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Toast Books $126 Million Profit on $1.63 Billion, but 80% Rides a 51-Basis-Point Take Rate

Toast has finally answered the question that dogged it through its 2021 IPO and the bear market that followed: can a restaurant software company actually make money? In the first quarter of 2026 the a…

Toast Books $126 Million Profit on $1.63 Billion, but 80% Rides a 51-Basis-Point Take Rate

Iron Mountain Is Priced as a Data-Center Play While Data Centers Are 13% of Revenue

Wayfair's Best Quarter in Years Still Ended in a $105 Million Loss

Celsius's Revenue Grew 138%, but Its Flagship Energy Drink Grew Just 6%

Axon Is Nearly Flawless and Priced at 57x Earnings to Never Stop Being So

Albemarle's Earnings Swing From $1 Billion to $4 Billion on a Lithium Price It Can't Control

Enphase's Revenue Fell 21% and Its Margins Run on Subsidies Washington Is Repealing

DexCom's Glucose-Monitor Growth Slowed to 12% as Abbott Gains and GLP-1 Cuts Both Ways

Wingstop's Same-Store Sales Fell 9% and Its Software-Era Multiple Is Still Deflating

e.l.f. Beauty's Sales Jumped 35%, but Strip Out the Acquisition and Growth Was 1%

Old Dominion Trades at 45 Times Earnings While Its Freight Volumes Keep Falling

Intuit's TurboTax Cash Cow Rests on a Friction Washington Just Spared It

Realty Income's Growth Runs on a Spread That Higher Rates Have Quietly Compressed

Cheniere Earns Record LNG Margins Just as the World Builds the Supply to Compress Them

Roblox's Bookings Hit a Record While Its Losses Widen and Safety Bites Growth

Philip Morris Is Priced as a Growth Stock on Nicotine Pouches Regulators Are Circling

Coca-Cola Sells Barely More Soda Each Year and Charges Steadily More for It

Nike's Turnaround Is Still Falling — Revenue Down, Margins Down, China Down 20%

Chipotle Is Priced for Growth While Its Same-Store Sales Have Stopped Growing

Airbnb's Nights Grew 9% While Its Revenue Grew 18%, and the Gap Is the Tell

ServiceNow's AI Is Under a Tenth of the Business and the Whole of the Story

Private Credit Sold Retail Quarterly Liquidity on Loans That Won't Mature for Years

Cloudflare Is Priced for Perfect Software Margins Just as Its Own Start to Slip

Walmart Is Priced Like an Ad Company While Two-Thirds of Its Profit Is Still Retail