As of Friday, 33% of S&P 500 companies have reported Q4 2025 earnings.
• Earnings rose 11.9% YoY, the fifth straight quarter of double-digit growth.
• Revenue grew 8.2% YoY, marking the 21st consecutive quarter of growth.
• The forward P/E of the S&P 500 is 22.2.
This week is the peak of earnings season. 127 constituents will report, including 4 Dow 30 names, mostly in healthcare. AI leaders Amazon (AMZN) and Alphabet (GOOGL) are key market focuses.
Key Schedule
Monday: Auto sales; ISM Manufacturing.
Earnings: Palantir (PLTR), Disney (DIS), DocuSign (DOC).
Tuesday: December job gains; January ISM Services.
Earnings: AMD, Merck (MRK), Amgen (AMGN), Pfizer (PFE), Illinois Tool Works (ITW), Chipotle (CMG), Electronic Arts (EA), PayPal (PYPL), Take-Two Interactive (TTWO), Lumentum (LITE), Super Micro Computer (SMCI).
Wednesday: ADP employment report.
Earnings: Alphabet (GOOGL), Eli Lilly (LLY), AbbVie (ABBV), Novartis (NVS), Uber (UBER), Qualcomm (QCOM), UBS, GSK, Phillips 66 (PSX), MetLife (MET).
Thursday: Weekly jobless claims; speech by the Atlanta Fed President.
Earnings: Amazon (AMZN), Linde (LIN), ConocoPhillips (COP), Bristol Myers Squibb (BMY), Microchip Technology (MCHP), Estée Lauder (EL), MicroStrategy (MSTR), Atlassian (TEAM), BCE, Illumina (ILMN).
Friday: Nonfarm payrolls; unemployment rate; consumer sentiment.
Earnings: Philip Morris (PM), Biogen (BIIB).
Outlook
• FY25: Earnings +13.2%, revenue +7.3%.
• FY26: Earnings +14.3%, revenue +7.3%.
• FY26 earnings by quarter: Q1 +11.7%, Q2 +14.9%, Q3 +15.2%, Q4 +15.4%.
• FY26 revenue by quarter: Q1 +8.4%, Q2 +7.5%, Q3 +6.8%, Q4 +7.3%.
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