S&P 500 Industrials Sector SEC Filings — October 29, 2026

29-10-2026

Carrier Global reported Q3 2026 net sales of $6.3B (up 12%, organic up 15%) and adjusted EPS of $0.87 (up 30%), with adjusted operating margin expanding 260 bps to 17.4%. However, GAAP results were sharply negative: a $3.1B non-cash goodwill impairment in Climate Solutions Europe drove a GAAP operating loss of $2.27B and GAAP EPS of ($3.16). Orders were strong (total company up ~35%, data centers up ~300%) and backlog reached a record >$8.5B, but Climate Solutions Transportation sales declined 3% and Climate Solutions Asia Pacific, Middle East & Africa grew only 2%, with Riello and NORESCO divestitures creating headwinds.

• · Carrier's Climate Solutions Europe reported segment operating margin rose 330 bps to 12.6%, but ~100 bps came from a net benefit tied to correction of a prior period item, with inventory-related reserves offsetting.
• · Q3 Free cash flow was $674M vs $224M prior year, a roughly threefold increase, though nine-month FCF of $1.469B reflects a 21% increase vs $1.212B.
• · Full-year 2026 guidance: sales of nearly $24B (up from prior $23.8-24.0B range being maintained), organic growth ~10%, adjusted EPS narrowed to $2.85-$2.90 from ~$2.90, adjusted operating profit ~$3.5B and FCF ~$2B unchanged.
• · Riello divestiture completed July 1 (~$225M revenue headwind) and NORESCO divestiture completed August 3 (~$125M headwind) on a year-over-year basis.
• · Net loss from continuing operations was ($2,593)M in Q3, while adjusted net earnings from continuing operations were $713M.
• · Full-year 2026 guidance expects adjusted EPS of $2.85-$2.90 and the company notes ongoing industry-wide macro pressures including tariffs and rising input costs.
• · The Q3 adjusted EPS benefit includes roughly $0.10 from IEEPA refunds, net of approximately ($0.02) NCI impact; excluding this, underlying adjusted EPS growth would be materially lower.

29-10-2026

Caterpillar reported third-quarter 2026 sales and revenues of $20.682 billion, up 17% from $17.638 billion a year earlier, driven by $2.2 billion of higher sales volume and $663 million of favorable price realization. Profit per share rose to $7.13 from $4.88 (adjusted $7.20 vs. $4.95), with operating profit margin expanding to 20.4% from 17.3%. Mixed signals remain: Construction Industries' margin was pressured by $252 million of unfavorable manufacturing costs (including freight), Resource Industries' segment profit margin slipped to 13.5% from 13.6% with $208 million of unfavorable manufacturing costs (including tariffs), Rail sales fell 5%, and Other income declined to $135 million from $208 million.

• · Construction Industries' segment profit rose 33% to $1.831B, but absorbed $252M of unfavorable manufacturing costs, including higher freight.
• · Resource Industries' segment profit margin was essentially flat at 13.5% versus 13.6%, with $208M of unfavorable manufacturing costs primarily from higher material costs including tariffs.
• · Rail sales declined 5% on lower international locomotive deliveries, partially offset by growth in rail services.
• · Other income fell to $135M from $208M, driven by unfavorable total return swap impacts partly offset by commodity hedge gains.
• · Cat Financial provision for credit losses rose $34M, and its allowance for credit losses increased to $332M (0.91% of receivables) from $294M at June 30, 2026, even as past dues improved to 1.31%.
• · Q3 2026 operating profit included $128M of IEEPA tariff recoveries, a one-time benefit that flatters the reported margin.
• · Corporate items and eliminations expense decreased $131M, primarily from favorable fair value changes in deferred compensation plans, not operating improvement.

29-10-2026

Cat Financial reported third-quarter 2026 revenues of $1.02 billion, up 10% from $926 million, and profit of $145 million, up 8% year over year. Profit before income taxes rose 5% to $194 million, but the estimated annual tax rate increased to 29% from 24%, and the allowance for credit losses rose to $332 million (0.91% of finance receivables) from $294 million at June 30, 2026, reflecting a $34 million higher provision for credit losses. Retail new business volume grew 6% to $3.85 billion, though Asia-Pacific volume declined.

• · Retail new business volume growth was driven by all segments except Asia-Pacific, which declined.
• · The estimated annual tax rate rose to 29% from 24%, mainly due to changes in the geographic mix of profits, which muted the pre-tax gain at the net profit line.
• · Past dues improved to 1.31% from 1.47%, while write-offs net of recoveries fell to $28M from $40M.
• · Pre-tax profit growth was partly offset by a $19M unfavorable margin impact and a $34M higher provision for credit losses, with a $8M favorable impact from returned or repossessed equipment.

29-10-2026

Trane Technologies reported Q3 2026 GAAP continuing EPS of $4.79 and adjusted continuing EPS of $4.86, both up 25% YoY, on reported revenue of $6.76 billion (up 18%; organic up 16%). Organic bookings rose 20% to $7.25 billion, backlog reached $12.5 billion (up 73%), and the company raised full-year 2026 revenue guidance while reaffirming EPS guidance. However, EMEA and Asia Pacific operating margins contracted sharply (GAAP operating margin down 240 bps and 390 bps respectively), operating income declined YoY in both segments, and Q3 consolidated GAAP operating margin fell 40 bps to 19.9%.

• · Asia Pacific GAAP and adjusted operating margins both fell 390 bps to 18.6%, the steepest margin decline of any segment
• · EMEA bookings rose 40% to $1,109.4M with book-to-bill of 147%, yet EMEA operating income still declined 12%
• · Full-year 2026 GAAP continuing EPS guidance is $15.00 to $15.10 and adjusted continuing EPS guidance is $15.20 to $15.30; EPS guidance was reaffirmed, not raised
• · Subsidiaries Aldrich Pump LLC and Murray Boiler LLC are in Chapter 11 proceedings and deconsolidated, a risk flagged in forward-looking statements
• · Working capital as a percentage of revenue fell to 0.3% from 3.9% YoY, a 360 bps improvement that supported cash generation
• · Management cites supply chain and inflationary headwinds as ongoing pressures despite the revenue guidance raise

29-10-2026

FedEx Freight reported revenue of $3.3 billion for the four-month transition period ended September 30, 2026, up 9.2% YoY, driven by fuel surcharge revenue, higher weight per shipment, an extra operating day, and higher base revenue per hundredweight, partly offset by softer volumes. However, GAAP operating income fell 6.1% to $383 million (margin down 190 bps to 11.7%) and diluted EPS dropped 43% to $1.54, while adjusted operating income rose 16.4% to $510 million and adjusted EPS still declined 24.6% to $2.15. Average daily shipments fell 1.4% to 88.9 thousand and tonnage per day was flat at 41.7 thousand tons, though the company raised Transition Period revenue and adjusted operating income guidance and introduced December-quarter guidance of $2.30-$2.37 billion revenue and $80-$100 million operating income versus a $(14) million loss a year earlier.

• · Transition Period revenue guidance of $5.58B-$5.65B is above the original 4%-6% growth guidance
• · Transition Period operating income guidance lowered to $465M-$485M from prior $475M-$515M
• · Transition Period adjusted operating income guidance raised to $695M-$715M from prior $605M-$645M
• · Transition Period operating margin guidance cut to 8.3%-8.6% from prior 9.0%-9.5%
• · Transition Period adjusted operating margin guidance raised to 12.5%-12.7% from prior 11.5%-12.0%
• · Transition Period diluted EPS guidance of $1.69-$1.79 before MTM adjustments (prior $1.75-$1.95) and $2.80-$2.90 excluding spin-off costs (prior $2.40-$2.60)
• · Q3 CY2026 diluted EPS guidance of $0.15-$0.25 before MTM adjustments and $0.65-$0.75 excluding spin-off costs, versus $0.39 and $1.27 respectively in the prior-year quarter
• · Q3 CY2026 adjusted operating margin guidance of 8.0%-8.6% versus 7.8% prior year
• · Q3 CY2026 ETR of approximately 27% versus 25.2% prior year
• · Company unable to provide GAAP Transition Period EPS/ETR outlook due to MTM retirement plan adjustments, relying on SEC exemption
• · Second consecutive quarter of record-low claims ratio
• · Revenue per shipment excluding fuel rose only 1.6% and revenue per hundredweight excluding fuel rose just 0.3%, indicating modest underlying yield growth
• · Adjusted operating income growth offset by performance-based compensation, merit expenses, TSA costs, and higher standalone IT costs
• · Earnings conference call scheduled 4:00 p.m. CDT on October 29, 2026

29-10-2026

Otis reported Q3 2026 net sales of $3,914M, up 6.1% YoY from $3,690M, driven by service sales growth of 7.5% to $2,616M while product sales rose a modest 3.3% to $1,298M. Operating profit increased 5.8% to $620M and diluted EPS rose to $1.08 from $0.95, though SG&A declined 3.0% and net income attributable to Otis grew 10.7% to $414M. Nine-month performance was stronger with sales up 6.6% to $11,339M and diluted EPS up 20.4% to $3.07, but cash and equivalents fell to $866M from $1,096M at year-end and free cash flow was pressured by a $347M receivables build.

• · SG&A fell 3.0% YoY to $489M in Q3 2026 from $504M, while cost of services sold rose 10.5% to $1,657M from $1,500M.
• · Nine-month 2026 service sales grew 9.7% to $7,613M from $6,939M, while product sales were nearly flat at $3,726M vs $3,696M (+0.8%).
• · Nine-month 2026 other income (expense) improved to $(3)M from $(101)M in the prior year.
• · Cash and cash equivalents declined to $866M at September 30, 2026 from $1,096M at December 31, 2025.
• · Accounts receivable rose to $4,058M from $3,688M, driving a $347M cash use in nine-month 2026 vs $191M in 2025.
• · Total debt increased: long-term debt $7,051M and short-term borrowings $1,224M at September 30, 2026.
• · Quarterly dividend raised to $0.44 per share from $0.42 a year earlier.
• · Share repurchases were $807M in nine-month 2026 vs $809M in 2025; Q3 2026 had no buybacks vs $250M in Q3 2025.
• · Weighted average diluted shares fell to 381.9M from 392.8M, supporting EPS growth.
• · Foreign currency translation contributed $156M positive OCI in nine-month 2026 vs $(331)M in 2025.

29-10-2026

Republic Services reported Q3 2026 revenue of $4.559 billion, up 8.2% YoY from $4.212 billion, driven by 4.8% organic growth, 2.1% environmental solutions growth and 1.3% acquisitions. Net income rose to $592 million ($1.93 EPS, +9.7% YoY) while adjusted EPS grew only 2.1% to $1.94 and volume declined 0.6%, with adjusted EBITDA margin at 31.8%. The company raised full-year 2026 revenue ($17.425-$17.475B), adjusted EBITDA ($5.550-$5.575B) and adjusted free cash flow ($2.565-$2.585B) guidance, and the Board authorized a new $5 billion share repurchase program through 2029.

• · Adjusted net income was essentially flat YoY at $595M vs $594M (+0.2%), far below the 7.6% net income growth, indicating adjusted EPS growth of only 2.1%
• · Volume decreased revenue by 0.6% in Q3 and 1.0% year-to-date, a deterioration from the 0.3% and 0.4% declines in the prior-year periods
• · Average yield slowed to 2.9% in Q3 2026 from 4.0% in Q3 2025; core price slowed to 5.3% from 5.9%
• · Environmental solutions revenue (net) grew 22.2% to $529M from $433M, while net landfill revenue was flat at $516M
• · Loss from unconsolidated equity method investments widened to $158M YTD from $72M
• · Interest expense rose to $157M in Q3 from $143M, and long-term debt increased to $14.007B from $12.985B at year-end 2025
• · Nine-month operating cash flow was $3.519B vs $3.315B prior year; purchases of property and equipment were $1.363B
• · Quarterly dividend of $0.670 per share declared, payable January 15, 2027 to holders of record January 4, 2027 (up from $0.625)
• · Average recycled commodity price rose $16 per ton YoY to $142
• · Treasury stock rose to $1.876B (9 million shares) from $1.000B (5 million shares) at year-end 2025

29-10-2026

Director Tinggren Juergen sold 4,000 Ordinary Shares at $159.19 (~$637K). Tinggren Juergen holds 27,235.57 shares after the transaction.

• · Director Tinggren Juergen sold 4,000 Ordinary Shares at $159.19 (~$637K)