Earnings Season Global: Beats, Misses and Guidance — 2026-09-17

Top developments

Samsung Raises Chip Profit Outlook to 370 Trillion Won

Samsung Electronics has raised its 2026 operating profit outlook for its chip division to 370 trillion won, an increase of 40 trillion won from its June estimate. This revision is driven by a sharp jump in server DRAM prices, which have risen 5.5-fold over the past year, countering earlier fears of an AI slowdown. The move signals strong ongoing demand for high-bandwidth memory and positions Samsung for potentially record quarterly operating profits.

TSMC Posts Record August Revenue Amid AI Capacity Strain

TSMC reported record revenue of NT$514.81 billion for August 2026, representing a 53.3% year-over-year increase. The surge reflects continued strain on foundry capacity due to intense AI chip demand, alongside supply constraints in NAND flash. This data point reinforces the narrative that semiconductor supply remains tight well into 2027, supporting pricing power for major fabricators.

Siemens Lifts Guidance After Record Q3

German industrial giant Siemens raised its profit guidance for the fiscal year following strong third-quarter results, with revenue and EPS beating consensus estimates. The company’s Smart Infrastructure division received higher targets, contributing to the overall upward revision. Although the share price saw some recent volatility, the updated outlook reflects robust order intake and execution across key segments.

Baker Hughes Boosts Outlook on LNG Orders

Baker Hughes raised its 2026 revenue prognosis after securing significant LNG (liquefied natural gas) orders from Venture Global. The energy services provider’s stock reacted positively to the news, with analysts noting a substantial upside potential given the average price target of $72.22. This development highlights the ongoing strength in energy infrastructure spending despite broader macroeconomic uncertainties.

Local view

In Japan, local media highlighted specific upward revisions for smaller caps, such as GMO Financial Group, which raised its FY2026 operating profit forecast from 2.8 billion yen to 2.9 billion yen due to SME segment performance. Meanwhile, German outlet Finanztrends emphasized Siemens' "record" quarter as a key driver for DAX stability, noting that while the guidance for 2026 remains tight, expectations for 2027 have risen slightly.

Context & numbers

The S&P 500 is currently trading at a forward 12-month P/E ratio of 19.1, which is below the 5-year average of 19.8 but above the 10-year average of 19.0. Analysts are forecasting earnings growth of 26.3% for Q4 2026. In Germany, the DAX closed higher recently, aided by falling oil prices and strength in AI and semiconductor stocks, though geopolitical tensions in the Middle East remain a watchpoint for inflation concerns.

On the radar

• General Mills Q1 Earnings: Scheduled for September 23, 2026. Analysts expect EPS of $0.72 on revenue of $4.34 billion. The stock is currently trading around $36.58 with mixed price targets ranging from $33 to $43.
• Samsung Q3 Preliminary: Investors are watching for Samsung's preliminary Q3 results to confirm if the raised 2026 chip profit outlook holds up against actual quarterly performance.