The busiest week of the Q3 2026 earnings season starts with markets on the defensive. On Friday, October 30, the Nasdaq Composite fell 2.9%, its sharpest one-day drop since early June. Intel (INTC) plunged more than 28% and Amazon (AMZN) disappointed, which revived worries about the cost of the AI capex boom. The Philadelphia Semiconductor Index lost 7.2% that day and more than 15% for October. The Nasdaq ended the month 7.8% below its October 6 record close.
Rates and oil add pressure. The Federal Reserve, now led by Chair Kevin Warsh, held the fed funds range at 3.75%-4.00% on October 28 after raising rates in September for the first time in more than three years. Two policymakers wanted another quarter-point hike. Brent crude rose 13.6% in October to settle near $117.64 as attacks on shipping in the Strait of Hormuz complicated efforts to end the U.S.-Israel war with Iran. That backdrop explains much of this week's dispersion: oil producers and refiners are expected to post very large profit gains, while consumer-facing and travel names have to show demand can absorb higher fuel costs.
The political calendar is just as busy. Americans vote in the midterm elections on Tuesday, November 3. In Brazil, Luiz Inácio Lula da Silva's surprise re-election on October 25 set off a historic selloff in local assets, just before ITUB and MELI report. The week ends with the October U.S. payrolls report on Friday, which could shape expectations for the Fed's December decision.
Below, the 46 reporters are grouped by sector. Each profile covers recent results, the consensus figures the company will be measured against, analyst sentiment and the issues that could move the stock. Consensus figures are adjusted (non-GAAP) EPS unless noted. Estimates for foreign issuers are shown per U.S.-listed share or ADR in U.S. dollars unless another currency is specified.
| Day | Company (Ticker) | Period Reported | Timing | Consensus EPS | Consensus Revenue |
|---|---|---|---|---|---|
| Mon, Nov 2 | Marriott International (MAR) | Q3 2026 | Before open | $2.86 | $6.93B |
| Mon, Nov 2 | Apple (AAPL) | Fiscal Q4 2026 | After close | $1.98 | $113.4B |
| Mon, Nov 2 | Palantir Technologies (PLTR) | Q3 2026 | After close | $0.41 | $2.18B |
| Mon, Nov 2 | Vertex Pharmaceuticals (VRTX) | Q3 2026 | After close | $4.80-$4.92 | $3.42B |
| Mon, Nov 2 | The Williams Companies (WMB) | Q3 2026 | After close (call Nov 3) | $0.55 | $2.99B |
| Mon, Nov 2 | Diamondback Energy (FANG) | Q3 2026 | After close (call Nov 3) | $4.92-$5.72 | $4.60B |
| Tue, Nov 3 | Shopify (SHOP) | Q3 2026 | Before open | $0.45 | $3.70B |
| Tue, Nov 3 | Pfizer (PFE) | Q3 2026 | Before open | $0.72 | $15.85B |
| Tue, Nov 3 | Eaton Corporation (ETN) | Q3 2026 | Before open | $3.54 | $8.53B |
| Tue, Nov 3 | Marathon Petroleum (MPC) | Q3 2026 | Before open | $25.37-$25.74 | $46.60B |
| Tue, Nov 3 | Advanced Micro Devices (AMD) | Q3 2026 | After close | $1.94 | $13.09B |
| Tue, Nov 3 | Amgen (AMGN) | Q3 2026 | After close | $5.74-$5.79 | $10.07B |
| Tue, Nov 3 | Arista Networks (ANET) | Q3 2026 | After close | $1.08 | $3.33B |
| Tue, Nov 3 | Booking Holdings (BKNG) | Q3 2026 | After close | $4.48 | $9.55B |
| Tue, Nov 3 | Suncor Energy (SU) | Q3 2026 | After close (call Nov 4) | $2.35 | $10.7B-$12.0B |
| Tue, Nov 3 | Itaú Unibanco Holding (ITUB) | Q3 2026 | After close (call Nov 4) | $0.22 | $9.57B |
| Wed, Nov 4 | Toyota Motor (TM) | Fiscal Q2 2027 (Jul-Sep) | Nov 5 Tokyo time (late Nov 4 ET) | $3.37 per ADR | $84.7B |
| Wed, Nov 4 | Novo Nordisk (NVO) | Q3 2026 | Before open | $0.81 per ADR | DKK 73.25B |
| Wed, Nov 4 | CVS Health (CVS) | Q3 2026 | Before open | $1.62 | $104.7B |
| Wed, Nov 4 | Uber Technologies (UBER) | Q3 2026 | Before open | $0.86-$0.94 | $14.67B |
| Wed, Nov 4 | Datadog (DDOG) | Q3 2026 | Before open | $0.64 | $1.15B |
| Wed, Nov 4 | McDonald's (MCD) | Q3 2026 | Before open | $3.36 | $7.28B |
| Wed, Nov 4 | Emerson Electric (EMR) | Fiscal Q4 2026 | Before open | $1.85 | $5.11B |
| Wed, Nov 4 | Qualcomm (QCOM) | Fiscal Q4 2026 | After close | $2.16 | $10.14B |
| Wed, Nov 4 | McKesson (MCK) | Fiscal Q2 2027 | After close | $10.69 | $109.9B |
| Wed, Nov 4 | Arm Holdings (ARM) | Fiscal Q2 2027 | After close | $0.48 | $1.38B |
| Wed, Nov 4 | MercadoLibre (MELI) | Q3 2026 | After close | $9.41 | $10.69B |
| Wed, Nov 4 | Motorola Solutions (MSI) | Q3 2026 | After close | $4.41 | $3.25B |
| Wed, Nov 4 | AppLovin (APP) | Q3 2026 | After close | $3.94-$4.04 | $2.08B |
| Thu, Nov 5 | Sony Group (SONY) | Fiscal Q2 FY2026 (Jul-Sep) | Early morning ET | $0.38 per ADS | $20.15B |
| Thu, Nov 5 | National Grid (NGG) | Half-year FY2026/27 (Apr-Sep) | Before U.S. open | Guidance-based | - |
| Thu, Nov 5 | Cigna Group (CI) | Q3 2026 | Before open | $7.46-$7.52 | $72.6B |
| Thu, Nov 5 | Duke Energy (DUK) | Q3 2026 | Before open | $1.87 | $8.91B |
| Thu, Nov 5 | Southern Company (SO) | Q3 2026 | Before open | $1.71 | $8.38B |
| Thu, Nov 5 | Canadian Natural Resources (CNQ) | Q3 2026 | Before open | $1.05 | $8.79B |
| Thu, Nov 5 | Parker-Hannifin (PH) | Fiscal Q1 2027 | Before open | $8.23 | $5.81B |
| Thu, Nov 5 | ConocoPhillips (COP) | Q3 2026 | Before open | $2.95 | $18.1B-$18.6B |
| Thu, Nov 5 | Cloudflare (NET) | Q3 2026 | After close | $0.35 | $737M |
| Thu, Nov 5 | Airbnb (ABNB) | Q3 2026 | After close | $2.85-$2.89 | $4.75B |
| Thu, Nov 5 | Monster Beverage (MNST) | Q3 2026 | After close | $0.30 | $2.49B |
| Thu, Nov 5 | Lumentum Holdings (LITE) | Fiscal Q1 2027 | After close | $4.22 | $1.25B |
| Thu, Nov 5 | EOG Resources (EOG) | Q3 2026 | After close (call Nov 6) | $4.45 | $7.26B |
| Fri, Nov 6 | Enbridge (ENB) | Q3 2026 | Before open | $0.36 | - |
| Fri, Nov 6 | Moderna (MRNA) | Q3 2026 | Before open | -$1.10 to -$1.37 | $890M |
| Fri, Nov 6 | Humana (HUM) | Q3 2026 | Before open | -$1.00 to -$1.03 | $40.87B |
| Fri, Nov 6 | Brookfield Asset Management (BAM) | Q3 2026 | Before open | $0.46-$0.47 | $1.59B |
Where published estimates differ meaningfully between data providers, a range is shown.
The AI hardware trade starts this week under pressure. Chip stocks had their worst month in years in October, and Intel's PC warning dragged the group down on the last trading day. The questions are whether hyperscaler demand is still accelerating, whether memory costs are squeezing margins, and whether guidance supports current valuations.
AMD is arguably the week's most important semiconductor report. Shares fell 10.9% on Friday to $504.80, well below the 52-week high of $658.52. Analysts expect Q3 adjusted EPS of $1.94, up from $1.20 a year ago, on revenue of $13.09 billion, compared with $9.25 billion in Q3 2025. Management guided to about $13 billion, plus or minus $300 million, with non-GAAP gross margin near 56%. In Q2, AMD earned $1.66 per share on revenue of $11.54 billion, and Data Center sales more than doubled to $6.7 billion. The Street expects Data Center revenue of about $8.3 billion this quarter.
The key is the outlook. Investors want evidence that the MI450/Helios rack-scale ramp is on schedule with customers such as OpenAI, Meta, Microsoft and Oracle, a Q4 guide around the mid-$16 billion range that analysts are modeling, and early comments on 2027 Data Center growth. Sentiment is still very positive: 22 of 25 recent ratings are bullish, and the average price target of $650.96 implies large upside if the AI narrative holds. Options imply a move of roughly 7.6%.
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Arista enters the report about 20% below its highs after an 8.3% drop on Friday to $168.86. In Q2 it posted its first $3 billion quarter: revenue of $3.04 billion rose 37.7% and beat estimates by more than $200 million, and EPS of $1.02 topped the $0.89 consensus. Management then raised fiscal 2026 revenue guidance to $12.6 billion, about 40% growth. Consensus for Q3 is EPS of $1.08, up from $0.75, on revenue of $3.33 billion, up from $2.31 billion. That is in line with guidance of about $3.3 billion and roughly 63% gross margin.
Gross margin is the swing factor. It fell to 63.4% in Q2 on customer mix, and rising memory and silicon costs will be offset by price increases only late this year or in 2027. Deferred revenue of $6.9 billion and purchase commitments of $9.7 billion point to strong demand visibility. Arista is one of the most favored names on the Street: all 15 tracked recent ratings are bullish, with an average target of $241.20.
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Qualcomm closes its fiscal year in a weak spot. Shares fell 11.1% on Friday to $164.79 after Intel's PC warning. Consensus calls for EPS of $2.16 on revenue of $10.14 billion, down from $3.00 and $11.27 billion a year ago, as Apple modem revenue fades and memory costs weigh on Android handset builds. Guidance was $9.7-$10.5 billion in revenue and $2.05-$2.25 in non-GAAP EPS. Last quarter, revenue of $9.95 billion beat estimates while EPS of $2.21 was a penny short.
Analysts expect QCT handset revenue of about $5.2 billion, down roughly 25%, but automotive is expected to post a record of about $1.7 billion, up around 60%. Management said Chinese OEM revenue likely bottomed in the June quarter, but Apple-related revenue is expected to fall about 50% from the September to the December quarter. December-quarter guidance (consensus near $10.6 billion), restructuring charges from recent layoffs and data-center progress will matter more than the quarter itself. Sentiment is lukewarm: 11 of 18 recent ratings are neutral, with an average target of $204.39.
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Arm has fallen from a 52-week high of $452.70 to $205.97, including a nearly 10% drop on Friday. Analysts expect fiscal Q2 EPS of $0.48 and revenue of $1.38 billion, up from $0.39 and $1.14 billion a year ago. That sits at the midpoint of guidance of $1.38 billion plus or minus $50 million. Last quarter Arm earned $0.45 per share on revenue of $1.29 billion, up 22%, with royalties of $715 million and licensing of $574 million.
Two new issues dominate. The first is Arm's move into selling its own silicon: management said demand for its AGI CPU exceeds $2 billion across fiscal 2027 and 2028. The second is a pending court ruling in its dispute with Qualcomm, which generated about $443 million of Arm's fiscal 2026 revenue. Smartphone royalties could also suffer from higher memory costs. Of 16 recent ratings, 12 are bullish, and the average target is $320.19. Options imply a move of more than 10%.
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Lumentum reports while potentially in play. On October 28, Bloomberg reported that Marvell Technology (MRVL) is in advanced talks to acquire the optical-components maker in what would be one of the largest tech deals on record. Neither company has confirmed the talks, and they could still end without an agreement. The fundamentals are also strong. Consensus calls for EPS of $4.22, up about 284%, on revenue of $1.25 billion, up about 135%, against guidance of $1.225-$1.275 billion and $4.05-$4.35. Last quarter Lumentum beat with $3.23 per share on revenue of $1.01 billion, and the stock jumped 13.6% the next day.
Investors will watch demand for 1.6T transceivers and optical circuit switches (guided above $100 million this quarter), indium-phosphide laser capacity, and the guided operating margin of 39.5%-40.5%. Shares fell 8.6% on Friday to $840.70, still well above the 52-week low of $184.20. The average analyst target is $1,074.77.
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High-growth software has been hit by fears that AI will disrupt traditional business models and by concerns about compute costs. This group carries the week's largest implied moves.
Palantir has beaten EPS estimates seven quarters in a row and remains the market's leading AI software name. The bar is high. Consensus for Q3 is EPS of $0.41 and revenue of $2.18 billion, about 85% growth, slightly above management's guidance of $2.160-$2.164 billion. In Q2, revenue rose 93% to $1.94 billion, U.S. commercial revenue rose 149% to $764 million, and U.S. government revenue rose 90% to $809 million. The stock gained 29.5% the day after that report.
Full-year guidance is now $8.150-$8.158 billion in revenue and $4.5-$4.7 billion in adjusted free cash flow. Another raise is close to the minimum investors expect. The stock fell 6.3% on Friday to $184.11 and trades at about 156 times trailing earnings, so valuation remains the main debate. Price targets range from $90 to $260, with an average of $212.33, and options price in a move of about 11%.
Shopify's Q2 showed the platform still gaining share: revenue rose about 34% to $3.58 billion, GMV rose 32% to $116 billion, and the stock gained 17% on the day. Consensus for Q3 is EPS of $0.45 and revenue of $3.70 billion, about 31% growth, with GMV expected near $118.7 billion. Investors will also watch payments penetration (68% last quarter), free-cash-flow margin (18%), and subscription gross margins, which have been pressured by AI costs tied to its Sidekick assistant. The holiday-quarter outlook and progress in agentic commerce are the main narrative drivers. Shares fell 5.6% on Friday to $157.49. Eighteen of 22 tracked ratings are bullish, with an average target of $177.23, and options imply about a 12% move.
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Datadog shows how hard this tape is. Its Q2 beat (EPS of $0.65 versus $0.58 and revenue of $1.12 billion versus $1.08 billion) was followed by a 19% one-day drop. The stock has since fallen another 11.5% in Friday's selloff, to $235.27. For Q3, analysts expect EPS of $0.64 and revenue of about $1.15 billion, up 29%, near the top of guidance of $1.135-$1.145 billion. Full-year revenue guidance is $4.45-$4.47 billion.
The debate is about AI customer concentration: reports that its largest AI-native customer cut usage are weighing against signs of strength from channel checks. Net revenue retention, demand from traditional enterprise customers and early 2027 commentary will drive the reaction. Analysts are strongly supportive, with 25 of 27 ratings bullish and an average target of $303.59, but options imply a move of nearly 13%.
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AppLovin is down about 60% year to date and trades near its 52-week low at $228.50, even though the business is still growing quickly. Consensus calls for EPS of $3.94-$4.04 and revenue of $2.08 billion, about 48% growth, in line with guidance of $2.055-$2.085 billion. Adjusted EBITDA is guided to $1.71-$1.74 billion, a margin of about 83%. In Q2, revenue of $1.92 billion was slightly below expectations and higher compute costs pushed EBITDA below its range, and the stock fell nearly 20%.
Investors will look for gains in the AXON model, growth in e-commerce advertising and stable compute costs. The SEC has closed its inquiry with no recommended action, which removes one overhang. The average analyst target of $449.71 is roughly double the current price. Options imply a move of about 15%, the largest this week.
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Latin America's e-commerce and fintech leader reports into Brazilian political turmoil. Consensus calls for EPS of $9.41, up from $8.32, on revenue of $10.69 billion, up from $7.41 billion. In Q2, revenue rose about 50% to $10.17 billion and EPS of $9.19 beat the $8.69 estimate, but operating margin fell to 6.7% from 12.2% because of free shipping, credit expansion, lower seller fees and competition from Shopee in Brazil.
Margin is the key issue: investors want evidence that heavy investment is building durable share rather than permanently lowering profitability. Shares fell after Lula's re-election and now trade at $1,624.53, near the 52-week low of $1,495. Ten of 12 tracked ratings are bullish, with an average target of $2,310.83.
Cloudflare guided Q3 EPS to $0.34 and revenue to $736-$737 million, about 31% growth, and consensus sits at those levels. In Q2, revenue rose about 36% to $696.1 million against an estimate of $664.7 million. Adjusted gross margin fell to 73.1% from 76.3%, and management widened its long-term range to 70%-77% as lower-margin developer and AI-inference products grow.
The main theme is agentic AI. Non-human traffic on Cloudflare's network passed human traffic in May, and the company aims to generate its first revenue from agent micropayments in 2026. Full-year revenue guidance is $2.864-$2.870 billion. Shares fell 9.5% on Friday to $280.70. Fifteen of 20 recent ratings are bullish, with an average target of $345.15.
Apple, now valued at about $5.03 trillion, kicks off the week. Consensus calls for fiscal Q4 EPS of $1.98, up from $1.85, on revenue of $113.4 billion, up from $102.5 billion. Management guided to 9%-11% revenue growth and 47%-48% gross margin, which includes about one point of benefit from tariff refunds. It also warned of tighter supply across iPhone, Mac and iPad. Analysts expect iPhone revenue of about $56.5 billion, Services of about $31.6 billion and Mac of about $9.7 billion.
Apple beat last quarter with EPS of $2.02 against $1.88, yet the stock fell 7.4% the next day, which shows that guidance matters more than the beat. This time the December-quarter outlook is critical: demand for the new iPhone lineup, including iPhone Duo, has to be weighed against memory-cost pressure on margins. Shares trade at $344.63, close to the 52-week high of $351.73. Sentiment has cooled: Loop Capital downgraded the stock to Hold in October, while JPMorgan raised its target to $360. The average target of $342.78 is roughly in line with the current price. Options imply a move of about 3.7%.
Sony reports its July-September quarter at 15:30 Tokyo time on November 5. Consensus is $0.38 per ADS on revenue of about $20.15 billion, about 5% lower year over year. In fiscal Q1, operating income rose 40% to ¥476.5 billion, helped by the weak yen. Management then raised full-year forecasts to ¥12.5 trillion in sales, ¥1.72 trillion in operating income and ¥1.21 trillion in net income.
The question is whether profit growth can last without currency help. Investors will look at PlayStation network revenue ahead of the November 19 release of Grand Theft Auto VI, memory-chip costs for console hardware, image-sensor demand and music profits. Shares trade at $25.30, and investors will look for any further increase to the full-year profit forecast.
Vertex trades at $558.88, close to its 52-week high, before a report focused on diversification beyond cystic fibrosis. Consensus calls for EPS of $4.80-$4.92 on revenue of $3.42 billion, up from $3.08 billion a year ago. Some models include charges related to the Crinetics acquisition, which closed September 1. In Q2, revenue of $3.33 billion beat estimates, but EPS of $4.73 missed slightly.
The key number is non-CF revenue. Casgevy brought in $76.4 million and Journavx $49.6 million in Q2, and management's goal of about $500 million in non-CF revenue for 2026 requires roughly $300 million in the second half. Full-year revenue guidance is $13.1-$13.2 billion, and an FDA decision in kidney disease is pending. Fourteen of 18 recent ratings are bullish, with an average target of $557.56.
Amgen has posted five straight EPS beats, including $6.29 against $5.60 in Q2 on revenue of $10.05 billion, up 9.7%. Q3 consensus is lower, at EPS of $5.74-$5.79 on revenue of $10.07 billion, because the outgoing CFO warned of a "meaningful sequential increase in operating expenses," including a $100 million upfront R&D payment. Full-year guidance was raised to $38.2-$39.4 billion in revenue and $22.30-$23.50 in non-GAAP EPS.
The main long-term driver is MariTide, Amgen's obesity candidate, with nine global Phase 3 trials underway. Repatha, which grew 37% to $953 million in Q2, carries the commercial story. Shares trade at $466.01, near the 52-week high and well above the average analyst target of $407.23. Ratings are mostly neutral (12 of 22), so the stock needs good news to justify its rally.
Pfizer trades at $30.52, near its 52-week high, with a dividend yield of about 6%. Consensus calls for Q3 EPS of $0.72, down from $0.87, on revenue of $15.85 billion, down from $16.65 billion. Much of the EPS decline reflects a $650 million charge (about $0.10 per share) tied to its Innovent deal, which Pfizer has said it will record this quarter. Pfizer beat comfortably in Q2 with EPS of $0.77 against $0.68.
Investors will watch progress against 2026 revenue guidance of $60.5-$62.5 billion, growth in launched and acquired products (up 18% last quarter), and continued declines in Comirnaty and Paxlovid. Updates on the obesity pipeline and patent expirations will shape the multiple. Analysts are cautious: eight of 12 ratings are neutral, and the average target of $29 is below the current price.
Novo reports at a difficult point in its history. The ADRs trade at $40.00, near the 52-week low of $35.12 and far below the high of $64.16, as Eli Lilly (LLY) continues to gain share in obesity and diabetes. Bloomberg consensus calls for Q3 net sales of DKK 73.25 billion, down 2.3% year over year, and adjusted operating profit of DKK 28.35 billion. ADR consensus EPS is $0.81. In Q2, adjusted operating profit was DKK 33.39 billion, EPS of $0.96 beat the $0.82 estimate, and Novo raised its 2026 outlook for the second time, to adjusted sales growth of 0% to -6% at constant exchange rates.
The Wegovy pill is the main swing factor. It had more than 5 million U.S. prescriptions as of the Q2 report and is now launching internationally, where it competes with Lilly's oral drug Foundayo. JPMorgan expects pill sales to beat estimates and guidance to rise again. Investors will also watch pressure from generic semaglutide in markets such as India.
Moderna has gone from a deeply out-of-favor stock to one of the market's biggest biotech rebounds. Shares trade at $221.72, about ten times the 52-week low of $22.28, after encouraging melanoma data for its individualized cancer vaccine, intismeran, at ESMO. Consensus calls for a Q3 loss of $1.10-$1.37 per share on revenue of about $890 million, compared with a loss of $0.51 and revenue of $1.02 billion a year ago. In Q2, the loss was $1.97 per share on revenue of $145 million, ahead of the roughly $103 million expected.
Management guided to revenue growth of up to 10% in 2026, with Q3 representing about 55% of second-half revenue, and year-end cash of $4.7-$5.2 billion. Investors will focus on intismeran filing plans, the 2027 launch timing of the flu/COVID combination shot mCOMBRIAX, and the 2027-2028 breakeven target. Analyst targets have not caught up: the average target of $93.54 is far below the current price. Options imply a move of about 9%.
Health insurers are the main test of medical-cost trends. After two difficult years, the group has rallied on margin repair, so investors will look for reassurance on 2027 pricing and Medicare Advantage star ratings.
CVS has raised its full-year EPS guidance twice this year, to $7.90-$8.10. Its Q2 EPS of $2.58 easily beat the $1.87 consensus, helped by Aetna's medical benefit ratio improving to 87.4%. Q3 consensus is EPS of $1.62, about 1% above last year, on revenue of about $104.7 billion. A reported whisper number near $1.81 suggests the real bar is higher. Management said about 140 basis points of Q2's MBR improvement came from one-time items, so Q3 will show how much of the improvement is underlying.
CVS is also suing CMS over its 2027 Medicare Advantage star ratings, which it says put more than $2 billion of 2028 payments at risk. Investors expect the first framework of 2027 headwinds, including 340B pressure and Caremark membership losses. All 17 tracked ratings are bullish, with an average target of $112 against a price of $90.25.
Cigna has beaten EPS estimates in six of the last seven quarters, including $7.78 against $7.58 in Q2 on revenue of $71.67 billion. Q3 consensus is EPS of $7.46-$7.52 on revenue of $72.6-$73.5 billion. Full-year adjusted EPS guidance is at least $30.45. Investors will compare Evernorth (PBM and specialty pharmacy) with Cigna Healthcare and look for progress on the "Lead to One" strategy and the roughly $3 billion productivity program outlined at its recent investor day. Jefferies recently downgraded the stock to Hold, but 13 of 17 tracked ratings remain bullish, with an average target of $342.88 against a price of $298.23.
Humana is the purest Medicare Advantage bet in the group, and the stock has more than doubled from its 52-week low of $163.11 to $414.50. Because of seasonality in MA costs, consensus calls for a Q3 loss of $1.00-$1.03 per share, compared with a profit of $3.24 a year ago, on revenue of $40.87 billion, up about 24%-25%. In Q2, EPS of $7.61 beat estimates comfortably.
Investors will watch medical cost trend (assumed at 7%-8% for 2026), the planned 150-basis-point improvement in operating cost ratio, and commentary on 2027 bids and membership, with about 600,000 members affected by plan exits. Peer Alignment Healthcare recently lowered its outlook, which raises the risk. Humana's December 10 investor update and its target of at least 3% pre-tax margin by 2028 frame the longer-term story. The average target is $453.18.
The largest U.S. drug distributor keeps compounding. Consensus is EPS of $10.69 on revenue of $109.9 billion, about 8% and 7% growth respectively. In fiscal Q1, EPS rose 20% to $9.93, beating the $9.44 estimate, on revenue of $105.4 billion. Management raised full-year guidance to $44.20-$45.00, helped by GLP-1 distribution revenue of $15 billion, up 24%. Investors will watch oncology and multispecialty, the separation of the Medical-Surgical business, the pending Precision Medicine Group acquisition, and progress on its roughly $5 billion buyback plan. Shares trade at $994.58, almost exactly at the average analyst target of $988.
With Brent above $110, the upstream group is set for its strongest year-over-year earnings growth in years. The main questions are how much of the price spike shows up in realized prices and whether management teams use the windfall for buybacks or for growth.
This is ConocoPhillips' first quarter under CEO Andy O'Brien, who succeeded Ryan Lance on September 1. Shares sit at a 52-week high of $154.03 after rising more than 23% since the last report. Consensus calls for EPS of $2.95, up from $1.61, on revenue of $18.1-$18.6 billion. That is below Q2's $3.24 even though production is guided to 2,290-2,320 MBOE/d, up from 2,248 MBOE/d. The Earnings Whisper of $3.15 suggests the real bar is a repeat of Q2. Key watch items are the recovery of Qatari LNG volumes after the Ras Laffan shutdowns during the conflict, Permian output (a record of about 920,000 BOE/d in Q2) and the pace of the doubled buyback. Twelve of 14 recent ratings are bullish.
EOG is expected to earn $4.45 per share, about 64% above last year's $2.71, on revenue of $7.26 billion. In Q2 it reported EPS of $5.07 and revenue of $8.62 billion, beating the $8.04 billion estimate. Realized oil prices averaged $98.15 a barrel. In an October 8 filing, EOG raised its Q3 current-tax guidance to $835-$935 million, citing higher realized crude prices, which is a clear sign of how strong the quarter was. Investors will watch 2026 free-cash-flow guidance of about $8.5 billion and the $1.02 quarterly dividend. Shares are at a 52-week high of $165.54, roughly equal to the average target of $164, and ratings are mostly Hold.
The Permian pure-play produced more than 1 million BOE/d in Q2 (1,018 MBOE/d), with adjusted EPS of $6.48 and revenue up 51% to $5.56 billion. Q3 estimates vary widely, from $4.92 to $5.72 in EPS, on revenue of about $4.60 billion. Guidance calls for oil output of 517-527 MBO/d and capex of $950 million to $1.05 billion. Investors will watch inflation in power, water and casing costs and the use of a buyback authorization that the board doubled to $16 billion. Fifteen of 17 ratings are bullish, and the average target is $233.47 against a price of $212.08.
Suncor has to show that weather was the only thing holding back Q2 production. Management cited preliminary July output of about 870,000 barrels per day. Consensus EPS is $2.35, more than double last year's $1.07 and roughly flat with Q2's $2.33. The Earnings Whisper of $2.49 points to a higher bar. Shares have risen about 23% since the last report to $79.42, near the 52-week high, so upstream volumes and refinery utilization need to confirm the second-half recovery.
CNQ comes off a record Q2: production rose 18% to 1.677 million BOE/d, and adjusted EPS was C$2.19 (US$1.58), beating estimates. Full-year production guidance has been raised twice, to 1.637-1.682 million BOE/d. Q3 consensus is US$1.05, about 69% higher year over year but well below Q2, which reflects heavy turnaround activity and a narrower premium for synthetic crude. The stock is at a 52-week high of $56.11. The pause in oil-sands expansion projects until government agreements are finalized remains a key strategic issue.
Refiners are seeing exceptional margins. Consensus calls for MPC to earn $25.37-$25.74 per share, compared with $3.01 a year ago, on revenue of $46.6 billion. Estimates have been revised up ten times in 30 days. In Q2, EPS of $17.73 beat the $14.52 estimate, the refining and marketing margin doubled to $36.33 per barrel, and the company returned more than $2.8 billion to shareholders. Investors will watch turnaround costs (about $290 million guided) and whether management thinks tight product markets will persist into 2027. Peer HF Sinclair's results confirmed strong cracks but were boosted by an accounting benefit that may not apply to others. Shares trade at $444.73, near the average target of $449.15.
Williams combines natural-gas infrastructure with growing power-generation projects for data centers. Consensus calls for EPS of $0.55, up from $0.53, on revenue of about $2.99 billion. Q2 EPS of $0.50 was slightly below estimates, while revenue rose 9.8% to $3.05 billion. The $5.5 billion Momentum Midstream acquisition, which closed September 3, adds Haynesville gathering assets. The Socrates power project began delivering 200 MW in August. Management raised 2026 adjusted EBITDA guidance to $8.3-$8.5 billion. Eleven of 13 ratings are bullish, with an average target of $86.62 against a price of $74.35.
North America's largest pipeline operator usually has its seasonally lightest quarter in Q3. Consensus EPS is about $0.36, and US Capital Advisors recently cut its estimate to $0.37 from $0.43. In Q2, Enbridge earned $0.46 per share, beating the $0.43 consensus. The investment case rests on its roughly $41 billion secured project backlog and a dividend yield near 6%, while a recent Conservative election win in British Columbia may support gas and LNG growth. Investors will look for an update on 2026 EBITDA guidance and on new project approvals linked to gas-fired power demand.
Utilities have been re-rated on electricity demand from data centers, but higher interest rates after the Fed's September hike raise their financing costs.
Consensus calls for EPS of $1.71, up from $1.60, on revenue of about $8.38 billion. In Q2, EPS of $1.13 beat the $1.01 estimate, but revenue of $6.98 billion fell short. Investors will focus on the roughly $81 billion capital plan, the timing of large-load (data-center) connections and equity financing needs. Analysts are cautious: nine of 16 ratings are neutral, and several firms recently lowered targets. The average target is $97.31 against a price of $93.71. The $0.76 quarterly dividend supports the stock.
Duke is expected to report EPS of $1.87, up 3.3% from $1.81, on revenue of $8.91 billion. In Q2 it beat with $1.43 and reaffirmed 2026 guidance of $6.44-$6.80. Signed data-center electricity agreements have reached 7.8 GW, and management has secured 26 gas turbines. It also warned that additional generation and transmission could add $5-$10 billion to its five-year capital plan. North Carolina rate orders expected in mid-November are the next catalyst. Shares trade at $127.39 against an average target of $131.50.
National Grid reports half-year results for fiscal 2026/27, not a calendar quarter. In its October 5 pre-close update, the company said it now expects to come in slightly above its FY27 EPS growth guidance of 13%-15%, helped by strong first-half performance at National Grid Ventures. As usual, underlying EPS will be weighted to the second half. Fiscal 2026 underlying EPS was 78.0p on record capital investment of £11.6 billion. Investors will watch progress on the five-year investment plan, U.S. rate cases in New York and Massachusetts, and net debt.
Eaton is a leading data-center power play. Shares fell 6% on Friday to $369.97, well below the 52-week high of $478. Consensus calls for EPS of $3.54, about 15% growth and within guidance of $3.46-$3.56, on revenue of about $8.53 billion, up 21%. In Q2, Eaton posted record revenue of $8.53 billion, up 21.4%, raised full-year organic growth guidance to 11%-13%, and reported an Electrical Americas backlog up 43%. Orders and backlog will show whether the AI-capex worries in chip stocks are spreading to electrical infrastructure. Nine of 11 ratings are bullish, with an average target of $475.27.
Emerson guided fiscal Q4 to about $1.85 in EPS and $5.1 billion in revenue, and consensus matches: $1.85, up 14.2%, and $5.11 billion, up 5.2%. In fiscal Q3 it beat with $1.71 on revenue of $4.87 billion. The Middle East conflict cost about one point of underlying growth earlier this year, and peer Flowserve recently flagged project delays in the region. Investors will focus on the first fiscal 2027 outlook, order trends and free cash flow (guided to $3.5-$3.6 billion for FY26). Shares trade at $164.82 against an average target of $169.79.
Parker opens fiscal 2027 after a strong year. In fiscal Q4, EPS of $9.27 beat the $8.29 consensus by about 12%. Q1 consensus is EPS of $8.23 on revenue of $5.81 billion, both about 14% higher year over year, and FY27 guidance calls for reported sales growth of 5.5%-8.5%. Investors will watch aerospace (backlog of about $8.5 billion), whether short-cycle industrial demand is turning, and the integration of about $15 billion of deals, including Curtis Instruments and the pending Filtration Group acquisition. Thirteen of 16 ratings are bullish, and the average target of $1,134.12 is well above the $899.82 share price.
Motorola Solutions has beaten estimates seven quarters in a row. In Q2, non-GAAP EPS of $4.41 beat the $3.86 estimate, revenue rose 13.3% to $3.13 billion, and the stock rose 8.2%. Q3 consensus is $4.41 in EPS and $3.25 billion in revenue, in line with guidance of $4.39-$4.44. Investors will watch the record $15.6 billion backlog, the integration of the $1.5 billion D-Fend counter-drone acquisition, and the expanded $2 billion buyback. The stock is near its 52-week high at $491.53. All seven tracked ratings are bullish, with an average target of $522.29.
Uber trades at $65.25, near its 52-week low, as investors worry about robotaxi competition from Waymo and Tesla's Cybercab. Consensus calls for EPS of $0.86-$0.94 and revenue of $14.67 billion, about 9% growth. Management guided gross bookings to $58.25-$60.25 billion (18%-22% growth in constant currency) and adjusted EBITDA to $2.86-$2.96 billion. Year-ago EPS of $3.11 included large non-operating gains, so the year-over-year comparison is distorted. Investors will watch Q4 bookings guidance (consensus about $64.3 billion), autonomous-vehicle partnerships and costs, the Delivery Hero acquisition, and the effect of higher fuel prices on drivers. All 21 tracked ratings are bullish, with an average target of $103.62.
Booking shares are down about 30% year to date and trade at $148.13, near the 52-week low of $146.28. Consensus calls for EPS of $4.48, up 12.6%, on revenue of $9.55 billion, up about 6%. Guidance called for 4%-6% revenue growth and 3%-5% room-night growth, compared with 8% a year ago. The Middle East conflict has raised airfares and disrupted long-haul travel, and management lowered its full-year bookings outlook last quarter. AI search overviews are also pressuring SEO traffic. Investors will watch marketing efficiency, the roughly $650 million transformation savings program and AI-driven conversion. Seventeen of 21 ratings remain bullish, with an average target of $230.
Airbnb rose 17.4% after its Q2 beat, when EPS of $1.37 topped the $1.20 estimate and gross booking value rose 16% to $27.2 billion. For Q3, its seasonally largest quarter, consensus is EPS of $2.85-$2.89, up about 31%, on revenue of $4.75 billion, within guidance of $4.69-$4.77 billion. Management expects a slight year-over-year decline in EBITDA margin because of investment timing, but it raised the full-year margin target to at least 35.5%. Investors will watch nights booked, the effect of the all-in pricing display, and European regulation. Shares trade at $164.39 against an average target of $183.52.
Marriott opens the week's earnings. Consensus calls for EPS of $2.86, about 15% above last year's $2.47, on revenue of $6.93 billion. Q3 guidance was $2.74-$2.82, so consensus already assumes a beat. In Q2, EPS of $3.19 beat estimates but revenue missed, and the stock fell 7%. Investors will watch global RevPAR (guided up 3.5%-4%), net rooms growth and any change to full-year EPS guidance of $11.64-$11.81. Shares trade at $399.30, above the average target of $392.94, and nine of 16 ratings are neutral.
McDonald's has struggled to bring lower-income U.S. diners back. U.S. comparable sales rose only 0.8% in Q2 and turned slightly negative in July, with guest counts down. Consensus calls for Q3 EPS of $3.36, up from $3.22, on revenue of $7.28 billion, up about 2.9%. Investors will look for traction from McValue and the under-$3 menu, the expected sequential improvement in international markets, and updates on targets from the September 23 investor day, including a low-to-mid 50% operating margin by 2030. Shares trade at $258.12, well below the 52-week high of $341.75, against an average target of $286.78.
Monster has beaten EPS estimates in six of the last seven quarters, including $0.30 against $0.29 in Q2, with revenue of $2.54 billion ahead of forecasts. Consensus for Q3 is EPS of $0.30, up about 7%, on revenue of $2.49 billion, up about 13%. International growth in Latin America, Asia-Pacific and EMEA is outpacing the U.S. Investors will focus on gross margin given aluminum, tariff and freight costs, and on the selective U.S. price increases planned for Q4. Shares trade at $47.34, near the 52-week high, against an average target of $49.73.
Toyota reports its July-September quarter, which completes the first half of its fiscal year ending March 2027. Fiscal Q1 far exceeded expectations: EPS was $7.57 per ADR against a $4.68 estimate, revenue was $85.8 billion, and net income rose about 76% to ¥1.48 trillion. Management then raised its full-year net profit outlook to ¥3.25 trillion and approved a buyback of about ¥1 trillion. Q2 consensus is $3.37 per ADR on revenue of $84.7 billion, a sharp sequential decline, so the bar is beatable if pricing and volumes held. Investors will watch the cost of U.S. tariffs, yen effects, hybrid demand and whether Toyota raises its full-year forecast again. The ADRs trade at about 8.7 times earnings.
Brazil's largest private bank reports just over a week after Lula's surprise re-election. On October 26, the Ibovespa fell about 14% and Itaú's local shares lost 13.7%. Bloomberg consensus calls for recurring net income of R$12.714 billion, up 7% year over year, with ROE of 23.8%, compared with R$12.407 billion and 24.3% in Q2. ADR consensus is $0.22 per share on revenue of about $9.57 billion. Itaú has fallen short of EPS consensus in each of the past four quarters, although by small margins. Investors want reassurance on asset quality and 2027 guidance as markets price in higher-for-longer Selic rates. The central bank's Copom decision is due on November 4, the day of the earnings call. The ADRs trade at $7.13, near their 52-week low.
BAM manages more than $1 trillion of assets and reports Q3 under a new presentation: fee revenue and fee-bearing capital will now show its proportionate share from partner managers. The change does not affect reported fee-related or distributable earnings. Consensus is EPS of $0.46-$0.47 on revenue of $1.59 billion, compared with $0.43-$0.44 in Q2. At its September investor day, BAM targeted fee-bearing capital of $1.3 trillion and fee-related earnings of $6.6 billion by 2031. Investors will watch fundraising pace, growth in credit and infrastructure (including AI data-center investment), and asset monetizations in a higher-rate environment. Shares trade at $48.26 against an average target of $55.50.
1. A referendum on AI spending. After Intel's and Amazon's reports shook confidence, AMD, ARM, QCOM, ANET, LITE and PLTR will show whether AI demand is broadening or whether investors are right to worry about capex fatigue. ETN and the utilities (DUK, SO) will show whether the infrastructure side of the AI trade is still healthy.
2. Energy is driving earnings growth. With crude in triple digits, MPC, COP, EOG, FANG, SU and CNQ are expected to post some of the largest year-over-year EPS gains in the S&P 500 and TSX. The more important issue is capital allocation: buybacks, dividends and 2027 capex plans will show how long management teams expect high prices to last.
3. Pressure on the consumer. High fuel costs and a Fed that is leaning toward hikes affect discretionary spending. MCD, UBER, BKNG, ABNB and MAR will show how consumers and travelers are holding up.
4. Healthcare is a stock-picker's market. Managed care (CVS, CI, HUM) has to prove its margin recovery is lasting. In pharma and biotech, NVO is fighting to defend share in obesity, MRNA has to back up a tenfold rally, and AMGN and VRTX trade near highs with little room for disappointment.
5. Guidance matters more than the beat. Most companies on this list usually beat consensus. With implied moves of 10%-15% for several high-multiple names, Q4 outlooks and early 2027 commentary are likely to drive the biggest price moves.
With the midterm elections on Tuesday and the October jobs report on Friday, this is likely to be one of the most volatile weeks of the year. Investors should check the consensus bars above, know which metrics matter most for their holdings, and pay close attention to guidance.
This article is for informational purposes only and does not constitute investment advice. Consensus estimates are compiled from market data providers as of November 1, 2026, may differ by source, and may be revised before each report. Reporting dates and times are based on company announcements and data-provider calendars and may change.
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