One of the busiest weeks of earnings season is here, with more than 150 S&P 500 companies scheduled to report. Among the stocks on deck are the five “Magnificent Seven” companies: Apple, Amazon, Alphabet, Meta Platforms, and Microsoft. Others include UnitedHealth and Caterpillar. So far, our third quarter results are off to a strong start. More than three-quarters of companies that have reported earnings so far have exceeded analysts’ earnings estimates, according to FactSet data. But there have also been some high-profile failures, including Netflix and Tesla. Both companies announced financial results that lowered their stock prices. Let’s take a look at what to expect in a week that could make or break third-quarter results. All times are ET. On Tuesday, UnitedHealth is scheduled to report earnings before the bell, followed by an 8 a.m. call Last quarter: UNH said 2025 earnings will be worse than expected. This quarter: The insurance giant’s revenue is expected to be down about 60% year over year, according to LSEG. What to watch: Despite the insurance giant’s struggles this year (its stock price is down about 30% this year), Morgan Stanley analyst Erin Wright said last month that she is “confident about the turnaround.” Will these results be the beginning of a rebound?History shows us: UNH’s earnings beat earnings estimates 91% of the time, according to data from Bespoke Investment Group. However, the company’s bottom line fell short of expectations for the past two quarters. Caterpillar on Wednesday is scheduled to announce earnings in the premarket. A conference call with analysts is scheduled for 8:30 a.m. Last quarter: CAT reported mixed results, with earnings below expectations and sales above expectations. Current quarter: The construction equipment maker is expected to report a 12% year-over-year profit decline, according to LSEG. What to watch: Despite the stock’s 20% rise in the past three months, Morgan Stanley analysts expect Caterpillar to report lackluster results in the third quarter. “Investors will be focused on the impact of Section 232 tariff expansion and its impact on EPS in FY25 and FY26. Investors will also be focused on continued progress in inventory reduction and whether the company is on track to reach retail-level production by Q1 ’26,” they said in a note. What history shows: Caterpillar’s profits have been lower than expected in the past two quarters, Bespoke said. However, after the release of both of them, the stock managed to close slightly higher. Meta Platforms is scheduled to report earnings after the bell. A conference call with analysts will take place at 4:30 p.m. Last quarter: META rose 10% on higher expectations than sales. This quarter: The parent company of Instagram and WhatsApp is expected to report revenue growth of about 20%, according to LSEG. What to watch: “Following Meta’s historic Q2 results, the pressure is on to prove it was more than a flash in the pan. More frankly, not all the levers were pulled at once to force a big capex and expense account for 2026. Meta sees Chinese e-commerce ad buyer return, Flex “We join the performance durability camp as we benefit from continued increases in time spent, including strong checks on advertising products such as “and a healthy increase in thread usage,” and solid Meta smart glasses sales,” Bernstein analyst Mark Schmulik wrote this month. He has an Outperform rating on the stock. What History Shows: According to Bespoke, Meta has an average return of 2.2% on the balance sheet date. Alphabet plans to report earnings after the close, followed by a call at 5:30 p.m. Last quarter: GOOGL beat revenue expectations and raised expense expectations. This quarter: The search giant’s revenue is expected to grow 8% year over year, according to LSEG. What to watch: RBC analysts expect Google and YouTube’s parent company to report “slightly higher” revenue. “The stock has revalued since the Justice Department lawsuit turned out to be more benign than expected, and investors will look for further proof of search’s durability as ChatGPT adoption continues to rise,” they said. RBC rates Alphabet as outperforming. What history shows: Alphabet stock tends to do well when the company releases quarterly results, rising an average of 1.3% on earnings day, according to Bespoke. Microsoft is scheduled to announce its financial results after the market close. Management is scheduled to hold a conference call with analysts at 5:30 p.m. Last quarter: MSFT surged 9%, outpacing revenue, with Azure revenue exceeding $75 billion. This quarter: The tech giant is expected to report double-digit profit and revenue growth, according to LSEG. What to watch: Karl Keirstead of UBS, who rates Microsoft a buy, thinks Windows and Xbox owners could report 39% revenue growth for Azure. This is higher than previous guidance, which suggested an expansion of 37% to 38%. History shows us: According to Bespoke, Microsoft beats earnings estimates 82% of the time. Thursday Eli Lilly is scheduled to report earnings before the bell, followed by a call at 10 a.m. Last quarter: LLY raises full-year guidance and beats quarterly estimates, thanks to sales of Mounjaro and Zepbound. Current quarter: According to LSEG, analysts expect earnings to increase 400% year-over-year. Highlights: “Mounjaro/Zepbound net price headwinds and Zepbound CVS headwinds have resulted in a slight downward revision to both companies’ forecasts, but (1) this is not a huge surprise given the company’s comments, (2) both companies’ underlying TRx trends still look convincing entering Q3, (3) There remains optimism about the possibility of a European Commission national review voucher for Orforgripron, and it may be brought forward.”That approval and support…is an upturn in 2026 numbers,” Cantor Fitzgerald analyst Carter Gould wrote last week. He has an overweight rating on LLY. History shows us: Eli Lilly’s revenue has exceeded expectations for three consecutive quarters, according to Bespoke data. Amazon plans to report earnings after the deal closes, followed by a call at 5 p.m. Last quarter: AMZN issues a gloomy outlook that masks better-than-expected results. This quarter: Analysts expect the e-commerce platform’s revenue to rise nearly 10%. What to watch: Bank of America’s Justin Post estimates Amazon Web Services’ revenue will rise more than 17% year-over-year, and expects revenue to be slightly above consensus. He rates the stock a buy. History shows us this: Amazon stock tends to struggle when the company releases third-quarter numbers. The company’s average return after releasing third-quarter numbers is 1.2%, according to custom data. Apple is scheduled to report earnings after the stock market closes, and a conference call is set for 5 p.m. Last quarter: AAPL reported its largest revenue growth since late 2021. Current quarter: Analysts surveyed by LSEG expect earnings and sales to each increase about 7% year over year. What to watch: Wall Street analysts are looking to jump back on the Apple bandwagon ahead of the company’s next report on the back of signs of strong iPhone 17 sales. Investors will be looking for signs of further momentum on this front, as well as updates on the AirPods maker’s efforts in artificial intelligence. History shows us: Apple’s earnings haven’t been lower than expected since 2023. But the stock price has fallen on each of the past three earnings days, Bespoke said.
