Key Highlights

  • Bloom Energy disclosed non-GAAP EPS of $0.94 against $0.68 anticipated, a 39.15% surprise, the widest among larger companies reporting on October 22.
  • Deckers recorded EPS of $2.31 against $1.79, a 28.71% surprise, including roughly $0.28 per share from tariff refunds.
  • American Airlines disclosed an adjusted loss of $0.28 per share against an anticipated loss of $0.36, a 22.6% surprise, and closed with a gain of 2.98% at $12.60.
  • Western Digital's EPS of $4.64 beat $4.10 by 13.23%, and Newmont's $2.20 beat $1.94 by 13.16%.
  • Valero disclosed adjusted earnings per share of $23.90 against $21.23, a 12.56% surprise, but finished lower by 2.40% at $426.28.

Biggest Earnings Surprises: Which Companies Beat by the Widest Margin?

On Thursday, October 22, Ranked by the percentage gap between disclosed and anticipated EPS, among companies worth over $5 billion that disclosed, Bloom Energy leads. Estimates vary by provider, so percentages can differ marginally elsewhere.

First is Bloom Energy (NYSE:BE), with a 39.15% surprise on revenue of $1.2358 billion, up 138.1%. It raised its 2026 revenue range to $4.4 billion to $4.6 billion, but free cash flow was about negative $181 million and the shares moved lower roughly 5.9% after hours.

Second is Deckers (NYSE:DECK), with a 28.71% surprise. Net sales of $1.4806 billion climbed 3.5% and the full-year expected sales was cut to $5.70 billion to $5.725 billion, so shares were approximately 8% to 9% lower in extended trading and premarket.

With a 22.6% surprise, Third is American Airlines (NASDAQ:AAL). Sales grew 19.3% to $16.3 billion, fuel cost $3.85 a gallon, up 62.7%, and the stock closed with a gain of 2.98% on October 22.

Mid-Table Beats: How Did TTM, Western Digital and Newmont Compare?

Fourth is TTM Technologies (NASDAQ:TTMI), with EPS of $1.46 against $1.26, a 16.06% surprise, on sales up 60% to $1.2039 billion. It guided fourth-quarter sales to $1.42 billion to $1.44 billion.

With a 13.23% surprise against the $4.10 estimate, or roughly 12.9% against the $4.11 used elsewhere (calculated), Fifth is Western Digital (NASDAQ:WDC). Sales grew 55% to $4.381 billion and revenue for the second quarter guidance is $5.1 billion. On Friday, the shares moved lower 6.4% on Thursday in advance of the report and were 0.9% lower in premarket.

Sixth is Newmont (NYSE:NEM), with adjusted earnings per share of $2.20 against $1.94, a 13.16% surprise, and a record third-quarter adjusted net income of $2.309 billion. All-in sustaining costs were $1,454 per ounce, down 10%, though the leadership team anticipates unit costs to rise in 2027. On Thursday, shares were roughly 1.8% to 3.1% lower in premarket on Friday after a 2.62% fall.

Surprise vs Reaction: Did the Widest Beats Lead to the Best Share Moves?

Not consistently. Valero (NYSE:VLO), seventh, disclosed a refining margin of $39.24 per barrel against $13.14 a year earlier, but closed with a loss of 2.40% on a day the S&P 500 declined 1.21%. Kinsale Capital (NYSE:KNSL), eighth, recorded operating EPS of $5.70 against $5.11 with a combined ratio of 75.4%, whereas gross written premiums declined 4.8%.

The three widest beats saw a 5.9% decline, a decline of approximately 8% to 9% and a 2.98% rise, which suggests guidance and cash flow mattered over the beat itself.

Which Upcoming Developments Matter for Which Surprises Will Hold Up Over the Next Quarter?

The next tests are Bloom Energy's implied revenue for the fourth quarter of $1.35 billion to $1.55 billion (calculated), American Airlines' fourth-quarter adjusted loss guidance of $0.50 to $1.10 per share and Western Digital's $5.80 EPS guidance. Those lines will show whether the beats were one-offs or a trend.