U.S. stock Q3 earnings: So far, so good

Latest developments show that the positive momentum of the U.S. earnings season continues. Intel became the latest tech giant to beat expectations on Thursday, following upbeat reports from Coca-Cola, 3M, and General Motors. According to LSEG data, among the 130 S&P 500 constituents that have reported results so far, a striking 86% exceeded analysts’ earnings estimates. Sonu Varghese, Global Macro Strategist at Carson Group, stated: “I think the importance of earnings data has increased,” and the overall takeaway from the results released to date is that “everything looks good.” Indeed, the performance of U.S. stocks’ Q3 earnings can be summed up as: so far, so good. Buoyed by these strong results, the S&P 500 rose 0.6% on Thursday and gained 1.1% for the week—now just shy of its all-time high. With the partial U.S. government shutdown now stretching into its third week, key economic reports—including those on labor markets, consumer spending, and inflation—have been suspended. As a result, corporate earnings have attracted unusually heightened attention, becoming the market’s most critical window into the economy’s trajectory. Although robust earnings have temporarily eased market sentiment, underlying risks remain unresolved. Ongoing trade tensions continue to weigh on markets. Meanwhile, recent corporate bankruptcies and fraud cases have also raised investor concerns about the health of credit markets. A strong start to the earnings season: Multiple industry giants beat expectations This earnings season has delivered numerous highlights, with several industry leaders lifting market confidence through outstanding results and improved guidance. After reporting surging demand for full-size SUVs and raising its full-year outlook, General Motors saw its shares surge 15% on Tuesday—the largest single-day gain since 2020—and close at an all-time high. On the same day, 3M’s stock jumped 7.7%, reaching a four-year high, after it raised its profit forecast. Performance across other sectors has also been encouraging. Dow Chemical reported a decline in Q3 profit—but one smaller than expected—propelling its shares up 13% on Thursday, making it the top-performing stock in the S&P 500 that day. Las Vegas Sands, the casino and resort operator, also posted better-than-expected profits, boosted by international investments, sending its shares soaring nearly 12% on Thursday.

Top 20 Global Chemical Companies by Revenue in 2025

In 2025, the global chemical industry continued its trend of “revenue growth without profit growth.” Among 59 leading domestic and international companies, financial performance diverged sharply—some achieved countercyclical growth by divesting non-core businesses, while others faced severe challenges due to rising costs and weak market demand—prompting deep reflection on evolving industry dynamics. (I) Global Chemical Giants: Profitability Reigns Supreme; the Strong Get Stronger Globally, the effects of market consolidation are bearing fruit. Linde delivered an outstanding performance in 2025, achieving record annual revenue of $34 billion—a 3% year-on-year increase—with an operating margin approaching 30%, underscoring the industrial gas giant’s exceptional profitability and resilience. PPG also stood out, posting a 17% jump in net income to $1.571 billion—the highest in recent years. By contrast, BASF—the industry’s long-standing “pioneer”—had a steady year. Its annual revenue totaled €59.657 billion (approximately $70 billion); although sales declined slightly year-on-year, its net income attributable to shareholders doubled to €1.313 billion, reflecting solid core profitability. (II) Agrochemicals & European Segment: Bright Spots Amidst a Winter Chill Companies in Europe and the agrochemical sector demonstrated notable resilience. Syngenta reported full-year revenue of $28.4 billion; excluding its strategically scaled-back, low-margin grain trading business, its underlying revenue grew 2% year-on-year—evidence of stable core operations. DSM-Firmenich maintained revenue at approximately €9 billion, essentially flat versus last year. Amid this cyclical downturn, multiple firms opted to sell non-core assets to generate cash and sharpen focus on high-margin core businesses—a strategic shift gradually reshaping the competitive landscape of the global chemical industry. (III) Chinese Strength: Rongsheng Petrochemical Soars Against the Trend, Returns to Profitability in Q3 Among the 59 companies, Chinese enterprises stood out notably. Rongsheng Petrochemical emerged as the undisputed “revenue champion” in this earnings roundup, posting full-year revenue of RMB 308.622 billion—ranking third among the industry’s top ten firms, behind only China’s two national oil companies. More importantly, its net income attributable to shareholders rose 17.09% year-on-year to RMB 848 million, signaling that its strategic pivot toward new materials is beginning to bear fruit. Quarterly data further shows the company returned to profitability in Q3, indicating a steady recovery in the profitability of its integrated refining-and-petrochemical value chain. (IV) Risks in the Chemical Industry Against the backdrop of intensifying industry divergence, some companies face severe operational difficulties. Dow posted a full-year net loss of $2.623 billion—swinging from profit to loss. INEOS widened its losses to €659 million, while Covestro recorded a net loss of €644 million. Overall, the chemical industry in 2025 is undergoing a rigorous “survival-of-the-fittest” shakeout.

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