RKT LSE Russell 1000 Earnings call
Reckitt Benckiser (RKT) · Q2 2026 results
Share price: 5654.00 GBp · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 7 May 2026
Net income down 22.6% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−22.6%
Net income vs Q1 2026
Outlook given
Net income 230.0M vs 297.0M
Revenue −5.3%
2 · How management spoke
Restrained
Less upbeat than 67% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Guidance
RKT updated its guidance to expect expenses of approximately $2.35 billion at the midpoint, which informs investors of the projected cost structure.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
5654.00 GBp
close of 2026-11-11
P/E
53.1
today
Revenue growth, 3 years
+4.7% a year
compound annual rate (CAGR)
Free cash flow 2023
$0.1B
Free cash flow 2024
−$2.7B
Free cash flow 2025
−$4.0B
Read between the lines
-
Key theme
I will discuss its second quarter results and the record market share gains Reckitt Benckiser delivered in a challenging market.
Source quote
“Today, I will discuss our second quarter results and the record market share gains we delivered in a challenging market. I will also cover capital position and integration progress.”
-
Guidance
Third-quarter adjusted revenue guidance is $2.5 billion to $2.7 billion.
Source quote
“With that context in mind, we expect adjusted revenue to be between $2.5 billion and $2.7 billion in the third quarter.”
-
Fading
Achieved record market share gains despite challenging market conditions.
Source quote
“Cooper expense synergies to be fully realized by 2026, one year ahead of the original plan. We now expect Mr. That is a major proof point.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Rocket is built to perform today and accelerate when the market recovers with growth converting into operating leverage, margin expansion, and stronger earnings power.”
“Let me let me double click on Q2 real quick because I do think it was impressive for many reasons, but particularly as Varun mentioned, the increase in market share...”
“So that best recapture rate turns into best returns, which allows us to be more aggressive in the correspondent and other channels in terms of acquiring those clients because we...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.78B | 2.94B | −5.3% | 1.45B | +91.9% |
| Operating income | 281.0M | 400.0M | −29.8% | 24.0M | +1070.8% |
| Net income | 230.0M | 297.0M | −22.6% | -2.0M | Turned profit |
| EPS | 0.08 | 0.10 | −20.0% | -0.01 | Turned profit |
| P/E today 53.1 | 71.6 | 109.6 | −38.0 | — | — |
Topics
Most discussed now
- Reckitt Benckiser's North Star is profitable market share growth.
- Based on industry estimates, purchase market share came in at 6.2% and refinance market share was 14.3% in the second...
- Reckitt Benckiser has the best recapture rates in the business on loans that it has originated, but it also has the...
- New The mortgage attach rate with Redfin agents reached 47%, approaching Reckitt Benckiser's synergy target of 50%.
- New 1 is just Reckitt Benckiser welcomes competition in the credit scoring models themselves.
Faded since Q1 2026
- Fading Reckitt Benckiser is using AI, data, and distribution to create opportunity instead of waiting for the market to hand it...
- Fading Adjusted revenue came in at $2.8 billion, above the high end of Reckitt Benckiser's guidance range.
- Fading Was built to perform through volatility across every rate environment in every market cycle.
- Fading Adjusted net income was $422 million, or $0.15 of adjusted EPS.
Latest announcements
Official filings, newest first.
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Material agreement; Agreement terminated; New financial obligation · SEC 8-K
- Material agreement · SEC 8-K
- Shareholder vote results · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K