The fourth quarter earnings season kicked into high gear this week, with results pouring in from Microsoft (MSFT), Meta (META), Tesla (TSLA), and Apple (AAPL). In the week ahead, investors will hear from more Big Tech names, including Alphabet (GOOG, GOOGL), Amazon (AMZN), AMD (AMD), and Qualcomm (QCOM).

An optimistic consensus is forming: As of Jan. 30, 33% of S&P 500 (^GSPC) companies have reported fourth quarter results, according to FactSet data, and Wall Street analysts estimate an 11.9% 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 and the fifth consecutive quarter of double-digit growth.

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.

Big Tech results set the tone, as capital expenditures continue apace. 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 — continue to provide plenty for investors to parse.

In addition to the reports from four of the "Magnificent Seven" tech stocks, Wall Street received updates from a wide swath of companies across the economy, including wireless carriers AT&T (T) and Verizon (VZ), oil majors Exxon Mobil (XOM) and Chevron (CVX), and insurance giant UnitedHealth (UNH).

The upcoming week promises more updates from companies, including Disney (DIS), Chipotle (CMG), PepsiCo (PEP), Palantir (PLTR), Uber (UBER), and Snap (SNAP).

Yahoo Finance's Brian Sozzi reports:

Add another prominent financial figure speaking out against interest rate caps on credit cards.

\\"A 10% credit card cap, what you would see is a reduction in credit cards across the United States,\\" American Express (AXP) CEO Stephen Squeri told Yahoo Finance by phone on Friday. \\"A lot of people would not be getting credit cards. You would see [credit] line reductions. And listen, the American economy runs on credit, and so you would see a small business slowdown. It's not the right answer.\\"

President Trump this month wrote on Truth Social that interest rates on credit cards should be limited to 10% for one year, starting Jan. 20. The date has come and gone, with no clear insight into the Trump administration's next move.

\\"It would be an economic disaster, and I'm not making that up because our business … we would survive it, by the way,\\" JPMorgan CEO Jamie Dimon said at the World Economic Forum last week. Dimon added that the cap would be \\"drastic\\" and would cut credit access for 80% of Americans.

Read more here.

SoFi Technologies (SOFI) stock popped more than 5% on Friday after strong loan demand lifted the fintech lender's fourth quarter profits.

Reuters reports:

Fintech lenders have become popular among young customers, who favor faster, ‌app-based platforms over traditional banks that rely heavily on branches for most operations and have long-drawn processes.

SoFi's financial services business, which includes credit card and investing products, posted a 78% rise in revenue in the quarter ended December 31 ⁠to $456.7 million.

Total loan originations hit a record of $10.5 billion, up 46% from a year ​ago, driven by continued strong demand for personal, student and home loans.

CEO ‌Anthony Noto said credit performance was in line with expectations and overall financial health of its members across spending, investing and credit \\"remained strong.\\"

SoFi's fourth-quarter adjusted revenue jumped 37% to a record $1 ⁠billion from a year earlier, and its adjusted profit more than doubled to 13 cents ‌per share from 5 cents.

Read more here.

Verizon (VZ) stock rose on Friday morning after the wireless carrier raised its 2026 profit guidance and beat earnings expectations for the fourth quarter.

The company sees adjusted ⁠profit for 2026 between $4.90 and $4.95 per share compared with estimates of $4.76, according to data compiled by LSEG.

From Reuters:

Verizon forecast annual profit and free cash flow above market expectations on Friday, as aggressive promotions during the peak holiday ​period helped the U.S. carrier post its highest quarterly wireless subscriber ‌additions in six years.

In the fourth quarter, ‌telecom operators often rely on device promotions and bundled plans to poach customers looking to switch carriers amid peak phone-buying during Black Friday and Cyber Monday deals.

Verizon's promos, such as four phone lines for $100 per month, resonated with users, ⁠helping it add 616,000 monthly ‌bill-paying wireless phone subscribers in the last three months of 2025. That trounced 417,250 additions expected, according to FactSet.

Verizon expects to add between 750,000 to 1 million retail postpaid phone subscribers this year, compared with 362,000 additions in ‍2025.

Read more here.

ExxonMobil (XOM) also reported an earnings beat on Friday as the oil giants contend with an oversupply of oil, driving crude prices down. The stock fell 1.7% in premarket trading

Adjusted earnings per share for the fourth quarter were $1.71, ahead of analyst expectations of $1.68. Revenue of $82.31 billion was also higher than the expected $81.43 billion

Exxon said it reached its highest full-year net production in more than 40 years at 4.7 million oil-equivalent barrels per day.

\\"ExxonMobil is a fundamentally stronger company than it was just a few years ago, and our 2025 results demonstrate that,\\" CEO Darren Woods said. \\"Our transformation is delivering a more resilient, lower-cost, technology-led business with structurally stronger earnings power, grounded in advantaged assets, disciplined capital allocation, and execution excellence.\\"

In 2026, Exxon plans to spend $27 billion to $29 billion in capital expenditures. It spent $29 billion in 2025 on capex.

Listen to the earnings call here at 9:30 a.m. ET.

Chevron (CVX) reported better-than-expected earnings on Friday as it focuses on cutting costs and faces lower oil prices.

Reuters reports:

The only U.S. oil producer currently operating in Venezuela and now in the ‌geopolitical spotlight after the U.S. capture and removal of former Venezuelan leader Nicolas Maduro this month, Chevron also said on Friday that it ‌was evaluating more opportunities in the country.

Chevron's adjusted earnings for the three-month period ended December 31 were $1.52 per share, ahead of an LSEG consensus estimate of $1.45 per share.

The figure was down from $2.06 a year before.

Chevron said that Venezuela holds significant long-term potential.

\\"We have been a part of Venezuela’s past for more than a century. We remain committed to its present. ⁠And we stand ready to help ‌it build a better future while strengthening U.S. energy and regional security,\\" CEO Mike Wirth said in a statement.

Read more here.

Deckers (DECK) stock soared 13% after the company raised its full-year financial outlook. Strong gains for Hoka sneakers and Ugg boots drove robust results in the company's fiscal third quarter.

For the full year, Deckers expects revenue between $5.40 billion and $5.42 billion, above the consensus estimate of $5.36 billion.

From Investing.com:

The company posted record third-quarter revenue of $1.96 billion, up 7.1% YoY and beating the analyst consensus of $1.87 billion. Adjusted earnings per share reached a record $3.33, increasing 11% from the previous year and substantially surpassing the $2.76 analyst estimate.

HOKA brand sales jumped 18.5% to $628.9 million, while UGG brand revenue grew 4.9% to $1.31 billion. The company’s international business showed particularly strong momentum with sales increasing 15% to $756.7 million, compared to domestic growth of 2.7%.

\\"Deckers produced record revenue and earnings per share in the third quarter, driven by the significant global demand for UGG and HOKA,\\" said Stefano Caroti, President and Chief Executive Officer. \\"Our strategic marketplace management fueled balanced growth in DTC and wholesale, inclusive of continued international momentum as well as healthy growth in the U.S. across both channels.\\"

Read more here.

Sandisk (SNDK) stock surged 12% in extended hours following its earnings release, adding to its massive 127% rally year to date. The memory chip maker was the best-performing stock in the S&P 500 in 2025.

The company crushed expectations in its fiscal second quarter, as AI companies have had an insatiable demand for memory and storage hardware. Sandisk said that revenue for its data center business segment jumped 64% over the previous quarter, driven by strong adoption among AI infrastructure builders, semi-custom customers, and technology companies deploying AI at scale.

Here's what Sandisk reported for its fiscal second quarter, compared to estimates compiled by Bloomberg:

Adjusted earnings: $6.20 per share, versus $3.44 estimated

Revenue: $3.03 billion, versus $2.67 billion estimated

Sandisk also raised its revenue guidance for the third quarter to a range of $4.4 billion to $4.8 billion. The Street was expecting revenue of $2.6 billion.

“This quarter's performance underscores our agility in capitalizing on better product mix, accelerating enterprise SSD deployments, and strengthening market demand dynamics, all at a time when the critical role that our products play in powering AI and the world's technology is being recognized,” said Sandisk CEO David Goeckeler.

Yahoo Finance's Daniel Howley reports:

Apple (AAPL) reported its first quarter earnings on Thursday, beating Wall Street's expectations on the top and bottom lines, on strong iPhone sales.

Apple's iPhone revenue topped out at an all-time record of $85.3 billion in the quarter, well ahead of the $78.3 billion analysts were anticipating. The company recorded iPhone sales of $69.1 billion in the same quarter last year.

Apple stock was up a little more than 1% on the news.

Overall, Apple reported earnings per share (EPS) of $2.84 on revenue of $143.8 billion. The Street was anticipating EPS of $2.68 on revenue of $138.4 billion, according to Bloomberg analyst consensus estimates.

Apple's Services business, its second-largest behind the iPhone, brought in $30 billion, in line with expectations. Analysts were calling for $30 billion. Mac and iPad revenue were $8.4 billion and $8.6 billion, respectively, while Wearables revenue hit $11.5 billion.

Read more here.

Visa (V) reported better-than-expected earnings in its fiscal first quarter due to strong payments volume during the holiday season. However, the stock dropped in after-hours trading.

CEO Ryan McInerney said profit growth benefited from a \\"resilient consumer spending and a strong holiday season.\\"

Revenue for the quarter ending Dec. 31 rose 15% year over year to $10.9 billion, topping analysts' estimates of $10.6 billion, according to S&P Global Market Intelligence. Adjusted earnings per share of $3.17 also came in above estimates for profits of $3.14 per share.

Total transactions increased 9% year over year to 69.4 billion during the fiscal first quarter.

Visa's results come after rival Mastercard (MA) also reported strong spending and an earnings beat.

\\"The macroeconomic environment remains supportive with balanced job markets across the globe, underpinning healthy consumer and business spending,\\" Mastercard CFO Sachin Mehra said on the company's earnings call, adding, \\"That said, there continues to be ongoing geopolitical and economic uncertainty.\\"

Royal Caribbean (RCL) stock surged 16% as upbeat financial guidance buoyed investors.

The cruise line said it expects double-digit revenue and adjusted earnings per share growth in 2026 on the back of 6.7% capacity growth. For the first quarter, Royal Caribbean projected earnings per share in the range of $3.18 to $3.28, well above the Street's estimate of $2.95 per share.

Booking trends are holding up, Royal Caribbean said. With approximately two-thirds of 2026 capacity booked, the company said it's seeing strong demand for vacations in Europe and the Caribbean.

In the fourth quarter, profits grew by 33% year over year, and adjusted net income of $2.80 per share was in line with Wall Street estimates, according to S&P Global Market Intelligence. Revenue of $4.25 billion was slightly below estimates of $4.27 billion

\\"The fourth quarter capped an incredible year for us, as strong demand for our vacation experiences, coupled with strong execution by our teams, resulted in happy guests and robust financial results,\\" CFO Naftali Holtz said on the earnings call.

Caterpillar (CAT) reported higher profits as demand for its power generation equipment surged amid the build-out of data centers.

The construction and mining equipment maker reported an adjusted profit of $5.16 per share for the quarter, up from $5.14 ⁠per share a ‌year earlier. Revenue rose to $19.1 billion from $16.2 billion. Those figures were above Wall Street's expectations of $4.71 earnings per share and revenue of $17.7 billion.

But Caterpillar, which faced a tariff hit of between $1.6 billion and $1.75 billion in 2025, expects an even bigger headwind from tariffs in 2026, warning of a $2.6 billion hit from tariffs in 2026.

Reuters reports:

Caterpillar said its operating profit fell 9% in the quarter to $2.66 ​billion, driven mainly by $1.03 billion of unfavorable manufacturing ‌costs, largely tied to higher tariffs.

The company, seen as a ​bellwether for the global industrial ​economy, has also raised prices on its industrial equipment, supporting margins and countering a ‍softness from a ⁠recovering construction equipment business.

Read more here.

Media group Comcast (CMCSA) reported a loss in broadband customers in its fourth quarter earnings on Thursday, the decline missed analysts' estimates and was driven by a rise in competitors offering consumers more cost-effective and aggressive offers.

The stock edged higher by 0.3% before the bell on Thursday.

Reuters reports:

Promotional campaigns by ‌high-speed fiber providers and the launch of cheaper fixed-wireless access internet services have deepened competition ‌in the U.S. broadband market - long dominated by the likes of Comcast and Charter Communications.

Comcast on Thursday said it lost 181,000 broadband customers in the quarter, compared with an estimate of 173,780-user decline, according to data compiled ⁠by Factset.

Read more here.

Reuters reports:

Thermo Fisher Scientific (TMO) on Thursday beat Wall Street estimates for ​fourth-quarter profit and revenue on strong demand ‌for its tools and services used in drug development ‌by pharmaceutical clients.

Life sciences firms are benefiting from improving conditions in the pharmaceutical market and reduced policy uncertainty, helping them offset continued ⁠weakness in academic ‌research funding.

Rival Danaher on Wednesday also posted better‑than‑expected fourth‑quarter results.

The company posted ‍quarterly revenue of $12.22 billion, topping estimates of $11.95 billion, according to data compiled by LSEG.

Revenue for the analytical ​instrument segment rose more than 1% ‌year-over-year to $2.22 billion, compared with analysts' estimates of $2.19 billion, while sales in its laboratory products and biopharma services climbed nearly 8% to $6.38 billion.

Read more here.

SAP (SAP) stock fell 15% before the bell on Thursday after reporting a cloud backlog and posting disappointing guidance.

The German firm said that its cloud pre-orders hit $25 billion, but they missed analysts' estimates by just 1%. The delay has been blamed on a few \\"mega deals\\" that are taking longer to get running; this has caused a sell-off in the stock.

Reuters reports:

The German group reported fourth-quarter revenue ‍that met market estimates, though its cloud backlog and 2026 cloud revenue forecast ​missed expectations.

\\"SAP needed an all-round ‌acceleration to fight the trough sector sentiment, and with puts and takes in the update we see shares underperforming,\\" said Citi analyst ⁠Balajee Tirupati.

Read more here.

“We are now seeing a major AI acceleration,\\" Mark Zuckerberg stated on Meta's (META) earnings call.

That theme was consistent throughout Meta's earnings call, as the CEO touted new AI models and products that the company is working on.

Zuckerberg said that since the beginning of 2025, Meta has seen a 30% increase in productivity from its engineers due to the adoption of AI coding tools. The power users of those tools have seen their output increase by 80%, Zuckerberg said.

“We’re starting to see agents really work,\\" he added. \\"This will unlock the ability to build completely new products and transform how we work.”

Mark Zuckerberg on $META's Q4 earnings call: \\"We are now seeing a major AI acceleration.\\"

Adding: \\"Our vision is building personal superintelligence.\\" pic.twitter.com/YmUmk6bNEF

— Yahoo Finance (@YahooFinance) January 28, 2026

As Yahoo Finance's Pras Subramanian noted, Tesla (TSLA) said in its earnings report that it removed the safety driver on a limited basis for its Austin robotaxi service.

As for which metro areas may be next for robotaxi testing, Tesla suggested it would target Dallas, Houston, Phoenix, Miami, Orlando, Tampa, and Las Vegas in the first half of 2026.

ServiceNow (NOW) followed up its partnership with OpenAI, inked last week, with an expanded agreement with Anthropic on Wednesday.

The cloud software company said it will deploy Anthropic's Claude model to more than 29,000 employees with the ServiceNow AI Platform. The stock declined by 5% after the agreement and company earnings were released.

\\"This partnership is about reimagining how work gets done,\\" said Bill McDermott, CEO of ServiceNow. \\"It puts the power to build, deploy, and scale mission-critical applications into the hands of every person, in every industry, at every level. Together, we are proving that deeply integrated platforms with an open ecosystem are how the future is built.\\"

In the fourth quarter, ServiceNow reported adjusted profit of $0.92 per share, above estimates of $0.88. Revenue rose more than 20% year over year to $3.57, also beating estimates of $3.53 billion.

For 2026, ServiceNow expects subscription revenue to be between $15.53 billion and $15.57 billion. Wall Street forecast full-year subscription revenue of $15.21 billion, ​according to data compiled by LSEG.

Read more about ServiceNow earnings here.

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.

Read more from Reuters.

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.

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