The fourth quarter earnings season kicked 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),

International Business Machines (IBM) stock surged 8% in extended trading after growth in the company's software business drove 12% revenue growth for the fourth quarter.

Revenue increased to $19.69 billion, beating forecasts of $19.21 billion, according to Bloomberg consensus estimates. Software revenue was up 14% in the quarter, Consulting revenue increased 3%, while Infrastructure revenue rose 21%.

IBM has focused on its Hybrid Cloud and Red Hat software platforms, which have been primary drivers of the stock's 30% gain over the past year.

Earnings per share came in at $4.52, compared to estimates of $4.32.

BIG $0.20 EPS beat for IBM.

CFO to me on the economy/AI backdrop:

“I think this market, albeit still dynamic, the client demand and overall market, is resilient. And most importantly, it's resilient in categories that matter to us the most, around Gen AI, around hybrid…

— Brian Sozzi (@BrianSozzi) January 28, 2026

Yahoo Finance's Pras Subramanian reports:

Tesla (TSLA) reported fourth quarter earnings that topped estimates after the bell on Wednesday. The company also said its Optimus robots were on track for an end-of-year start of production.

For the quarter, Tesla reported revenue of $24.90 vs. $25.11 billion estimated, a 2.4% drop from a year ago. Tesla posted adjusted earnings per share (EPS) of $0.50 vs $0.45 expected, with operating income of $1.41 billion vs. $1.32 billion estimated.

Tesla reported Q4 gross margin came in better than expected at 20.1% vs. 17.1% estimated.

Tesla stock was up over 3% in after-hours trade.

Read more here.

Yahoo Finance's Daniel Howley reports:

Microsoft (MSFT) reported its second quarter earnings after the bell on Wednesday, beating Wall Street estimates on the top and bottom lines.

The company's stock fell more than 7% on the news.

Microsoft is one of the biggest beneficiaries of the AI explosion, thanks to its early investments in ChatGPT developer OpenAI, sending its market capitalization above the $4 trillion mark in July. But it's come down from those highs as investors continue to raise concerns about the AI industry's massive spending.

In Q2, earnings per share (EPS) of $5.16 on revenue of $81.27 billion topped the $3.92 and $80.3 billion Wall Street was anticipating.

Microsoft Cloud revenue came in at $51.5 billion, just ahead of an expected $51.2 billion. The company reported Cloud revenue of $40.9 billion in the same period last year.

Microsoft’s Productivity and Business Processes, which includes revenue from Microsoft 365 Commercial and Consumer Cloud, hit $34.1 billion. Wall Street was expecting $33.6 billion.

Read more here.

Yahoo Finance's Daniel Howley reports:

Meta (META) announced its fourth quarter earnings on Wednesday, topping analysts' expectations on the top and bottom lines.

The company also provided its 2026 capital expenditures guidance, saying it anticipates spending between $115 billion and $135 billion in 2026, up from the $72.22 billion the company spent in 2025.

Meta stock rose following the news.

In Q4, Meta reported earnings per share (EPS) of $8.88 on revenue of $59.9 billion, ahead of the $8.16 and $58.4 billion analysts were expecting based on Bloomberg analyst consensus estimates.

Meta’s Reality Labs division brought in $955 million versus an anticipated $959 million. But the company also booked losses related to the segment of $6 billion. Analysts were expecting an operating loss of $5.9 billion.

Meta isn’t alone in pouring billions into AI data centers. Advertising and AI rivals Amazon (AMZN), Google (GOOG, GOOGL), and Microsoft (MSFT) are also dumping enormous sums into their own data centers.

Read more here.

Whirlpool (WHR) posted fourth quarter results that missed expectations as it navigated a volatile macro backdrop with tariffs, a higher promotional environment, and cautious consumers.

The appliance maker, behind other brands like Maytag and KitchenAid, reported revenue of $4.1 billion, less than estimates of $4.3 billion. Adjusted earnings came lower than expected at $1.91, while the Street forecasted $2.18, per Bloomberg consensus data.

Whirlpool chairman and CEO Marc Bitzer characterized 2025 as one filled with a \\"lot of challenges and headwinds\\" on a call with Yahoo Finance. He said the fourth quarter was an even tougher landscape.

\\"It was a pretty heavy [promotional] environment in Q4, which is probably the result of ... still a lot of pre-tariff loaded inventory market,\\" Bitzer said, adding that new products and transition costs also weighed on the quarter.

Revenue for major appliances in its North America business fell 0.9% year-over-year to $2.57 billion. Whirlpool's small domestic appliance business grew 10.3% to $423 million, less than the $466 million Wall Street expected.

So far in 2026, Bitzer said the company is seeing a \\"normalized environment.\\"

Whirlpool expects net sales to come in the range of $15.3 billion to $15.6 billion. Wall Street expected $15.5 billion. Adjusted earnings are expected to come in at roughly $6.25 for the year, a bit lower than the $7.23 projection the Street had. Free cash flow is far higher than expected, though, in the range of $400 million to $500 million, compared to expectations for $349 million.

Brinker International (EAT) stock rose 5% ahead of the opening bell on Wednesday after the Chili's restaurant owner reported earnings and a financial outlook that topped analysts' expectations.

Investing.com reports:

The Chili’s owner reported second-quarter earnings per share (EPS) of $2.87, beating analyst expectations of $2.57. Revenue during the period rose to $1.45 billion from $1.36 billion a year earlier and came in above the $1.41 billion consensus estimate.

Comparable restaurant sales increased 7.5% in the quarter, driven by an 8.6% rise at Chili’s, while Maggiano’s posted a 2.4% decline.

\\"Chili’s delivered another strong quarter with industry-leading growth of +9%, rolling the industry-leading growth from last year for a 2-year comp sales growth of +43%,\\" said Kevin Hochman, President and CEO of Brinker International.

Read more here.

GE Vernova (GEV) reported a solid quarter and guidance raise, but the stock slid around 2% in premarket trading.

The company, which spun off from GE in 2024, makes gas turbines and other equipment for electricity generation that has boomed as a result of the artificial intelligence build-out.

GE Vernova's adjusted EBITDA of $1.15 billion, below analyst estimates of $1.2 billion, according to S&P Global Market Intelligence, may be letting investors down.

Revenue of $10.9 billion beat estimates of $10.2 billion. And GE Vernova reported total backlog growth of $31.2 billion for the year.

For 2026, GE Vernova raised its revenue guidance to a range of $44 billion to $45 billion, up from $41 billion to $42 billion. The company also expects increased cash flow of $5 billion to $5.5 billion, up from $4.5 billion to $5 billion.

The company sees 16%-18% organic revenue growth in its power segment for the year.

\\"We delivered strong financial performance in 2025 with continued momentum in Power and Electrification while focusing on what we can control in Wind,\\" GE Vernova CEO Scott Strazik said. \\"We increased our backlog to $150 billion, with better equipment margins, and are entering 2026 with significant momentum.\\"

Yahoo Finance's Brooke DiPalma reports:

Starbucks (SBUX) posted its first quarter of North America and US same-store sales growth in two years on Wednesday as the company continues its turnaround efforts under CEO Brian Niccol.

In its fiscal first quarter ended Dec. 28, Starbucks reported US and North America same-store sales rose 4%, topping estimates for a 2% rise. The increase was driven by a 3% increase in comparable transactions and a 1% increase in the average ticket.

Starbucks last reported positive same-store sales for its US and North America unit in the first quarter of its fiscal 2024. Starbucks stock rose more than 7% following the results.

Overall, Starbucks reported adjusted earnings per share of $0.56, missing forecasts for earnings per share of $0.59. Revenue came in ahead of estimates, tallying $9.9 billion against expectations for $9.65 billion, according to Bloomberg data.

Read more here.

Reuters reports:

Corning (GLW) on Wednesday forecast first-quarter sales above estimates, boosted by resilient ​demand for its fiber‑optic products, which generate ‌nearly 40% of the company's revenue.Corning on Wednesday forecast first-quarter sales above estimates, boosted by resilient ​demand for its fiber‑optic products, which generate ‌nearly 40% of the company's revenue.

The Gorilla Glass maker, ‌a key supplier to Apple, has stepped up investment in its optical communications business as major technology companies race to expand data‑center infrastructure to ⁠support rising AI ‌workloads.

On Tuesday, Corning inked an up to $6 billion multi‑year deal with Meta ‍Platforms to supply fiber‑optic cables for the social media giant's AI‑focused data centers.

Read more here. 

Reuters reports:

Life sciences firm Danaher Corp (DHR) forecast annual profit largely in line with Wall Street estimates ​on Wednesday and beat fourth-quarter profit and revenue ‌expectations, as improving conditions in the pharmaceutical market and reduced policy uncertainties ‌offset weakness in academic research funding.

Danaher is benefiting as uncertainties around drug pricing regulations, such as tariffs and most-favored-nation concerns, are being resolved, along with a recovery in venture ⁠capital funding in the ‌biotech industry and stabilization in China's diagnostics market.

CEO Rainer Blair said the company \\"delivered a strong ‍finish to the year with better-than-expected performance across our portfolio\\", citing continued strength in bioprocessing and improved momentum in diagnostics and life ​sciences.

Read more here.

Reuters reports:

AT&T (T) forecast annual profit above market expectations on Wednesday, on bets that its wireless and fiber network ​expansion would allow the U.S. carrier to tap growing 5G ‌and high-speed internet demand.

AT&T's stock rose 4% during premarket hours on Wednesday.

The bullish forecast hinges on AT&T's infrastructure push, anchored by two ‌major deals — a nearly $6 billion purchase of Lumen's consumer fiber business and a $23 billion acquisition of EchoStar's spectrum licenses.

Read more here.

Elevance Health (ELV) stock fell 5% before the bell on Wednesday following a 2026 forecast for profit falling below Wall Street estimates.

​The health insurer said it expects higher medical costs ‌to persist into the year.

Reuters reports:

Health insurers have been battling persistently ‌high costs after a churn in enrollment in Medicaid, the U.S. government plans for low-income people, hit the industry. As states redetermined eligibility, many healthier ⁠members fell off ‌the rolls, leaving behind those who require medical services.

Demand for healthcare has remained ‍high over the last two years in areas such as behavioral health services, specialty drugs, leading to higher medical ​costs for insurers.

Read more here.

ASML (ASML) stock jumped 6% during premarket hours on Wednesday after reporting fourth quarter orders that beat analysts' expectations. ASML said the development of its AI infrastructure had helped boost demand for its chip-making machines.

Bloomberg News reports:

Bookings in the fourth quarter were a record €13.2 billion ($15.8 billion), driven by demand for its most sophisticated equipment, the Veldhoven, Netherlands-based company said in a statement on Wednesday. That compares with an average analyst estimate of €6.85 billion, according to data compiled by Bloomberg.

ASML is the only producer of cutting-edge lithography machines that are needed to make advanced semiconductors, and counts all the leading chip manufacturers as customers, including Taiwan Semiconductor Manufacturing Corp. and Intel Corp. Its machinery is integral to producing the Nvidia Corp. AI accelerators that are the backbone for training and running AI models in data centers. The Dutch company’s bookings are one signal of chipmakers’ confidence in future AI demand.

Read more here.

Reuters reports:

Seagate Technology (STX) forecast third-quarter revenue and profit above Wall Street expectations on Tuesday, benefiting from strong ​demand for its data storage devices as enterprises scale up ‌their use of artificial intelligence.

Seagate stock rose 10% during premarket hours on Wednesday.

Tech firms are investing hundreds of billions of dollars ‌into data centers and related infrastructure to train and run large language models. This surge in demand is benefiting hardware suppliers such as Seagate, whose hard disk drives are used to store the vast ⁠quantities of data these models ‌require.

Read more here.

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.

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