2026-04-11 21:47
Pre-Market Brief — 2026-04-10
← All Briefs

EarningsBrief — Morning Edition

Friday, April 10, 2026

BMO Reporters Today: None Confirmed

No large-cap (>$2B market cap) companies reported earnings before market open on Friday, April 10, 2026.

This was cross-referenced across Earnings Whispers (which shows 16 total reports scheduled but none noteworthy), Kiplinger's weekly earnings calendar (April 6-10), and Yahoo Finance's calendar. The 16 names on the calendar are micro/small-cap and fall below the $2B market cap filter. Q1 2026 earnings season kicks off in earnest next week with the major banks.

AMC Catch-Up: Thursday, April 9 After Close

WD-40 Company (WDFC) — Q2 FY2026 (Calendar Q1)

Market Cap: ~$3.0B | Sector: Consumer Staples (Household Products)

The Print:

  • Revenue: $161.7M vs. $154.9M estimate — beat by 4.4%. Sales rose 10.7% year over year.
  • Adjusted EPS: $1.32 vs. $1.40 estimate — missed by 5.7%. Profit of $20.3M for the quarter.

Segment Breakdown:

  • Americas (44% of net sales): $71.8M, up 10% YoY. U.S. maintenance product sales surged 15.4%, the standout metric in the quarter.
  • Gross margin improved 100 basis points year over year, driven by lower specialty chemical input costs and price increases flowing through.

Management Commentary:

  • WD-40 reaffirmed FY2026 guidance on a pro forma basis (excluding divested homecare/cleaning products): revenue of $630M–$655M and EPS of $5.75–$6.15.
  • However, the full-year EPS guidance range came in slightly below consensus, and the revenue guidance midpoint underwhelmed, creating the "beat on revenue, miss on EPS, guide soft" trifecta that the market punishes.

Stock Reaction:

  • WDFC was essentially flat to slightly down after hours, declining ~0.6% to $218 after closing the regular session at $221.75 (+1.6% on the day). The muted reaction reflects the offsetting dynamics: strong top-line growth but cost pressures eating into margins.

The One Thing to Watch:

  • Input cost trajectory. The 100bps gross margin improvement is encouraging, but specialty chemical costs remain volatile with the Middle East conflict ongoing. If crude-linked input costs re-accelerate, the EPS guidance range becomes harder to hold at the low end.

Directional Call:

  • This is a "hold and monitor" print. The top-line engine (15.4% U.S. maintenance growth) is firing, and the brand franchise remains strong. But the market needs to see margin expansion translate to EPS beats, not just revenue beats. Until cost headwinds abate, WDFC is a quality compounder in a holding pattern.

Watch List: Next Week's Must-Know Reporters

Q1 2026 earnings season begins in force. Here are the names that matter most:

1. Goldman Sachs (GS) — Monday, April 13, BMO

  • Consensus EPS: ~$15.86–$16.48 | Revenue: ~$16.7–$17.0B (up ~13% YoY)
  • What to watch: Investment banking fee recovery (M&A pipeline conversion), FICC trading revenue given Middle East volatility, and any commentary on the IPO backlog. GS has beaten EPS estimates 8 consecutive quarters with an average surprise of +14%. The bar is high.
  • The number that matters: Investment banking revenue. If it clears $2B, the "fee machine" narrative is confirmed.

2. JPMorgan Chase (JPM) + BlackRock (BLK) — Tuesday, April 14, BMO

  • JPM Consensus EPS: $5.41 | Revenue: $48.2B (+6.4% YoY)
  • BLK Consensus EPS: $12.01–$12.40 | Revenue: ~$6.6B (+25.5% YoY)
  • What to watch for JPM: Net interest income trajectory (are rate cuts helping or hurting?), credit quality indicators (consumer delinquencies, CRE reserves), and Jamie Dimon's macro commentary — this is the market's most-watched CEO outlook.
  • What to watch for BLK: AUM flows (did market volatility drive outflows or flight-to-quality inflows?), ETF market share trends, and whether the $6.6B revenue estimate — implying 25%+ growth — is sustainable or a peak.
  • The number that matters: JPM's provision for credit losses. Any surprise build signals the consumer cycle is turning.

3. Johnson & Johnson (JNJ) — Tuesday, April 14, BMO

  • What to watch: Post-Kenvue separation performance in MedTech and Innovative Medicine segments. The talc litigation overhang and any reserve updates. JNJ is a bellwether for healthcare spending.

4. Bank of America (BAC) + Citigroup (C) — Wednesday, April 15, BMO

  • BAC expects ~$1.00–$1.01 EPS (+11.3% YoY); Citigroup EPS growth est: +34.2%
  • What to watch: BAC's NII guidance is the key variable. Citi's transformation progress under CEO Jane Fraser — expense discipline and return on tangible common equity improvement are the metrics that determine if the discount to book value narrows.

5. Netflix (NFLX) — Thursday, April 16, ~4:00 PM ET

  • What to watch: First full quarter since the company stopped reporting subscriber numbers. Revenue growth rate, ad-tier ARPU, and operating margin expansion are the new KPIs. Any commentary on password-sharing enforcement ROI and gaming investment payoff.

Brief compiled at market open, Friday April 10, 2026. All estimates sourced from consensus aggregators (Zacks, TipRanks, MarketBeat, Benzinga). Earnings dates confirmed via BusinessWire press releases and company IR pages.