At a glance: 8 S&P 500 names report today — Philip Morris, RTX, 3M and General Motors before the open, Netflix, Intuitive Surgical, Chubb and Capital One after the close.

The tape ahead

Philip Morris’ quarter turns on whether the smoke-free transition — Zyn and IQOS — can keep outrunning regulatory and competitive drag in Japan and Europe. Guidance into the print already flagged a soft spot: commercial spending originally pencilled in for last quarter, including stepped-up Zyn marketing and distribution behind the new lower-priced Zyn Ultra line, was pushed into this one, and the company’s own Q3 EPS guide sits below where the Street had been. Consensus EPS of $2.32 (up 3.6% YoY) and revenue of $11.34B (up 4.5% YoY) point to continued, if more measured, growth. Gross margin ran 68.4% last quarter, essentially flat, with net margin at 25.2%, up 1.1 points. The beat record is unblemished across the last eight prints, most recently by 7.3%, and the 4.3% implied move sits meaningfully below Philip Morris’ own 5.9% average swing — a discount given that track record. Zyn’s nicotine-pouch share and IQOS’s heat-not-burn position set the tone for how the market reads the broader smoke-free category this earnings season.

Netflix’s debate has shifted from subscriber adds — which the company stopped disclosing — to whether margin and ad-tier monetization can keep compensating for decelerating revenue growth; management’s own guide pointed to the slowest quarterly growth pace in roughly three years. Consensus EPS of $0.82 (up 39.0% YoY) on revenue of $12.87B (up 11.9% YoY) shows earnings growth running well ahead of the top line, consistent with the advertising business (targeted at roughly $3B in 2026, nearly double the prior year) and cost discipline doing the heavy lifting. The options market is pricing a 9.9% move, far above Netflix’s own 0.9% average post-earnings swing by this measure — one of the richer setups on today’s slate against an already-uneven record (one miss in the last eight prints, most recently a narrow 1.5% beat). Net margin fell a sharp 16.1 points to 27.1% last quarter even as gross margin held flat — the kind of give-back worth watching for commentary on durability, regardless of how the headline EPS growth reads.

RTX reports into a backlog that has kept climbing — split roughly evenly between commercial and defense — on the back of fresh Tomahawk and AMRAAM production awards and resilient GTF aftermarket demand, even as GTF powder-metal repair costs continue to run off. The company has raised full-year guidance in back-to-back quarters. Consensus EPS of $1.78 (up 4.7% YoY) and revenue of $24.11B (up 7.2% YoY) look modest next to that backdrop, consistent with margin mix between commercial aftermarket and defense production rather than a growth problem. The 5.1% implied move sits just above RTX’s own 4.7% average swing, a fair premium given an unbroken eight-for-eight beat streak, most recently by 13.7%. Gross and net margins were both roughly flat last quarter. GE Aerospace’s engine-aftermarket cycle and the broader defense-budget tailwind are the read-across names to watch alongside this print.

Intuitive Surgical’s debate is whether US da Vinci procedure growth, which slowed to roughly 12% last quarter against a 13.5–15.5% full-year procedure-growth target, is stabilizing as ACA subsidy expiration and a larger installed base both weigh on the growth rate, with international da Vinci volume (around 20%) and the newer Ion platform (roughly 36%) picking up the slack. Management raised its non-GAAP gross-margin guide into this print. Consensus EPS of $2.64 (up 10.0% YoY) against revenue of $2.91B (up 16.0% YoY) shows revenue growth running well ahead of EPS, a margin-dilutive mix consistent with continued system placements and Ion investment. The 7.9% implied move is priced well above Intuitive’s own 1.6% average swing, a rich setup against an unbroken eight-for-eight beat streak, most recently by 11.9%. Gross margin rose 1.7 points to 67.8% last quarter, but net margin fell 1.4 points to 28.3% — gross-margin expansion not yet flowing through to the bottom line, worth watching alongside any detail on the extended-use instrument program due in 2027. Read-across extends to medtech and surgical-robotics peers, and to the broader signal on US elective-procedure demand.

Chubb’s quarter is a read on how far US commercial and E&S property pricing keeps softening — management has called the market “incrementally more competitive” — against investment income and reserve releases that have kept core earnings growing even through catastrophe-heavy quarters. Consensus EPS of $6.80 (down 9.2% YoY) against revenue of $13.51B (up 4.5% YoY) is the kind of split that usually points to catastrophe losses or reserve timing rather than a demand problem, and net margin still rose 2.2 points to 17.9% last quarter. The beat record is unblemished (eight for eight, most recently by 7.6%). Its nearest options expiry is the November monthly, 31 days out, so the 5.8% implied move prices weeks of pricing-cycle and catastrophe-season uncertainty rather than Tuesday’s print alone, and shouldn’t be read as rich or cheap against its own move history. Travelers already scored this week and W.R. Berkley reports Thursday — both extend the same property-casualty pricing debate.

Capital One’s setup is still dominated by the Discover integration, now well into its planned 24-month timeline, with the $2.5B synergy target reiterated even as the acquired card book runs through a loan-growth “brownout” period and integration-related expenses keep rising. Credit quality has been the offsetting positive, with charge-offs and delinquencies both trending down. Consensus EPS of $5.50 (down 7.6% YoY) against revenue of $16.24B (up 5.8% YoY) is the tell: earnings declining even as the top line grows points to expense and provision drag from the integration rather than a revenue problem. The 5.0% implied move is priced well above Capital One’s own 1.3% average swing, and the beat record is solid but not perfect — one miss in the last eight prints, against an outsized 23.8% beat last quarter. Net margin rose 4.8 points to 19.1%. Read-through extends to other card issuers working through their own post-acquisition integrations and to the health of the US consumer heading into the holiday quarter.

3M’s recovery story is now mostly about margin, with the PFAS and combat-arms-earplug settlements running on a fixed multi-year payment schedule and tariff costs still a swing factor management has previously sized at 20–40 cents per share. Consensus EPS of $2.39 (up 9.1% YoY) and revenue of $6.61B (up 4.6% YoY) continue a margin-led growth pattern even as trailing EPS growth stays negative across every window — down 20.5% over one year, 16.1% over three, 8.5% over five and 2.3% over ten — a legacy of the litigation and Solventum-spinoff years still working off a smaller base. Gross margin ran 41.3% last quarter, up 0.6 points, with net margin up a sharper 3.5 points to 14.4%, consistent with the continued post-litigation cleanup. The implied move of 5.8% sits just above 3M’s own 5.4% average swing, in line with an unblemished eight-for-eight beat record, most recently by 6.8%. The read-across is to other industrial conglomerates still working through legacy-liability and tariff overhangs.

General Motors’ print is a test of whether truck and SUV mix, plus shrinking EV losses, keep offsetting a tariff bill management has guided to $3–4B this year. Consensus EPS of $3.63 (up 29.6% YoY) against revenue of essentially flat $48.76B (up just 0.4% YoY) decouples earnings growth from volume — consistent with mix shift and smaller EV charges rather than unit growth. That makes the margin trend worth flagging: gross margin fell 3.8 points to 7.6% and net margin fell 3.3 points to 2.7% last quarter, moving the opposite direction from the EPS growth the Street is modeling for this one. The 5.8% implied move is priced below GM’s own 7.2% average swing despite that tension, a relatively muted setup given a perfect eight-for-eight beat record and a 12.0% beat last quarter. Trailing EPS growth remains negative across every window (down 47.9% over one year, 26.0% over three), making this quarter’s growth guide a sharp break from the recent trend. Read-across extends to other tariff-exposed autos and suppliers, and to the broader EV-strategy signal for the sector.

Also reporting today

Ten more S&P 500 names round out the day, led by Northrop Grumman and MSCI before the open and United Airlines after the close, with regional lender KeyCorp, consumer-finance name Synchrony and industrials Equifax and Genuine Parts also reporting pre-market.

Scorecard — reported since we last wrote

Three names from Monday’s wave are now scored, and none of the reactions matched the headline surprise cleanly. Fifth Third beat on EPS (+9.8%) despite a revenue miss (-1.7%), with reported EPS still down 1.1% YoY, and the stock barely moved (+0.3%). Steel Dynamics missed on EPS (-2.6%) with an in-line revenue print and fell 4.6% after hours (AH), even as reported EPS came in up 92.0% YoY against a weak year-ago comparison. W.R. Berkley came in line on EPS while beating on revenue by a wide 15.9% margin, and still slipped 2.2% after hours (AH) — a beat the market chose not to reward.

Rest of the week

The calendar steps up sharply from here. Wednesday brings 27 names, led by Meta and Tesla both reporting after the close with implied moves of 5.7% and 6.4%, against a backdrop of AI-capex scrutiny for the former and delivery and margin questions for the latter. Thursday is the heaviest day of the week by count (29 names), headlined by Procter & Gamble before the open (implied move 3.2%) and Union Pacific (4.3%), with W.R. Berkley also reporting that evening in the same property-casualty space as this week’s Travelers and Chubb prints. Friday closes the week quietly with just four names, led by ExxonMobil and American Express.

Informational only — not investment advice. Figures are consensus/estimates and option-implied values from public sources and may be revised.