Earnings Reports — October 28, 2026 — Evening Update — Last 12 Hours (Pacific Time)

Executive Summary

Tonight's earnings wave skewed decisively bullish, with the majority of reporting companies beating on at least one metric and a meaningful portion delivering double beats across EPS and revenue. The standout reactions include ServiceNow sinking more than 14% on a weak Q4 outlook, Glaukos surging 13%, Teladoc jumping 9%, and eBay climbing 5% — illustrating how guidance is driving as much price action as the results themselves. Tech, cybersecurity, and financials dominated the beat column, while homebuilders, gaming, and select consumer names struggled.

Earnings Performance Breakdown

🟢 Double Beats include: Silicon Motion, Patterson-UTI, LXP Industrial, Aker BP, Hyundai Motor, Samsung (revenue/op profit record), Renesas, Merchants Bancorp, Raymond James, MYR Group, Mediaalpha, Teladoc, Glaukos, Origin Bancorp, Flowserve, Wex, Morningstar, Murphy USA, Bausch Health, Encompass Health, Ford, T-Mobile, eBay, Fortinet, Equinix, Agnico Eagle, Heritage Insurance, Houlihan Lokey, Towne Bank, Plexus, Tenable, GFL Environmental, O'Reilly Automotive, Albany International, Bel Fuse (A&B), Climb Global, Orange County Bancorp, Finwise Bancorp, Carlisle, Benchmark Electronics, PC Connection, Fomento Economico Mexicano, Cohu, Impinj, Pitney Bowes, Ryerson Holding, EPR Properties, Porch Group, NeoGenomics, Regional Management, Gen Digital, Sterling Infra, Antero Resources, KLA Corp, Alerus Financial, Everspin Tech, McGrath, Vanda, Elis, CPKC (adjusted), Planet Labs, NWPX Infra, NN Inc

⚪ Mixed include: Microsoft (EPS+Rev beat, but Azure-focused), Chipotle (comp beat, EPS miss), Carvana (Rev beat, EPS miss), Align Technology (EPS beat, weak Q4 guide), Boot Barn (EPS beat, Rev miss), Darling Ingredients (EPS miss, Rev in-line), Canadian Pacific Kansas City (EPS miss, Rev in-line), Geely Auto (profit miss, Rev +10%), Kinross Gold, Cactus, Employers, Flowserve, Invitation Homes, Happen, Spok Holdings, Markel, Preformed Line, Adamas Trust, Clearpoint Neuro, SEACOR Marine, Microvision, Aurora Innovation, Rush Street Interactive, CONMED, Quad Graphics, Provident, Enerpac Tool, Axis Capital, KKR Real Estate, Antero Midstream, Four Corners Property Trust

🔴 Double Misses include: Sprouts Farmers Market, MGM Resorts, Algoma Steel, Nomura ADR, Luxfer ADR, Princeton Bancorp, California Water Service, Pilgrims Pride, Viking Therapeutics, LENZ Therapeutics, Community Health Systems, Univest, Cimpress NV, Industrial Logistics Properties, Everest, UFP Industries, John B Sanfilippo & Son, American Water Works, AMERISAFE, Newtekone, Green Brick Partners, Century Communities, Meritage, Alkami Technology, Farmland Partners, Alphabet (EPS miss, Rev beat — reclassified as Mixed)

Alphabet reported EPS of $2.12 vs. $3.02 estimate (miss) but revenue topped estimates — classified as ⚪ Mixed.

Notable Earnings Reports

🔴 ServiceNow (NOW) — Earnings Miss + Weak Guidance

• Shares fell more than 14% in after-hours trading after the company issued a weak Q4 revenue outlook.
• Despite beating on some metrics, the guidance shock dominated investor reaction — one of the biggest single-stock moves of the session.

🟢 Microsoft (MSFT) — Double Beat

• EPS of $4.89 beat the $4.72 estimate by $0.17; revenue also topped estimates.
• Azure cloud strength drove the beat; shares rose over 2% after hours. A clean result that reinforces the AI infrastructure narrative.

🟢 Glaukos (GKOS) — Massive EPS Beat + Raised Guidance

• EPS of $0.47 beat the -$0.10 estimate by $0.57; revenue topped estimates.
• Shares surged 13%. The company also raised guidance, making this one of the cleanest beats of the evening.

🟢 T-Mobile (TMUS) — Double Beat

• EPS of $3.22 beat by $0.33; Q3 profit jumped 27% as revenue topped estimates.
• Wireless service revenue growth and strong subscriber trends drove the outperformance.

🟢 Teladoc Health (TDOC) — Beat + Raised Outlook

• EPS of -$0.15 beat by $0.07; revenue topped estimates.
• Shares jumped 9% on a narrower-than-feared loss and a raised full-year outlook — a significant sentiment reversal for a stock that has struggled.

🟢 eBay (EBAY) — Double Beat + Raised Guidance

• EPS of $1.51 beat by $0.10; revenue topped estimates.
• Shares jumped 5% as the company raised guidance, suggesting the Depop investment is paying off.

🔴 Sprouts Farmers Market (SFM) — Double Miss + Weak Guidance

• EPS of $1.21 missed by $0.02; revenue fell short.
• Shares tumbled 15% — the largest percentage decline of the session — on weak guidance that spooked investors.

🟢 Bausch Health (BHC) — Strong Beat + Raised Outlook

• EPS of $1.77 beat by $0.50; revenue topped estimates. Adjusted earnings surged 53% year-over-year.
• The company raised its full-year 2026 outlook; shares soared on the print.

🟢 MYR Group (MYRG) — Significant Beat

• EPS of $3.82 beat by $0.83; revenue topped estimates.
• Described as significantly exceeding analyst expectations — one of the largest dollar-magnitude EPS beats among mid-caps tonight.

⚪ Alphabet (GOOGL/GOOG) — Mixed

• EPS of $2.12 missed the $3.02 estimate by $0.90; revenue topped estimates.
• A notable EPS shortfall from the mega-cap, though revenue strength provided some offset. The magnitude of the EPS miss warrants attention.

Sector Analysis

🟢 Technology & Cybersecurity — Strong
Microsoft, Fortinet, Tenable, Silicon Motion, KLA Corp, Impinj, and Cohu all beat. Fortinet raised its 2026 revenue outlook. The common thread: AI-driven demand for cloud infrastructure, semiconductor equipment, and network security remains robust. ServiceNow was the glaring exception, punished for soft forward guidance.

🟢 Financials & Banking — Broadly Positive
Raymond James posted record revenue. Merchants Bancorp, Towne Bank, Origin Bancorp, Houlihan Lokey, Finwise Bancorp, Orange County Bancorp, and Alerus Financial all beat on both lines. Regional banks largely delivered, though Princeton Bancorp and Univest were notable misses.

🟢 Healthcare — Mixed but Leaning Positive
Teladoc surged 9% on a raised outlook. Glaukos soared 13%. Bausch Health beat and raised. Encompass Health beat on both lines. On the negative side, Viking Therapeutics fell on a loss miss, and LENZ Therapeutics missed on both metrics.

🟢 Energy & Mining — Solid
Aker BP delivered a massive Q3 profit beat aided by an $870M writedown reversal. Antero Resources beat EPS. Agnico Eagle and Kinross Gold both beat EPS. Patterson-UTI beat on both lines. Algoma Steel was the sector's weak spot with a significant EPS miss.

🟢 Industrials & Infrastructure — Strong
MYR Group, Sterling Infra, GFL Environmental, Flowserve, Albany International, and CPKC (adjusted earnings +16%) all delivered solid results. The infrastructure/power buildout theme continues to support this group.

🔴 Consumer & Retail — Weak Spots
Sprouts Farmers Market tumbled 15%. MGM Resorts missed on both lines. Pilgrims Pride missed. Chipotle delivered a mixed print (comp beat, EPS miss). Boot Barn beat EPS but missed revenue. Homebuilders (Green Brick, Century Communities, Meritage) broadly disappointed.

🟡 Autos — Mixed
Ford beat EPS by $0.08 and raised guidance, but shares edged lower. Hyundai Motor beat operating profit estimates with shares rising. Geely Auto missed profit but revenue climbed 10% and shares rose — a market that's looking through near-term margin pressure.

🟢 REITs — Mostly Mixed
Equinix beat strongly ($0.81 EPS beat) and raised guidance on AI data center demand. EPR Properties beat by $0.39. LXP Industrial Trust posted a massive $1.48 EPS beat. On the downside, VICI Properties missed by $0.41, Industrial Logistics Properties missed by $0.32, and Franklin BSP Realty Trust missed by $0.66.

Biggest Movers

Largest EPS Surprise Magnitudes:

• 🟢 LXP Industrial Trust: +$1.48 beat
• 🟢 Silicon Motion: +$1.05 beat
• 🟢 Murphy USA: +$1.22 beat
• 🟢 Sterling Infra: +$1.38 beat
• 🔴 Alphabet: -$0.90 miss
• 🔴 Princeton Bancorp: -$0.80 miss
• 🔴 Cimpress NV: -$0.92 miss
• 🔴 John B Sanfilippo & Son: -$0.61 miss

Market Implications

Tonight's results reinforce a bifurcated market: companies with direct AI exposure or pricing power are broadly beating, while those facing cost inflation, volume pressure, or consumer softness are struggling. The infrastructure theme — data centers (Equinix), cybersecurity (Fortinet, Tenable), and power/industrial (MYR Group, Sterling Infra, GFL) — is producing some of the cleanest beats of the season.

Guidance is the new battleground. Several companies beat Q3 numbers only to see shares fall on soft forward outlooks — ServiceNow (-14%), Align Technology (-5%), Amrize (-7%), and Honeywell Aerospace (-3.5%) are the clearest examples. Conversely, companies that beat and raised — Teladoc, eBay, Glaukos, Bausch Health, Fortinet, GFL Environmental, O'Reilly Automotive — were rewarded handsomely. The market is clearly forward-looking and unforgiving of any guidance disappointment.

Consumer and housing-adjacent names continue to face headwinds. Sprouts, MGM, Pilgrims Pride, and multiple homebuilders (Green Brick, Century Communities, Meritage) all missed, suggesting the consumer environment remains uneven. Meanwhile, the financial sector's broad strength — from investment banks (Raymond James) to regional lenders — points to resilient credit conditions and improving deal activity heading into year-end.

👉 Vlad's Key Takeaways

• 🟢 Microsoft (MSFT) — Azure strength drove a clean beat; AI cloud demand remains the most durable earnings tailwind in tech.
• 🔴 ServiceNow (NOW) — A -14% after-hours drop on weak Q4 guidance is a reminder that even strong franchises aren't immune to forward-looking punishment.
• 🟢 Glaukos (GKOS) — A $0.57 EPS beat and 13% surge; raised guidance makes this one of the cleanest small/mid-cap prints of the season.
• 🔴 Sprouts Farmers Market (SFM) — Down 15% on a miss plus weak guidance; consumer staples margins remain under pressure.
• 🟢 T-Mobile (TMUS) — Q3 profit +27%, beat on both lines; wireless remains a reliable compounder in a choppy macro.
• 🟢 Teladoc (TDOC) — A 9% jump on a raised outlook signals a potential sentiment inflection for a long-struggling name.
• 🟢 Fortinet (FTNT) — Beat and raised 2026 revenue outlook; cybersecurity demand driven by AI network protection needs is accelerating.
• 🔴 Alphabet (GOOGL/GOOG) — A $0.90 EPS miss despite revenue beat is a notable stumble for the mega-cap; watch for follow-through.
• 🟢 Bausch Health (BHC) — Adjusted earnings surged 53% and the outlook was raised; a turnaround story gaining credibility.
• 🟢 Equinix (EQIX) — $0.81 EPS beat and raised guidance; AI data center demand is translating directly into earnings power.
• 🔴 Amrize (AMRZ) — Down ~7% on cost inflation guidance; a cautionary tale that beating Q3 isn't enough if the cost outlook deteriorates.
• 🟢 Aker BP — $986M net profit, well above forecast, aided by an $870M writedown reversal; energy sector fundamentals remain supportive.
• 🟢 Raymond James (RJF) — Record revenue in Q4; wealth management and capital markets activity are strengthening into year-end.
• 🔴 MGM Resorts (MGM) — Missed on both EPS and revenue; gaming demand softness is a yellow flag for the leisure sector.
• 🟢 eBay (EBAY) — Beat and raised; up 5% after hours, suggesting the marketplace model still has room to run.
• 🟢 MYR Group (MYRG) — $0.83 EPS beat; electrical construction demand tied to grid and data center buildout is a durable theme.
• 🔴 Homebuilders broadly — Green Brick, Century Communities, and Meritage all missed on EPS and revenue; housing affordability headwinds persist.
• 🟢 Samsung — Record quarterly revenue and operating profit on AI chip demand, though net profit missed estimates; the AI hardware cycle is real but expectations are high.
• 🟢 GFL Environmental (GFL) — Surged on raised guidance above estimates; waste/environmental services is a quiet compounder benefiting from infrastructure spending.
• ⚪ Guidance > Results — Tonight's clearest market signal: companies that raised guidance were rewarded; those that disappointed on outlook were punished regardless of Q3 results.

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