AppLovin Corporation reported its first quarter 2026 financial results, highlighted by revenue of $1.84 billion, which was up 59% year-over-year and 11% sequentially.

The company achieved an adjusted EBITDA of $1.56 billion, up 66% year-over-year, representing an 85% margin.

Free cash flow for the quarter was $1.29 billion.

During the first quarter, the company repurchased and withheld 2.3 million shares for $1 billion.

Management emphasized the strength of the core gaming business and a meaningful shift in how game studios approach monetization.

Games that historically relied solely on in-app purchases are increasingly testing hybrid models to unlock incremental ad revenue.

The consumer vertical is scaling rapidly alongside gaming, with April reaching a record month in advertiser spend that was higher than any peak month in the fourth quarter.A major strategic initiative is the opening of the Axon platform to the public in June, which will allow advertisers globally to sign up and run campaigns via self-serve access.

AppLovin is also deploying AI-powered ad creative tools, including an interactive paid generator and a video generation tool currently in testing, to assist advertisers in generating high-performing ads.

Furthermore, the company is building Axon to be natively accessible to AI agents used by advertisers to manage marketing spend.

For the second quarter of 2026, AppLovin expects revenue to be between $1.915 billion and $1.945 billion.

Adjusted EBITDA is expected to be between $1.615 billion and $1.645 billion, with an adjusted EBITDA margin of approximately 84% to 85%.

Management noted that capital allocation priorities for the balance of the year remain unchanged, focusing on organic investment and returning capital through buybacks.

CVS Health Corporation reported first quarter 2026 financial results, with management noting the company generated "over $100 billion of revenue" for the quarter.

For the first quarter, "adjusted operating income of approximately $5.2 billion" and an "adjusted EPS of $2.57" were reported.

Segment performance for the first quarter included the Health Care Benefits segment generating "nearly $36 billion of revenue in the quarter," the Health Services segment generating "revenues of over $48 billion," and the Pharmacy and Consumer Wellness segment generating "revenues of nearly $32 billion". Management also stated that during the first quarter, the company "generated cash flow from operations of approximately $4.2 billion".Management highlighted a strategic transition, aiming to evolve "from a consumer-based health care company to a consumer-based health care technology company". This includes the upcoming launch of Health100, described by executives as "an AI native, state-of-the-art technology and service platform that allows for any payer, PBM, pharmacy or provider to seamlessly connect". In the Medicare Advantage business, leadership noted that the Final Rate Notice was "a step in the right direction" but "remains insufficient to offset underlying medical cost trends". The company also emphasized efforts to reduce friction, stating that Aetna has integrated technology to "approve more than 95% of the eligible prior authorizations within 24 hours".For full year 2026 forward guidance, CVS Health increased its adjusted earnings per share expectation to "a range of $7.30 to $7.50". The company now expects full year total revenues to be "at least $405 billion" and updated its outlook for full year cash flow from operations to "at least 9.5billion".

Occidental Petroleum Corporation generated approximately $1.7 billion of free cash flow before working capital in the first quarter of 2026.

The company reported first quarter adjusted earnings of $1.06 per diluted share and reported earnings of $3.13 per diluted share.

The company exited the first quarter with more than $3.8 billion of unrestricted cash, and principal debt was reported at $13.3 billion.

First quarter production averaged 1.43 million BOE per day.

Management announced a leadership succession plan, with Vicki Hollub retiring as President and CEO on June 1, and Richard Jackson succeeding her in the role.

The company stated its near-term cash flow priority is to reduce principal debt to $10 billion.

Executives also highlighted ongoing cost efficiencies, noting they are on track for an additional $500 million in oil and gas cost savings for the 2026 year across new wells, facility costs, operating costs, and transportation.

The company provided updates on STRATOS, noting the construction of Phase 2 is now complete, while an issue related to non-process components was identified following Phase 1 commissioning.

For forward guidance, Occidental adjusted the midpoint of full year production guidance to 1.44 million BOE per day and raised the midpoint of full year midstream guidance to $1.1 billion.

The full year capital guidance range was maintained at $5.5 billion to $5.9 billion.

Restaurant Brands International Inc. reported first quarter 2026 comparable sales growth of 3.2 percent and system-wide sales growth of 6.2 percent.

Chief Executive Officer Josh Kobza stated the company converted strong top line results into a 10.7% organic AOI growth and mid-teens EPS expansion.

Chief Financial Officer Sami Siddiqui noted that the company generated nearly $200 million of free cash flow in Q1 and that Adjusted EPS increased to $0.86 per share this quarter from $0.75 last year.

During the first quarter, the company returned approximately $315 million of capital to shareholders through dividends and share repurchases.

Management highlighted business priorities and updates across its major brands.

Burger King U.S. delivered 5.8 percent same-store sales growth, which Kobza attributed to elevating our core menu, connecting with families and kids and delivering consistent everyday value.

Tim Hortons delivered 1.5 percent comparable sales growth in Canada, with cold beverages up 10 percent for the quarter.

Popeyes saw a comparable sales decline of 6.5 percent, prompting a narrowed focus on bone-in chicken, tenders, and the chicken sandwich to improve execution.

The International segment delivered 5.7 percent comparable sales growth, and the company completed its Burger King China joint venture agreement with CPE, which injected $350 million of primary capital into the business to fund development over the next 5 years.

For the 2026 financial guidance, the company expects segment G&A, excluding restaurant holdings, of about $600 million to $620 million for the year.

Siddiqui stated they expect net adjusted interest expense to stay approximately flat year-over-year in the $500 million to $520 million range.

Full year 2026 CapEx and cash inducements are projected to be around $400 million.

The company expects total Restaurant Holdings adjusted operating income of roughly $10 million to $20 million for the 2026 full year, reflecting the impact of Carrols restaurant refranchising and incremental investments in international start-up businesses.

Notable product and partnership announcements included Burger King launching the Elevated Whopper and $3.99 King Junior Meals.

Popeyes introduced the $5 Faves platform to rebuild an everyday value proposition.

Tim Hortons brought back its Roll Up To Win initiative in February and announced a forthcoming loyalty partnership with Canadian Tire for the second half of the year.

Additionally, Tim Hortons is rolling out fountain drink equipment across its system to enable operational efficiencies and new cold beverage innovations.

Pfizer Inc. reported first quarter 2026 "revenues were $14.5 billion", which represented an operational increase of 2 percent.

For the first quarter, "reported diluted earnings per share was $0.47 and adjusted diluted earnings per share was $0.75". The company stated its "adjusted gross margin for the first quarter was approximately 76%" and its first quarter 2026 "adjusted operating margin was strong at 38%". Management also noted that "total adjusted operating expenses were $5.5 billion for the first quarter".Executives highlighted strategic progress, noting "2 significant legal developments that improved our growth profile post 2028". These included "settlement agreements resolving infringement of patent related to VYNDAMAX" and a "Belgium court ruling regarding COMIRNATY contracts with EU member countries". Management noted that "embedding the use of artificial intelligence across our company is a key strategic priority" to "compress time lines and improve vision making". Additionally, the company expects "$700 million in savings from our Phase I of our manufacturing optimization program this year".Pfizer reaffirmed its full year 2026 guidance, expecting "total company revenues in the range of $59.5 billion to $62.5 billion and adjusted diluted earnings per share in the range of $2.80 to $3 a share". The company stated its "launched and acquired products had a tremendous start to the year with 22% growth". Key product updates included "notable EV-304 study findings for PADCEV" in bladder cancer, "positive top line results" from the "Phase III MagnetisMM-5 study of ELREXFIO" in multiple myeloma, and plans to "advance 10 Phase III studies this year" in obesity therapies following the Metsera acquisition.

Cameco reported its first quarter 2026 results, noting that "results were consistent with our expectations and with the annual plan". The company reported "improved underlying performance compared to the first quarter of last year as reflected in higher adjusted EBITDA despite reporting a net loss driven by normal quarterly variability". Executives emphasized that "year-over-year improvements were driven largely by timing and improved uranium pricing".Operationally, Cameco reported that "our assets delivered solid performance in the first quarter". The company is preparing for an "extended third quarter shutdown planned at the Key Lake mill" to tie in new infrastructure designed to enhance supply flexibility.

Additionally, Cameco recently surpassed "$5 billion in goods and services procured from indigenous and northern Saskatchewan contractors since the time we started tracking that spend in 2004". Management also highlighted an India contract that is "absolutely on commercial terms, market terms at time of delivery".Looking ahead, the "full year guidance for 2026 is unchanged". The company continues to expect "consolidated uranium production of between 19.5 million and 21.5 million pounds, fuel services production of between 13 million and 14 million kilograms and a return to full planned production levels at JV Inkai". Management noted that "at the moment, we do not anticipate the cost increases will have a material impact on our 2026 financial results".Cameco provided updates on strategic initiatives, including advancing Global Laser Enrichment on the basis of it being a "tails re-enrichment project". Management highlighted ongoing progress regarding a commitment for the U.S. government to finance, permit, license, and reach a final investment decision on a minimum "$80 billion spend on AP1000". Executives emphasized that "interest in AP1000 technology continues to build across multiple global jurisdictions".

Rhythm Pharmaceuticals reported "$60.1 million in global net revenues from sales of IMCIVREE" for the first quarter of 2026, which represents "5% sequential growth over Q4 2025." Gross to net for U.S. sales in Q1 was 84%, and cost of goods sold in this quarter was "11.9% of product revenue." The company reported a GAAP EPS for the first quarter of 2026 as a "net loss per basic and diluted share of $0.83" and ended the first quarter with "approximately $341 million in cash, cash equivalents and short-term investments."Management highlighted that the "U.S. commercial launch is off to a strong start," receiving "more than 150 start forms in the six weeks since approval." To support this, Rhythm expanded its commercial organization, "going from 16 sales reps for BBS to a total of 42 sales reps deployed across the country." Internationally, the "European Commission granted marketing authorization for IMCIVREE" for acquired hypothalamic obesity, and the PMDA in Japan "has accepted and is reviewing our NDA filing" for the same indication.

The company maintained guidance of "approximately $385 million to $415 million in non-GAAP operating expenses in fiscal year 2026." This is comprised of non-GAAP R&D of "approximately $197 million to $213 million" and non-GAAP SG&A expenses of "approximately $188 million to $202 million." Rhythm noted it is "aggressively pursuing our life cycle management strategy," anticipating "sharing 718 data midyear" and targeting the Q2 earnings call to share "Part C results in HO." The company also has a goal of being in a position to "start the Phase III trial with bivamelagon in HO by the end of 2026."

Shopify Inc. reported its financial results for the first quarter of 2026.

Management stated that Q1 GMV was $101 billion, that is up 35%.

The company reported that "Our revenue was $3.2 billion for the quarter, that is up 34%". Furthermore, free cash flow was $476 million, delivering a 15% free cash flow margin. Q1 gross profit grew 32%, with gross margin for Subscription Solutions coming in at 80% and gross margin for Merchant Solutions coming in at 39%.

Operating expenses were $1.2 billion for the first quarter or 37% of revenue.

During the quarter, management noted that AI is now Shopify's native language and reported that the number of weekly active shops using Sidekick in Q1 was up 4x year-over-year.

The company highlighted the Universal Commerce Protocol, or UCP, an open protocol co-developed with Google.

Shopify announced that Amazon, Meta, Microsoft, Salesforce and Stripe all joined the council.

Additional business highlights included B2B GMV growing 80% in Q1 and offline GMV up 33%.

Regarding payment processing, Shopify Payments processed $67 billion of GMV, while Shop Pay processed $35 billion of GMV, up 59% year-over-year.

For forward guidance, Shopify expects Q2 revenue growth in the high 20s year-over-year.

The company stated "We expect our gross profit dollars to grow in the mid-20s". Management expects operating expenses in Q2 to be 35% to 36% of revenue.

Additionally, for Q2, Shopify expects free cash flow margins in the mid-teens.

Pinterest reported First Quarter 2026 "global revenue was $1.8 billion" and "delivered $207 million in adjusted EBITDA" for the Quarter, representing an "adjusted EBITDA margin of 20%". The company also generated "Q1 free cash flow of $312 million" for the Quarter.

User growth was highlighted, ending the Quarter with "631 million global monthly active users".Management emphasized the "acquisition of tvScientific" which closed in Q1 to power "high-performing CTV campaigns". The company continues to push its "sales and go-to-market organization" changes, aimed at "broadening our revenue base" across "mid-market, enterprise, managed SMB and international advertisers".On the product side, Pinterest noted the continued adoption of its "Pinterest Performance+" campaigns and the expansion of "Canvas, our in-house AI image generation model". CEO Bill Ready also addressed their beta launch of "Pinterest Assistant", noting they are taking their time in "getting the product market fit right".For forward guidance, Pinterest expects Quarter 2 "Q2 revenue to be in the range of $1.133 billion to $1.153 billion" and Quarter 2 "adjusted EBITDA to be in the range of $256 million to $276 million". For the full Year 2026, the company continues to expect "full year 2026 margins to come in around 29%".

Moderna, Inc. reported financial results for the first quarter of 2026.

Management noted that "total revenue was $400 million" in the quarter. "Net loss for the quarter was $1.3 billion" on a GAAP basis.

The company "ended the first quarter with cash and investments of $7.5 billion". "Cost of sales for the quarter was $955 million," which management stated "includes $878 million related to our previously disclosed litigation settlement". "R&D expenses for the quarter were $649 million," and "SG&A expenses for the quarter were $173 million".During the quarter, Moderna noted the approval of mCOMBRIAX in the European Union, describing it as "the first flu plus COVID combo vaccine approved in the world". Management highlighted that "we now have 4 approved products". The company also "secured key regulatory approvals in the European Union, including mNEXSPIKE". Additionally, the company "delivered our first shipment under a strategic partnership in the United Kingdom". In oncology, management stated they "initiated a new Phase III clinical trial in non-small cell lung cancer for patients with Stage 1 disease".Looking ahead, management stated they expect "total revenue to grow up to 10% in 2026". For the second quarter, they "are expecting revenue of between $50 million and $100 million". The full year "cost of sales projection has increased from $0.9 billion to $1.8 billion". For the full year, "R&D expenses are still anticipated to be approximately $3 billion," and "SG&A expenses are still expected to be approximately $1 billion". The company stated "we expect to end 2026 with between $4.5 billion to $5 billion of cash and investments".