The Fed held rates steady last week, but inflation remains stubborn, and Friday's jobs report will put the economy back under the microscope. This week's five report earnings between Monday and Friday, giving investors fresh tests of recurring demand, defense spending, travel, AI infrastructure, and healthcare profitability.

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IDEXX Laboratories (IDXX)

Catalyst: Reports Monday after raising guidance on stronger veterinary diagnostic demand

Recurring Revenue Is Doing the Work

IDEXX enters earnings with one of the cleaner growth profiles in healthcare. Second-quarter revenue increased 10% to $1.22 billion, while diluted earnings rose 18% to $4.27 per share. Companion Animal Group diagnostic recurring revenue grew 11%, supported by higher testing volumes and greater adoption of the company's diagnostic platforms.

Management raised its 2026 earnings outlook to $14.69 to $14.94 per share and expects organic revenue growth of 8.5% to 9.7%. IDEXX also surpassed 9,000 installed inVue Dx instruments, creating a larger base for recurring test consumption.

The opportunity is straightforward. Veterinary clinics depend on diagnostic testing, and IDEXX benefits as more practices adopt its instruments and expand the number of tests performed. That creates a durable revenue stream without requiring major equipment purchases every quarter.

The risk is consumer spending. Pet owners facing tighter budgets can postpone nonessential veterinary visits, putting pressure on testing volumes.

My Take: IDXX is a quality growth stock worth buying on post-earnings weakness if recurring diagnostic revenue continues growing near 10% and guidance holds.

What to watch: Testing volumes, instrument placements, recurring revenue, operating margins, and 2026 guidance.

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Leidos Holdings (LDOS)

Catalyst: Reports Tuesday with a $48.7 billion backlog and rising demand across defense and energy infrastructure

Government Spending With Better Visibility

Leidos delivered $4.56 billion in second-quarter revenue, up 7%, while adjusted earnings reached $3.26 per share. Free cash flow totaled $761 million, and management secured approximately $4.9 billion in new contract awards.

Total backlog reached $48.7 billion, including $10.2 billion of funded work. That provides substantial revenue visibility across defense technology, cybersecurity, intelligence, and government services.

The company is also expanding beyond traditional federal contracts. Energy infrastructure and advanced technology programs are becoming more important growth drivers, reducing dependence on any single government spending category.

Management raised its 2026 revenue outlook to $18.2 billion to $18.4 billion and increased expected operating cash flow to approximately $1.85 billion.

The concern is profitability. Adjusted EBITDA margin declined last quarter, partly reflecting unusually favorable items in the prior-year comparison. Investors need evidence that higher revenue is translating into stronger underlying margins.

My Take: LDOS offers attractive earnings visibility at a more reasonable valuation than many defense technology peers. Buy weakness if backlog and cash flow remain strong.

What to watch: Contract awards, defense spending, operating margins, energy infrastructure growth, and guidance.

Expedia Group (EXPE)

Catalyst: Reports Wednesday with business-to-business travel bookings growing faster than the consumer business

A Different Way to Play Travel

Expedia's second quarter showed accelerating operating momentum. Revenue increased 14% to $4.32 billion, while gross bookings climbed 12% to $33.9 billion. Adjusted EBITDA rose 23%, with margins expanding nearly two percentage points.

The most interesting number came from its business-to-business division. B2B gross bookings increased 21%, compared with 8% growth in the consumer business.

That matters because Expedia's technology increasingly powers travel bookings for other companies, including financial institutions, airlines, and travel platforms. This business gives Expedia another growth engine beyond competing directly for customers through Expedia, Hotels.com, and Vrbo.

Management raised its full-year guidance following the stronger quarter. Wednesday's report will show whether travel demand remained resilient through the summer and whether the B2B business continues outperforming.

The main risk is consumer weakness. Slower discretionary spending, higher travel costs, or softer hotel pricing would pressure bookings and profitability.

My Take: EXPE is attractive if B2B growth remains above 20% and margins continue improving. Buy post-earnings weakness when those trends hold.

What to watch: B2B bookings, room nights, international travel, advertising revenue, and EBITDA margins.

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Iron Mountain (IRM)

Catalyst: Reports Thursday with data-center demand accelerating alongside its traditional records business

An Old Business With a New Growth Engine

Iron Mountain has become one of the more interesting infrastructure companies outside the traditional technology sector.

Second-quarter revenue increased 19% to $2.03 billion, while adjusted funds from operations rose 17% to $433 million. Its data-center, digital services, and asset lifecycle management businesses collectively grew more than 50%.

The data-center operation is increasingly important. By early August, Iron Mountain had signed 110 megawatts of data-center leases year to date, including a particularly strong July.

Meanwhile, the traditional records-management operation continues producing recurring revenue from customers storing physical documents and managing information securely.

That combination gives Iron Mountain two very different growth drivers. Established storage contracts provide predictability, while AI infrastructure demand supports the expansion of its data-center business.

The risk is financing. Building data centers requires significant capital, and elevated borrowing costs pressure returns.

My Take: IRM is a compelling infrastructure compounder, but leverage matters. Buy weakness only if data-center leasing stays strong and AFFO guidance remains intact.

What to watch: Data-center leasing, development costs, occupancy, AFFO per share, and debt funding.

Humana (HUM)

Catalyst: Reports Friday after a dramatic improvement in Medicare Advantage quality ratings

The Turnaround Just Got More Interesting

Humana enters earnings with a major regulatory win already secured.

The company's newly released 2027 Medicare Advantage star ratings show that 95% of its members will be enrolled in plans rated four stars or higher, compared with just 20% under the 2026 ratings.

That improvement matters because higher ratings qualify insurers for additional government payments. The financial benefit will primarily emerge in 2028, giving Humana a significantly better foundation for its longer-term earnings recovery.

But the operating business still faces pressure. Second-quarter adjusted earnings reached $7.61 per share, while the insurance benefit ratio stood at 91.2%. Management maintained full-year adjusted earnings guidance of at least $9 per share.

The gap between strong quality ratings and pressured current profitability is the opportunity. Investors now have evidence that one important piece of Humana's turnaround is working. Medical costs and insurance pricing still need to improve.

My Take: HUM is the contrarian healthcare opportunity this week. Don't chase the ratings news. Buy weakness only if Friday's report confirms that medical costs are stabilizing and the 2028 recovery remains on track.

What to watch: Medical benefit ratio, Medicare enrollment, 2027 pricing, operating cash flow, and the 2028 earnings outlook.

Final Word

Five Earnings Reports, Five Different Signals

IDEXX reports Monday, Leidos Tuesday, Expedia Wednesday, Iron Mountain Thursday, and Humana Friday.

IDEXX tests recurring healthcare demand. Leidos measures defense and infrastructure spending. Expedia provides a read on travel activity. Iron Mountain offers direct exposure to data-center expansion, while Humana faces an important test of its earnings recovery.

The Takeaway

The Fed has given investors another reason to scrutinize valuations, but strong businesses still have opportunities to deliver.

The strategy for next week is simple: let earnings confirm the thesis, then look for better entries. Prioritize companies maintaining guidance, expanding margins, and generating cash. Avoid chasing a headline when the underlying operating numbers tell a weaker story.

That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.

Best Regards,

— Adam Garcia
Elite Trade Club

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