Earnings to Watch – Week of 27 July 2026

$AAPL reports fiscal third-quarter results Thursday after the close – Tim Cook’s last as chief executive before John Ternus takes over on 1 September. The guide management set in May is demanding: revenue growth of 14–17% on the June quarter, which would put the number somewhere near $107–110bn against $94bn a year ago, with gross margin of 47.5–48.5%. Consensus has settled around $108.8bn and roughly $1.88 of earnings. The March quarter set the bar high – revenue of $111.2bn, up 17%, a Services record near $31bn and Greater China up 28% – and memory is the new cost pressure: Apple raised Mac and iPad prices in late June after Cook called memory costs unsustainable.

$MSFT reports fiscal fourth-quarter results Wednesday after the close – the event of the week for the AI trade. The March quarter was strong almost everywhere: revenue of $82.9bn, up 18%, Azure up 40% (39% in constant currency), an AI business past a $37bn annual run rate, Microsoft 365 Copilot past 20 million paid seats, and remaining performance obligations of $627bn, up 99% – though up 26% excluding OpenAI’s Azure commitments. What the market has punished is the other side of the ledger – $31.9bn of capex in the quarter, roughly $190bn planned for the calendar year, and free cash flow down 22% to $15.8bn. The shares closed Friday near $381, down about a quarter over twelve months, at roughly 20 times forward earnings – the lowest in about three years. Consensus is around $87.7bn of revenue and roughly $4.2 of earnings.

$AMZN reports Thursday after the close, hours after Apple and a night after Microsoft – the other side of the same cloud trade. Guidance for the quarter calls for $194–199bn of net sales and $20–24bn of operating income. AWS grew 28% in the March quarter, its fastest in fifteen quarters, on a backlog around $364bn; Bank of America and Goldman Sachs have since lifted their AWS growth estimates toward 33%. The bill is the counterweight: roughly $200bn of capital spending planned for the year has taken trailing twelve-month free cash flow down to about $1.2bn from $25.9bn. Prime Day fell on 23–26 June this year, inside the quarter rather than after it in most large markets – timing the guide already assumes.

SK hynix reports Wednesday morning in Seoul – the purest read on the AI memory cycle, and its first print since a 10 July Nasdaq listing that raised $26.5bn at $149 an ADR, the largest US share sale ever by a foreign company. The expected numbers are extraordinary: current local-broker consensus puts second-quarter operating profit near ₩64tn, about $44bn, on roughly ₩84tn of revenue at an operating margin in the mid-seventies – a single quarter that would exceed the company’s record full-year 2025 operating profit of ₩47.2tn. The share price says the market is already looking past it. The stock fell more than 15% in Seoul the Monday after the US debut and another 8% on Friday, closing at ₩1.759m – about 41% below the ₩2.987m intraday record set on 25 June, though still far higher over twelve months.

$XOM anchors Friday, reporting before the open with the clearest energy read of the week. The company’s own pre-quarter filing flags the main sequential drivers: higher liquids prices worth $3.5–3.9bn against the first quarter, refining margins adding $2.0–2.4bn in Energy Products, chemicals $1.0–1.2bn and specialties $0.3–0.5bn, plus a favourable $2.2–3.0bn of Energy Products timing effects, set against $0.6–0.8bn of Middle East upstream disruption, scheduled maintenance across segments and a $0.8–1.0bn refining impairment. Published estimates vary widely, from roughly $3.14 to $3.88 a share – which tells you how much of this is timing and mark-to-market. Brent settled above $100 on Thursday after Houthi strikes on two Saudi tankers in the Red Sea, then eased back to about $97 on Friday. The shares are up around 30% this year.

$RMS publishes first-half results Wednesday morning in Paris, after a first quarter in which the scarcity model looked fallible for the first time in years. First-quarter revenue of €4.07bn grew 5.6% at constant rates – short of expectations and a marked slowdown from the prior quarter – with Asia-Pacific excluding Japan up just 2.2% against 17.2% in the Americas, and the shares fell about 10% on the day. They are down roughly 30% over twelve months. LVMH reports Monday evening, giving the week its first luxury read-through; its most recent published figures were first-quarter revenue of €19.1bn, up 1% organically, with Fashion & Leather Goods down 2%.

$META reports Wednesday after the close, the same night as Microsoft and asking a sharper version of the same question. First-quarter revenue rose 33% to $56.3bn with operating margin at 41%, and the guide for this quarter is $58–61bn; consensus sits near $60.3bn and about $7.2 of earnings. The spending line is what moved the stock: 2026 capital expenditure was raised to $125–145bn from $115–135bn, with management citing GPU and component prices, against $19.8bn spent in the first quarter alone. Superintelligence Labs remains largely pre-revenue: Muse Spark, its first model, now powers Meta AI and lifted sessions per user by double digits in early tests. Separately, Meta’s Business AIs handled more than ten million conversations a week by late March, up from one million at the start of the year, and are still free for most businesses.

$ABBV reports Friday before the open with most of the surprise already removed. On 6 July the company guided second-quarter adjusted earnings to $3.57–3.61, below a consensus near $3.77, on $291m of acquired IPR&D and milestone expense, and mechanically lowered full-year adjusted EPS by exactly that $0.17, to $13.91–14.11, to absorb it. The transition underneath is the real story: first-quarter revenue of about $15bn grew 12.4%, with, operationally, Skyrizi up 29% to $4.48bn, Rinvoq up 20% to $2.12bn and Humira down 40% to $688m. Guidance implies roughly $32bn from the two growth brands this year.

$PG closes its fiscal year Wednesday morning, so the guide matters more than the quarter. Management has already signalled full-year results near the low end of the $6.83–7.09 core-earnings range, with roughly $150m of after-tax commodity and fuel cost expected in the June quarter – against an illustrative exposure the CFO sized at close to $1bn after tax were Brent to hold near $100 versus a mid-$60s pre-conflict base. The March quarter was better than the tape suggested, with organic sales up 3% and all ten product categories growing, and a two-year restructuring is cutting up to 7,000 non-manufacturing roles at $1.5–2.0bn of pre-tax cost.

$ARM reports fiscal first-quarter results Wednesday after the close, into a violent round trip. The stock ran from about $105 in January to an intraday record of $452.70 in June and closed Friday at $260 – about 43% below that high – amid valuation concerns and a broader semiconductor unwind. The business itself has been consistent: fourth-quarter revenue of $1.49bn grew 20%, full-year revenue reached $4.92bn, royalties set a record $2.61bn for the year with data-centre royalties more than doubling, and guidance for this quarter is $1.26bn give or take $50m with about $0.40 of adjusted earnings.

$OR publishes half-year results Wednesday after the European close – the broadest read on global beauty. The first quarter was solid: sales of €12.15bn, up 7.6% like-for-like – 6.7% adjusted for the phasing of an IT programme – but only 3.6% as reported, with currency accounting for the gap. Dermatological Beauty grew 10.2% on that adjusted basis, second only to Professional Products at 13.1%, and North Asia added 4.8% with China growing high single digits in Luxe.

$AIR publishes half-year results Wednesday after the European close, with the delivery arithmetic already public. Airbus handed over 351 aircraft in the first half, up almost 15% year on year and its best January-to-June since 2019, including 89 in June as engine supply eased and a backlog of Chinese deliveries cleared. That keeps the official target of around 870 deliveries intact. The first quarter was the weak point: adjusted EBIT halved to €300m on 114 deliveries, with free cash flow before customer financing at minus €2.5bn.

$BA opens the week Tuesday before the open with its headline number already out. Boeing delivered 171 commercial aircraft in the second quarter – 129 737s and 25 787s – and 314 in the first half, its best since 2018, with the 737 line now cleared by the FAA to build at 47 a month. Consensus clusters around $24bn of revenue, though published earnings estimates straddle breakeven. The backlog stands near $695bn.