Eaton, Pfizer and DuPont Lead a Wave of Earnings Beats While Shopify and Dynatrace Tumble on Guidance Concerns

A broad slate of third-quarter 2026 earnings reports on November 3 showed most major companies clearing Wall Street estimates and raising full-year outlooks, though selective guidance disappointments sent Shopify and Dynatrace sharply lower in premarket trading.

Eaton posted what it called record quarterly results, with revenue surging 28% year over year to $8.95 billion against estimates of $8.51 billion and adjusted EPS of $3.68, beating the $3.54 consensus by 14 cents. Electrical Americas revenue rose 22% to $4.17 billion and Electrical Global jumped 58% to $2.73 billion, both beating forecasts, as AI-driven data center demand powered double-digit organic growth of 19%. The company raised its full-year adjusted EPS guidance to $13.70-$13.80 from a prior range of $13.40-$13.60, and separately announced an agreement to acquire COL Group for approximately 810 million euros to expand European power distribution capacity for data centers.

Pfizer beat on both revenue and profit, reporting Q3 revenue of $16.58 billion against the $15.87 billion estimate and adjusted EPS of $0.87 versus the $0.73 consensus. Non-COVID products grew 7% operationally, with Eliquis up 25% and Padcev up 55%, while products launched or acquired in the past year grew 32% operationally. The company raised its full-year revenue guidance to $62 billion-$64 billion from $60.5 billion-$62.5 billion and lifted adjusted EPS guidance to $2.95-$3.05 from $2.80-$3.00. Pfizer also named Cecile Guegan as permanent chief financial officer, effective November 1.

DuPont swung to a net profit of $123 million from a loss of $123 million a year earlier, with Q3 net sales of $1.87 billion topping the $1.84 billion estimate and adjusted EPS of $2.09 surging 62% year over year to beat the $1.87 consensus. The company raised full-year adjusted EPS guidance to $7.47-$7.52 from a prior range of $7.17-$7.32 and completed the sale of its Aramids business for approximately $1.2 billion in pre-tax cash proceeds.

Marathon Petroleum delivered an outsized quarter, with revenue of $56.49 billion vastly exceeding the $46.04 billion estimate and adjusted EPS of $26.93 up 795% year over year. Refining and Marketing segment EBITDA surged 450% to $9.9 billion as crude capacity utilization hit 100% and refining margin reached $45.70 per barrel. The company approved an additional $5 billion share buyback authorization and announced a $4.2 billion divestiture of its Mid-Continent assets, with proceeds targeted for reinvestment in Gulf Coast operations.

Archer-Daniels-Midland posted Q3 adjusted EPS of $1.77, beating the $1.60 estimate by a wide margin despite revenue of $22.34 billion coming in slightly below the $22.51 billion consensus. Strong oilseed processing margins drove the outperformance, and the company raised its full-year adjusted EPS guidance to $5.50-$5.80 from $5.15-$5.60.

Apollo Global Management missed on adjusted EPS, reporting $2.07 against the $2.20 estimate, and posted a GAAP net loss of $1.1 billion tied to unrealized mark-to-market losses in its Retirement Services unit. Fee-related earnings grew 23% to a record $802 million, total AUM expanded 18% to $1.07 trillion, and quarterly origination hit a record $114 billion.

Shopify fell sharply in premarket trading after Q3 revenue of $3.74 billion came in just below the $3.75 billion estimate, marking the company's first revenue miss since 2022. Gross merchandise volume of $119.15 billion and free cash flow of $816 million both beat expectations, and the company guided for low-thirties percentage revenue growth in Q4, but subscription solutions revenue of $836 million missed the $855 million estimate and gross profit growth of 28% disappointed investors expecting more operating leverage.

Dynatrace fell roughly 16% after its Q2 fiscal 2027 results beat on revenue and current-quarter earnings but forward guidance disappointed. The company guided Q3 adjusted EPS to $0.44-$0.45 against the $0.50 consensus and trimmed full-year adjusted EPS guidance to $1.88-$1.90 from the $1.96 estimate, citing integration costs from its October 1 acquisition of Arize.

Zebra Technologies also saw its stock decline despite beating estimates, reporting Q3 revenue of $1.6 billion up 22.3% year over year. The Connected Frontline segment surged 35% to $949 million while Asset Visibility and Automation missed at $665 million against a $689 million estimate. Q4 adjusted EPS guidance of $5.00-$5.40 bracketed the $5.18 consensus but the wide range and gross margin contraction of 230 basis points weighed on sentiment.

Yum Brands reported Q3 adjusted EPS of $1.56, beating the $1.49 estimate, but Taco Bell same-store sales fell 4% against an expected 1.3% decline after a Cyclospora parasite outbreak tied to lettuce served at its restaurants weighed on traffic. GAAP EPS surged to $5.92 from a prior-year $1.40, driven by a $1.7 billion pre-tax gain from the completed Pizza Hut divestiture. KFC same-store sales rose 1%, missing the 2.2% estimate, while Pizza Hut and Habit Burger were flat.

Other notable results included Leidos, which beat on adjusted EPS at $3.62 versus $3.03 and free cash flow at $476 million versus $251 million but missed revenue at $4.63 billion against $4.71 billion and lowered its full-year revenue range to $18.00-$18.20 billion from $18.20-$18.40 billion while raising its EPS guidance. Keurig Dr Pepper beat estimates with Q3 net sales of $7.34 billion and adjusted EPS of 66 cents, driven by 7.2% volume growth and 3.7% pricing gains in US refreshment beverages. DigitalOcean surged past expectations with revenue of $321 million up 40% year over year, AI customer ARR of $376 million up 288%, and raised full-year revenue guidance to $1.208-$1.211 billion. Teva beat on adjusted EPS and EBITDA, raised full-year guidance, and received FDA approval for WELTRUZA, which carries projected peak sales of $1.5-$2.0 billion. BioNTech reported revenue of 1.29 billion euros, well above the 1.02 billion euro estimate, and narrowed its full-year revenue guidance to the upper end of its prior range at 1.7-1.9 billion euros.