Q1 2026 Earnings Preview: April 27 – May 1, 2026 | VZ, GOOGL, MSFT, AAPL, META, AMZN, LLY, V, MA

Key Points

• The week of April 27 – May 1, 2026 is one of the heaviest earnings weeks of the year, with over 30 S&P 500 names reporting across five trading sessions, including four members of the "Magnificent 7" (Alphabet, Microsoft, Amazon, and Meta on Wednesday, April 29; Apple on Thursday, April 30).
• Big Tech dominates Wednesday and Thursday, with combined market caps exceeding $15 trillion. Investors will be closely watching cloud growth (Azure, AWS, Google Cloud), AI monetization progress, and advertising trends for signals about the broader economy.
• Healthcare is a major theme, with Eli Lilly, AbbVie, Merck, and Amgen all reporting Thursday, April 30. Lilly's GLP-1 obesity drugs and Merck's Keytruda will be in focus. Merck faces a rare GAAP loss quarter due to large one-time IPR&D charges.
• Energy stands out Friday, May 1, with ExxonMobil, Chevron, and TotalEnergies all reporting. Rising oil prices from Middle East geopolitical tensions are expected to lift upstream earnings even as hedging effects and downstream disruptions create offsets.
• Payments giants Visa and Mastercard report Tuesday and Thursday, respectively, and are expected to post strong double-digit growth, providing a key read on consumer spending health.
• The industrial and materials complex — led by Nucor Steel and Caterpillar — will offer critical clues about tariff impacts, infrastructure spending, and manufacturing conditions.
• Healthcare REITs and storage REITs (Welltower and Public Storage) will frame the state of senior housing demand and self-storage fundamentals heading into mid-2026.
• Semiconductor capital equipment — KLA Corporation and Seagate — will provide pivotal data points on wafer fab investment cycles and AI-driven storage demand.

Macro Context: Why This Week Matters

The earnings season arriving at the end of April 2026 carries unusual weight. Markets have had to navigate geopolitical shocks — particularly an active conflict in the Middle East involving Iran that disrupted energy supplies and commodity markets — alongside an ongoing AI infrastructure buildout cycle and lingering questions about consumer resilience. The companies reporting this week collectively represent a cross-section of the entire U.S. and global economy: from consumer payments and cloud computing to oil extraction, pharmaceutical innovation, and industrial machinery. Their combined results and forward guidance will help investors recalibrate expectations for the second half of 2026. Capital expenditure commentary from the hyperscalers (Google, Microsoft, Amazon, Meta) alone could move semiconductor and infrastructure stocks meaningfully, as the AI buildout remains the single most powerful investment theme across markets.

Monday, April 27 — Telecom, Technology, Industrials & Real Estate

Telecommunications

Verizon Communications (VZ)

Verizon Communications will kick off the week when it reports Q1 2026 results before the market opens on Monday, April 27. Wall Street's consensus points to earnings per share of $1.22–$1.23, a modest 3.4% increase from the $1.19 posted in Q1 2025, on revenue of approximately $35.0 billion. The telecom giant enters the quarter with notable momentum: at its investor day in early 2026, Verizon projected retail postpaid phone net additions of 750,000 to 1 million for the full year — roughly two to three times the 2025 level — and reaffirmed full-year adjusted EPS guidance of $4.90–$4.95, representing 4%–5% growth year over year.

The company's Q4 2025 results were a turning point, delivering over one million total net additions across mobility and broadband, the highest quarterly figure since 2019, and an adjusted EPS of $1.09 that beat consensus by $0.06. The Frontier Communications acquisition has been a key strategic catalyst, expanding Verizon's fiber footprint significantly. For Q1 2026, investors will focus on the subscriber net add trajectory, broadband growth, and whether management can maintain its bullish guidance against a backdrop of elevated capital expenditures ($16–$16.5 billion guided for the full year) and aggressive competition from T-Mobile. Analyst consensus calls for a modest beat, consistent with the company's four-quarter streak of surpassing EPS estimates.

Electronic Design Automation

Cadence Design Systems (CDNS)

Cadence Design Systems will post Q1 2026 results on Monday, April 27 after the close, with a webcast at 2:00 PM PT. Analysts forecast EPS of approximately $1.52, a 27.7% jump from $1.19 in Q1 2025, on revenues of roughly $1.43 billion (5.1% year-over-year growth, a deceleration from the prior year's 26.9% pace). The San Jose-based EDA leader has beaten Wall Street's earnings estimates in each of the last four quarters, and analysts expect that trend to continue.

The primary attention-getter for Cadence this quarter is its February 2026 launch of the ChipStack AI Super Agent, an agentic AI workflow that automates front-end silicon design and verification — a product management says could unlock multifold productivity gains for chip design teams. While the revenue deceleration is notable, the underlying business remains exceptionally healthy, trading at a premium valuation relative to the broader software sector. Of 26 analysts covering the stock, 21 carry Buy ratings and five Hold ratings, with a mean price target of approximately $379.59, implying roughly 27% upside. For fiscal 2026, consensus calls for EPS of $6.50, reflecting 18.6% growth year over year.

Steel & Basic Materials

Nucor Corporation (NUE)

Nucor Corporation — the largest steel producer in the Western Hemisphere — reports Q1 2026 results after the market closes on Monday, April 27, with a conference call on April 28. This quarter's report is especially significant: Nucor itself issued first-quarter 2026 EPS guidance of $2.70–$2.80, a 57% sequential jump from Q4 2025's adjusted $1.73 and a roughly 261% surge versus the year-ago quarter's $0.77. The midpoint of guidance at $2.75 was essentially in line with analyst consensus at the time of issuance, making execution against this pre-disclosed range the primary focus.

The turnaround story at Nucor centers on the completion of a multi-year capital build, with four major greenfield projects now online and beginning to contribute meaningful incremental EBITDA — estimated at $500 million annually — while steel mill segment pricing recovery has gained traction following November's price increases. Free cash flow is expected to swing from negative $190 million in 2025 to approximately $1.91 billion in 2026, directly funding a newly announced $4.0 billion share repurchase authorization (up to 9.7% of outstanding shares). Analysts covering NUE are broadly bullish: 12 of 15 analysts rate it "Strong Buy," and Goldman Sachs recently initiated coverage with a $210 price target. For full-year 2026, consensus calls for EPS of $11.76, up 52.5% year over year. The macro overlay — tariff policy on imported steel — remains an important tailwind for domestic producers like Nucor, and management commentary will be dissected for any updated views on trade policy impacts.

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Technology Manufacturing Services

Celestica Inc. (CLS)

Celestica will release Q1 2026 results after the market close on Monday, April 27, with a conference call on April 28 at 8:00 AM ET. The Toronto-based electronics manufacturing services and supply chain leader raised its Q1 2026 guidance substantially in January, setting an EPS range of $1.95–$2.15 against the prior consensus of $1.78, and revenue guidance of $3.9–$4.2 billion versus a $3.6 billion consensus. The company also established full-year 2026 EPS guidance of $8.75, reflecting continued strong demand from hyperscale data center customers and growing enterprise end market activity.

Celestica has been one of the strongest performers in the technology manufacturing sector over the past year, benefiting directly from the AI infrastructure buildout: data center equipment, AI server configurations, and cloud networking hardware represent a growing share of its revenue mix. In Q4 2025, the company beat consensus EPS by $0.07 ($1.80 vs. $1.73 estimated) and guided above the Street on both revenue and EPS metrics. With shares having surged close to a 52-week high near $363.40, the bar is high, but the guidance raise issued in January sets a concrete floor for expectations. Analysts across the buy side will pay close attention to order backlog visibility, any commentary on AI-related customer concentration risk, and margin sustainability.

Real Estate Investment Trusts — Self-Storage

Public Storage (PSA)

Public Storage, the world's largest self-storage REIT by market capitalization, will report Q1 2026 earnings after the market closes on Monday, April 27, with a conference call on April 28. Analysts currently project earnings per share of approximately $2.42 and revenue of $1.215 billion for the quarter. The consensus 12-month price target among analysts stands at $412 per share, implying approximately 5.2% upside from recent levels.

Three metrics stand out as the key performance indicators for this quarter's report: same-store net operating income (SSNOI) growth, average portfolio occupancy rates, and rental rate trends for both new and existing tenants. The self-storage sector has faced demand normalization following pandemic-era surges, and Public Storage's ability to maintain pricing power in an environment of moderating consumer spending will be the central narrative for this print. Separately, Shurgard (PSA's European segment) reported preliminary Q1 2026 occupancy of 92%, providing a baseline for European operating trends. Full-year AFFO guidance will also be scrutinized by income-focused REIT investors.

Tuesday, April 28 — Payments, Consumer Staples, Travel, Technology & Healthcare

Payments

Visa Inc. (V)

Visa will report its fiscal Q2 2026 earnings (quarter ending March 2026) on Tuesday, April 28. Analysts forecast EPS of $3.09, representing approximately 12% year-over-year growth, on revenue of approximately $10.7 billion — a gain of 11.5% versus the year-ago period. Visa has been a steady compounder, with the underlying business benefiting from continued global shift to electronic payments and strong international volume growth.

For investors, Visa's Q2 result serves as one of the most reliable real-time indicators of consumer spending health globally. Payment volume trends, cross-border transactions (a high-margin revenue driver), and the trajectory of value-added services revenue will be closely watched. Visa guided for fiscal Q3 EPS growth in the high teens at its most recent earnings call, reflecting confidence in the near-term outlook. The forward earnings growth rate of approximately 12–13% annually makes Visa one of the more consistent compounders in large-cap finance.

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Mastercard (MA)

Mastercard reports Q1 2026 results on Thursday, April 30, alongside Apple and Eli Lilly. The consensus EPS estimate stands at $4.40–$4.41 per share, reflecting an 18% increase from $3.73 in Q1 2025, on revenues of approximately $8.25–$8.27 billion, a 14% year-over-year gain. Mastercard issued guidance at its last earnings call for Q1 net revenue growth at the low end of low double-digits on a currency-neutral basis, with a favorable foreign exchange tailwind of approximately 3.5–4 percentage points.

The company also noted that a one-time restructuring charge of approximately $200 million is expected in Q1 2026, impacting about 4% of full-time employees globally — a factor investors will need to parse in comparing GAAP versus adjusted results. In Q4 2025, Mastercard delivered an outstanding beat: adjusted EPS of $4.76 versus a $4.22 consensus, with revenue up 17.5% year over year. Analyst consensus is a firm "Buy," with an average price target of $669.27, while the stock has traded closer to $527–$530, leaving meaningful implied upside.

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Consumer Staples

The Coca-Cola Company (KO)

The Coca-Cola Company reports Q1 2026 earnings before the market opens on Tuesday, April 28. The consensus calls for EPS of approximately $0.81 on revenue of approximately $12.2–$12.3 billion. Coca-Cola has been a model of consistency, beating EPS consensus in Q3 2025 ($0.82 vs. $0.78 estimated) and Q4 2025 ($0.58 vs. $0.56 estimated), while delivering mid-single-digit revenue growth. For the full year, analysts project EPS near $3.23 — up roughly 6% — with earnings expected to grow at approximately 5.7% per year over the medium term.

Coca-Cola's Q1 report will be read as a barometer of consumer staples resilience in a trade-and-tariff-heavy environment. The company generates more than half of its revenue outside the United States, exposing it to foreign exchange headwinds and shifts in global consumer spending. Investors will focus on organic revenue growth (particularly pricing vs. volume dynamics), geographic segment performance, and management's commentary on input cost trends. KO is widely held as a defensive anchor, and its ability to maintain pricing power amid soft consumer spending in some regions will be the highlight of this release.

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Telecommunications

T-Mobile US (TMUS)

T-Mobile will report Q1 2026 results after the market closes on Tuesday, April 28. Analysts' Q1 2026 EPS estimate sits around $2.27–$2.47 per diluted share (with some estimate dispersion following revisions), on total service revenues expected to reach approximately $18.83 billion — an 11.2% year-over-year increase. For full-year 2026, the consensus projects EPS of approximately $10.37–$10.49, reflecting modest growth from $10.16 in 2025.

T-Mobile has consistently beaten consensus estimates in each of its last four quarters, and its combination of spectrum depth, subscriber growth, and broadband expansion (including Fixed Wireless Access) has made it the growth leader among U.S. carriers. The company's full-year EPS is expected to accelerate to approximately $12.88 in fiscal 2027 — a 22.8% year-over-year gain. Key metrics to watch include postpaid net phone additions, Fixed Wireless Access subscriber additions, service revenue growth trajectory, and any update to full-year guidance. KeyCorp recently trimmed its near-term EPS estimate but maintained an Overweight rating with a $260 target.

Healthcare REITs

Welltower Inc. (WELL)

Welltower will report Q1 2026 results after the market closes on Tuesday, April 28, with a conference call on April 29 at 9:00 AM ET. The consensus FFO (funds from operations) estimate stands at approximately $1.44 per diluted share — up 20% from $1.20 in Q1 2025 — on revenue of approximately $3.09 billion. For the full year, analysts expect FFO per share of $6.24, up 18% from $5.29 in 2025, with growth accelerating to $7.05 per share in 2027.

Welltower is the pre-eminent healthcare REIT in the United States, positioned at the intersection of senior housing and healthcare infrastructure. The company has delivered remarkable growth in recent quarters: Q4 2025 revenue came in at $3.18 billion, up 41.3% year over year, and FFO beat estimates. A key macro tailwind is the so-called "silver economy" — demographics are highly favorable as the large Baby Boomer cohort enters its peak senior housing years. The company trades at a valuation premium (approximately $147 billion in market cap, P/E near 149x), reflecting the market's long-duration confidence in its growth profile. Management's FY2026 FFO guidance of $6.09–$6.25 will be the primary anchor for the quarter.

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Online Travel

Booking Holdings (BKNG)

Booking Holdings reports Q1 2026 results after the market closes on Tuesday, April 28. The consensus EPS estimate for the quarter is approximately $1.09, on revenue of approximately $5.51 billion. The seasonally lightest quarter for travel, Q1 is nonetheless important for forward bookings visibility. In Q4 2025, Booking exceeded estimates convincingly — adjusted EPS of $48.80 beat the $48.47 consensus, and revenue of $6.35 billion surpassed the $6.13 billion estimate — but management guided Q1 2026 constant-currency revenue growth of only 7%–9%, a deceleration from Q4's 11%, which triggered an 8.8% post-earnings decline in the stock.

For this quarter, investors will focus on room night growth (management guided 5%–7%), booking window trends, and any signals of a softening U.S. consumer (management noted slightly reduced average daily rates and shorter stays domestically in recent quarters). Booking's gross bookings growth of 14%–16% guidance for Q1 remains strong in absolute terms. Full-year 2026 guidance for mid-teens EPS growth and high single-digit revenue growth will be reaffirmed or revised — and any update will drive the stock sharply in either direction given travel stock sensitivity to macro signals.

Data Storage

Seagate Technology Holdings (STX)

Seagate Technology will report its fiscal Q3 2026 results after the U.S. market closes on Tuesday, April 28, with a conference call at 2:00 PM PT / 5:00 PM ET. The company provided explicit Q3 guidance of approximately $2.90 billion in revenue (±$100 million) and adjusted EPS of approximately $3.40 (±$0.20), well above the then-current consensus of $2.77 billion revenue and $2.96 EPS at the time of issuance. The midpoint of guided EPS ($3.40) substantially exceeds the $3.20 floor, and current analyst expectations of approximately $3.20–$3.60 EPS center near the guidance midpoint.

Seagate is a primary beneficiary of the AI data storage build cycle. The company cited "robust AI-related storage demand" as the key driver in Q2 FY2026, when it reported EPS of $3.11 versus the $2.77 consensus, along with record exabyte shipments. Reuters noted Seagate guided Q3 revenue above consensus "on robust demand for data storage as businesses expand their use of artificial intelligence." Wall Street's consensus is approximately "Strong Buy," with roughly 20 of 25 covering analysts recommending the stock. Nearline cloud HDD pricing trends and hyperscaler demand commentary will be the dominant themes for this print.

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Pharmaceuticals — Novartis

Novartis AG (NVS)

Swiss pharmaceutical giant Novartis will release Q1 2026 results on Tuesday, April 28, from Basel. Zacks Research recently revised its Q1 2026 EPS estimate to $2.11, down slightly from $2.17, reflecting a cautious near-term view, while the broader consensus estimates FY2026 EPS at approximately $8.45–$8.85. In Q4 2025, Novartis reported core EPS of $2.03, beating the $1.99 consensus, on revenue of $13.86 billion — broadly in line with expectations.

For FY2025, Novartis delivered revenue of $57 billion and statutory EPS of $7.21. Analyst consensus on the stock is mixed ("Hold"), and the share price in recent months has traded above the analyst mean target of $131.80, suggesting current levels may reflect a degree of optimism already built into the valuation. Key focus areas include growth from oncology franchise drugs (Kisqali, Scemblix, Pluvicto) and any update to the company's multi-year revenue growth targets. AstraZeneca — a close peer — also reports this week, providing a broader context for pharmaceutical sector trends.

Wednesday, April 29 — Big Tech, Pharma, Semis & Energy

Big Tech: The Marquee Night

Alphabet Inc. (GOOGL)

Alphabet will report Q1 2026 results after market close on Wednesday, April 29. Analyst consensus projects EPS of approximately $2.01, a 6.4% year-over-year increase, on revenues of approximately $75.53 billion — growth of 11.8% versus Q1 2025. Breaking down the components, Google Search & Other revenue is forecast at $50.29 billion (+9% YoY), YouTube ads at $8.91 billion (+10.1% YoY), and Google Cloud at $12.18 billion (+27.2% YoY).

Google Cloud is the most closely watched segment. The division's accelerating growth, now approaching $50 billion in annualized revenue, has been powered by enterprise AI adoption — particularly Gemini large language model deployments — and infrastructure-as-a-service wins. Citi analysts recently noted that Google Search "is among the last platforms to experience macro impacts and among the first to recover," and cited Google's AI Mode in Search as a significant forward catalyst. Morgan Stanley highlighted "AI-driven platform-level innovation" on Search and YouTube as reasons for confidence in long-term growth durability. Of the analysts covering Alphabet, 14 of 19 tracked by Visible Alpha carry Buy ratings, with a consensus target near $194. However, the EPS estimate has been revised down 3.4% in the past 30 days, reflecting macro-driven caution ahead of the print.

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Microsoft Corporation (MSFT)

Microsoft will report its fiscal Q3 2026 (quarter ending March 2026) results on Wednesday, April 29. The consensus estimate calls for adjusted EPS of $4.04 — growth of 16.8% from $3.46 in the year-ago quarter. Revenue is expected to come in near the mid-range of management's fiscal Q3 guidance of $80.65–$81.75 billion.

Azure cloud growth is the single most important data point in this report. In Q2 FY2026, Microsoft reported Azure growth of 39%, slightly decelerating from 40% in Q1 FY2026, which sent shares down approximately 7% in after-hours trading despite a strong overall beat. Analysts want to see Azure growth hold at or above 37%–38% in Q3, consistent with management's own guidance. AI Copilot penetration across enterprise products (Microsoft 365, GitHub, Azure AI) and operating margin trajectory will also be heavily scrutinized. For fiscal 2026, analysts forecast adjusted EPS of $16.46 — a 20.7% increase from fiscal 2025's $13.64 — suggesting the Street remains broadly confident in Microsoft's AI monetization story despite margin investment headwinds. MSFT has beaten Wall Street's earnings expectations in each of the past four quarters.

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Amazon.com, Inc. (AMZN)

Amazon will report Q1 2026 results on Wednesday, April 29, with a conference call at 5:30 PM ET. The company itself guided Q1 2026 revenue to $173.5–$178.5 billion, while current analyst consensus centers near the midpoint of this range. In Q4 2025, Amazon reported EPS of $1.95 — just $0.01 below the $1.96 consensus — while revenue of $213.4 billion easily beat the $211.27 billion consensus.

Amazon Web Services (AWS) will be the primary lens through which investors interpret the quarter. AWS's share of global cloud infrastructure continues to grow, powered by AI workload demand from enterprise clients and its own suite of foundation models (Bedrock, Titan, Nova). Advertising revenue — now Amazon's second-most-profitable segment — will also be closely monitored as a consumer spending proxy. For the full year 2026, analysts project approximately $84.4 billion in net income, implying approximately 16% earnings growth. Capital expenditure commitments for AI infrastructure will likely dominate the Q&A portion of the earnings call, given market sensitivity to hyperscaler spending levels.

Meta Platforms, Inc. (META)

Meta Platforms reports Q1 2026 results after the close on Wednesday, April 29. Consensus EPS stands at approximately $5.21, a 10.6% year-over-year increase from $4.71 in Q1 2025, on revenues of approximately $41.22 billion — growth of 13.1% year over year. Over the past 30 days, the EPS estimate has been revised down approximately 7.3%, reflecting caution around advertising demand amid macro uncertainty and trade tensions.

Meta's advertising engine has remained robust even in challenging environments, driven by Instagram Reels, WhatsApp monetization, and AI-powered ad targeting that continues to improve conversion rates for advertisers. Key metrics for this quarter include family daily active users (DAUs) across Facebook, Instagram, and WhatsApp, average revenue per user (ARPU) trends across geographies, and Reality Labs losses (which have been running at approximately $5 billion per quarter). Meta's AI infrastructure investment — including its Llama model family and major data center buildouts — will be a focus of capital expenditure commentary. The consensus analyst rating on META is a strong "Buy," with multiple analysts reaffirming targets between $628–$820 per share ahead of the print.

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Pharmaceuticals

AbbVie Inc. (ABBV)

AbbVie will report Q1 2026 results on Wednesday, April 29. The consensus EPS estimate stands at approximately $2.69–$2.70 on revenue of approximately $14.73–$14.78 billion, a year-over-year revenue increase of approximately 10.8%. However, investors must flag an important nuance: AbbVie preannounced in early April that Q1 2026 results will include an acquired in-process R&D (IPR&D) and milestones expense of $744 million pre-tax ($0.41 per share impact), stemming from a licensing collaboration or asset acquisition. This reduces both GAAP and adjusted EPS for the quarter relative to earlier forecasts, and the company revised its full-year 2026 adjusted EPS guidance down to $13.96–$14.16 from the prior $14.37–$14.57.

AbbVie has beaten EPS estimates in each of the last four quarters, with consistent revenue surprises in the 1%–3% range. The core commercial story remains intact: Skyrizi and Rinvoq — the immunology successors to the ageing Humira franchise — are growing rapidly and are on track to more than offset Humira biosimilar competition. AbbVie's oncology pipeline (Navitoclax, Emraclidine) and neuroscience assets will also receive investor attention. Despite the IPR&D noise, the underlying franchise trajectory is healthy, making this a "look-through" quarter for most long-term holders.

AstraZeneca PLC (AZN)

AstraZeneca will report Q1 2026 results before the market opens on Wednesday, April 29, with an earnings call at 6:00 AM ET. Consensus estimates project EPS of approximately $1.53 (Benzinga consensus) to $2.53 (MarketBeat consensus, reflecting different EPS measure conventions) on revenues of approximately $14.74–$14.93 billion. The UK-based pharmaceutical powerhouse guided for full-year 2026 total revenue growth of mid- to high-single digits at constant exchange rates and core EPS growth of a low double-digit percentage.

AstraZeneca ended 2025 with total revenue of $58.7 billion (+8% CER) and core EPS of $9.16 (+11% CER). The company's oncology portfolio — led by Tagrisso (EGFR lung cancer), Lynparza, Enhertu (in partnership with Daiichi Sankyo), and the fast-growing Dato-DXd antibody-drug conjugate — continues to be the primary growth engine, supplemented by cardiovascular and rare disease assets. In Q1 2025, AstraZeneca reported revenue of $13.59 billion (+7.2% YoY), with core EPS of $1.25, beating the $1.11 consensus by 12.7%. Investors will pay close attention to Enhertu uptake in breast cancer and new oncology indications as major catalysts for the back half of 2026 guidance.

Semiconductor Capital Equipment

KLA Corporation (KLAC)

KLA Corporation will report its fiscal Q3 2026 earnings after the market closes on Wednesday, April 29, at 5:00 PM ET. The company guided fiscal Q3 revenue to approximately $3.35 billion (±$150 million) and non-GAAP EPS to approximately $9.98 (±$0.78), at the top end of which represents a significant beat versus the then-consensus of approximately $8.75 EPS and $3.25 billion revenue. Current analyst estimates stand at approximately $9.16 EPS and $3.37 billion revenue — a realistic expectation given KLA's consistent track record of beating its own guidance.

KLA is the dominant player in semiconductor process control and yield solutions, serving every major chipmaker globally. At its March 2026 Analyst Day, management reaffirmed Q3 guidance and presented ambitious 2030 targets: revenues of approximately $26 billion and EPS of $84, implying a Wafer Equipment market of $215 billion. For calendar year 2026, management expects the total Wafer Equipment market (including Advanced Packaging) to reach $135–$140 billion, approximately 11% growth year over year. Wolfe Research maintained an Outperform rating with a $1,800 price target following the Analyst Day, and the consensus average analyst target is approximately $1,624. For full-year fiscal 2026 (ending June), analysts project EPS of $36.62, up 10% from fiscal 2025.

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Integrated Energy

TotalEnergies SE (TTE)

TotalEnergies will report Q1 2026 results on Wednesday, April 29. On April 16, TotalEnergies pre-published its Q1 main indicators, signaling a "significant" improvement in Exploration & Production results and "significantly higher" Integrated LNG results relative to Q4 2025, driven by a $12.4/barrel increase in average liquids prices (including price lag effects) and a 10% increase in LNG production. Despite a ~15% output disruption from Middle East conflict (approximately 100 kboe/day across the quarter), overall oil and gas production is expected to be in line with Q4 2025 levels, underpinned by the start-ups of Lapa SW and Mabruk.

Analyst Wilson from a major European bank highlighted the possibility of approximately 10% upside to the Q1 net income consensus of €4.8 billion, with LNG trading activities cited as the primary outperformance catalyst. Downstream results are also expected to improve, supported by a refining utilization rate above 90%. The gearing ratio is expected to be around 15% at quarter-end, broadly consistent with TotalEnergies' disciplined capital allocation framework. The ongoing Iran conflict and its implications for LNG markets will likely dominate the earnings call's Q&A.

Electronic Components

Amphenol Corporation (APH)

Amphenol will report Q1 2026 results on Wednesday, April 29 at 1:00 PM ET. The company guided Q1 revenues to $6.90–$7.00 billion and EPS of approximately $0.91 per share at the time of Q4 2025 reporting, while analyst consensus now projects revenue of approximately $7.00 billion and EPS of approximately $0.94 — both reflecting year-over-year growth in the 43%–49% range from the $4.80 billion revenue and $0.63 EPS reported in Q1 2025.

Amphenol is a world leader in electrical connectors and interconnect systems, serving markets from AI data centers to defense and automotive. The dramatic revenue growth partly reflects the company's November 2024 acquisition of CCS (CommScope's Outdoor Wireless Networks and CommScope's Home Networks segments), which significantly expanded the company's footprint in mobile network infrastructure and broadband connectivity. Stripping out CCS, organic growth remains strong, driven by AI data center demand for high-speed connectors and increasingly complex chip packaging. In each of the past four quarters, Amphenol has beaten the Zacks consensus with an average earnings surprise of 16.48%. Analyst consensus is "Strong Buy," with 13 of 17 analysts recommending the stock and an average price target of $171.38. Full-year 2026 EPS is expected at $4.32, up 29.3% year over year.

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Thursday, April 30 — Big Tech, Healthcare, Payments, Industrials & Energy

Technology

Apple Inc. (AAPL)

Apple will report its fiscal Q2 2026 (quarter ending March 2026) results after the market closes on Thursday, April 30. Wall Street consensus calls for EPS of approximately $1.91–$2.00 — representing approximately 15.8%–17% growth year over year — on revenue of approximately $108.86–$113 billion, suggesting year-over-year revenue growth of approximately 13%–16%. Apple's own guidance from the Q1 FY2026 earnings call projected revenue growth of 13%–16% for the March quarter, well above the then-consensus of approximately 10%.

The iPhone remains the company's heartbeat — strong Q2 demand driven by upgrade cycles, continuing share gains from Android users, and robust results in India (a rapidly growing market) are all expected to contribute positively. Services revenue growth of approximately 14% year over year is expected, consistent with recent quarters' trajectory and propelled by App Store, Apple Music, Apple TV+, and iCloud subscriptions. Gross margin guidance of 48%–49% signals resilience despite ongoing input cost pressures. Bank of America analyst Wamsi Mohan, who maintains a Buy rating with a $325 price target, believes Q2 results will exceed expectations, supported by strong iPhone demand and a potential new buyback authorization. Options markets are pricing approximately 5.4% post-earnings volatility — notably above the 1.9% average of the prior four quarters — reflecting heightened macro uncertainty.

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Pharmaceuticals & Biotechnology

Eli Lilly and Company (LLY)

Eli Lilly will report Q1 2026 results on Thursday, April 30, with a conference call at 10:00 AM ET. Analysts project Q1 2026 EPS of approximately $2.53 per share — a 56.2% surge from $1.62 in Q1 2025 — on revenues of approximately $8.81 billion, representing 26.6% year-over-year growth. The EPS consensus has been revised 0.4% higher over the past 30 days, signaling analyst confidence ahead of the print. Analyst coverage is overwhelmingly bullish: 18 Buy ratings vs. 2 Hold and 0 Sell, with an average price target of approximately $1,192. BofA analyst Jason Gerberry maintained a Buy rating with a $1,294 price target, while Morgan Stanley and Guggenheim also carry bullish ratings with targets up to $1,327.

Eli Lilly is the most valuable pharmaceutical company in the world by market capitalization, and its GLP-1 portfolio — led by Mounjaro/Zepbound for diabetes and obesity — is the primary growth engine. Investors will scrutinize Zepbound's prescription growth trajectory, any supply normalization commentary (manufacturing capacity has been a constraint), and pipeline updates from the growing cardiometabolic portfolio. One important item to factor in: Lilly disclosed a Q1 IPR&D charge of approximately $584 million ($0.52 per share) related to newly announced acquisitions, which will weigh on GAAP EPS but not on adjusted figures.

Merck & Co., Inc. (MRK)

Merck will report Q1 2026 results on Thursday, April 30, before market open, with a conference call at 9:00 AM ET. This will be an unusual quarter from an EPS perspective: the consensus projects a GAAP loss of approximately $1.01–$1.38 per share, a sharp decline from the $2.22 EPS reported in Q1 2025, primarily driven by large acquired IPR&D and milestone charges from recent business development activity. On an adjusted (non-GAAP) basis, the picture is more constructive, with revenue expected at approximately $15.99 billion, up 3% year over year.

KEYTRUDA, the company's immunotherapy blockbuster, generated $31.7 billion in 2025 sales (+7% YoY), and Q1 2026 sales of the drug are expected to have grown further, aided by continued uptake across early-stage and metastatic indications. However, Merck's longer-term challenge is front-of-mind: the company's 2026 guidance ($5.00–$5.15 adjusted EPS) came in below consensus, and the looming 2028 Keytruda patent cliff — plus IRA-driven price cuts on other products like Januvia — poses a significant structural headwind. Investors will be paying close attention to updates on subcutaneous Keytruda (KEYTRUDA QLEX), pipeline assets like islatravir (HIV), and the commercialization progress of WINREVAIR for pulmonary arterial hypertension.

Amgen Inc. (AMGN)

Amgen will report Q1 2026 results after the market closes on Thursday, April 30, with a call at 4:30 PM ET. Analyst consensus centers on approximately $4.74–$4.80 EPS and revenue of approximately $8.58 billion, the latter representing high-single-digit year-over-year growth. Amgen set FY2026 guidance at adjusted EPS of $21.60–$23.00 (midpoint approximately $22.30) and revenue of $37.0–$38.4 billion. In Q4 2025, Amgen significantly beat expectations — adjusted EPS of $5.29 vs. a $4.73 consensus and revenue of $9.9 billion vs. the $9.46 billion estimate, driven by volume growth of 10%. Q1 2026 consensus projects a 3.1% year-over-year EPS decline, largely due to planned R&D investment hikes for the late-stage pipeline rather than any core product weakness.

The key forward catalyst is MariTide (AMG 133), Amgen's GIP/GLP-1 dual agonist obesity drug in Phase III development. Any update on trial progress or commercialization timelines could drive substantial stock movement — analysts estimate 8%–10% upside in a positive update scenario. Core products including Repatha (cardiovascular), Otezla (inflammation), and Prolia/XGEVA (bone health, despite biosimilar entry) will anchor the quarterly revenue print.

Payments

Mastercard Incorporated (MA)

[See Tuesday section above for detailed Mastercard preview — the company reports on Thursday, April 30]

Mastercard's Q1 2026 consensus of $4.40–$4.41 EPS (+18% YoY) and $8.25–$8.27 billion in revenue (+14% YoY) places it among the most consistently high-quality earners in the financial sector. Management's Q1 guidance called for net revenue growth at the low end of low double-digits on a currency-neutral basis — the foreign exchange tailwind of 3.5–4 percentage points should help push reported growth higher. Following Q4 2025's exceptional beat ($4.76 EPS vs. $4.22 consensus, +$0.54 surprise), expectations are elevated but supported by strong payment volume data.

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Industrials

Caterpillar Inc. (CAT)

Caterpillar will report Q1 2026 results at 5:30 AM CDT (before U.S. markets open) on Thursday, April 30. Analyst consensus projects EPS of approximately $4.44–$4.49, a 5%–6% increase from $4.25 in Q1 2025, although the revenue picture is slightly more uncertain amid tariff-related headwinds on global industrial demand. In Q4 2025, Caterpillar delivered a significant beat: EPS of $5.16 beat the $4.67 consensus, and revenue of $19.13 billion well exceeded the $17.81 billion estimate.

Caterpillar is one of the most important bellwethers for global industrial activity, infrastructure investment, and commodity sector capital spending. The company operates in three segments — Construction Industries, Resource Industries, and Energy & Transportation — each sensitive to different macro forces. For FY2026, analysts project EPS of $19.86–$22.73, roughly 4%–19% above fiscal 2025, with accelerating growth expected into 2027. Tariff impacts on supply chains, pricing power in construction equipment, and backlog commentary will be central themes. Cat's order book and dealer inventory levels are watched globally as leading indicators of infrastructure and mining demand.

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Upstream Energy

ConocoPhillips (COP)

ConocoPhillips will report Q1 2026 results before the market opens on Thursday, April 30, with a conference call at 12:00 PM ET. Analysts project EPS of approximately $1.55 on revenue of approximately $14.90 billion. Several quantitative frameworks — including Zacks' Earnings ESP model, which registered a +9.91% positive signal — suggest a high likelihood of a beat, driven by late-quarter crude oil price tailwinds and ConocoPhillips's leverage to Brent prices.

For FY2026, analysts project EPS of approximately $7.09, up 15.1% from $6.16 in 2025, reflecting stronger oil prices, the integration of Marathon Oil assets, and disciplined capital allocation. The company's Alaska and Permian operations are key volume contributors, and any commentary on production efficiency at newly integrated Marathon assets will receive close investor attention. Cash return priorities — share repurchases, dividends, and variable return of cash (VROC) — will also be scrutinized given the commodity price backdrop.

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Western Digital Corporation (WDC)

Western Digital will report its fiscal Q3 2026 results after the market closes on Thursday, April 30. The company provided explicit Q3 guidance at its Q2 FY2026 earnings call: revenue of $3.10–$3.30 billion (midpoint $3.20 billion, ~40% year-over-year growth) and non-GAAP EPS of $2.15–$2.45 (midpoint $2.30). Current analyst consensus estimates stand at approximately $2.23–$2.35 EPS and approximately $3.23 billion in revenue. Western Digital has beaten EPS estimates in each of its last four quarters by an average of approximately 15%–20%.

The company's business is bifurcated between HDD (where it competes alongside Seagate for AI nearline storage) and NAND flash memory (where demand from consumer, enterprise, and mobile customers is recovering). UBS analyst Timothy Arcuri raised his price target to $350 from $285 (maintaining Neutral), expecting results near the top end of guidance on strong hyperscaler demand and continued pricing improvements. Wall Street's consensus is a "Strong Buy," with 20 of 25 analysts recommending the stock and a Street-high target of $440. For full fiscal 2026, analysts expect EPS of $8.49, a remarkable 87.4% jump from $4.53 in fiscal 2025, reflecting the cyclical recovery in storage markets coinciding with AI-driven demand.

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Friday, May 1 — Energy Majors & Industrial Gases

Integrated Oil & Gas

Exxon Mobil Corporation (XOM)

ExxonMobil will report Q1 2026 results on Friday, May 1. The consensus EPS estimate is approximately $1.04–$1.80 per diluted share (reflecting ongoing estimate revisions due to complex hedging impacts). The company signaled that surging oil and gas prices from the Middle East conflict could increase upstream earnings by up to $2.9 billion versus Q4 2025 — a significant positive. However, ExxonMobil simultaneously warned of a $3.3–$5.3 billion downstream earnings reduction from hedging and timing effects, which may outweigh the upstream benefit in the headline GAAP number for the quarter.

Production disruptions at UAE and Qatar assets (approximately 6% reduction in global oil-equivalent output) are being more than offset by commodity price gains. ExxonMobil also stands to benefit from a developing helium shortage, given Middle Eastern supply disruptions that positioned the company's non-Qatari helium production favorably. For full-year 2026, analysts project EPS of approximately $8.73, up roughly 25% from $6.99 in 2025, reflecting both higher commodity prices and the ongoing Permian Basin volume ramp. TD Cowen, Piper Sandler, JP Morgan, and Wells Fargo all have price targets in the $170–$185 range.

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Chevron Corporation (CVX)

Chevron reports Q1 2026 results on or around May 1, 2026. The company's own preliminary guidance, released on April 9, provided the most detailed advance signaling of any major oil company: upstream earnings are expected to benefit by $1.6–$2.2 billion from higher oil and gas prices versus Q4 2025. However, $2.7–$3.7 billion in after-tax earnings headwinds from hedging/timing effects in Downstream, plus a $350–$400 million litigation reserve charge as a special item, will depress the headline result. The consensus EPS estimate stands at approximately $1.01 per share for Q1 2026 — a decline from $2.18 in Q1 2025, though the headline GAAP number obscures underlying operational strength.

Net oil-equivalent production is expected to reach 3.8–3.9 million barrels per day, a solid volume, though slightly impacted by Tengizchevroil downtime and reduced Middle East output. Raymond James upgraded its Q1 EPS estimate to $2.00 and maintains an Outperform rating, citing higher commodity prices and margin adjustments. Chevron has raised its dividend for 38 consecutive years and is targeting 7%–10% production growth and $3–$4 billion in structural cost savings for full-year 2026.

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Industrial Gases

Linde plc (LIN)

Linde will report Q1 2026 results before the market opens on Friday, May 1, with a conference call at 9:00 AM ET. The company issued Q1 EPS guidance of $4.20–$4.30, essentially in line with the prior consensus of $4.24, and set FY2026 EPS guidance at $17.40–$17.90. Current analyst consensus expects $4.27 EPS on revenues of approximately $8.59–$8.60 billion.

Linde is the world's largest industrial gases and engineering company, with operations spanning over 100 countries. Its business model — long-term fixed contracts with built-in price escalators — generates extraordinarily predictable cash flows and has enabled the company to beat consensus EPS in each of its last four quarters, with modest surprises of 0.55%–1.40%. The key question for investors this quarter is guidance: full-year EPS guidance raises or cuts are historically 2.1x more impactful for the stock price than quarterly headline EPS beats or misses. Management commentary around semiconductor sector gas demand, green hydrogen project timelines (Linde has a dominant position in hydrogen technology), and raw material cost pass-through rates will drive the post-earnings narrative. Analyst consensus leans toward Outperform (Sanford C. Bernstein, Mizuho and others with targets of $495–$516).

Sector Dashboard: Earnings Expectations at a Glance

 

BMO = Before Market Open; AMC = After Market Close

What Investors Should Watch

AI Capital Expenditure Commentary: With Alphabet, Microsoft, Amazon, and Meta all reporting on Wednesday, investors across the entire technology and semiconductor supply chain will be dissecting every word of forward capex guidance. Higher-for-longer AI infrastructure spending is a positive for NVIDIA, Broadcom, KLA, Amphenol, Seagate, and Western Digital — all of whom either report this week or are closely linked to hyperscaler spending.

Geopolitical Risk & Commodity Prices: The Middle East conflict has created a favorable oil price environment for upstream producers (ExxonMobil, Chevron, ConocoPhillips, TotalEnergies) while creating complex hedging noise in quarterly results. Natural gas and LNG market impacts — particularly relevant for TotalEnergies, ExxonMobil, and Chevron — will be closely analyzed.

Healthcare Pipeline Signals: Eli Lilly's Zepbound supply update, AbbVie's Skyrizi/Rinvoq trajectory, Merck's Keytruda volume trends, and Amgen's MariTide update are all portfolio-level events that could substantially move individual stocks.

Consumer Health: Visa, Mastercard, Booking Holdings, and Coca-Cola collectively provide an unrivaled real-time read on global consumer spending. Any evidence of softening discretionary travel or payment volumes would have broad market implications.

The Semiconductor Equipment Cycle: KLA Corporation's guidance will help frame the forward trajectory of the global wafer fab equipment market, potentially moving the entire semiconductor capital equipment sector including peers Applied Materials, ASML, and Lam Research.

Disclaimer

This article is for informational purposes only and does not constitute financial advice. Earnings estimates are based on analyst consensus data available as of the date of publication and are subject to change. Past performance of individual companies is not indicative of future results.

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