Coupang: 2Q26 Business Recap
Coupang’s product-commerce revenue rose 8% in constant currency as data-leak churn lingered, while promotions and underused logistics capacity cut margins.
Wednesday, August 5, 2026
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Investor Letters
All letters- Palm Valley Capital First Quarter 2026 CHRD $7.5BDOX $6.1B
- Pershing Square Holdings 2025 HHH $4.3BAMZN $2.7T
- Palm Valley Capital Fourth Quarter 2025 INGR $6B
- Pershing Square Holdings Six-month period ended June 30, 2025 HHH $4.3BAMZN $2.7T
- Askeladden Capital Q2 2025 BELFB $3.7B
- Berkshire Hathaway 2024 ITOCY $95BMARUY $49B
- Horizon Kinetics 2nd Quarter 2024 LB $6.6BTPL $24B
Floor & Decor: 2Q26 Business Update
Floor & Decor’s same-store sales improved to minus 2%, while $45 million of tariff refunds lifted second-quarter gross profit and operating…
FICO FY 3Q'26: Welcome to "Gaming"
FICO's fiscal third-quarter 2026 revenue rose 26% year over year but missed consensus, and shares fell about 24% after earnings.
Meta's "True" ROIC, and Some Notes from Meta and Alphabet's 10-Qs
Meta’s adjusted LTM ROIC is in the mid-50s after excluding $80 billion of construction in progress; that capacity will lower returns as AI…
[scuttleslops] BLDR, RYAN, APG, GFL, FND
Builders FirstSource reported Q2 2026 sales down 9% to $3.9 billion as weak housing demand and aggressive competitor pricing cut EBITDA…
[scuttleslops] ODFL, AMD, INTC, CDNS, URI, VRSK, KNSL, WSO
Old Dominion Freight Line grew Q2 revenue 10.4% and EPS 32.3% as pricing offset lower tonnage, while excess network capacity sets up…
Google’s AI Return on Investment
Alphabet’s $132 billion AI capex produced an estimated 49% post-tax incremental ROIC once only in-service assets are counted, versus a…
Under the Hood - Adobe Inc. ($ADBE)
Adobe generates 96% of revenue from subscriptions and converts over 40% into free cash flow, but generative AI tests whether Creative…
Under the Hood - Tractor Supply ($TSCO)
Tractor Supply’s 2,602-store rural retail network supported 30+ years of growth.
Boston Scientific Has to Keep Buying the Future
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$CBZ: stop the buybacks and restart the M&A flywheel? | Reference Equity
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MIDD · long Middleby CORP
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Floor & Decor 2Q'26: Tentative Green Shoots
Floor & Decor held 2026 guidance after a 2Q beat, with comps improving through June; tariff refunds lifted margins and may fund pricing…
Meta: 2Q26 Business Update
Meta's 2Q26 revenue rose 27%, but capex, depreciation and nascent cloud and AI ambitions raise margin and return risks as it maximizes…
Amazon 2Q'26: AWS Gets the Love
Amazon’s AWS grew 37% to a $169 billion run rate in 2Q’26, while North America retail margins fell excluding a $600 million tariff refund.
Meta 2Q'26: Not Amazing, Not Bad, and Still Compelling
Meta’s Q2 2026 revenue beat was offset by one-off costs and softer guidance, while generative ad ranking lifted conversions and Family of…
[scuttleslops] CDNS, SNPS, TREX, WISE, Class I Rails, China
Synopsys and Cadence retain EDA pricing power through entrenched design flows, foundry relationships and high switching costs; AI-driven…
Under The Hood - Sprouts Farmers Market, Inc.
Sprouts Farmers Market’s 483-store fresh-food format combines dedicated distribution, curated assortments and long-built site selection,…
U-Haul Bought at the Top
U-Haul’s pandemic-era fleet purchases at inflated prices now drive higher depreciation and disposal losses as truck and van prices…
[scuttlebits] CPRT, ADBE, FIG, NVDA, QCOM, FDS, Memory chips
Copart’s returning CEO Jay Adair plans to restart European expansion and build domestic whole-car sales on its global buyer network amid…
$VEON: a busted EM telecom hiding a 4x? | Samit Umatiya, UIG Funds
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