LLY, CAT, MA, ANET, and ADM Q3 2026 Earnings: ANET Leads Revenue Growth

In Q3 2026, Eli Lilly (NYSE: LLY) reported revenue of $24.4 billion, while Caterpillar (NYSE: CAT), Mastercard (NYSE: MA), and Arista Networks (NYSE: ANET) posted $20.7 billion, $9.8 billion, and approximately $3.66 billion, respectively; reported EPS was $7.13 at CAT, $5.28 at MA, $1.22 at ANET, and $1.70 at ADM (NYSE: ADM). Arista delivered the fastest disclosed revenue growth, while volume, data-center demand, payment activity, and biofuel margins supported results across the group despite pricing and policy pressures.

Core Earnings Data

Arista led disclosed revenue growth at 58.5%, followed by Lilly at 39%. Caterpillar and Mastercard increased sales and revenue by 17% and 14%, respectively, while the source did not provide ADM’s quarterly revenue. Arista’s approximately $3.66 billion in revenue also exceeded its prior company guidance of $3.3 billion.

Profit measures improved where comparisons were provided. Caterpillar expanded its operating margin, while ADM reported higher GAAP and adjusted EPS alongside a 64% increase in total segment operating profit.

Reported and adjusted measures are shown separately where the source provided both.

Business and Segment Performance

Lilly’s growth was driven primarily by Mounjaro and Zepbound. Worldwide Mounjaro revenue increased 65% to $10.7 billion, while U.S. Zepbound revenue rose 48% to $5.3 billion. Quarterly revenue also included approximately $900 million of benefits, mainly from Jardiance milestones and favorable adjustments to rebate and discount estimates.

At Caterpillar, Power Generation sales rose 30% to $3.42 billion. The increase came mainly from turbines, turbine-related services, and large reciprocating engines, particularly for data-center applications.

Mastercard’s gross dollar volume increased 7%, and cross-border volume rose 11% on a local-currency basis. Value-added services and solutions grew faster than overall net revenue, increasing 19%.

Arista reported its highest year-over-year revenue growth since its IPO. The company also launched open standards-based rack-scale architectures for scale-up and scale-out AI networks with partners including AMD, Broadcom, Meta, and Microsoft, although the source did not quantify their contribution to quarterly revenue.

ADM’s total segment operating profit increased across all segments. Its North American crushing results benefited from a favorable biofuels margin environment, while ethanol margins included policy incentives.

Profitability and Capital Allocation

Caterpillar’s operating margin increased by about 3.1 percentage points to 20.4%. Higher revenue and $128 million of tariff recoveries contributed to operating profit, although higher material costs, including tariffs, pressured manufacturing costs in Resource Industries.

Mastercard repurchased 5.3 million shares for $3.0 billion during the quarter and paid $763 million in dividends. These figures describe capital returned to shareholders but do not indicate management’s assessment of the stock’s valuation.

Pricing and Policy Created Both Tailwinds and Costs

Lilly’s worldwide volume increased 53% while realized prices fell 15%, showing that unit growth rather than pricing drove the majority of its expansion. In the United States, volume rose 41% while realized prices declined 7%. The company also identified its voluntary U.S. government agreement on drug pricing and access as a factor that could affect future results.

Tariffs had a two-sided effect at Caterpillar: the company recorded $128 million of recoveries, but tariff-related material costs also increased manufacturing expenses. Mastercard recorded $74 million of pre-tax special-item charges, primarily from settlements with merchants that opted out of U.S. merchant class litigation.

For ADM, policy was a current earnings support rather than only a future risk. Higher domestic biofuel demand following the Renewable Volume Obligation policy finalized in March, together with higher global energy prices, contributed to favorable crushing and ethanol margins.

Earnings Guidance

Lilly and ADM both raised their full-year 2026 outlooks, while Arista provided a quantitative revenue range for the fourth quarter. The source did not provide previous guidance ranges for Lilly or Arista, so only the disclosed changes are shown.

Management Commentary

Lilly Chair and CEO David Ricks linked the higher full-year outlook to quarterly results that exceeded the company’s prior expectations. Caterpillar Chairman and CEO Joe Creed emphasized durable end markets, strong order rates, and a record backlog. Arista Chairperson and CEO Jayshree Ullal highlighted the company’s highest revenue growth since its IPO and record profitability, while ADM Chair and CEO Juan Luciano pointed to operating profit growth across all segments.

Risks Investors Should Monitor

• Lilly pricing pressure: Falling realized prices and changes to government or private-sector reimbursement could offset continued prescription and volume growth.
• Caterpillar tariff costs: Recoveries provided a quarterly benefit, but higher tariffs and material costs could continue to pressure segment profitability.
• Mastercard regulation and litigation: Changes involving interchange rates and surcharging, along with merchant litigation, could affect revenue or expenses.
• Arista trade and technology restrictions: Tariffs, import and export controls, and an uncertain AI regulatory environment could affect product development and supply conditions.
• ADM’s exposure to biofuel policy: Current margins benefited from policy-driven demand and incentives, making future earnings sensitive to changes in biofuel rules and energy prices.

Summary

The five Q3 2026 reports showed different growth engines: Lilly benefited from drug volume, Caterpillar from power-generation demand, Mastercard from cross-border activity and services, Arista from rapid networking growth, and ADM from improved segment earnings and biofuel margins. Lilly and ADM raised their full-year outlooks, but pricing, tariffs, regulation, trade restrictions, and policy-dependent margins remain the main factors to watch in subsequent quarters.