Earnings playbook: Apple and other megacaps lead busiest week of the season
It’s the busiest week of the earnings season, and it comes at a critical juncture for the broader stock market. FactSet data shows 158 S & P 500 companies are scheduled to post results this week. Among them are megacaps Apple, Amazon, Meta Platforms and Microsoft. The earnings season thus far has been mostly positive. About 27% of the S & P 500 has reported Q2 results. Of those, 82% have beaten expectations, according to FactSet. But, importantly, Tesla and Alphabet marked two high-profile misses, putting pressure on the entire market last week. The S & P 500 fell 0.6% last week, its second straight weekly decline . Beyond Tesla and Alphabet putting pressure on the index, rising oil prices also weighed on equities. All times ET. Tuesday Coca-Cola is set to report earnings before the bell, followed by a conference call between management and analysts at 8:30 a.m. Last quarter: KO topped analyst estimates and raised its earnings outlook on increased beverage demand . This quarter: The beverage giant is expected top report year-over-year earnings growth of more than 5%, per LSEG. What to watch: “We think a key question at the 2Q print will be around the scope and duration of the cybersecurity event that has temporarily suspended Fairlife production. Given these details remain unknown, we’d note we’ve not explicitly embedded any related headwind in our North America forecasts for 3Q at this juncture,” wrote Barclays analyst Lauren Lieberman last week. What history shows: Coca-Cola shares rose after two of the last three earnings days. Bespoke Investment Group data also shows the Atlanta-based company has beaten earnings expectations for nine straight quarters. Wednesday Microsoft is set to report earnings after the market closes. Management will then hold a call at 5:30 p.m. Last quarter: MSFT called for $190 billion in spending for 2026 due in part to soaring memory prices . This quarter: The Xbox and Windows owner is forecast to report double-digit earnings and revenue expansion from the year earlier period, according to LSEG. What to watch: Morgan Stanley analyst Adam Wood is bullish ahead of Microsoft earnings, with his $600 target signaling upside of more than 57% from Friday’s close. “Greater than expected capacity-driven Azure growth inflection and Copilot monetization supports high-teens revenue growth. Meaningful gross margin [percentage] headwinds are offset by operating leverage,” he wrote to clients last week. What history shows: Microsoft shares fell after the company’s last three earnings releases, including a 10% slide on the back of the fiscal Q4 2026 report unveiled in January. Meta Platforms is set to report earnings post-market, with a call slated for 4:30 p.m. Last quarter: META reported disappointing user numbers and lackluster capital spending figures . This quarter: The Facebook and Instagram parent is expected to post revenue growth of more than 25%, according to LSEG. Earnings, however, are estimated to have grown marginally. What to watch: JPMorgan’s Doug Anmuth kept his neutral rating on the stock heading into the report. “We expect Meta to continue to work towards core AI products that can be leveraged across its base of ~4B users, but Meta has the flexibility to monetize improved models & significant infrastructure to generate better [return on investment] across AI spend,” he noted this month. “To become more positive, we look for increasing signs of Meta using Muse Spark 1.1 & future models internally, greater developer & enterprise adoption, & potential [large language model] share shift.” What history shows: Meta averages a 1.9% gain on earnings days, Bespoke data shows. But the stock fell after two of the last three quarterly releases, including one 11% slide. Qualcomm is set to report earnings following the closing bell. A conference call is set for 4:45 p.m. Last quarter: QCOM soared after CEO Cristiano Amon gave bullish comments on China orders . This quarter: The chipmaker’s bottom line is expected to have fallen nearly 20% year over year, LSEG data shows. What to watch: Qualcomm comes into this week’s report on the backfoot, with the stock down 10% for the month. Can the upcoming release lift shares out of their funk? What history shows: Qualcomm earnings have beaten expectations for 12 straight quarters. But the stock fell after nine of those releases. Thursday Amazon is set to report earnings after the closing bell, with a conference call slated for 5 p.m. Last quarter: AMZN posted an earnings beat thanks to strong cloud growth . This quarter: The dominant e-commerce platform’s earnings are forecast to have grown by about 8% year on year, according to LSEG. What to watch: “We remain constructive on AMZN ahead of 2Q26 results which should show further growth acceleration at [Amazon Web Services] and above-industry growth across eCommerce and Digital Ads,” wrote Truist Secutities analyst Youssef Squali. He has a buy rating on Amazon. What history shows: Bespoke data shows Amazon tops Q2 earnings expectations just 58% of the time. Apple is set to report earnings after the close. Management will then hold a call at 5 p.m. Last quarter: AAPL issued revenue guidance that topped expectations thanks to strong iPhone and Mac demand . This quarter: The iPhone is expected to see year-over-year profit growth of around 20%, LSEG says. What to watch: “We expect solid FQ3 results, driven by strong iPhone growth and steady services trends. Memory pricing remains a daunting headwind, though price increases should ease the pressure. Valuation looks rich relative to past trends, suggesting much may be priced in, but we expect the strong free cash flow, upcoming product cycle and early positive comments on Siri AI to support the stock,” Will Power, analyst at Robert W. Baird, wrote last week. He has an outperform rating on Apple. What history shows: Apple has a stellar earnings record, with its bottom line exceeding estimates 90% of the time, according to Bespoke.
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