(https://www.cnbc.com/2026/06/02/ulta-beauty-ulta-q1-earnings-2026.html). (https://www.cnbc.com/2026/06/02/palo-alto-networks-panw-q3-earnings-2026.html). Same script every cycle: lower expectations, beat them, stock rips. But here's what the earnings-chase crowd isn't reading: when cash conversion deteriorates while accruals stay inflated, the margin squeeze hits in Q2 or Q3 filings, not the headline numbers.

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