Earnings Half-time Recap: Positive Reads for SNOW, ORCL & INTU

研报英文原文证据摘录

Earnings Half-time Recap: Positive Reads for SNOW, ORCL & INTU

USA | Software EquityMayResearch14, 2026

Table 1 - CY26E Consensus EstimateEarnings Half-time Recap: Positive Reads for

Revisions Post CQ1

Company CY26E Rev Revision CY26E EBIT RevisionSNOW, ORCL & INTU PLTR 6.0% 7.6%

DDOG 5.3% 7.7%

CRWV 1.5% 2.6%Key themes from CQ1 earnings: (1) Capex is rising, but ROI is surfacing in

NOW 1.2% (0.4%)

backlog and faster cloud revenue growth w/ margin leverage; (2) Investors MSFT 1.1% 1.9%

crave acceleration - and it's showing up in infrastructure software, not MNDYFROG 0.8%0.8% 9.9%6.9%

applications; (3) Transition away from seat-based pricing is causing near- PCORFRSH 0.5%0.5% 13.9%4.0%

term pain for applications. Off-cycle ideas from these reads: SNOW for data/ IBMHUBS 0.4%0.2% 1.7%3.4%

consumption, ORCL for AI compute, and INTU for robust tax-season + LT AI TEAMSAP (0.8%)0.2% 11.4%0.8%

Average 1.4% 5.5% .tailwinds. Source: Jefferies, FactSet

Software Trying to Claw its Way Back, but Semis Keep Sprinting. IGV has pared losses (up 11%

QTD) driven by relief rallies post DDOG / TEAM prints and is now down ~16% YTD. However, SMH

is up ~59% YTD, as investors continue to chase the stack where AI returns are most tangible today

- aka semis. We see these fund flows and “wealth transfer” continuing as terminal value overhang

persists in software with decelerating growth, while semis keep accelerating revenue and FCF

growth.

Fundamentals Better than Feared, Estimates Moving Higher. CQ1 was not the software air pocket

investors feared, with fundamentals holding up and estimates revised higher. Across our half-

time cohort, CY26E rev/EBIT estimates moved up +1.4%/+5.5% on average, led by PLTR/DDOG on

revenue and FRSH/TEAM/MNDY on EBIT.

Key themes from CQ1 Earnings: