Earnings Week of July 21, 2026: Tesla, Alphabet, Intel, TXN, IBM, and More in Focus

The second week of Q2 2026 earnings season arrives with some of the most closely watched names in U.S. equity markets. Tesla (TSLA), Alphabet (GOOGL), Intel (INTC), Texas Instruments (TXN), ServiceNow (NOW), Lockheed Martin (LMT), IBM, American Express (AXP), and a slew of other S&P 500 and Nasdaq 100 heavyweights are scheduled to report results between Monday, July 20, and Friday, July 24. With the S&P 500 on track to deliver a second consecutive quarter of earnings growth above 20%, expectations are high heading into what could be the busiest week of the season.

According to FactSet's Earnings Insight report dated July 10, 2026, the estimated year-over-year earnings growth rate for the S&P 500 in Q2 2026 stands at approximately 23.6%, up from an initial estimate of 18.8% at the start of the quarter. With 86 S&P 500 companies reporting this week — including four Dow 30 components — the results and forward guidance from this batch will go a long way toward setting the narrative for the rest of earnings season.

This Week's Key Earnings Reports at a Glance

• Monday, July 20: Domino's Pizza (DPZ) and AMC Entertainment (AMC) — Before Market Open; AGNC Investment (AGNC) — After Market Close
• Tuesday, July 21: Charles Schwab (SCHW), 3M (MMM), General Motors (GM), Danaher (DHR), Halliburton (HAL), Northrop Grumman (NOC) — Before Market Open; Capital One Financial (COF), Chubb (CB) — After Market Close
• Wednesday, July 22: GE Vernova (GEV), AT&T (T), Philip Morris International (PM), CME Group (CME) — Before Market Open; Tesla (TSLA), Alphabet (GOOGL), ServiceNow (NOW), IBM, Texas Instruments (TXN), Southwest Airlines (LUV), Crown Castle (CCI), United Rentals (URI) — After Market Close
• Thursday, July 23: Lockheed Martin (LMT), RTX Corp (RTX), T-Mobile US (TMUS), Honeywell (HON), Blackstone (BX), Comcast (CMCSA), Union Pacific (UNP) — Before Market Open; Intel (INTC), Newmont (NEM) — After Market Close
• Friday, July 24: American Express (AXP), Verizon Communications (VZ), NextEra Energy (NEE), SLB (SLB), HCA Healthcare (HCA) — Before Market Open

Key Details: What Analysts Expect

Tesla (TSLA) — Wednesday, July 22, After Market Close

Tesla is one of the week's most anticipated reports. The Zacks consensus estimate calls for Q2 2026 EPS of $0.47 on revenue of $24.7 billion, representing year-over-year growth of approximately 17.5% on the bottom line and around 10% on the top line. The consensus EPS estimate has been revised upward by $0.02 over the past 30 days, reflecting growing analyst confidence heading into the print.

Tesla delivered a record 480,126 vehicles in Q2 2026, surpassing the Wall Street estimate of approximately 406,000 units by a wide margin and representing a 25% year-over-year increase. That delivery beat sets a positive tone for the revenue line. Investors will closely watch gross margin trends, progress on Full Self-Driving and Robotaxi expansion across more than 30 U.S. cities, and the company's forward guidance on free cash flow — which Tesla has indicated is expected to remain negative through the rest of 2026 due to elevated capital expenditures above $25 billion. Tesla has beaten analyst EPS estimates in three of its last four quarters.

Alphabet (GOOGL) — Wednesday, July 22, After Market Close

Alphabet is expected to post Q2 2026 EPS of $2.89 on revenue of $116.84 billion, based on a 41-analyst consensus compiled by AlphaStreet. That would represent year-over-year growth of approximately 25.1% on EPS and 21.2% on revenue, versus $96.43 billion in Q2 2025. Google Cloud is the primary growth engine, with analysts projecting approximately 63% year-over-year revenue growth in the segment, reaching an estimated $22.2 billion.

The consensus EPS estimate has risen 4.7% over the past 90 days, reflecting consistent upward revisions. Alphabet has beaten EPS estimates in eight consecutive quarters. The primary question heading into this report is whether the company can sustain its advertising momentum while demonstrating meaningful AI monetization. In Q1 2026, a large portion of Alphabet's earnings beat was driven by mark-to-market gains on equity stakes including Anthropic and SpaceX — investors will be watching whether core operating income can do the heavy lifting this time.

Texas Instruments (TXN) — Wednesday, July 22, After Market Close

Texas Instruments guided for Q2 2026 revenue of $5.0 billion to $5.4 billion, well above the prior consensus of $4.8 billion at the time of issuance. Company EPS guidance of $1.77 to $2.05 also exceeded analyst expectations. The Zacks consensus revenue estimate currently stands at $5.23 billion, implying 17.5% year-over-year growth. Texas Instruments beat Q1 2026 EPS estimates by a wide 22.63% margin, reporting $1.68 versus an estimate of $1.37.

Industrial revenues rose more than 30% year-over-year in Q1 2026, while data center revenues surged approximately 90%. Analog revenues increased 22% year-over-year in Q1 to $3.92 billion. The combination of robust industrial and data center demand positions TXN as a key semiconductor cycle recovery story in 2026. The stock has gained approximately 55% since March 31, 2026.

IBM — Wednesday, July 22, After Market Close

IBM is expected to report Q2 2026 EPS of approximately $3.05 on revenue of $18.04 billion, based on ChartMill consensus data from 18 analysts. That would represent revenue growth of roughly 6.3% year-over-year. IBM has been executing on its hybrid cloud and AI platform strategy, and investors will be watching for updates on the adoption of its watsonx AI offerings and the health of its consulting division.

ServiceNow (NOW) — Wednesday, July 22, After Market Close

ServiceNow is expected to report Q2 2026 EPS of approximately $0.86 on revenue of roughly $3.97 billion, based on ChartMill consensus data from 39 analysts. That represents revenue growth of approximately 23.4% year-over-year. ServiceNow has beaten EPS estimates in eight consecutive quarters. The company guided for Q2 2026 subscription revenue of $3,815 million to $3,820 million and reiterated full-year subscription revenue growth of 22% to 22.5% year-over-year. The AI platform narrative remains central to investor sentiment around the stock.

Intel (INTC) — Thursday, July 23, After Market Close

Intel is expected to report Q2 2026 non-GAAP EPS of approximately $0.21 to $0.22 on revenue of approximately $14.3 billion to $14.7 billion, broadly in line with management's own guidance of $13.8 billion to $14.8 billion in revenue. That would represent revenue growth of approximately 11% year-over-year. Intel beat Q1 2026 EPS estimates dramatically, reporting $0.29 versus a consensus of essentially $0.01. The company has beaten EPS estimates in three consecutive quarters, and analyst EPS revisions have risen sharply — up nearly 200% over the past three months as Intel's turnaround story gains credibility. Key focus areas include the 18A process node ramp, foundry customer momentum, and agentic AI server CPU demand. Options markets are pricing in a roughly 12.5% implied move in Intel shares on the report date.

Lockheed Martin (LMT) — Thursday, July 23, Before Market Open

Lockheed Martin is expected to report Q2 2026 EPS of approximately $7.21 to $7.23 on revenue of approximately $19.57 billion, according to consensus estimates. The company provided FY 2026 EPS guidance of $29.35 to $30.25 and revenue guidance of $77.5 billion to $80.0 billion. Lockheed missed Q1 2026 EPS estimates modestly, reporting $6.44 versus a consensus of $6.79 — investors will be watching for a return to beat territory. Defense sector tailwinds remain strong given elevated global security spending, and Lockheed's substantial backlog provides solid revenue visibility.

American Express (AXP) — Friday, July 24, Before Market Open

American Express is expected to report Q2 2026 EPS of approximately $4.39 to $4.45 on revenue of approximately $19.87 billion. That would represent EPS growth of approximately 7.6% to 9.1% year-over-year, compared to $4.08 per share in Q2 2025. AXP has beaten EPS estimates in three of its last four quarters, including a $0.27 beat in Q1 2026. For full-year 2026, analysts project EPS of $17.65, up 14.8% year-over-year. American Express serves as a proxy for premium consumer spending health, and management's commentary on spending trends and credit quality will be closely watched.

Market Impact

This week's earnings calendar spans multiple high-impact sectors: technology (Tesla, Alphabet, IBM, ServiceNow, Texas Instruments, Intel), defense (Lockheed Martin, RTX, Northrop Grumman), financials (American Express, Charles Schwab, Capital One, Blackstone), telecommunications (AT&T, Verizon, T-Mobile), and industrials (GE Vernova, Honeywell, Union Pacific, 3M). Results this week will shape investor sentiment across virtually every major sector of the S&P 500.

Wednesday evening's triple mega-cap report — Tesla, Alphabet, and Texas Instruments all reporting after the bell — has the potential to meaningfully move markets on Thursday morning. The semiconductor space is on particular alert: with TSMC recently exceeding estimates and the global chip cycle showing a strong recovery, TXN's industrial and data center numbers will be read as a bellwether for the broader analog chip market.

At the macro level, FactSet data as of July 17, 2026 shows that 85% of S&P 500 companies that have reported actual results so far have beaten revenue estimates — well above the five-year average of 70%. Blended Q2 2026 revenue growth currently stands at 12.8%, above the 12.3% estimate at the start of earnings season. The blended earnings growth rate has climbed above 20% for the second consecutive quarter. If this pace holds, it will reinforce the case for the market's elevated forward P/E ratio of approximately 20.3x — above both the five-year (19.9x) and ten-year (19.0x) averages.

What Investors Should Watch Next

• Tesla's gross margin and Q3 guidance: Any narrowing of auto margins or downward revenue guidance could pressure the stock sharply.
• Alphabet's Google Cloud growth rate and operating margin: Can the company demonstrate AI monetization beyond mark-to-market equity gains?
• Texas Instruments' industrial and data center commentary: Management's tone on demand sustainability will set the mood for peer analog chipmakers.
• Intel's 18A process node progress and foundry customer updates: A credible roadmap update could accelerate the stock's re-rating.
• American Express's consumer spending trends and credit quality: Softening premium consumer spend or rising delinquencies would be a warning signal for the broader economy.
• Macro backdrop: The Federal Reserve's next policy meeting remains in focus as investors gauge whether strong corporate earnings accompany renewed inflation pressure from tariff dynamics.
• The following week (July 27-31) brings another large wave of reporters including additional Big Tech and consumer names.

Conclusion

The week of July 21, 2026 represents a defining stretch of Q2 2026 earnings season. With Tesla, Alphabet, Intel, Texas Instruments, ServiceNow, IBM, Lockheed Martin, and American Express all on the schedule, investors will receive a high-resolution view of technology, defense, and financial sector health. Against a backdrop of projected 23.6% earnings growth for the S&P 500, the bar is high — but early-season results show most companies are clearing it. The guidance commentary from these marquee names will be at least as important as the headline numbers themselves.

Sources

• EarningsHub Earnings Calendar — earningshub.com/earnings-calendar/this-week — July 19, 2026
• FactSet Earnings Insight (July 10, 2026) — factset.com/earningsinsight
• FactSet S&P 500 Earnings Season Update (July 17, 2026) — insight.factset.com/sp-500-earnings-season-update-july-17-2026
• AlphaStreet — Alphabet (GOOGL) Q2 2026 Preview — news.alphastreet.com
• IG Markets — Alphabet Q2 2026 Earnings Preview — ig.com
• Zacks Investment Research — TSLA Q2 2026 Earnings Preview — finance.yahoo.com
• Zacks Investment Research — TXN Q2 2026 Earnings Preview — finance.yahoo.com
• Trefis — Texas Instruments (TXN) Analysis — trefis.com (July 2026)
• Perplexity Finance — Intel (INTC) Q2 2026 Earnings Preview — perplexity.ai
• Benzinga — ServiceNow (NOW) Earnings Estimates — benzinga.com
• Barchart / Yahoo Finance — American Express Earnings Preview — finance.yahoo.com
• ChartMill — LMT, AXP, IBM Analyst Ratings and Estimates — chartmill.com
• MarketBeat — Earnings Estimates (TXN, LMT, AXP, TSLA, GOOGL, INTC) — marketbeat.com
• Earnings Whispers (@eWhispers) — x.com/eWhispers — July 19, 2026