At a glance: 8 S&P 500 names report today — Meta and Tesla headline after the close, alongside Lam Research, Texas Instruments and IBM tonight and Thermo Fisher, Abbott and NextEra Energy before the open.

The earnings calendar carries no confirmed session for Healthpeak Properties today; the date is provisional and the company may report later in the period.

The tape ahead

Meta’s print is still a referendum on AI-infrastructure spending: 2026 capital-expenditure guidance has already been pushed into the $125–145 billion range and Reality Labs losses are expected to hold near last year’s level before peaking this year, leaving free cash flow as the main point of friction with the Street even as the ad business keeps compounding. Consensus EPS of $5.46 and revenue of $63.41B imply revenue growth of 23.7% YoY; the EPS comparison (up 420% YoY) isn’t a clean growth read — the year-ago quarter absorbed a one-time, non-cash tax charge tied to last year’s U.S. corporate tax-law changes that pushed reported EPS down sharply even though underlying operating performance held up. The options market is pricing a 10.6% move against just a 0.6% average swing on the last eight prints and an 88% beat rate — one of the richer setups on today’s slate — though the most recent print missed by 14.4%. Net margin fell 21.5 points last quarter even as gross margin was roughly flat (down 0.5 points), consistent with the step-up in infrastructure spend; trailing EPS growth over one year is actually negative (down 1.5%) despite a 39.9% three-year annualized rate, a reminder of how distorted the trailing math still is around that one-time charge. Ad-pricing commentary here sets the tone for the rest of the digital-ad group and for sentiment on AI-infrastructure demand broadly.

Tesla’s quarter again turns on whether record-level deliveries can coexist with margin discipline, with the debate centered on how much of the delivery strength reflects discounting and promotional financing rather than organic demand, and on the pace of FSD-subscriber growth and robotaxi expansion beyond its initial markets. Consensus EPS of $0.45 is down 10.0% YoY against a demanding comparison — the year-ago quarter captured a surge of buyers pulling forward purchases ahead of the federal EV tax credit’s expiration at the end of September 2025 — while revenue of $28.25B is roughly flat YoY (up 0.6%), a split that points to margin and mix pressure rather than a deceleration in unit demand. Gross margin fell 4.2 points to 16.8% last quarter even as net margin improved 1.8 points to 4.0%, worth watching for commentary on cost structure versus pricing power. The 6.5% implied move compares with just a 1.4% average swing on the last eight prints, among the largest implied-to-realized gaps on the slate, and Tesla has beaten only 38% of the time over that window, with the last print missing by 39.1%. Read-across extends to other EV makers and battery-materials suppliers, and to how the market frames the robotaxi and FSD timeline for autonomy peers.

Lam Research reports into a wafer-fab-equipment upcycle increasingly described as AI-driven rather than broad-based, with memory customers — HBM and next-generation NAND/DRAM capacity in particular — doing more of the heavy lifting than the foundry and logic side of the business, and China export-control exposure remaining a live swing factor for the group. Consensus EPS of $2.18 (up 73.0% YoY) and revenue of $8.14B (up 52.9% YoY) point to an unambiguous re-acceleration rather than a modest cyclical uptick. Gross margin rose 1.9 points to 51.8% last quarter and net margin rose 2.6 points to 33.9%, so the growth is translating cleanly to the bottom line. The beat record is unblemished across the last eight prints (100%), most recently by 8.1%, and trailing EPS growth has accelerated across every window out to ten years (38.7% over one year, 27.1% annualized over ten). The 7.5% implied move sits above Lam’s own 2.3% average swing, a rich setup given that track record. Read-across extends to the rest of the semicap group — ASML, KLA and Applied Materials all trade on the same capex-cycle signal.

Thermo Fisher’s quarter is a read on whether the life-sciences and bioprocessing recovery that showed up earlier this year is sustainable, with pharma and biotech end-market demand running at a mid-single-digit pace and China having returned to modest growth after several quarters of declines tied to local procurement and funding policy. Consensus EPS of $6.40 (up 10.5% YoY) and revenue of $11.95B (up 7.4% YoY) point to steady, if unspectacular, execution. Gross margin was roughly flat at 40.7% (up 0.5 points) last quarter while net margin slipped 0.5 points to 14.5% — a minor give-back worth noting if it persists. The beat record is unblemished (100% across eight prints, most recently by 5.5%), and the 5.8% implied move sits just above Thermo Fisher’s own 5.1% average swing, a modest premium given that consistency. Danaher reports in the same window today, and the two names’ commentary on bioprocessing order trends and life-sciences-tools demand will likely move together.

Texas Instruments is the clearest read on the analog-semiconductor cycle today, with the Street looking for confirmation that the industrial and automotive recovery that showed up last quarter — rather than AI-datacenter demand, a smaller piece of its mix than it is for the broader chip complex — can keep driving utilization and pricing higher, with China trade-policy risk as the main overhang. Consensus EPS of $2.43 (up 64.2% YoY) and revenue of $5.93B (up 25.1% YoY) is a sharp acceleration, though trailing EPS growth stays negative over the three- and five-year windows (down 16.6% and 1.8% annualized), underscoring that this is a cyclical recovery off a depressed base rather than a new secular growth rate. Gross margin rose 3.4 points to 61.4% last quarter and net margin rose 4.2 points to 36.2%, consistent with the operating leverage that comes with a utilization upswing. The beat record is solid (75% over the last eight prints, most recently by 10.5%), and the 7.7% implied move sits well above Texas Instruments’ own 1.2% average swing — one of the richer setups on the slate. Read-across extends to the rest of the analog group.

IBM’s print is a tug-of-war between software and consulting: Red Hat and the broader hybrid-cloud software franchise have been the source of upside, while consulting demand has cooled and generative-AI bookings growth — the watsonx and AI book-of-business momentum the company has highlighted all year — is the detail the Street will parse most closely for signs of deceleration. Consensus EPS of $2.87 (up 8.3% YoY) and revenue of $16.84B (up 3.1% YoY) is modest next to that framing, consistent with a mix shift toward higher-margin software offsetting consulting softness rather than broad-based acceleration. That reading is reinforced by the margin trend: gross margin rose 1.5 points to 57.7% last quarter and net margin jumped 5.0 points to 12.6%. The beat record is strong (88% over the last eight prints, though the most recent print was essentially in line, missing by just 0.1%), and the 7.3% implied move sits well above IBM’s own 1.1% average swing. Trailing EPS growth is sharply front-loaded (up 73.7% over one year, 83.9% annualized over three) against a slightly negative ten-year figure, a legacy of IBM’s multi-year portfolio reshaping. Read-across extends to the rest of enterprise software and IT-services peers.

Abbott’s quarter tests whether the medical-device launch cycle — new continuous-glucose-monitoring and cardiac-device products rolling out through the back half of the year — can keep outrunning diagnostics normalization as COVID-era testing volumes fade further into the rearview. Consensus EPS of $1.41 (up 8.5% YoY) against revenue of $12.99B (up 14.3% YoY) shows revenue growth running well ahead of EPS, a margin-dilutive mix consistent with a device-and-nutrition-led growth mix rather than a pure earnings story. That shows up directly in the margin trend: gross margin fell 0.8 points to 56.2% and net margin fell a sharper 5.8 points to 9.7% last quarter. The beat record is strong (88% across the last eight prints, most recently by 2.6%), and the 6.4% implied move sits just above Abbott’s own 6.0% average swing. Trailing EPS growth is negative over the one-year window (down 51.3%) but has recovered to positive territory further out (up 8.2% annualized over five years), another reminder that these comparisons are noisy around specific one-off items rather than describing a steady trend. Read-across extends to the rest of medtech and diagnostics, including the competitive dynamic in continuous glucose monitoring.

NextEra’s quarter is a steadier, lower-beta read on the sector: Florida Power & Light’s regulated rate base keeps growing alongside the state’s population and economic growth, while NextEra Energy Resources’ renewables-development pipeline is increasingly being framed around data-center and large-load power demand rather than tax-credit-driven build-outs alone. Consensus EPS of $1.19 (up 5.3% YoY) and revenue of $8.67B (up 8.8% YoY) is modest, unspectacular growth consistent with a regulated utility managing the cycle rather than fighting it. Margins improved meaningfully last quarter — gross margin up 3.5 points to 62.4% and net margin up 9.2 points to 41.7% — among the largest margin moves on today’s slate. The beat record is unblemished (100% across the last eight prints, most recently by 3.7%), and the 3.3% implied move, the smallest on today’s calendar, sits just below NextEra’s own 3.5% average swing. Read-across extends to the rest of the regulated-utility and renewables-development group, and to how the market is pricing data-center power demand more broadly.

Also reporting today

A further set of S&P 500 names round out the day, led by AT&T and CME Group before the open. Danaher reports alongside Thermo Fisher in the same life-sciences window, and Southwest Airlines carries one of the day’s largest headline EPS swings against a weak year-ago base.

Scorecard — reported since we last wrote

Sixteen names have scored since we last wrote, and the pattern was noisier than the surprises alone suggest. Three of the marquee after-hours reporters — Netflix, Intuitive Surgical and Chubb — all beat on both lines and still sold off (down 6.0%, 7.0% and 0.8% respectively), a reminder that a beat alone isn’t buying support when expectations are already rich. General Motors came in line on EPS and beat on revenue, with EPS up 32.1% YoY, yet still fell 6.8% — the clearest instance today of a print the tape didn’t reward. Synchrony beat materially on revenue (+26.4%) even as reported EPS still shrank 6.3% YoY, the kind of split a surprise percentage alone hides. Hasbro’s 56.8% EPS beat (EPS up 72.6% YoY) and Equifax’s outsized 11.3% pop on a more modest 2.7% beat were the day’s standout reactions. Margin detail from the quarter just reported isn’t out yet for any of these sixteen names.

Rest of the week

Thursday is the heaviest day of the week by count (30 names), led by Procter & Gamble and Union Pacific before the open — Union Pacific’s 9.1% implied move is unusually rich for a railroad against Procter & Gamble’s more typical 3.6% — with Western Digital and Valero Energy after the close both carrying consensus EPS far above depressed year-ago comparisons (up 129.2% and 478.7% YoY respectively), a reminder that memory pricing and refining margins were both troughing around this time last year rather than a sign of a new growth trajectory. Friday closes the week quietly with just three names, led by American Express and Schlumberger before the open.

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