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).

Coca-Cola (KO) barely beat earnings estimates as it continues to see strong demand from high-income consumers but weakness among low-income households.

Coke reported quarterly revenue of $11.82 billion, versus estimates of $12.04 billion, according to S&P Global Market Intelligence. Net income increased to $2.3 billion, or $0.58 per share. Wall Street's expectations for earnings per share were a penny lower, at $0.57 per share.

The stock fell 4% in premarket trading.

AP reports:

Global unit case volumes grew 1% for the October-December period, led by the U.S., Japan and Brazil, the Atlanta beverage giant said Tuesday. Unit case volumes also rose by 1% in North America, reversing several quarters of flat or declining sales.

Coke said it hiked prices 4% in North America and 1% globally during the quarter. Coca-Cola Zero Sugar was a strong performer, with sales up 13% for the October-December period. Water, sports drinks, coffee and tea also saw stronger demand, while juices and dairy products faltered.

The company said last fall that it's seeing a divergence among consumers in North America and Europe, with higher-income buyers opting for its more expensive brands like Smartwater, Topo Chico and Fairlife while middle- and lower-income consumers are under more pressure.

Read more here.

Spotify (SPOT) reported solid earnings and revenue that beat expectations for the fourth quarter, following price hikes from the streaming company and a change in role for founder Daniel Ek.

The stock jumped about 10% in premarket trading.

Earnings per share of 4.43 euros ($5.27) came in above estimates of 2.78 euros ($3.31). Revenue of 4.53 billion euros ($5.35 billion) was also slightly above estimates of 4.51 billion euros, according to S&P Global Market Intelligence.

Premium subscribers ​climbed 10% to 290 million in the fourth quarter.

Reuters reports:

The ‌results are the first since co-CEOs Gustav Soderstrom and Alex Norstrom took the reins from founder Daniel Ek, ‌who became executive chairman in January.

Its quarterly revenue forecast of ​4.5 billion euros was slightly below the estimate of 4.57 billion euros. Fourth-quarter revenue ‌rose 7% to 4.53 billion euros, in line with estimates.

Spotify raised the price of its monthly premium subscription plan by $1 to $12.99 in the U.S., Estonia and Latvia markets this year, following a similar move in more than 150 markets in 2025.

Read more here.

Reuters reports:

CVS Health reported a decline in fourth-quarter profit on Tuesday but beat Wall Street estimates, helped by strength in its pharmacy benefit unit and strong prescription ​volume at its retail pharmacies.

CVS said adjusted quarterly profit fell to $1.09 per share from $1.19, ‌above analysts' average estimate of 99 cents per share, according to data compiled by LSEG.

\\"I talk about a Say-Do ratio,\\" said ‌Chief Financial Officer Brian Newman. \\"Where we put out realistic targets and we try to deliver or exceed on expectations.\\"

Newman said the pharmacy business' profit had been declining annually about 5% for the past five years, but grew 5% in 2025, helped by its purchase of some assets of pharmacy Rite Aid, which filed ⁠for bankruptcy.

For 2026, the healthcare conglomerate ‌maintained a full-year adjusted profit forecast between $7.00 and $7.20 per share, unchanged from the previous quarter. Analysts expect the company to book $7.17 per share, according to LSEG data.

Read more here.

British energy giant BP (BP) reported a $3.4 billion loss in the fourth quarter and announced it will suspend stock buybacks to improve its financial situation.

The stock fell nearly 4% in premarket trading on Tuesday morning.

Bloomberg reports:

BP Plc is halting share buybacks to shore up its balance sheet as pressure mounts on the UK energy giant to deliver on its turnaround.

The company slashed a $750 million quarterly stock repurchases program that had already been reduced last year, according to an earnings report on Tuesday. BP also withdrew its guidance of returning 30% to 40% of operating cash flow to shareholders, while aiming for 2026 spending at the low end of its previous forecast.

The fourth quarter capped a tumultuous year for BP that started with activist investor Elliott Investment Management pushing for drastic change and ended with Chairman Albert Manifold ousting Murray Auchincloss from the helm. The moves to prioritize balance-sheet repair over investor payouts are an effort to make difficult, prudent decisions and clear the decks for Meg O’Neill, the incoming chief executive officer who will take over in April, analysts said.

Read more here.

Chegg's (CHGG) fourth quarter results were better than expected, but earnings and revenue declined from a year ago as the student platform navigates disruption from artificial intelligence.

Chegg reported an adjusted loss of $0.01, which was narrower than the $0.10 loss Wall Street was expecting, according to S&P Global Market Intelligence. The company reported earnings of $0.17 per share in the same quarter a year ago.

Chegg's $72.66 million in sales also beat the Street's estimate of $71 million. The first quarter revenue outlook, however, fell short. Chegg said it expects revenue between $60 million and $62 million, whereas the Street was looking for $64 million in revenue.

Last October, Chegg announced mass layoffs and an aggressive pivot to reskilling as the company looks to withstand greater competition from OpenAI's (OPAI.PVT) Alphabet (GOOG, GOOGL). The two companies have rolled out new study tools for their AI chatbots, ChatGPT and Gemini, and Chegg has also sued Google over its AI-generated search summaries, which have hurt traffic.

“We are reinventing Chegg around the $40 billion skilling market, which we believe can drive double-digit growth with strong margins and cash flow in the years to come,” Chegg CEO Dan Rosensweig said in the Q4 earnings release. “We’ve organized the company into two focused businesses: Chegg Skilling as our growth engine and our legacy Academic Services, which generates free cash flow that strengthens our balance sheet and positions us to end 2026 debt-free with a substantial cash balance.”

Chegg stock fell 5% in extended trading. Listen to the earnings call live here.

On Semiconductor (ON) stock skidded in after-hours trading on Monday, falling by 7%, after the company recorded lower profits in the fourth quarter than a year ago but said it's seeing \\"signs of stabilization\\" in its key markets.

The chipmaker reported earnings per share of $0.45 on revenue of $1.53 billion, missing earnings estimates of $0.59 per share and falling below earnings per share of $0.88 in the same period a year ago, according to S&P Global Market Intelligence. The company's fourth quarter revenue was in line with estimates.

The company saw annual sales declines across all of its business groups: Power Solutions, Analog & Mixed Signal, and Intelligent Sensing. Intelligent Sensing was the only segment that saw sales grow quarter over quarter, while Power Solutions and Analog & Mixed Signal sales fell 2% and 5%, respectively.

For the first quarter, On Semiconductor expects revenue in the range of $1.43 billion to $1.53 billion, which has a midpoint below the consensus estimate of $1.5 billion. Adjusted diluted earnings per share are expected to be between $0.56 and $0.66; Wall Street expects $0.61.

Kyndryl stock plummeted 42% in premarket trading after the IT infrastructure services provider said it would delay filing its 10-Q report with the Securities and Exchange Commission and announced a change in leadership in the CFO position.

Reuters reports:

Software provider Kyndryl on Monday delayed the filing of its ​quarterly report, saying it anticipates material ‌weaknesses in its internal control over financial reporting for ‌multiple periods, including the first two quarters of fiscal 2026.

Separately, the company also announced ⁠the departure of ‌its finance chief David Wyshner and the stepping down of Vineet ‍Khurana as global controller, effective immediately. A corporate controller is typically the chief accountant of a company.

Kyndryl ​appointed Harsh Chugh as its interim ‌CFO and Bhavna Doegar as interim corporate controller.

Kyndryl ​said it would miss the ​deadline to file its quarterly report after its audit committee began reviewing ‍cash management ⁠practices, related disclosures and internal controls following voluntary document requests from the U.S. ⁠Securities and Exchange Commission's enforcement division.

Read more here.

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.

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