key Fundamental Events This Week (Feb 23-27)

As of last Friday, 85% of S&P 500 companies have reported Q4 2025 earnings.

• EPS growth: +13.2% YoY, the 5th straight quarter of double-digit growth

• Revenue growth: +9.0% YoY, marking 21 consecutive quarters of expansion

The S&P 500 forward P/E currently stands at 21.5x.

This week, 54 S&P 500 companies report earnings, including Dow components CRM, HD, and NVDA.

Results from the Canadian Big Five banks, along with several software and cloud names, will also be key market drivers.

Multiple Fed officials are scheduled to speak throughout the week.

Key Events Calendar

Monday

• Factory Orders (Dec)

• Earnings: FANG, KEYS, DPZ

Tuesday

• Wholesale Inventories (Dec)

• Consumer Confidence (Feb)

• Earnings: HD, MELI, BNS, AMT, WDAY, FIS, FSLR, HPQ, TEM, MOS

Wednesday

• Earnings: NVDA, TJX, CRM, LOW, BMO, SNPS, SNOW, ZM, CRCL, TTD, IONQ

Thursday

• Initial Jobless Claims

• Earnings: RY, TD, INTU, CM, DELL, ADSK, CRWV, BIDU, SJM, MP

Friday

• January PPI & Core PPI (delayed release)

• Chicago PMI (Feb)

Earnings Outlook

Full Year 2025

• EPS growth: +13.3%

• Revenue growth: +7.5%

Full Year 2026

• EPS growth: +14.4%

• Revenue growth: +7.5%

2026 EPS Growth by Quarter

• Q1: +11.1%

• Q2: +14.9%

• Q3: +15.6%

• Q4: +15.0%

2026 Revenue Growth by Quarter

• Q1: +8.7%

• Q2: +7.9%

• Q3: +7.3%

• Q4: +7.4%