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

Massive Big Tech capital expenditures set the tone for the AI trade. 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 heard updates from companies including Disney (DIS), Chipotle (CMG), PepsiCo (PEP), Uber (UBER), and Snap (SNAP).

Philip Morris (PM) stock dropped 2% in premarket trading on Friday after the tobacco company reported a weaker-than-expected full-year profit forecast.

For the full year, Philip Morris expects earnings per share of $7.87 to $8.02 in 2026, a miss compared to the $8.08 midpoint the Street was looking for.

For the fourth quarter, here's how the company performed against consensus estimates compiled by S&P Global:

Adjusted earnings per share: $1.70, in line with estimates of $1.70

Revenue: $10.4 billion, slightly ahead of estimates of $10.39 billion

Philip Morris' smoke-free business, which makes up 41% of its revenues and includes products like Zyn nicotine pouches, continued to drive growth. In the fourth quarter, smoke-free shipment volumes increased 8.5%, while cigarette volumes declined 2.2%.

Listen to the earnings call here.

Shares in Toyota (TM) rose 2% on Friday morning after the company announced a CEO change and fourth quarter results.

The world's top-selling automaker said its CFO Kenta Kon will become CEO and president, replacing Koji Sato in April. Sato will remain vice chairman at Toyota Motor Corp.

The company also announced fourth quarter operating income of 1.2 trillion Japanese yen ($7.6 billion), a decline from the year before but above Wall Street's expectations. Revenue of 13.4 trillion yen ($85 billion) was also ahead of estimates of 12.8 trillion yen ($81 billion), according to S&P Global Market Intelligence.

\\"Despite the continued impact of US tariffs, strong demand supported by product competitiveness has led to increased sales volumes, and we achieved a high level of profit due to price revisions,\\" the company said in its earnings presentation.

Reuters reports:

Roblox forecast fiscal 2026 bookings above Wall Street expectations on Thursday, signaling another year of strong growth in ​player spending and engagement as the videogame platform aggressively looks to ‌capture 10% of the global gaming market.

Shares of the company jumped around 23% in extended trading.

Amid strong ‌competition for user attention and dollars, Roblox has pursued several avenues, including advertising and e-commerce, to retain and grow its large user base. Its average daily active users grew 69% year-over-year to 144 million in the fourth quarter.

The company said margins ⁠will be flat to slightly ‌down this year due to investments in safety initiatives, upgrading server infrastructure to accommodate its growing platform and higher payouts to ‍spur the developer community.

Read more here.

Reddit (RDDT) stock rose 6% after reporting earnings.

The social media platform issued a better-than-expected first quarter revenue forecast on the back of artificial intelligence enhancements to its ad platform.

From Reuters:

The company announced its first share repurchase ‌program of up to $1 billion, citing strong profitability and cash generation that give it the flexibility to return capital to shareholders while continuing product investments.

The ‌first-quarter revenue is expected to be between $595 million and $605 million, above analysts' average estimate of $577.2 million, according to data compiled by LSEG.

Reddit is ratcheting up competition ⁠with Meta by rolling out AI-powered ​Max campaigns in beta, which automate ad ​campaigns by adjusting bids to hit target cost-per-result as well as dynamically selecting headlines and creatives.

Reddit's fourth-quarter revenue rose 70% to $726 million, beating estimates of $665.4 million.

The company's daily active unique visitors rose 19%, ⁠to 121.4 million in the quarter ended December 31, while its global average ‌revenue per user increased by 42%.

Read more here.

Yahoo Finance's Daniel Howley breaks down Amazon's Q4 earnings report:

Cloud giant Amazon (AMZN) reported its fourth quarter results after the bell on Thursday, beating Wall Street's expectations on the top and bottom lines. But a miss on its Q1 operating income estimate and a massive expansion in capex for 2026 sent shares plunging.

Amazon said it anticipates Q1 operating income of between $16.5 billion and $21.5 billion, below analysts' expectations of $22.2 billion. On top of that, the company said it will spend upward of $200 billion on capex for the year, a massive jump from the $125 billion Amazon was set to spend in 2025.

$AMZN Q4 earnings
???? Revenue: $213.39B vs $211.5B expected
???? EPS: $1.95 vs $1.96 expected
???? AWS revenue: $35.58B vs $34.9B expected pic.twitter.com/uswkJFt5b1

— Yahoo Finance (@YahooFinance) February 5, 2026

For the quarter, Amazon saw earnings per share (EPS) of $1.95 on revenue of $213.4 billion, compared with the $1.96 and $211.5 billion analysts were anticipating according to Bloomberg consensus estimates.

Amazon's all-important AWS segment saw revenue of $35.6 billion versus expectations of $34.9 billion.

Read the full story here.

Strategy stock (MSTR) tumbled 17% on Thursday before taking another 1% hit after-hours following the release of its fourth quarter earnings.

The software company led by Michael Saylor pioneered the model for companies to hoard bitcoin in corporate treasuries. These days, it’s seen as an investment proxy for bitcoin, with that side of the business becoming its organizing principle.

The gambit seemed to work last year when bitcoin advanced higher and higher on hopes of easier regulation. But as the sell-off in bitcoin intensified on Thursday, it highlighted the risks in Strategy's long-term holding strategy that could make it harder for the company to raise capital.

Strategy currently holds 713,502 bitcoins with an average purchase price of $76,052. On Thursday, bitcoin's spot price fell to around $63,000, bringing the company's unrealized losses to about $8.9 billion.

\\"HODL,\\" Saylor tweeted on Thursday, referring to a tongue-in-cheek term in the crypto community that has evolved to mean \\"hold on for dear life.\\"

HODL

— Michael Saylor (@saylor) February 5, 2026

For the fourth quarter, Strategy reported an operating loss of $17.4 billion, compared to an operating loss of $1 billion in Q4 2024.

It also reported a net loss of $12.4 billion, or $42.93 per share, well below the $5.5 billion loss to $6.3 billion profit range the company indicated in December, when it slashed its forecast from a net profit of $24 billion. The Street was expecting a loss of $20.99 per share.

In the software operations, revenue increased 1.9% year over year to $123 million, driven by strong growth in product licenses and subscription services.

In December, Strategy also created a US dollar reserve worth $2.25 billion, which the company said provides more than two and a half years of funds to cover its dividend. Remarking on the reserve, CFO Andrew Kang said that \\"Strategy’s capital structure is stronger and more resilient today than ever before.”

Listen to Strategy's earnings call live on the stock quote page.

Peloton (PTON) stock tumbled more than 9% in premarket trading after the connected fitness company reported a lackluster holiday quarter that failed to deliver results and shared that its CFO Liz Coddington would be departing.

For the fiscal second quarter, Peloton recorded a basic loss per share of $0.09, wider than the $0.06 loss expected. Revenue was $656.5 million in the quarter, below expectations for $675.1 million, according to S&P Global Market Intelligence.

Subscriptions to its connected fitness service dropped 7% year over year to 2.66 million after the company raised prices at the beginning of October.

Peloton also forecast a challenging quarter ahead as the company transforms its product lineup and tries to stabilize shrinking sales. The company has added new features to its lineup, including a CrossFit training series, as it attempts to revamp offerings.

In its fiscal third quarter, Peloton expects subscriptions to decrease by 8% year over year to a range of 2.65 million to 2.67 million. Revenue is expected to come in between $605 million and $625 million, a 1% decline year over year.

Hershey Co's (HSY) stock edged higher by 2% before the bell on Thursday after reporting an upbeat outlook. The US confectionery company said higher prices and new products had helped to boost its performance.

Bloomberg News reports:

The Pennsylvania-based maker of Hershey’s chocolates and Reese’s Peanut Butter Cups sees adjusted earnings per share of $8.20 to $8.52. The low-end of that range topped Wall Street estimates by about 15%.

The optimistic outlook shows Hershey benefiting from its decision to raise prices by double digits last year, due to high cocoa costs that are now coming down. Cocoa futures have fallen recently, as demand shows signs of waning following years of high cocoa prices that caused consumers to buy less chocolate and candy companies to change their recipes.

Shares of Hershey rose as much as 4.4% in premarket trading. The stock has gained 13% this year through Wednesday’s close, compared with a less than 1% increase in the S&P 500 Index.

Read more here.

Estee Lauder (EL) shares slumped 10% before the bell on Thursday, despite beating analysts' estimates on earnings per share and revenue, but tariff woes caused the beauty group's shares to tumble.

Investing.com reports:

The company reported second-quarter earnings per share of $0.89, $0.06 better than the analyst estimate of $0.83 and up 43% year-on-year. Revenue for the quarter came in at $4.23 billion, up 6% year-on-year and above the consensus estimate of $4.22 billion.

Despite raising its full-year outlook, Estée Lauder warned that tariff-related headwinds would impact fiscal 2026 profitability by approximately $100 million, mostly in the second half. The company expects these tariffs to affect imports from various countries, including a 39% rate on Swiss imports and a 35% rate on Canadian imports to the U.S.

Read more here.

Reuters reports:

Cigna on Thursday forecast 2026 profit and revenue below Wall Street expectations, signaling continued medical cost and margin ​pressure.

U.S. insurers have faced high costs over the last two ‌years, as they battled increased demand for medical services in government-backed plans.

Cigna, however, relies more ‌on its pharmacy benefits segment and employer-sponsored healthcare plans. Unlike peers, it no longer offers Medicare Advantage plans for adults aged 65 and older and people with disabilities, and has also taken steps to shrink the Obamacare ⁠business.

Read more here.

Reuters reports:

Danish ‌shipping giant Maersk (MAERSK-B.CO) ‌on Thursday reported fourth-quarter ⁠operating ‌profit broadly in ‍line with expectations and ​warned that ‌falling freight rates, compounded by ongoing ⁠industry ​challenges, ​would weigh on earnings ‍in ⁠2026.

Maersk's Copenhagen-listed shares fell 5% on Thursday.

Read more here.

Shell (SHEL) stock fell 2% before the bell on Thursday after reporting fourth quarter profit that missed analysts' expectations. The group did, however, announce a $3.5 billion share buyback.

Yahoo Finance UK's Vicky McKeever reports on the latest results.

The oil major posted adjusted earnings of $3.26bn for the quarter, in results released on Thursday, down from $5.43bn in the previous three months and lower than the $3.66bn reported a year ago. That was also below expectations of $3.51bn, according to consensus estimates provided by the company.

For the year, adjusted earnings totalled $18.53bn, which was down from the $23.72bn reported for 2024 and was below expectations of $18.79bn.

Read more here.

From Reuters:

Shares of Arm Holdings fell on Wednesday as its licensing revenues slightly missed Wall Street ​estimates, despite a push by the company to boost the segment with ‌new chip technology offerings.

Shares were down 6% in after-hours trading after Arm reported results. It also forecast fourth-quarter revenue ‌above Wall Street estimates on Wednesday, driven by demand for its energy-efficient chip designs used in artificial intelligence applications from data centers to smartphones.

For Arm's fiscal third quarter, licensing revenue, which includes upfront fees for access to its technology, stood at $505 ‍million, slightly below estimates of $519.9 million, according to FactSet. The results came even as Arm pushes customers to adopt the latest version of its chip technology, which comes with higher licensing costs.

The ​company projected revenue of $1.47 billion for the fourth quarter, compared with analysts' average ‌estimate of $1.44 billion, according to data compiled by LSEG.

Read more here.

E.l.f. Beauty (ELF) demonstrated resilience in the fourth quarter following a difficult 2025, with a strong earnings beat and guidance raise.

The affordable cosmetics manufacturer lifted its full-year 2026 sales outlook to a range of $1.6 billion to $1.61 billion from its previous range of $1.55 billion to $1.57 billion. The company also sees greater earnings per share of $3.05-$3.10, an increase from the previous range of $2.80-$2.85.

The stock soared by as much as 14% in after-hours trading as the company looks to regain its footing after higher tariffs and other challenges led the stock to lose 40% in 2025. However, the stock pared some of those gains, perhaps due to lower gross margins amid ongoing tariff costs.

Last year, the company also acquired Hailey Bieber's Rhode brand.

In the fourth quarter, e.l.f. reported better-than-expected earnings per share of $0.65 versus $0.55 expected by Wall Street analysts. Net sales jumped 38% to $489.5 million, topping estimates of $461 million, according to S&P Global Market Intelligence.

\\"Our value proposition, powerhouse innovation and disruptive marketing engine continue to fuel our brands,\\" CEO Tarang Amin said in a statement. \\"We remain confident in our ability to grow market share and deliver best-in-class growth in beauty, as reflected by our raised fiscal 2026 outlook.\\"

Read more about e.l.f.'s quarter from Reuters.

Snap (SNAP) stock galloped higher after a strong holiday quarter for advertising lifted earnings above Wall Street's estimates.

For the fourth quarter, the video messaging app reported revenue of $1.71 billion and earnings per share of $0.03. That beat Wall Street estimates of $1.7 billion in revenue and a $0.03 loss per share, according to S&P Global Market Intelligence.

Reuters reports:

The Snapchat-parent said total active advertisers on ‌the platform rose 28% in the fourth quarter, underscoring strength in direct response ads and growth in new ad ‌formats such as Sponsored Snaps and Promoted Places.

Revenue rose 10% from a year earlier to $1.72 billion in the quarter ended December ​31, exceeding analysts' average estimate of $1.70 billion, according to data compiled by LSEG.

It expects first-quarter ‌revenue to be between $1.50 billion and $1.53 billion, slightly below estimates of $1.55 billion.

Read more here.

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

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.

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.

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