Five ‘Magnificent Seven’ members set to report
One of the busiest weeks of the earnings season is upon us, with more than 150 S & P 500 companies set to report. Among the stocks on deck are five of the “Magnificent Seven”: Apple , Amazon , Alphabet , Meta Platforms and Microsoft . Others include UnitedHealth and Caterpillar . So far, third quarter results are off to a strong start. FactSet data shows that more than three-quarters of the companies that have so far posted results exceeded analysts’ earnings estimates. There have been some high-profile flubs, however, including Netflix and Tesla . Both companies posted results that sent their shares lower. Take a look at what to expect from a potentially make-or-break week for third-quarter results. All times are ET. Tuesday UnitedHealth is set to report earnings before the bell followed by a call at 8 a.m. Last quarter: UNH said 2025 earnings would be worse than expected . This quarter: The insurance giant’s earnings are forecast to have plunged about 60% year over year, according to LSEG. What to watch: Despite the insurance giant’s struggles this year — shares are down around 30% this year — Morgan Stanley analyst Erin Wright said last month she has “conviction in the turnaround.” Will these results mark the beginning of a bounce? What history shows: UNH earnings beat earnings expectations 91% of the time, according to Bespoke Investment Group data. But the company’s bottom line missed estimates the last two quarters. Wednesday Caterpillar is set to report earnings in the premarket. A call with analysts is set for 8:30 a.m. Last quarter: CAT reported mixed results, with earnings missing expectations and revenue topping estimates. This quarter: The construction equipment maker is expected to report a year-over-year earnings decline of 12%, according to LSEG. What to watch: Despite the stock’s 20% gain over the past three months, analysts at Morgan Stanley expect Caterpillar to report lackluster results for the third quarter. “Investor focus will be on the impact of expanded section 232 tariffs and the implications to FY25 and FY26 EPS. Investors will also be watching closely for continued progress on inventory reduction and whether the company remains on track to produce in line with retail by 1Q26,” they said in a note. What history shows: Caterpillar earnings missed expectations in the last two quarters, Bespoke said. But the stock managed to close slightly higher after both of those releases. Meta Platforms is set to report earnings after the bell. A conference call with analysts is at 4:30 p.m. Last quarter: META climbed 10% on a revenue beat and increased forecast . This quarter: The Instagram and WhatsApp parent is expected to report revenue growth of about 20%, according to LSEG. What to watch: “After Meta’s generational 2Q print, the pressure is on to prove it wasn’t a flash in the pan – or to put it more bluntly, that levers weren’t all pulled at once to tuck in large 2026 Capex and expense commentary. Count us in the performance durability camp, as Meta benefits from return of China eCommerce ad buyers, strong checks on ad products like Flex, continued growth in time spent including a healthy ramp of Threads usage and solid sales traction on the Meta smart glasses,” wrote Bernstein analyst Mark Shmulik this month. He has an outperform rating on the stock. What history shows: Meta averages a 2.2% gain on earnings days, per Bespoke. Alphabet is set to report earnings after the close, followed by a call at 5:30 p.m. Last quarter: GOOGL beat earnings expectations and raised its spending forecast . This quarter: Earnings for the search giant are expected to have expanded by 8% year on year, per LSEG. What to watch: RBC analysts expect Google and YouTube parent to report a “slight beat” on earnings. “With the stock having re-rated since the DOJ case turned out more benign than expected, investors will be seeking further proof points in Search’s durability amidst ChatGPT’s continued growth in adoption,” they said. RBC rates Alphabet an outperform. What history shows: Alphabet shares tend to do well when the company posts quarterly results, averaging a 1.3% advance on earnings days, according to Bespoke. Microsoft is set to report earnings after the close. Management will hold a call with analysts at 5:30 p.m. Last quarter: MSFT surged 9% on an earnings beat, with Azure revenue topping $75 billion . This quarter: The tech giant is expected to report double-digit earnings and revenue growth, according to LSEG. What to watch: UBS’ Karl Keirstead, who has a buy rating on Microsoft, thinks the Windows and Xbox owner could report Azure revenue growth of 39%, higher than prior guidance that signaled 37% to 38% expansion. What history shows: Microsoft beats earnings expectations 82% of the time, according to Bespoke. Thursday Eli Lilly is set to report earnings before the bell, followed by a call at 10 a.m. Last quarter: LLY hiked its full-year outlook and beat quarterly estimates thanks to Mounjaro and Zepbound sales. This quarter: Analysts see earnings soaring 400% from the year-earlier period, per LSEG. What to watch: “Net pricing headwinds for Mounjaro/Zepbound and CVS headwinds for Zepbound have led to modestly lower forecasts for both, but (1) this isn’t a major surprise given company commentary, (2) underlying TRx trends for both still look compelling as we move into 3Q, and (3) there remains optimism around a potential Commission’s National Review Voucher for orforglipron, potentially pulling forward that approval and supporting … upside to ’26 numbers,” wrote Cantor Fitzgerald analyst Carter Gould last week. He has an overweight rating on LLY. What history shows: Eli Lilly earnings have beaten expectations for three straight quarters, Bespoke data shows. Amazon is set to report earnings after the close, followed by a call at 5 p.m. Last quarter: AMZN issued a gloomy outlook that overshadowed better-than-expected results . This quarter: Analysts see nearly 10% earnings growth for the e-commerce platform. What to watch: Bank of America’s Justin Post sees revenue coming in slightly above the consensus, estimating Amazon Web Services sales grew by more than 17% year over year. He has a buy rating on the stock. What history shows: Amazon shares tend to struggle when the company reports third-quarter numbers. Bespoke data shows the company averages a 1.2% gain after releasing Q3 figures. Apple is set to report earnings after the stock market closes, with a call set for 5 p.m. Last quarter: AAPL reported its strongest revenue growth since late 2021 . This quarter: Analysts polled by LSEG expect earnings and revenue growth of about 7% each versus the year-earlier period. What to watch: Wall Street analysts were jumping back onto the Apple bandwagon heading into the company’s upcoming report amid strong sales indications for the iPhone 17. Investors will look for signs of further momentum on that front, as well as updates on the AirPods maker’s artificial intelligence effort. What history shows: Apple earnings haven’t missed expectations since 2023. But the stock has fallen on each of the last three earnings days, Bespoke said.
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