This week’s US earnings opened a gap between businesses growing fast and the cash it takes to keep them growing. Cloud, data-centre hardware and power infrastructure posted big gains, while healthcare and payments companies added strong reports of their own.
What mattered most was the difference between a good quarter and a reassuring outlook. Some companies delivered both. Others beat today’s estimates but left investors less sure about the months ahead.
In Simple Words
Revenue is total sales; earnings per share is the profit attributable to each share. Compare adjusted profit with adjusted estimates, then look past the headline beat to margins, cash flow and the company’s forecast.
All figures are in US dollars. Estimates reflect the consensus available when results came out, and GAAP and adjusted numbers are labelled separately.
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Big Tech and Semiconductors
Microsoft: Cloud growth lifts operating profit
Microsoft grew cloud revenue strongly and raised operating profit faster than sales, showing that expansion is turning into earnings. Consumer devices were weaker, which sharpened the contrast with enterprise demand.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $92.279 billion | Up 19% YoY |
| Adjusted diluted EPS | $4.89 | $4.72 estimated; up 18% YoY |
| GAAP net income | $36.629 billion | Up 32% YoY |
| Operating income | $45.9 billion | Up 21% YoY |
Alphabet: Cloud growth fails to offset an earnings miss
Alphabet’s cloud business expanded rapidly, but total revenue missed expectations and reported profit fell. Investment losses cut GAAP earnings, and profit excluding that effect still came in below analyst estimates.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $127.577 billion | Up 25% YoY |
| Adjusted EPS | $2.67 | $3.02 estimated |
| GAAP diluted EPS | $2.12 | $2.87 year-ago |
| Net income to common shareholders | $26.170 billion | $34.979 billion year-ago |
Amazon: Operating profit improves, cash flow worsens
Amazon lifted operating profit sharply on stronger retail and cloud margins. Net earnings slipped against a year-ago comparison that included large investment gains, and heavy infrastructure spending pushed trailing free cash flow deeply negative.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $201.944 billion | Up 12% YoY |
| Diluted EPS | $1.89 | $1.96 estimated; $1.95 year-ago |
| Operating income | $28.076 billion | $17.422 billion year-ago |
| Fourth-quarter sales guidance | $240–$247 billion | Expected growth of 12%–16% |
Intel: A beat followed by a softer forecast
Intel improved revenue, adjusted earnings and operating margins, with servers providing the momentum. The outlook disappointed: management expects the PC slowdown to continue and guided to lower revenue and adjusted earnings next quarter.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | About $16.5 billion | Up 21% YoY |
| Adjusted diluted EPS | $0.52 | $0.40 estimated; up 126% YoY |
| GAAP diluted EPS | $0.60 | $0.90 year-ago |
| Fourth-quarter guidance | Revenue $15–$16 billion | Adjusted EPS $0.25 |
Sandisk: Data-centre demand drives exceptional growth
Sandisk reported a steep rise in revenue and profit, with data-centre sales leading the sequential gain. Management guided to another increase in both sales and adjusted earnings. Per-share figures are before its announced stock split.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $11.031 billion | Up 378% YoY |
| Adjusted diluted EPS | $49.51 | $47.00 estimated |
| Data-centre revenue | $4.802 billion | Up 61% quarter-over-quarter |
| Next-quarter guidance | Revenue $12.2–$12.6 billion | Adjusted EPS $55–$57 |
Cadence: Chip-design demand supports a higher outlook
Cadence grew revenue across its product lines and raised its full-year outlook on demand for more complex chip designs. Adjusted earnings rose, though reported operating margins narrowed and GAAP earnings per share were flat.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $1.633 billion | Up 22% YoY |
| Adjusted diluted EPS | $2.11 | $2.04 estimated; $1.93 year-ago |
| GAAP diluted EPS | $1.05 | Unchanged YoY |
| Full-year adjusted EPS outlook | $8.40 midpoint | Raised |
Healthcare
Eli Lilly: Drug sales accelerate, charges weigh on earnings
Mounjaro and Zepbound drove another big jump in revenue, and Lilly raised its annual sales forecast. Acquired research charges held back earnings growth and lowered the published adjusted EPS range despite stronger underlying expectations.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $24.397 billion | Up 39% YoY |
| Adjusted diluted EPS | $7.48 | $5.68 estimated; up 7% YoY |
| GAAP net income | $6.451 billion | Up 16% YoY |
| Full-year guidance | Revenue $91–$92 billion | Adjusted EPS $35–$36 |
Merck: Higher sales meet a heavier expense base
Merck beat quarterly expectations as its major medicines supported revenue. Earnings still fell from a year ago because higher research, launch and financing costs absorbed part of the operating improvement.
Also Read: Q2 Results 2026: Reliance, Sun Pharma, BEL, Jio and Bank of Baroda Report Earnings
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $18.1 billion | Up 5% YoY |
| Adjusted diluted EPS | $2.49 | $2.09 estimated; $2.58 year-ago |
| GAAP net income | $5.065 billion | $5.785 billion year-ago |
| Full-year guidance | Revenue $66.8–$67.3 billion | Adjusted EPS $2.77–$2.82 |
AbbVie: Immunology and neuroscience strengthen the quarter
Immunology and neuroscience grew strongly and offset softer aesthetics sales. AbbVie raised its annual adjusted earnings outlook, though acquired research and milestone expenses still affected the numbers.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $17.404 billion | Up 10.3% YoY |
| Adjusted diluted EPS | $3.82 | $3.73 estimated; $1.86 year-ago |
| GAAP diluted EPS | $2.37 | More than doubled YoY |
| Full-year adjusted EPS guidance | $13.95–$13.99 | Previously $13.76–$13.96 |
Energy and Payments
ExxonMobil: Refining strength feeds cash generation
Exxon delivered strong adjusted earnings and cash flow on refining performance and production growth. Its free cash flow stands in contrast to the cash-hungry expansion reported elsewhere.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Total revenue | About $113.16 billion | Up 33% YoY |
| Adjusted EPS | $4.23 | $4.12 estimated |
| GAAP net income | $15.413 billion | $14.525 billion preceding quarter |
| Free cash flow | $19.1 billion | Quarterly figure |
Chevron: Higher sales and refinery runs lift profit
Chevron’s US refineries processed record crude volumes, and adjusted profit beat expectations. The gap between reported and adjusted earnings reflected legal, impairment, pension and currency effects.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Sales and operating revenue | $65.237 billion | $48.169 billion year-ago |
| Adjusted diluted EPS | $5.28 | $4.87 estimated |
| GAAP diluted EPS | $5.06 | GAAP net income about $9.9 billion |
| US refinery utilisation | 98% | Record crude throughput |
Visa: Transaction growth supports another rise in earnings
Visa grew revenue and earnings as payment volumes, cross-border activity and processed transactions expanded. Management expects continued growth next year while investing further in the business.
Also Read: US and UK Earnings Today: Amazon, Exxon, Chevron and AstraZeneca Lead Major Results
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Net revenue | About $12.1 billion | Up 13% YoY |
| Adjusted diluted EPS | $3.48 | $3.44 estimated; up 17% YoY |
| GAAP net income | About $6.0 billion | Up 18% YoY |
| Next-year adjusted EPS growth | Low double digits to low teens | Annual guidance |
Mastercard: Services add momentum beyond the network
Both the payment network and value-added services contributed to growth, with services expanding faster. A lower effective tax rate made the profit increase stronger than the rise in sales.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Net revenue | About $9.8 billion | Up 14% YoY |
| Adjusted diluted EPS | $5.31 | $5.17 estimated |
| GAAP net income | $4.63 billion | $3.93 billion year-ago |
| Services revenue growth | 19% | Year-over-year |
Industrials, Power and Consumer
Caterpillar: Volume growth comes with better margins
Caterpillar lifted sales across its main equipment businesses on higher volumes and favourable pricing. The gain carried through to the operating margin, meaning more profit from each dollar of revenue.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $20.682 billion | Up 17% YoY |
| Adjusted profit per share | $7.20 | $7.03 estimated; $4.95 year-ago |
| GAAP profit per share | $7.13 | $4.88 year-ago |
| Adjusted operating margin | 20.6% | 17.5% year-ago |
GE Vernova: Orders, margins and cash flow advance together
Strong demand for power equipment lifted revenue, improved margins and generated substantial cash. A growing backlog and better execution led management to raise its annual outlook.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $12.642 billion | Up 27% YoY |
| GAAP diluted EPS | $4.81 | $4.03 estimated; up 193% YoY |
| Adjusted EBITDA margin | 15.4% | 8.1% year-ago |
| Full-year revenue guidance | $46.5–$47.5 billion | Raised |
Vertiv: Rapid expansion turns into higher profit
Vertiv paired strong sales growth with wider margins and higher cash generation. Broad regional growth and a big jump in orders led it to raise its annual outlook across key measures.
Also Read: Q2 Results Today, October 30, 2026: Indian Companies Report September Quarter Earnings
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $4.313 billion | Up 61% YoY |
| Adjusted diluted EPS | $2.21 | $1.82 estimated; up 78% YoY |
| Adjusted operating margin | 25.2% | Up 2.9 percentage points YoY |
| Full-year adjusted EPS outlook | $7.15 midpoint | Raised |
Quanta Services: Infrastructure workload produces a big profit rise
Revenue and earnings climbed sharply as demand broadened across utility, industrial and technology customers. Strong cash generation and a larger backlog supported another higher annual outlook.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $12.01 billion | $7.63 billion year-ago |
| Adjusted diluted EPS | $6.06 | $4.95 estimated; $3.33 year-ago |
| GAAP net income | $694.9 million | $339.4 million year-ago |
| Full-year adjusted EPS guidance | $17.90–$18.30 | Raised |
Coca-Cola: Volume growth strengthens the sales picture
Coca-Cola grew both sales and unit volumes, so growth rests on more than pricing. Comparable operating profitability improved despite higher marketing spend, and management raised its annual outlook.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | $13.380 billion | Up 7% YoY |
| Comparable EPS | $0.91 | $0.88 estimated; up 11% YoY |
| GAAP diluted EPS | $0.93 | Up 8% YoY |
| Global unit-case volume | Up 5% | Year-over-year |
Best and Worst Quarter of the Week
Best overall report: Vertiv. It offered one of the strongest mixes of sales growth, margin expansion, cash generation and higher guidance. Demand is turning into operating returns instead of simply demanding more investment.
Weakest forward outlook: Intel. The completed quarter improved on several adjusted measures, so calling the results weak would miss the point. The disappointment was the forecast, which pointed to continued PC weakness and a sequential fall in revenue and adjusted earnings.
Also Read: Top US Earnings Today, October 29, 2026: Lilly, Mastercard, Caterpillar, Merck, Quanta and More
Disclaimer: This article is for educational and informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. Onetrader is not a SEBI-registered investment adviser. Financial markets involve risk. Conduct your own research and consult a qualified financial adviser before making investment decisions.
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