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Dow Jones 30 Stocks SEC Filings — October 28, 2026

USA Dow Jones 30

By Gunpowder Editorial ·

7 high priority 1 medium priority 8 total filings analysed

Executive Summary

Across the eight Dow Jones 30 filings dated October 28, 2026, the dominant theme is strong top-line growth undercut by non-operating noise and heavy capital deployment.

Alphabet (revenue +25% YoY to $127.6B, Cloud +103%) and Microsoft (revenue +18.8%, Microsoft Cloud +30%) both posted robust operating growth, but GAAP net income in both cases was distorted by swings in other income: Alphabet's net income fell 25% as an $8.2B other expense replaced a $12.8B gain, while Microsoft's 32% net income growth was flattered by a swing from a $3.7B expense to a $38M gain tied largely to OpenAI investment marks. Coca-Cola grew revenue 7.4% and nine-month net income 14.1%, but Q3 comprehensive income fell 17.4% on a $(668)M FX translation hit and year-to-date dividends nearly doubled to $6.8B. Honeywell's aerospace spin-off dominates its filings, with equity swinging to a $(2.5)B deficit, $15.9B of new long-term debt, and an inaugural $0.40 quarterly dividend alongside raised second-half free cash flow guidance. Capital intensity is a portfolio-level pattern: Microsoft capex more than doubled to $39.4B and Alphabet's long-term debt rose to $125.1B from $46.5B, with both leaning on external financing. Insider activity was limited to a Travelers filing outside this stream's scope in practice, so management-conviction signals are thin this cycle, and the net takeaway is that headline growth is intact but earnings quality and balance-sheet leverage warrant closer scrutiny than reported EPS suggests.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: 10-Q · 8-K · Form 4

Tracking the trend? Catch up on the prior Dow Jones 30 Stocks SEC Filings digest from October 20, 2026.

Investment Signals (12)

  • Alphabet ↓ (BULLISH)
    ▲

    Q3 consolidated revenue +25% YoY to $127,577M, 13th consecutive double-digit quarter; Google Cloud +103% to $30,709M and operating margin improved to 32% from 31%

  • Microsoft ↓ (BULLISH)
    ▲

    Q1 FY2027 revenue +18.8% to $92,279M with operating income +21% to $45,915M; Microsoft Cloud +30% to $63,900M, showing core operating momentum beyond the OpenAI-driven GAAP gain

  • Honeywell Aerospace ↓ (BULLISH)
    ▲

    Q3 net income +13% to $737M and management raised second-half free cash flow and pro forma standalone adjusted EPS guidance alongside an inaugural $0.40 quarterly dividend

  • Microsoft ↓ (BEARISH)
    ▲

    GAAP EPS +32% to $4.92 versus non-GAAP EPS +18% to $4.89; the gap is attributable to a $207M OpenAI gain versus a $3.1B prior-year loss, so underlying growth is closer to 18%

  • Alphabet ↓ (BEARISH)
    ▲

    Net income to common stockholders fell 25% to $26,170M as other income swung from a $12,759M gain to an $8,221M expense, with a $9,048M securities loss in Q3 2026

  • Alphabet ↓ (BEARISH)
    ▲

    Other Bets operating loss widened 44% YoY to $2,047M and Alphabet-level AI R&D expense rose 71% to $7,655M, pressuring margin quality outside Cloud

  • Coca-Cola ↓ (BEARISH)
    ▲

    Q3 revenue +7.4% to $13,380M and diluted EPS +8.1% to $0.93, but SG&A grew about 9.9% to $3,975M, outpacing revenue growth

  • Coca-Cola ↓ (BEARISH)
    ▲

    Q3 comprehensive income fell 17.4% to $3,545M from $4,288M on a $(668)M foreign currency translation hit versus $437M a year earlier

  • Microsoft ↓ (BEARISH)
    ▲

    Capital expenditures for property and equipment more than doubled to $39,367M from $19,394M, driving a sharp rise in net cash used in investing activities

  • Microsoft ↓ (BULLISH)
    ▲

    Service and other revenue +25.8% to $77,648M while product revenue fell 8.1% to $14,631M, confirming continued mix shift toward recurring services

  • Honeywell Aerospace ↓ (BULLISH)
    ▲

    Electronic Solutions sales +4% to $1,784M with segment adjusted EBIT +11% to $564M, offsetting a 16% EBIT decline in Engines and Power Systems

  • Honeywell Aerospace ↓ (BEARISH)
    ▲

    Nine-month net income attributable to Aerospace fell 29.1% to $1,606M and total equity swung to $(2,489)M from $8,496M after the spin-off

Risk Flags (9)

  • Alphabet/Balance Sheet Leverage↓ [HIGH RISK]
    ▼

    Long-term debt rose to $125,102M from $46,547M at year-end 2025, funded by $28.7B senior notes, $12.4B ATM equity and mandatory convertible preferred issuance YTD

  • Alphabet/Earnings Quality↓ [HIGH RISK]
    ▼

    GAAP diluted EPS fell to $2.12 from $2.87 on securities mark-to-market losses of $9,048M; core operating earnings are not the driver of the reported decline

  • Microsoft/Earnings Quality↓ [HIGH RISK]
    ▼

    32% GAAP EPS growth depends on a $207M OpenAI gain and a $38M net other income; the 18% non-GAAP growth is the more representative trend

  • Microsoft/Capex Intensity↓ [HIGH RISK]
    ▼

    Capex more than doubled YoY to $39.4B while cost of revenue (+23.5%) grew faster than revenue (+18.8%), pressuring gross margin expansion

  • Honeywell Aerospace/Spin-off Balance Sheet↓ [HIGH RISK]
    ▼

    Total liabilities rose to $25,521M with $15,853M of new long-term debt and a $(2,489)M equity deficit, leaving limited balance-sheet cushion post-separation

  • Honeywell Aerospace/Segment Margin↓ [MEDIUM RISK]
    ▼

    Engines and Power Systems adjusted EBIT fell 16% to $250M on mix and cost pressures despite 3% sales growth

  • Coca-Cola/Cost Discipline↓ [MEDIUM RISK]
    ▼

    SG&A up about 9.9% outpaced 7.4% revenue growth in Q3, compressing operating leverage

  • Coca-Cola/Capital Returns Pace↓ [MEDIUM RISK]
    ▼

    Year-to-date dividends paid nearly doubled to $6,842M from $4,391M, which may constrain flexibility if FX headwinds persist

  • Microsoft/Devices Weakness↓ [MEDIUM RISK]
    ▼

    Windows OEM and Devices revenue fell 22% and Devices and Consumer declined 3%, highlighting ongoing consumer hardware softness

Opportunities (7)

  • Alphabet/Cloud Re-rating↓ (OPPORTUNITY)
    ◆

    Google Cloud +103% to $30,709M with margin trajectory improving; if sustained, Cloud could drive a sum-of-parts re-rating independent of volatile other income

  • Microsoft/Core Earnings Gap↓ (OPPORTUNITY)
    ◆

    With 18% non-GAAP EPS growth versus a headline 32% GAAP figure, a market that anchors on operating EPS may be underpricing durable Cloud growth of 30%

  • Honeywell Aerospace/Shareholder Return Initiation↓ (OPPORTUNITY)
    ◆

    Inaugural $0.40 quarterly dividend plus raised second-half FCF guidance signals management confidence in standalone cash generation post-spin

  • Honeywell Aerospace/Electronic Solutions Momentum↓ (OPPORTUNITY)
    ◆

    Segment sales +5% organic and adjusted EBIT +11% to $564M, the clearest margin-expansion engine in the portfolio

  • Microsoft/Services Mix Shift↓ (OPPORTUNITY)
    ◆

    Service and other revenue +25.8% to $77,648M supports multiple expansion as the revenue base becomes more recurring

  • Coca-Cola/FX Normalization↓ (OPPORTUNITY)
    ◆

    The $(668)M Q3 translation hit is a reversible headwind; a stabilization in currencies would restore comprehensive income growth and support the EPS trajectory (+14.1% nine-month net income)

  • Coca-Cola/Other Income Improvement↓ (OPPORTUNITY)
    ◆

    Other loss narrowed to $(155)M from $(237)M, a directional improvement in non-operating drag

Sector Themes (5)

  • AI Capex Versus Financing Strain (HIGH IMPACT)
    ◆

    Microsoft capex +100%+ YoY to $39.4B and Alphabet long-term debt up about $79B YTD point to hyperscalers funding AI infrastructure with debt and equity issuance; investors should monitor free cash flow conversion as capex scales

  • Non-Operating Mark-to-Market Distortion (MEDIUM IMPACT)
    ◆

    Three of the four largest tech filings (Alphabet, Microsoft, Coca-Cola) show GAAP results swung materially by investment or FX marks (Alphabet -$8.2B other expense, Microsoft OpenAI gains, Coca-Cola $(668)M FX), so operating metrics should anchor valuation work

  • Cloud and Services as the Growth Engine (HIGH IMPACT)
    ◆

    Google Cloud +103% and Microsoft Cloud +30% versus Windows OEM -22% and Devices declines show growth concentrating in recurring, enterprise-facing revenue streams

  • Post-Spin Balance Sheet Resets (MEDIUM IMPACT)
    ◆

    Honeywell Aerospace's negative equity and $15.9B new debt illustrate the leverage typically assumed at separation, with dividend initiation signaling management intent to frame the standalone story around cash returns

  • Currency as a Margin Headwind (MEDIUM IMPACT)
    ◆

    Coca-Cola's translation loss and Microsoft's constant-currency adjustment (about 1 point) indicate FX remains a meaningful drag on reported growth for global multinationals

Watch List (7)

Filing Analyses (8)
COCA COLA CO 10-Q mixed materiality 7/10

28-10-2026

Coca-Cola's 10-Q for the quarter ended October 2, 2026 reported Q3 net operating revenues of $13,380 Million, up 7.4% YoY from $12,455 Million, and diluted EPS of $0.93 versus $0.86, a 8.1% increase. Nine-month net income attributable to shareowners rose 14.1% to $12,358 Million, but Q3 other income (loss) worsened to $(155) Million from $(237) Million, a loss narrowing rather than a decline, while Q3 Comprehensive Income fell 17.4% to $3,545 Million from $4,288 Million on a $(668) Million foreign currency translation hit, and dividends paid nearly doubled year-to-date to $6,842 Million from $4,391 Million.

  • · Q3 other income (loss) net was $(155) Million versus $(237) Million a year earlier, still a loss but an improvement.
  • · Q3 foreign currency translation adjustments were $(668) Million versus $437 Million, the main driver of the comprehensive income decline.
  • · Q3 SG&A expenses rose to $3,975 Million from $3,618 Million (up about 9.9%), outpacing revenue growth.
  • · Q3 income taxes rose to $777 Million from $500 Million (up about 55%), with the effective tax rate at roughly 16.1% versus 12.0%.
  • · Cash and cash equivalents at October 2, 2026 were $13,454 Million, up from $10,270 Million at December 31, 2025.
  • · Total equity increased to $39,533 Million from $34,275 Million, driven by retained earnings growth.
  • · Assets held for sale of $6,275 Million and liabilities held for sale of $3,003 Million appear on the balance sheet, indicating pending divestitures.
  • · Treasury stock purchases were $900 Million year-to-date versus $644 Million a year earlier.
Alphabet Inc. 8-K mixed materiality 9/10

28-10-2026

Alphabet reported Q3 2026 consolidated revenues of $127,577 million, up 25% year over year from $102,346 million, its 13th consecutive quarter of double-digit revenue growth. Google Cloud revenues rose 103% to $30,709 million, while Google Search & other grew 12% and Google Services grew 11%. However, GAAP net income available to common stockholders fell 25% to $26,170 million and diluted EPS declined to $2.12 from $2.87, driven by a swing to an $8,221 million other expense versus $12,759 million of other income a year earlier, and operating margin was 32% versus 31%.

  • · Net income fell to $26,170M from $34,979M as other income swung from $12,759M gain to $8,221M expense, largely reflecting securities mark-to-market losses (loss on debt and equity securities of $9,048M in Q3 2026 vs. $10,855M gain in Q3 2025)
  • · Other Bets operating loss widened 44% YoY to $2,047M, and Alphabet-level AI R&D expense rose 71% to $7,655M
  • · Financing activity was heavy: $28,700M senior notes, $12,400M of equity via ATM, and a mandatory convertible preferred issuance in 2026 YTD; long-term debt rose to $125,102M from $46,547M at year-end 2025
  • · Q3 2026 capital expenditures (purchases of property and equipment) were $51,355M versus $23,953M a year earlier, more than doubling YoY
  • · Quarterly common dividend held at $0.22 per share, payable December 14, 2026 to holders of record as of December 7, 2026; preferred dividend of $15.63 per share payable November 15, 2026
  • · Google Network revenues were essentially flat (+1.4% YoY), a notable underperformer relative to other advertising lines
MICROSOFT CORP 8-K mixed materiality 9/10

28-10-2026

Microsoft reported Q1 FY2027 (quarter ended September 30, 2026) revenue of $92,279 million, up 19% year-over-year, with GAAP operating income of $45,915 million (up 21%) and GAAP diluted EPS of $4.92 (up 32%). Non-GAAP diluted EPS, excluding OpenAI investment impacts, was $4.89, up 18%. Microsoft Cloud revenue reached $63,900 million (up 30%), but Devices and Consumer revenue declined 3% and Windows OEM and Devices revenue fell 22%.

  • · Other income (expense), net swung to $38 million from $(3,660) million a year earlier, a major driver of the GAAP net income increase.
  • · Net gain from OpenAI investments added $207 million to GAAP net income versus a $3.1 billion loss in the prior-year quarter; the 32% GAAP EPS growth is therefore inflated relative to the 18% non-GAAP growth.
  • · Constant-currency FX impact reduced GAAP net income growth by roughly 1 point (33% constant currency vs 32% reported).
  • · Accounts receivable fell sharply to $62,084 million from $80,876 million sequentially, and total cash plus short-term investments declined to $64,509 million from $76,843 million.
  • · Total cost of revenue rose 24% to $29,720 million, outpacing revenue growth of 19%, with service and other cost of revenue up roughly 29%.
Honeywell Aerospace Inc. 8-K mixed materiality 8/10

28-10-2026

Honeywell Aerospace (Nasdaq: HONA) reported Q3 2026 sales of $4.6 billion, up 2% reported and organically, with net income of $737 million (up 13%) and adjusted EBIT of $1.16 billion (up 1%, including roughly $50 million of IEEPA tariff refunds offset by new standalone public-company costs). Mixed performance: Engines and Power Systems adjusted EBIT fell 16% and Control Systems sales were flat, while the company raised its second-half free cash flow and pro forma standalone adjusted EPS guidance and declared its inaugural $0.40 quarterly dividend.

  • · Electronic Solutions sales rose 4% (5% organic) to $1,784M, with segment adjusted EBIT up 11% to $564M
  • · Engines and Power Systems sales rose 3% to $1,515M, but segment adjusted EBIT fell 16% to $250M due to mix and costs
  • · Control Systems sales were flat at $1,345M; segment adjusted EBIT rose 2% to $382M
  • · Full-year 2026 organic growth outlook maintained at 4%-5%; pro forma standalone adjusted EPS guidance raised to $7.85-$8.00 from $7.60-$7.90
  • · Full-year pro forma standalone adjusted EBIT guidance narrowed to $4.375B-$4.425B from $4.35B-$4.45B; YoY growth guidance narrowed to up 1%-2% from flat to 3%
  • · Dividend payable December 4, 2026 to holders of record as of November 13, 2026
  • · Q3 adjusted EBIT growth was flattered by roughly $50M of IEEPA tariff refunds and offset by new standalone public-company costs
TRAVELERS COMPANIES, INC. 4 negative materiality 8/10

28-10-2026

EVP & Chief Tech & Ops Officer Lefebvre Mojgan M sold 11,000 Common Stock at $393.84 (~$4.33M). Lefebvre Mojgan M holds 11,000 shares after the transaction.

  • · EVP & Chief Tech & Ops Officer Lefebvre Mojgan M exercised/converted 11,000 Common Stock at $139.83 (~$1.54M)
  • · EVP & Chief Tech & Ops Officer Lefebvre Mojgan M sold 11,000 Common Stock at $393.84 (~$4.33M)
  • · EVP & Chief Tech & Ops Officer Lefebvre Mojgan M exercised/converted 11,000 Stock Options (Right to Buy)
MICROSOFT CORP 8-K neutral materiality 4/10

28-10-2026

Microsoft filed an 8-K under Items 8.01 (Other Events) and 9.01 (Financial Statements and Exhibits) on October 28, 2026. The content provided is an XBRL-tagged block of fiscal-year 2026 (period ended June 30, 2026) financial statement identifiers, including segment, debt issuance, share repurchase, dividend, hedging, and investment fair value tags, with no narrative text describing a specific new event, deal, or regulatory action. The filing therefore appears to function as a vehicle for financial exhibits rather than a substantive announcement, and no net change in performance can be verified from the excerpt alone.

  • · Filing references Notes due May 2033 (2.625%) with a date of October 28, 2026, suggesting a debt-related disclosure tied to the filing date.
  • · XBRL tags reference multiple long-term debt issuances (IssuanceOfLongTermDebt One through Thirteen) for the period July 1, 2025 to June 30, 2026.
  • · Activision Blizzard acquisition-related intangible assets (technology-based and marketing-related) are referenced with an October 13, 2023 acquisition date.
  • · Dividend tags cover quarterly declarations from fiscal 2025 Q2 through fiscal 2026 Q4, indicating continued regular dividend payments.
  • · Share repurchase tags reference program authorizations from 2021 and 2024 with activity through the June 2026 period end.
  • · OpenAI Global LLC equity-method or investment-related tags appear for fiscal 2024, 2025, and 2026, indicating ongoing disclosure of this investment.
  • · The excerpt contains no numeric dollar values, so specific amounts for revenue, earnings, or debt principal cannot be extracted from the provided text.
Honeywell Aerospace Inc. 10-Q mixed materiality 9/10

28-10-2026

Honeywell Aerospace Inc. (HONA) reported Q3 2026 net sales of $4,644M, up 2.4% from $4,533M in Q3 2025, with net income attributable to Aerospace of $726M versus $644M (+12.7%). However, nine-month net income attributable to Aerospace fell 29.1% to $1,606M from $2,265M, and total (deficit) equity swung to $(2,489)M from $8,496M at year-end 2025 following a spin-off, with total liabilities rising to $25,521M driven by $15,853M of new long-term debt.

  • · Spin-off reclassified $2,530M of Net Parent investment and resulted in 317.0M common shares outstanding
  • · Pension assets rose from $13M at year-end 2025 to $3,039M, a material balance sheet shift
  • · Q3 2026 other (income) expense was $(60)M income versus $294M expense in Q3 2025
  • · Q3 2026 interest expense rose to $187M from net income of $5M in Q3 2025, reflecting new debt
  • · Accumulated deficit of $(1,804)M and accumulated other comprehensive loss of $(800)M at September 26, 2026
  • · Cash and cash equivalents increased to $1,558M from $213M at year-end 2025
MICROSOFT CORP 10-Q mixed materiality 9/10

28-10-2026

Microsoft reported Q1 FY2027 (three months ended September 30, 2026) total revenue of $92,279 million, up 18.8% from $77,673 million a year earlier, and net income of $36,629 million, up 32.0% from $27,747 million, with diluted EPS of $4.92 versus $3.72. Operating income rose 21.0% to $45,915 million, though other income swung from a $3,660 million expense to a $38 million gain, and capital expenditures for property and equipment more than doubled to $39,367 million from $19,394 million, which drove a sharp rise in net cash used in investing activities.

  • · Net income growth (32.0%) outpaced revenue growth (18.8%), helped by the swing in other income from a $3660 Million expense to a $38 Million gain.
  • · Product revenue declined 8.1% YoY to $14631 Million, while service and other revenue grew 25.8% to $77648 Million, indicating a continued mix shift toward services.
  • · Cost of revenue rose 23.5% YoY, faster than revenue growth of 18.8%, and gross margin expanded more modestly, with gross margin of $62559 Million up 16.6%.
  • · Sales and marketing expense was flat YoY at $5716 Million versus $5717 Million.
  • · Capital expenditures more than doubled (up 102.9%) to $39367 Million, drawing down cash, equivalents and short-term investments by $12334 Million since June 30, 2026 to $64509 Million.
  • · Interest and dividends income fell 23.8% YoY to $744 Million, while interest expense rose 24.6% to $870 Million.
  • · Accumulated other comprehensive loss widened to $3857 Million from $3284 Million at June 30, 2026, driven by a $573 Million other comprehensive loss in the quarter.
  • · Cash dividends paid rose 9.6% YoY to $6757 Million, and dividends declared per share increased 7.7% to $0.98 from $0.91, while stock repurchases in cash flow fell 22.5% to $4379 Million.

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