The one thing
Meta’s capex ran ahead of its cash flow. Revenue was $64.6bn (+26%), but operating income fell 37% to $12.99bn after a $9.89bn legal charge. Capex of $34.9bn ran ahead of operating cash flow of $32.8bn, leaving free cash flow at −$2.1bn. Shares rose 3–5% after hours, but no regular-session close is confirmed, and the same week Meta filed to sell about $35bn of stock.
The rest of the week ran on the same line: SpaceX reported $14.6bn of revenue (+161%) and a profit, Lam guided December-quarter revenue to $8.6bn, and NextEra and Western Digital beat their own numbers. Netflix was the one clear miss on guidance: it cut its 2026 advertising forecast to about $2.7bn.
Results, company by company
Meta · ★ Revenue beat and a 26% rise, but capex outran operating cash flow and the legal charge cut operating income by 37%
Results (8-K, Exhibit 99.1). Revenue $64.6bn (+26%). Operating income $12.99bn (−37%). Capex $34.91bn including finance-lease principal; operating cash flow $32.79bn; free cash flow −$2.12bn. Full-year 2026 capex narrowed to $135–145bn. Reported EPS was $3.83 after the $9.89bn legal charge, according to a secondary source.
Market reaction: shares rose about 3–5% after hours. Sources disagree on the size, and the 22 October close is not confirmed.
The read: Our Meta study framed the build-out against regulatory risk. This quarter put both on the cash-flow line, and the new equity filing is the company’s answer to it.
SpaceX · ★ Revenue up 161% to $14.6bn and the first profitable quarter since the June listing; AI segment up 830%
Results. Revenue $14.6bn (+161%); net income $4.4bn; EPS $0.35 against about $0.15 expected (LSEG, via secondary coverage). The Super Intelligence segment (AI) brought in about $7.56bn (+830%). Connectivity, which includes Starlink, rose 69% to $5.25bn, with $2.37bn of operating income. Starlink consumer subscribers reached 13.6m. Capex was $16.4–19.6bn; the two sources disagree.
Market reaction: not verified.
The read: Our SpaceX study tracked one customer at 19.5% of AI revenue in Q2. Check the Q3 10-Q for whether that share rose, and for the Musk-reported $40bn debt package.
Tesla · ★ Revenue of $28.05bn and free cash flow of $1.53bn, with GAAP net income down to $787m
Results (8-K, Exhibit 99.1). Revenue $28,046m; GAAP net income $787m; free cash flow $1.53bn; capex $4.73bn. Consensus was about $27.8bn of revenue.
Market reaction: not verified.
The read: Capex more than doubled while free cash flow fell, the same pattern as Meta, without a cloud business to sell the capacity to.
NextEra Energy · ★ Adjusted EPS beat at $1.24, revenue missed at $8.09bn, backlog 36.7 GW; 2026 guidance held
Results (8-K). Adjusted EPS $1.24 against about $1.18–1.20 expected; GAAP EPS $2.28. Revenue $8.09bn against $8.6–9.1bn expected. The company added 3.7 GW in Q3 and says its backlog is about 36.7 GW. 2026 adjusted EPS guidance of $3.92–4.02 was held, with the company “targeting the high end.”
Market reaction: not verified. The Dominion merger status (Virginia rate-freeze request, FERC deficiency letter) is unchanged.
The read: Our NextEra study showed attributable profit above net income in 2025, so the GAAP-to-adjusted bridge matters more than the headline beat.
Lam Research · ★ Revenue $8.22bn and EPS $2.20 both above consensus; December-quarter guide of $8.6bn revenue and $2.33 EPS
Results (8-K, fiscal Q1 2027). Revenue $8.22bn against about $8.12bn consensus; non-GAAP gross margin 52.4%; non-GAAP EPS $2.20 against about $2.17. Guide for the quarter to 27 December: revenue $8.60bn ± $0.4bn; EPS $2.33 ± $0.15.
Market reaction: not verified.
The read: Our Lam study flagged a receivables build in FY26 while operating cash flow fell. Test cash conversion on the next 10-Q.
IBM · ★ Revenue up 5% to $17.1bn and software up 8%; IBM Z fell 20%; free cash flow guide raised
Results. Revenue $17.1bn (+5%; +6% at constant currency). Software $7.8bn (+8%; Red Hat +11%). Consulting about flat at $5.3bn. Infrastructure $3.7bn (+4%), with IBM Z down 20%. Non-GAAP EPS $2.95 against about $2.86 expected. Full-year free cash flow now expected to rise by more than $1bn.
Market reaction: shares closed up about 3.9% at $251.46 on 21 October, per one secondary source; still down about 15% year to date.
The read: The first questions for the IBM study are how much software growth is acquired, and how far the Z decline runs. No Core Value study yet.
SAP · ★ Cloud backlog up 28% to about €24.1bn; total revenue topped €10bn for the first time
Results (Q3 statement). Current cloud backlog about €24.1bn (+28%; +26% at constant currency). Cloud revenue €6.67bn (+26%). Non-IFRS operating profit €3.03bn (+18%). Full-year revenue expectations moved toward the top of the range.
Market reaction: shares closed up about 1.6% in regular trading, per a secondary source.
The read: Our SAP study showed cost management protecting profit. Backlog growth of 28% came in above the “slightly decelerate” the company had guided.
Netflix · ★ Revenue $12.87bn in line; 2026 ad revenue cut to about $2.7bn; Q4 revenue guide below expectations
Results (Q3 letter). Revenue $12.87bn (+11.8%); operating margin 34.6%; EPS $0.87. Full-year revenue of $51.1bn unchanged. Q4 revenue guide $13.4bn, below expectations. 2026 advertising revenue cut to about $2.7bn from about $3bn.
Market reaction: fell about 4–7% in premarket trading on 21 October. Sources disagree; the close is not confirmed.
The read: Ad revenue is the variable the ads-in-streaming thesis depends on, and the company reduced it.
Texas Instruments · ★ Revenue about $6.05bn and EPS $2.62, both above consensus; Q4 EPS guide $2.45–2.79
Results. Revenue $6.05bn against $5.91bn expected; GAAP EPS $2.62 against $2.42. Operating income up 73% y/y to $2.87bn. Single source only; the figures are not yet confirmed against the 8-K.
Market reaction: not verified.
The read: Strip CHIPS Act proceeds out of free cash flow before reading the quarter. Verify against TI’s release before quoting the figures.
Roper Technologies · ★ Revenue up 8% to $2.17bn, organic +7%; adjusted EPS $5.89 (+15%); full-year guidance raised
Results (8-K). Revenue $2.17bn (+8%); organic +7%. GAAP diluted EPS $4.88 (+33%); adjusted diluted EPS $5.89 (+15%). Full-year adjusted EPS guidance raised, with the company saying Q3 beat its own expectations.
Market reaction: not verified.
The read: Our Roper study says the acquirer stopped acquiring. Guidance raised on buybacks still fits that thesis; watch what the acquisition pipeline does with the Indicor proceeds.
Western Digital · ★ Revenue up 55% to $4.38bn and non-GAAP EPS $4.64 against a $4.00 guide; next-quarter revenue guided up 66–72%
Results (8-K). Revenue $4.38bn (+55%); non-GAAP gross margin 58.1%; non-GAAP EPS $4.64 against a guided $4.00. Fiscal Q2 revenue guided up 66–72% y/y.
Market reaction: not verified.
The read: Our Western Digital study showed the Sandisk gain flattering net income. The first clean quarter without it makes HDD pricing the swing factor.
Bloom Energy · ★ Revenue up 138% to $1.24bn; third guidance raise this year to $4.4–4.6bn
Results (8-K). Revenue $1.236bn (+138%); product revenue $1.07bn (+179%); gross margin 33.8%; non-GAAP gross margin 34.5%. FY2026 revenue guidance raised to $4.4–4.6bn. Bloom was added to the S&P 500, and management reiterated its plan to double capacity to 2 GW by December.
Market reaction: one secondary source reports shares up as much as 20% after hours, driven by the call rather than the numbers. Not confirmed.
The read: Our Bloom study noted one customer at 73% of Q2 revenue. Check the Q3 10-Q for customer concentration in the same table.
Market reaction, what we could confirm
| Name | Reported | Reaction | Status |
|---|---|---|---|
| IBM | 21 Oct | +3.9% close, $251.46 | One secondary source |
| SAP | 21 Oct | +1.6% close | One secondary source |
| Meta | 21 Oct | +3–5% after hours | Sources conflict; close not confirmed |
| Netflix | 20 Oct | −4–7% premarket 21 Oct | Sources conflict |
| Bloom Energy | 22 Oct | Up to +20% after hours | One secondary source |
| NextEra, Tesla, Lam, Roper, Western Digital, SpaceX, TI | 20–22 Oct | No reliable move found | |
CoreValue Research · Earnings Radar recap, dated Sunday 25 October 2026. Sources: company 8-K and 6-K filings linked in the text; secondary coverage is labelled. Broker research and Tegus/AlphaSense content were excluded under their terms. Not investment advice.
