Earnings Today: Microsoft, Meta, Lam Research, ARM Holdings, Procter & Gamble Report July 29, 2026

Wednesday, July 29, 2026 marks one of the busiest days of the current earnings season, with several of Wall Street’s most closely watched companies scheduled to report quarterly results. Technology giants Microsoft and Meta Platforms headline an after-hours lineup that also includes semiconductor heavyweights Lam Research, Qualcomm, and ARM Holdings. Before the opening bell, Procter & Gamble and Automatic Data Processing give investors early reads on consumer staples and labor market health.

The day’s reports collectively span cloud computing, artificial intelligence infrastructure, consumer goods, payroll processing, semiconductor equipment, and wireless chip design — making today’s calendar a broad snapshot of the U.S. economy and corporate earnings momentum heading into the second half of 2026.

Companies Reporting Earnings Today

Before Market Open

Procter & Gamble (NYSE: PG) — Fiscal Q4 2026

Procter & Gamble is one of the world’s largest consumer goods companies, producing household brands including Tide, Pampers, Gillette, and Bounty. The Cincinnati-based company serves consumers across more than 180 countries.

Analysts expect EPS of $1.41 on revenue of $21.38 billion for the fiscal fourth quarter ending June 2026 — representing a 4.7% year-over-year EPS decline but 2.3% revenue growth. The company’s own full-year guidance called for organic sales growth of 1% to 5% and EPS in the range of $6.83 to $7.09. Estimates have drifted lower over the past 90 days, reflecting investor caution about volume growth, pricing power, and cost pressures. Investors will focus on organic volume trends across segments, particularly Fabric & Home Care and Beauty, as well as management’s fiscal 2027 outlook.

Automatic Data Processing (NASDAQ: ADP) — Fiscal Q4 2026

Automatic Data Processing is one of the world’s largest providers of cloud-based human capital management (HCM) software, serving more than 1 million clients globally through payroll, HR, and workforce management solutions.

Consensus estimates call for EPS of approximately $2.59 to $2.60 per share on revenue growth of roughly 7% year over year. ADP has beaten Wall Street’s EPS estimates in each of its last four quarters. Management raised fiscal 2026 guidance during its Q3 earnings call, targeting revenue growth of 6% to 7% and adjusted diluted EPS growth of 10% to 11%, citing ongoing demand for AI-enabled HCM tools and rising payroll complexity. As a labor market bellwether, ADP’s employer services data and any guidance on hiring trends will be closely watched.

Aon plc (NYSE: AON) — Q2 2026

Aon is a leading global professional services firm providing insurance brokerage, reinsurance, and human resources advisory solutions. The company has a market capitalization of approximately $76 billion.

The consensus estimate calls for EPS of $3.77 on revenue of $4.26 billion, implying year-over-year growth of roughly 8% and 2.6%, respectively. Aon has beaten consensus EPS estimates in each of its last four quarters and reaffirmed full-year 2026 guidance calling for mid-single-digit or greater organic revenue growth and 70 to 80 basis points of adjusted operating margin expansion. Investors will focus on commercial risk solutions momentum and cost discipline.

Amphenol Corporation (NYSE: APH) — Q2 2026

Amphenol is a global manufacturer of electrical, electronic, and fiber optic connectors and interconnect systems, serving the IT, automotive, industrial, and defense markets. The company reports results at 1:00 PM ET.

Management guided Q2 revenue of $8.1 billion to $8.2 billion, representing 43% to 45% year-over-year growth, with adjusted EPS of $1.14 to $1.16. Analyst consensus stands at approximately $1.19 EPS on $8.3 billion in revenue, reflecting continued strength in Amphenol’s IT datacom business driven by AI infrastructure buildout. IT datacom represented more than 40% of revenues in Q1 2026, with sales jumping 99% year over year. Amphenol is one of the clearest beneficiaries of hyperscaler AI data center spending.

After Market Close

Meta Platforms (NASDAQ: META) — Q2 2026

Meta Platforms owns and operates Facebook, Instagram, WhatsApp, and Messenger, making it one of the largest digital advertising businesses in the world. The company has been aggressively investing in artificial intelligence infrastructure to improve ad targeting and expand into new product categories.

Wall Street’s consensus, drawn from 45 analysts, calls for EPS of $7.22 on revenue of $60.26 billion — representing 26.8% year-over-year revenue growth but only about 1.3% earnings growth. The contrast reflects mounting cost pressure from Meta’s massive capital expenditure program. Meta guided Q2 revenue of $58 billion to $61 billion and reaffirmed full-year 2026 capital expenditures of $125 billion to $145 billion. Investors will focus on whether that infrastructure spending is generating measurable AI-driven ad revenue lift, as well as any update on Meta’s potential cloud infrastructure strategy. Meta last reported Q1 2026 revenue of $56.31 billion, up 33% year over year.

Microsoft Corporation (NASDAQ: MSFT) — Fiscal Q4 2026

Microsoft is one of the world’s most valuable companies, operating across cloud infrastructure (Azure), enterprise software (Office 365), gaming (Xbox), and search advertising (Bing). Its fiscal year ends in June.

Consensus estimates project EPS of approximately $4.21 to $4.24 on revenue of $87.4 billion to $87.7 billion, representing roughly 14% to 15% year-over-year growth. Microsoft provided Q4 revenue guidance of $86.7 billion to $87.8 billion and guided Azure constant-currency growth of 39% to 40%. The company has beaten both revenue and EPS estimates for eight consecutive quarters. Azure growth remains the single most-watched metric; quarterly capital expenditures are expected to exceed $40 billion as Microsoft expands AI infrastructure. With MSFT shares roughly 29% below their all-time high, investors are closely watching whether AI spending is translating into sustainable revenue. Management’s fiscal 2027 outlook will set the tone for the next leg of the stock.

Lam Research Corporation (NASDAQ: LRCX) — Fiscal Q4 2026

Lam Research is a leading global supplier of wafer fabrication equipment and services to the semiconductor industry, with systems used in thin-film deposition, plasma etch, wafer cleaning, and related processes.

Management guided Q4 revenue of $6.6 billion (+/- $400 million) and non-GAAP EPS of $1.65 (+/- $0.15). The Zacks consensus estimate is $6.67 billion in revenue, implying roughly 29% year-over-year growth. Lam’s revenues have exceeded $5 billion for four consecutive quarters. Key drivers include NAND Flash recovery, rapid capacity expansion of high-bandwidth memory (HBM), and the transition to gate-all-around (GAA) architectures. Management previously raised its 2026 wafer fab equipment outlook to $140 billion. AI-related demand for advanced memory and logic chips continues to drive equipment spending.

Qualcomm Incorporated (NASDAQ: QCOM) — Fiscal Q3 2026

Qualcomm is a San Diego-based semiconductor and wireless technology company, best known for its Snapdragon mobile processors and its extensive portfolio of wireless communications patents. The company also derives significant revenue from technology licensing.

Qualcomm’s own guidance called for Q3 non-GAAP EPS of $2.10 to $2.30 and revenue of $9.2 billion to $10.0 billion. Analyst consensus (AlphaStreet, 29 analysts) calls for non-GAAP EPS of approximately $2.23 on revenue of $9.68 billion, representing a year-over-year revenue decline of about 6.6%. The earnings comparison reflects macroeconomic headwinds in the smartphone market and tariff-related uncertainty. Investors will focus on management’s commentary on automotive and IoT diversification, handset demand recovery, and any updates on Qualcomm’s IP licensing segment.

Arm Holdings plc (NASDAQ: ARM) — Fiscal Q1 2027

Arm Holdings is the world’s leading semiconductor IP company, designing the processor architectures used in the vast majority of smartphones and increasingly in AI data centers and automotive systems. Arm does not manufacture chips; it licenses its CPU designs to companies including Apple, Qualcomm, Samsung, and NVIDIA.

Consensus estimates call for Q1 FY2027 revenue of approximately $1.27 billion and non-GAAP EPS of $0.41, consistent with company guidance. The report arrives with ARM shares down approximately 28% in the past month, making it one of the highest-stakes prints of the day. Arm ended FY2026 with record revenue of $4.92 billion (+23% year over year) and has announced more than $2 billion in booked demand for its new AGI data center CPU across FY2027 and FY2028. Management guided for approximately 20% year-over-year revenue growth for Q1, with both licensing and royalty revenues expanding. Investors are evaluating whether AI data center royalty acceleration can justify ARM’s elevated valuation.

Key Storylines to Watch

AI Spending Scrutiny at Microsoft and Meta

Both Microsoft and Meta have committed to extraordinary AI infrastructure investment in 2026. Meta’s guided full-year capex of $125 billion to $145 billion and Microsoft’s expected quarterly capex exceeding $40 billion have drawn intense investor scrutiny. The question is no longer whether AI spending is happening — it is whether it is generating a measurable return. Management commentary on Azure AI consumption growth and Meta advertising lift from AI targeting will drive post-earnings trading.

Semiconductor Equipment Demand Remains Elevated

Lam Research enters today’s report after management raised its 2026 wafer fab equipment industry outlook to $140 billion. AI-driven demand for advanced NAND, HBM, and logic chips is pulling forward equipment orders. Lam’s Q4 guidance implies roughly 29% year-over-year revenue growth. A beat would reinforce the bull case for the entire semiconductor equipment sector, including peers ASML and Applied Materials (AMAT).

ARM’s Pivotal Moment After a Sharp Selloff

ARM’s 28% share price decline in the past month sets up today’s Q1 FY2027 print as a potentially pivotal catalyst. The company’s new AGI data center CPU has attracted more than $2 billion in booked customer demand. If royalty revenue growth — particularly from data center AI chips — accelerates and management raises full-year guidance, the stock could recover sharply. A miss or conservative guidance in the context of its still-elevated valuation could extend the selloff.

Consumer Staples Under Margin Pressure

Procter & Gamble’s expected 4.7% EPS decline versus the prior year highlights the difficult environment for consumer staples companies. While top-line revenue is growing modestly, higher input costs and limits on pricing power are compressing margins. PG’s report will serve as a bellwether for the broader sector, including peers Colgate-Palmolive, Kimberly-Clark, and Church & Dwight.

Market Impact

Today’s after-hours reports from Microsoft and Meta will be particularly market-moving. Together, the two companies represent trillions of dollars in market capitalization and carry significant weight in the S&P 500 and Nasdaq-100. Strong results from both could provide a bullish catalyst for technology-heavy index funds including QQQ (Invesco QQQ Trust) and XLK (Technology Select Sector SPDR ETF).

Lam Research results will be closely watched by investors in semiconductor equipment names including Applied Materials (AMAT), KLA Corporation (KLAC), and ASML. ARM’s results will affect the broader AI chip ecosystem, with spillover potential to Nvidia (NVDA), Apple (AAPL), and Qualcomm (QCOM). Qualcomm’s report will draw comparisons to rival semiconductor firms and could affect the SOXX iShares Semiconductor ETF.

Procter & Gamble’s results will set the tone for the consumer staples sector and XLP (Consumer Staples Select Sector SPDR ETF). ADP’s payroll and employment commentary will be read alongside recent government labor reports as a measure of private-sector hiring health.

What Investors Should Watch Next

Earnings season remains active through the end of July. Thursday, July 30 brings results from Mastercard (MA) before the market open and Amazon (AMZN) and Apple (AAPL) after the close — two of the most watched reports of the entire season. Amazon’s AWS growth and Apple’s iPhone and Services revenue will be critical data points for the broader technology sector.

Investors are also monitoring the Federal Reserve’s July policy meeting statement for signals on the interest rate path heading into the fall. Conference calls from Microsoft and Meta tonight will be analyzed for management guidance on AI monetization timelines, capex discipline, and second-half revenue visibility.

Conclusion

Today’s earnings slate represents a comprehensive cross-section of the modern U.S. economy: mega-cap technology infrastructure, consumer goods, AI chip design, semiconductor equipment, insurance, payroll services, and wireless technology. With Microsoft and Meta reporting after the bell alongside Lam Research, Qualcomm, and ARM Holdings, tonight’s results have the potential to define the technology and AI narrative heading into the second half of 2026. Investors and traders will be watching closely.

Sources

AlphaStreet — “Meta Platforms (META) Q2 2026 Preview: EPS Est. $7.23, Reports July 29” — news.alphastreet.com — July 2026
AlphaStreet — “Microsoft (MSFT) Q4 2026 Preview: EPS Est. $4.24, Reports July 29” — news.alphastreet.com — July 2026
AlphaStreet — “Procter & Gamble Q4 2026 Earnings Preview — July 29, Street Expects $1.41 EPS” — news.alphastreet.com — July 2026
AlphaStreet — “QUALCOMM (QCOM) Q3 2026 Preview: EPS Est. $2.23, Reports July 29” — news.alphastreet.com — July 24, 2026
Yahoo Finance — Meta, PG, ADP analyst estimates — finance.yahoo.com — July 2026
Tickeron — “Microsoft Q4 2026 Earnings Preview” — tickeron.com — July 2026
Tickeron — “Arm Holdings (ARM) Q4 Earnings Preview” — tickeron.com — July 2026
Zacks / Globe and Mail — “LRCX Poised for Q4 Earnings Surprise” — July 2026
247 Wall Street — “Arm Holdings Has Fallen 28% in the Past Month” — July 27, 2026
Barchart — “QUALCOMM’s Q3 2026 Earnings: What to Expect” — barchart.com — July 2026
Qualcomm Q2 FY2026 Official Earnings Release (Q3 Guidance) — s204.q4cdn.com — April 2026
Barchart — “Arm Holdings Earnings Preview: AI Optimism Faces Its Next Big Test” — July 2026
Interactive Investor UK — “US Earnings Season Q2 2026” — ii.co.uk — July 2026
Zacks Investment Research — “ADP Gears Up to Report Q4 Earnings” — July 27, 2026
Amphenol Investor Relations — Q1 2026 Results and Q2 Guidance — investors.amphenol.com — May 2026
IG International — “Microsoft Corp Q4 2026 Earnings Preview” — ig.com — July 21, 2026
Digrin.com — “Stock Earnings Calendar Jul 29, 2026” — digrin.com — July 29, 2026
Zacks — “What Analyst Projections Reveal About P&G Q4 Earnings” — zacks.com — July 24, 2026