Earnings Today, July 31, 2026: Exxon Mobil, Chevron, AbbVie, Moderna, Colgate-Palmolive, T. Rowe Price, and Corning Report Q2 Results

Wall Street closes out July on a busy note as some of the largest companies in the energy, pharmaceutical, consumer staples, and financial sectors report second-quarter 2026 results on Friday. Today's earnings calendar is headlined by oil giants Exxon Mobil (XOM) and Chevron (CVX), pharmaceutical leader AbbVie (ABBV), biotech Moderna (MRNA), consumer products company Colgate-Palmolive (CL), technology and materials maker Corning (GLW), asset manager T. Rowe Price (TROW), and exchange operator Cboe Global Markets (CBOE).

The reports arrive with oil prices elevated following months of Middle East conflict that disrupted Strait of Hormuz shipping, creating both a tailwind and uncertainty for the energy majors. For AbbVie, investors are focused on whether newer immunology drugs can sustain the growth needed to offset ongoing Humira biosimilar erosion. Moderna faces continued pressure as pandemic-era vaccine demand normalizes. Corning has already released results, posting strong growth driven by AI data center optical fiber demand.

Companies Reporting Earnings Today

Exxon Mobil (XOM) — Before Market Open

Exxon Mobil is the world's largest publicly traded oil and gas company by market capitalization. The Irving, Texas-based energy giant operates across exploration and production, refining, chemicals, and lubricants globally. Exxon reported Q1 2026 results that were significantly impacted by Middle East disruptions and a roughly $4 billion timing effect from commodity hedges — losses that are expected to reverse in Q2.

Analysts expect Exxon to report Q2 2026 earnings of approximately $3.68 per share on revenue of around $98 billion, according to AlphaStreet consensus data from 19 analysts. That would represent a 124% increase in earnings per share compared to the $1.64 reported in Q2 2025. Revenue is expected to grow roughly 24% year over year. In July, Exxon signaled its Q2 earnings could see a boost of approximately $5 billion compared to Q1, as oil prices spiked during the U.S.-Israeli conflict with Iran. The company will discuss results on a conference call this morning.

Key areas to watch: resolution of the Q1 commodity timing effect, upstream production volumes from Guyana and the Permian Basin, progress on its $20 billion structural cost savings target by 2030, and FY2026 capital expenditure guidance of $27–29 billion.

Chevron (CVX) — Before Market Open

Chevron is the second-largest U.S. integrated energy company, with operations spanning oil and gas exploration, production, refining, and chemicals across the Americas, Asia, Africa, and the Middle East. In Q1 2026, Chevron said its exposure to the Middle East conflict was relatively limited compared to peers, with its largest operations in North and South America, Asia, and Africa.

The consensus EPS estimate for Chevron's Q2 2026 stands at approximately $5.25–$5.27 on revenue of around $62–63 billion, according to ChartMill and Benzinga data. That would represent roughly 197% earnings growth quarter-over-quarter — driven largely by the unwinding of Q1 derivative timing effects and elevated commodity realizations. Chevron has beaten Wall Street's earnings estimates in each of the past four quarters, delivering an average positive surprise of 18.6%.

Investors will be watching production growth in the Gulf of Mexico and the Permian Basin, the full contribution of Hess assets, Q3 capital expenditure guidance, and any update on the company's plan to repurchase $20 billion in shares in 2026 under reasonable market conditions.

AbbVie (ABBV) — Before Market Open

AbbVie is one of the largest biopharmaceutical companies in the world, best known for Humira, which until recently was the world's best-selling prescription drug. Since Humira lost U.S. patent exclusivity in 2023 and began facing biosimilar competition, AbbVie has been executing a transition to newer products — primarily immunology drugs Skyrizi and Rinvoq — and has expanded into neuroscience through acquisitions.

Wall Street expects AbbVie to report Q2 2026 adjusted EPS of approximately $3.63–$3.66 on revenue of about $16.77 billion, according to AlphaStreet and Zacks data. AbbVie itself guided for Q2 2026 adjusted EPS of $3.57–$3.61 and net revenues of approximately $16.7 billion. The company disclosed a $291 million acquired in-process research and development charge that will reduce both GAAP and adjusted diluted EPS by approximately $0.17 in Q2. AbbVie guided full-year 2026 adjusted EPS of $13.91–$14.11. Its earnings conference call is at 9:00 AM ET.

The key narrative for AbbVie remains the growth trajectory of Skyrizi and Rinvoq. In Q1 2026, Skyrizi sales rose 30.9% to $4.48 billion and Rinvoq rose 23.3% to $2.12 billion. Combined, AbbVie has guided Skyrizi and Rinvoq to deliver more than $27 billion in annual sales by 2027, more than compensating for Humira's ongoing decline.

Moderna (MRNA) — Before Market Open

Moderna is a Cambridge, Massachusetts-based biotechnology company known primarily for its mRNA COVID-19 vaccine. As public health conditions normalized, Moderna has seen revenues decline sharply from pandemic peaks, and the company has been posting quarterly losses while investing in pipeline programs including RSV, influenza, and other mRNA-based therapies.

Analysts expect Moderna to post a Q2 2026 loss of approximately $1.97–$2.06 per share on revenue of roughly $103–127 million — a wide estimate range that reflects uncertainty about vaccine order timing. Revenue would represent a decline of roughly 25–27% compared to Q2 2025. For the full year 2026, Moderna guided revenue of approximately $2.1 billion. Moderna has beaten analyst EPS estimates in four of the past five quarters, with an average positive surprise of over 46%. The earnings call is at 8:00 AM ET.

Investors will be listening for updates on Moderna's cost reduction programs, pipeline readouts, and any commentary on future vaccine contracts or international orders that could stabilize the revenue base going into 2027.

Colgate-Palmolive (CL) — Before Market Open

Colgate-Palmolive is a global consumer staples company best known for its oral care, personal care, and home care products, sold in over 200 countries. With brands including Colgate, Palmolive, and Hill's Pet Nutrition, the company generates steady, diversified revenue across developed and emerging markets.

Analysts expect Colgate to report Q2 2026 EPS of approximately $0.94–$0.95 on revenue of about $5.36 billion, according to MarketBeat and Barchart data. That would represent roughly 3% EPS growth compared to $0.92 in Q2 2025. Colgate has exceeded Wall Street's earnings estimates in each of the past four quarters. The company hosts its earnings call at 8:30 AM ET. Investors will focus on organic volume growth trends, pricing power in a global consumer environment, and performance of the Hill's Pet Nutrition segment.

T. Rowe Price (TROW) — Before Market Open

T. Rowe Price is a global investment management firm headquartered in Baltimore, founded in 1937 and known for its actively managed mutual funds and institutional strategies. As of June 30, 2026, the company managed $1.89 trillion in client assets, approximately two-thirds of which are retirement-related.

Analysts project Q2 2026 EPS of approximately $2.37–$2.52 on revenue of about $1.88 billion, representing roughly 6–9% year-over-year EPS growth. T. Rowe Price has beaten earnings estimates in five of its past seven quarters. The company's earnings call is at 8:00 AM ET. Investors will watch assets under management trends, net client flows — under pressure across the active management industry — and fee revenue trajectory.

Corning (GLW) — Results Released July 28

Corning is a technology and materials science company best known for specialty glass and optical communications equipment. The company is a key beneficiary of the global AI infrastructure buildout, as data centers require large quantities of fiber optic cable and connectivity equipment.

Corning released Q2 2026 results on July 28, posting core (non-GAAP) sales of $4.74 billion, up 17% year over year, and core EPS of $0.78, up 30%, beating the analyst consensus of $0.76. This marked the company's ninth consecutive quarter of year-over-year growth. Optical Communications sales surged 32% to $2.07 billion and Solar segment sales jumped 90%.

CEO Wendell Weeks announced an upgraded "Springboard Plan" targeting an annualized sales run rate of $20 billion by end-2026, $30 billion by end-2028, and $40 billion by end-2030, with a 19% sales CAGR from Q4 2026 to Q4 2030. Corning highlighted new long-term agreements with Amazon for AI data center supply and a partnership with NVIDIA to expand U.S. optical connectivity manufacturing capacity by 10x. Management guided Q3 2026 core sales of $4.9–$5.0 billion and core EPS of $0.85–$0.89.

Cboe Global Markets (CBOE) — Before Market Open

Cboe Global Markets is one of the world's largest options and securities exchange operators, running markets for equities, options, futures, and foreign exchange. Cboe is home to VIX volatility index options and SPX index options, making its results a useful barometer of overall market trading activity.

Analysts expect Cboe to report Q2 2026 EPS of approximately $3.45 on revenue of about $708.5 million, which would represent roughly 21% year-over-year revenue growth. The EPS consensus has risen 5.8% in the past 30 days. Cboe's earnings call is at 8:30 AM ET.

Key Storylines

Energy Sector: The Q1 Headwind Reversal

The dominant story for Exxon and Chevron this quarter is the dramatic reversal from Q1. The Iran conflict that disrupted the Strait of Hormuz earlier in 2026 had a painful but temporary effect on Q1 — particularly for Exxon, which recorded roughly $4 billion in commodity timing losses as hedges were marked-to-market without offsetting delivery gains. Q2 is expected to see those effects reverse. Reuters reported in July that Exxon signaled Q2 profit could be about $5 billion higher than Q1, driven by higher oil price realizations and improved refining margins.

Both companies have continued to grow production in the Americas — Exxon in Guyana and the Permian Basin, Chevron in the Gulf of Mexico and Permian. Analysts have raised EPS estimates sharply over the past three months, with Chevron's Q2 EPS consensus rising roughly 130% since April as the Q1 timing effects became clearer.

Pharmaceuticals: AbbVie's Transition Stress Test

AbbVie's Q2 report is an important milestone in its multi-year transition away from Humira dependence. The company has consistently shown that Skyrizi and Rinvoq are not just filling the Humira void but growing beyond it. Q2 results will include a $291 million IPR&D charge tied to a pipeline acquisition, which will weigh on EPS by $0.17. Excluding this one-time charge, AbbVie's underlying performance is expected to be roughly in line with consensus. Full-year 2026 adjusted EPS guidance of $13.91–$14.11 remains intact.

AI Infrastructure: Corning as Fiber Optic Proxy

Corning's strong Q2 results — released ahead of the official July 31 date — offer an early validation of AI infrastructure spending themes that have driven much of the market's 2026 gains. Optical Communications growth of 32% year over year reflects the massive fiber optic cabling requirements of AI data centers being built by hyperscalers including Amazon and NVIDIA. Corning's upgraded long-term growth targets signal management confidence that this demand cycle is durable rather than transitory.

Market Impact

Strong results from Exxon and Chevron would be a positive catalyst for the Energy Select Sector SPDR ETF (XLE) and peer energy companies. Both stocks are major S&P 500 components. ExxonMobil is also a Dow Jones Industrial Average member, meaning its results can affect the index directly.

AbbVie is a significant holding in healthcare ETFs including the Health Care Select Sector SPDR ETF (XLV) and iShares U.S. Pharmaceuticals ETF (IHE). Moderna, despite being much smaller, carries weight in biotech ETFs like the SPDR S&P Biotech ETF (XBI). Colgate-Palmolive is a key consumer staples ETF holding, with results often read as an indicator of global consumer health.

With today's slate, Q2 2026 earnings season is effectively winding down. Analyst forecasts tracked by FactSet have shown S&P 500 Q2 earnings growth running well ahead of pre-season estimates, driven especially by energy sector rebounds and continued AI-related technology demand. Today's energy results could further improve that aggregate picture.

What Investors Should Watch Next

Earnings season moves into a wind-down phase after July's dense calendar. In early August, notable reporters include Palantir Technologies (PLTR), Vertex Pharmaceuticals (VRTX), and Snap (SNAP) reporting Monday, August 3 after market close. Later in the week, Eli Lilly (LLY), Novo Nordisk (NVO), Walt Disney (DIS), Shopify (SHOP), and Uber Technologies (UBER) are all scheduled for Wednesday, August 5.

On the macroeconomic front, the July nonfarm payrolls report (scheduled for August 1) will be closely watched as a labor market health check. The Federal Reserve held rates at 3.50%–3.75% at its July 29 FOMC meeting, and any signals from Fed officials about the rate path in August will be important — particularly as elevated oil prices maintain upward pressure on inflation.

Conclusion

Friday, July 31, 2026 brings together energy giants, pharma leaders, consumer staples, and financial companies for one of the final major reporting days of Q2 earnings season. Exxon Mobil and Chevron are expected to post dramatic earnings rebounds as Q1 headwinds from Middle East disruptions reverse. AbbVie's results will test how well its post-Humira drug portfolio is executing. Moderna will offer a read on the durability of its restructuring efforts. Corning has already posted strong results validating AI data center demand. Together, today's reports close out one of the more consequential earnings seasons in recent memory — shaped by geopolitical oil shocks, AI infrastructure spending, and pharmaceutical portfolio transformations.

Sources

• AlphaStreet — "Exxon Mobil (XOM) Q2 2026 Preview: EPS Est. $3.68, Reports July 31" — https://news.alphastreet.com/exxon-mobil-xom-q2-2026-preview-eps-est-3-68-reports-july-31 — July 2026
• AlphaStreet — "AbbVie Q2 2026 Earnings Preview — July 31, Street Expects $3.63 EPS" — https://news.alphastreet.com/abbvie-q2-2026-earnings-preview-july-31-street-expects-3-63-eps — July 2026
• AlphaStreet — "Moderna (MRNA) Q2 2026 Preview: EPS Est. -$2.06, Reports July 31" — https://news.alphastreet.com/moderna-mrna-q2-2026-preview-eps-est-2-06-reports-july-31 — July 2026
• ChartMill — "CVX Forecast, Price Target & Analyst Ratings" — https://www.chartmill.com/stock/quote/CVX/analyst-ratings — July 2026
• Reuters — "Exxon signals Q2 profit windfall as higher oil prices boost bottom line" — https://www.reuters.com/business/energy/exxon-mobil-signals-higher-second-quarter-earnings-2026-07-07 — July 7, 2026
• Yahoo Finance/Zacks — "Pre-Q2 Earnings: Is Chevron Stock a Buy, Hold, or Sell?" — https://uk.finance.yahoo.com/news/pre-q2-earnings-chevron-stock-123600509.html — July 2026
• Benzinga — "AbbVie Earnings & Forecasts" — https://www.benzinga.com/quote/ABBV/earnings-forecasts — July 2026
• MarketBeat — "Colgate-Palmolive (CL) Expected to Post Quarterly Earnings on Friday" — https://www.marketbeat.com/instant-alerts/colgate-palmolive-cl-expected-to-post-quarterly-earnings-on-friday-2026-07-24 — July 24, 2026
• Corning Investor Relations — "Corning's Strong Second-Quarter 2026 Financial Results" — https://investor.corning.com/news-and-events/news/news-details/2026/Cornings-Strong-Second-Quarter-2026-Financial-Results1-Demonstrate-Progress-on-Recently-Upgraded-Springboard-Plan/default.aspx — July 28, 2026
• T. Rowe Price Investor Relations — "T. Rowe Price Group Reports Month-End Assets Under Management For June 2026" — https://www.troweprice.com/en/uk/press/2026/press-release--t--rowe-price-group-reports-month-end-assets-unde3 — July 2026
• Yahoo Finance/Zacks — "Should CBOE Stock Be in Your Portfolio Ahead of Q2 Earnings?" — https://sg.finance.yahoo.com/news/cboe-stock-portfolio-ahead-q2-181500312.html — July 2026
• digrin.com — "Stock Earnings Calendar Jul 31, 2026" — https://www.digrin.com/stocks/earnings_calendar — July 31, 2026
• ii.co.uk — "US earnings season - Q2 2026" — https://www.ii.co.uk/investing-with-ii/international-investing/us-earnings-season — July 2026