Earnings to Watch – Week of 19 October 2026

SpaceX reports third-quarter results after the US close on Tuesday, with an audio webcast at 4:30pm Eastern. It is only its second report since it listed on Nasdaq in June at $135 a share, and the first set the terms of the debate. Second-quarter revenue rose 92% to $7.81bn, ahead of estimates of about $6.8bn, and adjusted EBITDA nearly tripled to $3.54bn, but capital spending of $18.4bn, $15.8bn of it in the AI segment, was well above the roughly $13bn analysts expected. The shares fell 13.6% the next day to $108.27, their lowest close since listing, on the eve of the first lock-up expiry. The AI segment, which includes xAI and X, brought in $2.56bn of revenue; Starlink ended June with 12.0m subscribers, double a year earlier, though average revenue per user fell 22% to $66. SpaceX gave no formal quarterly or full-year financial guidance, but its finance chief said capital spending in the next two quarters would be very similar to the second quarter’s, and management has set a target of a $100bn annualised revenue run-rate by the end of the year, equivalent to about $8.3bn of revenue in December. Estimates put third-quarter revenue at about $12.7–12.9bn and earnings near $0.14 a share. The shares closed Friday at $146.03, about 8% above the IPO price.

Meta reports third-quarter results after the US close on Wednesday, with the call at 4:30pm Eastern, a week earlier than last year. In July it guided revenue to $61–64bn, growth of about 19–25% on the $51.24bn of a year earlier, and narrowed its 2026 capital-spending range to $130–145bn from $125–145bn; with $50.9bn spent in the first half, that implies about $79–94bn in the second. Second-quarter revenue rose 28% to $60.8bn, but costs rose 55%, including $2.4bn of legal charges and $1.2bn of severance, the operating margin fell to 31% from 43% and free cash flow dropped to $0.8bn; the shares fell 8% the next day. Reported earnings will carry a larger charge this time. Meta said in August that it expected to book about $10bn of legal expense in the third quarter for its settlement with state attorneys general, which was not in its $165–169bn expense guide. Revenue consensus is about $63.0–63.4bn, but published earnings estimates are hard to compare because they treat the charge differently; BofA, which includes it, forecasts $3.79 a share. The year-ago $1.05 included a one-off tax charge of $15.9bn. The shares closed Friday at $709.33, up about 7% this year and about 9% below their September closing high.

GE Aerospace is expected to report third-quarter results before the US open on Tuesday, the same morning as RTX, with the webcast confirmed for 7:30am Eastern. The second quarter beat again: adjusted revenue rose 24% to $12.63bn, commercial services revenue rose 26% and adjusted earnings rose 22% to $2.02 a share. Management raised its 2026 guidance to $7.65–7.85 a share from $7.10–7.40, with services revenue up by a low-20s percentage and LEAP engine deliveries up by a high-teens percentage. That still implies a slower second half, after services growth of 32% and LEAP delivery growth of 41% in the first, and management said in July that it expected low double-digit services growth for the rest of the year. Consensus is about $2.00–2.01 a share on adjusted revenue of about $12.85bn, against $1.66 and $11.3bn a year ago, and the full-year consensus of about $7.91–7.93 already sits above the top of the guide. The shares closed Friday at $313.83, about 18% below their August record close. Much of that fall came in August, before GE agreed on 8 September to buy the castings maker Consolidated Precision Products for $11.75bn, Melius downgraded the stock on 14 September on expectations of slower aftermarket growth in 2027, and the FAA paused 737 MAX 10 certification over a flight-management software fault in a system GE Aerospace supplies.

RTX reports third-quarter results before the US open on Tuesday, with the call at 8:30am Eastern. The second quarter was strong across all three businesses: sales rose 16% organically to $24.7bn, adjusted earnings rose 21% to $1.89 a share and the backlog reached a record $289bn, $170bn of it commercial and $119bn defence. Pratt & Whitney’s commercial aftermarket sales grew 25%, and Raytheon booked $19.9bn of orders, a book-to-bill ratio of 2.42. Management raised its 2026 guidance to adjusted earnings of $7.10–7.25 a share on sales of $95–96bn, with organic growth of 8–9%, but the finance chief said that implied organic growth of about 5% in the second half after 13% in the first, partly because catch-up and one-off items flattered last year’s second half. Consensus is about $1.77–1.78 a share on revenue of about $24.0–24.1bn, against $1.70 and $22.5bn a year ago, which would mean slightly lower sales than in the second quarter. The shares closed Friday at $193.92, about 14% below their August closing high, after aerospace and defence stocks fell about 10% in September.

Netflix reports third-quarter results after the US close on Tuesday, with its video interview at 4:45pm Eastern. It guided revenue to $12.86bn, up 12%, with an operating margin of 33.2% and earnings of $0.82 a share, and consensus sits almost exactly on that guide. The margin looks far higher than the 28.2% of a year ago, but that quarter carried a $619m Brazilian tax charge; without it, the year-ago margin was about 33.6%, so on that basis the guide is about 0.4 points lower. In the second quarter, revenue rose 13% to $12.56bn at a 33.4% margin, and Netflix narrowed its 2026 revenue range to $51.0–51.4bn while holding its 31.5% margin target and its aim of roughly doubling advertising revenue to about $3bn; the shares fell 7.3% the next day. Much has happened since. Paramount Skydance completed its purchase of Warner Bros. Discovery on 6 October, after Netflix walked away from its own agreed deal for the studios and HBO Max in February and collected a $2.8bn termination fee. Last week Netflix said it would cut about 1,000 jobs, roughly 6% of staff, and named Peter Rice, formerly of Disney, chief content officer. The shares closed Friday at $70.53, down about 25% this year and about 5% above their 2 October closing low.

Valero reports third-quarter results before the US open on Thursday, with the call at 10:00am Eastern. The second quarter was already exceptional: adjusted earnings were $12.54 a share, against $2.28 a year earlier and above the $11.36 of the second quarter of 2022, on a refining margin of $23.62 a barrel, and Valero returned $2.6bn to shareholders, 59% of adjusted operating cash flow. Benchmark margins then widened further. On our arithmetic from EIA monthly spot prices, the Gulf Coast 3-2-1 crack spread against WTI, a benchmark gross refining margin before operating costs, averaged about $70 a barrel in the third quarter, almost 50% more than in the second, with September the strongest month, as disruption to shipping through the Strait of Hormuz, drone strikes on Russian refineries and low product stocks tightened supply; US distillate inventories are about 12% below their five-year average. Valero guided throughput slightly lower, to 2.80–2.90m barrels a day from 2.95m. Consensus is about $20.8–21.2 a share, from 17 analysts in one tally, against $3.66 a year ago. The shares closed Friday at $444.71, about 3% below Wednesday’s record close and up about 173% this year.

SAP reports third-quarter results at 22:05 Frankfurt time on Wednesday, after both the European and US closes, with the call at 23:00. Current cloud backlog, the contracted cloud revenue due over the next 12 months, has become the number the shares trade on. In the second quarter it rose 26% at constant currencies to €22.9bn, though the Reltio acquisition added less than a point, and SAP expects growth for 2026 to slow slightly from 25% last year. Cloud revenue rose 24% at constant currencies to €6.28bn, but non-IFRS earnings of €1.59 a share, about $1.85, fell short of the $2.00 Zacks consensus, and SAP trimmed its full-year outlook for non-IFRS operating profit to €11.8–12.2bn at constant currencies to absorb two acquisitions closed in July. The shares still rose about 9% the next day on the backlog figure. UBS, which downgraded the stock to Neutral in August, said on 8 October that it expected a noticeable slowdown in backlog growth in the third quarter, against a tough 27% a year earlier. US estimate services put earnings at about $2.03–2.06 per American depositary share, against $1.86 a year ago. The Frankfurt shares closed Friday at €199.22, about 55% above their July closing low.

Blackstone is expected to report third-quarter results before the US open on Thursday, with the call confirmed for 9:00am Eastern. Second-quarter distributable earnings rose 26% to $1.52 a share, assets under management reached $1.35tn and inflows were $68.3bn, but management said net realisations, the profits from selling assets, would slow in the third quarter before a stronger fourth quarter and 2027. A September update put realised performance revenues and principal investment income at more than $350m for 1 July to 22 September. Consensus for distributable earnings is about $1.28–1.36 a share, against $1.52 a year ago, a fall of roughly 10–16%. The bigger question is private credit. Requests to redeem shares in BCRED, Blackstone’s flagship private-credit fund for individual investors, came to about $4.3bn for the third quarter, about 10% of shares, against a 5% quarterly limit, though that total includes resubmitted requests, a significant portion of the roughly $2.3bn left unfilled in the second quarter. The fund paid out pro rata for the second quarter running, having already trimmed its monthly distribution from July; other managers have reported similar pressure. The shares closed Friday at $106.61, down about 31% this year, hit first by worries about private credit and AI disruption and, since the Fed’s September rate rise, by higher yields.