva opened FY2027 with revenue of $882.9M (+16% YoY) and non-GAAP EPS of $2.24, beating its own Q1 guide by ~$25–28M on revenue and $0.10 on EPS — the largest Q1 beat in recent memory — and raised FY27 revenue guidance by $35–60M to $3,635–3,645M and non-GAAP EPS by $0.20 to $9.05. Management reframed the company as an "industry-specific application and AI agent company" with Veeva AI as the foundational layer, but the press release is silent on top-20 Vault CRM commit count, EDC named wins, Veeva AI revenue or pricing, and horizontal CRM — the four watch items that mattered most coming out of Q4.