The fourth quarter earnings season momentum continues this week, with results from Alphabet (GOOG, GOOGL), Amazon (AMZN), AMD (AMD), Qualcomm (QCOM), and Palantir (PLTR) highlighting the calendar.

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.

This week, investors will hear updates from companies including Disney (DIS), Chipotle (CMG), PepsiCo (PEP), Uber (UBER), and Snap (SNAP).

Qualcomm (QCOM) stock fell around 8% in extended trading after the chip designer's results beat on the top and bottom lines but its forecast was lighter than expected. A memory chip shortage stemming from data center developers scooping up chips and chipmakers shifting production to cater to AI demand added pressure to the company's outlook.

In the fiscal first quarter, the company said revenue increased 5% year over year to $12.3 billion, while earnings per share rose to $2.78. Qualcomm beat analyst estimates on the top and bottom lines, with consensus estimates forecasting $12.1 billion in revenue and earnings per share of $2.75, according to S&P Global Market Intelligence.

However, the outlook for the fiscal second quarter dimmed as a supply crunch in memory chips weighs on margins and the smartphone market.

Second quarter revenue is expected in the range of $10.2 billion to $11 billion (analysts were looking for $11 billion at the midpoint). Adjusted diluted earnings per share are expected to be in the range of $2.45 to $2.65 (the Street was hoping for $2.87).

\\"While our near-term handsets outlook is impacted by industry-wide memory supply constraints, we are encouraged by end-consumer demand for premium and high tier smartphones, and remain on track to achieve our fiscal 2029 revenue goals,” Qualcomm CEO Cristiano Amon said in the earnings release.

Yahoo Finance's Laura Bratton reports:

Alphabet (GOOGL, GOOG) stock fell as much as 7% after the bell on Wednesday before recovering as the tech giant's 2026 capital expenditure forecast soared past analyst expectations.

In its fourth quarter earnings report, Google's parent company, Alphabet, forecast 2026 capital expenditures of $180 billion at the midpoint, well above the $119.5 billion projected by analysts tracked by Bloomberg. Alphabet's fourth quarter capex of $91.5 billion was more than triple the expected $28.2 billion for the period, per Bloomberg estimates.

The stock pared losses and hovered around the flat line shortly after the results.

\\"We’re seeing our AI investments and infrastructure drive revenue and growth across the board,\\" said CEO Sundar Pichai in the company's press release. He said the higher 2026 spending would allow the company \\"to meet customer demand and capitalize on the growing opportunities.\\"

Read the full earnings breakdown here.

Alphabet's fourth quarter financial results delivered some big wins against what Wall Street was expecting to see.https://t.co/IbAG1uPBDJ pic.twitter.com/mFajudM5BM

— Yahoo Finance (@YahooFinance) February 4, 2026

During the fourth quarter earnings call for power management giant Eaton Corporation (ETN), CEO Paulo Ruiz Sternadt said the company's backlog of orders \\"just keeps growing\\" and projected a continued firehose of demand as the AI arms race powers on.

Data center orders at Eaton roughly tripled in the fourth quarter over the prior year, while the backlog for its \\"Electrical Americas\\" division grew by 31% quarter-on-quarter to hit a new record, Sternadt said during the call on Tuesday.

Eaton's stock price spiked after the report and is up by more than 6% over the past five trading sessions and by more than 16% on the year.

Eaton reported fourth quarter revenue at $7.05 billion, outperforming revenue of $6.24 billion from a year ago but falling below analysts' expectations of $7.09 billion.

On the bottom line, the company reported adjusted earnings per share of $3.33 per share, outperforming estimates of $3.32 per share.

Talking about Eaton's strong order backlog, Sternadt attributed much of the company's success to the demand from AI hyperscalers.

\\"You probably noticed on recent news from the hyperscalers that they reconfirmed their capex plans for 2026 — this is also great news that supports these projects,\\" Sternadt said. \\"Multi-tenant and new cloud players, they are so active, never seen them so active as they are today. If I'm to summarize the market picture here, lots of strength, and these projects will take years to complete. So that's what gives us the optimism in the future.\\"

GE HealthCare (GEHC) reported better-than-expected profits in the fourth quarter and issued a 2026 financial outlook ahead of Wall Street's estimates, as the company expects stronger demand and fewer tariff-related cost impacts this year.

The medical device maker's adjusted profit per share forecast was between $4.95 and $5.15. Analysts were expecting guidance of $4.92 per share, according to data compiled by LSEG. For 2026, GE HealthCare also expects revenue growth in the range of 3% to 4% year over year.

The stock popped 6% in morning trading on Wednesday.

From Reuters:

Resilient demand for medical procedures, particularly from ‌older Americans, has prompted hospitals to invest in diagnostic and medical devices over the past ‌couple of years. The company makes CT, X-ray, and PET scanners as well as a range of other devices.

Revenue at GE HealthCare's imaging devices unit — the largest of its four segments — rose 6.6% to $2.55 billion in the ⁠fourth quarter.

On ⁠an adjusted basis, GE HealthCare earned a profit of $1.44 per share during the quarter ended December 31, compared with estimates of $1.40 ⁠per share.

Total quarterly sales came in at $5.7 billion, up 7.1% from a year ago ‌and higher than analysts' average estimate of $5.61 billion.

Read more here.

Novo Nordisk stock extended losses on Wednesday after a downbeat sales forecast sent shares sharply lower on Tuesday.

Bloomberg reports:

Novo Nordisk A/S shares plunged after the company shocked investors by forecasting a steep decline in sales, evidence of an intensifying price war in obesity drugs.

Sales will fall by as much as 13% this year, the company said Tuesday. Pressure from lower prices for its blockbuster weight-loss drugs, in part due to the US government’s push to cut prices, will contribute to the decline.

“It really paints a picture of a challenged Novo,” Lars Hytting, head of trading at ArthaScope, an investor in the Danish drugmaker, said in an interview. “Even the most skeptical analyst” didn’t anticipate this big of a drop, he said.

The shares fell as much as 20% in early Copenhagen trading, the biggest intraday decline since July, more than wiping out the previous gains for this year. The company’s market value has fallen to about $215 billion from more than $600 billion in 2024, when it became Europe’s most valuable company.

Read more here.

Enphase Energy (ENPH) stock soared 20% during premarket hours after the company's profit and revenue beat analysts' estimates. The technology company's shares have risen 10% over the past month, but are down almost 42% for the year.

The AP reports:

The Fremont, California-based company said it had net income of 29 cents per share. Earnings, adjusted for one-time gains and costs, came to 71 cents per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.

The solar technology company posted revenue of $343.3 million in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $334.6 million.

Read more here.

Supermicro (SMCI) stock jumped 11% before the bell on Wednesday after the server maker raised its annual revenue forecast on Tuesday, citing continued strong demand for its AI servers, driven by companies expanding their data centre capacity.

Reuters reports:

Super Micro ‌has established itself as a primary beneficiary of the generative artificial intelligence boom, working closely with chip designers like Nvidia (NVDA) and Advanced Micro Devices (AMD) to quickly bring servers to market.

\\"Super Micro's growth is tied to its ⁠importance as the integrator ‌to large cloud and AI customers, said Gadjo Sevilla, technology analyst at Emarketer.

Sevilla added that by securing long-term ‍engagements and aligning inventory to their rollout timelines, the company ensures demand is met before production and minimizes volatility.

Its ability to quickly deliver fully integrated systems ​featuring Nvidia's latest GPUs has been critical to its success.

Read more here.

Uber (UBER) stock dropped more than 8% in premarket trading after the ride-hailing giant issued first quarter profit guidance that disappointed investors.

The company also missed fourth quarter estimates as its more affordable ride options affected margins.

And in other news, Uber said its CFO, Prashanth Mahendra-Rajah, will step down and be succeeded by Balaji Krishnamurthy, a former Goldman Sachs executive.

Reuters reports:

Trips ‌rose 22% in the fourth quarter, as more consumers opted for Uber's affordable offers such as shared rides and other lower-cost ‌mobility products.

The ride-hailing company had said in November it was deliberately moderating the pace of margin growth after demonstrating over the past several years that its business model can generate profits at scale.

Uber had said investments in affordability and low-cost product offerings were partly responsible for accelerating mobility growth, even as they weighed on ⁠near-term margin gains.

The company said quarterly gross bookings rose 22% to $54.14 billion, while ‌revenue increased about 20% to $14.37 billion, reflecting strong growth in its two largest segments.

Read more here.

Eli Lilly (LLY) stock jumped 7% before the bell on Wednesday after the pharmaceutical group provided a 2026 profit forecast above Wall Street estimates. The company said it is hoping demand for its weight-loss drugs rises as it gets ready to release its oral weight-loss pill this year.

Reuters reports:

Lilly last ⁠year became the ‌first pharmaceutical company to hit a $1 trillion valuation, driven by the ‍popularity of its blockbuster weight-loss drug, Zepbound, and a rapidly expanding obesity market that is shifting ​toward cash-pay options and telehealth channels.

Lilly's ‌upbeat outlook stands in sharp contrast to that of rival Novo Nordisk, which has warned of \\"unprecedented\\" price pressures in 2026 after rattling investors with a forecast for a ⁠steep sales drop this ​year.

Read more here.

Match Group (MTCH) stock surged more than 7% in extended trading, nearly recovering all of Tuesday's losses, after the Tinder parent issued an upbeat revenue outlook for the first quarter and showed signs of progress in its turnaround.

From Reuters:

The company has ‌been reworking core features to steer users toward more meaningful matches and reduce negative experiences, ‌as younger daters grow more selective and tend to leave platforms more quickly.

Hinge remained a bright ​spot, with payers rising 17% to 1.9 ​million, helped by continued international expansion after launches in Mexico and Brazil in 2025, the company said.

In 2026, Hinge plans ‍to expand its ⁠presence into Argentina, Chile and Peru, while also increasing investments in India.

The company forecast first-quarter revenue between $850 and $860 million, the midpoint ⁠of which is above analysts' estimates of $853.30 million.

For the fourth quarter, the company posted ‌revenue of $878 million, above estimates of $871.3 million.

Read more here.

Amgen (AMGN) stock advanced 1.5% after hours following solid fourth quarter results from the drug manufacturer, as drug sales increased 7%.

From Reuters:

The California-based biotech company's ‌overall quarterly revenue rose 9% from a year earlier to $9.9 billion, which beat the average ‌analyst estimate of $9.5 billion, according to LSEG data. Adjusted earnings per share were little changed from a year earlier at $5.29, but exceeded analysts' expectations of $4.73.

For 2026, Amgen said it expects adjusted earnings per share of $21.60 to $23.00, while Wall Street is estimating $22.09 ⁠per share. The company forecast ‌revenue for the year of $37 billion to $38.4 billion, with a midpoint well ahead of analysts' forecast of $37.1 billion.

Fourth-quarter product sales ‍rose 10% by volume, while net prices fell 4%, resulting in 7% quarter-over-quarter growth.

Read more here. 

Yahoo Finance's Daniel Howley reports:

AMD (AMD) reported its fourth quarter earnings on Tuesday, beating expectations on the top and bottom lines, and providing a better-than-anticipated Q1 outlook.

Despite the beat, shares fell on the news.

AMD reported earnings per share (EPS) of $1.53 on revenue of $10.3 billion. Wall Street was expecting EPS of $1.32 on revenue of $9.6 billion, according to Bloomberg analyst consensus estimates. The company saw revenue of $7.7 billion in the same quarter last year.

AMD says Q1 revenue will come in between $9.5 billion and $10.1 billion. That's better than the Street's estimate of $9.4 billion.

Read the full earnings breakdown here.

Chipotle (CMG) stock dropped 3% in after-hours trading. The burrito-bowl chain said on Tuesday afternoon that same-store sales fell in the fourth quarter and told investors it expects no sales growth in 2026 as it continued to navigate a decline in traffic.

Yahoo Finance's Brooke DiPalma reports:

In the quarter, same-store sales fell 2.5%, less than the 2.9% Wall Street expected, according to Bloomberg estimates. Higher menu prices offset lower transactions.

In a statement, CEO Scott Boatwright cited a \\"dynamic consumer backdrop\\" as Chipotle reported a full-year same-store sales drop of 1.7%. Wall Street analysts expected same-store sales would fall 1.8% for the year.

Its 2026 outlook disappointed the Street as the company said it expects sales in 2026 to be flat, while analysts had forecasted a 1.8% increase.

Chipotle posted adjusted earnings per share of $0.25 compared to $0.24, alongside revenue growth of nearly 5% to $2.98 billion, slightly higher than the forecasted $2.96 billion.

Read the full earnings story here.

Mondelez International's (MDLZ) profits declined in the fourth quarter and full year 2025 as soaring cocoa prices throughout the year and consumers snacking less created some profitability headwinds. Shares of the Ritz cracker and Oreo cookie maker dropped more than 4% in extended trading.

In the fourth quarter, Mondelez reported earnings per share of $0.51, falling short of expectations of $0.68 per share, according to consensus estimates compiled by S&P Global. Revenue increased 9.3% year over year to $10.4 billion, beating estimates of $10.2 billion.

Ahead of the report, Jefferies analyst Scott Marks wrote that Mondelez is in a transitional phase as it seeks to stabilize volume declines and reinvest in its brands.

Some relief may be on the way for the higher commodity prices that have plagued chocolate and food companies over the past year. In the past month, cocoa prices (CC=F) have fallen 27%, which is expected to ease pressure on margins.

For the full year, Mondelez earnings per share dropped 44% to $1.89 from $3.42 in 2024. For 2026, the company expects net revenue growth to be flat to up 2% and adjusted earnings per share growth to be flat to up 5%.

Shares in Galaxy Digital (GLXY) fell by more than 4% after the company disclosed Tuesday morning that it lost nearly $500 million and posted negative adjusted earnings for the fourth quarter, driven by \\"depreciation of digital asset prices in the quarter.\\"

Michael Novogratz's digital assets-focused financial services firm reported a fourth quarter adjusted loss per share of $1.08, falling below analyst estimates for a loss per share of $0.92. Galaxy Digital also missed on revenue for the quarter, reporting $10.2 billion in revenue against analyst estimates of $12.15 billion.

The company said in a press release announcing the earnings that its loss in crypto-driven revenue reflects \\"a softer macro environment and lower industry trading volumes and onchain activity.\\"

Galaxy Digital also noted that its digital assets trading volumes declined by approximately 40% quarter-on-quarter, \\"reflecting softer client activity following a record Q3.\\"

In Galaxy Digital's data center division, the company said it \\"remains on track to deliver 133MW of critical IT load to CoreWeave in the first half of 2026\\" and that it \\"received ERCOT approval for an additional 830 MW of power capacity,\\" bringing the total approved capacity for its Helios campus to 1.6 gigawatts. bringing Helios’ total approved capacity to more than 1.6 gigawatts.

Teradyne (TER) stock surged 24% in premarket trading on Tuesday after the chip-testing equipment manufacturer issued earnings guidance on Monday that blew past Wall Street's expectations as companies' ​multibillion-dollar spending plans for data centers fueled demand.

Reuters reports:

The increase in complexity of AI compute and memory chips and an acceleration in production timelines has prompted chipmakers to increase capital spending on testing equipment, benefiting ⁠Teradyne.

Its equipment is used ‌to test the quality and reliability of semiconductors. Analysts have noted that improving utilization rates ‍at major chip factories often precede new orders for testing equipment.

\\"In 2026, we expect year-over-year growth across all of our businesses, ​with strong momentum in compute driven by AI,\\" ‌CEO Greg Smith said.

The company, with customers that include Qualcomm and Texas Instruments, forecast first-quarter revenue ⁠between $1.15 billion and $1.25 billion, ahead of ​analysts' average estimate of $934.5 million, ​according to data compiled by LSEG.

It sees adjusted earnings per share in the range of $1.89 to $2.25 ‍for the quarter, ⁠ahead of an average estimate of $1.26.

Read more here.

PayPal (PYPL) stock fell 15% before the bell on Tuesday after issuing a disappointing profit forecast for 2026 and reporting fourth quarter earnings below Wall Street estimates. The online payment company said it had been pressured by weaker US retail spending and slow growth within its branded checkout segment.

The group also named HP's (HPQ) Enrique Lores as president and CEO, effective ‌March 1.

Reuters reports:

Retail spending has softened as cautious consumers, squeezed by still-high interest rates, stubbornly high living costs and signs of a softening labor market, cut back on discretionary purchases and prioritize everyday necessities, a pattern highlighted by major retailers and consumer goods companies as households navigate tighter ⁠budgets.

PayPal expects full-year adjusted profit ‌to decline in the low-single digit percentage to increase slightly, compared with Wall Street expectations of about 8% growth, according to data compiled ‍by LSEG.

It reported revenue of $8.68 billion for the holiday quarter, missing the estimate of $8.80 billion. Total payment volume rose 6% on an FX-neutral basis to $475.1 billion.

Read more here.

Pfizer (PFE) topped Wall Street estimates for the fourth quarter profit on Tuesday. The company's earnings were boosted by continued demand for its older drugs, such as blood thinner Eliquis and heart disease drug Vyndaqel.

The pharmaceutical group's stock fell 1% before the bell.

Reuters reports:

On an adjusted ​basis, the ‌company reported a profit of 66 cents per share, compared to ⁠analysts estimates ​of 57 ​cents per share, according to ‍data ⁠compiled by LSEG.

Read more here.

Reuters reports:

Merck & Co (MRK) on Tuesday forecast 2026 sales and profits below Wall Street estimates as the loss of patent exclusivity on diabetes drug Januvia and other medicines will ​hit harder than analysts are projecting.

The weaker-than-anticipated outlook overshadowed a fourth-quarter report in which the U.S. ‌drugmaker beat expectations, driven by strong demand for its blockbuster cancer immunotherapy Keytruda.

Shares of the drugmaker fell 1.6% in premarket trading.

The company expects ‌2026 revenue of $65.5 billion to $67.0 billion, with the high end of the range falling short of the average analyst estimate of $67.6 billion, according to LSEG data.

Read more here.

PepsiCo (PEP) beat analysts' estimates for fourth quarter revenue on Tuesday, as strong demand for its drinks in international markets, as well as strength in its low-sugar beverages in the US helped the food and beverage giant to reiterate its 2026 forecast.

Reuters reports:

Demand for more localized flavors of both snacks and sodas in countries ‌such as India and Brazil boosted sales, even as it overhauls its portfolio in the U.S. to meet the shifting tastes of consumers.

The company announced a review of its North America supply chain ⁠in December, weeks after ‌activist investor Elliott Management built a stake and pushed for big changes at its struggling food business.

PepsiCo ‍stuck to its annual core earnings per share target of 5% to 7% growth that it had issued in December.

PepsiCo, like other consumer-facing companies such ​as P&G and Coca-Cola, have turned focus to lower entry ‌price points and smaller pack sizes as U.S. consumers looked to make their budgets last in the face of inflation and challenges such as the government shutdown last year that delayed access to food stamp benefits.

Read more here.

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