Key Points
- More than 30 major companies across banking, industrials, defense, big tech, energy, telecom, and mining report Q2 2026 results this week, making it one of the busiest earnings weeks of the summer.
- Big Tech takes center stage Wednesday with Alphabet (GOOGL) and Tesla (TSLA) reporting, with Wall Street watching AI/cloud monetization and EV delivery momentum, respectively.
- IBM enters its Thursday report still reeling from a shocking preliminary guidance cut that triggered its worst one-day stock drop in decades, making this print unusually high-stakes.
- Bank and brokerage names (Charles Schwab (SCHW), Capital One (COF), Interactive Brokers (IBKR)) report Tuesday against a backdrop of the Federal Reserve pausing rate cuts, with credit quality and net interest income in focus.
- Defense contractors Northrop Grumman (NOC), RTX, and Lockheed Martin (LMT) report amid elevated global defense spending, though Lockheed heads in after a first-quarter earnings miss.
- Energy majors Halliburton (HAL) and TotalEnergies (TTE) report with oil-price tailwinds from Middle East supply disruptions already flagged in pre-announcements.
- Steel producer Steel Dynamics (STLD) already warned Q2 guidance would fall well short of consensus, setting up a closely watched reaction Monday.
- Telecom names AT&T (T), T-Mobile (TMUS), and Verizon (VZ) will be scrutinized for subscriber growth and free cash flow trends late in the week.
Monday, July 20: Airlines and Steel Kick Off the Week
Ryanair Holdings plc (RYAAY) opens the week reporting fiscal Q1 2027 results (covering the quarter through June 2026). Consensus estimates point to EPS near $1.25, and the airline's last quarterly print featured revenue of $4.34 billion and EPS of $1.74 versus a $1.49 estimate. Ryanair has beaten EPS estimates in each of its trailing quarterly reports, with surprises ranging from 6 to 25 cents per share. The stock trades near $64.19 with a consensus "buy" rating from analysts, an average price target around $275.71, and multiple recent price-target hikes from Morgan Stanley, Barclays, Baird, and Wells Fargo. Investors will watch summer fare trends and Boeing delivery timing as key swing factors given the seasonally critical nature of the June quarter for European carriers.
Steel Dynamics, Inc. (STLD) is the more contentious name of the day. The company pre-announced Q2 EPS guidance of $3.51 to $3.55, well below the roughly $4.16 consensus that had been in place, triggering a stock decline when the warning was issued. That said, the guided range still represents a sharp sequential improvement from $2.78 in Q1 2026 and a jump from roughly $2.01-$2.05 a year earlier, driven by stronger steel and aluminum profitability amid firm demand and expanding metal spreads. Steel Dynamics carries a "Moderate Buy" consensus with an average price target near $170-$275 depending on the data source, reflecting a wide dispersion in updated targets. For investors, the print is a test of whether steel pricing momentum can offset the disappointment from the guidance cut.
Tuesday, July 21: Banks, Healthcare, and Defense Converge
Nine companies report Tuesday, spanning financials, healthcare, insurance, industrials, and energy services — arguably the most diverse single day of the week.
Financials and Brokerages
The Charles Schwab Corporation (SCHW) heads into its report with revenue that has climbed steadily from $6.82 billion to $7.30 billion over the past four quarters, and EPS that rose from $1.08 to $1.37 over the same stretch. Consensus for Q2 2026 sits in the $1.32-$1.55 range, implying continued double-digit year-over-year EPS growth as trading activity and net interest margin recovery both contribute. Schwab trades around $102, with a P/E near 19.4x.
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Capital One Financial Corporation (COF) reports after market close, and this one carries real drama. Following the Discover Financial and Brex acquisitions, the consensus revenue estimate for Q2 sits near $15.7 billion, implying roughly 25.7% year-over-year growth, while EPS is expected to fall to around $5.08 — a 7.3% year-over-year decline — as higher provisions for credit losses and elevated integration expenses offset strong card and fee income growth. Capital One's trailing-four-quarter EPS has swung wildly, from a $8.58 loss (tied to acquisition charges) to $4.83, $3.26, and $3.34 most recently, underscoring how noisy reported results have been. The stock trades near $209 with a trailing P/E of only about 10.6x, suggesting the market is discounting near-term earnings volatility.
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Interactive Brokers Group, Inc. (IBKR) rounds out the brokerage trio, with revenue that has grown steadily from $2.47 billion to $2.70 billion over the last four quarters and EPS climbing from $0.51 to $0.59. The stock trades near $91.74.
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Healthcare and Diagnostics
Novartis AG (NVS) reports before the U.S. open, with consensus EPS near $2.17-$2.20 and revenue estimates around $14.1 billion, representing modest year-over-year growth. The company's track record is mixed: it missed EPS estimates in its most recent quarter ($1.99 versus $2.11 expected) despite topping revenue expectations, following a stretch of consistent beats in prior periods. Zacks Research has trimmed its Q2 EPS forecast to around $2.24 from $2.37 previously, while trimming its full-year 2026 outlook to $8.75, below the broader consensus of $8.85. Novartis carries a "hold" consensus rating with price targets ranging from $118 to $170, reflecting sharply divided analyst views — Morgan Stanley is bullish at $170 while Goldman Sachs downgraded to Sell at $118.
Danaher Corporation (DHR) reports with consensus EPS pinned around $1.83-$1.84, up modestly from the year-ago quarter, and revenue near $6.09 billion, implying about 2.6% year-over-year growth. Danaher has beaten the consensus estimate in each of its last four quarters by an average of roughly 6.7%, and its Q1 2026 print already showed revenue of $5.95 billion and EPS of $1.45 (though other data show a $2.06 adjusted figure beating a $1.94 estimate). Bioprocessing demand, Masimo integration progress, and stabilization in China diagnostics are the key threads investors will follow. The stock trades near $203 with a P/E above 25x.
Insurance and Industrials
Chubb Limited (CB) reports after the close, with consensus core operating EPS near $6.57, up about 7% from $6.14 a year earlier. Chubb's Q1 2026 print disappointed with EPS of $5.88 versus expectations, even though it improved sharply from $3.29 a year prior. For full-year 2026, analysts project core operating EPS near $26.77, up nearly 8% from fiscal 2025. Chubb trades near $351.52 with a modest trailing P/E of about 12.6x.
3M Company (MMM) reports with consensus EPS near $2.25-$2.32, up roughly 4% from $2.16 a year ago, and revenue guidance in the $6.40 billion range. 3M's Q1 2026 results beat estimates ($2.14 actual versus $1.98 estimated), and the company is guiding toward continued growth from new product launches and data-center/AI-related investments. Full-year 2026 EPS is projected near $8.71, up 8.1% from $8.06 in fiscal 2025. The stock trades around $161.56.
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Northrop Grumman Corporation (NOC) reports before the open, with consensus EPS around $6.82-$6.92 and revenue near $10.8 billion from a panel of 12 analysts. The prior quarter delivered revenue of $9.88 billion and EPS of $6.14, following a strong Q4 2025 in which the company raised its outlook. Northrop shares have surged recently to around $528.79, reflecting robust demand for missile systems and space programs amid elevated global defense budgets.
Energy Services
Halliburton Company (HAL) rounds out Tuesday, with consensus EPS near $0.54, down about 1.8% from $0.55 a year earlier, reflecting continued pressure on North American pressure-pumping pricing even as international activity holds up. Halliburton's trailing quarters have been choppy, including a near-breakeven $0.02 print last quarter. The stock trades near $35.34.
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Wednesday, July 22: Big Tech, EVs, and IBM's Reckoning
Wednesday is the week's marquee day, anchored by Alphabet Inc. (GOOGL) and Tesla, Inc. (TSLA), alongside a cluster of industrial, tobacco, and software names.
Big Tech
Alphabet reports after the close with consensus EPS estimates clustered between $2.86 and $2.95, implying roughly 24-29% year-over-year growth, and revenue projections in the $109-$120 billion range. The company has beaten EPS estimates for nine to ten consecutive quarters and topped revenue estimates for ten straight quarters, with its most recent print showing $109.9 billion in revenue and $5.11 EPS. Cloud growth, TPU chip momentum, and Gemini's competitive standing against ChatGPT are the dominant themes analysts are tracking into this print. Full-year 2026 EPS is projected near $14.32, up about 32.5% year-over-year.
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Tesla reports the same day with consensus EPS around $0.49, implying roughly 22.5% year-over-year growth, and revenue projected near $25.6 billion, up about 14%. Tesla reported Q2 2026 vehicle deliveries of 480,126, up roughly 25% year-over-year, and UBS has raised its price target to $442 while flagging the possibility that Tesla beats the Street's EPS estimate by a wide margin given the delivery strength — UBS's own estimate calls for EPS closer to $0.67 with an auto gross margin around 19%, above the roughly 17.6% consensus. Tesla's trailing four quarters show revenue oscillating between $22.4 billion and $28.1 billion, with EPS ranging from $0.13 to $0.39, reflecting continued margin volatility.
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Tobacco, Power, and Semiconductors
Philip Morris International Inc. (PM) reports before the open with consensus adjusted EPS in the $2.02-$2.07 range after the company trimmed its own guidance in June to $1.97-$2.02, citing currency headwinds and a non-cash impairment tied to its Rothmans, Benson & Hedges brand. Full-year adjusted EPS guidance now sits at $8.31-$8.46 (up 10.2%-12.2% versus 2025). Smoke-free product growth, particularly Zyn and IQOS momentum, remains the central growth narrative even as the overall guidance cut introduces some near-term uncertainty.
GE Vernova Inc. (GEV) reports with consensus EPS near $3.23 (adjusted) and revenue near $10.7 billion, implying roughly 74% year-over-year EPS growth. The prior quarter delivered a blowout beat, with orders up 71% to $18 billion and full-year revenue guidance raised to $44.5-$45.5 billion, driven overwhelmingly by AI-fueled data-center power demand. Investors will watch whether the company's backlog — which management said is tracking toward $200 billion a year ahead of schedule — continues to expand, and whether the persistently weak wind segment stabilizes.
Texas Instruments Incorporated (TXN) guided Q2 2026 revenue to $5.0-$5.4 billion and EPS to $1.77-$2.05, both comfortably above the prior consensus of roughly $4.86 billion and $1.57, driven by surging analog chip demand tied to the data-center buildout. The stock has been upgraded by Bank of America to Buy from Neutral following the guidance beat, with the average analyst price target near $285.
IBM's High-Stakes Print
International Business Machines Corporation (IBM) enters Wednesday's report under a cloud. On July 14, IBM pre-announced preliminary Q2 revenue of just $17.2 billion, up only 1% year-over-year and roughly $660 million below the prior Street consensus of $17.85-$17.86 billion, alongside adjusted EPS guidance of $2.93 versus an expected $3.02. The stock plunged more than 25% in a single session — its worst one-day drop in decades — after CEO Arvind Krishna acknowledged the company had "faltered" as clients shifted spending from software toward AI data-center infrastructure, with cybersecurity issues and delayed large deals also cited. The pre-announcement has even sparked a securities-fraud inquiry into whether management's earlier deal-pipeline commentary was overly optimistic. Despite the shock, IBM still carries a "Moderate Buy" consensus from roughly 22 analysts, with an average price target near $297.77, implying substantial potential upside, and Wedbush's Dan Ives has actually raised his target to $350. The full Q2 report will be watched closely for whether Krishna's damage-control commentary matches the disclosed preliminary figures and what it signals for enterprise software spending broadly.
Telecom, Software, and Global Financials
AT&T Inc. (T) reports with a recent analyst estimate near $0.62 EPS, following a Q1 2026 beat. AT&T's trailing revenue has held in the $30.7-$33.5 billion range, with EPS bouncing between $0.52 and $1.29 across recent quarters.
ServiceNow, Inc. (NOW) reports after the close with consensus estimates varying by source between roughly $0.40 and $0.76 EPS and subscription revenue guided at $3.815-$3.820 billion, implying 21-21.5% constant-currency growth. The company's Q1 2026 print showed strong subscription growth of 19% in constant currency but the stock fell on concerns about the pace of inorganic contribution and Middle East deal-timing delays; the AI-driven Now Assist product suite and cRPO growth (guided near 19.5%) are the key metrics analysts will scrutinize.
Banco Santander, S.A. (SAN) is also scheduled to report, with international peers pegging EPS estimates near €0.31 and revenue near €17.4 billion for the quarter, though granular consensus data is comparatively limited given Santander's dual-listing structure.
Thursday, July 23: Chips, Defense, Diagnostics, Energy, and Mining
Thursday is the busiest day of the week by ticker count, spanning semiconductors, aerospace and defense, life sciences, European software, railroads, energy, and gold mining.
Semiconductors and Telecom
Intel Corporation (INTC) reports after the close with consensus EPS estimates ranging from roughly $0.10 to $0.21 and revenue near $14.3-$14.7 billion, following stronger-than-expected Q2 guidance of $13.8-$14.8 billion in revenue and $0.20 adjusted EPS issued alongside its Q1 report — both well above the analyst consensus at the time. Intel's trailing quarters have been volatile, including a $0.90 EPS beat in Q3 2025 sandwiched between losses of $0.67 and $0.12 in adjacent quarters. Server-processor demand tied to AI data centers is the central swing factor for this report.
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T-Mobile US, Inc. (TMUS) reports with EPS estimates in the $2.56-$2.69 range and revenue near $21-$23 billion. T-Mobile's trailing revenue has climbed from $21.1 billion to $23.1 billion over the past four quarters, though EPS has been uneven, from $2.84 down to $1.88 and back up to $2.27 most recently.
Aerospace, Defense, and Rail
RTX Corporation (RTX) reports before the open, with consensus EPS near $1.66 and revenue near $22.9 billion from an 11-analyst panel. RTX's full-year 2026 outlook was raised to $92.5-$93.5 billion in adjusted sales with EPS guidance of $6.70-$6.90, supported by 5-6% organic sales growth. The company's trailing EPS has ranged from $1.19 to $1.51 across recent quarters.
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Lockheed Martin Corporation (LMT) reports before the open with consensus EPS near $7.23-$7.29 and revenue near $19.4 billion. This print carries extra weight because Lockheed missed Q1 2026 estimates badly, posting $6.44 versus a $6.74 estimate as segment operating margins compressed to about 10.1%. Management reaffirmed full-year 2026 guidance of $77.5-$80.0 billion in sales and $29.35-$30.25 in EPS, meaning Q2 is effectively a referendum on whether the promised second-half margin recovery is materializing. The stock trades near $528 range territory for peers, though LMT itself has traded choppily following the Q1 disappointment.
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Union Pacific Corporation (UNP) reports before the open with consensus EPS near $3.14, up 3.6% from $3.03 a year ago. Union Pacific has beaten estimates in three of its last four quarters, and full-year 2026 EPS is projected near $12.55, up 7.6% from $11.66 in fiscal 2025 — a print that also comes amid ongoing industry conversation about rail-sector consolidation.
Life Sciences and Software
Thermo Fisher Scientific Inc. (TMO) reports with consensus estimates ranging roughly $5.20-$5.72 EPS and revenue near $11.7-$12.0 billion, implying mid-single-digit to high-single-digit growth. The company's full-year 2026 guidance calls for revenue of $47.3-$48.1 billion and adjusted EPS of $24.64-$25.12, supported by the recently closed Clario acquisition and continued strength in bioprocessing and clinical research.
SAP SE (SAP) reports with cloud revenue consensus near €6.25 billion (up about 22% year-over-year) and total revenue consensus near €9.85 billion, up roughly 9%, based on a panel of 16-18 sell-side analysts as of early July. SAP has reaffirmed full-year cloud revenue guidance of €25.8-€26.2 billion, though some analysts are watching for early signs of cloud-growth deceleration.
Energy and Mining
TotalEnergies SE (TTE) issued an unusually detailed earnings pre-announcement on July 16, guiding toward higher second-quarter profit and cash flow driven by the Middle East-related oil price rally, with roughly 4% organic hydrocarbon production growth and E&P cash flow up about $1 billion sequentially. Integrated LNG is the one segment expected to decline, hurt by weak European gas trading. The company reaffirmed its $15 billion full-year net investment target and continues targeting a cash payout ratio above 40%.
Newmont Corporation (NEM) reports with Zacks having raised its Q2 EPS estimate, building on a trailing-quarter trend that has seen EPS climb from $1.21 to $3.00 over the last two reported quarters alongside a jump in revenue to $7.18 billion, powered by elevated gold prices. Newmont's gold-price sensitivity makes this one of the more macro-driven reports of the week, tied closely to safe-haven demand amid ongoing geopolitical tensions.
Friday, July 24: Credit Cards, Utilities, and Telecom Close the Week
American Express Company (AXP) closes out the week with consensus EPS near $4.38-$4.39, up roughly 7.6% from $4.08 a year earlier, and revenue estimates near $19.6-$19.7 billion. American Express has beaten EPS estimates in three of its last four quarters, and management has already guided full-year 2026 EPS to $17.30-$17.90 with revenue growth of 9-10%, a range that came in above the prior average analyst estimate when issued in January. Given AmEx's affluent, less credit-sensitive customer base, this report is often read as a bellwether for the health of premium consumer spending.
NextEra Energy, Inc. (NEE) reports with consensus EPS near $1.02-$1.10 and revenue estimates spanning a wide $7.1-$9.3 billion range from a seven-analyst panel, reflecting both Florida Power & Light's regulated growth and NextEra Energy Resources' renewables pipeline. NextEra's trailing EPS has bounced between $0.73 and $1.18 over the past four quarters, and the company has a strong recent history of topping consensus estimates.
Verizon Communications Inc. (VZ) rounds out the week with recent analyst EPS estimates near $1.22 and a full-year adjusted EPS growth target raised to 5-6% from a prior 4-5% range. Verizon's key metrics to watch include postpaid phone net additions (guided at $750,000-$1 million for the year), fiber-passing expansion (targeting more than 32 million by year-end), and progress integrating Frontier, alongside a $5 billion cost-transformation program that management says remains on track.
Why This Week Matters for Investors
This week's earnings slate spans nearly every major sector of the economy, giving investors an unusually broad read on corporate health simultaneously. Big Tech's results from Alphabet and Tesla will help determine whether the AI capital-expenditure cycle continues to translate into monetizable cloud and enterprise revenue, or whether spending fatigue — a theme IBM's shocking pre-announcement has already put on the table — is starting to bite software and services providers more broadly.
Financials reporting Tuesday will offer a fresh read on consumer credit health at a moment when the Federal Reserve has paused rate cuts and signaled the possibility of a later hike, a dynamic that directly affects net interest income at Schwab, Capital One, and Interactive Brokers. Defense names reporting Tuesday through Thursday — Northrop Grumman, RTX, and Lockheed Martin — will show whether elevated global defense budgets are translating into margin expansion, an especially pointed question for Lockheed after its first-quarter stumble.
Commodity-linked names add another dimension: Halliburton and TotalEnergies will show how oil-price volatility tied to Middle East tensions is flowing through to energy-sector profitability, while Newmont's results will reflect how record or near-record gold prices are boosting miner cash flow. Meanwhile, Steel Dynamics' pre-announced shortfall and IBM's dramatic guidance cut serve as reminders that this earnings season carries real downside risk alongside the upside narratives — investors should watch not just whether companies beat or miss consensus, but how forward guidance shifts in response to tariff policy, AI capex trends, and shifting interest-rate expectations heading into the back half of 2026.
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