It’s that time of the year again when global markets shift their focus to corporate earnings, as companies across sectors begin publishing their Q3 results. Over the next few weeks, many of the world’s largest and most closely followed businesses will report their financial performance, offering investors a detailed look at how they are navigating the current macroeconomic environment and what they expect going into 2026.

Markets enter this earnings season on a strong footing. The S&P 500 is up around 12.7% YTD, while the Nasdaq has gained 16.84%, supported by resilient corporate results, a wave of AI-related investments, and a positive macro backdrop. A major tailwind this year has been the combination of falling interest rates, improving earnings expectations, especially in the IT sector, and significant cross-investment among the “Magnificent 7” companies, where capital, partnerships, and acquisitions are increasingly focused on strengthening AI infrastructure, and valuations currently reflect AI success. OpenAI’s growing influence and integration into the strategies of Big Tech players is another driver of sentiment, reinforcing investor belief in the next stage of technological growth.

Gold has also delivered an exceptional performance in 2025, with last week marking its best weekly gain since 2008. This year’s rally is one of the most significant in recent memory, signaling a strong demand for safe-haven assets. Seeing equities and gold rise simultaneously is unusual, reflecting a market positioning that combines optimism with caution about potential shocks.

Monetary policy has shifted decisively. The European Central Bank has already cut rates, and the Federal Reserve followed in September, reversing the usual order in which the Fed typically moves first. The ECB is now expected to pause near a 2% policy rate, while further cuts from the Fed are already priced into market expectations. Meanwhile, the U.S. dollar has weakened sharply, depreciating roughly 12% against the euro, a development that is boosting exporters, commodities, and risk appetite more broadly.

Unsurprisingly, the spotlight remains on the so-called “Magnificent 7”: Apple, Microsoft, Alphabet, Meta, Amazon, Tesla, and Nvidia, which have been the key drivers of equity performance in 2025. Microsoft, Meta, and Alphabet will publish results on October 29, followed by Apple and Amazon on October 30, while Nvidia will report on November 20. Expectations are high for continued strength in AI infrastructure, cloud demand, digital advertising, and hardware sales. But with valuations already stretched, the market reaction could be significant if results or guidance disappoint.

The earnings season kicked off with the banking sector, which traditionally reports first and often sets the tone. Results were broadly stronger than expected: JPMorgan reported EPS of 5.07 (consensus 4.84), Goldman Sachs 12.25 (11.02), Citigroup 2.24 (1.75), Wells Fargo 1.66 (1.55), Bank of America 1.06 (0.95), and Morgan Stanley 2.8 (2.09),-all beating expectations on both earnings and revenue. BlackRock 11.55 (11.31) and Johnson & Johnson 2.80 (2.76) also posted solid results.

Later in the week, weaker results from some regional banks weighed slightly on sentiment due to rising loan-loss provisions, raising questions about potential credit quality risks. Beyond financials, ASML reported EPS of 5.49 (5.44), TSMC 17.44 (15.82) as AI demand continued to fuel semiconductor growth, and ABB 6.22 (6.10) thanks to robust automation and electrification orders.

Looking ahead, the next two weeks bring the most important wave of corporate updates. Unless otherwise noted, all numbers below refer to analyst expectations for EPS, revenue, and revenue growth (YoY).

On 21 October, Netflix is expected to post EPS of 6.96 with revenue around USD 11.52bn, while Coca-Cola is forecast at EPS 0.78 and revenue of USD 12.43bn (+4.9% YoY). Lockheed Martin should deliver EPS of 6.32 on USD 18.53bn revenue (+8.3%), and Philip Morris EPS of 2.10 on USD 10.68bn.

The following day, Tesla is projected to report EPS of 0.52 with USD 26.27bn in revenue (+4.3%), IBM EPS of 2.43 with USD 16.09bn (+7.5%), and SAP EPS of 1.69 with USD 10.64bn (+14.3%).

On 23 October, Blackstone is forecast to post EPS of 1.22 with USD 3.12bn in revenue (-14.8%), while Lazard is expected to deliver EPS of 0.41 with USD 682.9m (-15.4%). Intel should report EPS of -0.12 and USD 13.11bn in revenue (-1.3%), and Ford EPS of 0.38 with USD 42.26bn (-8.5%). Procter & Gamble is seen at EPS 1.90 and USD 22.2bn (+2.1%) on 24 October.

The payments sector takes the stage on 28 October, with PayPal expected to post EPS of 1.20 and USD 8.18bn in revenue (+4.2%), HSBC EPS 1.65 and USD 16.6bn (-54.7%), and Visa EPS 2.96 with USD 10.61bn (+10.3%).

On 29 October, Boeing is expected to report EPS of -1.71 with USD 21.17bn in revenue (+18.7%), Meta Platforms EPS 6.58 with USD 49.2bn (+21.2%), Microsoft EPS 3.65 with USD 75.38bn (+14.9%), and Alphabet EPS 2.29 with USD 99.73bn.

Eli Lilly will report on 30 October with expected EPS of 6.30 and USD 15.99bn (+39.8%), while Merck is forecast at EPS 2.36 with USD 17.22bn (+3.4%). Amazon is projected to post EPS of 1.60 with USD 177.96bn (+12.0%), Apple EPS 1.74 with USD 100.37bn (+5.7%), MicroStrategy EPS -0.11 with USD 118.2m (+1.8%), and Coinbase EPS 1.03 with USD 1.7bn (+41.1%).

Energy giants ExxonMobil and Chevron conclude October on 31 October, with expected EPS of 1.78 and 1.81, revenues of USD 87.86bn (-2.4%) and USD 52.03bn (+2.7%), respectively. Early November brings Palantir on 3 November (EPS 0.17, revenue USD 1.09bn, +50.2%), followed by Pfizer (EPS 0.68, revenue USD 17.32bn, -2.2%), Uber (EPS 0.67, revenue USD 12.97bn, +15.9%), BP (EPS 0.70, revenue USD 63.56bn, +31.5%), and AMD (EPS 0.97, revenue USD 8.72bn, +27.9%) on 4 November. McDonald’s reports on 5 November (EPS 3.37, revenue USD 7.02bn, +2.1%), and one of the biggest awaits-Nvidia will close the season on 20 November.

Overall, this earnings season will provide crucial insight into how global corporates are performing amid shifting macro dynamics and where they see the next stage of growth. With strong YTD gains, high expectations, and valuations near multi-year highs, results and forward guidance will be key in determining market direction into year-end.

Notable Q3 Earnings Season Calendar

Source: Bloomberg, Investing, Companies’ data, InterCapital research