Table of Contents
Apr 30 2026
A heavy slate of corporate earnings rolled in before Thursday's opening bell, and the headline number came from the largest name on the calendar. Eli Lilly blew past Wall Street estimates and raised its full-year guidance for the second straight quarter, sending shares more than 6% higher in pre-market trading and setting a bullish tone for a tape that included Caterpillar, Mastercard, Merck and dozens of mid-caps.
The reports landed with the S&P 500 sitting near record territory and investors increasingly focused on whether companies are willing to back up beats with raised outlooks — the dynamic that has separated this earnings season's winners from the rest of the pack.
Eli Lilly (LLY) reported first-quarter adjusted earnings of $8.55 per share on revenue of $19.80 billion, well ahead of the $7.06 whisper number and the $17.78 billion revenue estimate tracked by Earnings Whispers. Revenue grew 55.5% year over year, driven once again by Mounjaro and Zepbound.
More importantly, the Indianapolis-based drugmaker lifted its full-year 2026 revenue forecast to a range of $82 billion to $85 billion, up from the prior $80 billion to $83 billion. Adjusted EPS guidance was raised to $35.50–$37.00 from $33.50–$35.00. Both figures came in above Street consensus.
Chief Executive David Ricks called it a strong start to the year, citing 56% revenue growth and the $2 billion guidance raise. Lilly's newly approved oral GLP-1 obesity pill, Foundayo, launched in the second quarter and was not reflected in the Q1 print — meaning the next report could carry an additional tailwind.
Lilly shares had been a focal point heading into the release given the pricing pressure narrative around GLP-1s. Thursday's results suggest volume is more than offsetting price, with Mounjaro sales up triple digits and Zepbound posting another quarter of 80%-plus U.S. revenue growth.
Caterpillar (CAT) cleared both bars, posting EPS of $5.54 versus a $4.55 whisper and revenue of $17.41 billion against $16.42 billion expected. Revenue rose 22.2% year over year — a sharp acceleration for a company that had only recently emerged from a string of revenue declines. Investors will be looking to the call for color on construction, mining and the data-center power buildout.
Quanta Services (PWR), the electrical and infrastructure contractor that has become a pure-play on the AI power buildout, was arguably the cleanest industrial print of the day. EPS came in at $2.68 on the $2.04 whisper, a 31% beat, with revenue of $7.87 billion handily topping the $6.99 billion estimate and growing 26.3%. Several analysts had hiked price targets into the report on the back of strong electrical-contractor surveys and the company's recent investor day commentary.
Other industrials in the win column included Textron (TXT), which beat with EPS of $1.45 versus $1.30 expected and revenue growth of 11.8%; L3Harris (LHX), with a 7.5% EPS beat and 11.9% revenue growth; and Trane Technologies (TT), which delivered a modest beat on both lines.
Hilton Grand Vacations (HGV) was one of the day's biggest percentage surprises, posting EPS of $0.99 against a $0.44 whisper — a 125% beat — on revenue of $1.28 billion. Notably, the company raised its full-year Adjusted EBITDA guidance (excluding deferrals and recognitions) to $1.225 billion to $1.265 billion, up from $1.185 billion to $1.225 billion. CEO Mark Wang attributed the upside to disciplined execution and efficiency initiatives.
Royal Caribbean (RCL) also delivered, with EPS of $3.60 against a $3.20 whisper and revenue growth of 11.3%. Hyatt Hotels (H) and Choice Hotels (CHH) rounded out the group, though Choice missed its EPS whisper.
Merck (MRK), Bristol Myers Squibb (BMY) and Cigna (CI) all topped EPS estimates, with Cigna posting $7.79 versus $7.62 expected on $68.49 billion in revenue. Tenet Healthcare (THC) beat by 14.5%, and Laboratory Corp. (LH) beat modestly on both lines.
On the consumer side, Hershey (HSY) delivered a clean double beat — EPS of $2.35 on a $2.05 whisper with revenue up 10.6%. Mastercard (MA) reported but full figures from the print were still flowing in at the time of writing. Altria (MO) topped both lines with revenue growth of 3.2%.
Crocs (CROX) beat on EPS at $2.99 versus $2.78 expected but posted a 1.7% revenue decline — a reminder that the footwear maker continues to fight for growth in its HEYDUDE business. Brunswick (BC), the boatmaker, delivered a 52% EPS surprise and 12.8% revenue growth, suggesting the marine cycle may be turning.
Valero (VLO) was the clear refining winner, with EPS of $4.22 trouncing the $3.07 whisper. ConocoPhillips (COP) beat on EPS but posted a revenue decline of 6.1%. PBF Energy (PBF) missed and Smurfit Westrock (SW) — a packaging name often grouped with cyclicals — came in light on EPS.
CNX Resources (CNX) posted eye-popping revenue growth of 854.8%, but that figure reflects merger contribution and shouldn't be read as organic strength. The underlying EPS beat of 36% is the cleaner signal.
Not every print landed. A.O. Smith (AOS), Choice Hotels (CHH), Bandwidth (BAND), Builders FirstSource (BLDR), Distribution Solutions Group (DSGR) and California Water Service (CWT) all came up short of EPS expectations. Wayfair (W) missed its whisper despite topping the consensus. Group 1 Automotive (GPI) missed by 3% and posted slightly negative revenue growth.
The biggest percentage miss came from OneWater Marine (ONEW), which posted a loss of $0.34 against a $0.09 expected profit, with revenue down 8.5% — a weaker read on the marine consumer than Brunswick's print would suggest.
With Lilly's guide raise re-anchoring sentiment around the GLP-1 trade and Quanta reinforcing the AI-power thesis, two of the year's biggest narrative trades got fresh fuel before the open. The industrial reads from Caterpillar, Textron and L3Harris will be parsed for any softening in customer order patterns, and Mastercard's full release — alongside any management commentary on consumer spending — could move the broader tape.
Investors are also keeping an eye on Apple and Amazon, both reporting after the close, in what could be the most consequential after-hours session of the quarter.
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