Earnings playbook: Alphabet and Tesla are among the big companies set to report this week
The earnings season heats up this week with two megacaps set to release their latest results. Google-parent Alphabet and Tesla are among the 77 S & P 500 companies scheduled to post second-quarter reports. Investors will also have a look at IBM’s quarterly numbers, after the legacy tech giant posted preliminary figures that sent the stock plunging . The reports follow a tough week on Wall Street, with the major stock benchmarks dragged lower by a decline in semiconductors and simmering tensions between Iran and the U.S. So far, the season is off to a strong start. Of the roughly 50 S & P 500 companies that have reported, 88% have exceeded analyst earnings expectations, according to FactSet. All times ET. Tuesday General Motors is set to report earnings before the bell , with a call slated for 8:30 a.m. Last quarter: GM raised its 2026 guidance and topped Q1 earnings expectations . This quarter: The automaker’s bottom line is expected to have grown by more than 25%, according to LSEG. What to watch: “Although recent macro instability has triggered worries regarding the health of the auto market, our channel checks indicate no change thus far in consumer behavior or significant volume declines. This continues to be true for the second quarter,” wrote Deutsche Bank analyst Edison Yu. He has a buy rating on shares. What history shows: GM shares rose after the last three earnings reports, including a 15% surge following a Q3 beat. Wednesday CME Group is set to report earnings in the premarket, followed by a conference call at 8:30 a.m. Last quarter: CME earnings and revenue slightly exceeded expectations for Q1. This quarter: The exchange operator’s bottom line is forecast to have fallen slightly, per LSEG. What to watch: CME Group shares are down more than 14% over the past three months amid concerns over the emergence of perpetual futures contracts and the impact they may have on the exchange operator’s bottom line and business model. Yet Morgan Stanley analyst Michael Cyprys remains bullish on the stock, reiterating his overweight rating last week. “We view CME as best placed in a period of ongoing macro uncertainty and renewed credit concerns, with 82% of revenues derived from clearing and transaction fees, and strong moat around futures and options complex,” he wrote to clients. What history shows: CME Group has topped analyst earnings expectations in 21 of the last 22 quarters, Bespoke data shows. IBM is set to report earnings after the closing bell. Management will hold a conference call at 5 p.m. Last quarter: IBM kept its guidance intact, sending shares lower . This quarter: Analysts polled by LSEG expect the tech company to post earnings growth of more than 5%. What to watch: IBM will limp into its Q2 report, having suffered its worst session on record last week — a 25% plunge on the back of disappointing preliminary results. “While there were a few bright spots (RedHat, HashiCorp, Confluent, server/storage), we believe it will be difficult for IBM to meet its full-year guide, or get ‘double-digit’ CC software growth for CY26/27,” Oppenheimer analyst Param Singh wrote. He also downgraded the stock to perform from outperform last week . What history shows: IBM stock fell after four of the company’s last five quarterly releases. To be sure, its bottom line exceeds expectations 85% of the time, according to Bespoke. Tesla is set to report earnings after the close, with a call between analysts and leadership slotted for 5:30 p.m. Last quarter: TSLA posted an earnings beat thanks to higher auto margins . This quarter: The EV maker’s earnings are forecast to have grown by 25% from the year-earlier period, according to LSEG. What to watch: “The strength of Q2 volume in China and Europe seems to validate both the unique value proposition of Tesla vehicles and the risk of vehicle commoditization over time. Underproduction should help Q2 cash flow but low implied Cybercab output also suggests more delays in ramping up Robotaxis,” wrote Jefferies analyst Philippe Houchois. He has a hold rating on the stock. What history shows: Tesla shares have fallen after three of the company’s last four earnings releases, including an 8.2% drop on mixed Q2 2025 results. Alphabet is set to report earnings after the bell, followed by a call at 4:30 p.m. Last quarter: GOOGL raised its capex guidance for the year to as high as $190 billion. This quarter: The tech giant is expected to report earnings and revenue growth of more than 20%, according to LSEG. What to watch: BMO increased its price target on Alphabet last week to $455 from $435, implying a gain of 31% from Friday’s close. “We believe investors have ultimately come to expect that GOOGL’s Gemini models would remain highly competitive with releases from OpenAI/Anthropic, and as a result, we would anticipate investors to be concerned if GOOGL were unable to deliver a next gen model with similar levels of intelligence to Anthropic/OpenAI. Nonetheless, we believe it remains very early, and believe GOOGL has all the talent, tools and capital required to stay competitive in the foundational model race,” wrote analyst Brian Pitz. What history shows: Alphabet earnings have topped expectations for 13 straight quarters. Bespoke data also shows the stock averages a 1.3% advance on days the company posts results. Thursday Intel is set to report earnings after the close. A call with management is also scheduled for 5 p.m. Last quarter: INTC jumped after its Q1 report showed signs of growth for the chipmaker . This quarter: The chipmaker is expected to post year-on-year revenue growth of more than 12%, per LSEG. What to watch: Susquehanna’s Christopher Rolland expects strong Q2 results from Intel, though its second-half outlook is murkier, he said last week. “PC builds are expected to be significantly weaker than seasonal, driven by the worsening memory dynamics,” he told clients in a note. Rolland has a neutral rating on the stock. What history shows: Intel beats earnings expectations 77% of the time, per Bespoke. However, the stock averages a 1.3% decline on earnings days.
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