Earnings Calls
Week of April 6, 2026
Weekly Overview
Markets enter Q1 2026 earnings season with the S&P 500 recovering from a volatile March, as investors weigh resilient consumer spending data against persistent inflation concerns.
The March jobs report showed 228K nonfarm payrolls added, above expectations, keeping the Fed's rate path uncertain.
Consumer discretionary and travel names have rallied into earnings, raising the bar for guidance.
LEVI
Levi Strauss & Co.- Four consecutive EPS beats heading into report
- Dockers divestiture now complete; pure-play denim focus
- Stock up 7.6% in the past week ahead of earnings
LEVI
Levi Strauss & Co.- Four consecutive EPS beats heading into report
- Dockers divestiture now complete; pure-play denim focus
- Stock up 7.6% in the past week ahead of earnings
Levi completed the sale of its Dockers brand in early 2026, sharpening its focus on the core Levi's and Beyond Yoga labels as part of its ongoing direct-to-consumer transformation. DTC revenue surpassed 50% of total sales in the prior quarter, a key strategic milestone. The company also expanded its international footprint with new store openings in India and Southeast Asia during Q1.
Gross margin trajectory post-Dockers divestiture and whether DTC mix continues expanding above 50%. Management commentary on tariff exposure given sourcing from Asia and any pricing actions taken.
DAL
Delta Air Lines, Inc.- Lower fuel costs provide significant year-over-year margin tailwind
- Premium and loyalty revenue driving earnings mix shift
- Stock up 12.5% over the past month into earnings
DAL
Delta Air Lines, Inc.- Lower fuel costs provide significant year-over-year margin tailwind
- Premium and loyalty revenue driving earnings mix shift
- Stock up 12.5% over the past month into earnings
Delta reported record advance bookings for spring and summer 2026 travel during its investor day in March, citing strong premium cabin demand. The airline finalized a renewed co-brand credit card agreement with American Express, expected to generate over $8 billion in annual remittance revenue. Jet fuel prices declined roughly 10% year-over-year in Q1, providing a meaningful cost tailwind.
Unit revenue (TRASM) growth and whether premium revenue continues to outpace main cabin. Forward guidance on capacity growth and any commentary on corporate travel demand trends.
STZ
Constellation Brands, Inc.- Beer portfolio continues gaining U.S. market share
- Wine and spirits segment under strategic review
- Accelerated $2B buyback signals capital reallocation shift
STZ
Constellation Brands, Inc.- Beer portfolio continues gaining U.S. market share
- Wine and spirits segment under strategic review
- Accelerated $2B buyback signals capital reallocation shift
Constellation Brands continued to see its beer portfolio, led by Modelo Especial and Pacifico, gain U.S. market share even as overall beer industry volumes remained flat. The company announced an accelerated $2 billion share repurchase program in February following continued weakness in its wine and spirits segment. Management initiated a strategic review of the wine and spirits business, with a potential divestiture or spin-off under consideration.
Beer segment depletion growth rate and any update on the timeline or structure of the wine and spirits strategic review. Operating margin in beer versus further deterioration in wine and spirits.