While R2000 reported earnings remain solid, the real story is how estimates are faring given war’s onset. The good news is that ‘26E estimates remain strong with sales growth ticking 40 bps higher month-to-date. That means analysts are not seeing much risk to growth in company guidance amid a kinetic war and oil spiking. But analyst inaction now could mean downward revisions lie ahead if oil’s spike persists. While markets may already be discounting higher inflation’s effect on margins and/or demand, negative revisions can feed a vicious cycle. Insomuch as we have not yet started that process, it argues further price declines may ensue, barring a restoration of oil flow.