Earnings Report | Vesper Brief

Companies Reported

EPS Beat Rate

50%

Avg Execution Score

58.2

Active Universe

S&P 500 / NQ100

📊 Executive Post-Earnings Matrix (Quick-Glance)

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Ticker	Company	Release Date	Score	EPS (Act / Est)	Revenue (YoY)	Gross Margin	1D Move
DAL	Delta Air Lines, Inc.	Oct 9, 2026	63.2/100	$1.72 / $1.76 -2.1%	$19.76 B +18.7% YoY	23.0%	-0.7%
PEP	Pepsico, Inc.	Oct 8, 2026	53.2/100	$2.34 / $2.30 +1.9%	$24.18 B +6.4% YoY	54.2%	+0.5%

🔍 4-Pillar Deep-Dive Breakdowns

DAL · Delta Air Lines, Inc.

Industrials · Airlines | Reported: Oct 9, 2026 | Price: $79.57 (-0.7%) | RVOL: 1.07x | Forward P/E: 10.7x

Execution Score

63.2/100

🔬 1. Fundamental Quality 95.0/100

Revenue$19.76 B (+18.7% YoY)

Gross Margin23.0% (+440 bps YoY)

Operating Margin9.4%

Cash Conversion (OCF/NI)99.4%

📈 2. Technical & PEAD Setup 50.0/100

Earnings Reaction-0.7%

Relative Volume (RVOL)1.07x

Trend vs SMA200+4.4%

RSI(14)40.1

🔍 Key Forward Catalysts & Risk Drivers:

Guidance reset clarification on next management commentary — any upward revision to capacity/fuel cost assumptions re-rates the stock toward the +27% consensus target
Continued premium cabin and loyalty (SkyMiles/Amex) revenue mix shift driving margin durability above legacy-cycle peers
Corporate travel recovery acceleration into year-end booking season supporting Q4 revenue momentum

📐 Score Composition Breakdown

Fundamental 30%

95.0

Guidance & Beat 25%

25.0

Technical & PEAD 25%

50.0

Sentiment & Flow 20%

80.0

Composite = 0.30×Fundamental + 0.25×Guidance&Beat + 0.25×Technical + 0.20×Sentiment = 63.2/100
Fundamental: revenue growth, gross margin change, cash conversion, ROIC. Guidance: EPS surprise + 8-K keyword scan. Technical: post-earnings gap, RVOL, SMA200, RSI. Sentiment: ownership, analyst consensus.

PEP · Pepsico, Inc.

Consumer Defensive · Beverages - Non-Alcoholic | Reported: Oct 8, 2026 | Price: $127.30 (+0.5%) | RVOL: 1.41x | Forward P/E: 14.6x

Execution Score

53.2/100

🔬 1. Fundamental Quality 55.0/100

Revenue$24.18 B (+6.4% YoY)

Gross Margin54.2% (-97 bps YoY)

Operating Margin16.6%

Cash Conversion (OCF/NI)78.0%

📈 2. Technical & PEAD Setup 45.0/100

Earnings Reaction+0.5%

Relative Volume (RVOL)1.41x

Trend vs SMA200-13.1%

RSI(14)41.6

🔍 Key Forward Catalysts & Risk Drivers:

North America beverage volume inflection — pricing-led growth is masking volume softness; any organic volume turn re-rates the multiple toward 17x
Margin recovery via productivity program and easing input costs — recapturing the 97 bps of gross margin erosion is the fastest path to EPS acceleration
Frito-Lay international expansion and snack portfolio premiumization driving mix shift above the 54.2% gross margin line

📐 Score Composition Breakdown

Fundamental 30%

55.0

Guidance & Beat 25%

50.0

Technical & PEAD 25%

45.0

Sentiment & Flow 20%

65.0

Composite = 0.30×Fundamental + 0.25×Guidance&Beat + 0.25×Technical + 0.20×Sentiment = 53.2/100
Fundamental: revenue growth, gross margin change, cash conversion, ROIC. Guidance: EPS surprise + 8-K keyword scan. Technical: post-earnings gap, RVOL, SMA200, RSI. Sentiment: ownership, analyst consensus.

📐 Methodology: 4-Pillar Execution Score

📊 How the Execution Score (0–100) is Calculated

Composite Score = 0.30 × Fundamental + 0.25 × Guidance/Beat + 0.25 × Technical/PEAD + 0.20 × Sentiment/Flow

🔬 Fundamental Quality (30%): Measures operational execution via YoY Revenue growth (>25%), Gross Margin expansion (+100 bps), Cash Conversion ratio (OCF/Net Income ≥ 80%), and Return on Invested Capital (ROIC > 15%).
📑 Guidance & Beat (25%): Measures bottom-line earnings surprise magnitude vs Wall Street consensus + NLP text analysis of SEC 8-K Exhibit 99.1 press release forward guidance (raises vs cuts/headwinds).
📈 Technical & PEAD Setup (25%): Evaluates Post-Earnings Announcement Drift viability via 1-Day reaction (+4% vs -3%), volume surge (RVOL ≥ 2.0x), and SMA200 primary trend alignment.
🌐 Sentiment & Flow (20%): Tracks smart money conviction via ownership level (>70%) and analyst consensus upside (>15%).

Deterministic scores and rule-based thresholds are validated against qualitative earnings call transcripts, competitive moats, and valuation multiples via AI synthesis.

⏱ Market quotes delayed ≥ 15 min. Fundamental metrics and model rankings as of prior market close.

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