Earnings to Watch – Week of 20 July 2026

$GOOGL reports second-quarter results on Wednesday after the close – the event of the week. The first quarter set a demanding baseline: revenue up 22% to $109.9bn, Google Cloud up 63% to $20.0bn at a 33% operating margin, and capex more than doubled year on year to $35.7bn, with the full-year guide raised to $180–190bn and management flagging a further “significant increase” for 2027. The number that reframed the story sits in the filings: Google Cloud’s remaining performance obligations – contracted work not yet recognised as revenue – reached about $462bn at the end of March, nearly double the prior quarter, with more than half expected to convert within two years. Consensus sits around $2.86 of earnings on roughly $116–117bn of revenue, and the shares come in several percent off their mid-July high after a media report – not confirmed by the company – that the next Gemini model is running behind schedule.

$TSLA reports Wednesday after the close, sharing the night with Alphabet – and arrives with its headline number already public: 480,126 deliveries, announced on 2 July, up 25% year on year and Tesla’s best second quarter ever, though short of the all-time quarterly record. The market’s response was the tell: the shares fell about 7% that day anyway, on the view that volume leaned on price cuts and that, at this valuation, the story is graded on margins and autonomy rather than units. That puts the weight on automotive gross margin excluding regulatory credits – 19.2% last quarter, but flattered by one-time warranty and tariff items management itself flagged. Sell-side consensus compiled by the company sits near $27.6bn of revenue and $0.55 of adjusted earnings. On autonomy, the robotaxi service added Miami in early July – its first market outside Texas – though third-party trackers still put the unsupervised fleet in the low dozens, and Cybercab output is ramping slowly.

$INTC reports Thursday after the close – the highest-drama print of the week. The shares roughly quadrupled over the past year on the promise of the 18A manufacturing process, peaked at the end of June, then fell about 20% in a single week in early July on industry reports – never confirmed by the company – that 18A will not reach profitable yields until late 2026 or 2027; they now sit roughly a third below the high. The first quarter itself was solid – revenue up 7% to $13.6bn, adjusted earnings well ahead of a low bar, and 18A officially in high-volume manufacturing with management claiming yields “ahead of internal projections” – but the foundry arithmetic remains stark: a $2.4bn operating loss in the quarter against less than $200m of external foundry revenue. Guidance for this quarter calls for $13.8–14.8bn of revenue.

$GEV reports Wednesday before the open – the purest “who powers AI” print of the season, landing hours before Alphabet frames the spending side of the same trade. The first quarter ran hot: orders up 71% organically to $18.3bn, the gas-turbine backlog plus slot reservations reaching 100 GW, Electrification booking $2.4bn of data-centre equipment orders – more than in all of 2025 – and full-year guidance raised on revenue, margin and free cash flow. Consensus for the quarter sits around $3.1 of earnings, up roughly 70% year on year, and the demand backdrop keeps delivering datapoints: the mid-July PJM capacity auction cleared at its price cap at a record cost, with data centres cited by the market monitor as a major driver. The shares sit about 10% below their early-July record, still up over 60% this year on a demanding multiple.

$NVS opens the week on Tuesday, reporting from Basel before the US open. The setup is unusually well-telegraphed: the first quarter missed slightly on core earnings as US generics cut Entresto sales nearly in half, and consensus for the quarter sits between roughly $2.15 and $2.25 of core earnings depending on the provider, while full-year guidance is generally expected to hold. The growth engine underneath is real: Kisqali up 55%, Pluvicto up 70% and Kesimpta up 26% last quarter, against the erosion in Entresto, Promacta and Tasigna. And the policy clock may matter more than the quarter: US tariffs on patented pharmaceuticals are scheduled to take effect on 31 July, ten days after this call, with Swiss-origin drugs capped at a 15% tier unless a company-specific agreement secures lower rates – and Novartis has said its own US agreement and expanding American manufacturing footprint, a $23bn commitment, should substantially mitigate its exposure.

$IBM’s Wednesday-night call is a post-mortem: the numbers are largely already out. On 14 July the company pre-announced preliminary second-quarter results – revenue of $17.2bn, up just 1%, and operating EPS of $2.93, both short of expectations – and the stock fell roughly 25%, its worst single day in more than a century as a listed company. Management’s explanation had three layers: clients redirected late-June capex toward servers, storage and memory to get ahead of AI-driven price rises in supply-constrained hardware; industry-wide cybersecurity concerns distracted buyers; and – in the company’s own words – “this quarter we faltered”, with numerous large deals slipping past quarter-end. What the pre-announcement conspicuously left open was full-year guidance, deferred to this call.

$TXN reports Wednesday after the close – the broadest single read on the industrial economy in the chip calendar. The recovery has been emphatic: first-quarter revenue rose 19%, with industrial up more than 30% year on year – growth management called broad across regions and sectors – automotive flat near its prior peak with China auto still falling, and data-centre demand described as nearly doubling. Guidance for this quarter is $5.0–5.4bn, with consensus near the midpoint at about $1.91 of earnings, and the stock is priced for the cycle to keep delivering: up around 60% this year at roughly 34 times forward earnings, even after fading with the semis tape in mid-July.

$SAN reports first-half results Wednesday morning in Madrid – the biggest European bank print of the week, a day before the ECB meets. The backdrop has inverted since spring: the ECB raised rates in June, its first move since the easing cycle ended, turning the net-interest-income question from how fast it erodes to when it inflects. Santander enters from a record first quarter – underlying profit of €3.56bn, up 12%, on a 15.2% return on tangible equity – with a 14.4% CET1 ratio well above the 12.8–13% year-end target, though the acquisitions will absorb much of that headroom: TSB, consolidating for the first time this quarter, is expected to consume roughly 60 basis points of capital, and the $12.2bn Webster deal in the US, still awaiting final approvals, roughly 150. The ADR touched an all-time high in early July, up roughly 60% in a year, as European banks became one of the year’s strongest trades.

$SAP reports Thursday evening European time – just after the US close – as Europe’s biggest software company and, since 14 July, the market’s designated test of whether IBM’s warning generalises. The stock supplies its own drama: it trades near 52-week lows, down nearly half from its high, on doubts that AI agents can be monetised in ERP software as fast as the multiple once assumed – and the company has reportedly restricted most non-AI hiring and tightened travel and supplier spending this month to redirect resources toward its AI push. The first quarter was better than the tape implies: cloud revenue up 27% in constant currencies and the current cloud backlog – the forward-demand gauge – up 25%, though management said first-quarter growth benefited from quarter-specific effects, setting up a tougher comparison, and the strong euro drags on every reported number.

$TTE reports Thursday morning, Paris time – and, unusually, most of the surprise is already gone. Pre-quarter indicators published on 16 July sketched the shape of it: Brent averaged $103.8 a barrel over the quarter on the Middle East conflict premium, European refining margins jumped, and downstream results and oil trading were flagged sharply higher – while the one negative, a “significant” decline in Integrated LNG on weak gas trading, was disclosed but not sized. Production ran near 2.4m barrels of oil equivalent a day, with the conflict’s hit to output smaller than guided in April, the buyback was authorised at the top of its $0.75–1.5bn quarterly range, and the balance sheet was flagged as improving.