The fourth quarter earnings season is more than halfway over, and the S&P 500 is on track for solid earnings growth.

As of Feb. 6, 59% of S&P 500 (^GSPC) companies have reported fourth quarter results, according to FactSet data, and Wall Street analysts estimate a 13% 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 will digest results from Coca-Cola (KO), Spotify (SPOT), Robinhood (HOOD), Lyft (LYFT), Ford (F), Rivian (RIVN), Moderna (MRNA), Airbnb (ABNB), and Coinbase (COIN).

Monday.com shares tanked 14% after the software maker beat earnings estimates but posted guidance that disappointed Wall Street.

In the fourth quarter, Monday.com reported adjusted earnings per share of $1.04, beating estimates of $0.92. Revenue grew 25% year over year to $333.9 million, also beating expectations of $329.6 million, according to S&P Global Market Intelligence consensus estimates.

However, the company's first quarter revenue guidance of $338 million to $340 million came in below expectations of $342 million. Operating income is expected in a range of $37 million to $39 million, compared to the $45 million the Street was expecting.

The stock faced significant losses recently as part of a sell-off in software stocks, as investors questioned whether the disruption from artificial intelligence could take a bigger bite out of these companies' profits than previously expected. Year to date, Monday.com stock is down 33%.

Cleveland-Cliffs (CLF) stock fell more than 3% after fourth quarter revenue missed expectations.

The steel producer recorded a net loss per share of $0.44, which was narrower than the $0.60 loss Wall Street was expecting, according to S&P Global Market Intelligence. Revenue of $4.3 billion fell short of estimates of $4.5 billion.

Cleveland-Cliffs CEO Lourenco Goncalves cited weakness in the auto sector, a \\"value-destructive\\" slab contract, and a negative situation in the Canadian market as reasons for the revenue miss.

“Our performance in 2025 was negatively affected by persistently weak production levels from the automotive sector throughout the entire year, an expiring five-year slab contract becoming value-destructive during its last year, and a newly adverse dynamic in the Canadian market,\\" Goncalves said in a statement. \\"Fortunately, as we started 2026, these negative situations have all improved.\\"

In the fourth quarter, Cleveland-Cliffs had 3.77 million net tons in steel shipments, compared to 3.8 million tons in the same period a year earlier. For 2026, Cleveland-Cliffs expects to ship 16.5 million to 17 million tons of steel.

With over half of S&P 500 companies having reported so far, BlackRock chief investment and portfolio strategist of the Americas, Gargi Chaudhuri, shared some themes that have emerged so far this earnings season.

The three things Chaudhuri has been focused on:

Earnings beats are broadening out to sectors other than AI and tech names — a \\"healthy\\" sign in markets

Investors have been paying attention to commentary on layoffs and hiring on the earnings calls. As concerns about the labor market grow, especially after a bad batch of data this week, markets are watching for signs of broad-based firing across the economy and signs that AI may be impacting jobs.

The effects of tariffs, a major theme in Q2 and Q3 2025, are increasingly becoming a thing of the past.

Watch the interview below:

Yahoo Finance's Francisco Velasquez reports:

Roblox (RBLX) is hitting a growth spurt, and the company is looking to take its game into the adult world.

\\"We've found that our age-checked 18-and-up segment is growing at over 50% year on year, which is a real great signal for future growth,\\" Roblox CEO David Baszucki told Yahoo Finance's Opening Bid.

For years, Roblox has been the digital playground where kids spent weekends — and their parents' money. But the company's latest earnings report suggests that a demographic shift is underway.

The platform beat analyst estimates across the board, with Q4 bookings hitting $2.2 billion, a 55% year-over-year increase. For the full year, the company is projecting sales growth between 23% and 29%, a signal that its controversial age-verification strategy might actually be working.

Read more here.

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

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