Earnings to Watch – Week of 20 April 2026

$TSLA reports Q1 into the most awkward set-up in years. Deliveries of 358,023 vehicles already missed consensus of about 366,000, production of 408,386 created a build of 50,000-plus units of inventory, and energy storage deployment of 8.8 GWh was roughly 40% below the Q4 2025 record. Consensus is clustered around $0.37 EPS on revenue near $22.7 billion, though several sell-side updates sit closer to $0.30 EPS and $21.5 billion. The debate is no longer about Q1: it is about whether Tesla can defend gross margin into Q2 as raw material and tariff costs bite, and whether Musk's commentary on the Austin robotaxi fleet, Cybercab production ramp and Optimus V3 timeline can re-anchor the AI-infrastructure story. The stock is down roughly 10% year to date after the delivery miss, with sentiment softening but far from distressed.

$BA enters Q1 having delivered more commercial aircraft than Airbus for the first time since the MAX crisis: 143 versus 114, with the 737 MAX accounting for about 80% of its output. Management is targeting roughly 500 commercial deliveries in 2026, with a fourth 737 line in Everett expected to come online around mid-summer. The near-term focus is whether Boeing can move from 42 aircraft per month toward the high-40s later this year, while keeping the ramp stable. Cash flow is the real story. Analysts expect Boeing to land its first sustainably positive annual free cash flow since 2019, somewhere in the $1–3 billion range. Watch for an update on the 777X certification timeline after the $4.9 billion charge taken in Q3 2025, commentary on the 787 supply chain and any read-across from tariff exposure on imported titanium and composites. A clean print would validate CEO Kelly Ortberg's turnaround thesis; any wobble in the MAX ramp after March's wiring rework will rekindle scepticism.

$LVS reports Wednesday after close in the middle of the most significant Macau rebound since the reopening. Q4 2025 revenue rose roughly 26%, Macau gross gaming revenue in December was up 14.8% year on year, and Marina Bay Sands delivered a record property EBITDA quarter of $806 million. Consensus expects about $0.76 EPS on $3.3 billion of revenue, up nearly 30% and 16% respectively, and the company has guided to improving margins through 2026. This is also the first quarter under new Chairman and CEO Patrick Dumont, who took over from Robert Goldstein on 1 March. Key things to watch: mass-market EBITDA trajectory in Macau, the cost trajectory as Londoner Macao refurbishments complete, and any commentary on mainland visa policy and premium mass customer behaviour heading into the summer season.

$SAP reports Q1 with the stock down roughly 25% year to date. Consensus expects revenue around €9.56 billion, up about 6%, and EPS near $1.92. The debate is entirely about cloud. SAP's 2026 cloud revenue guidance of €25.8–26.2 billion fell short of consensus in January, and the Business AI rollout is progressing but Morgan Stanley flagged that a significant share of prepaid AI credits remains unused, a sign that large-scale deployment is still trailing licence sales. Offsetting that is a record €77 billion total cloud backlog, while SAP also announced its planned acquisition of Reltio in late March to strengthen the data layer around Joule. Watch for Current Cloud Backlog growth, any update on the US tariff backdrop impacting industrial customer IT budgets, and whether the FY guidance needs to be revisited one quarter in.

$INTC is one of the week's most closely watched prints, with investors focused less on Q1 itself than on the execution path for 18A, customer qualifications, and the trajectory of the foundry business. Intel's own Q1 guide is $11.7–12.7 billion of revenue, with gross-margin pressure still a live issue. Recent media reports around external compute projects have added to the narrative, but the core question remains whether Intel can show credible manufacturing and foundry progress under Lip-Bu Tan.

$LMT reports Thursday before the open with a record $194 billion backlog and consensus EPS of around $6.73, which would be down about 8% year on year as F-35 mix and programme timing weigh on Q1. The 2026 full-year picture is stronger, with consensus pointing to roughly $29.93 of EPS and management guiding segment operating profit up about 25%. The defence backdrop is supportive: the FY2026 US defence budget sits near one trillion dollars, and Lockheed recently signed a seven-year deal to triple annual PAC-3 MSE production to 2,000 units and a separate deal quadrupling THAAD production to 400 annually. Watch for commentary on F-35 delivery cadence (still constrained by TR-3 software), sustainment margins as the fleet ages, and any guidance around international demand given ongoing Middle East tensions and European rearmament. The stock is down around 6% in the last month and trades at a modest premium to peers, so the print matters for multiple more than narrative.

$SNY reports Q1 2026 with Dupixent still doing most of the heavy lifting. The drug generated €15.7 billion of sales in 2025, and management continues to point to a much larger immunology opportunity by 2030, aided by the paediatric chronic spontaneous urticaria label expansion in the EU on 13 April. Offsetting that is a soft Beyfortus quarter in developed markets, where Q4 2025 sales fell roughly 15% on prior-year inventory comparisons, partially offset by a doubling of rest-of-world sales as the RSV antibody rolls out in 45-plus countries. Sanofi has guided to high-single-digit sales growth and slightly faster EPS growth for 2026, backed by a €1 billion share buyback. Watch for Dupixent commentary on US formulary positioning ahead of the eventual loss of exclusivity toward the end of the decade, any update on the pipeline readouts scheduled for H2, and Beyfortus inventory behaviour heading into the northern hemisphere autumn.

Volvo Group closes the week with a print that is likely to be the cleanest read on how US tariffs are flowing through European industrial supply chains. North American truck orders fell 34% year on year in Q4 2025, with Mack orders down 29%, and management has flagged approximately SEK 1 billion of tariff-related cost impact in Q1 2026 alone. The 2026 market forecast has been revised upward to 265,000 heavy-duty trucks in North America and 305,000 in Europe, with Brazil remaining soft at 75,000. The questions for investors: how much of the tariff impact can be priced back through, whether April orders have stabilised as customers adapt, how the Mack brand is performing relative to Paccar and Daimler, and what Martin Lundstedt signals on the ramp of Volvo's electric heavy-duty trucks in Europe. The tariff-driven margin compression is well flagged, but the recovery timeline is not.