Key Highlights

  • PayPal raised its 2026 non-GAAP EPS outlook to about $5.60 from about $5.38, a calculated gain of about 4.1%.
  • S&P Global lifted its 2026 adjusted EPS range to $17.70 to $17.95 and revenue growth to 7.4% to 8.4%.
  • Coca-Cola now expects 2026 comparable EPS growth of at least 11%, up from 9% to 10%.
  • Hilton raised full-year RevPAR growth guidance to 4.0% to 4.5% from 3.0% to 3.5%.
  • American Tower raised its AFFO per share midpoint by only $0.02, its third raise of the year.

Which Large-Cap Companies Raised Full-Year Guidance on October 27?

Six large companies lifted their 2026 outlooks with third-quarter results on Tuesday, October 27. Coca-Cola (NYSE:KO) raised comparable EPS growth to at least 11% after revenue of $13.4 billion, and S&P Global (NYSE:SPGI) raised adjusted EPS to $17.70 to $17.95 while starting a strategic review of its Capital IQ business. PayPal (NASDAQ:PYPL) raised non-GAAP EPS to about $5.60, United Parcel Service (NYSE:UPS) lifted revenue guidance to about $92.6 billion despite a 9.0% margin, American Tower (NYSE:AMT) nudged AFFO per share to $11.04 to $11.16, and Hilton Worldwide Holdings (NYSE:HLT) raised RevPAR growth to 4.0% to 4.5%.

The raises differ in size and quality. Some came with a softer fourth quarter or a lower margin attached, so each outlook is set out below with its own reasons.

Coca-Cola: Did 7% Organic Growth Justify an EPS Raise?

Coca-Cola reported comparable EPS of $0.91, up 11%, against about $0.88 expected, and revenue of $13.4 billion, up 7%. Unit case volume rose 5%, driven by India, China, Mexico and Brazil, while concentrate shipments ran 2 points ahead of volume because of timing.

Full-year comparable EPS growth is now at least 11% and free cash flow at least $13.0 billion, from about $12.4 billion. Management flagged a 4% divestiture headwind to fourth-quarter revenue and about 8% for 2027, with full 2027 guidance due alongside fourth-quarter results. Operating margin was 33.4%, against 32.0% a year earlier.

S&P Global: Why Did Guidance Rise While a Capital IQ Review Began?

S&P Global posted adjusted EPS of $4.58, up 9%, against $4.42 expected, on revenue of $3.678 billion, up 7%. Indices revenue rose 20% and asset-linked fees 24%, while the adjusted operating margin was 53.5%.

Revenue growth guidance moved to 7.4% to 8.4% from 5.9% to 7.9%. GAAP EPS guidance was lowered to $16.25 to $16.50 because of lower expected disposition gains. The review of Capital IQ and related data businesses has no stated timeframe. Buybacks were $2.6 billion in the quarter, with more than $7 billion expected for 2026.

PayPal: Did Buybacks or Growth Drive the $5.60 Outlook?

PayPal earned non-GAAP EPS of $1.45, up 8%, against $1.31 expected, on revenue of $8.6 billion, up 2%. Weighted diluted shares fell to 858 million from 960 million, a calculated drop of about 11%, more than the EPS gain.

Total payment volume rose 6% to $487.1 billion and free cash flow fell 17% to $1.4 billion. Fourth-quarter non-GAAP EPS is guided to about $1.43, and the company repurchased $1.5 billion of stock in the quarter.

United Parcel Service: How Did Guidance Rise as Margin Slipped to 9.0%?

United Parcel Service reported revenue of $22.9 billion, up 6.7%, and adjusted EPS of $1.69, down from $1.74 a year earlier but above the $1.62 estimate as screened. Adjusted operating margin was 9.0% against 10.0%, and the prior year included a $330 million sale-leaseback gain.

Guidance now stands at about $92.6 billion of revenue, $8.75 billion of adjusted operating profit and $7.28 of adjusted EPS for 2026. Fourth-quarter revenue is guided to about $25.7 billion, and free cash flow for the year to about $6.1 billion.

American Tower: Is Data Center Strength Enough to Offset U.S. Churn?

American Tower reported AFFO per share of $2.87, up 3.2%, and diluted EPS of $1.64, down 9.9%, against $1.63 as screened. CoreSite Data Centers revenue rose 17.4% to $313 million, while U.S. and Canada property revenue fell 3.3% as cancellations reached $63 million.

The AFFO per share midpoint rose $0.02, the third raise this year, while the net income range was cut $30 million at the midpoint. A new $2.0 billion buyback authorization was approved on October 23, and the quarterly dividend is $1.79 per share, up 5.3%.

Hilton: Does a RevPAR Beat Outweigh a Softer Fourth Quarter?

Hilton reported adjusted EPS of $2.45 against a guided $2.28 to $2.34, and system-wide RevPAR rose 5.8% against about 4.0% guided. Revenue was $3,325 million and the adjusted EBITDA margin widened to 77.0%.

Full-year adjusted EPS guidance rose to $9.07 to $9.13 from $8.89 to $9.01, but fourth-quarter RevPAR growth is guided to 3.0% to 3.5%. Management cited midterm elections and the Middle East as headwinds, and the company bought back $845 million of shares in the quarter.

Raised Guidance Compared: Whose Raise Was Largest on Calculated Terms?

Using midpoints, PayPal's 2026 EPS outlook rose about 4.1% ($5.60 versus $5.38), Hilton's about 1.7% ($9.10 versus $8.95), S&P Global's about 1.1% ($17.825 versus $17.625) and American Tower's about 0.2% ($11.10 versus $11.08), all calculated. Coca-Cola's floor of 11% growth sits 1 to 2 points above the prior 9% to 10% range, and United Parcel Service's release gave no prior figures to compare.

On third-quarter beats against screened estimates, PayPal's $0.14 (calculated 10.7%) was the widest, followed by United Parcel Service at 4.04%, S&P Global at 3.66%, Hilton at 3.57%, Coca-Cola at about 3.4% ($0.03, calculated) and American Tower at about 0.6% ($0.01, calculated). Revenue growth ranged from 7% at Coca-Cola and S&P Global to 2% at PayPal.

What to Watch Next: Fourth-Quarter Delivery and Dated Payouts

Coca-Cola's fourth-quarter report will bring its full 2027 guidance, and S&P Global has set no timeframe for updates on the Capital IQ review. United Parcel Service needs a fourth quarter near $3.3 billion of adjusted operating profit, and American Tower expects its Canada sale to close in the fourth quarter. Hilton pays its $0.15 dividend on December 29 to holders of record on December 1, and PayPal pays $0.14 on December 24 to holders of record on December 4.