The fourth quarter earnings season kicks into high gear this week, with Big Tech results from Microsoft (MSFT), Meta (META), Tesla (TSLA), and Apple (AAPL) headlining the earnings calendar.

An optimistic consensus is forming: As of Jan. 23, 13% of S&P 500 (^GSPC) companies have reported fourth quarter results, according to FactSet data, and Wall Street analysts estimate an 8.2% increase in earnings per share for the fourth quarter. If that rate holds, it would represent the 10th consecutive quarter of annual earnings growth for the index.

Heading into the reporting period, analysts were expecting an 8.3% jump in earnings per share, down from the third quarter's 13.6% earnings growth rate. Wall Street has raised its earnings expectations in recent months, especially for tech companies, which have driven earnings growth in recent quarters.

Although Big Tech continues to set the tone, this earnings season promises to test the improved stock market breadth that has emerged at the start of 2026. Plus, the themes that drove the markets in 2025 — artificial intelligence, the Trump administration's tariff and economic policies, and a K-shaped consumer economy — will continue to provide plenty for investors to parse.

In addition to the reports from four of the "Magnificent Seven" tech stocks, Wall Street will receive updates from a wide swath of companies across the economy, including UnitedHealth (UNH), Boeing (BA), General Motors (GM), IBM (IBM), Starbucks (SBUX), Levi Strauss (LEVI), Visa (V), American Express (AXP), Mastercard (MA), Caterpillar (CAT), Exxon Mobil (XOM), Chevron (CVX), AT&T (T), and Verizon (VZ),

Texas Instruments (TXN) stock popped more than 9% in extended trading as the semiconductor company's guidance impressed investors and overshadowed a miss on earnings.

Earnings per share declined year over year to $1.27 on revenue of $4.42 billion. Wall Street analysts forecast earnings per share of $1.31 on revenue of $4.44 billion, according to S&P Global Market Intelligence.

Revenue decreased 7% from the third quarter but increased 10% from the fourth quarter a year ago.

However, the Street was encouraged by Texas Instruments' first quarter financial outlook. The chipmaker said it expects revenue in the range of $4.32 billion to $4.68 billion and earnings per share between $1.22 and $1.48, well above the average Street estimate for $4.4 billion in revenue and $1.28 earnings per share in Q1.

Listen to the earnings call live here.

Swiss computer hardware maker Logitech (LOGI) reported better-than-expected third quarter earnings on Tuesday as strategic AI upgrades to its products helped drive sales growth. But the stock edged lower after hours.

In the company's fiscal third quarter, profits rose 28% year over year to $1.69, beating Wall Street analyst estimates for $1.66 per share, according to S&P Global Market Intelligence. Sales increased 6% year over year to $1.42 billion, ahead of expectations for $1.4 billion in sales.

“Growth was broad-based across categories, regions and both consumer and business channels,\\" Logitech CEO Hanneke Faber said in the release. \\"With the exception of pandemic peaks, we drove record operating income despite tariff headwinds, underscoring the quality of our portfolio, the strength of our innovation and our unique global operational capabilities.”

For the fiscal fourth quarter, Logitech expects sales in the range of $1.07 billion to $1.09 billion, representing sales growth of 6% to 8%, which was in line with analysts' estimates.

For the full year, Logitech expects sales in the range of $4.82 billion-$4.84 billion.

Listen to the earnings call here.

Customers aren't visiting restaurants as much, according to food distributor Sysco (SYY), but the industry is optimistic that foot traffic could improve this year.

On the company's earnings call, Sysco CEO Kevin Hourican alluded to higher tax refund checks and customers becoming more accustomed to tariffs as factors that could help lift restaurant traffic. On the restaurant side, he noted that businesses have started adjusting to consumers' preference for value, which could also bring in more diners.

\\"I believe that restaurant operators, particularly independent restaurant operators, have leaned into the consumer need for value,\\" he said. \\"They've been more nimble. They've adjusted menu prices. They've looked at things like portion sizes. They've looked at alternative proteins that can save the customer money, and independents in the industry are doing better than national chains.\\"

Sysco, which provides food, kitchen, and dining supplies to restaurants, reported higher sales in the second quarter and saw gains in US local foodservice volumes, though national chain restaurants were still suppressed.

\\"The declining foot traffic to restaurants, per Black Box, has negatively impacted our national chain restaurant customers as can be seen in our results as volume with these customers was down year-over-year,\\" Hourican said, noting that the company expects to offset that weakness with strength in its non-restaurant business.

For the second quarter, sales increased 3% year over year to $20.8 billion, while diluted earnings per share of $0.81 were 1.2% lower than the second quarter of 2025.

Sysco also raised its full-year adjusted earnings per share to be at the high end of its guidance range of $4.50-$4.60.

The stock jumped 9% on Tuesday afternoon.

The CEO of major defense contractor RTX Corporation (RTX) said the company would continue to pay dividends to its investors despite attacks from President Trump over the practice and an executive order restricting the practice.

RTX shares picked up roughly 1.5% in the first minutes of trading Tuesday morning.

CEO Christopher Calio said on RTX's earnings call on Tuesday, \\"We recognize our shareholders rely on our dividends, and they've come to expect our dividends. We've been paying them for decades on a quarterly basis. So we remain committed to the dividend.\\"

\\"We’re comfortable we can accommodate both that and the investment needs that come with delivering the current backlog and the potential future volumes on key programs.\\"

Calio's comments come after President Trump criticized defense contractors' divided and buyback practices in a Truth Social post.

\\"While we make the best military equipment in the world (no other country is even close!), defense contractors are currently issuing massive dividends to their shareholders and massive stock buybacks, at the expense and detriment of investing in plants and equipment. This situation will no longer be allowed or tolerated!\\" the president wrote.

Following the post, the president signed an executive order saying, \\"Effective immediately, [defense contractors] are not permitted in any way, shape, or form to pay dividends or buy back stock, until such time as they are able to produce a superior product, on time and on budget.\\"

RTX, one of a small handful of major defense contractors known as the \\"primes,\\" makes the Patriot missile defense systems and other weapons systems used widely by the US military.

Boeing (BA) continued to rebuild plane production in the fourth quarter, leading to the highest revenue in eight years.

The aircraft maker said its 2025 revenue of $89.5 billion and deliveries of 600 commercial jets reflected the company's highest sales since 2018.

For the fourth quarter, Boeing reported earnings per share of $10.23 on revenue of $23.9 billion, compared to a loss per share of $5.46 and revenue of $15.2 billion a year ago.

\\"We made significant progress on our recovery in 2025 and have set the foundation to keep our momentum going in the year ahead,\\" CEO Kelly Ortberg said. \\"We completed the acquisition of Spirit AeroSystems and the sale of portions of the Digital Aviation Solutions business and remain focused on promoting stable operations, completing our development programs, rebuilding trust with our stakeholders, and fully restoring Boeing to the iconic company we all know it can be.\\"

Revenues in Boeing's Commercial Airplanes segment rose 139% from Q4 2024 to Q4 2025. Sales in the Defense, Space, and Security unit climbed 37%, while Global Services revenues rose 2%.

Boeing stock dipped about 1% ahead of the opening bell.

Reuters reports:

Aerospace and defense supplier Northrop Grumman posted higher fourth-quarter profit and ​revenue on Tuesday, helped by strong sales in its aeronautics ‌business amid heightened geopolitical uncertainty.

Robust demand for arms, fueled by escalating tensions in ‌the Middle East and the ongoing Russia-Ukraine conflict, has boosted sales for Northrop Grumman and other defense contractors.

Sales in Northrop's aeronautics segment, which produces the B-21 Raider long-range strike aircraft and fuselages for Lockheed Martin's F-35 ​aircraft, rose 18% during the fourth quarter.

Falls Church, Virginia-based Northrop ‌also saw strong fourth quarter sales in its mission systems business, which makes communications and electronic warfare systems mainly for the U.S. defense and intelligence community.

Sales in Northrop's defense and ​space segments rose 7% and 5% during the quarter.

However, its 2026 sales forecast of $43.5 billion to $44 billion fell short ‍of Wall Street ⁠estimates of $44.24 billion, as per LSEG-compiled data.

Read more here.

American Airlines (AAL) earnings were below expectations for the fourth quarter as the government shutdown affected flights, but the airline shared an upbeat outlook for the beginning of the year.

The airline reported earnings per share of $0.15, compared to estimates of $0.30, according to S&P Global Market Intelligence. Record revenue of $14 billion was in line with estimates.

American said that the government shutdown impacted revenue by approximately $325 million in Q4.

While bookings slowed toward the end of the year, the airline said they picked up to start 2026.

\\"Following softer-than-expected bookings late in the fourth quarter, bookings strengthened meaningfully in January,\\" the company said. \\"Based on these bookings, the company expects solidly positive first-quarter unit revenue for the domestic entity and the system, with total revenue growing 7.0%-10.0%.\\"

For the full year, American expects adjusted earnings per diluted share in a range of $1.70-$2.70, with a midpoint above the estimated $1.85.

The stock rose 4% in premarket trading.

Yahoo Finance's Pras Subramanian reports:

General Motors (GM) continued its strong run of quarterly performance with fourth quarter earnings that topped estimates, as it upped its dividend and instituted a new $6 billion stock buyback plan.

For the quarter, GM reported revenue of $45.29 billion compared with the $45.37 billion estimated, a drop of 5.1% compared with last year. The automaker posted Q4 adjusted earnings per share (EPS) of $2.51 vs $2.28 expected, on adjusted earnings before interest and taxes (EBIT) of $2.843 billion vs. $2.77 billion estimated.

For 2026, GM projects the following:

Adjusted EBIT in a range of $13.0 billion to $15.0 billion

Adjusted automotive free cash flow of $9.0 billion to $11.0 billion

Adjusted EPS (diluted) of $11.00 to $13.00

Read more here.

Reuters reports:

Aerospace and defense giant RTX (RTX) posted a higher fourth-quarter revenue and profit on Tuesday, driven ​by a rise in sales for its engines and a strong ‌appetite for commercial aircraft maintenance and repair services.

RTX was helped by increased sales for its F135 ‌turbofan engine, which powers all variants of Lockheed Martin's (LMT) F-35, as well as continued maintenance demand for its decades‑old F100 engine.

In August, the company's engine business, Pratt and Whitney, bagged a $2.8 billion contract for 141 F135 engines. It also received a $1.6 ⁠billion F135 sustainment contract ‌in December.

The unit, which also makes engines for Airbus' A320neo jets, posted a 25% rise in adjusted sales during the fourth ‍quarter.

Arlington, Virginia-based RTX also benefited from strong demand for its maintenance and repair services as a shortage of new commercial aircraft has pushed airlines to fly older, more cost-intensive ​fleets.

Read more here.

Reuters reports:

United Parcel Service (UPS) forecast higher annual revenue ​on Tuesday, as it ‌reduces low-margin deliveries for its biggest ‌customer, Amazon, and shifts toward higher-paying shipments.

The world's largest package delivery company expects 2026 revenue to ⁠be $89.7 billion, ‌compared to the $88.7 billion it reported last year.

\\"Looking ahead, upon completion of ​the Amazon (AMZN) glide-down, 2026 will ‌be an inflection point in the execution of our strategy to deliver growth and sustained margin expansion,\\" CEO Carol Tome ⁠said in a ​statement.

Read more here.

UnitedHealth's (UNH) stock fell on Tuesday by 12% after releasing an upbeat forecast for 2026, which was overshadowed by the US government's release of low Medicare rates.

Reuters reports:

Hemsley, who returned as CEO in May to restore ‌investor and consumer trust in the healthcare behemoth, has been working to steer the company out of a ‌difficult period that included the murder of a top executive, a surge in medical costs, a federal probe, and Americans' anger at insurance industry practices.

The company has been aiming for a return to growth in 2026, but expects a challenging recovery in its Medicaid business for ⁠lower-income Americans due to a ‌mismatch between payment rates and costs for medical services. It has also pulled back on Medicare Advantage offerings for older adults.

The U.S. on ‍Monday proposed an average rate increase of 0.09% in payments to private insurers next year for the Medicare Advantage plans they manage, far below Wall Street's expectations.

Read more here.

Nucor's (NUE) fourth quarter results missed Wall Street expectations due to lower volumes and compressed margins from higher steel prices.

The Charlotte, N.C.-based steel manufacturer reported earnings per share of $1.64, compared to estimates of $1.77, according to S&P Global Market Intelligence. Revenue of $7.69 billion also missed expectations for $7.9 billion in sales, led by quarter-over-quarter sales declines in the steel mills and steel products segments.

Nucor stock declined 3% in after-hours trading. The stock was down 2% during Monday's session following Steel Dynamics' (STLD) Q4 results.

Like Steel Dynamics, Nucor offered some optimism for the quarter ahead, saying that it's seeing \\"robust demand\\" in several end markets as well as \\"strong backlogs.\\" The company also said it was encouraged by federal policies in place, such as import tariffs on steel and steel products.

The company said it expects earnings to rise in Q1 across all segments but did not offer specific guidance yet. Nucor's earnings call will take place on Tuesday at 10 a.m. ET. You can listen to it on Yahoo Finance.

Houston-based oil field services company Baker Hughes (BKR) reported fourth quarter earnings on Sunday that beat analyst expectations as the company's focus on liquefied natural gas and industrial energy infrastructure paid off.

Baker Hughes reported earnings per share of $0.88, which was better than the $0.67 per share Wall Street was expecting, according to S&P Global Market Intelligence. Revenue of $7.3 billion also came in higher than the Street estimate of $7 billion.

The stock rose more than 2% in premarket trading.

The Industrial & Energy Technology segment saw continued strength and secured a record backlog of $32.4 billion, the company said.

\\"Looking ahead, we expect IET orders to remain at robust levels, supported by continued momentum in LNG, a stronger year of FPSO [floating production storage and offloading] and gas infrastructure awards, and sustained strength for power systems,\\" Baker Hughes CEO Lorenzo Simonelli said in the earnings release. \\"Against this favorable backdrop, we project similar levels of organic IET orders in 2026.\\"

Listen to the company's earnings call at 9:30 a.m. ET.

Next week, four of the \\"Magnificent Seven\\" stocks report results: Microsoft (MSFT), Meta (META), Tesla (TSLA), and Apple (AAPL).

There are a couple of reasons why markets will be closely watching these reports. For one, anything related to artificial intelligence continues to drive the markets. And for another, the Magnificent Seven names have been the top contributors to S&P 500 earnings growth in recent quarters.

Those trends are expected to continue in the fourth quarter reporting season. According to a note by FactSet's senior earnings analyst John Butters, analysts expect Magnificent Seven companies to report earnings growth of 20.3% in aggregate for Q4. For the remaining 493 companies in the S&P 500, the aggregated earnings growth rate is expected at 4.1%.

Read more about what to expect from Big Tech earnings here.

Alaska Air Group (ALK) saw progress in its premium seat and international flight push in the latest sign of airline competition for high-income customers.

On Thursday, the airline reported adjusted earnings of $0.43, above consensus estimates of $0.11 per share, according to data compiled by S&P Global Market Intelligence. Revenue of $3.6 billion was roughly in line with analyst estimates on annual capacity growth of 2.2%.

Alaska Air primarily operates routes along the US West Coast and plans to expand its international flights from two to five to eventually 12, including flights to London and Rome. The stock rose 6.6% on Friday afternoon.

Echoing results from Delta (DAL) and United (UAL), Alaska Air said it saw strong demand in its premium segment in its earnings call on Friday.

First Class and Premium Class revenues grew 7.1% year over year, compared to a 2.4% decline for Main Cabin revenues. However, even Main Cabin sales saw some improvement from the third quarter, the company said.

\\"We've really seen the improvement in the demand profile across every segment of the business, ... certainly, premium and loyalty are the biggest drivers of that,\\" CFO Shane Tackett said on the earnings call. \\"But I think we actually like the trends we're seeing in Main Cabin right now.\\"

Booz Allen Hamilton Holding Corporation (BAH) said its contract pipeline was accelerating again after a year of government cost-cutting efforts from the Department of Government Efficiency (DOGE) pressured the defense consultancy's business.

\\"Our national security business continues to see good growth and very good prospects, but I think what's really exciting to us is our civil business is starting to reignite,\\" CEO Horacio Rozanski said on the earnings call, adding, \\"The market does feel like it's at an inflection point.\\"

The company's sales backlog rose 2% year over year to $38 billion in the third quarter.

Overall revenue in the third quarter declined 10% year over year to $2.6 billion, missing Wall Street estimates of $2.7 billion, according to S&P Global Market Intelligence. But adjusted profits rose to $1.77 per share, beating analysts' estimates of $1.27.

The stock jumped by 6% in premarket trading on Friday on Booz Allen Hamilton's upbeat earnings guidance.

The company slightly lowered the top end of its full-year revenue guidance to a range of $11.3 billion-$11.4 billion from $11.3 billion-$11.5 billion previously. But it raised its adjusted diluted earnings per share guidance to $5.95-$6.15 from $5.45-$5.65 previously.

Aluminum producer Alcoa (AA) stock gained in after-hours trading following top- and bottom-line beats, as higher aluminum prices boosted results despite lower shipments.

Alcoa posted adjusted earnings per share of $1.26 for the fourth quarter, above estimates for $1.01, according to S&P Global Market Intelligence. Unadjusted earnings of $0.85 per share missed estimates, which the company attributed to an $337 million investment loss from its Saudi Arabian mining company Ma’aden, $144 million goodwill impairment charge, and currency fluctuations.

Revenue increased 15% year over year to $3.4 billion, above estimates of $3.27 billion. The company said its aluminum production increased 5% while alumina production decreased 4% year over year. The increase in aluminum prices, more than offset the higher tariff costs on Canadian aluminum imported to the US, the company said.

Alcoa stock rose 1.6% on Thursday afternoon and is up 18% year to date.

Capital One (COF) stock slid in extended trading hours after the financial company announced it entered into a definitive agreement to acquire fintech company Brex Inc. for $5.15 billion in 50% cash and 50% stock.

Brex provides business credit cards, spending accounts, and expense management software. The acquisition is Capital One's latest expansion into fintech after it bought Discover for $35 billion last year.

News of the deal came as Capital One reported fourth quarter earnings that beat expectations. The Virginia-based company reported earnings per share of $3.26 per share, beating estimates of $3.23, according to S&P Global Market Intelligence.

Total net revenue increased 1% year over year to $15.6 billion, also coming in above estimates for $15.4 billion in revenue.

“Our fourth quarter and full year results reflect solid top line growth and strong and stable credit performance\\" CEO Richard D. Fairbank said in a statement. \\"Years of strategic preparation and our choices to consistently invest to sustain long-term growth and returns enable our results and put us in a strong position going forward. I’m struck by the number and quality of the opportunities we have before us.”

Listen to the earnings call live here at 5 p.m. ET.

Yahoo Finance's Laura Bratton reports:

Intel (INTC) stock fell as much as 5% after the bell Thursday as its first quarter financial outlook fell short of Wall Street's expectations.

The chipmaker said it expects first quarter revenue of $12.2 billion, at the midpoint of its range and below the $12.6 billion projected by Wall Street analysts tracked by Bloomberg. Intel guided for earnings per share of $0 for the period, short of the estimated $0.08.

Meanwhile, Intel reported better-than-feared fourth quarter earnings and revenue as CEO Lip-Bu Tan nodded to rising AI demand for its chips called CPUs (central processing units).

Intel's earnings per share of $0.15 for the period were slightly above the previous year's $0.13 and ahead of the $0.09 projected, per Bloomberg data. The chipmaker's fourth quarter revenue of $13.7 billion marked a 4% decline from the year-ago period but was higher than the $13.4 billion expected.

“Our conviction in the essential role of CPUs in the AI era continues to grow,” Tan said in a statement. \\"Our priorities are clear: sharpen execution, reinvigorate engineering excellence, and fully capitalize on the vast opportunity AI presents across all of our businesses.”

Read more here.

Freeport McMoran (FCX) beat adjusted earnings and revenue estimates for the fourth quarter, but reported lower production of the copper, gold, and molybdenum it mines. The stock fell fractionally in midday trading on Thursday.

Freeport McMoran said it produced 640 million pounds of copper, 65,000 ounces of gold, and 25 million pounds of molybdenum in the fourth quarter, down from the 1.04 billion pounds of copper, 432,000 ounces of gold, and 22 million pounds of molybdenum it produced in the same quarter a year ago.

Copper production was severely hit after a deadly mudslide in September took out the company's Grasberg copper mine in Indonesia, the world's second-largest copper mine. On the earnings call, CEO Kathleen Quirk said the closure impacted copper volumes by 10% for the year compared to its forecasts going into 2025.

Quirk said the company is on track to resume operations at the Grasberg mine in the second quarter of 2026, and Freeport McMoRan COO of the Indonesia business Mark Johnson added that he doesn't see \\"any real hurdles at this point to be able to start up as we planned.\\"

For the fourth quarter, the company posted adjusted earnings of $0.47 on revenue of $5.6 billion. Wall Street analysts were looking for adjusted earnings of $0.32 on revenue of $5.3 billion.

A rally in copper and gold prices last year helped boost the miner's results, though that boom is widely expected to slow or even backtrack in 2026.

\\"Global inventories of copper on exchanges have risen in recent months, during a period of sharp increases in copper prices,\\" Quirk said on the earnings call. \\"Most analysts are projecting that the market will be tightly balanced during 2026 with some projecting deficits and other small surpluses.\\"

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance