Dow Jones 30 Stocks SEC Filings — October 27, 2026

Net revenue +7% to $13.4B, organic revenue +7%, unit case volume +5%, operating margin expanded to 33.4% from 32.0%, and FY2026 comparable EPS guidance raised to at least 11% growth

FY2026 net revenue a record $45.9B (+15%), Q4 net revenue +13% to $12.1B, Q4 payments volume +9% and cross-border volume +14% with GAAP EPS +18% YoY

Q3 operating earnings of $354M versus a $4.8B prior-year operating loss, Defense, Space & Security +15%, Global Services +4%, and record $745B backlog provide a clear recovery trajectory

Nine-month free cash flow still negative at ($359)M after $3,040M capex, and Commercial Airplanes margin remains (6.5)% despite a narrower ($697)M operating loss

Q3 diluted EPS rose only 0.9% to $3.38 and net income fell 1.5% to $821.0M despite sales +7.9%, with Consumer Brands segment margin down to 15.6% from 20.4% and FY adjusted EPS guidance narrowed to $11.85-$12.15

Long-term debt fell to $7,942.7M from $9,318.1M YoY while year-to-date treasury purchases reached $2,357.1M, but total shareholders' equity dropped to $3,976.7M from $4,425.3M, signaling aggressive capital return relative to book equity

Client incentives +21% in Q4 and +16% for FY, outpacing 14% Q4 service revenue growth, suggesting rising partner payments may cap future net revenue margin expansion

Chairman and CEO withheld 60,773 shares (~$54.2M) for taxes and sold 9,181 shares at $910.46 (~$8.36M), a sale that is small relative to his 159,180-share post-transaction holding

President and COO withheld 40,516 shares (~$36.1M) and retains 151,285 shares after vesting of 73,265 PSUs, with no open-market sales reported, indicating retention rather than distribution

CEO sold 6,459 shares at $220.99 (~$1.43M) after exercising 8,684 options at $114.44, reducing holdings to 4,437 shares, a large percentage reduction in direct ownership

CEO Joseph Creed (23 units), Group President Jason Kaiser (13 units) and CFO Kyle Epley (21 units total) received phantom stock grants at $692.13, a routine compensation event with no open-market activity

Reach-forward losses on 777X and 767 programs were $86M in 2026 versus $5,140M in 2025, yet nine-month operating cash flow of $2,681M was dependent on an $8,113M increase in advances and progress billings, and inventories rose to $90,948M from $84,679M

Nine-month net loss attributable to common shareholders remained at $823M despite the sharp improvement from $5,982M a year earlier, leaving the equity recovery incomplete

Paint Stores Group segment margin fell to 24.3% from 24.9% and Consumer Brands segment margin fell to 15.6% from 20.4%, with Valspar amortization and restructuring consuming ~270 bps; management flagged muted demand into 2027

GAAP diluted EPS guidance cut to $10.92-$11.22 while adjusted guidance was only narrowed, creating a widening gap between GAAP and adjusted earnings that merits scrutiny of special-item quality

Q3 comprehensive income fell 5.0% to $798.9M as other comprehensive loss of $22.1M reversed from $7.8M income, driven by $17.3M foreign currency translation losses, plus a $34.0M 'other adjustments' charge

Full-year non-GAAP opex grew 16% versus 11% GAAP opex growth, and $563M of severance costs were excluded from non-GAAP results, raising questions about the underlying cost trajectory

International transaction revenue grew just 8% for both Q4 and full year despite strong cross-border volume (+14% in Q4), indicating monetization pressure in the highest-growth corridors

North America unit case volume was flat, EMEA lost value share with losses in France and the UK, and Asia Pacific price/mix declined 2%; sports drinks volume fell 3% globally, indicating uneven quarterly dynamics

CEO Solomon's open-market sale and Honeywell CEO Kapur's ~$1.43M sale occurred alongside large option exercises, so cumulative insider selling should be tracked across filings for a clearer conviction read

FY2026 comparable EPS guidance raised to at least 11% with operating margin expansion of 140 bps YoY, supporting continued earnings upgrades into next year's guidance

Cross-border volume +14% in Q4 with processed transactions +10%, combined with record FY net revenue of $45.9B, positions Visa to benefit from any normalization of international pricing that lifts the lagging 8% international transaction revenue growth

Defense, Space & Security +15% and Global Services +4% with Global Services nine-month margin at 18.2%, alongside a $745B backlog, offers a higher-quality earnings base while Commercial Airplanes recovers

Commercial Airplanes operating loss narrowed by roughly $4.7B YoY to ($697)M; if delivery mix and production-rate costs normalize, the segment could approach breakeven and lift free cash flow from its current negative nine-month level

Year-to-date treasury stock purchases of $2,357.1M and a $3,976.7M equity base imply heavy repurchases shrinking the share count; with adjusted EPS guidance of $11.85-$12.15 the stock may screen attractively if paint demand stabilizes

Multiple senior executives (Waldron, Rogers, Coleman, Fredman) retained large positions after PSU vesting, with Waldron holding 151,285 shares, aligning management with shareholders despite large tax-withholding events

Phantom stock awards to the CEO, CFO and a Group President at $692.13 signal continued compensation tied to equity value, which tends to reinforce management's focus on share price performance

Sherwin-Williams (sales +7.9%, diluted EPS +0.9%), Visa (client incentives +21% in Q4 versus service revenue +14%) and Coca-Cola (price/mix pressure in Asia Pacific) show revenue growth not translating into equal earnings growth, with cost of goods, incentives and mix each eroding margin

Boeing's reach-forward losses fell from $5,140M to $86M, yet nine-month free cash flow remains negative and relies on customer advances; Caterpillar and Honeywell insider activity shows similar compensation-driven equity exposure, highlighting the gap between accounting earnings and cash generation

Goldman Sachs filings show large tax-withholding dispositions (Solomon ~$54.2M, Waldron ~$36.1M, Rogers ~$16.5M, Coleman ~$18.1M) at a uniform $891.30 price, and Honeywell executives sold near $221, meaning the bulk of reported insider volume reflects vesting mechanics rather than discretionary selling

Sherwin-Williams repurchased $2,357.1M year-to-date while total equity declined to $3,976.7M, and Visa's FY GAAP net income of $23.5B continues to fund shareholder returns; the pattern suggests companies are prioritizing per-share metrics over balance sheet cushion

Sherwin-Williams' $17.3M foreign currency translation loss, Coca-Cola's EMEA value share losses and Visa's modest 8% international transaction revenue growth together point to FX and international competition as a common drag on global franchises

Coca-Cola raised FY guidance while Sherwin-Williams narrowed and cut its GAAP outlook and flagged muted 2027 demand, illustrating that guidance direction within the Dow is currently split between confidence in volume-plus-price models and caution in cyclical end markets

Monitor Q4 2026 delivery mix and production-rate cost commentary; a continued ($600M+) operating loss would keep free cash flow negative for the full year [date not specified in filing]

Management flagged muted demand into 2027; watch for further adjusted EPS guidance revisions and whether the Suvinil dilution and Valspar restructuring costs fade as expected [date not specified in filing]

Track whether client incentives continue to outgrow service revenue (+21% Q4 versus +14%), which would compress net revenue margin in FY2027 [date not specified in filing]

Watch whether losses in France and the UK reverse and whether Asia Pacific price/mix stabilizes after the 2% decline, which would test the sustainability of the raised 11% EPS guidance [date not specified in filing]

With repeated PSU vesting and withholding across Solomon, Waldron, Rogers, Coleman and Fredman at $891.30, watch Form 4 filings for any follow-on open-market sales that would signal changing conviction [date not specified in filing]

Following CEO Kapur's sale leaving 4,437 shares and General Counsel Lu Su Ping holding 6,631 shares, monitor Q4 Form 4 filings for further disposals versus new award grants [date not specified in filing]

David Gibbs joined the Board effective immediately with Audit and Compensation committee seats; watch for committee charter changes or any strategic initiatives that reflect his digital and customer-experience background [effective immediately]