Key Highlights

  • Visa reported fiscal fourth-quarter net revenue of $12.139 billion, up 13%, and raised its dividend 16% to $0.78.
  • Coca-Cola now expects full-year comparable EPS growth of at least 11%, up from 9% to 10%.
  • Seagate Technology revenue rose 61% to $4.233 billion with a non-GAAP gross margin of 57.8%.
  • HSBC Holdings reported third-quarter profit before tax of $9.6 billion, up 32%.
  • Boeing's total backlog reached a record $745.4 billion.

Which Mega-Cap Companies Reported on October 27, and What Moved Their Numbers?

Six large companies reported on Tuesday, October 27. Visa (NYSE:V) grew fiscal fourth-quarter net revenue 13% to $12.139 billion, and Coca-Cola (NYSE:KO) grew third-quarter net revenues 7% to $13.4 billion while raising its 2026 outlook. Seagate Technology (NASDAQ:STX) reported revenue up 61% to $4.233 billion.

Novartis (NYSE:NVS) grew net sales 4% to $14.522 billion and raised core operating income guidance, while HSBC Holdings (NYSE:HSBC) reported profit before tax of $9.6 billion, up 32%. Boeing (NYSE:BA) reported revenue up 4% to $24.188 billion with a core loss of $0.34 per share and a record $745.4 billion backlog.

Visa: Did a 13% Revenue Rise and a 16% Dividend Increase Tell the Whole Story?

Non-GAAP diluted EPS was $3.48, up 17% and ahead of estimates of about $3.43, while GAAP EPS was $3.19. Cross-border volume rose 14% in constant dollars and processed transactions reached 74.2 billion, up 10%. Client incentives grew 21% to $5.123 billion, a drag on net growth.

Visa repurchased about 11 million shares for $4.0 billion in the quarter and raised its dividend 16% to $0.78, payable December 1. A pending $2.4 billion purchase of BioCatch is expected to close by the end of fiscal second quarter 2027. The release carried no fiscal 2027 outlook. Full-year net revenue was $45.903 billion, up 15%, and cash and investment securities stood at $14.2 billion.

Coca-Cola: How Did 7% Organic Growth Raise the 2026 EPS Outlook?

Comparable EPS was $0.91, up 11% and above estimates of about $0.88. Unit case volume rose 5% and price/mix added 1 point, though concentrate shipments ran 2 points ahead of unit case volume because of timing. Comparable operating margin was 32.9% against 31.9%.

Full-year comparable EPS growth is now expected to be at least 11%, and free cash flow at least $13.0 billion. Latin America revenues rose 25% while North America volume was flat. For 2027, management flagged an approximately 8% revenue headwind from divestitures, with full guidance due alongside fourth-quarter results.

Novartis: Can Kisqali's 37% Growth Offset Entresto's Fall and a 70% Net Income Drop?

Core EPS was $2.46, up 9%, against estimates of about $2.24 as screened, and the core operating margin was 41.6%. Kisqali sales rose 37% to $1.821 billion while Entresto fell 38% to $1.165 billion as generics arrived.

Net income fell 70% to $1.196 billion after a $1.9 billion partial impairment tied to del-desiran missing its primary endpoint in a Phase III study. Remibrutinib met its primary endpoint in two relapsing multiple sclerosis studies, a positive in the quarter. Net debt rose to $37.4 billion from $21.9 billion at year-end after $16.7 billion of acquisitions. Up to $4.9 billion of buyback capacity remains.

HSBC Holdings: What Sits Behind a 32% Jump in Quarterly Profit?

Profit before tax was $9.6 billion, or $10.0 billion excluding notable items, up 10%. The prior-year quarter carried $1.4 billion of legal provisions, which flatters the year-over-year comparison. Net interest income was $9.3 billion, up 6%, and expected credit losses fell 17% to $0.8 billion.

On a calculated basis of five ordinary shares per American depositary share, EPS was $2.10 against $2.18 as screened. The CET1 ratio was 13.9%, and a further buyback of up to $1 billion is planned by the 2026 full-year results. Guidance for a return on tangible equity of 17% or better was left in place, and a third interim dividend of $0.10 per share was approved.

Seagate Technology: How Did Gross Margin Climb From 40.1% to 57.8%?

Non-GAAP diluted EPS was $7.68 against $2.61, and the $7.43 estimate as screened was beaten by 3.36%. Seagate makes hard disk drives and reported after the close on Tuesday, October 27. Non-GAAP operating margin was 50.7% against 29.0%, and free cash flow was $1.48 billion.

Fiscal second-quarter revenue is guided to $4.8 billion, plus or minus $100 million, with non-GAAP EPS of $9.20, plus or minus $0.20. Gross debt fell to about $2.4 billion, with another $750 million retired after quarter-end. The quarterly dividend was raised about 3% to $0.76 per share.

Boeing: Why Did a Core Loss Come With a Record $745 Billion Backlog?

The core loss of $0.34 per share compared with a $0.20 loss expected as screened, and the GAAP loss was $0.26. Commercial Airplanes posted an operating loss of $697 million, while Defense, Space and Security revenue rose 15% to $7.9 billion. Free cash flow was $464 million.

Boeing delivered 161 commercial airplanes, including 124 737s, and the 737 program is moving toward 47 a month. Commercial net orders were 300, and backlog included $611.8 billion at Commercial Airplanes. Cash and marketable securities were $20.7 billion against debt of $45.9 billion. No formal guidance was given. The 777-9 remains in certification flight testing, with first delivery on track for 2027.

Mega-Cap Earnings Compared: Who Beat Estimates by the Most?

Against the estimates cited, Novartis' core EPS was about 9.8% higher ($2.46 against $2.24), Coca-Cola about 3.4% ($0.91 against $0.88) and Visa about 1.5% ($3.48 against $3.43), all calculated. Seagate Technology's beat was 3.36% as screened, while HSBC Holdings' ADS-basis EPS was about 3.7% below ($2.10 against $2.18, calculated).

Revenue growth spanned 61% at Seagate Technology to 4% at Novartis and Boeing, a gap of 57 percentage points (calculated). Seagate Technology's non-GAAP operating margin of 50.7% is 49.9 points above Boeing's core operating margin of 0.8% (calculated). Visa's $4.0 billion quarterly buyback is ten times Seagate Technology's $400 million (calculated).

What to Watch Next: Which Dates Follow These Reports?

Visa's dividend record date is November 10, payment is December 1, and the BioCatch deal is due to close by the end of fiscal second quarter 2027. Seagate Technology pays its dividend on January 7, 2027, and reports fiscal second-quarter results next. Coca-Cola issues 2027 guidance with fourth-quarter results, HSBC Holdings has its buyback due by the full-year results, and Boeing is watched for 737 output at 47 a month and 777-9 first delivery in 2027.