==Apple (AAPL) reported earnings on Mon 2 Nov 2026 (a/h)

 

Apple beats by $0.11, reports revs in-line; iPhones slightly beat estimates

Posts record Q4 with EPS $2.10 on $114.5B revenue, raises outlook for December quarter

• Reports Q4 (Sep) earnings of $2.10 per share, excluding non-recurring items, $0.11 better than the FactSet Consensus of $1.99; revenues rose 11.7% year/year to $114.48 bln vs the $113.4 bln FactSet Consensus.  EPS included a favorable impact of $0.05 from tariff refunds
• Apple reports Q4 (Sep) iPhone revenue of $57.6 bln vs. $56.6 bln ests vs. $49.0 bln last year.
• Apple reports Q4 (Sep) services revenue of $31.6 bln vs. $31.5 bln ests vs. $28.8 bln last year.
• Apple reports Q4 (Sep) gross margins of 47.9%, which includes a favorable impact from tariff refunds.
• Apple reports Q4 (Sep) Greater China revenue of $17.5 bln vs. $14.5 bln last year.
• "Today, Apple is proud to report a September quarter revenue record of $114.5 billion, up 12 percent from a year ago, with iPhone reaching a September quarter record and Services reaching an all-time high, capping off our best fiscal year ever," said John Ternus, Apple's CEO. "We're closing the year with our most ambitious lineup yet. That includes the iPhone Duo, the most transformational iPhone since the original, alongside iPhone 18 Pro and iPhone 18 Pro Max, our most powerful iPhones yet. We also just introduced a whole new generation of hardware for the home and brought Touch to Mac for the first time. Together with the all-new Siri AI, it's an incredible lineup to carry us into the holiday season."
• "Apple delivered September quarter records for net income and EPS. Our record September quarter capped off a strong fiscal 2026, with all-time record revenue of $479 billion and double-digit EPS growth," said Kevan Parekh, Apple's CFO. "We generated $28 billion in operating cash flow during the quarter, allowing us to return $28 billion to shareholders. Thanks to our very high levels of customer satisfaction and loyalty, our installed base of active devices reached a new all-time high across all major product categories and geographic segments."
• Apple CEO John Ternus tells CNBC he is unable to predict when iPhone Duo supply and demand will be in balance.

===Lumentum (LITE) to be acquired by Marvell (MRVL) for $115 billion

• Custom chip designer Marvell has signed a deal to acquire optical chip and networking equipment maker Lumentum in an all-stock deal with an enterprise value of $115 billion (including debt) and an equity value of about $80 billion. Marvell will provide 4.5 shares of its common stock for each share of Lumentum.
• This makes the deal one of the biggest acquisitions in tech history. It compares to Microsoft buying Activision Blizzard for $68.7 billion in 2022 and Dell buying EMC for $67 billion in 2016. 

• Under the terms of the agreement, Lumentum stockholders will receive a fixed exchange ratio of 4.500 shares of Marvell common stock for each share of Lumentum common stock they own. The transaction has an implied enterprise value of $115 billion for Lumentum, representing approximately $1,132 per share of Lumentum common stock and a premium of approximately 23.9% based on each company's unaffected closing share price as of October 28, 2026, the last trading day before market speculation regarding a potential transaction began. Post-closing, current Marvell stockholders will own approximately 67% of the combined company on a fully diluted basis, while Lumentum stockholders will own approximately 33%.
• The combination is expected to deliver substantial strategic and financial benefits:
  • Creates a category leader in AI connectivity: Combining Marvell's electrical and optical interconnect, switching and custom silicon technologies with Lumentum's high-performance lasers, optical transceivers and OCS capabilities will create a comprehensive connectivity portfolio spanning scale-across, scale-out, scale-up and scale-in. Upon closing, the combined company anticipates being positioned to address customer connectivity requirements across a broad range of distances and topologies, from distributed data centers to advanced semiconductor packages.
  • Enables end-to-end extreme co-design and accelerates customer innovation: As AI infrastructure becomes increasingly complex, customers require higher levels of integration and optimization across digital, analog and optical technologies. By bringing together complementary technologies and engineering expertise across the signal chain, the combined company expects to be positioned to develop highly-optimized, pre-validated optical solutions designed to improve bandwidth, performance and power efficiency, accelerate customer time to market and support high-volume production.
  • Combines highly specialized manufacturing capabilities and enhances R&D resources: Lumentum brings advanced compound semiconductor manufacturing and process technologies, including indium phosphide (InP), as well as high-speed and high-power laser capabilities. After closing, the combined company plans to bring together leading-edge semiconductor design, advanced packaging and specialized manufacturing capabilities to enable deeper heterogeneous integration, strengthen strategic supply and accelerate the development of next-generation optical technologies.
  • Creates significant long-term stockholder value: The combination brings together two of the fastest-growing companies enabling AI infrastructure and expands the combined company's total addressable market to $550 billion and enhances the combined company's ability to serve customers in emerging scale-up and scale-in markets. The transaction is expected to enhance the combined company's long-term revenue growth, non-GAAP gross margin and non-GAAP operating margin profile, provide line of sight to more than $1 billion in annual run-rate cost synergies and is expected to be accretive to Marvell non-GAAP earnings per share in year one post-close.
• Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Lumentum stockholders will receive a fixed exchange ratio of 4.500 shares of Marvell common stock for each share of Lumentum common stock held at the time of closing, implying pro forma ownership of approximately 33% of the combined company for Lumentum stockholders on a fully diluted basis.
• Following closing, Matt Murphy will continue as Chairman and CEO of the combined company. As part of the transaction, three members of Lumentum's Board of Directors, including Lumentum CEO Michael Hurlston, will join Marvell's Board, which currently consists of seven directors.
  The transaction is expected to close in the first half of calendar year 2028, subject to approval by Marvell and Lumentum stockholders, receipt of regulatory approvals and other customary closing conditions

==Instacart (CART) to be acquired by DoorDash (DASH) for $65.00/share

 

• Co announced a definitive agreement under which DoorDash will acquire Instacart for a total value of $65.00 for each Instacart share, or an equity value of approximately $17 billion. The aggregate transaction consideration will be at least 75% cash, with Instacart stockholders able to elect cash, DoorDash stock, or a combination of both, subject to proration so that DoorDash stock does not exceed 25% of the aggregate consideration. Instacart's board of directors has unanimously approved the agreement.
• DoorDash expects many benefits will flow from the transaction, including:
  • More Choice for Consumers: Instacart customers could shop at more than 50,000 additional stores, on top of the nearly 100,000 stores on the Instacart platform today.
  • Two Memberships for the Price of One: DashPass and Instacart+ members would pay one membership fee instead of two, which would save them an estimated $100 million per year on membership fees alone.
  • More Ways to Earn for Dashers and Shoppers: More orders for local businesses can create more earning opportunities, with more choice over when and how they earn, whether that's grocery orders on a quiet day, restaurant orders at peak times, or both.
• The value of $65.00 per Instacart share represents a 26% premium to Instacart's closing price on October 22, 2026, the last trading day before media reports about a possible transaction. Instacart stockholders will have the right to elect to receive, for each Instacart share: (i) $65.00 in cash, (ii) 0.3372 shares of DoorDash common stock, or (iii) a mix of $48.75 in cash and 0.0843 shares of DoorDash common stock, in each case, subject to a cap on the total stock consideration issuable by DoorDash equal to 25% of the aggregate consideration and certain proration mechanics. If stock consideration is oversubscribed, applicable Instacart stockholders will receive stock consideration on a prorated basis.
• DoorDash expects to fund the cash portion of the consideration with cash on hand and proceeds from debt financing. DoorDash has entered into a financing commitment letter with JPMorgan Chase Bank, N.A. providing for a 364-day senior unsecured bridge loan facility in support of the debt component of the transaction, subject to satisfaction or waiver of certain customary conditions. The transaction is not subject to a financing condition. DoorDash is targeting a capital structure that will maintain investment-grade ratings.
• The transaction is expected to close in the end of 2027 or the first half of 2028, subject to approval by Instacart stockholders, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, other regulatory approvals, including in Canada and Israel, and other customary closing conditions. Stockholders holding about 19% of Instacart's outstanding shares have agreed to vote in favor of the transaction.

===Blue Owl Capital (OWL) reported earnings on Thur 29 Oct 26 (b/o)

 

Blue Owl posts double-digit FRE/DE growth and record institutional fundraising, reiterates faster 2027 management-fee growth outlook

• Q3 EPS $0.24 beat $0.22 consensus; revenue $806.5M (+11% YoY) topped estimates.
• Company declares $0.23 quarterly dividend payable November 23, 2026 to shareholders of record.
• FRE grew 15% and DE 14% LTM; Q3 FRE $0.27, DE $0.24 per share.
• AUM rose 12% YoY to $330 billion; $49 billion raised LTM, record institutional quarter.
• AUM not yet earning fees reached $36 billion, implying about $400 million embedded management-fee growth.
• FRE margin 58.6% YTD, above 58.5% outlook; management expects modest expansion in Q4 and 2027.
• Management reaffirmed 2026 targets to exceed $1.02 FRE/share and $0.89 DE/share.
• Company now consistently over-earns $0.23 quarterly dividend and expects this to continue through 2027+.
• Credit and real assets delivered strong LTM gross returns, led by digital infrastructure at 13.4%.
• Direct lending originations rose to $5.2 billion, but net deployment slightly negative on high repayments.
• Wealth channel improving: inflows up 14% QoQ, OCIC redemptions declining, ORENT redemptions at nine-quarter low.
• Management sees faster management-fee growth in 2027, driven by fee-eligible AUM, new vintages and less offsets.
• Main concern: muted net deployment in direct lending and macro uncertainty could delay translating fundraising into fee-earning AUM.
• Strong quarter, driven by strengthening fee-related earnings, record institutional fundraising, robust investment performance and embedded management-fee growth into 2027.