Guardian Pharmacy Services, Inc. (GRDN) · Nov 5, 2026 · Earnings

Guardian earnings beat as margins surge and EBITDA guidance rises

Beat — Adjusted EPS $0.33 vs ~$0.31 consensus; revenue $371.1M vs ~$365.8M consensus

Guardian’s third-quarter earnings show sharp margin expansion despite IRA pricing pressure, prompting another raise to full-year adjusted EBITDA guidance.

Guardian is a long-term-care pharmacy platform expanding through acquisitions, greenfield pharmacies, and a locally managed network; its central challenge in 2026 has been absorbing IRA-related drug-price reductions without sacrificing profitability. Earlier guidance already assumed revenue pressure but called for continued adjusted EBITDA growth, while the company’s Q2 update had set full-year revenue at $1.43-$1.45 billion and adjusted EBITDA at $129-$131 million.

The quarter beat the available benchmark, led by profitability rather than sales growth. Revenue of $371.1 million was above the published consensus of roughly $365.8 million, while adjusted EPS of $0.33 was above the roughly $0.31 estimate. GAAP diluted EPS was $0.29, so the cleanest read is an adjusted-earnings beat rather than an across-the-board GAAP win.

	Q3 2026	Q3 2025	Consensus
Revenue (Income Statement)	$371.1M (-1.7%)	$377.4M	~$365.8M
Operating income (Income Statement)	$25.1M (+53.3%)	$16.4M
Net income attributable to Guardian (Income Statement)	$18.7M (+90.3%)	$9.8M
Diluted EPS (Income Statement)	$0.29	$0.15	~$0.31
Adjusted EPS (Non-GAAP reconciliation)	$0.33 (+32.0%)	$0.25	~$0.31
Adjusted EBITDA (Non-GAAP reconciliation)	$33.9M (+24.1%)	$27.3M
Adjusted EBITDA margin (Non-GAAP reconciliation)	9.1%	7.2%

The important change is operating leverage. Reported revenue declined 1.7% year over year, but gross profit rose 14.0%, operating income rose 53.3%, and adjusted EBITDA margin expanded to 9.1% from 7.2%. That supports the company’s claim that resident and prescription growth, purchasing leverage, and operating scale are offsetting much of the price pressure from the IRA. 〔0〕

The guidance raise strengthens the current story, especially on earnings power. Full-year revenue guidance moved only modestly higher, with the midpoint rising from $1.44 billion to $1.45 billion, but adjusted EBITDA guidance rose from a $130 million midpoint to $137 million. That is roughly a 5% midpoint increase in earnings guidance versus less than 1% for revenue, implying that management is seeing better profitability conversion rather than simply adding sales. 〔1〕

	Updated guidance	Previous guidance
Revenue (Updated Guidance)	$1.44B-$1.46B	$1.43B-$1.45B
Adjusted EBITDA (Updated Guidance)	$136M-$138M	$129M-$131M

Cash generation and expansion capacity remain supportive, but acquisitions are still part of the execution burden. Nine-month operating cash flow rose to $79.5 million from $65.7 million, while cash reached $119.7 million at September 30. The filing also highlights multiple completed acquisitions and new pharmacy openings, including the transition of Nautilus residents onto Guardian’s existing network; that expands the platform, but makes integration and maintaining service quality important to the next phase of the story. 〔2〕

Bottom line: This was a modest earnings beat with a more meaningful margin and EBITDA-guidance upgrade underneath it. Guardian is showing that its operating model can absorb the IRA revenue headwind while still expanding profitability, which advances—but does not rewrite—the existing growth story.

What to watch next

Q4 earnings and 2027 outlook, early 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Guardian earnings beat as margins surge and EBITDA guidance rises

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