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Earnings Unscripted: Stock Earnings Calls & Analysis

What companies say versus what the numbers show - in about ten minutes.Earnings Unscripted turns dense quarterly filings into sharp, entertaining conversations. Each episode, hosts Susie and Miro take one company's earnings report and dig past the headline beat: the brand-new non-GAAP adjustment quietly flattering EPS, the retention rate slipping beneath a big contract win, the one line on the call that tells you where things are actually headed.You get the essentials - revenue, earnings,

business investing

All Episodes

2:37

Daily Earnings: Brands reverse aggressive price hikes...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/10/09

The era of endless corporate pricing power has officially hit a hard ceiling, forcing major consumer brands to reverse aggressive inflation hikes while scrambling to dismantle their heavy physical supply chains to defend profit margins.• PEP executed a manual price reset, capping key snack items under $2.50 to stabilize sliding volume.• Facing top-line limits, PEP is actively evaluating selling its massive US delivery fleets to independent bottlers.• BYRN completely eliminated its internal

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8:07

PepsiCo (PEP): Expiring commodity hedges pierce the...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/10/09

PepsiCo (PEP) executed a deliberate domestic "price reset" to save Q3 2026 snack volumes, but an impending collision with unhedged commodity costs forced a drastic downward revision to the company's full-year outlook.In ~10 minutes:• How a short-term tariff refund artificially inflated third-quarter profits.• The expiration of cheap commodity hedges threatening Q4 margins.• Why 100-calorie snack packs are now a standalone $3B cash cow.• Leveraging Carlsberg beer trucks to bypass

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9:02

Byrna (BYRN): Outsourcing ammo cures a 46% revenue...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/10/09

Byrna's wholesale revenue collapsed as third-party dealers digested excess inventory, but Wall Street rewarded a massive profitability spike driven by newly outsourced manufacturing and a well-timed tariff refund.In this episode:• How killing in-house ammo added 1,200 basis points to margins• Deconstructing the $2.3M tariff refund that skewed GAAP gross profit• Flipping Try-Before-You-Buy returns into a sold-out refurbished channel• The strategic acquisition of HERO Defense to build a price

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8:01

NovaGold (NG): Bleeding cash to buy out a billionaire...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/10/09

NovaGold’s Q3 2026 reveals the immense frictional cost of being a pre-revenue miner attempting to consolidate a Tier-One gold mega-mine.In ~10 minutes:- Absorbing John Paulson's 40% stake in an all-share U.S. restructuring.- Raising G&A guidance by $11.5M purely to cover transaction legal paperwork.- Chairman Thomas Kaplan's thesis on "double-ply" fiat currency collapse. 🧻- Courting sovereign wealth funds to finance the massive Donlin build.Pre-revenue development is a heavily

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3:22

Daily Earnings: Data Centers, Beer & Steel | APLD,...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/10/08

The physical limits of operating in today's economy have become so severe that companies are actively discarding optimized efficiency models just to survive hard infrastructure and capacity bottlenecks.* Applied Digital (APLD) abandoned custom data center designs, building hyper-flexible 30-year concrete shells to outlast hardware obsolescence.* Constellation Brands (STZ) squeezed physical logistics so heavily that it triggered stock-outs and an 8-million-case wholesale bailout.* Real-world

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8:54

Applied Digital (APLD): Turning town red tape into an...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/10/08

Applied Digital’s Q1 results reveal a massive 322% revenue surge temporarily masked by derivative markdowns, as the company uses community power gridlock to secure heavy pricing premiums.In ~10 minutes:• 🏗️ Why APLD just abandoned the traditional 5-year GPU infrastructure design.• 🛑 How local zoning pushback actually increases their sites' terminal value.• 👻 The strategic reason management is intentionally scrubbing $41.5M in cloud revenue.• 🌍 Why their massive 1-gigawatt footprint expansion

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7:38

Worthington Steel (WS): The unadjusted $43M inventory...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/10/07

Worthington Steel's Q1 2027 results masked the true earning power of its massive new acquisition behind a distorted non-GAAP accounting penalty. 🏗️In ~10 minutes:- Tripling topline revenue to $2.7B while total debt clears $2.1B- Why a $43M non-cash inventory hit wasn't adjusted out of EBITDA- The German DPLTA structure enforcing a perpetual 6% minority dividend- Using AI to successfully intercept duplicate heavy-machinery supply ordersDespite missing out on 30,000 tons of shipments due to

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7:56

Constellation Brands (STZ): The 8-million case...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/10/07

Constellation Brands deliberately flooded wholesale channels with eight million excess cases to correct a disastrously lean supply chain test that triggered Q2 2027 stock-outs.In ~10 minutes:• How an operational efficiency experiment broke the summer distribution network.• Dodging a $75M annualized depreciation headwind by delaying the Veracruz facility.• Why the CEO is demanding hyper-local "beach bar" ad campaigns over generic TV.• Managing RTD trend risk with a staggered $278M earnout for

en-US

3:04

Daily Earnings: Suppliers deliberately starve their...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/10/02

Corporate leverage has violently changed hands this week as both heavy tech infrastructure suppliers and legacy consumer retailers are willingly destroying immediate sales volume to claw back their long-term pricing power.* Micron exploits massive physical fabrication bottlenecks to lock frantic AI buyers into multi-year upfront cash contracts.* Nike intentionally swallows a $200 million revenue hit by slashing premium sneaker production to manufacture exclusivity.* Accenture radically shifts hiring

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9:04

Accenture (ACN): Emulating Palantir to save legacy...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/10/02

Accenture posted a stunning optical earnings beat this quarter, but the real story is how the firm is radically shifting its entry-level hiring strategy to survive the age of AI.In ~10 minutes:• Why the massive 46% GAAP earnings spike is just an accounting illusion.• How a regulatory delay on $3B in M&A artificially inflated Q4 cash flow.• Replacing classic junior analysts with embedded "Forward Deployed Engineers." ⚙️• Why crashing AI token costs actually drives up enterprise consulting

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8:25

Nike (NKE): Slashing Dunk supply by 50% to force...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/10/02

Nike is deliberately strangling sales of its most iconic shoes in Q1 2027 to rebuild premium hype while orchestrating a painful global restructuring.In ~10 minutes:• Why the 50% cut to Dunk inventory wiped out $200 million.• Walking away from Chinese digital distributors to end discount wars.• The new "Pace" restructuring collapses four global regions into three.• Pivoting volume defense to $65 sub-premium "family footwear" lines.• Why management explicitly warned that Greater China

en-US

8:43

Micron (MU): Pre-selling $32B of memory that doesn't...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/10/01

Micron Technology transformed a notorious hardware commodity into guaranteed multi-year revenue during its blowout Q4 2026.In ~10 minutes:• Record $54.2B revenue driven by new take-or-pay capacity contracts• Hoarding $12.7B in unrestricted customer cash prepayments 💸• Why an employee bonus is temporarily suppressing Q1 gross margins• Paving a $25B CapEx runway for autonomous data-centers on wheelsWith autonomous vehicles projected to operate as rolling servers requiring terabytes of storage, Micron

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2:55

Daily Earnings: Volume, Inventory and Capacity | CCL,...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/09/30

Today's earnings brief covers Carnival, CarMax, and Uranium Energy Corp, using only their September 29, 2026 reports.- CarMax grew retail sales while earning less gross profit per vehicle. We examine operating leverage, pricing transparency, and credit performance.- Uranium Energy retained inventory while expanding production. Future sale timing and prices remain key uncertainties.- Carnival reported record quarterly results despite fuel pressure and outlined its 2027 deployment mix.The

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7:53

Uranium Energy Corp (UEC): Starving revenue to hoard...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/09/30

Despite a massive production spike in Q4, Uranium Energy Corp intentionally starved its own revenue to hoard a physical stockpile ahead of a coming domestic supply crunch.In ~10 minutes:• Production surged 157% QoQ as unit costs dropped sharply.• Hoarding 1.25M pounds instead of locking in current sales.• Utilities are panicking and surrendering strict pricing contract ceilings.• Rolling up an all-U.S. supply chain for defense mandates. 🛡️• Omitting total Q4 top-line financials from the earnings

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9:26

CarMax (KMX): Routing 100% of customer calls to AI...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/09/30

CarMax squeezed its own retail margins to drive Q2 volume, heavily relying on massive AI efficiency and an expansion into sub-prime auto lending to catch the financial shortfall.In ~10 minutes:- How the FTC inadvertently doubled CarMax's "great deals" online.- Why slashing profit per vehicle drove a 14% volume spike.- Replacing 100% of inbound phone operators with AI agents.- Aggressively capturing Tier 2 sub-prime loan share from banks.Deliberately cutting the gross profit per unit

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7:46

Carnival (CCL): Absorbing a $150M fuel spike without...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/09/30

Carnival’s Q3 2026 results reveal a company sailing to record peak profitability despite a massive surge in spot fuel costs.In ~10 minutes:• Generating $2.22 billion in peak seasonal operating income.• Reducing fleet fuel consumption by 3.8% to absorb price shocks.• Erasing the final scraps of secured pandemic-era debt.• Why the new loyalty program artificially depresses reported yields.Management essentially laughed at the idea of paying Wall Street for fuel hedges, relying instead on strict

en-US

2:43

Daily Earnings: Retailers weaponize tariff checks |...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/09/25

The consumer retail sector is sharply fracturing between massive platforms weaponizing surprise government payouts to pressure competitors and legacy incumbents pulling the emergency brake on basic capital deployment to weather the slowdown.• Costco (COST) funneled a $184 million IEEPA tariff refund directly into artificially lowering its grocery prices.• Cracker Barrel (CBRL) formally canceled all 2027 store expansion to focus purely on internal physical repairs.• General Mills (GIS) abandoned

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9:57

BlackBerry (BB): Building the safety brakes for...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/09/25

BlackBerry (BB) is proving it doesn't need a rebound in global auto production to scale, leveraging a massive Q2 2027 design win to command three times the average price for its vehicle software.In ~10 minutes:• Transitioning carmakers into strict, guaranteed minimum volume contracts.• Acting as the deterministic physical safety switch for AI brains. 🚘• Analyzing the $22.1 million licensing anomaly padding the Rule of 40.• Cutting cybersecurity guidance over rare US-Canada geopolitical trade

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7:53

Costco (COST): Weaponizing a $184M government refund...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/09/25

Costco just took an unexpected multi-million-dollar government refund and weaponized it to aggressively lower grocery prices, capping off a wild Q4 2026.In ~10 minutes:• How ChatGPT organically triggered a triple-digit membership traffic surge.• The strategic logic behind reinvesting a $184 million IEEPA tariff refund.• Why a massive year-end $152M LIFO accounting charge suppressed margins.• Younger shopper momentum fueling an expansive same-day delivery strategy.We break down Costco’s structurally

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8:56

Cracker Barrel (CBRL): The zero-growth turnaround...

Earnings Unscripted: Stock Earnings Calls & Analysis ·

2026/09/24

Cracker Barrel is halting all new store expansion to survive plunging foot traffic and reconnect with its alienated core audience in Q4 2026.In ~10 minutes:• Why the brand abruptly canceled its modern store remodels.• A surprise $15M tariff refund masking real retail margins.• How two $10M legal settlements perfectly offset each other.• Forcing menu prices up 4.4% as lower-income diners vanish.The beloved highway chain is finally acknowledging it alienated its most loyal guests with trendy updates

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