Key Highlights

  • IBM (NYSE:IBM) gained 12.52% over a month to USD 250.35 after October 21, 2026 results with revenue of USD 17.1 billion, up 5%, operating EPS of USD 2.95, up 11%, and a higher free cash flow outlook.
  • Texas Instruments (NASDAQ:TXN) rose 11.14% to USD 308.51 after third-quarter revenue of USD 6,055 million, up 27.7%, and EPS of USD 2.62, against USD 1.48 a year earlier, with fourth-quarter guidance near flat.
  • UnitedHealth (NYSE:UNH) rose 10.24% to USD 414.91 after adjusted EPS of USD 4.69 against USD 2.92 on October 13, 2026, a medical care ratio of 88.4% and a raised outlook of at least USD 20.50.
  • Procter & Gamble (NYSE:PG) rose 9.13% to USD 159.18 after first-quarter organic sales grew 4% on October 22, 2026 and core EPS rose 1%, with a USD 0.79 per share cost headwind in fiscal 2027.

IBM (NYSE:IBM): Software and Cash Flow

IBM (NYSE:IBM) released third-quarter results on October 21, 2026. Revenue was USD 17.1 billion, up 5% and up 6% at constant currency. Software reached USD 7.8 billion, up 8%, Infrastructure USD 3.7 billion, up 4%, and Consulting was flat, up 2% at constant currency. GAAP diluted EPS from continuing operations was USD 2.31, up 26%, and operating EPS was USD 2.95, up 11%. Third-quarter free cash flow of USD 3.0 billion was USD 0.7 billion higher than a year earlier, and nine-month free cash flow was USD 7.8 billion. The reaction in the shares on the day was not retrieved, so the monthly gain is shown as published. The company raised its full-year free cash flow outlook to growth of more than USD 1 billion year over year, while leaving constant-currency revenue growth at 4% to 5%. Free cash flow is the cash left after capital spending, and it funds dividends and acquisitions, so a higher outlook supports the equity story even when sales guidance is unchanged. Chief Executive Arvind Krishna said clients are deploying what he called Super Intelligence in ways that transform entire operating models, a management claim. Software, the higher-margin segment, was the fastest-growing division in the quarter, which shifts the mix toward recurring revenue. Software also carries higher margins than consulting.

Texas Instruments (NASDAQ:TXN): Revenue Up 27.7%

Texas Instruments (NASDAQ:TXN) published third-quarter 2026 results that were analysed on October 22, 2026. Revenue of USD 6,055 million rose 27.7% from a year earlier and 11.0% from the prior quarter. Net income was USD 2,425 million, up 77.8%, and operating profit was USD 2,874 million, up 72.8%. Analog revenue was USD 4,911 million, up 31.7%, with a 51.0% operating margin, while Embedded Processing revenue was USD 858 million, up 21.0%, with operating profit up 110.2% to USD 227 million. Growth was credited to industrial, automotive and data center markets, although data center revenue was not broken out in the figures retrieved. Both segments grew, so the strength was not confined to one product line, and the quarter was a clear recovery from the lower sales base of a year earlier. Gross margin rose to 64.2%, up 6.8 points, and operating margin was 47.5%. Higher utilization of factories makes each extra dollar of revenue more profitable, because fixed manufacturing costs are spread over more units. Trailing twelve-month free cash flow was USD 8,422 million and the board declared a quarterly dividend of USD 1.42 per share. The 10.45% weekly gain, as shown in published market data, spans the report, while the exact share reaction on the day was not retrieved.

UnitedHealth (NYSE:UNH): Raised Outlook

UnitedHealth (NYSE:UNH) reported third-quarter 2026 results on October 13, 2026. Revenue was USD 112.7 billion, down from USD 113.2 billion a year earlier, while adjusted EPS rose to USD 4.69 from USD 2.92 and GAAP diluted EPS was USD 4.56. The medical care ratio, the share of premiums paid out for care, fell to 88.4% from 89.9%. The full-year outlook was raised to at least USD 20.50 of adjusted EPS and at least USD 19.50 of GAAP EPS. Chief Executive Stephen Hemsley said results reflected the discipline and execution of the teams. Published market data showed the shares closed near USD 395.62 on October 15, 2026 after a 4.7% rise. Part of the improvement came from USD 610 million of favorable prior-period reserve development. Reserve releases can recur, but they are not operating improvement. The company also said its 2027 Medicare Advantage Stars results put at least 69% of members in plans rated 4 stars or higher, in line with expectations, and it expects further commitments in 2027, without specifying them in the figures retrieved. A reserve release means the company set aside more for past claims than it needed, and the excess flows into earnings.

Procter & Gamble (NYSE:PG): Organic Sales Up 4%

Procter & Gamble (NYSE:PG) reported first-quarter fiscal 2027 results for the quarter ended September 30, 2026. Net sales were USD 23.3 billion, up 4%, with organic sales up 4%, driven by 2% volume growth and 1% favorable mix. Diluted EPS was USD 1.97, up 1%, and core EPS was USD 2.00, also up 1%, while currency-neutral core EPS was flat. Operating cash flow was USD 5.8 billion, with free cash flow productivity of 93%. The company returned USD 3.9 billion, including USD 2.6 billion of dividends and USD 1.3 billion of share repurchases. Chief Executive Shailesh Jejurikar said the results reflected sharpened execution of the integrated strategy. Fiscal 2027 guidance raised all-in net sales growth to 2% to 4%, reflecting the Thorne acquisition, while organic sales growth stayed at 1% to 3%. Core EPS growth was kept at in-line to 3% from USD 6.89, or USD 6.89 to USD 7.11 per share. The company now expects about a USD 1.4 billion after-tax commodity cost headwind from raw materials, energy and transportation. Including higher interest expense, lower non-operating income and currency, the total headwind is about USD 0.79 per share, an 11% drag on core EPS growth.

Where Things Stand

The answer is that four reported results that beat on a different measure. IBM (NYSE:IBM) beat on software and cash flow. Texas Instruments (NASDAQ:TXN) beat on revenue and margins. UnitedHealth (NYSE:UNH) beat on a lower medical care ratio. Procter & Gamble (NYSE:PG) beat on organic sales. The quality differs, with a USD 610 million reserve release at UnitedHealth and 1% core EPS growth at Procter & Gamble. IBM next reports in early 2027.