This Week's 'Magnificent 7' Results Ramp Up Reporting Season

This week is shaping up to be the busiest stretch of the second-quarter earnings season, with major players in the S&P 500 set to unveil their results. A total of 151 companies from the index are reporting, including four members of the so-called “Magnificent Seven”: Meta Platforms, Microsoft, Amazon, and Apple. Meta and Microsoft will release their earnings on Wednesday, while Amazon and Apple are due Thursday.

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These reports come on the heels of earnings from Alphabet and Tesla, two other major tech firms. Alphabet, the parent company of Google and YouTube, impressed investors with results that beat expectations, lifting its stock. Tesla, on the other hand, saw its shares drop sharply as it reported a second straight quarter of declining vehicle sales.

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So far, earnings season has been strong. According to FactSet, over 82% of the 169 companies in the S&P 500 that have already reported have surpassed Wall Street’s expectations.

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Here’s a preview of what to watch this week, including insights and expectations from analysts and historical trends, as outlined by CNBC Pro.

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Tuesday

Procter & Gamble (P&G) is scheduled to report earnings before markets open, with its earnings call set for 8:30 a.m. ET.

• Previous quarter: P&G reduced its 2025 guidance for both earnings and revenue, pointing to weakening consumer spending and rising costs tied to tariffs introduced by President Donald Trump. CEO Jon Moeller also hinted at more price hikes to offset these pressures.
• This quarter: Analysts from LSEG expect modest year-over-year growth in earnings and revenue.
• What to watch: JPMorgan downgraded P&G to a neutral rating last week, predicting another weak quarter and soft category growth. Evercore ISI had already downgraded the stock in July, citing weaker performance on online platforms like Amazon, despite continued strength in physical retail stores.
• Historical trends: Data from Bespoke Investment Group shows P&G has exceeded earnings expectations in 85% of past reports and has beaten estimates in each of the last nine quarters.

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Boeing will also report before the bell, with its earnings call scheduled for 10:30 a.m.

• Previous quarter: The company managed to reduce its losses and indicated it would seek approval from regulators to ramp up production of its 737 Max aircraft.
• This quarter: Analysts expect a more than 29% year-over-year jump in revenue, per LSEG data.
• What to watch: Analysts at Morgan Stanley and JPMorgan remain positive. Morgan Stanley sees limited downside risks and good momentum on deliveries. JPMorgan expects possible near-term cash flow surprises on the upside.
• Historical trends: Boeing has beaten expectations 67% of the time and typically gains around 0.5% the day after results.

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Wednesday

Meta Platforms will release earnings after the market closes, with a call at 5:00 p.m.

• Previous quarter: Meta exceeded revenue forecasts and issued guidance that was in line with estimates.
• This quarter: Analysts expect over 14% growth in both earnings and revenue.
• What to watch: Bernstein recently raised its price target to $775, citing Meta’s continued dominance in digital advertising and strong positioning in AI. Meta’s AI investments appear to be boosting ad effectiveness.
• Historical trends: Meta has beaten earnings for 10 straight quarters and revenue for 11, with shares typically rising about 2% the following session.

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Microsoft is also set to report after the close, with its conference call at 5:30 p.m.

• Previous quarter: The company beat both earnings and revenue expectations, providing optimistic guidance.
• This quarter: Analysts predict about 14% growth in earnings and revenue year over year.
• What to watch: UBS raised its price target to $600, noting solid Azure cloud performance and potential EPS gains. Citigroup also expressed bullish sentiment ahead of the report.
• Historical trends: Microsoft has exceeded earnings estimates 11 quarters in a row and revenue in nine. It has an 82% beat rate on earnings overall.

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Thursday

Amazon will report results after the market closes, with a 5:00 p.m. call.

• Previous quarter: Amazon issued cautious guidance, citing trade policy and economic uncertainty.
• This quarter: Analysts expect low single-digit growth in earnings and revenue.
• What to watch: Bank of America lifted its price target to $265, pointing to robust retail results and strength in Amazon Web Services. A longer Prime Day in July could support strong third-quarter guidance.
• Historical trends: Amazon has beaten estimates in nine straight quarters, with shares typically rising around 1% afterward.

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Apple will also report earnings after hours, with its call set for 5:00 p.m.

• Previous quarter: Services revenue came in below forecasts, and CEO Tim Cook noted challenges in predicting tariff-related costs.
• This quarter: Analysts expect modest growth in revenue and earnings.
• What to watch: Goldman Sachs cut its price target slightly to $251 but still maintains a buy rating. Analyst Michael Ng expects a beat, driven by strong Services performance, continued demand for hardware products, and favorable margin trends.
• Historical trends: Apple has topped expectations for both earnings and revenue in nine consecutive quarters. It boasts an 89% overall earnings beat rate, with shares typically gaining 1.2% after results.

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With heavyweight tech firms set to release earnings and investors closely tracking how companies are managing tariffs, consumer demand, and AI investments, this week could prove pivotal for market sentiment heading into the second half of the year.

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