Q1 2026 Earnings Preview: May 25–29, 2026 | TCOM, MRVL, CRM, PDD, DELL, RY, TD, ADSK

Key Points

• Trip.com Group (TCOM) kicks off the week on Monday before markets open, with analysts expecting Q1 2026 EPS of $0.85 and revenue near $2.30 billion — a potential 22% year-over-year jump — as the global travel recovery broadens beyond China's domestic market.
• Tech giants take center stage Wednesday, with Salesforce (CRM), Marvell Technology (MRVL), Snowflake (SNOW), PDD Holdings (PDD), and Synopsys (SNPS) all reporting — making May 27 one of the busiest earnings days of the season.
• Canada's banking quartet — Bank of Montreal (BMO), Bank of Nova Scotia (BNS), Royal Bank of Canada (RY), and CIBC (CM) — report across Wednesday and Thursday, offering a comprehensive read on the health of North American banking.
• Dell Technologies (DELL) reports Thursday after-market close, with all eyes on its $43 billion AI server backlog and management guidance toward $50 billion in fiscal 2027 AI revenue — a potential catalyst for the broader AI infrastructure theme.
• Marvell Technology (MRVL) reports Wednesday with Q1 FY2027 revenue guided at $2.40 billion, reflecting ~27% sequential growth and underscoring the company's rapid AI silicon ramp.
• Autodesk (ADSK) and MongoDB (MDB) both report Thursday after-market, providing critical insight into enterprise software demand and cloud database adoption trends.
• PDD Holdings (PDD) faces heightened scrutiny after missing Q4 2025 earnings expectations by over 20%, with analysts now watching whether Temu's international business has stabilized amid ongoing trade headwinds.
• Elbit Systems (ESLT) reports Tuesday in a defense sector spotlight, with Wall Street's consensus EPS of $2.93 suggesting strong demand-driven momentum and a historically growing order backlog that recently reached record levels.

The Week in Context

The final full trading week of May 2026 brings one of the most consequential earnings clusters of the season. Spanning technology, cloud software, defense, Canadian banking, retail, and global e-commerce, the schedule from May 25 through May 29 offers investors an unusually broad cross-sectional view of the global economy. Macro themes — including AI infrastructure investment, the trajectory of North American credit quality, Chinese consumer and e-commerce resilience, and global defense spending — will be stress-tested across roughly two dozen companies in five days.

The earnings environment heading into this week is constructive but cautious. The S&P 500 has staged a notable recovery in 2026 as fears of a deep recession have moderated, but investors remain alert to guidance disappointments, particularly in consumer-facing businesses and companies with China exposure. Corporate AI spending, once questioned as hype, has increasingly been validated by hard revenue numbers from semiconductor, software, and infrastructure providers — making the Wednesday reports from Marvell, Salesforce, and Snowflake especially consequential for market sentiment.

Monday, May 25 — Travel & International Banking

Bank Hapoalim B.M. (BKHYY) — Israeli Banking Sector

Bank Hapoalim B.M. is Israel's largest bank by assets and a major bellwether for the Israeli financial system. The bank's U.S.-listed ADR (BKHYY) makes Q1 2026 results broadly accessible to international investors this week, after the underlying Israeli results were released on May 14–15, 2026.

In Q1 2026, Bank Hapoalim posted a net profit of NIS 2,124 million, achieving a return on equity of 13.0% — or over 14% when excluding the impact of the Israeli special bank tax imposed by the government. Credit growth accelerated 14% year-over-year, reflecting the resilience of Israel's private sector despite ongoing geopolitical stress, and the bank distributed over NIS 1 billion to shareholders through dividends and buybacks in the period. Revenue on a trailing twelve-month basis reached NIS 23.3 billion, and the bank has grown earnings at an average annual rate of 16%, well above the 2.8% growth seen across the broader global banking industry.

The Q1 results underscore that Israel's financial system has shown remarkable adaptability amid regional security pressures. For investors, the BKHYY ADR provides access to a high-ROE institution trading at relatively modest international valuations, and this week's formal ADR availability of Q1 results presents an opportunity to reassess the risk/reward proposition in Israeli financials. Management's forward guidance regarding the impact of geopolitical developments on loan quality and net interest margins will be the key focus.

Trip.com Group (TCOM) — Online Travel / Consumer Discretionary

Reports: Monday, May 25 — Before Market Open Consensus EPS Estimate: $0.85 | Consensus Revenue Estimate: ~$2.30–$2.33 billion

Trip.com Group, the Shanghai-headquartered online travel giant formerly known as Ctrip, serves as a global barometer for travel demand across Asia and increasingly in international markets. The company operates consumer-facing platforms for hotel bookings, airline tickets, packaged tours, and rail travel, alongside B2B solutions for corporate clients and travel suppliers.

Analysts project Q1 2026 revenue of approximately $2.30–$2.33 billion, representing a 22% increase from the year-ago quarter, driven by strong domestic Chinese travel demand and continued international expansion. The consensus EPS estimate stands at $0.85, roughly a 3.7% year-over-year increase from $0.82 in Q1 2025, though some revision downward has taken place in recent weeks. In Q4 2025, Trip.com delivered a strong beat — EPS of $0.71 versus the $0.61 consensus — with international bookings as a key upside driver.

The earnings release is particularly notable given an active legal backdrop: Trip.com has been named in a securities class action related to AI pricing controversy and an anti-monopoly regulatory probe in China, both of which emerged in May 2026 and sent shares lower. Whether management addresses these concerns directly on the earnings call could significantly influence near-term sentiment. On the fundamental side, the company's multi-brand global strategy and mobile-first technology platform position it as a structural beneficiary of Asia's travel recovery supercycle. For investors focused on international consumer growth, TCOM's revenue trajectory and forward guidance will be the key datapoints to watch.

Tuesday, May 26 — Defense Technology

Elbit Systems (ESLT) — Aerospace & Defense

Reports: Tuesday, May 26 — Before Market Open Consensus EPS Estimate: $2.93 | Consensus Revenue Estimate: ~$2.11 billion

Elbit Systems is Israel's leading privately held defense electronics company, providing integrated systems across air, land, naval, and cyber domains to militaries worldwide. The company designs and delivers unmanned aircraft systems, electro-optic intelligence platforms, electronic warfare equipment, avionics, and cybersecurity solutions — with approximately 65–69% of revenue generated from international customers outside Israel.

The setup into this report is exceptionally bullish. In fiscal 2025, Elbit delivered 16% revenue growth, a 34% increase in operating profit, and 46% EPS growth — the strongest performance in recent memory — driven directly by surging NATO and allied defense budgets in response to ongoing global conflicts. The company's order backlog stood at a record $25.2 billion as of Q3 2025, equivalent to roughly three years of revenue, providing extraordinary forward visibility. Full-year EPS guidance from management was set at $15.28–$16.22, signaling confidence in sustained momentum.

Wall Street expects Q1 2026 EPS of $2.93 against revenues of approximately $2.11 billion. Given that Elbit beat Q4 2025 EPS by nearly 25% (reporting $3.52 versus $2.82 estimated), the bar may be conservatively set. Investors will focus on backlog growth, margin trajectory, and any updates on U.S. acquisition targets, as management has signaled interest in expanding its North American footprint. Credit agency S&P Global Ratings Maalot raised Elbit's local-scale long-term rating to "ilAAA" ahead of this report — further validating its financial standing. For defense-oriented investors, ESLT's Q1 print will be a critical gauge of whether elevated global military spending can be sustained through 2026 and beyond.

Tuesday, May 26 — Consumer Technology

Xiaomi Corp. ADR (XIACY) — Consumer Electronics / EV

Reports: Tuesday, May 26 Consensus Revenue Estimate: CNY 99.56 billion ($13.7 billion) | Consensus Net Income: ~CNY 4.59 billion

Xiaomi is China's most important consumer technology ecosystem company and the world's third-largest smartphone manufacturer. Beyond smartphones, its rapidly growing smart home IoT business and aggressively expanding electric vehicle (EV) division — anchored by the SU7 sedan and the upcoming YU7 SUV — make it one of the most complex and dynamic large-cap technology stories in global markets.

Xiaomi reports Q1 2026 (ended March 31, 2026) results Tuesday. The consensus pegs revenue at approximately CNY 99.56 billion ($13.7 billion), implying a moderation from the stellar 47% revenue growth recorded in Q1 2025 (when Q1 2025 revenue was CNY 111.3 billion). Analyst net income consensus for Q1 2026 is CNY 4.59 billion — a significant decline from Q1 2025's adjusted net profit of CNY 10.7 billion — as the comparison base has grown substantially and EV segment ramp costs weigh on profitability.

The strategic narrative for Xiaomi in 2026 centers on three pillars: (1) EV volume ramping toward 200,000 annual deliveries of the SU7 and preparing the YU7 SUV launch for July; (2) the "Human x Car x Home" ecosystem strategy, which positions Xiaomi as a platform company rather than merely a device manufacturer; and (3) AI integration across its device portfolio. Investors will scrutinize EV segment revenue (expected to be a key sequential contributor), smartphone market share trends in the premium segment (where Xiaomi is pushing harder), and any commentary on YU7 pre-order demand. With full-year 2026 revenue expected to grow approximately 7.6% to CNY 491 billion, the Q1 print anchors annual trajectory estimates.

Wednesday, May 27 — Software, Semiconductors, E-Commerce & Banking

Marvell Technology (MRVL) — Semiconductors / AI Infrastructure

Reports: Wednesday, May 27 — After Market Close Consensus EPS Estimate: ~$0.75 | Guided Revenue: $2.40 billion

Marvell Technology has transformed from a networking chipmaker into one of the most strategically positioned companies in the AI data center buildout. Its custom silicon designs — including AI Application-Specific Integrated Circuits (ASICs) for hyperscale cloud customers — make it a direct beneficiary of every incremental dollar spent on AI infrastructure.

For fiscal Q1 2027 (quarter ending May 2026), Marvell provided management guidance of $2.40 billion in revenue — implying roughly 27% sequential growth from Q4's $2.22 billion and significantly exceeding the prior Street consensus of $2.28 billion. Adjusted EPS guidance from management is $0.74–$0.84, with the midpoint of $0.79 comfortably above the consensus of $0.74, though Zacks Research recently raised its estimate to $0.60 on a GAAP-adjusted basis, reflecting model conservatism around stock-based compensation adjustments.

The Q4 FY2026 report already showed the power of Marvell's AI pivot — full-year fiscal 2026 net revenue reached $8.195 billion, a company record, and the company's data center AI ASIC revenue has been the dominant growth driver. For context, fiscal Q1 2026 revenue was $1.895 billion, meaning the Q1 2027 guidance of $2.40 billion represents a staggering 27% year-over-year growth rate in a single quarter. The analyst consensus view is moderate — Marvell carries a "Hold" rating at Zacks — but longer-term revenue forecasts have been revised sharply upward, with fiscal 2027 revenue now projected at approximately $10.9 billion. The Q1 print will set the tone for AI semiconductor sentiment broadly.

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Salesforce (CRM) — Enterprise Software / AI CRM

Reports: Wednesday, May 27 — After Market Close Consensus EPS Estimate: $2.30 | Consensus Revenue Estimate: ~$11.2 billion

Salesforce is the world's largest CRM software provider and an increasingly critical player in enterprise AI, having launched its Agentforce AI platform as a flagship product. The company reports Q1 FY2027 results this week — its fiscal year runs February through January — following a record fiscal 2026 in which full-year revenue reached approximately $37–38 billion and the company closed a major acquisition.

Analysts project Q1 FY2027 EPS of $2.30, an 18.6% year-over-year increase from the $1.94 reported in Q1 FY2026. Revenue consensus is approximately $11.2 billion, consistent with the company's track record of double-digit top-line growth. Salesforce has beaten Wall Street's EPS estimates in each of the past four consecutive quarters, building strong credibility. The company's full-year FY2027 revenue guidance stands at $45.8–$46.2 billion, with a long-term aspiration of $63 billion by FY2030 — targets that require consistent quarterly execution.

The critical variable in this report will be Agentforce adoption. Salesforce's AI agent platform is positioned as a transformative product cycle, and investors are monitoring customer uptake metrics, deal sizes, and the contribution to subscription revenue growth. Out of 52 analysts covering the stock, 37 maintain a "Strong Buy" rating, with a consensus average price target of $276.43. For enterprise software investors, this is the most anticipated print of the week: a strong Agentforce commentary could propel CRM shares significantly, while signs of tepid AI adoption would be a negative catalyst across the broader SaaS sector.

PDD Holdings (PDD) — E-Commerce / Consumer Discretionary

Reports: Wednesday, May 27 — Before/After Market Consensus EPS Estimate: ~$2.13–$2.23 | Consensus Revenue Estimate: ~$15.94 billion

PDD Holdings, parent company of China's Pinduoduo platform and the fast-growing international e-commerce platform Temu, occupies a peculiar position heading into this report: it is a consensus potential earnings beat candidate by one analyst model, yet it carries a recent history of significant misses. In Q4 2025, PDD delivered EPS of $2.53 against a $3.21 estimate — a miss of 21.2%. In Q1 2025, it missed by 37.4%. Analyst sentiment has been mixed, with the Zacks Earnings ESP model noting a positive indicator (+7.42%) based on more recent estimate revisions skewing upward.

For Q1 2026 (ended March 2026), Wall Street's consensus projects EPS of approximately $2.13–$2.23, representing a 43% year-over-year improvement from the depressed Q1 2025 results, alongside revenue of approximately $15.94 billion — a 20.9% gain from the prior year's $13.18 billion. The Moomoo consensus (in CNY terms) pegs Q1 2026 revenue at CNY 109.4 billion with net income of CNY 22.1 billion. The wide range of estimates reflects genuine uncertainty about Temu's international profitability in a high-tariff environment and the pace of Pinduoduo's monetization improvements domestically.

What matters most in this report is the operating expense trajectory. PDD has historically invested aggressively in growth at the expense of near-term margins, and the market will scrutinize whether profitability is recovering structurally or merely bouncing from a trough. The company's exposure to U.S.-China trade policy — particularly tariffs on low-value packages that affect Temu's cost economics — makes the management commentary as important as the headline numbers.

Bank of Montreal (BMO) — Canadian Banking

Reports: Wednesday, May 27 — Before Market Open Consensus EPS Estimate: $2.54 (USD) | Consensus Revenue Estimate: ~$6.98 billion (USD)

Bank of Montreal, or BMO Financial Group, is one of Canada's "Big Six" banks and a major North American financial institution with significant operations in both Canada and the United States through its commercial banking network. BMO reports Q2 FY2026 (fiscal quarter ended April 30, 2026) results this week.

BMO's Q1 FY2026 results, reported in February, were impressive: adjusted EPS of $3.48 CAD, an increase of 15% year-over-year, on adjusted net income of $2.551 billion (+11% YoY), with provision for credit losses declining meaningfully from $1.011 billion to $746 million. Common Equity Tier 1 ratio stood at 13.1%, and reported ROE was 12.4% on an adjusted basis. The quarter also included severance costs tied to an enterprise-wide efficiency program and reflected the November 2025 acquisition of Burgundy Asset Management.

For Q2 FY2026, consensus expects EPS of approximately $2.54 USD (roughly $3.45 CAD), with revenues near $6.98 billion USD. Investors will focus on whether credit quality improvement continues — a key theme across Canadian banks — and whether the bank's U.S. commercial banking segment shows recovery following integration challenges in prior periods. Digital and tokenization initiatives, highlighted in recent management commentary, also represent a longer-term strategic watchpoint.

Bank of Nova Scotia (BNS) — Canadian Banking

Reports: Wednesday, May 27 — Before Market Open Consensus EPS Estimate: $1.46 (USD) | Consensus Revenue Estimate: ~$6.77 billion (USD)

Scotiabank, or Bank of Nova Scotia (BNS), is the most internationally diversified of Canada's large banks, with extensive operations across Latin America and the Pacific Alliance countries. The bank enters Q2 FY2026 reporting with notable momentum after CEO Scott Thomson articulated a "double-digit earnings growth" target for fiscal 2026 at the start of the year, backed by stronger-than-expected FY2025 results, 10% earnings growth, a 13% CET1 ratio, and 11 million shares repurchased.

In Q1 FY2026 (ended January 31, 2026), BNS reported EPS of $1.47 USD versus the $1.42 consensus estimate — a 3.52% beat — with revenue of $6.92 billion coming in ahead of the $6.85 billion estimate. This continued a streak of three consecutive quarters beating EPS estimates, with a four-quarter average EPS surprise of approximately 0.06%. The bank targets high-single-digit NIAT growth in wealth management, double-digit growth in Canadian banking, and modest international banking growth (offset by elevated impaired PCLs in Mexico and Chile).

For Q2, consensus calls for $1.46 EPS and $6.77 billion in revenue. The slight sequential EPS dip from $1.47 reflects analyst caution about international credit costs. Nevertheless, BNS is viewed as a turnaround story under Thomson's leadership, with a sharper strategic focus on higher-ROE business lines and capital allocation discipline. The Q2 print will test whether the bank's profitability targets are on track.

Synopsys (SNPS) — Electronic Design Automation (EDA) / Semiconductors

Reports: Wednesday, May 27 — After Market Close Consensus EPS Estimate: $3.17 | Consensus Revenue Estimate: ~$2.25 billion

Synopsys is the undisputed global leader in electronic design automation software and IP, providing the foundational tools that chip designers at companies like NVIDIA, TSMC, and Qualcomm rely upon to create the next generation of semiconductors. As AI chips become ever more complex, Synopsys sits at a unique enabling position in the technology value chain.

The company reports fiscal Q2 2026 results on May 27, following an exceptional Q1 2026 in which EPS of $3.77 surpassed the $3.11 consensus by 21.2% — the largest beat in recent memory. For Q2, the company's own guidance from February 2026 pointed to EPS of $3.11–$3.17, roughly in line with current consensus of $3.17, and revenue of $2.23–$2.28 billion (consensus: $2.25 billion). The apparent step-down in EPS versus Q1's $3.77 reflects the typical uneven flow of multi-year EDA license renewals across quarters.

Key metrics Wall Street will examine include Design Automation revenue (consensus: ~$1.67 billion), Design IP revenue (consensus: ~$439 million, expected -8.9% YoY due to lumpy contract timing), and Maintenance & Service revenue (consensus: ~$708 million, +167% YoY, reflecting service contract renewals). Full-year FY2026 guidance was reaffirmed at $9.56–$9.66 billion in revenue and $14.38–$14.46 in EPS. With Synopsys deep in an ongoing merger review for its proposed acquisition of Ansys — a transformative deal — any updates on regulatory timing will carry significant strategic weight.

Snowflake (SNOW) — Cloud Data Platform

Reports: Wednesday, May 27 — After Market Close Consensus EPS Estimate: $0.32–$0.14* | Consensus Revenue Estimate: ~$1.32 billion

Snowflake, the cloud-native data platform, reports fiscal Q1 2027 results (quarter ended April 30, 2026) this week. The company's unique consumption-based model — customers pay for what they use rather than committing to seats — makes revenue a highly sensitive real-time indicator of enterprise AI and analytics activity.

Analysts project Q1 FY2027 revenue of approximately $1.32 billion, a 26.8% year-over-year increase from the $1.04 billion reported in Q1 FY2026. Product revenue specifically is expected at $1.27 billion (+26.9% YoY), with professional services at approximately $56 million. Remaining performance obligations are forecast to grow to $9.49 billion, up dramatically from the $6.70 billion year-ago figure — a compelling indicator of committed future spend. In Q4 FY2026 (reported February 25, 2026), Snowflake delivered an extraordinary beat: EPS of $0.32 versus a -$0.10 consensus estimate, representing a 420% positive surprise, driven by profitability improvements from AI-driven data workload efficiency.

The consensus non-GAAP EPS for Q1 FY2027 is approximately $0.14 (GAAP accounting distortions make quarters hard to compare), with some platforms noting the Q2 FY2027 estimate at $0.32 following the strong Q4 beat. Snowflake's annual product revenue guidance of $5.66 billion for FY2027 was set above Street estimates, and management's AI Cortex feature uptake and GPU-powered analytics workload metrics will be the key narrative drivers this quarter. As the primary independent cloud data warehouse, Snowflake's results provide a unique read on enterprise AI data infrastructure spending that complements hyperscaler cloud narratives.

Note: EPS estimates vary by data source due to GAAP vs. non-GAAP treatment and Snowflake's fiscal year-end adjustments.

HEICO Corporation (HEI) — Aerospace & Defense

Reports: Wednesday, May 27 — After Market Close Consensus EPS Estimate: $1.33 | Consensus Revenue Estimate: ~$1.24 billion

HEICO Corporation is one of the most consistent wealth compounders in the aerospace and defense space — a niche manufacturer of FAA-approved replacement parts for commercial aviation and a provider of electronic technologies for defense customers. Its Flight Support Group and Electronic Technologies Group represent structurally advantaged businesses with pricing power and regulatory moats.

HEICO enters Q2 FY2026 reporting from a position of strength. In Q1 FY2026 (quarter ended January 31, 2026), the company posted record net income of $190.2 million, or $1.35 per diluted share — beating the $1.26–$1.27 consensus by approximately 6–7% — on net sales of $1.18 billion (+14% YoY) and operating income of $259.9 million (+15% YoY). Operating margin improved modestly to 22.1%.

For Q2 FY2026, the Zacks consensus estimate calls for EPS of $1.33 on revenues of approximately $1.24 billion, implying 18.8% and 12.8% year-over-year growth respectively. The acquisition of EthosEnergy Accessories and Components is expected to contribute to both segments. While the model does not "conclusively predict" a beat based on the Earnings ESP methodology, HEICO's long-running track record of exceeding expectations — and the structural tailwinds of record commercial air travel and heightened global defense spending — suggests the bar may again be beatable. For aviation and defense investors, HEI is a bellwether for aftermarket parts demand and a quality compounder story that rarely disappoints.

Thursday, May 28 — Global Banking, Tech Infrastructure & Enterprise Software

Royal Bank of Canada (RY) — Canadian Banking

Reports: Thursday, May 28 — Before Market Open Consensus EPS Estimate: ~C$3.77 | Consensus Revenue Estimate: ~C$17.27 billion

Royal Bank of Canada is Canada's largest bank by market capitalization and one of North America's premier financial institutions, with operations spanning personal and commercial banking, capital markets, wealth management, insurance, and investor and treasury services. RBC's scale and diversification make its quarterly results a proxy for the Canadian economy.

RBC enters Q2 FY2026 reporting with exceptional momentum. In Q1 FY2026 (ended January 31, 2026), the bank posted adjusted EPS of C$4.08 — smashing the C$3.84 consensus and the prior year's C$3.62 — with revenue of C$17.96 billion (+7.3% YoY) and a 15.37% return on equity. It was one of the strongest quarters in RBC's recent history, contributing to a "clean sweep" by all six major Canadian banks beating estimates in Q1.

For Q2 FY2026, the consensus EPS estimate from Trading Economics is approximately C$3.77, which while lower than Q1's exceptional C$4.08, still represents substantial year-over-year improvement from Q2 FY2025's C$3.13. Revenue consensus is approximately C$17.27 billion, and analysts also project net income of approximately C$5.35 billion for the quarter. Erste Group Bank raised its full-year FY2026 EPS estimate to C$15.86, well above the prior consensus of C$12.35 — a signal that some analysts see continued upside surprises. Credit quality trends, particularly provisions for credit losses amid any economic softening, will be the swing factor for investor reaction.

Toronto-Dominion Bank (TD) — Canadian Banking

Reports: Thursday, May 28 — Before Market Open Consensus EPS Estimate: $1.61 (USD) | Previous Q1 FY2026 EPS: $1.75 (USD)

Toronto-Dominion Bank, widely known as TD Bank, is Canada's second-largest bank and one of the most recognizable financial brands in North America, with an extensive U.S. retail banking presence alongside its Canadian operations. TD entered 2026 in a rebuilding phase after significant regulatory and compliance challenges in 2023–2024 tied to its U.S. anti-money-laundering program.

The Q1 FY2026 results (ended January 31, 2026) were a watershed moment: TD reported adjusted EPS of C$2.44 — the highest in several years — and GAAP EPS of $1.75 USD versus the $1.63 consensus (a 7.36% beat), with reported net income of $4.04 billion, up 45% versus the prior year. Adjusted earnings of $4.2 billion grew 16% year-over-year, with strength across Canadian retail, capital markets, and wealth management.

For Q2 FY2026, the consensus EPS estimate is $1.61 USD — a modest sequential step-down from $1.75 that reflects seasonal patterns and potential normalization in capital markets revenue. However, the key storyline for TD is its rehabilitation arc: with remediation investments complete and management attention refocused on growth, investors will be looking for concrete evidence that U.S. operational performance is improving and that the path to earnings recovery is intact. Any guidance on the timing of lifting the U.S. asset cap imposed by regulators would be particularly impactful.

CIBC (CM) — Canadian Banking

Reports: Thursday, May 28 — Before Market Open Consensus EPS Estimate: C$2.43 | Consensus Revenue Estimate: C$7.91 billion

Canadian Imperial Bank of Commerce (CIBC) is Canada's fifth-largest bank, undergoing a significant strategic transformation toward digital-first personal banking and enhanced capital markets capabilities. The bank (CM) has quietly delivered some of the strongest earnings improvement among Canadian peers in recent quarters.

In Q1 FY2026 (ended January 31, 2026), CIBC delivered a massive beat — adjusted EPS of C$2.76 against a consensus of C$2.39, a 15.48% upside surprise — with total revenue of C$8.4 billion exceeding the C$7.66 billion estimate by 9.66% and net profit rising 43% to C$3.1 billion. ROE reached a healthy 17.4%, reflecting significantly improved capital deployment and business mix. Raymond James raised its price target for CIBC to C$115.07 following these results.

For Q2 FY2026, consensus expects EPS of C$2.43 and revenue of C$7.91 billion — a modest sequential normalization from the exceptional Q1 run-rate. Analyst consensus on CM remains "Buy," with an average price target of C$108.39. CIBC's evolution from a somewhat domestically concentrated, mortgage-heavy lender toward a more diversified and digitally capable institution has been the central investment thesis, and the Q2 print will test whether Q1's results were a structural inflection or partially opportunistic.

Dell Technologies (DELL) — Enterprise Technology / AI Infrastructure

Reports: Thursday, May 28 — After Market Close Consensus EPS Estimate: $3.00 | Consensus Revenue Estimate: ~$34.95 billion

Dell Technologies may be the single most consequential technology earnings report of the week. The company has transformed from a PC and enterprise hardware incumbent into the world's dominant AI server builder, and its Q1 FY2027 results will test whether the extraordinary momentum from fiscal 2026 is carrying into the new fiscal year.

In Q4 FY2026 (ended January 31, 2026), Dell delivered record revenue of $33.4 billion (+39% YoY), smashing the $31.73 billion consensus, driven by AI-optimized server revenue that reached $9 billion in a single quarter — up 4.4x year-over-year. Full-year FY2026 AI server revenue hit $24.68 billion, and Dell exited the year with a staggering $43 billion AI server backlog entering FY2027. Management guided full-year FY2027 revenue of $138–$142 billion, implying 40%+ growth versus FY2026's ~$100 billion level, and specifically targeted $50 billion in AI server revenue — approximately 100% year-over-year growth.

For Q1 FY2027, the consensus EPS estimate is $3.00 on revenue of approximately $34.95 billion. Some analyst models built before Dell's February guidance raise have not fully absorbed the revenue acceleration, meaning the beat probability is elevated. One TIKR analysis suggested Q1 FY2027 non-GAAP EPS could reach approximately $2.90 at the previous Street estimate of $2.37 — now reset higher. The critical watchpoints will be: (1) AI server backlog update — whether it is growing or converting; (2) Client Solutions Group (CSG) margin stability amid DRAM pricing headwinds; (3) any update to full-year FY2027 revenue guidance; and (4) free cash flow generation to support the 20% dividend increase and $10 billion buyback authorization.

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Autodesk (ADSK) — Enterprise Software / Design Technology

Reports: Thursday, May 28 — After Market Close Consensus EPS Estimate: $2.71 | Full-Year FY2027 EPS Consensus: $9.35

Autodesk is the global leader in design and engineering software, serving architects, engineers, and construction and manufacturing professionals across 100-plus countries. Its core products — AutoCAD, Revit, Fusion 360, and BIM 360 — are deeply embedded in capital-intensive industries including construction, infrastructure, and advanced manufacturing.

The company reports fiscal Q1 2027 (quarter ended April 30, 2026) results Thursday evening, following a transformative fiscal 2026 in which full-year revenue reached $7.2 billion (+18%), operating income hit $1.6 billion (+17%), and free cash flow surged 54% to $2.4 billion. The company also completed its decade-long transformation to a fully subscription-based, cloud-enabled platform and rolled out AI-powered features in its design tools.

Analysts project Q1 FY2027 EPS of $2.71 and guide full-year FY2027 EPS of $9.35 — up 35% from $6.92 in FY2026 — reflecting anticipated AI-driven acceleration and operating leverage from the subscription model transition. In Q4 FY2026, Autodesk delivered EPS of $2.85 versus the $2.36 consensus, a 20.76% beat, establishing an unusually high bar. Revenue guidance for Q1 FY2027 from management was set at $1.885–$1.900 billion, providing a relatively tight range for analysts to work within. A "Strong Buy" consensus from 22 of 27 analysts, with an average price target of $336.59 implying 45%+ upside from current levels, underscores the street's conviction in Autodesk's long-term trajectory.

MongoDB (MDB) — Cloud Database / Enterprise Software

Reports: Thursday, May 28 — After Market Close Guided EPS (non-GAAP): $1.15–$1.19 | Guided Revenue: $659–$664 million

MongoDB is the world's most popular non-relational database platform, providing developers with a flexible, document-oriented data model that underpins modern applications across industries. Its cloud-hosted Atlas service has become the primary growth engine, with consumption-based revenue tightly correlated to enterprise application development activity.

MongoDB reports fiscal Q1 FY2027 (quarter ended April 30, 2026) results after-market Thursday. Management provided specific guidance at the Q4 FY2026 earnings call in March 2026: Q1 revenue of $659–$664 million and non-GAAP EPS of $1.15–$1.19, with the midpoint of both below the Street's consensus at the time ($662.5 million revenue, $1.21 EPS), which drove shares down roughly 20–27% post-earnings. That guidance disappointment has reset expectations, but also creates the conditions for a potential positive surprise if Atlas workload growth has recovered faster than feared.

Full-year FY2027 guidance of $2.86–$2.90 billion in revenue and EPS of $5.75–$5.93 was noted as above the prior consensus on the EPS line ($5.70) despite the Q1 below-consensus guidance. In Q4 FY2026, MongoDB had actually beaten revenue ($695 million vs. $669 million expected, +26.8% YoY) and EPS ($1.65 vs. $1.47 expected) — validating the fundamental demand for its developer-first database platform. Investors will focus on Atlas annualized recurring revenue growth, customer additions in the enterprise tier, and any qualitative update on AI workloads — specifically whether AI-native applications are beginning to drive meaningful incremental database demand beyond traditional CRUD workloads.

NetApp (NTAP) — Data Management & Hybrid Cloud Storage

Reports: Thursday, May 28 — After Market Close Consensus EPS Estimate: $2.27 | Consensus Revenue Estimate: ~$1.87 billion

NetApp is a hybrid cloud data management company whose storage systems and ONTAP software enable enterprises to store, protect, and manage data across on-premises and cloud environments. The company is increasingly repositioning itself as an AI data infrastructure provider, emphasizing the role of enterprise storage in AI training and inference workloads.

For its fiscal Q4 2026 (quarter ended April 24, 2026), the final quarter of NetApp's fiscal year, analysts expect EPS of $2.27 on revenue of approximately $1.87 billion. This compares to Q3 FY2026 results in which NetApp delivered EPS of $2.12 (above the $2.07 estimate) and revenue of $1.71 billion (above the $1.70 billion estimate). The company has met or exceeded Wall Street's earnings estimates in each of the last four quarters.

For full fiscal year 2026, analysts expect EPS of $6.48 — up 11.9% from $5.79 in fiscal 2025 — with EPS expected to grow further to $7.09 in FY2027. Wall Street holds a "Moderate Buy" consensus, with 7 of 21 analysts at "Strong Buy" and 13 at "Hold," and a mean price target of $118.06 implying approximately 8.9% upside from recent levels. NetApp has benefited from elevated demand for all-flash storage arrays tied to AI workloads, though its growth rate remains more moderate than pure-play AI infrastructure names. Full-year guidance, management commentary on cloud storage deal pipelines, and any AI-specific storage revenue disclosures will be the headline catalysts.

Friday, May 29 — Retail

The Buckle (BKE) — Specialty Retail / Consumer Discretionary

Reports: Friday, May 29 — Before Market Open Consensus EPS Estimate: $0.74 | Previous Q1 FY2025 EPS: $0.70

The Buckle is a Midwestern specialty retailer focused on fashion apparel, footwear, and accessories for young adults, operating roughly 440 stores primarily in smaller U.S. markets that are often overlooked by coastal retail analysts. As a capital-light business with no debt and consistent dividend payouts, Buckle is a quiet bellwether for discretionary consumer spending among middle-America demographics.

The company reports Q1 FY2026 (quarter ended approximately May 3, 2026) Friday morning. The consensus EPS estimate is $0.74, compared to $0.70 reported in Q1 FY2025 — a 5.7% year-over-year improvement. In Q4 FY2025 (reported March 13, 2026), Buckle delivered EPS of $1.59, beating the $1.51 estimate by 5.3%. The median analyst price target is $50.80, with a high estimate of $55.00 and a low of $41.00 against a recent closing price near $48.87.

In the current consumer environment, characterized by tariff uncertainty and uneven spending trends, Buckle's same-store sales performance and forward commentary on inventory management and promotional intensity will provide a useful data point on whether value-oriented specialty retail remains resilient. The company's limited China sourcing exposure relative to peers could be a tailwind; its loyal customer base in non-coastal markets may also provide insulation against higher-income consumer fatigue. Small-cap investors will watch this print for signals about the health of discretionary spending in the U.S. heartland.

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Disclaimer

This earnings preview was prepared for informational purposes. All consensus estimates and analyst ratings are sourced from public financial data providers and are subject to revision. Past earnings surprises are not predictive of future performance.

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