Third-Quarter Earnings Reveal Steady U.S. Consumer Spending Amid Ongoing Economic Pressures

A customer shops for groceries at a Walmart Supercenter in North Bergen, New Jersey, on Nov. 21, 2025.

Mike Segar | Reuters

The term “resilient” has become a recurring theme in recent third-quarter earnings reports, reflecting the continued spending behavior of U.S. consumers despite persistent economic headwinds.

Many companies have noted that American consumers are maintaining their purchasing habits in the face of inflation, though results vary across industries. This trend persists even as diesel prices surged to $6.52 per gallon in September and concerns over rising fuel costs, interest rates, and geopolitical tensions were expected to dampen consumer activity.

Retail sales increased 0.8% in September, building on a 1.3% gain in August, with spending at gas stations contributing significantly to the rise. Despite these economic pressures, several corporate leaders have emphasized that consumer demand remains unfazed.

“There’s been a lot of noise in the market this year. There’s a lot of geopolitical stuff,” said Royal Caribbean Chairman and CEO Jason Liberty during the company’s earnings call on Tuesday. “But I look at our business [and our results], and I think that really talks to the resilience of the business, the resilience of the consumer.”

Royal Caribbean announced stronger-than-expected bookings during its third quarter, while Sherwin-Williams’ CEO highlighted the period as a testament to the company’s strategic strength. Below is a closer look at how key companies are interpreting consumer behavior in the latest quarter:

Coca-Cola

Coca-Cola exceeded analysts’ earnings and revenue forecasts for the third quarter, despite CEO Henrique Braun describing the operating landscape as “uneven.”

The company reported flat North American unit case volumes, suggesting stable demand despite price increases. Growth in international markets supported overall volume performance. CFO John Murphy emphasized the sustained momentum, noting that consumers across income levels continue to seek value, a trend the company has effectively addressed.

Coca-Cola has revised its full-year outlook upward and now projects at least 11% growth in comparable earnings per share, an improvement from its earlier forecast of 9% to 10%.

Royal Caribbean

The cruise operator surpassed Wall Street’s earnings per share estimates but came in slightly below revenue expectations.

“Our third quarter results reflect continued strong consumer demand for our vacation experiences and the accelerated momentum across our industry-leading brands,” said CEO Liberty. The company served 2.7 million guests in the quarter, representing a 9% year-over-year increase. Bookings for 2027 are already trending up significantly, reinforcing robust travel demand.

Luxury cruising continues to attract consumer interest, with Liberty noting that even amid challenges, travelers return enthusiastically to vacation experiences.

Royal Caribbean’s stock rose over 8% in Tuesday trading following the report.

Sherwin-Williams

Sherwin-Williams delivered better-than-expected revenue in the third quarter but missed earnings per share projections.

CEO Heidi Petz said the results reflect “the resilience of our Company and the strength of our strategy in a challenging demand environment.” While overall market volumes remained subdued, the company managed to expand customer acquisition and sales across all segments.

Net sales grew 7.9% compared to the prior year, driven primarily by higher pricing. However, elevated raw material costs and supply chain expenses weighed on profitability. The company reaffirmed its full-year guidance, citing cautious optimism backed by current consumer sentiment and market indicators pointing toward modest demand through 2027.

UPS

Mario Tama | Getty Images

UPS reported better-than-expected earnings and revenue for the third quarter, driven by growth in domestic shipping volume and improved operational efficiency.

U.S. revenue rose 4.5% year-over-year to $14.86 billion. CEO Carol Tomé indicated that consumer spending patterns remain steady ahead of the holiday season. She noted that while daily shipping volume is expected to grow in line with last year’s pace, the company anticipates a decline in fourth-quarter domestic volume due to reduced deliveries with Amazon.

As part of a broader restructuring initiative, UPS is scaling back its Amazon partnership to refocus resources and streamline operations. The company raised its full-year revenue forecast for the second consecutive quarter, now expecting approximately $92.6 billion in consolidated revenue, up from previous guidance of $91.2 billion.

Shares closed up more than 4% after the announcement.

Whirlpool

Not all companies have experienced similar levels of consumer strength. Whirlpool reported declines in both revenue and profit for the third quarter, missing analyst expectations across both metrics. Additionally, the company lowered its full-year revenue guidance.

North American net sales fell over 8% year-over-year during the quarter ending Sept. 30. CFO Roxanne Warner acknowledged the challenges but emphasized ongoing efforts to manage costs and preserve financial flexibility. “Through disciplined working capital management, we are protecting our year-end free cash flow and balance sheet resilience to navigate challenging market conditions,” she stated in the earnings release.

Whirlpool’s shares declined nearly 1% in Tuesday trading.

— Contributions from CNBC’s Amelia Lucas and Laya Neelakandan.

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