Earnings reports from Joby Aviation, Eli Lilly, Global Payments, and AppLovin

Three of my favorite companies – and one of my least favorite – just reported earnings. So let's take a look...

1) I've written dozens of times about electric-aircraft maker Joby Aviation (JOBY), which has long been my favorite speculative stock.

In my January 7 e-mail, I named it one of my favorite stocks for 2026 because:

It will soon launch commercial service in Dubai (I plan to be one of the first passengers), which could be a huge catalyst for the stock. This is the kind of story retail investors could go nuts for...

Instead, the Iran war derailed those plans. After being up 63% last year, the stock has fallen nearly 40% this year.

The company reported quarterly results after the market close yesterday, which showed excellent progress on all fronts. As a result, the stock rose as much as 10% this morning.

Here are the main takeaways:

• First [electric vertical takeoff ("eVTOL") Integration Pilot Program] flights are expected in September in Texas, targeting first passengers in 2026.
• Strongest quarterly progress yet in fifth and final stage of [Federal Aviation Association] Type Certification.
• Five aircraft flying and 12 more in production, as the manufacturing ramp continues.
• Joint venture with Toyota lays groundwork for strategic manufacturing alliance and high-volume production.
• Strong [Blade Air Mobility] performance, generating $36.2 million in [second-quarter] revenue, contributing to increased full year 2026 total revenue outlook between $115 million and $125 million.
• Strategic partnership with Atoms, the Industrial AI and infrastructure company founded by Travis Kalanick, to develop multimodal transportation hubs across U.S. launch markets.

Importantly, Joby has a strong balance sheet with $2.3 billion in cash and short-term investments. And it only has $702 million in debt, which covers roughly two years of its current cash burn of approximately $800 million annually.

It's unfortunate that the primary catalyst I anticipate for the stock has been delayed. But my investment thesis is still intact – that Joby is a market leader with an innovative, exciting product. So I like the stock even more at a much lower price.

2) I've also written favorably about drug giant Eli Lilly (LLY) dozens of times. And I pitched it as my favorite non-tech blue-chip stock at the Value Investing Seminar in Italy, which I covered in my July 10 e-mail.

Lilly reported exceptional second-quarter earnings yesterday. Revenue soared 48%, driven by sales of its leading GLP-1 drug, tirzepatide – sold under the brand names Mounjaro (for diabetes) and Zepbound (for weight loss).

Adjusted earnings per share ("EPS") rose 33%, and the company increased revenue guidance for the year.

At yesterday's close of $1,169.86, the stock trades at 31.6 times this year's EPS guidance midpoint of $37. As I wrote on July 10 (which still applies today):

That's a high multiple, to be sure. But it's well below the average 40.1 times forward multiple the stock has traded at over the past five years.

And I think Lilly's earnings growth – especially once it gets approval for and launches its new GLP-1 drug, retatrutide (which I expect will happen by next year) – will make today's price look cheap in retrospect.

My team and I did a full analysis of Lilly in the June issue of our flagship newsletter, Stansberry's Investment Advisory. Subscribers can read it here, including our specific buy advice for the stock.

Subscribers also have access to our entire archive and receive our best ideas every month. If you aren't already a subscriber, you can become one by clicking here.

3) Payment processor Global Payments (GPN) is another open recommendation in Stansberry's Investment Advisory. Subscribers can read our report from June 2025 here. And I've written about the company many times in my daily e-mails.

The stock hit a more than 10-year low of $61.16 in June. But it has taken off since then, soaring more than 40%.

Second-quarter earnings weren't spectacular... But for a stock this cheap, they didn't have to be. Adjusted revenues grew 4%, and adjusted EPS rose 12%.

The company also bought back $550 million of stock last quarter and plans to buy back $2 billion this year – a huge amount in light of its $24 billion market cap.

At yesterday's close of $87.48, the stock trades at a mere 6.4 times this year's EPS guidance midpoint of $13.70.

I think an appropriate multiple for the stock of this high-quality business is closer to 20 times, which is why I think the stock could triple from here.

4) In yesterday's e-mail, I covered the earnings reports of SpaceX (SPCX), Palantir Technologies (PLTR), and Carvana (CVNA), all of which are on my "Stinky Six" list of stocks to avoid.

On May 26, I removed Him & Hers Health (HIMS) from the list – a good move, as the stock is up 33% since then. And I've replaced it with SpaceX, which is down 33% since I wrote about its overhyped IPO on June 12.

After the close yesterday, another member of the Stinky Six, AppLovin (APP), reported disappointing earnings...

This sent the stock crashing more than 20% this morning, hitting a two-year low. It's now down 46% from when I created my Stinky Six list on October 29.

Revenue and adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA") rose 53% and 58%, respectively, slightly trailing expectations. Meanwhile, EPS jumped 57%, slightly above expectations. And guidance was in line with expectations.

For most companies, these would be spectacular results. But when a stock is as stupidly overvalued as AppLovin (which I've pointed out many times), there's a lot of downside...

However, with the stock now trading at only 21 times this year's consensus analysts' estimates, I'm going to remove it from my Stinky Six list, making it the "Filthy Five."

Best regards,

Whitney

P.S. I welcome your feedback – send me an e-mail by clicking here.