3 Major Earnings Winners You May Have Missed

Key Points

• Vericel raised its 2026 revenue guidance to $330 million to $340 million and posted record revenue, prompting its first-ever $200 million share repurchase program.
• Xenia Hotels & Resorts reported a net loss driven by a non-cash impairment charge, yet adjusted FFO, ADR, RevPAR, and hotel EBITDA all improved year over year.
• International Paper missed revenue estimates by $185 million amid a major transformation, but improved mill performance and box volume growth kept analysts largely bullish.

Earnings season tends to focus attention on the market's biggest players, but not every company that posts noteworthy wins makes headlines. In fact, some of the most compelling reports often come from lesser-known companies that have been able to execute well without much fanfare.

The firms below—representing biotechnology, real estate, and paper products, respectively—all recently posted earnings with some positive outcomes that may be worth catching before they slip through the cracks.

A Standout Small Biotech Name With Strong Financials

Biotech firm Vericel Corp. NASDAQ: VCEL develops cell-based therapies for regenerative medicine applications, including burns and cartilage defects. Shares are up more than 25% year to date (YTD), despite having fallen by about 6% in the days immediately following its Q2 2026 earnings report on July 30.

Part of the reason for the sluggish investor response could be that the company raised its full-year guidance earlier in the year, but it once again raised 2026 revenue guidance, now to a range of $330 million to $340 million, citing higher forecasts for its cartilage product MACI.

The firm balances out this product, which has been buoyed by strong sports health demand, with a second FDA-approved offering for burn care. Indeed, Vericel's burn care business has also been very healthy, with revenues climbing 22% year over year (YOY) in Q2, driven by NexoBrid's record revenue above $1.5 million.

Among smaller biotech companies, Vericel is unusually stable. The company posted record revenue after a 22% YOY improvement, GAAP net income of $2.2 million, and solid free cash flow that helped facilitate its first-ever $200-million share repurchase program. At the same time, Vericel is pushing for marketing authorization for MACI in the U.K., a key sign that the company is moving toward geographic diversification.

Combining an attractive niche, growing profitability, a strong revenue trajectory, and a healthy balance sheet, Vericel's appeal is clear. Still, risks including the company's premium valuation (it trades at more than 96x earnings) and its heavy reliance on a very small number of products mean that Wall Street analysts are fairly evenly split on whether to Buy or Hold.

Looking Beneath the Net Losses, Xenia Has Multiple Bright Spots

Xenia Hotels & Resorts NYSE: XHR is a real estate investment trust (REIT) specializing in premium hotels and luxury properties. Shares are up nearly 37% YTD, even after a dip following its latest earnings.

Investors may be inclined to focus on top-line performance, which appeared dire in its latest report. Xenia swung from net income attributable to common shareholders per diluted share of 56 cents at this time last year to net losses of 21 cents per diluted share in Q2 2026.

Digging deeper, however, shows that Xenia did fairly well in many respects during the latest period. Adjusted funds from operations (FFO) per diluted share, for example, climbed by 7% YOY, while same-property average daily rate (ADR), revenue per available room (RevPAR), and hotel EBITDA all increased over the same period. Further, the loss was due to a non-cash impairment charge linked to the sale of a property in Oregon.

Xenia's business likely got a boost in the latest quarter thanks to the FIFA World Cup, but strong transient business overall was a bigger driver of performance. One thing investors should watch going forward is Xenia's margins, which have suffered as expenses have grown faster than revenue. These factors could ultimately pressure the REIT's dividend, which remains fairly robust at a yield of 2.9%.

International Paper's Transformation Is Advancing, Even as Revenue Looks Sluggish

Major forest products company International Paper NYSE: IP is a national leader in paper and packaging products. With returns of only about 5% YTD, this company does not have the strong recent performance of either of the above, likely due to the significant transformation it is currently undergoing. As IP seeks to integrate major acquisitions, complete a restructuring process, navigate shifts in packaging demand, and reduce costs, investors should not be surprised by some mixed earnings results.

That is exactly what IP delivered for Q2 2026, including a top-line beat and a $185-million miss in revenue, which dropped by more than 11% YOY.

Like Xenia, though, IP also had some important strengths revealed or confirmed in the latest report.

First, operational execution made significant strides, noting a 500-basis-point YOY improvement in mill performance alongside modest box volume growth.

The company is also advancing on its EMEA packaging business separation, which should dramatically reduce costs. All this may help to contribute to earnings improvement through the end of the year.

Analysts seeing beyond the bottom-line miss are fairly bullish on IP shares, assigning nine Buys compared to just five Hold or Sell ratings.

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