This week is the busiest week of earnings season and a critical time for the overall stock market. According to FactSet data, 158 S&P 500 companies are scheduled to report earnings this week. These include giants like Apple, Amazon, Meta Platforms, and Microsoft. The earnings season so far has been generally strong. About 27% of the S&P 500 has reported second-quarter results. Of those, 82% exceeded expectations, according to FactSet. But importantly, Tesla and Alphabet recorded two high-profile failures last week that put pressure on the overall market. Last week, the S&P 500 fell 0.6%, marking its second straight week of declines. Not only did Tesla and Alphabet weigh on the index, but rising oil prices also weighed on stocks. Always Eastern Time. On Tuesday, Coca-Cola is scheduled to report earnings before the bell, followed by a conference call between management and analysts at 8:30 a.m. Last quarter: KO beat analyst estimates and raised its earnings outlook on increased beverage demand. This quarter: The beverage giant is expected to report year-over-year revenue growth of more than 5%, according to LSEG. What to watch: “We believe the key question in print for the second quarter concerns the scope and duration of the cybersecurity event that temporarily halted Fairlife’s production. Given that these details are still unknown, we note that we have not explicitly incorporated any related headwinds into our North American forecast for the third quarter at this time,” Barclays analyst Lauren Lieberman wrote last week. History shows us this: Coca-Cola stock has risen on two of the past three closing days. Bespoke Investment Group data also shows the Atlanta-based company has exceeded revenue estimates for nine consecutive quarters. On Wednesday, Microsoft is scheduled to report earnings after the market closes. Management will then hold a conference call at 5:30 p.m. Last quarter: MSFT called for $190 billion in spending in 2026, due in part to rising memory prices. This quarter: According to LSEG, Xbox and Windows owners are expected to report double-digit revenue and revenue growth from the same period last year. What to watch: Morgan Stanley analyst Adam Wood is bullish on Microsoft ahead of earnings, and his $600 target suggests a potential upside of more than 57% from Friday’s close. “Better-than-expected capacity-driven Azure growth changes and Copilot monetization support revenue growth in the high teens. Significant gross margin (percentage) headwinds are offset by operating leverage,” he said in a letter to clients last week. History shows us this: Microsoft stock has fallen after the company’s last three earnings releases, including a 10% drop following the company’s 2026 fourth-quarter report in January. Meta Platforms is scheduled to report earnings after the market, with a conference call scheduled for 4:30 p.m. Last quarter: META reported disappointing user numbers and lackluster capital expenditure numbers. This quarter: The Facebook and Instagram parent company is expected to see revenue growth of more than 25%, according to LSEG. However, profits are estimated to have increased slightly. What to watch: JPMorgan’s Doug Anmuth maintained a neutral rating on the stock heading into his report. “While we expect Meta to continue working towards a core AI product that can be leveraged across a user base of approximately 4 billion people, Meta has the flexibility to monetize improved models and critical infrastructure to generate better (return on investment) across AI spend,” he said this month. “To be more positive, we note increasing use of Muse Spark 1.1 and future models internally, growing developer and enterprise adoption, and signs of potential (large language model) share change.” What history shows: According to Bespoke data, Meta is up an average of 1.9% on the balance sheet date. However, the stock has declined in two of the last three quarterly announcements, including one by 11%. Qualcomm is scheduled to release its financial results after the closing bell. The conference call is scheduled for 4:45 p.m. Last quarter: QCOM soared after CEO Cristiano Amon made bullish comments about orders from China. This quarter: The chipmaker’s revenue is expected to drop nearly 20% year over year, according to LSEG data. What to watch: Qualcomm underperformed in this week’s report, with its stock down 10% for the month. Can an upcoming release bring the stock out of its funk?History shows us: Qualcomm’s earnings have exceeded expectations for 12 consecutive quarters. However, the stock price fell after nine of those releases. On Thursday, Amazon is scheduled to report earnings after the closing bell, with a conference call scheduled for 5 p.m. Last quarter: AMZN beat earnings thanks to strong cloud growth. This quarter: According to LSEG, the leading e-commerce platform’s profits are expected to grow approximately 8% year-over-year. What to watch: “We continue to have a constructive outlook on AMZN ahead of Q2 2026 earnings, which should show further growth acceleration (for Amazon Web Services) and above-industry growth across e-commerce and digital advertising,” said Truist Secutities analyst Youssef Squali. He has a buy rating on Amazon. History shows us: Amazon has only a 58% chance of beating second-quarter revenue estimates, according to Bespoke data. Apple is scheduled to announce its financial results after the market close. Management will then hold a conference call at 5 p.m. Last quarter: AAPL reported better-than-expected revenue guidance thanks to strong demand for iPhones and Macs. This quarter: iPhone is expected to see earnings growth of about 20% year over year, LSEG said. What to watch: “We expect strong Q3 results due to strong iPhone growth and stable service trends. Memory pricing remains a daunting headwind, but rising prices should ease pressure. Valuations look rich relative to historical trends, suggesting a lot may be priced in, but strong free cash flow, upcoming product cycles, and Siri “We expect early positive comments about AI to support the stock,” Robert W. Baird analyst Will Power wrote last week. He has an Outperform rating on Apple. History shows us: According to Bespoke, Apple has a stellar revenue record, with revenues exceeding expectations 90% of the time.
