Market Pulse

Event summary

• Custom Truck One Source (CTOS) CEO Ryan McMonagle and CFO Chris Eperjesy will participate in a fireside chat at the Oppenheimer Industrial Growth Conference.
• The conference is scheduled for Tuesday, May 5, 2026, and will be held virtually.
• The fireside chat is scheduled to begin at 10:30 a.m. ET.
• A replay of the chat will be available for 90 days on investors.customtruck.com.

The big picture

What we're watching

Investor Sentiment

The conference participation and fireside chat will likely be scrutinized for signals regarding management’s outlook on near-term demand and margin pressures within the utility, telecom, and rail sectors.

Growth Strategy

Management’s commentary on the ‘one-stop-shop’ business model’s effectiveness in a potentially slowing infrastructure spending environment warrants close attention.

Financial Discipline

The CFO’s remarks regarding capital allocation and debt management will be key indicators of the company’s ability to navigate potential economic headwinds and maintain financial flexibility.

Event summary

• Tenable reported Q1 2026 revenue of $262.1 million, a 9.6% year-over-year increase.
• The company achieved a GAAP operating margin of 3.3%, a significant improvement from -7.4% in Q1 2025.
• Tenable introduced Hexa AI, an agentic AI engine, and added 406 new enterprise platform customers.
• The company repurchased $130 million in shares during the quarter.

The big picture

What we're watching

Growth Sustainability

The 9.6% revenue growth represents a deceleration from previous periods, and the company needs to demonstrate its ability to maintain momentum amidst increasing competition in the AI-powered cybersecurity space.

Hexa AI Adoption

The success of Tenable's Hexa AI will hinge on its ability to drive customer adoption and demonstrate tangible value beyond existing exposure management capabilities.

Margin Management

While margins improved significantly, Tenable must carefully manage operating expenses as it invests in AI and platform innovation to ensure sustained profitability.

Event summary

• Flowserve reported Q1 2026 bookings of $1.15 billion, including $110 million in nuclear bookings and $680 million in aftermarket bookings.
• The company's Q1 operating margin decreased 30 basis points to 11.2%, while adjusted operating margin expanded 230 basis points to 15.1%.
• Flowserve reaffirmed its full-year 2026 adjusted EPS guidance of $4.00 to $4.20.
• The company cited a $0.19 benefit from recoverable IEEPA tariffs, offset by headwinds from a Latin American tax matter and the Middle East conflict.

The big picture

What we're watching

Geopolitical Risk

The ongoing conflict in the Middle East continues to impact Flowserve's operations, and the company's ability to navigate further escalations will be crucial for maintaining stability.

Acquisition Integration

The expected mid-year 2026 close of Trillium Flow Technologies’ Valves Division will test Flowserve’s integration capabilities and its ability to achieve anticipated synergies.

Margin Sustainability

Whether Flowserve can sustain its adjusted operating margin expansion in the face of inflationary pressures and potential supply chain disruptions remains to be seen.

Event summary

• Sight Sciences will present at the BofA Securities Health Care Conference on May 13, 2026, at 3:15 PM PT.
• The company will also participate in the Stifel Virtual Ophthalmology Forum on May 26, 2026, at 9:00 AM PT.
• Presentations will be webcast live and archived on the company’s investor relations website.
• Sight Sciences’ product portfolio includes the OMNI Surgical System, SION Surgical System, and TearCare System, targeting glaucoma and dry eye diseases.

The big picture

What we're watching

Growth Trajectory

The presentations will likely focus on the commercial adoption rates of the OMNI and TearCare systems, and any shift in sales strategy will be key to monitor.

Competitive Landscape

Given the crowded ophthalmology device market, the company’s ability to differentiate its technology and maintain pricing power will be crucial for sustained growth.

Regulatory Risk

Continued 510(k) clearance and CE marking for existing and new products will be essential for maintaining market access and expanding into new territories.

Event summary

• Guardant Health will participate in three investor conferences: BofA Securities Healthcare Conference (May 12), William Blair Growth Stock Conference (June 2), and Jefferies Global Healthcare Conference (June 3).
• The BofA Securities conference features a fireside chat at 10:40 a.m. PT.
• The William Blair conference includes a presentation at 9:20 a.m. CT.
• The Jefferies conference will host a fireside chat at 11:05 a.m. ET.
• Webcasts of the sessions will be available on Guardant Health’s investor relations website.

The big picture

What we're watching

Investor Sentiment

The content and reception of these presentations will likely influence short-term stock performance, reflecting investor confidence in Guardant’s growth strategy and competitive positioning.

Growth Strategy

Management’s commentary on the conferences will provide insights into the company's plans for expanding its precision oncology offerings and penetrating new markets, which will reveal the viability of their long-term growth projections.

Competitive Landscape

The questions posed during the fireside chats and presentations may reveal how Guardant Health is addressing competitive pressures within the rapidly evolving precision oncology market.

Event summary

• Carvana reported record Q1 2026 results, with $6.432 billion in revenue (+52% YoY) and 187,393 retail units sold (+40% YoY).
• The company achieved record net income of $405 million and Adjusted EBITDA of $672 million.
• Q1 net income was negatively impacted by $42 million due to changes in the fair value of warrants.
• Carvana anticipates sequential increases in retail units and Adjusted EBITDA for Q2 2026, projecting all-time company records.

The big picture

What we're watching

Macro Risks

The company's outlook hinges on a 'stable environment,' which is vulnerable to ongoing macroeconomic uncertainties like geopolitical tensions and potential government shutdowns, potentially impacting consumer demand and vehicle pricing.

Warrant Impact

Future earnings will be sensitive to changes in the fair value of warrants, as evidenced by the $42 million negative impact in Q1, requiring close monitoring of these non-cash items.

Infrastructure Scaling

Carvana's ability to sustain its growth trajectory depends on effectively utilizing existing infrastructure capacity and successfully executing on planned buildouts, which could be hampered by supply chain challenges or labor constraints.

Event summary

• Workhorse Group (WKHS) will release its Q1 2026 earnings on May 14, 2026.
• A conference call to discuss results and outlook will follow at 4:30 PM Eastern.
• The company operates as an OEM for electric trucks, shuttles, and buses.
• Workhorse maintains a manufacturing plant in Union City, Indiana.

The big picture

What we're watching

Execution Risk

The company's ability to consistently meet production targets and deliver vehicles will be critical to sustaining investor confidence, given the capital-intensive nature of EV manufacturing.

Market Dynamics

The competitive landscape for commercial electric vehicles is intensifying, and Workhorse's differentiation strategy must demonstrate a clear advantage in cost or performance to gain market share.

Financial Health

Continued reliance on external funding to support operations suggests Workhorse's path to profitability hinges on successfully securing additional capital or significantly accelerating revenue growth.

Event summary

• Viasat successfully launched and acquired initial signals from ViaSat-3 Flight 3 (F3) satellite on April 29, 2026.
• The satellite, launched via a SpaceX Falcon Heavy rocket, is designed to deliver over 1 Tbps of throughput capacity.
• ViaSat-3 F3 will primarily serve the Asia-Pacific (APAC) region and completes Viasat’s next-generation satellite constellation.
• The satellite is expected to enter service in late summer 2026 following in-orbit testing and network integration.

The big picture

What we're watching

Execution Risk

The successful integration of ViaSat-3 F3 into Viasat’s network will be critical; delays in testing or deployment could impact revenue projections and customer adoption.

Competitive Landscape

How Viasat’s enhanced APAC capacity will affect the competitive dynamics with other satellite providers and terrestrial network operators in the region warrants close monitoring.

Government Contracts

The satellite’s resilience features and bandwidth deployment capabilities will likely drive demand from government and defense clients, and the pace of contract wins will be a key indicator of future growth.

Event summary

• Mattel reported Q1 2026 net sales of $862 million, up 4% as reported and 1% in constant currency.
• International sales drove the growth, increasing 8% in constant currency, while North America sales declined 3%.
• Gross margin decreased to 44.9% from 49.4% in the prior year, citing tariffs, FX, and inflation.
• The company repurchased $200 million of shares and expects to achieve full-year 2026 guidance.

The big picture

What we're watching

Margin Resilience

Whether Mattel can mitigate inflationary pressures and currency headwinds to stabilize gross margins, given the significant decline observed in Q1, will be crucial for sustained profitability.

Brand Recovery

The decline in Barbie sales warrants close monitoring; Mattel's ability to reinvigorate this key brand through product innovation and marketing will be a key determinant of future growth.

Digital Integration

The successful integration of Mattel163 and the launch of self-published mobile games will be critical to realizing the company’s digital strategy and diversifying revenue streams.

Event summary

• ReposiTrak (NYSE: TRAK) will release its fiscal 2026 third-quarter earnings on May 14, 2026.
• Chairman and CEO Randall K. Fields will host a conference call at 4:15 PM ET.
• The conference call and webcast will be available via ViaVid and the company's investor relations website.
• CFO John Merrill will be the investor relations contact, supported by FNK IR.

The big picture

What we're watching

Regulatory Headwinds

Increased regulatory scrutiny surrounding food traceability and supply chain transparency will likely influence ReposiTrak's growth trajectory and necessitate ongoing investment in compliance features.

Market Saturation

Given ReposiTrak's claim of being the 'world's largest' network, expansion will depend on penetrating smaller segments or expanding functionality, which could face diminishing returns.

Execution Risk

The company's reliance on a SaaS platform means continued success hinges on maintaining uptime, security, and innovation to retain existing clients and attract new ones.

Event summary

• Commerce.com, parent of BigCommerce and Feedonomics, announced its 2026 AMER Customer and Partner Awards on April 29, 2026.
• Awards recognized customers and partners for growth, innovation in digital experience, connected commerce, and B2B excellence.
• Mizuno North America won the Growth Champion Award, while Kong Company secured the Innovation in Digital Experience Award.
• Mojo Active was named Agency Partner of the Year, and PayPal received the Tech Partner Award.

The big picture

What we're watching

Partner Dynamics

The recurring prominence of Mira Commerce and Mojo Active suggests a concentration of expertise within the Commerce partner ecosystem, potentially limiting broader adoption.

AI Integration

Avalara’s repeated recognition for innovation in digital experience highlights the increasing importance of AI-powered integrations for ecommerce merchants, a trend that will likely intensify.

B2B Specialization

The emphasis on B2B excellence signals a growing demand for specialized ecommerce solutions catering to complex business needs, which could create a niche market for focused providers.

Event summary

• Glaukos reported record Q1 2026 net sales of $150.6 million, a 41% year-over-year increase.
• U.S. Glaucoma sales led the growth, rising 58% year-over-year to $93.5 million.
• The company raised its full-year 2026 net sales guidance to $620-$635 million from a previous range of $600-$620 million.
• Gross margins improved to approximately 78% (GAAP) and 84% (non-GAAP) in Q1 2026.

The big picture

What we're watching

Growth Sustainability

The continued reliance on iDose TR and Epioxa for growth necessitates monitoring their adoption rates and potential competitive pressures within the dropless glaucoma therapy market. Sustained high growth will require continued innovation and expansion beyond current product offerings.

SG&A Efficiency

While revenue growth is strong, SG&A expenses increased significantly (32%), potentially impacting profitability. Investors should assess Glaukos' ability to manage operating expenses as it scales and whether these costs are sustainable.

Pipeline Progress

Glaukos' long-term success hinges on its pipeline of novel therapies. The pace at which these therapies advance through clinical trials and regulatory approval will be a key determinant of future growth and market leadership.

Event summary

• Grocery Outlet will release its Q1 fiscal 2026 earnings on May 13, 2026, after market close.
• A conference call to discuss the results is scheduled for 4:30 PM ET (1:30 PM PT) on the same day.
• The company operates over 540 stores across 15 states, including California, Washington, Oregon, and Pennsylvania.
• Investor relations contacts are Ian Ferry and Ron Clark, accessible via provided email addresses and phone numbers.

The big picture

What we're watching

Growth Sustainability

The company's expansion into new states will be scrutinized; maintaining profitability while scaling operations will be a key challenge.

Margin Pressure

Continued inflationary pressures and supply chain dynamics may impact Grocery Outlet’s ability to secure deeply discounted merchandise, potentially squeezing margins.

Consumer Sentiment

Grocery Outlet’s reliance on value-seeking consumers makes it vulnerable to shifts in broader economic conditions and consumer spending habits.

Event summary

• AVITA Medical received TGA certification in Australia and WAND listing in New Zealand for RECELL GO, its automated Spray-On Skin preparation system.
• Revolution Surgical, AVITA’s distribution partner, anticipates a commercial launch within the coming weeks.
• RECELL GO automates the preparation of RECELL Spray-On Skin, reducing operator variability and complexity.
• The system treats wounds up to 1,920 cm2 with a single preparation kit.
• RECELL was originally developed in Australia by Professor Fiona Wood and is now approved in the U.S., Europe, U.K., Australia, New Zealand, and Japan.

The big picture

What we're watching

Market Adoption

The speed of commercial adoption in Australia and New Zealand will be a key indicator of RECELL GO’s value proposition and Revolution Surgical’s effectiveness as a distribution partner.

Competitive Landscape

How AVITA Medical’s standardized process and reduced operator burden will affect the competitive dynamics within the acute wound care market, particularly against alternative skin grafting methods, warrants close observation.

Expansion Strategy

The success in Australia and New Zealand will likely inform AVITA Medical’s strategy for expanding RECELL GO’s availability in other international markets.

Event summary

• Pool Corporation increased its share repurchase program by $329 million, bringing the total authorization to $600 million.
• The company declared a quarterly cash dividend of $1.30 per share, a 4% increase from the previous $1.25.
• At the annual meeting, stockholders re-elected nine directors, including John Stokely as Chair.
• POOLCORP has 36,443,003 shares of common stock outstanding as of April 28, 2026.
• The company distributes products to roughly 125,000 wholesale customers across North America, Europe, and Australia.

The big picture

What we're watching

Housing Sensitivity

The company's reliance on the housing market makes it vulnerable to shifts in mortgage rates and new construction activity, and the buyback program's size suggests confidence that this sensitivity won't materially impact earnings.

Inflationary Pressures

Continued inflationary pressures on raw materials and labor could erode margins, potentially forcing a reassessment of the dividend increase and buyback program in future quarters.

Competitive Landscape

The wholesale distribution market is fragmented, and PoolCorp’s ability to maintain its market share and pricing power will depend on its ability to differentiate its services and manage logistics effectively.

Event summary

• Empire State Realty Trust reported Q1 2026 Net Income of $0.01 per share and Core FFO of $0.20 per share.
• Same-Store Property Cash NOI increased 5.5% year-over-year, but adjusted for non-recurring items, the increase was 1.3%.
• Observatory NOI declined by approximately $3.5 million year-over-year, excluding gift shop license revenue changes.
• The company acquired a retail asset in Williamsburg, Brooklyn, for $46 million, redeploying capital from the sale of Metro Center.
• ESRT issued $130 million of senior unsecured notes in a private placement, pushing out debt maturity until January 2028.

The big picture

What we're watching

Tourism Recovery

Whether the Observatory's revenue decline is a temporary effect of the license amendment or signals a broader weakness in tourism demand will be critical to ESRT's overall performance.

Leasing Trends

The sustainability of the 6.8% blended leasing spreads in the office portfolio will depend on continued demand for premium office space in NYC and the ability to backfill any future vacancies.

Capital Allocation

The pace at which ESRT redeploys capital from suburban assets into NYC properties will determine the success of its strategy and impact its overall risk profile.

Event summary

• Acadia Healthcare reported Q1 2026 revenue of $828.8 million, a 7.6% increase year-over-year.
• Same-facility revenue grew 7.3%, driven by a 5.6% increase in revenue per patient day and a 1.6% increase in patient days.
• Net income attributable to Acadia totaled $0.05 per diluted share, down from $0.09 in Q1 2025.
• Adjusted EBITDA was $144.2 million, up from $134.2 million in the prior year, but adjusted EPS declined from $0.40 to $0.37.
• The company added 82 new licensed beds during the quarter, including facilities from a joint venture with Tufts Medicine.

The big picture

What we're watching

Regulatory Headwinds

The impact of the One Big Beautiful Bill Act (OBBBA) on Medicaid financing mechanisms will likely continue to pressure margins and patient volumes, requiring Acadia to adapt its service offerings and pricing strategies.

Cost Management

The company's ability to maintain Adjusted EBITDA growth will depend on its success in controlling operating expenses, particularly provider taxes and labor costs, which are facing upward pressure.

Execution Risk

The pace at which Acadia can integrate newly acquired facilities and expand existing capacity, as evidenced by the Tufts Medicine joint venture, will be crucial for driving future revenue growth and offsetting headwinds.

Event summary

• Procept BioRobotics reported Q1 2026 revenue of $83.1 million, a 20% increase YoY.
• U.S. procedures grew by 30% YoY to approximately 12,200, with handpiece sales normalizing to 95% of procedures.
• Operating expenses increased to $86.6 million, driven by investments in commercial expansion, R&D, and a prostate cancer trial.
• The company’s net loss widened to $31.6 million in Q1 2026, compared to $24.7 million in the prior year period.
• Procept received FDA clearance for its second-generation FirstAssist AI™ software.

The big picture

What we're watching

Cost Control

Whether Procept can effectively manage operating expenses, particularly R&D and commercial expansion costs, to improve profitability remains a key risk given the widening net loss.

International Growth

The sustainability of international revenue growth, currently at 25%, will depend on Procept’s ability to navigate varying regulatory landscapes and competitive pressures in new markets.

AI Adoption

The pace at which surgeons adopt and integrate the new FirstAssist AI software into their workflows will determine the extent of its impact on procedure efficiency and overall revenue generation.

Event summary

• Sprouts Farmers Market reported $2.3 billion in net sales for Q1 2026, a 4% increase year-over-year.
• Comparable store sales declined by 1.7%, indicating weakening organic growth.
• Diluted earnings per share fell to $1.71 from $1.81 in Q1 2025.
• The company repurchased $140 million in shares, signaling a focus on shareholder returns.
• Sprouts opened 6 new stores, bringing the total to 483 locations across 25 states.

The big picture

What we're watching

Growth Trajectory

Whether Sprouts can reaccelerate growth in the second half of 2026, as management projects, will depend on the effectiveness of their customer engagement initiatives and supply chain improvements.

Margin Pressure

The declining comparable store sales and EPS suggest potential margin pressure; investors should monitor if cost-cutting measures can offset these headwinds.

Capital Allocation

The aggressive share buyback program raises questions about the company's investment priorities and whether capital could be better deployed in store expansion or other growth initiatives.

Event summary

• Amazon's net sales increased 17% year-over-year to $181.5 billion, driven by AWS and advertising growth.
• AWS segment sales grew 28%, marking the fastest growth in 15 quarters, and now has a $37.6 billion revenue run rate.
• Free cash flow decreased to $1.2 billion for the trailing twelve months, primarily due to a $59.3 billion increase in property and equipment purchases, largely for AI infrastructure.
• Amazon secured commitments from OpenAI and Anthropic to consume a combined 7 gigawatts of Trainium chip capacity, signaling significant investment in AI.

The big picture

What we're watching

Capital Allocation

The sustainability of Amazon’s aggressive capital expenditure program, particularly for AI infrastructure, will be key to restoring free cash flow margins.

AI Competition

Whether Amazon can effectively leverage its partnerships with OpenAI and Anthropic to maintain a competitive edge in the rapidly evolving generative AI landscape.

AWS Growth

The pace at which AWS can continue to grow its revenue, given the increasing competition from hyperscale cloud providers and the potential for customer migration.