Adobe generated free cash flow equal to 11.1% of its market value over the last twelve months, versus a median of 4.4% for S&P 500 companies. Free cash flow rose from $6.55 billion (twelve months to August 2024) to $10.6 billion (to August 2026), while net debt was about $1.13 billion against $5.64 billion in cash and short-term investments. Operating margin slipped to 34.8% in fiscal Q3 2026 from 36.3% a year earlier, and management guided fiscal Q4 GAAP operating margin to 34.0%. Digital Media grew 11.3% and Digital Experience 9.3% in fiscal 2025, while the Publishing and Advertising unit shrank 6.9%; the stock fell 29.1% in the year to October 14, 2026, versus a 17.3% return for the S&P 500. Management kept its $26.6 billion fiscal 2026 revenue target, and the next results are expected around December 9, 2026.
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Over the last twelve months, Qualcomm generated free cash flow equal to 5.5% of its market value, above the 4.4% yield for the median S&P 500 company, yet its revenue fell in each of its last two quarters. Free cash flow has declined for two consecutive years, from $12.6 billion in the twelve months to June 2024 to $10.4 billion in the twelve months to June 2026. Management attributed weaker phone chip sales to industry-wide memory prices, expects Apple revenue to step down faster in fiscal Q4 2026, and is raising chip prices by a double-digit percentage. Automotive chip revenue hit a record $1.6 billion in fiscal Q3, and the company now targets $40 billion of revenue outside phones by fiscal 2029, up from $22 billion. The article notes debt of $15.3 billion against $8.3 billion in cash and short-term investments, with operating profit at 14.9 times interest costs, and says the key question is whether free cash flow can steady as Apple revenue declines.
- Should You Buy Target Stock For Its Cash?
Target (TGT) generated free cash flow over the last twelve months equal to 6.4% of its market value, above the 4.4% median for S&P 500 companies. Its operating margin was just 5.6% versus 18.5% for the S&P 500, yet operations produced $8.7 billion of cash, with about half spent on capital expenditure, leaving $4.5 billion of free cash flow. Sales of apparel and accessories fell 4.7% and home furnishings fell 6.5% in the latest fiscal year, but fiscal Q2 2026 revenue rose 5.3% and management raised its full-year sales growth forecast to around 5% from 4%. Tariff refunds added 3.7 points to the 9.6% operating margin in that quarter. Target has deployed about $2.4 billion of capital spending in fiscal 2026 so far and expects about $5 billion for the year, while carrying $13.3 billion in net debt, equal to 19% of its market value.
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Meta is reporting its third-quarter earnings after the market closes Wednesday, and Yahoo Finance's Brian Sozzi says the report will be hard to interpret. Recent good news on Meta's AI products, including new models and an AI agent, may not appear directly in the results but will likely be discussed on the earnings call. The key uncertainty is how investors will react if Meta raises its capex outlook again: it could be seen as fueling those products, or as overspending on offerings not yet reflected in financials. Sozzi expects the market to give Meta the benefit of the doubt on higher capex, as long as the increase does not shock investors.
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Zerohash launched AUTH, a service that lets users move crypto, stablecoins and blockchain-based stock tokens between linked exchange accounts or self-custody wallets without copying wallet addresses or choosing a blockchain network. To transfer, users pick an account in an app that offers AUTH, sign in and approve the move, while the service handles routing and settlement and each app sets which assets and transfer types it allows. AUTH supports more than 600 connections, including Coinbase, Robinhood, Gemini, MetaMask and Phantom, with Coinbase, Robinhood and Gemini live and Kraken in beta. The launch comes as Zerohash's application for a national trust bank charter, returned by the Office of the Comptroller of the Currency in July, remains pending after a narrower refiling on Aug. 18.
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