AT&T, Thermo Fisher, Elevance Health and Danaher All Beat Q3 Estimates and Raise Full-Year Guidance

A wave of large-cap companies delivered stronger-than-expected third-quarter results on October 21, 2026, with AT&T, Thermo Fisher Scientific, Elevance Health and Danaher each topping consensus estimates on both earnings and revenue while raising their full-year outlooks.

AT&T posted Q3 revenue of $32.3 billion against estimates of $31.7 billion, and adjusted EPS of $0.65 versus the $0.60 consensus, a 20.4% year-over-year gain. Adjusted EBITDA came in at $12.5 billion, ahead of the $12.34 billion estimate, and free cash flow reached $5.0 billion. The company added 379,000 postpaid phone net subscribers and 442,000 fiber net subscribers, with fiber locations surpassing 39 million. AT&T raised its full-year adjusted EPS guidance to approximately $2.40, up from a prior range of $2.25 to $2.35, and above the $2.34 consensus. GAAP EPS fell sharply to $0.13 from $1.29 a year earlier, reflecting a $2.6 billion non-cash impairment charge on the held-for-sale Mexico wireless business. The company returned approximately $4.8 billion to shareholders in the quarter, including $2.8 billion in common share repurchases.

Thermo Fisher Scientific reported Q3 revenue of $12.14 billion, up 9% year-over-year and ahead of the $11.95 billion estimate, with adjusted EPS of $6.68 beating the $6.40 consensus by $0.28, a 15% annual gain. Organic revenue grew 6%, well above the 4.16% estimate. The Lab Products and Biopharma segment was the standout, with revenue of $6.86 billion compared to $5.97 billion a year earlier. Adjusted operating margin expanded 120 basis points to 24.5%, and free cash flow rose to $2.12 billion from $1.84 billion. The company completed the previously announced divestiture of its microbiology business during the quarter.

Elevance Health reported Q3 revenue of $50.44 billion, up 0.7% year-over-year and ahead of the $49.21 billion estimate. Adjusted EPS of $6.99 beat the $4.68 estimate by a wide margin, rising 15.9% year-over-year, aided by a net non-operating benefit of $1.85 per share. GAAP net income rose to $1.34 billion, or $6.27 per share, from $1.19 billion, or $5.32 per share, a year earlier. The benefit expense ratio was 90.6%, up 70 basis points year-over-year. Total medical membership declined 1.1% to 44.9 million. The company raised its full-year adjusted EPS guidance to at least $29.00 and its GAAP EPS guidance to at least $22.00, and said it remains confident in delivering at least 12% adjusted EPS growth in 2027 from a baseline of at least $26.75.

Danaher reported Q3 revenue of $6.55 billion, roughly in line with the $6.56 billion estimate, with adjusted EPS of $2.11 beating the $1.91 to $1.92 consensus by about $0.20, up 11.5% year-over-year. Core revenue grew 3.0%, with core revenue excluding respiratory up 5.5%. Operating cash flow rose approximately 13.5% to $1.89 billion and free cash flow increased roughly 19% to $1.63 billion. Danaher raised its full-year adjusted EPS guidance to $8.57 to $8.62 from a prior range of $8.45 to $8.60, and guided for Q4 core revenue growth of 4% to 5% year-over-year with an adjusted operating margin of approximately 29.5%.

Philip Morris International also beat Q3 expectations, with adjusted EPS of $2.36 topping the $2.30 estimate and organic revenue growth of 7.1% exceeding the 5.35% consensus. However, the company trimmed its full-year adjusted EPS guidance range to $8.29 to $8.44 from a prior $8.35 to $8.50. Abbott Laboratories matched the $1.42 adjusted EPS estimate on net sales of $13.01 billion with 7% comparable sales growth, and reaffirmed its full-year adjusted EPS guidance of $5.50 to $5.55.