Fourth quarter earnings season is entering its final stretch.

As of Feb. 13, 74% of S&P 500 (^GSPC) companies had reported results, according to FactSet data, and blended earnings growth — meaning a combination of reported results from companies and projected profits from analysts — stood at 13.2%.

If that growth 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.

On Wednesday, Carvana (CVNA) and DoorDash (DASH) took focus on the earnings docket. Carvana saw its shares sink after a profit miss and vague guidance, while DoorDash shares slid after its own mixed results.

Over the balance of the week, investors will digest results from Walmart (WMT), the highlight of the week, as well as Deere & Co. (DE), Analog Devices (ADI), Booking Holdings (BKNG), and eBay (EBAY).

Reuters reports:

Swedish \\"buy now, pay later\\" services provider and online bank Klarna (KLAR) reported a 38% year-on-year jump in ‌fourth-quarter sales on Thursday, just beating expectations, as it added ‌more banking customers and grew in the United States.

Quarterly revenue at the fintech group, ​which went public in New York in September, crossed the billion-dollar mark for the first time, reaching $1.08 billion. Analysts polled by LSEG had on average forecast sales of $1.07 billion.

Klarna said users of its banking services ‌doubled to 15.8 million.

\\"It's ⁠showing that we can really do what we set out to do, which was (to) first create a global ⁠payments network, and then create a true banking relationship,\\" CEO Sebastian Siemiatkowski told Reuters.

Read more here.

Etsy (ETSY) shares surged 22% during premarket hours on Thursday after reporting fourth quarter earnings. Despite revenue falling short, the online retailers stock soared after the company announced it would be selling Depop to eBay (EBAY) for 1.2 billion.

Investing.com reports:

Etsy reported Q4 earnings per share of $0.92, beating analyst expectations of $0.85. Revenue came in at $881.6 million, up 6.6% year over year excluding Reverb from the prior-year period, but slightly below the $884.14 million consensus estimate.

Adjusted EBITDA totaled $222.5 million, translating to a consolidated adjusted EBITDA margin of roughly 25.2%. Gross merchandise sales (GMS) reached $3.59 billion, rising 2.4% year over year, or 1.3% on a currency-neutral basis, excluding Reverb.

The take rate for the quarter was 24.5%.

Looking ahead, the company guided first-quarter 2026 GMS to a range of $2.38 billion to $2.43 billion and expects an adjusted EBITDA margin of about 28% to 30%. It also forecasts a Q1 take rate of approximately 25.5%.

Read more here.

Reuters reports:

EPAM Systems (EPAM) forecast first-quarter results in line with estimates ‌on Thursday, as companies continue ‌investing in AI-enhancement of their systems, boosting demand for ​the software provider's services.

The company provides a wide range of IT services including consulting, cloud and AI transformation and ‌software engineering.

Despite broader ⁠economic uncertainty, businesses have kept up spending on software development ⁠and AI‑driven transformation projects, to catch up in the AI race.

EPAM sees first-quarter ​revenue in ​the range of $1.38 ​billion to $1.40 billion, ‌the mid-point of which is in line with analysts' estimates, according to data compiled by LSEG.

On an adjusted basis, EPAM expects profit per share in the ‌range of $2.70 to $2.78, also ​in line with estimates.

Read more here.

Yahoo Finance's Brooke DiPalma reports:

Walmart (WMT) posted fourth quarter earnings on Thursday morning that slightly beat Wall Street's estimates, giving a readout on the key holiday shopping season in its first report under new CEO John Furner.

The retailer, whose market cap recently eclipsed $1 trillion for the first time, reported adjusted earnings per share of $0.74 in the quarter. That was a touch higher than the Street forecast of $0.73, per Bloomberg consensus data.

Revenue increased 5.6% to $190.7 billion, basically in line with Wall Street's predictions of $190.6 billion.

For fiscal year 2026, Walmart posted results that were also a touch higher. Revenue came in at $715.9 billion, more than the nearly $713 billion Wall Street forecast, whereas adjusted earnings came in at $2.64, a cent higher than expected.

Shares of Walmart were about 2% lower in Thursday's premarket trade. The stock is up more than 13% year to date.

Investors will likely take a second look at a somewhat conservative guidance.

For the first quarter, Walmart expects revenue to grow in the range of 3.5% to 4.5%, alongside adjusted earnings of $0.63 and $0.65. That's slightly less than the 5% growth and adjusted earnings of $0.69 that Wall Street forecasted.

Read more here.

Reuters reports:

Farm-machinery maker Deere & Co (DE) raised its annual profit forecast on Thursday citing a rebound in its construction and small ‌agriculture businesses and cost cuts that mitigated weak equipment demand, sending ‌its shares up 4.7% before the bell.

The world's largest farm-equipment maker previously scaled back factory ​production to counter weak demand for new machinery as lower crop prices and higher input costs push farmers to postpone big-ticket purchases.

The company is also working closely with dealers across its network to reduce inventory levels.

U.S. farmers are heading into ‌another season of weak ⁠crop prices and elevated costs, forcing tough decisions about how, or if, to continue operating as ample grain supplies pressure ⁠markets.

The company expects net income for 2026 to range between $4.5 billion and $5 billion, compared with its prior forecast of $4 billion to $4.75 billion.

Read more here. 

Carvana stock fell as much 20% late Wednesday after the company reported fourth quarter profit that was light of estimates.

Yahoo Finance's Pras Subramanian reports:

The company posted revenue of $5.60 billion vs. $5.27 billion estimated per Bloomberg, up 58% compared to a year ago. The online car giant said retail units sold hit 163,522 vs 157,226 estimated, a jump of 58%.

The e-commerce auto site reported adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $511 million vs $535.7 million expected, with an adjusted EBITDA margin of 10.1% missing estimates of 10.4%.

Carvana’s outlook was vague and didn't provide estimates for Q1 results.

“Looking forward, Carvana expects significant growth in both retail units sold and Adjusted EBITDA in full year 2026, including a sequential increase in both retail units sold and Adjusted EBITDA in Q1 2026, assuming the environment remains stable,” Carvana CEO Ernie Garcia III said in his shareholder letter.

Wall Street expected a Q1 adjusted EBITDA estimate of $671 million, with retail unit sales hitting 175,478.

Read more here.

DoorDash (DASH) reported fourth quarter results that slightly missed Wall Street's expectations on the top and bottom lines, while total orders rose more than forecast.

Earnings per share came in at $0.48, compared with the $0.55 the Street had forecast. But adjusted EBITDA reached $780 million in the quarter — up 38% compared to a year ago and almost $5 million above the Street's estimates.

Meanwhile, revenue grew 28% year over year to $3.96 billion, a tick lower than the nearly $4 billion Wall Street predicted. Total orders, which means all orders through its marketplaces and commerce platform, also jumped 32% to 903 million in the quarter. That's more than the 888 million analysts had anticipated.

Marketplace GOV — the total dollar value of transactions completed through the marketplace, including taxes, tips, and fees related to DashPass and its international platform Wolt+, clocked in at $29.7 billion compared to the expected $29.1 billion.

That was driven higher by growth in new customers and order rates among existing customers in the US restaurant category.

Its stock fell as much as 8% following the results. Shares had lost about 20% this year through Wednesday's close.

For the first quarter of 2026, the company expects marketplace GOV to be in the range of $31.0 billion to $31.8 billion, above the Street's forecast of $30.75 billion.

Adjusted EBITDA is expected to be in the range of $675 million to $775 million, which is below what the Street predicted of $800 million.

Wingstop (WING) shares jumped 14% on Wednesday after the popular restaurant chain reported fourth quarter earnings which beat analysts' expectations.

Investing.com reports:

The restaurant chain posted adjusted earnings of $1.00 per share, significantly above the analyst estimate of $0.84, while revenue came in at $175.7 million versus the consensus estimate of $177.88 million.

The company reported system-wide sales of $1.3 billion for the fourth quarter, representing a 9.3% increase compared to the same period in 2024. However, domestic same-store sales decreased 5.8% YoY, while company-owned restaurant same-store sales grew 1.6%. Wingstop achieved 124 net new openings during the quarter, bringing its total restaurant count to 3,056 globally.

\\"Our team continues to demonstrate operational excellence as we opened 493 net new restaurants and expanded into six new international markets,\\" said Michael Skipworth, President & Chief Executive Officer. \\"In a year marked by uncertainty, the structural advantages of our operating model are reflected in our 15% Adjusted EBITDA growth in 2025.\\"

Read more here.

Reuters reports:

Garmin (GRMN) forecast annual revenue and profit above Wall Street estimates on Wednesday driven by strong ‌demand for high-end wearables and fitness products.

Shares of the ‌navigation-device maker rose more than 15% in early trading and the stock ​was on track for its highest single-day percentage jump since October 2024 if gains hold.

The forecasts show Garmin's growth in various markets, including wellness devices, marine systems and private aviation, despite uneven ‌consumer demand.

The company's mix ⁠of sales channels and its own manufacturing facilities have helped it adjust to shifting demand while ⁠maintaining profits.

Revenue from the fitness segment rose 42% to about $765.8 million in the fourth quarter, driven by demand for recently launched ​products including ​its Venu 4 and Bounce ​2 smartwatches.

Read more here.

Reuters reports:

Verisk's (VRSK) fourth-quarter profit topped Wall Street expectations on Wednesday on the back of steady demand for ‌its data analytics offerings, sending its shares up n12% ‌before the bell.

The New Jersey-based insurance-focused firm has benefited from insurers increasingly turning ​to its data analytics services to improve underwriting and claims processing, tackle fraud and strengthen efficiency.

The market-beating results came even as temporary headwinds such as low levels of weather activity and a reduction in a ‌federal government contract impacted ⁠Verisk's growth.

Verisk stock has plunged nearly 21% this year amid broader concerns around AI-driven disruption to the ⁠information services business model.

The company traces its history to 1971, when Insurance Services Office was formed to gather data from insurers and help ​them meet ​regulatory requirements.

Since Verisk's business is underpinned ​by proprietary contributory datasets directly ‌from insurers, analysts see low risk of AI disruption due to these unique datasets and the company's deeply integrated workflows with the insurance industry.

Read more here.

Analog Devices (ADI) stock rose 6% before the bell on Wednesday following the release of its second quarter earnings, which beat analysts' estimates. The company cited strong demand from its industrial and data ‌center customers as the artificial intelligence boom continues ​to drive semiconductor sales.

Reuters reports:

The company forecast second-quarter revenue of $3.5 billion, plus ‌or minus $100 million, ⁠compared with the analysts' average estimate of $3.23 billion, according to LSEG ⁠data.

Surging investment in data center infrastructure for generative AI workloads is helping offset a ​challenging macroeconomic ​and geopolitical backdrop, ​supporting demand for ‌Analog Devices' semiconductors as hyperscalers expand capacity.

\\"While the macro and geopolitical backdrop remains challenging, our revenue outlook for the second quarter reflects a new high-watermark for ADI, underscoring ‌our strong execution against ​cyclical and secular growth ​tailwinds,\\" Analog Devices ​CFO Richard Puccio said.

Read more here.

MT Newswires reports:

Palo Alto Networks (PANW) late Tuesday reported stronger-than-expected fiscal second-quarter results, while the cybersecurity firm lowered its full-year earnings outlook.

Adjusted per-share earnings rose to $1.03 for the three months through January from $0.81 a year earlier, beating the consensus on FactSet of $0.94. Revenue gained 15% to $2.59 billion, above analysts' $2.58 billion estimate.

Subscription and support revenue advanced to $2.08 billion from $1.84 billion, while product sales increased to $514 million from $421 million.

Palo Alto saw strong adoption of artificial intelligence security, which is expected to be a long-term trend, Chief Executive Nikesh Arora said in a statement.

The stock has declined nearly 20% over the past three months, and was last down 5.2% in after-hours trading.

Read more here.

General Mills (GIS) stock fell 6% on Tuesday after the maker of Cheerios cereal lowered its fiscal 2026 sales forecast due to a more challenging consumer environment.

Bloomberg News reports:

General Mills said it now expects organic net sales to be down 1.5% to 2%, compared with its previous outlook of down 1% to up 1%.

“Weak consumer sentiment, heightened uncertainty, and significant volatility have weighed on category growth and impacted consumer purchase patterns,” the company said in a statement Tuesday ahead of a conference presentation.

Chief Executive Officer Jeff Harmening said cereal, snacks and dog food were seeing the biggest hits from the shakier consumer environment, fueled by higher inflation, reductions in food aid benefits and geopolitical uncertainty. Those factors “have led to significant consumer stress, especially for the middle and lower income groups,” he said in a presentation at the Consumer Analyst Group of New York conference.

Adjusted operating profit and adjusted diluted earnings per share are now expected to be down as much as 20% in constant currency, versus previous guidance for down as much as 15% in constant currency.

Read more here.

Trading platform eToro's (ETOR) stock jumped 11% before the bell on Tuesday after beating estimates for fourth quarter profit.

Reuters reports:

U.S. equity markets rose ​during the quarter as interest-rate cuts supported investor confidence, although volatility in crypto markets prompted some market participants to be cautious. Bitcoin saw its biggest monthly drop since ‌mid-2021 in November.

Meanwhile, heavy ⁠concentration of investments in select AI-linked stocks have led to soaring valuations, raising concerns ⁠of a bubble in the market.

The Tel Aviv-based firm's assets under administration grew by 11% year-on-year to $18.5 billion.

\\"Our fourth ​quarter results ​reflect the strength and ​resilience of our multi-asset ‌business model,\\" Chief Financial Officer Meron Shani said in a statement.

Read more here.

Investing.com reports:

On Tuesday, DTE Energy (DTE) reported fourth-quarter earnings that exceeded analyst expectations, while confirming its 2026 outlook at the lower end of consensus estimates.

The Michigan utility’s shares rose 2.53% in pre-market trading after the release.

The company posted adjusted earnings per share of $1.65 for the fourth quarter, surpassing the analyst estimate of $1.53. For the full year 2025, DTE reported operating earnings of $7.36 per share, compared with $6.83 per share in 2024.

DTE confirmed its 2026 earnings guidance range of $7.59-$7.73 per share, with the upper end matching the analyst consensus of $7.73.

The company highlighted record capital investments of more than $4.3 billion in 2025 to improve utility infrastructure reliability and generate cleaner energy.

Read more here.

Reuters reports:

Defense contractor Leidos Holdings (LDOS) reported fourth-quarter revenue below Wall Street estimates, as the ‌six-week long U.S. government shutdown last year weighed ‌on the firm's orders.

The shutdown, the longest in the country's history, ​ended in November after severely disrupting government operations and weighing on contractors such as Leidos, which provides IT, weapons and other services to federal agencies.

Shares of Leidos, which also ‌supplies air traffic control ⁠systems to the Federal Aviation Administration, fell 1.6% in premarket trading.

Last month, defense supplier ⁠L3Harris Technologies also flagged a hit from the shutdown, largely in its space systems business.

Read more here.

Reuters reports:

Medtronic surpassed Wall Street expectations for third-quarter profit on Tuesday, buoyed by strong demand for ‌its heart devices and diabetes monitors.

Medtech firms are benefiting ‌from surging demand for medical procedures as health insurers report higher medical loss ​ratios — an indication that patients are availing more procedures. Market optimism is also boosted by wider physician uptake and technological advances.

The company maintained its fiscal 2026 adjusted per share profit forecast at $5.62 to $5.66.

Medtronic’s ‌growth drivers include its ⁠pulsed field ablation systems and its transcatheter aortic valve replacement devices, two minimally invasive technologies seeing ⁠rapid adoption.

Read more here.

Fourth quarter earnings season is entering the final stretch.

In the week ahead, the consumer will be in focus, with results from Walmart before the open on Thursday the headline event.

This report will be the first under its new CEO, John Furner, and the first since the company joined the trillion-dollar market cap club.

Other notable companies reporting results include Booking Holdings (BKNG), DoorDash (DASH), and eBay (EBAY), all of which are set to report on Wednesday.

Data from FactSet published Friday noted some 74% of S&P 500 companies have reported results through the end of the week. Blended earnings growth for the quarter — meaning actual reported results and forecast earnings from analysts — has the pace of growth at 13.2% for the fourth quarter.

This puts the index on track to record a fifth straight quarter of double-digit profit gains.

Here's the full calendar for the week ahead. And note that US markets are closed on Monday for Presidents' Day, but a few companies are still expected to report results.

Monday: BHP Group (BHP), Sonoco Products Company (SON), Otter Tail Corporation (OTTR), ReNew Energy Global (RNW)

Tuesday: Medtronic (MDT), Palo Alto Networks (PANW), Constellation Energy (CEG), Cadence Design Systems (CDNS), Republic Services (RSG), Energy Transfer (ET), Vulcan Materials (VMC), EQT Corporation (EQT), Kenvue (KVUE), DTE Energy Company (DTE), FirstEnergy Corp. (FE), Devon Energy (DVN), Expand Energy (EXE), Leidos Holdings (LDOS), InterContinental Hotels Group (IHG), Genuine Parts Company (GPC), Sunoco (SUN)

Wednesday: Analog Devices (ADI), Booking Holdings (BKNG), Lloyds Banking Group (LYG), CRH (CRH), Moody's Corporation (MCO), Carvana (CVNA), DoorDash (DASH), Occidental Petroleum (OXY), Kinross Gold Corporation (KGC), Garmin (GRMN), eBay (EBAY), Nutrien (NTR), Texas Pacific Land Corporation (TPL), Edison International (EIX), American Water Works Company (AWK), Verisk Analytics (VRSK), Pan American Silver Corp. (PAAS), Royal Gold (RGLD), Global Payments (GPN), Reliance (RS), Western Midstream Partners (WES), Host Hotels & Resorts (HST), Jones Lang LaSalle (JLL), Equinox Gold Corp. (EQX), Figma (FIG), HF Sinclair (DINO), Molson Coors (TAP), Wingstop (WING), Wyndham Hotels & Resorts (WH)

Thursday: Walmart (WMT), Rio Tinto (RIO), Deere & Company (DE), Newmont Corporation (NEM), The Southern Company (SO), Quanta Services (PWR), Targa Resources (TRGP), Comfort Systems USA (FIX), Consolidated Edison (ED), Cenovus Energy (CVE), Live Nation Entertainment (LYV), Copart (CPRT), Extra Space Storage (EXR), Teck Resources (TECK), CenterPoint Energy (CNP), Alliant Energy Corporation (LNT), Fidelity National Financial (FNF), Guardant Health (GH), DT Midstream (DTM), American Homes 4 Rent (AMH), Gaming and Leisure Properties (GLPI), Texas Roadhouse (TXRH)

Friday: AngloGold Ashanti (AU), PPL Corporation (PPL), Lamar Advertising Company (LAMR), Sibanye Stillwater (SBSW), Hudbay Minerals (HBM), Portland General Electric Company (POR), Balchem Corporation (BCPC), Array Digital Infrastructure (AD), The Western Union Company (WU)

Reuters reports:

Moderna reported fourth-quarter revenue above ‌Wall Street estimates on ‌Friday, banking on better-than-expected sales ​of its COVID-19 vaccine in the U.S.

The Cambridge, Massachusetts-based company has been struggling ‌financially as ⁠demand for COVID vaccines collapsed in the ⁠years following its pandemic windfall. It is working ​on newer ​products ​to plug the ‌revenue gap and prove the long-term viability of its mRNA technology.

The company reiterated its expectation of 10% ‌revenue growth in ​2026.

Read more here.

Coinbase (COIN) posted a quarterly loss in the fourth quarter amid a sharp retrenchment in the crypto trade that saw bitcoin (BTC-USD) fall 45% over the past six months.

The crypto exchange reported a loss of $667 million, compared with a $1.3 billion profit in the same quarter a year ago. Revenue of $1.78 billion fell below expectations of $1.83 billion, according to S&P Global Market Intelligence.

Transaction revenue of $983 million also fell slightly below estimates. Coinbase said it has seen $420 million of transaction revenue in the first quarter through Feb. 10.

For the first quarter, Coinbase expects subscription and services revenue of $550 million to $630 million, compared to $710 million to $790 million in Q4.

$COIN Q4 earnings
???? Revenue: $1.78B vs $1.83B expected
???? EPS: $.66 vs $.86 expected
???? Transaction revenue: $983M vs $1.02B expected pic.twitter.com/gb87OgtXhd

— Yahoo Finance (@YahooFinance) February 12, 2026

The stock initially sold off but then reversed course and rose 3% in after-hours trading. Shares had fallen about 8% heading into the earnings report as Coinbase users experienced issues buying and selling on the exchange. \\"Your funds are safe,\\" a Coinbase customer support account posted on X.

Listen to the Q4 earnings call here at 5:30 p.m. ET.

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