+689.9%
Net income — year over year
$3.8B vs $487.0M a year ago · quarter ended Jun 30, 2026 · from 10-Q XBRL filings.
SEC filings and exhibits only
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Oct 28, 2026 at 7:25 PM UTC
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Oct 28, 2026 at 7:25 PM UTC
ACCOUNTING RISK · CLEAR
No auditor changes, restatements, late filings, or listing notices in the last 12 months.
from SEC filings · 2026-10-09
Thesis change
Weakened
Legacy analysis
Detailed dimension scores were not computed for pre-v1 analyses. Full six-dimension scoring resumes with filings processed by the current pipeline.
- Legacy analysis: scored by the pre-v1 pipeline; deep evidence has not been re-verified.
- 6 thesis dimension(s) lack comparable evidence
Reported facts
GAAP facts are reported by the company. Comparable figures are EarnIQ arithmetic using only quantified adjustments disclosed in the linked SEC exhibit.
Reported EPS and revenue have not yet been extracted from the filing.
Earnings quality
From 10-Q / 10-K XBRL filings. Sloan (1996) accruals: high accruals relative to assets have historically preceded earnings disappointments. Descriptive research, not a prediction.
Poor — accruals are doing the heavy lifting
Reported profits have been driven more by accounting accruals than cash. Latest quarter: accruals equal -4.0% of assets — in the weakest quintile of large caps.
CY2024Q3Accruals / assets (TTM)CY2026Q2
Depreciation is disclosed annually by most filers, so quarterly values blend actuals with estimates — flagged on every reading. Method: TTM Sloan accruals ÷ average assets, scored 1–5 by quintile.
1. Three decisive changes
Largest quantified changes versus the company's own history.
+67.6%
Revenue — year over year
$51.0B vs $30.4B a year ago · quarter ended Jun 30, 2026 · from 10-Q XBRL filings.
2. Was it already expected?
Consensus classifications require timestamped pre-report snapshots and eight-quarter surprise history.
| Item | Actual | Expected | Gap | Class |
|---|---|---|---|---|
| Consensus comparison coming soon. | ||||
3. Management consistency
Only attributable, measurable and dated commitments are counted. Delivery record: 5 being tracked.
| Promise | Target | Outcome | Status | Evidence |
|---|---|---|---|---|
| Coastal Bend expansion project full ramp-up to 350 MBD in early 2027other · made 2026-10-28 | 350 MBDearly 2027 | — | Pending | 8-K 0001534701-26-0000 |
| Coastal Bend expansion project initial volumes expected in the fourth quarter of 2026other · made 2026-10-28 | initial volumesQ4 2026 | — | Pending | 8-K 0001534701-26-0000 |
| Golden Triangle Polymers Project and Ras Laffan Polymers Project expected full operations in 2027other · made 2026-10-28 | full operations2027 | — | Pending | 8-K 0001534701-26-0000 |
| Western Gateway Pipeline system expected in-service date in 2029other · made 2026-10-28 | in-service2029 | — | Pending | 8-K 0001534701-26-0000 |
| We target returning more than 50% of net operating cash flow to shareholdersother · made 2026-10-28 | > 50% of net operating cash flowlong-term | — | Pending | 8-K 0001534701-26-0000 |
4. What matters next
One deciding measurable condition plus up to two supporting checkpoints.
No source-backed deciding threshold is available yet.
No quantitative forward guidance range was provided in the earnings release text.
5. Risks that changed
New or materially worsened items only; unchanged boilerplate is omitted.
No new or materially worsened risk has been source-verified.
From 10-K filings · EDGAR
0
new risk disclosures added
47
old ones removed
FY2025 10-K vs prior year, boilerplate filtered out — these are idiosyncratic changes, and tone is slightly less negative.
6. Evidence drawer
Source location, short anchor and visible arithmetic for every verified claim.
DC1 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Net income · quarter ended 2026-06-30Net income: +689.9% year over year
(3,847,000,000 − 487,000,000) ÷ 487,000,000 = +689.9% YoYDC2 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Revenue · quarter ended 2026-06-30Revenue: +67.6% year over year
(51,004,000,000 − 30,430,000,000) ÷ 30,430,000,000 = +67.6% YoY