Season ramps up with more ‘Mag 7’ results this week
This week marks the busiest week of the second-quarter corporate earnings season, and some of the world’s biggest companies are on the docket. In coming days, 151 companies in the S & P 500 are slated to release their latest quarterly results. That includes four of the “Magnificent Seven,” Meta Platforms and Microsoft on Wednesday and Amazon and Apple on Thursday. They will follow those from two other notable megacap technology companies, YouTube and Google parent Alphabet and Tesla . Alphabet shares closed higher Thursday after second-quarter earnings and revenue topped expectations, while Tesla shares nosedived after the electric vehicle maker saw auto sales decline for a second consecutive quarter . Corporate earnings have proven strong so far, with more than 82% of the 169 S & P 500 companies that have reported beating Wall Street’s expectations, according to FactSet data. Here is CNBC Pro’s breakdown of what to expect in some of the coming week’s most notable reports. All times are ET. Tuesday Procter & Gamble is scheduled to report earnings before the opening bell, followed by a conference call at 8:30 a.m. Last quarter: Procter & Gamble slashed its 2025 guidance for core earnings per share and revenue, citing a slowdown in consumer spending and the effect of President Donald Trump’s higher tariffs. CEO Jon Moeller also said price hikes were likely. This quarter: Analysts surveyed by LSEG expect slight year-over-year earnings and revenue growth from the Tide detergent and Charmin toilet paper owner. What to watch: Heading into the results, JPMorgan’s Andrea Teixeira downgraded Procter & Gamble to a neutral rating from outperform on Friday. The analyst cited the outlook for “another lackluster quarter and normalization of category growth” as justification. “We are taking a pause because we think PG organic sales growth will remain soft for the next few quarters as the categories have decelerated,” Teixeira added. That followed a downgrade from Evercore ISI in mid-July to an in-line rating from outperform . While P & G performs well in traditional brick-and-mortar stores like Costco and Walmart, Evercore ISI found it was losing share on Amazon. What history shows: Procter & Gamble has a strong earnings track record, with data from Bespoke Investment Group showing the Cincinnati-based company beating earnings estimates 85% of the time. Bespoke data also shows that P & G has surpassed analysts’ earnings expectations for nine consecutive quarters. Boeing is scheduled to report earnings before the market opens, followed by a conference call at 10:30 a.m. Last quarter: Boeing narrowed its losses and said it planned to seek approval from the Federal Aviation Administration later this year to increase production of 737 Max jets. This quarter: The Street anticipates that the commercial jet maker and defense contractor will post revenue growth above 29% compared to the year-earlier period, according to LSEG. What to watch: Analysts at Morgan Stanley and JPMorgan are bullish heading into Boeing’s quarter. “Absent any unexpected Defense charges in 2Q25, we see the setup as largely positive for BA heading into the print,” Morgan Stanley’s Kristine Liwag wrote. “With good progress on deliveries and potential upside to near-term cash flow, we remain comfortable into earnings and lean positive,” JPMorgan’s Seth Seifman said. What history shows: Boeing has beaten Street earnings estimates 67% of the time, according to Bespoke, and shares have seen average gains of 0.5% in the following session. Wednesday Meta Platforms is scheduled to report earnings after the market closes, followed by a conference call at 5:00 p.m. Last quarter: Meta revenue surpassed Street expectations , and its second-quarter forecast matched what analysts were expecting. This quarter: Analysts expect the Facebook and Instagram parent to post year-over-year earnings and revenue growth of more than 14%, LSEG data shows. What to watch: Bernstein analyst Mark Shmulik recently raised his price target to $775 from $700 and reiterated an outperform rating on the stock. “Despite some eyebrow-raising offers tied to their high profile AI talent hiring spree, Meta appears to be the easiest name to own in digital ad land. They continue to be a clear AI winner, with positive ad checks supporting company commentary on improving ad efficacy,” he wrote. What history shows: Data from Bespoke Investment Group shows that Meta has beaten earnings expectations in 10 straight quarters and revenue estimates in 11. Shares average about a 2% rise in the next session. Microsoft is scheduled to report earnings after the closing bell, followed by a conference call at 5:30 p.m. Last quarter: Microsoft earnings and revenue beat Wall Street estimates, and the Windows parent offered strong guidance. This quarter: Analysts expect that Microsoft, led by CEO Satya Nadella, will see earnings and revenue growth of roughly 14% versus last year, according to LSEG. What to watch: Analysts at UBS and Citigroup are amongt those who grown more optimistic ahead of Microsoft’s quarterly results. Last week, UBS hiked its price target to $600 per share from $500 while maintaining a buy rating. “Bottom line, the outlook on the two biggest factors driving Microsoft shares on prints — Azure growth and EPS revisions — appears to be positive,” wrote analyst Karl Keirstead. “We conclude that 4Q/Jun c/c Azure growth of 36% seems doable.” What history shows: Microsoft has a history of beating expectations, with the company topping Street earnings estimates 11 quarters in a row and revenue forecasts for nine straight quarters, according to Bespoke. In total, the owner of Xbox videogames beats earnings estimates 82% of the time. Thursday Amazon is scheduled to report earnings after the stock market closes, followed by a conference call at 5:00 p.m. Last quarter: Amazon issued light guidance , citing “tariffs and trade policies” and “recessionary fears.” This quarter: LSEG data indicates that analysts expect the dominant e-commerce platform in the U.S. to report single-digit earnings and revenue growth compared to the same period a year ago. What to watch: Bank of America recently reiterated its buy rating and lifted its 12-month price target on the stock by $17 to $265. “We think 2Q Retail is setting up for a solid quarter, plus a strong 1Q for [Amazon Web Services] backlog and accelerating quarterly AWS capex spending should drive accelerating 2H AWS growth,” wrote analyst Justin Post. Amazon may issue solid third-quarter revenue guidance, Post added, pointing to a longer Prime Day event in July as a potential catalyst. What history shows: Bespoke data finds that Amazon has topped earnings estimates for nine consecutive quarters, and the stock has historically advanced almost 1% the day after reporting results. Apple is scheduled to release earnings after the closing bell, followed by a conference call at 5:00 p.m. Last quarter: Apple’s Services revenue in the fiscal second quarter reported in May missed analyst expectations , with CEO Tim Cook saying it was “very difficult” to predict tariff costs beyond June “because I’m not sure what will happen with tariffs.” This quarter: Analysts see single digit top- and bottom-line growth year over year for the iPhone maker, according to LSEG. What to watch: Goldman Sachs analyst Michael Ng recently trimmed his price target to $251 from $253, but kept his buy rating. “Apple should deliver a revenue and EPS beat, driven by (1) double-digit growth in Services (+11% yoy); (2) strength across Products including iPhones, Mac, iPad, and Wearables; and (3) better-than-expected gross margins reflecting on better tariff-related costs and forex headwinds,” he wrote. Service revenue will expand as a result of continued spending in Apple’s App Store, Ng said. What history shows: Apple has beaten both earnings and revenue expectations for nine straight quarters, with an overall earnings beat rate of 89%, Bespoke said. The stock averages a gain of 1.2% on the first trading day following each earnings release. — CNBC’s Lisa Kailai Han contributed to this report.
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