TMS Insights February 2026 Part 2: Reporting season and the AI panic
Companies are falling 20 to 30% on slight misses, and analysts are spending entire earnings calls asking about one thing. In this episode of TMS Insights, Ben and Jeremy cut through the noise of the February reporting season to what actually drives share prices: earnings.
In this episode:
- Macquarie's operational briefing lands well, with its capital light banking arm taking share from the big four and capital markets conditions improving.
- Commonwealth Bank delivers a clear beat and ANZ follows a day later, both built on cost discipline, sending the big banks sharply higher.
- CSL parts ways with its CEO the night before its result, and the return of Gordon Naylor alongside chairman Brian McNamee puts experienced hands back on the wheel.
- AI dominates every earnings call, and Ben and Jeremy explain why REA, Carsales and Pro Medicus look far harder to disrupt than the market is pricing.
- And capital light businesses are trading at their smallest premium to the rest of the market since the GFC, which looks more like opportunity than warning.
Companies discussed: Macquarie Group (MQG), Commonwealth Bank (CBA), ANZ (ANZ), REA Group (REA), Carsales (CAR), CSL (CSL), Pro Medicus (PME) and Pinnacle (PNI).
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