Shopify 2Q'26: Sustained Miraculous Growth
Shopify sustained 30% FX-neutral GMV growth in 2Q’26, reaching roughly 44% of Amazon’s retail GMV as international, POS and B2B volumes expanded.
Saturday, August 8, 2026
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Investor Letters
All letters- Upslope Capital Management Q2 2026 MICC $11B
- Vulcan Value Partners Q2 2026 AMZN $2.7TBMI $3.6B
- RGA Investment Advisors Q1 2026 AMZN $2.7T
- Heartland Advisors 1Q26 ALGT $2.1BIIIV $390M
- Palm Valley Capital First Quarter 2026 CHRD $7.5BDOX $6.1B
- Biglari Holdings 2025 RACE $68B
- Massif Capital fourth quarter of 2025 EQNR $102BEQX $13B
- Pershing Square Holdings 2025 HHH $4.3BAMZN $2.7T
Airbnb 2Q'26: Widening the Gap with Booking
Airbnb added 14 million booked nights and seats, up 10%, and guided low-double-digit third-quarter growth as North America and EMEA…
[scuttleslops] BKNG, ABNB, SHOP, LPX, TREX, XYZ
Booking Holdings beat Q2 guidance as room nights grew 5%; connected trips, merchant payments and Genius loyalty strengthened direct…
DoorDash 2Q'26: Growth Beyond the Restaurant
DoorDash’s 2Q 2026 orders rose 27% and marketplace GOV grew 36%, with DashPass driving a slight acceleration in U.S. restaurant demand.
DEC-laration of independence
Diversified Energy cut $233 million of debt in 1H26, repurchased $93 million of stock and sold $273 million of land and assets while…
Coupang: 2Q26 Business Recap
Coupang’s product-commerce revenue rose 8% in constant currency as data-leak churn lingered, while promotions and underused logistics…
Perimeter Solutions: 2Q26 Business Recap
Perimeter Solutions’ 2Q26 revenue rose 31%, while operating income fell 11% as USDA pricing and DLA delivery timing hurt Fire Safety; it…
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…
[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…
Vistance Networks (NASDAQ: VISN)
Vistance Networks plans a large post-Ruckus-sale dividend, leaving Aurora Networks valued below 4x guided EBITDA after $1.88 billion of…
[OTCM] Listings for the rest of us
OTC Markets gives smaller, distressed, and lightly disclosed companies a trading venue outside NYSE and Nasdaq, with lower listing barriers…
SYK · long Stryker CORP
Stryker (SYK) trades near a 52-week low after a late-Q1 cyberattack disrupted revenue and earnings, framing a long-term compounder…
Under The Hood, Novo Nordisk A/S ($NVO)
Novo Nordisk’s GLP-1 franchise transformed obesity treatment, while its valuation framework prices in 17 years of discounted cash flows.
The Consultant’s Dilemma: What AI Actually Does to Accenture ($ACN)
Accenture’s $5.9 billion in FY2025 genAI bookings supports implementation demand, while AI’s automation of junior work threatens the…
Under The Hood, ResMed ($RMD)
ResMed’s 30 million connected sleep-apnea patients, recurring masks and software support a data-driven healthcare platform; 11.9% annual…
Water and Power: The Dual Engines Driving LandBridge’s Explosive Growth
LandBridge outlined $300 million in pore-space free cash flow within five years; its Permian data-center project remains proof of concept.
Hallador Pt. 2 — "Massive" Data Center Incoming in Sullivan, IN? ($HNRG)
Hallador’s 1 GW Merom plant could supply a proposed 1,000-acre Sullivan County data center, with local filings and Stantec references tying…
Theravance Biopharma: Failed Phase 3 Trial, Strategic Review
Theravance Biopharma began a strategic review after a failed Phase 3 trial.
Kazakhstan, Japan, and Trimming a Winner
Kaspi.kz’s 850 KZT ADS dividend establishes a roughly 9% yield after Hepsiburada spending; Japanese buyback disclosures test whether 0.61x…
Is the Airline Industry Really That Bad? – AerCap and A Case of Sandbagged Guidance
AerCap sells aircraft at 2x book value and repurchases stock near 1x book, cutting shares outstanding 31% in three years.
Copart: 2Q26 Business Recap
Copart’s fiscal Q2 2026 revenue fell 4% and U.S. insurance units dropped 11%, as underinsured drivers and carrier volumes weighed while IAA…
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Deep Sail Capital
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Investor letters we follow
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