CVS Health Leads a Broadly Strong Q3 Earnings Day as Uber, Stanley Black and Decker, and Datadog Post Major Beats

CVS Health delivered the most dramatic upside of a busy November 4 earnings session, posting third-quarter adjusted EPS of $2.09 against a $1.66 estimate and revenue of $108.4 billion against $104.6 billion expected, a beat of roughly $3.8 billion on the top line. The company raised its full-year adjusted EPS floor to at least $8.20, up from a prior range of $7.90 to $8.10, lifted its revenue outlook to at least $420 billion from at least $414 billion, and increased its free cash flow from operations guidance to at least $15.5 billion from at least $11.5 billion. CVS also confirmed it will separate its retail unit, with the transaction expected to close in the first half of 2028.

Uber posted its fifth consecutive quarter of gross bookings growth above 20 percent, with bookings reaching $59.82 billion, revenue of $14.77 billion beating estimates by roughly $120 million, and adjusted EBITDA of $2.96 billion topping the $2.93 billion consensus. The company guided fourth-quarter gross bookings of $63.25 billion to $65.25 billion and said it expects approximately 700 fully driverless vehicles on its platform by year-end, rising to more than 2,000 in 2027. Stanley Black and Decker's adjusted EPS of $2.31 crushed the $1.56 estimate by $0.75, aided by roughly $0.67 per share from IEEPA tariff refunds, and the company raised its full-year adjusted EPS guidance to $5.95 to $6.25 from $5.20 to $5.80 while lifting its free cash flow target to $1.0 billion to $1.2 billion.

Datadog grew third-quarter revenue 35 percent year over year to $1.20 billion, well above the $1.15 billion estimate, with adjusted EPS of $0.81 beating by $0.16, and raised its full-year revenue outlook to $4.52 billion to $4.53 billion. SharkNinja reported revenue of $1.98 billion, up 21 percent, against a $1.87 billion estimate, with adjusted EPS of $2.34 versus $1.87 expected, and raised its full-year net sales growth guidance to 18 to 19 percent. Qnity posted revenue of $1.56 billion and adjusted EPS of $1.46 versus estimates of $1.49 billion and $1.20 respectively, with underlying semiconductor and interconnect segments growing 15 and 30 percent organically, and raised its full-year adjusted EPS outlook to $4.95 to $5.05 from a prior consensus of $4.56.

Cencora closed fiscal 2026 with fourth-quarter revenue of $88.4 billion, up 5.5 percent, and adjusted EPS of $4.66 beating the $4.58 estimate. For fiscal 2027 the company guided adjusted EPS of $19.40 to $19.75 and revenue growth of 3 to 5 percent, and announced a 10 percent increase in its quarterly dividend to $0.66 per share. McDonald's adjusted EPS of $3.57 beat the $3.40 estimate but revenue of $7.16 billion missed the $7.29 billion consensus; global comparable sales rose 1.5 percent, with US comps down 0.2 percent, better than the minus 0.5 percent estimate, while international developmental licensed markets grew 4.2 percent. The company raised its quarterly dividend 4 percent to $1.93 per share.

Circle Internet reported third-quarter revenue and reserve income of $865 million, crushing the $778 million estimate, with adjusted EBITDA of $317 million versus a $213 million consensus, driven partly by $182 million in ARC token presale revenue. EPS came in at $0.84 against a $0.37 estimate. USDC onchain transaction volume reached $13.9 trillion for the quarter, up 49 percent year over year, and Binance made a $100 million equity investment in Circle during the period.

Flutter was a sharp outlier to the downside, reporting revenue of $3.87 billion against a $4.01 billion estimate and adjusted EBITDA of $360 million versus $411 million expected, driven by an $873 million non-cash impairment on its Brazil business and active monthly players declining 3 percent year over year. The company reduced the midpoints of its full-year revenue and EBITDA guidance ranges and paused share repurchases indefinitely. Owens Corning also disappointed, with revenue of $2.49 billion missing the $2.62 billion estimate and adjusted EPS of $2.44 falling well short of the $3.06 consensus, as roofing revenue dropped 16 percent year over year.

In deal news, solar energy equipment makers Array Technologies and Shoals Technologies announced an all-stock merger in which Shoals shareholders will receive 1.6931 Array shares per share and own approximately 65 percent of the combined company. The combined entity projects 2027 revenue of $2.2 billion to $2.4 billion and adjusted EBITDA of $410 million to $480 million, with annual synergies of more than $100 million targeted within three years. Kraft Heinz announced it will divest its North America coffee business while retaining a 30 percent stake, raised its full-year adjusted EPS outlook to $2.07 to $2.13, and beat third-quarter estimates with adjusted EPS of $0.53 against a $0.42 consensus. GlobalFoundries reported a record non-IFRS gross margin of 31.4 percent and announced up to $21 billion in US-Japan fab funding alongside a $2 billion multi-year manufacturing agreement with TSMC for silicon interposers.