Friday, October 30, 2026 | Onetrader Earnings Report
The final trading session of October has brought another important round of corporate earnings from the United States and the United Kingdom. Amazon’s accelerating cloud business, stronger refining profits at ExxonMobil and Chevron, and AstraZeneca’s latest performance have given investors plenty to examine beyond the headline profit figures.
The results also reveal how differently major industries are performing. Technology companies are committing enormous amounts of capital to artificial intelligence, energy producers are benefiting from unusually strong fuel-processing margins, and pharmaceutical companies continue to depend on product development and commercial execution.
For investors following the earnings season, the distinction between revenue growth, reported earnings and underlying business performance has become particularly important.
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Amazon: AWS Growth Accelerates as Operating Profit Surges
Amazon reported third-quarter revenue of $201.9 billion, an increase of 12% from $180.2 billion a year earlier. Operating income climbed to $28.1 billion from $17.4 billion, taking the company’s operating margin to approximately 13.9%, its highest quarterly level on record.
Amazon Web Services was the standout performer. Cloud revenue increased 39% to $46 billion, its fastest growth in nearly five years. AWS operating income reached $17.8 billion, reflecting both demand for cloud infrastructure and the profitability of Amazon’s technology services.
| Financial metric | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | $201.9B | $180.2B |
| Operating income | $28.1B | $17.4B |
| Net income | $20.7B | $21.2B |
| Diluted EPS | $1.89 | $1.95 |
| AWS revenue | $46.0B | Approx. $33.0B |
Amazon’s lower reported net income does not tell the whole story. The year-earlier quarter benefited from investment-related gains associated with Anthropic, making the comparison less straightforward. At the operating level, Amazon delivered substantial improvement.
There is another side to the results. Amazon reported trailing 12-month free cash outflow of $42.4 billion as spending on property and equipment increased sharply, primarily to support artificial intelligence infrastructure.
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That combination of faster cloud growth and heavier investment illustrates the central question facing Amazon. The business is generating more operating profit, but building the infrastructure required for future AI demand is consuming considerable capital.
ExxonMobil: Refining Profits Drive Strong Third-Quarter Earnings
ExxonMobil’s third-quarter performance demonstrated how changing conditions in global fuel markets can reshape the earnings of an integrated energy producer.
The company reported adjusted earnings of $4.23 per share, exceeding market expectations of approximately $4.04. Stronger refining margins were a major contributor as disruptions to international fuel supplies increased the profitability of processing crude oil into gasoline, diesel and other products.
| Financial metric | Q3 2026 |
|---|---|
| Adjusted EPS | $4.23 |
| EPS market estimate | Approx. $4.04 |
| Earnings surprise | Approx. 4.7% above estimate |
| Debt reduction | $8B |
| Planned 2027 share repurchases | $20B |
One of the more striking developments was the contribution from Exxon’s refining operations. Downstream earnings exceeded upstream production earnings, an unusual outcome for a company traditionally associated with large-scale oil and gas extraction.
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Exxon also reduced debt by $8 billion, reflecting management’s preference for strengthening the balance sheet while benefiting from favourable refining conditions.
The durability of these earnings will depend partly on how long elevated refining margins persist. Unlike recurring revenue from long-term customer contracts, refining profitability can change quickly when supply disruptions ease or fuel demand weakens.
Chevron: Higher Refining Margins Lift Earnings to $9.9 Billion
Chevron reported third-quarter net earnings of $9.9 billion, equivalent to $5.06 per diluted share. Adjusted earnings reached $10.4 billion, or $5.28 per share, comfortably ahead of the market estimate of approximately $4.83.
The performance reflected stronger refining margins and high utilisation across Chevron’s US refining network. Crude processing reached record levels, with refinery utilisation at approximately 98%.
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| Financial metric | Q3 2026 |
|---|---|
| Reported net earnings | $9.9B |
| Reported diluted EPS | $5.06 |
| Adjusted earnings | $10.4B |
| Adjusted EPS | $5.28 |
| EPS market estimate | Approx. $4.83 |
| Return on capital employed | 18% |
Chevron’s results also highlighted its operational expansion. US production increased 27% compared with two years earlier, while the company continued developing opportunities across its international portfolio.
Although stronger refining margins helped both Chevron and ExxonMobil, the two businesses remain exposed to changes in crude prices, processing costs and geopolitical conditions. The latest earnings demonstrate their ability to generate substantial profits during periods of tight fuel supply, but such conditions are not necessarily permanent.
AbbVie: Immunology Growth Supports Higher Profit Guidance
AbbVie delivered third-quarter revenue of $17.4 billion, up 10.3% from the previous year. Adjusted diluted earnings reached $3.82 per share, compared with $1.86 a year earlier.
The pharmaceutical company’s performance was supported by strong demand for its newer immunology treatments, particularly Skyrizi and Rinvoq. These medicines have become increasingly important as AbbVie manages declining sales of its older blockbuster drug Humira.
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| Financial metric | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | $17.40B | $15.78B |
| Reported diluted EPS | $2.37 | $0.10 |
| Adjusted diluted EPS | $3.82 | $1.86 |
| Skyrizi revenue | $5.78B | — |
| Rinvoq revenue | $2.71B | — |
| Humira revenue | $683M | — |
Skyrizi revenue increased 22.7%, while Rinvoq sales grew 23.9%. Humira revenue declined 31.2%, showing the continuing effect of competition from lower-cost alternatives.
AbbVie raised its full-year adjusted earnings guidance to between $13.95 and $13.99 per share, compared with its previous range of $13.76 to $13.96. The company also announced a 5.2% dividend increase for 2027.
The results suggest that AbbVie’s transition away from reliance on Humira is progressing, although future growth will depend on continued commercial success and the performance of its broader drug pipeline.
AstraZeneca: Revenue Rises as Drug Pipeline Strengthens
UK-listed pharmaceutical company AstraZeneca reported third-quarter revenue of $16.21 billion, an increase of 7% from a year earlier. Core earnings per share rose 17% to $2.79, while reported EPS increased 23% to $2.02.
For the first nine months of 2026, AstraZeneca generated $46.88 billion in revenue, up 8% on a reported basis. Core earnings per share increased 14% to $8.00.
| Financial metric | Q3 2026 | Growth |
|---|---|---|
| Total revenue | $16.21B | +7% |
| Product sales | $15.07B | +5% |
| Alliance revenue | $1.11B | +36% |
| Reported EPS | $2.02 | +23% |
| Core EPS | $2.79 | +17% |
The company’s oncology, respiratory and immunology, and rare disease businesses supported its wider performance. However, competition and the loss of exclusivity for certain established medicines remained challenges.
AstraZeneca also highlighted progress in research and development, reporting 12 positive Phase III clinical trial readouts during the year to date and approvals for four new medicines.
The importance of those developments extends beyond the latest quarter. For a pharmaceutical business, successful clinical trials and regulatory approvals determine which products can support revenue several years into the future. AstraZeneca’s earnings growth therefore needs to be considered alongside the commercial potential and execution risks of its drug pipeline.
What the Latest US and UK Earnings Reveal
The latest earnings reports show several contrasting developments across major industries. Amazon’s operating performance has improved substantially, but its growing commitment to AI infrastructure is placing pressure on free cash flow. ExxonMobil and Chevron have benefited from exceptional refining conditions, while their longer-term profitability remains closely connected to energy markets.
In healthcare, AbbVie is demonstrating how newer medicines can replace revenue lost from older products facing competition. AstraZeneca’s performance reflects a different challenge: maintaining commercial growth while investing in medicines that may not contribute meaningfully to revenue for several years.
These distinctions matter because a strong quarterly earnings figure does not necessarily indicate the same quality or durability of profit across every business. Operating margins, cash generation, product demand, investment requirements and management guidance all help explain whether the latest performance can continue.
As the third-quarter reporting season progresses, the central issue for investors will be how much of the current earnings strength reflects lasting improvements in company operations and how much depends on favourable conditions that could change.
Disclaimer: This article is intended for educational and informational purposes only. It does not constitute investment advice, financial advice or a recommendation to buy, sell or hold any securities. Financial results, market conditions and company guidance may change. Readers should conduct their own research or consult a qualified financial adviser before making investment decisions. Onetrader is not registered with SEBI as an investment adviser.
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