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).

Birkenstock (BIRK) shares fell 3% in premarket trading after the 250-plus-year-old footwear maker missed analyst expectations for its first quarter revenue.

Reuters reports:

Like other discretionary retailers, Birkenstock faces macroeconomic uncertainty, including inflationary pressures and ‌uneven consumer ⁠confidence in key markets.

The company, which produces 95% ⁠of its shoes in Germany, has been trying to mitigate ​the effects ​of U.S. ​tariffs on the ‌EU, forcing consumers to deal with higher prices.

It posted first-quarter revenue of 401.9 million euros ($477.58 million), missing analysts' estimate of 402.1 ‌million euros, according ​to data compiled by ​LSEG.

For ​the reported quarter, adjusted ‌gross profit margin was ​at 57.4%, ​down from 60.3% last year, hurt by currency translation ​and U.S. ‌tariffs.

Read more here.

US healthcare company Baxter's (BAX) stock sank 14% before the bell on Thursday following the release of its fourth quarter earnings, forecasting annual profit below Wall Street estimates. The company cited persistent problems from hurricane-related issues at one of its manufacturing plants.

Reuters reports:

Baxter ‌expects 2026 adjusted profit between $1.85 and $2.05 per share, ‌well ​below ​analysts' ​average expectation ‌of $2.25 per share, ​according ​to data compiled ​by ‌LSEG.

Read more here.

MT Newswires reports:

Restaurant Brands International (QSR) Thursday reported higher fourth-quarter adjusted earnings and revenue that beat estimates.

Adjusted net earnings, which excludes most one-time items, jumped 19.4% to US$441 million, or US$0.96 per diluted share, from US$369 million, or US$0.81 per diluted share, in the prior year period. Analysts polled by FactSet had expected US$0.95 per share.

Total revenue increased 7.4%, to US$2.47 billion, above the US$2.41 billion forecast.

Restaurant Brands said consolidated system-wide sales grew 5.8% in the fourth quarter. Consolidated comparable sales were up 3.1% in the fourth quarter, with Tim Hortons Canada showing a 2.8% increase, up from 2.5% last year.

Read more here.

Reuters reports:

Marketing platform AppLovin beat market estimates for fourth-quarter sales on Wednesday, boosted by strong demand for its advertising services and artificial-intelligence powered tools.

However, its ‌shares fell more than 7% ⁠in extended trading amid indications of increasing competition and an uncertain macroeconomic environment.

Companies ranging from ⁠Big Tech to up-and-coming advertising platforms have been fighting each other for prized ad dollars, creating an increasingly competitive landscape, ​challenging providers ​such as AppLovin.

The company ​reported December quarter sales of $1.66 ‌billion, beating analysts' average estimate of $1.60 billion according to data compiled by LSEG.

Read more here.

Magnum Ice Cream's (MICC) stock fell 12% during premarket hours on Thursday. The group, which was recently spun off from Unilever (UL) and makes popular ice creams such as Ben & Jerry's and Cornetto, reported a 3% decline in sales for its fourth quarter earnings.

The FT reports:

Jefferies analyst David Hayes said the result would “reignite worries” on the structural risks of GLP-1 drugs for the ice cream category: “This miss will not help that anxiety, we think.”

Magnum shares sank more than 14 per cent in Amsterdam after the company reported its first earnings since its demerger in December, when it listed with a valuation of €7.8bn on Euronext Amsterdam. The company’s market value was cut to €8.6bn following Thursday’s sell-off.

Ahead of its spin-off, Magnum faced scrutiny from investors on how exposed a pure-play ice cream company would be to the growing use of weight-loss drugs.

Chief executive Peter ter Kulve played down the risk, pointing to low-calorie and high-protein options in the portfolio, as well as portion-control versions of brands, such as Magnum Bonbons.

Read more here.

Equinix (EQIX) stock jumped more than 9% in extended trading after the data center operator issued strong annual revenue guidance on the back of continued artificial intelligence demand.

Reuters reports:

As corporations race ​to integrate generative AI, the surge in demand for specialized data centers to power the technology has benefited Equinix.

The company expects revenue between $10.12 billion and $10.22 billion for 2026, ‌compared with estimates ⁠of $10.07 billion, according to data compiled by LSEG.

Equinix also forecast first-quarter sales between $2.50 billion ⁠and $2.54 billion, above estimates of $2.46 billion.

Read more here.

Cisco (CSCO) stock fell 5% after the networking company issued guidance below Wall Street forecasts.

For the full year, Cisco raised its guidance for earnings per share to $3.00 to $3.08 on revenue of $61.2 billion to $61.7 billion. However, the Street was looking for earnings guidance of $3.12 on revenue of $62.1 billion.

In Cisco's second quarter, the company reported earnings per share of $0.80, compared to Wall Street analyst estimates of $0.74 per share, according to S&P Global Market Intelligence. Revenue rose 10% year over year to $15.3 billion, compared to estimates of $15.1 billion.

\\"We see strong, broad-based demand for our technology solutions and remain focused on capturing the significant opportunities we see ahead,\\" Cisco CFO Mark Patterson said.

Reuters reports:

A surge in data center investments, fueled by technology companies' need ‌for AI ⁠computing infrastructure, has driven strong demand for Cisco's core ⁠networking products, such as switches and routers.

Enterprises are expected to ensure ​their campus ​networks are \\"AI ​ready\\" as infrastructure ‌readiness will be crucial for AI-era workloads and modernization needs across switching, wireless and IoT systems.

Read more here.

Yahoo Finance's Brooke DiPalma reports:

McDonald's (MCD) reported fourth quarter results on Wednesday that surpassed Wall Street expectations as its value meal focus and marketing efforts brought more customers in the door as US sales grew for the third-straight quarter.

McDonald's said Wednesday that its US same-store sales grew 6.8% during the quarter, far more than the 5.1% rise the Street expected, according to data from Bloomberg. Its full-year US same-store sales rose 2.1%, also higher than the 1.6% expected.

McDonald's stock rose 2% following the results.

While the US drove growth in the quarter, its international markets also benefited from marketing promotions. Global same-store sales rose 5.7% for the fourth quarter, higher than the estimated 3.8% jump. For the full year, international sales rose 3.1%, more than the 2.6% estimated.

Read the full story here.

Reuters reports:

Shares of videogame engine maker Unity Software dropped nearly ‌30% on Wednesday after the company ‌forecast first-quarter revenue below Wall Street expectations, signaling ​sluggish demand for its software.

Unity expects revenue between $480 million and $490 million for the first quarter, below analysts' estimates of $492.1 million, ‌according to data ⁠compiled by LSEG.

The firm's shares have taken a beating this ⁠year largely due to fears that new artificial intelligence technology from Alphabet's Google, ​capable of ​generating interactive worlds, ​could replace a ‌lot of work done by game engines in the future.

This is in sharp contrast to its stock performance last year, when share prices nearly doubled as ‌investors bet on Unity's ​strong positioning in the ​videogame software market ​and a recovery in mobile ‌gaming.

Read more here.

Reuters reports:

T-Mobile (TMUS) added fewer wireless subscribers in the fourth quarter than analysts had expected, as rivals ‌extended aggressive deals and offers to lure customers.

Shares of the ‌company fell about 4% in premarket trading on Wednesday.

T-Mobile still ​added 962,000 ​monthly-bill-paying phone customers in the quarter, ​the highest among the big ‌three U.S. wireless carriers. But the number fell short of the 981,330 additions expected by analysts polled by FactSet.

The churn rate, the percentage of customers who discontinue service, stood at 1.02% for T-Mobile's postpaid services, compared with 0.92% a year earlier.

Total revenue came in at $24.33 billion, compared with ‌estimates of $24.11 billion, according to data compiled ​by LSEG.

This was helped by more customers ​opting for T-Mobile's premium ​plans that bundled subscriptions for Netflix and Hulu.

Read more here.

Kraft Heinz (KHC) announced on Tuesday that it would pause its spin-off plans, with the company's new CEO, Steve Cahillane, saying that its \\"challenges are fixable and within our control.\\"

The company, which was set to spin off its meal business, Global Taste Elevation Co., and grocery business North American Grocery Co., plans to invest $600 million across marketing, sales, research and development, and pricing.

\\"We are confident in the opportunity ahead and believe this investment will accelerate our return to profitable growth,\\" said Steve Cahillane, who became CEO on Jan. 1 and previously led Kellanova, which successfully split from the Kellogg Company in 2023.

Shares fell more than 6% in premarket trading.

In its fourth quarter results, the company reported adjusted earnings of $0.67, a beat compared to the expected $0.61, per Bloomberg consensus data. Revenue came in slightly lower at $6.35 billion, compared with the $6.37 billion expected.

Prices increased 0.5%, slightly below expectations of a 0.79% increase.

For 2026, the company expects organic net sales to be down 1.5% to 3.5%. Wall Street expected 2026 annual organic revenue to be down 0.56%. Adjusted earnings per share are expected to be in the range of $1.98 to $2.10, whereas Wall Street forecast $2.50.

Vertiv (VRT) stock surged 15% after its 2026 financial forecast surpassed Wall Street's expectations, as the data center market booms, and digital infrastructure companies like Vertiv aim to keep up with the demand.

For the full year, Vertiv expects its adjusted earnings per share to accelerate, reaching $5.97 to $6.07. The Street was looking for adjusted earnings of $5.51 per share, according to S&P Global Market Intelligence.

\\"As we look to 2026, we expect this momentum to continue,\\" Vertiv CEO Giordano Albertazzi said. \\"Our record backlog provides clear visibility into what we expect to be another year of significant growth.\\"

The upbeat outlook overshadowed an earnings miss in the fourth quarter. Vertiv reported earnings of $1.14 per share, just shy of estimates of $1.16. Net sales reached $2.88 billion, roughly in line with estimates.

Shopify (SHOP) stock rose 10% before the bell on Wednesday after forecasting quarterly revenue above Wall Street estimates.

Reuters reports:

The ​company ​expects ​revenue to ‌rise at a low-thirties percentage rate in the first quarter, compared ‌with analysts' ​average ​estimate ​of a ‌25.2% rise, according ​to ​data compiled by LSEG.

Read more here.

Reuters reports:

Humana forecast annual ‌profit below ‌Wall Street estimates on ​Wednesday, as the health insurer expects a hit ‌from ⁠lower quality ratings for its ⁠Medicare Advantage plans for older ​adults.

Humana stock fell 7% before the bell on Wednesday following the news on its earnings.

Read more here.

Mattel (MAT) reported top- and bottom-line misses on Tuesday, sending shares 24% lower in extended trading.

In the fourth quarter, the toymaker reported earnings per share of $0.34 on revenue of $1.76 billion. Wall Street analysts were looking for earnings of $0.51 on revenue of $1.83 billion, according to S&P Global Market Intelligence.

The stock also sharply reacted to Mattel's 2026 forward guidance, which disappointed.

In 2026, Mattel expects net sales to grow between 3% and 6%. Adjusted earnings per share are expected to be in the range of $1.18 to $1.30, below 2025's earnings per share of $1.41 and the Street's forecast of $1.68 per share.

\\"We achieved strong topline growth in the fourth quarter and consumer demand was positive in every region for both the quarter and full year, but December gross billings in the U.S. ended up growing less than expected,\\" CEO Ynon Kreiz said in a statement.

Lyft (LYFT) stock pulled back by more than 15% in after-hours trading after its first quarter outlook and 2025 operating loss dented expectations of the company's comeback story.

In the fourth quarter, Lyft reported revenue of $1.6 billion, missing expectations of $1.75 billion, according to S&P Global Market Intelligence. Gross bookings of $5.1 billion were up 19% year over year.

For the full year, Lyft reported an operating loss of $188 million, whereas analysts expected a profit of $33.3 million.

For the first quarter of 2026, Lyft guided for adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $120 million to $140 million. The Street consensus estimate was $147 million for EBITDA.

Read more here.

Yahoo Finance's Pras Subramanian reports:

Ford (F) reported fourth quarter results Tuesday after the bell that missed expectations, with charges stemming from its EV business resulting in a net loss for the quarter and the year.

Ford reported Q4 automotive revenue of $42.40 billion vs. $42.40 billion expected, per Bloomberg consensus, with adjusted earnings per share (EPS) of $0.13 vs. $0.19 expected, on adjusted EBIT of $1 billion vs. $1.16 billion.

But Ford posted a fourth quarter and full-year net loss of $11.1 billion and $8.2 billion, respectively, which reflected the impact of special items, the company said. Ford's full-year adjusted EBIT of $6.8 billion came in near its forecast of around $7 billion but missed estimates of $8.86 billion. Adjusted free cash flow came in at $3.5 billion for the year, at the midpoint of Ford's projection.

Read more here.

Robinhood (HOOD) reported better-than-expected earnings for the fourth quarter, but missed estimates on several other metrics, sending shares as much as 9% lower in after-hours trading. Retail trading buoyed the company during the quarter, offsetting weakness in crypto revenue.

In Q4, the brokerage and banking platform reported revenue growth of 27% year over year to $1.28 billion, compared to estimates of $1.3 billion, according to S&P Global Market Intelligence. Diluted earnings per share came in at $0.66, compared to estimates of $0.64 and $1.01 in Q4 2024.

Robinhood CEO Vlad Tenev reiterated his ambition to make Robinhood into a \\"Financial SuperApp.\\" The company has rolled out banking services, stock tokens, crypto trading, and even event contracts.

Yahoo Finance's Ines Ferré reports:

Crypto revenue for the fourth quarter came in at $221 million, below estimates of $248.2 million. Options revenue also came in short of expectations, at $314 million versus estimates for $331 million.

\\"A top-line miss is not helpful at all,\\" Christian Bolou, an analyst at Autonomous Research, told Yahoo Finance.

\\"Net deposit growth decelerated in the fourth quarter and looks like it decelerated in January,\\" he added. \\"The stock reaction might be warranted here given high expectations and a very expensive stock.\\"

Read more here.

Marriott (MAR) CEO Anthony Capuano said that, like other travel companies, the hotel chain is seeing a divergence across its customer base and strength primarily in the premium segment.

\\"I mean, there is certainly ... a K-shaped economic bifurcation of the consumer,\\" Capuano said Tuesday. \\"We continue to see really consistent strength across luxury for the full year.\\"

\\"We continue to see extraordinary demand for travel and experiences,\\" Marriott International CEO Anthony Capuano says on Q4 earnings. \\"It feels like a fundamentally permanent shift, that consumers are prioritizing spending on travel and experiences versus purchase of hard goods.\\" pic.twitter.com/24xTRn9Tfm

— Yahoo Finance (@YahooFinance) February 10, 2026

Yahoo Finance's Brian Sozzi reports:

Marriott's fourth quarter performance and outlook added some concern, however, that a mixed US economy was continuing to weigh on consumers.

The purveyor of the Ritz-Carlton and JW Marriott brands reported adjusted earnings of $2.58 per share. Wall Street was expecting $2.62 per share.

Revenue per available room (RevPar), a metric of industry health that combines occupancy rates and room prices, increased 2% in 2025. In the US and Canada, RevPar fell slightly in the fourth quarter.

Read more here.

Yahoo Finance's Pras Subramanian reports:

Ferrari (RACE) stock popped in early trade after upbeat guidance suggested its luxury supercars are still in high demand.

For 2026, Ferrari projects revenue of about 7.5 billion euros ($8.91 billion), up 5% from a year ago, with adjusted EBITDA expected at 2.93 billion euros ($3.48 billion), up 5.8%. Analysts were expecting revenue of 7.53 billion euros and adjusted EBITDA of 2.91 billion euros, per Bloomberg consensus.

Ferrari expects its industry-leading EBITDA margin to hit 39%, up 20 basis points from last year. Ferrari said an improved product mix, including higher-end cars, personalizations, and higher racing revenues, will boost results in 2026.

Ferrari stock surged nearly 10% in early trade in New York.

Read more here.

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