Taiwan Semiconductor Manufacturing Company Limited

2330.TW Q3 2026

Reported: 2026-10-17

TSMC shares fell 2.8% after earnings. The near-term outlook remains for revenue growth, but investors may be weighing continued gross-margin dilution from the 2 nm ramp and overseas fabs, alongside management’s cautious planning for 2027 amid challenged consumer and price-sensitive markets.

Key takeaways

Q3 revenue rose 16.2% sequentially to $46.7 billion, above the high end of guidance; EPS was TWD 29.43.
Gross margin fell 1.3 percentage points sequentially to 66.4%. Q4 guidance implies a further 0.4-point decline to 66% at the midpoint, due mainly to 2 nm ramp-up and overseas fab dilution.
Q4 revenue is forecast at $52.3 billion–$54.3 billion, up 14% sequentially at the midpoint; full-year 2026 revenue growth is now expected to be around 44% year over year.
2 nm contributed 8% of wafer revenue in Q3, while advanced technologies (7 nm and below) accounted for 79%.
Management expects overseas fab margin dilution to widen to 3%–4% over the next few years as more U.S. fabs ramp, and reiterated 2026 CapEx guidance of $60 billion–$64 billion.

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Alcoa Corporation

AA Q3 2026

Reported: 2026-10-17

Alcoa’s shares rose 3.4% after earnings, as improving operations and higher alumina prices supported adjusted EBITDA despite lower metal prices. The transcript reports $789 million in adjusted EBITDA, while adjusted net income fell sequentially.

Key takeaways

Revenue was $3.7 billion; sequentially, the change primarily reflected lower metal prices.
Net income attributable to Alcoa rose to $483 million from $407 million, but adjusted net income declined to $485 million from $562 million.
Adjusted EBITDA was $789 million. Higher alumina prices and stronger operations partly offset lower metal prices.
Alumina segment adjusted EBITDA increased $95 million, supported by higher realized prices and improved Pinjarra performance.
Alcoa completed $2.6 billion of debt financing for the Alumina Limited Group acquisition; the company expects the transaction to close in the first half of 2027.

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BlackRock New York Municipal Income Trust

BNY Q3 2026

Reported: 2026-10-17

BNY shares rose 4.1% after earnings, as investors appeared to reward 24% EPS growth and 12% revenue growth, alongside positive operating leverage. The reported results were broad-based, though the transcript provided here does not include the CFO’s detailed outlook.

Key takeaways

Third-quarter EPS was $2.34, up 24% year over year; revenue was $5.7 billion, up 12%.
Pretax margin was 39%, return on tangible common equity was 29%, and BNY generated approximately 390 basis points of positive operating leverage.
Sales grew year over year for the 15th consecutive quarter, with management citing activity across products, client segments and regions.
BNY highlighted new digital-asset capabilities, including global Digital Transfer Agency services and Pay-to-Wallet cross-border payments.
Management said AI tools are being embedded across the business, with a focus on productivity, client service and responsible governance.

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Commercial Metals Company

CMC Q4 2026

Reported: 2026-10-17

CMC’s shares fell 0.5% after earnings, a roughly flat reaction. Full-year and fourth-quarter EBITDA increased, but results were mixed: management said Construction Solutions fell short of expectations, with residential softness and regional margin mix weighing on Precast.

Key takeaways

Fiscal 2026 core EBITDA was approximately $1.4 billion, up from $837 million in fiscal 2025; core EBITDA margin expanded 380 basis points to 14.5%.
Fourth-quarter core EBITDA rose 35.1% year over year to approximately $394 million, with margin at 14.8%.
North American Steel Group benefited from TAG initiatives; downstream product volumes grew 8.5% year over year, and segment margins increased 22 basis points sequentially.
Construction Solutions results were below expectations, primarily due to Precast: residential softness in some Southeastern markets contributed to lower volumes and regional margin-mix headwinds. Precast reported $57.1 million of quarterly adjusted EBITDA.
Precast bookings increased 12.6% sequentially; backlog was up roughly 3% year over year, with average backlog pricing trending higher.

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Evolution Mining Limited

EVN.AX Q1 2027

Reported: 2026-10-17

Evolution shares fell 4.3% after a slower-than-planned start to the year left quarterly production below plan, with weather, grid outages and operational ramp-up issues weighing on several mines. Management reiterated full-year guidance, but production is weighted to the second half and depends on planned improvements at Cowal, Mungari and Red Lake.

Key takeaways

September-quarter production was 154,000 ounces of gold and 18,000 tonnes of copper; the company said the quarter started slower than planned.
All-in sustaining cost was $1,653 per ounce, below the low end of guidance. Mine cash flows were $775 million, with $466 million in operating and net mine cash flows.
Ernest Henry and Northparkes performed strongly, while Cowal, Mungari and Red Lake were affected by rainfall, contractor ramp-up, power interruptions and mining-sequence disruption.
Evolution reiterated it is on track to deliver FY27 group guidance, with production expected to rise through the year and weighted to the second half.
Quarter-end cash was $1.47 billion, and the company reported a net cash position of $141 million; organic growth projects remain on schedule and on budget.

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Marsh & McLennan Companies, Inc.

MRSH Q3 2026

Reported: 2026-10-17

The stock rose 5.6% after earnings. The company reported 8% revenue growth and 10% adjusted EPS growth, while raising its Thrive savings target to $600 million.

Key takeaways

Revenue grew 8%; underlying revenue growth was 5%.
Adjusted operating income increased 6% and adjusted EPS rose 10%.
Growth was strong in People and Investments and Management Consulting; Risk growth accelerated, while Reinsurance faced continued market headwinds.
The company repurchased $500 million of stock in the quarter and $2 billion year to date.
Thrive’s savings target rose from $400 million to $600 million, with the additional savings intended to support investment in sales, capabilities, brand, and technology.

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Morgan Stanley

MS Q3 2026

Reported: 2026-10-17

Morgan Stanley fell 4.2% after earnings, suggesting investors focused on signs that activity cooled as the quarter progressed. Client activity and markets moderated through September amid higher interest rates and energy prices, while equity underwriting revenue declined from a prior-year period marked by broad-based strength.

Key takeaways

Revenue was $20.3 billion, EPS was $3.03, and return on tangible equity was 22.6%; year-to-date efficiency ratio was 66%.
Wealth Management reported record revenue above $9 billion, with $232 billion in net new assets and $80 billion in fee-based flows.
Institutional Securities revenue rose 18% year over year to $10 billion, led by equities at $5.8 billion; activity moderated after July.
Investment banking revenue increased 2% to $2.2 billion. Advisory revenue was $887 million, equity underwriting was $525 million and down year over year, and fixed-income underwriting was $747 million.
Management cited robust pipelines and active boardroom dialogue, but flagged higher rates, energy prices, and geopolitical tensions as risks to activity into year-end.

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Nordea Bank Abp

NDA-FI.HE Q3 2026

Reported: 2026-10-17

Nordea shares fell 7.0% after earnings, despite unchanged full-year guidance, as weaker net fair value income likely weighed on the quarter: it declined 19% year on year amid late-quarter interest-rate volatility. Net interest margin also fell to 1.53% from 1.59% a year earlier, tempering the impact of income growth.

Key takeaways

Total income rose 2% year on year; net interest income increased 1% year on year and quarter on quarter, supported by corporate lending growth of 8% and deposits growth of 7%.
Net fee and commission income increased 9%, including 14% growth in savings income. Assets under management rose 13% to a record €590 billion.
Net fair value income fell 19% year on year, which management attributed to extraordinary interest-rate volatility late in the quarter affecting market-making asset values.
Costs were flat year on year excluding FX effects; the cost-to-income ratio was 45%. Full-year guidance remains unchanged: return on equity above 15% and cost-to-income ratio of 44–45%.
Return on equity was 15.1%, EPS was €0.35 and broadly stable year on year, and loan losses were 7 basis points. The CET1 ratio was 15.8%, 1.9 percentage points above the current regulatory requirement.

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Prologis, Inc.

PLD Q3 2026

Reported: 2026-10-17

Prologis shares fell 3.6% after earnings, likely reflecting a more cautious capital-markets outlook: management said higher rates could slow transactions and pressure property values, and raised its bar for allocating capital. Operating metrics improved, but the call offered no relief from that valuation and investment uncertainty.

Key takeaways

Core FFO was $1.60 per share, or $1.61 excluding net promote expense; occupancy rose 10 basis points sequentially to 95.6%.
Rent change on rollover was 38% net effective and 23% cash; same-store NOI grew 5.7% net effective and 5.9% cash.
U.S. market vacancy fell 10 basis points to 7.1%, while market rents rose 50 basis points for a third consecutive quarter.
The company started $1 billion of development in the quarter and acquired $950 million of real estate at an estimated 20% discount to replacement cost.
Data-center pipeline totaled 5.8 gigawatts, with letters of intent covering about 1 gigawatt; management said higher rates may slow transactions and pressure values.

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The Charles Schwab Corporation

SCHW Q3 2026

Reported: 2026-10-17

Schwab’s shares fell 5.0% after earnings, suggesting investors were not reassured by the record quarter; the provided transcript does not identify a specific disappointing guidance item or metric. It reports strong client and revenue figures, but the excerpt ends before the outlook discussion, so the likely driver cannot be determined from the available text.

Key takeaways

Third-quarter core net new assets were $190 billion, up 38% year over year, an annualized organic growth rate of nearly 6%.
Schwab reported record total net revenues of $7.2 billion and adjusted EPS of $1.69, up 29% year over year.
Clients opened 1.2 million brokerage accounts; managed-investing net flows reached a quarterly record of $24 billion.
Bank lending reached $72 billion, up 35% year over year.
The company said developer productivity had increased about 25% with AI; broader guidance and outlook are not included in the supplied excerpt.

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State Street Corporation

STT Q3 2026

Reported: 2026-10-17

State Street shares fell 4.2% after earnings, suggesting investors focused less on record business metrics and more on the outlook: the transcript provides no updated quarterly guidance or quantified near-term outlook to explain the reaction. The available remarks emphasize positive momentum, but don’t identify a specific miss or deceleration.

Key takeaways

EPS was $3.69, up 33% year over year; fee revenue, net interest income and total revenue each grew at double-digit rates.
Servicing and management fees reached quarterly records, and assets under custody and administration were a record $59 trillion.
Investment Management ended the quarter with record AUM of $6.3 trillion, record ETF flows and its sixth consecutive quarter of organic net inflows.
FX client volumes were a record, with activity across EMEA and APAC.
Management cited 11 consecutive quarters of positive year-over-year operating leverage, excluding notable items; pretax margin was 35% and return on tangible common equity was 25%.

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Taiwan Semiconductor Manufacturing Company Limited

TSM Q3 2026

Reported: 2026-10-17

TSMC shares fell 4.0% after earnings, with the likely pressure coming from expected margin dilution: fourth-quarter gross margin is guided lower, and management said overseas-fab dilution could widen to 3%–4% in the next few years. The near-term revenue outlook is strong, but management also flagged challenged consumer and price-sensitive markets and said it is being prudent in planning for 2027.

Key takeaways

Third-quarter revenue rose 16.2% sequentially to $46.7 billion, above the high end of guidance; EPS was TWD 29.43.
Gross margin fell 130 basis points sequentially to 66.4%, primarily due to the initial 2 nm ramp.
Fourth-quarter revenue is guided to $52.3–$54.3 billion, but gross margin is expected to decline 40 basis points to 66% at the midpoint, reflecting continued 2 nm and overseas-fab dilution.
Overseas-fab gross-margin dilution is now expected to be closer to 2%; management expects it to widen to 3%–4% in the next few years as more U.S. fabs ramp.
HPC grew 22% sequentially and represented 68% of third-quarter revenue; DCE declined 12% and represented 1%.

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UnitedHealth Group Incorporated

UNH Q3 2026

Reported: 2026-10-17

UnitedHealth’s shares rose 4.5% after earnings, signaling a favorable market reaction to the company’s reported progress and confidence in its longer-term outlook. Management highlighted improving execution across Optum and UnitedHealthcare, while acknowledging persistently high care costs and continued pressure in commercial markets.

Key takeaways

CEO Steve Hemsley said revised 2026 guidance reflects continuing improvements in leadership and execution; he reiterated a long-term growth target range of 13%–16%.
UnitedHealthcare described positive momentum in Medicare and Medicaid, but said commercial remains in a challenging, steadily stabilizing environment.
Management cited persistently high costs, particularly in specialty pharmacy and acute-care service intensity, as ongoing challenges.
AI-enabled chart summarization has reached more than 40% of employed clinicians and reduced chart review time by 33%; information-gathering and research tools shortened appeal cycle times by 26%.
The company expects previously announced prior-authorization reforms to reduce total authorizations by 30%, including a two-thirds reduction for people under 18, by year-end.

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U.S. Bancorp

USB Q3 2026

Reported: 2026-10-17

U.S. Bancorp shares rose 4.4% after earnings, as investors responded to record revenue of $8 billion, 10% year-over-year EPS growth, and expanding net interest margin. Results also showed positive operating leverage and improving credit metrics, though EPS included a reserve-build impact.

Key takeaways

Diluted EPS was $1.34, up approximately 10% year over year; a $0.07 reserve build reduced reported earnings, and EPS growth was 16% excluding it.
Revenue increased 8.7% to a record $8 billion, or 6.4% adjusting for BTIG and securities losses. Expenses rose 7.1%, or 2.0% excluding BTIG.
Net interest margin expanded 5 basis points sequentially to 2.84%; loans grew 1.0% and deposits 2.2% sequentially.
Credit indicators improved: nonperforming assets declined 1.6% sequentially and net charge-offs fell 2 basis points to 51 basis points. CET1 remained 10.8%.
BTIG contributed $226 million in third-quarter fee revenue. Management expects capital markets to grow from 8% to 10% or more of company revenue over the next 3 to 5 years.

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