Core Insights - Walmart has officially reached a market cap of $1 trillion, marking its ascent into the elite trillion-dollar club, a significant milestone for the retail sector [5][21] - Two other companies, JPMorgan Chase and Visa, are identified as having the potential to follow Walmart into this exclusive group, despite being from the financial sector rather than technology [4][12] Walmart's Market Position - Walmart's size provides a sustainable competitive edge, allowing it to purchase products in bulk and lower per-unit costs, which enables it to offer lower prices than local shops and national grocers [6] - The company's value proposition has been effective, especially during periods of high inflation, as consumers seek value for their purchases [8][10] - Walmart's innovation, particularly in online shopping and the Walmart+ subscription service, has contributed to its growth, with global e-commerce sales increasing by 27% in the fiscal third quarter [10] Financial Sector Insights - JPMorgan Chase is the closest public company to reaching a $1 trillion valuation, with a market cap of nearly $864 billion as of February 4 [13] - Visa, with a market cap of $636 billion, offers a faster growth rate and focuses solely on payment facilitation, avoiding the risks associated with lending [16][19] - Both JPMorgan Chase and Visa face cyclical risks inherent in the financial sector, which can impact their growth during economic slowdowns [19][20]

Exhibit 99.2 ____ . Forward-Looking Statements These earnings supplemental materials contain forward-looking statements including, but not limited to, statements about management's plans, goals, expectations, and guidance and assumptions with respect to future financial performance of the Company. Any statements in these supplemental materials that are not statements of historical facts are forward-looking statements. When used in these supplemental materials, the words "anticipate," "believe," "continue," ...

Core Viewpoint - WEX reported strong financial results for Q4 and the full year 2025, highlighting strategic actions taken to accelerate growth and improve performance [1] Financial Performance - The company achieved record revenue for the fourth quarter and the entire year, indicating successful execution of its growth strategy [1]

Core Viewpoint - PayPal Holdings, Inc. experienced a significant drop in share price, falling over 20% after its earnings report, leading to a potential buying opportunity due to high trading volume and oversold conditions [1][4]. Trading Volume - The trading volume for PayPal reached a record high of 141 million shares in a single day, compared to a typical daily volume of about 20 million shares [1]. Seller Capitulation - The high volume may indicate seller capitulation, where frustrated sellers decide to sell regardless of price, potentially setting the stage for a price increase as buyers may find it difficult to locate sellers [2][3]. Oversold Conditions - PayPal is currently in an extremely oversold position, which could attract buyers and lead to a price increase as trading strategies often anticipate a reversal or upward movement in such conditions [4].

Group 1 - Global Payments Inc. (GPN) is identified as a leading online and POS payment platform, with the stock previously considered undervalued at $103.25 due to a low P/E ratio [1] - The investment strategy combines fundamental analysis with options trading, focusing on various strategies including income-oriented investments, growth at a reasonable price, deep value, and dividend aristocrats [1] - The analyst employs 20-25 options strategies for purposes such as hedging, bullish substitutes, neutral trades, trading volatility, and earnings-related trades [1] Group 2 - The analyst has a beneficial long position in GPN shares through stock ownership, options, or other derivatives, indicating a personal investment interest in the company [2]

Group 1 - Global Payments Inc. (GPN) is identified as a leading online and POS payment platform, with the stock previously seen as undervalued at $103.25, particularly due to a low P/E ratio [1] - The investment strategy combines fundamental analysis with options trading, focusing on various strategies including income-oriented investments, growth at a reasonable price, deep value, and dividend aristocrats [1] - The analyst employs 20-25 options strategies for purposes such as hedging, bullish substitutes, neutral trades, trading volatility, and earnings-related trades [1] Group 2 - The analyst has a beneficial long position in GPN shares through stock ownership, options, or other derivatives, indicating a personal investment interest in the company [2]

Market Overview - Major U.S. indices closed lower on Tuesday, with the Dow Jones Industrial Average slipping 0.3% to 49,240.99, the S&P 500 falling 0.8% to 6,917.81, and the Nasdaq dropping 1.4% to 23,255.18 [1] Super Micro Computer, Inc. (NASDAQ:SMCI) - Super Micro Computer shares dipped slightly by 0.13%, closing at $29.67, with an intraday high of $30.17 and a low of $28.64, and a 52-week range of $66.44 to $27.35. In after-hours trading, the stock increased by 7.18% to $31.80 [1] Chipotle Mexican Grill (NYSE:CMG) - Chipotle Mexican Grill saw its stock rise by 1.71%, closing at $39.17, with a trading range between $39.20 and $37.83, and a 52-week high of $59.19 and low of $29.75. The stock slid 5.62% to $36.97 in extended trading [2] - Chipotle beat fourth-quarter estimates, posting EPS of 25 cents versus the expected 24 cents, while revenue rose by $139 million year over year [2] PayPal Holdings, Inc. (NASDAQ:PYPL) - PayPal experienced a significant drop of 20.31%, closing at $41.70, with an intraday high of $43.70 and a low of $41.43, matching its 52-week low. The stock rose by 1.25% to $42.22 in after-hours trading [3] Advanced Micro Devices Inc (NASDAQ:AMD) - AMD stock has a value in the 6th percentile according to Benzinga Edge Stock Rankings, while it has a Momentum score in the 93rd percentile [4]

Core Viewpoint - Johnson Fistel, PLLP is investigating PayPal Holdings, Inc. for potential compliance issues with federal securities laws following significant investor losses due to missed earnings and revenue expectations, as well as a leadership transition that raised concerns about operational performance [1][3][4]. Group 1: Financial Performance - On February 3, 2026, PayPal reported its fourth-quarter financial results, missing analyst expectations for both earnings and revenue [3]. - The company issued financial guidance that fell below market expectations, contributing to investor losses [3]. Group 2: Leadership Changes - PayPal announced a leadership transition, appointing Enrique Lores as the new Chief Executive Officer [4]. - The company indicated that the pace of change and execution under previous leadership did not meet the Board's expectations, raising questions about corporate oversight and operational performance [4]. Group 3: Legal Investigation - Johnson Fistel is investigating whether PayPal complied with federal securities laws in light of the recent disclosures and subsequent stock price decline [1][5]. - Investors who suffered losses from their investment in PayPal stock are encouraged to join the investigation [2].

Core Insights - Visa Inc. and Mastercard are highly regarded companies that are sometimes overlooked or misunderstood in the investment community [1] Group 1: Company Overview - Visa and Mastercard are two of the most renowned companies globally, known for their significant roles in the payment processing industry [1] Group 2: Investment Philosophy - The focus is on long-term investment in U.S. and European equities, emphasizing undervalued growth stocks and high-quality dividend growers [1] - Sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is highlighted as a more reliable driver of returns than valuation alone [1] Group 3: Personal Investment Approach - The investment strategy aims to ensure sufficient assets for freedom in work and life, rather than complete financial independence [1]

Core Viewpoint - PayPal's stock plummeted over 17% in pre-market trading, indicating a potential new low for the stock price, following disappointing Q4 earnings results and the appointment of a new CEO [1] Financial Performance - PayPal reported Q4 revenue of $8.68 billion, a 4% year-over-year increase, which fell short of the expected $8.801 billion [1] - Adjusted earnings per share were $1.23, reflecting a 3% year-over-year growth, but also below the anticipated $1.28 [1] Management Changes - Enrique Lores from HP has been appointed as the new CEO of PayPal [1] Market Challenges - The CFO indicated that the performance results did not meet expectations, highlighting pressure on the retail merchant portfolio, particularly among low and middle-income consumer groups [1] - The company needs to implement more strategies to attract key merchants, especially during high-volume shopping periods [1]