Earnings to Watch – Week of 25 May 2026

$ZS reports fiscal Q3 (February–April quarter) after the close in the first cybersecurity print of the week and the direct comp set for last Tuesday's Palo Alto Networks report. The equity story remains the migration from the original Zero Trust Exchange (proxy-led secure web gateway and ZTNA) into the broader platform, with Z-Insight (the AI agent for SOC analysts), Zscaler ITDR and the Avalor data-fabric acquisition extending coverage into identity threat detection and posture management. Q2 closed with billings growth re-accelerating, the federal pipeline running at a record level on the back of FedRAMP High coverage, and the $1m+ ARR customer cohort continuing to compound alongside rising multi-pillar adoption.

$PDD reports Q1 in the most-watched China consumer print of the week, with the equity story now split between two large but very different revenue lines. The domestic Pinduoduo platform has slowed against a Chinese consumer in soft-spending mode, with management cutting in-platform merchant fees through 2025 to defend GMV share against Alibaba's Taobao and JD's Jingxi push, a deliberate compression of take-rate that has weighed on transaction-services revenue growth. Temu, the international platform, has been the offset and the headline risk: third-party estimates put 2025 Temu GMV in the tens of billions of dollars globally (PDD does not formally disclose), with the US still the largest single market and Europe scaling on the half-managed model.

$SNOW reports Q1 fiscal 2027 (February–April quarter) after the close, with the AI-attach narrative now central to the equity. Q4 FY26 closed with product revenue growth holding in the high-twenties and remaining performance obligations stepping up to record levels, helped by Cortex AI workload adoption and the early-stage Snowflake Intelligence agent layer. The competitive frame against Databricks has tightened as both vendors push into agentic AI and lakehouse positioning, while the hyperscalers (BigQuery, Redshift, Fabric) have continued to bundle aggressively. Management's FY27 guide assumed flat-to-modest net-revenue-retention progression and a Cortex revenue contribution that ramps through the year.

$COST reports fiscal Q3 (12 weeks to early May) after the close as the cleanest read of the cycle on the US consumer at the higher-income end. Q2 closed with comparable sales (ex-fuel and FX) up in the high-single-digits, traffic running positive across all regions, and worldwide membership renewal rates holding at the all-time high (92.0% US/Canada, 90.5% worldwide). Executive membership penetration crossed 47% of paid members at the most recent disclosure, the structural mix-shift that drives the membership-fee income line. The September 2024 fee increase (Gold Star/Business from $60 to $65 and Executive from $120 to $130 in the US/Canada) continues to roll through the deferred-revenue balance and lift the fee revenue line through the back half of FY26.

$RY reports fiscal Q2 (February–April quarter) as the largest of the five Canadian bank prints this week (BMO and Bank of Nova Scotia on Wednesday, RBC, TD and CIBC on Thursday) and the cleanest single read on the Canadian consumer credit and mortgage cycle. The HSBC Canada integration is now fully in the run-rate, contributing to personal and commercial banking revenue and net interest income from the second half of FY25. The Canadian mortgage book has been the focal point: roughly 60% of variable-rate mortgages have already re-set into the higher fixed-payment regime, with management guiding provisions for credit losses (PCLs) to remain elevated but contained through FY26 as the BoC's gradual easing path filters through.

$DELL reports Q1 fiscal 2027 (February–April quarter) after the close as the purest AI-server read of the week and the direct demand-side counterpart to NVIDIA's print last Wednesday. Q4 FY26 closed with a record $43bn AI-optimised server backlog disclosed entering FY27 (against $34.1bn of AI orders booked in Q4 alone and $64bn for the full year), Q4 AI-server revenue of $9.0bn, and management guiding to roughly $50bn of full-year FY27 AI-server revenue. The server margin question remains live: AI servers carry materially lower gross margin than traditional ISG, and the FY27 guide assumed operating margin expansion driven by mix-shift back into traditional servers and storage as well as PC refresh.

$LI reports Q1 in the most pressured of the China EV prints, with the equity having de-rated through 2025 as the L-series EREV (extended-range electric vehicle) lineup met its first material competitive challenge from AITO M-series (Huawei) and the Geely-Volvo Zeekr 9X. The MEGA, Li's first pure-BEV MPV, has continued to under-perform against the original 100,000-unit annualised ambition, with management's narrative shifting through 2025 toward the L6 (entry-priced EREV SUV) as the primary volume engine. Q1 deliveries were 95,142 (January 27,668, February 26,421, March 41,053 per Li's monthly updates), against a FY26 ambition that management has framed in the 550,000–600,000 range.