Earnings Season Global: Beats, Misses and Guidance — 2026-09-18

Top developments

Siemens lifts 2026 guidance after record Q3

Siemens reported strong third-quarter results, with revenue and EPS exceeding consensus expectations, leading to an immediate share price rise in the Xetra trade to €262.80. The industrial giant raised its full-year profit guidance and specifically increased targets for its Smart Infrastructure division, citing robust order intake. This move signals continued strength in European industrial blue chips despite broader macroeconomic caution.

Samsung Electronics projects historic chip profit surge

Analysts at KB Securities now forecast that Samsung Electronics will lead global operating profits next year, with combined operating profit for Samsung and SK hynix projected at 944 trillion won. The firm raised its 2026 chip operating profit outlook for Samsung to 370 trillion won, driven by a 5.5-fold jump in server DRAM prices due to AI infrastructure spending. This outlook reinforces the dominance of Asian semiconductor exporters in the current earnings cycle.

Johnson & Johnson raises annual revenue outlook

Johnson & Johnson shares gained traction on September 17 after the healthcare giant raised its 2026 revenue guidance, expecting operational growth of 6.5% to 7.1%. Analysts estimate the annual earnings per share for 2026 at approximately $11.61, supported by strong demand in its immunology segment. The upgrade highlights the resilience of large-cap healthcare stocks amid mixed economic signals.

Baker Hughes wins LNG orders and boosts guidance

Baker Hughes shares performed well on September 14 following the announcement of major LNG contracts with Venture Global and an upward revision of its 2026 revenue guidance. Analysts set an average price target of $72.22, suggesting significant upside potential as energy sector capital expenditure remains robust. This development underscores the ongoing strength in the energy services sector globally.

Local view

Germany Local financial media highlighted Siemens' performance as a key driver for the DAX, noting that the stock's rise helped stabilize the index during volatile trading sessions. Reports emphasized that while the 2026 guidance remains tight, the slight increase in 2027 expectations has bolstered investor confidence in German industrial exports.

Japan In Japan, Nomura Securities strategists revised their year-end Nikkei 225 forecast upward to ¥68,000, reflecting the strong earnings from AI and semiconductor-related companies. They also raised their top-down outlook for shareholder returns, predicting total dividends of ¥31.6 trillion and share buybacks of ¥24.0 trillion for FY2026, indicating a structural shift toward higher capital returns in the Japanese market.

Context & numbers

• S&P 500 Growth: For Q3 2026, S&P 500 companies are expected to report year-over-year earnings growth of 28.7%, with Q4 projections at 26.3%.
• Market Reaction: US stocks surged on September 16 as oil and bond yields retreated following the Fed's quarter-point rate hike, recovering from previous sell-offs.
• TSMC Performance: Taiwan Semiconductor Manufacturing Co. (TSMC) shares closed at $417.72 on September 16, supported by Q2 revenue rising 36% YoY to $40.2 billion, with investors eyeing the October 14 earnings date for further clarity on full-year growth above 40%.

On the radar

• General Mills Earnings: Analysts are divided on General Mills ahead of its Q1 2027 results on September 23, with price targets ranging widely from $33 to $43. Consensus estimates suggest EPS of $0.72 on $4.34 billion revenue.
• BoJ Policy Shift: The Bank of Japan recently raised its benchmark interest rate, a move that continues to influence currency markets and export-heavy corporate earnings forecasts in Asia.