The earnings season intensifies with major reports this week from 77 S&P 500 companies, including tech giants Alphabet and Tesla, and auto powerhouse General Motors. Despite a tough period on Wall Street, the season has started strong, with 88% of early reporters exceeding expectations. Investors will be closely watching for growth trends, analyst outlooks, and historical stock reactions across these key companies.
The earnings season is intensifying, with a lineup of market-moving companies set to unveil their latest financial performance this week. Among the highlights are tech megacaps Alphabet and Tesla, leading a group of 77 S&P 500 firms scheduled to release their second-quarter results. Investors will also closely scrutinize IBM's figures, particularly after preliminary data last week triggered a significant stock decline. This wave of reports follows a challenging period for Wall Street, marked by a downturn in semiconductors and heightened geopolitical tensions between Iran and the U.S. Despite recent headwinds, the earnings season has kicked off strongly, with a notable 88% of the approximately 50 S&P 500 companies already reported surpassing analyst expectations, according to FactSet. All reporting times are Eastern Time (ET).
Tuesday: General Motors (GM)
General Motors is slated to report its earnings before the market opens, with a conference call scheduled for 8:30 a.m. In the prior quarter, GM exceeded Q1 earnings forecasts and revised its 2026 guidance upward. For this quarter, LSEG data suggests the automaker's bottom line is projected to have grown by over 25%. Deutsche Bank analyst Edison Yu, who holds a buy rating on GM shares, advises investors to watch for signs of consumer behavior shifts. "Although recent macro instability has triggered worries regarding the health of the auto market, our channel checks indicate no change thus far in consumer behavior or significant volume declines. This continues to be true for the second quarter," Yu commented. Historically, GM shares have reacted positively, rising after its last three earnings reports, including a 15% jump following a Q3 beat.
Wednesday: CME Group, IBM, Tesla, Alphabet
CME Group: The exchange operator will release its earnings in the premarket, followed by a conference call at 8:30 a.m. Last quarter, CME's earnings and revenue marginally surpassed Q1 projections. This quarter, however, LSEG forecasts a slight dip in the company's bottom line. CME Group's stock has declined over 14% in the last three months, fueled by concerns over emerging perpetual futures contracts and their potential impact on its business model. Despite this, Morgan Stanley analyst Michael Cyprys maintains an overweight rating, citing CME's strong position amidst macro uncertainty due to 82% of its revenues coming from clearing and transaction fees. Bespoke data reveals a strong track record, with CME Group beating analyst earnings expectations in 21 of the past 22 quarters.
IBM: IBM is set to report earnings after the closing bell, with a management conference call at 5 p.m. In the previous quarter, IBM maintained its guidance, a move that surprisingly sent shares lower. Analysts polled by LSEG anticipate the tech giant to post over 5% earnings growth for Q2. IBM enters this report wounded, having suffered its worst-ever session last week with a 25% plunge following disappointing preliminary results. Oppenheimer analyst Param Singh, who recently downgraded IBM to perform from outperform, remarked, "While there were a few bright spots (RedHat, HashiCorp, Confluent, server/storage), we believe it will be difficult for IBM to meet its full-year guide, or get 'double-digit' CC software growth for CY26/27." Historically, IBM stock has fallen after four of its last five quarterly releases, though its bottom line exceeds expectations 85% of the time, according to Bespoke.
Tesla (TSLA): The electric vehicle (EV) pioneer will announce its results after the market close, with an analyst and leadership call at 5:30 p.m. Last quarter, Tesla delivered an earnings beat, bolstered by improved automotive margins. This quarter, LSEG projects a robust 25% earnings growth year-over-year for the EV maker. Jefferies analyst Philippe Houchois, who holds a hold rating on the stock, highlights the strength of Q2 volume in China and Europe as validation of Tesla's unique value proposition. However, he also points to risks: "Underproduction should help Q2 cash flow but low implied Cybercab output also suggests more delays in ramping up Robotaxis." Tesla shares have historically seen declines after three of its last four earnings releases, including an 8.2% drop on mixed Q2 2025 results.
Alphabet (GOOGL): Google's parent company, Alphabet, will report earnings after the bell, with a subsequent call at 4:30 p.m. Last quarter, GOOGL increased its capital expenditure guidance for the year to an impressive $190 billion. For the current quarter, LSEG anticipates the tech behemoth to report more than 20% growth in both earnings and revenue. BMO recently raised its price target for Alphabet shares to $455 from $435, implying a potential 31% gain from Friday's close. BMO analyst Brian Pitz believes investors expect Gemini models to remain highly competitive. "We believe it remains very early, and believe GOOGL has all the talent, tools and capital required to stay competitive in the foundational model race," Pitz noted. Alphabet boasts a strong history, having topped earnings expectations for 13 consecutive quarters, with its stock averaging a 1.3% advance on earnings days, according to Bespoke data.
Thursday: Intel (INTC)
Intel is scheduled to release its earnings after market close, followed by a management call at 5 p.m. Last quarter, INTC saw a jump in its stock after its Q1 report showed promising signs of growth. For this quarter, LSEG expects the chipmaker to achieve over 12% year-on-year revenue growth. Susquehanna's Christopher Rolland predicts strong Q2 results for Intel but notes a "murkier" outlook for the second half of the year. "PC builds are expected to be significantly weaker than seasonal, driven by the worsening memory dynamics," Rolland, who has a neutral rating on the stock, informed clients. Historically, Intel beats earnings expectations 77% of the time, per Bespoke, but its stock averages a 1.3% decline on earnings days.
