Earnings playbook: Your guide to the busiest week of the reporting season, featuring Apple & others

Published Sun, Apr 24 20229:13 AM EDTUpdated Tue, Apr 26 20222:36 PM EDT

The busiest week of the earnings season is coming up, with roughly 160 S & P 500 companies slated to report, including tech giants such as Apple and Amazon. Other companies scheduled to deliver their latest quarterly figures are Coca-Cola, Chevron and General Motors. It has been a solid earnings season thus far. Of the S & P 500 members that have reported thus far, 79% have beaten analyst expectations, FactSet data shows. Take a look at CNBC Pro's breakdown of what's expected from each report. Monday Coca-Cola is set to report earnings before the bell, with a management call scheduled for 8:30 a.m. ET Last quarter: KO reported better-than-expected earnings, thanks to strong demand for drinks away from home . This quarter: Analysts polled by Refinitiv expect slight year-over-year increases in earnings and revenue. What CNBC restaurant reporter Amelia Lucas is watching: "Inflation is the number one concern for Coke. The company's forecast in February assumed that higher commodity costs would hit earnings by mid-single digits in 2022, but that was before the Kremlin invaded Ukraine. Also expect the company to face questions about its stake in Monster Energy amid analyst speculation about a potential deal with the energy drink company." What history shows: Coca-Cola shares have posted gains following the release of the last four earnings reports. Tuesday PepsiCo is set to report earnings before the bell, followed by a conference call slated for 8:15 a.m. ET. Last quarter: PEP reported a profit that beat analyst expectations, but warned of rising cost pressures . This quarter: Wall Street is expecting muted earnings and revenue growth from the year-earlier period, according to Refinitiv. What CNBC restaurant reporter Amelia Lucas is watching: "Investors will be watching the company for an update on its business in Russia, which usually accounts for about 4% of the food and beverage giant's annual global revenue. Pepsi stopped short of suspending all its business in Russia, saying it would keep selling some essential products, but the company is still under pressure to pull out entirely." What history shows: Data from Bespoke Investment Group shows the stock averages a slight gain on earnings day. However, PepsiCo shares dropped more than 2% after the company released its last quarterly report. Chipotle Mexican Grill is set to report earnings after the bell. Management is slated to hold a call at 4:30 p.m. ET. Last quarter: CMG posted better-than-expected earnings, with CEO Brian Niccol saying the company was " fortunate " it could raise prices. This quarter: Analysts are forecasting double-digit revenue growth from the year-earlier period, according to Refinitiv. What CNBC restaurant reporter Amelia Lucas is watching: "Last quarter, the restaurant chain warned that the omicron variant and winter storms hurt January sales. But investors should also watch to see if higher prices are hurting demand for Chipotle's tacos and burrito bowls, signaling that consumers are pinching their pennies." What history shows: Chipotle typically beats bottom-line analyst expectations, and its stock averages a 1.64% gain on earnings day, Bespoke data shows. General Motors is set to report earnings after the bell, with management set to hold a call at 5 p.m. ET. Last quarter: GM projected full-year earnings " at or near record levels " as a global chip shortage eased. This quarter: Analysts expect solid revenue growth on a year-over-year basis, but they also see a sharp decline in earnings per share, according to Refinitiv. What CNBC autos reporter Michael Wayland is watching: "Investors, as they have been with every major automaker, will be focused on any update or change to the company's 2022 guidance. Much like Ford, the company has been managing through a global shortage of semiconductor chips and other supplier problems that have disrupted production and led to historically low vehicle inventory levels." What history shows: General Motors averages a marginal gain on earnings day, according to Bespoke. However, the stock fell more than 1% after releasing its previous quarterly report. Alphabet is set to report earnings after the market close, and management is scheduled to hold a call at 5 p.m. ET. Last quarter: GOOGL reported a big earnings beat and announced a 20-for-1 stock split . This quarter: Wall Street is expecting essentially flat year-over-year earnings and solid revenue growth, according to Refinitiv. What CNBC tech reporter Jennifer Elias is watching: "While Google is better insulated from advertising headwinds than other tech companies, investors and analysts will still be looking for any potential slowdown in ad spend amid rising costs and as Snap's recent earnings results, which showed it was affected. Investors and analysts will be looking to see how Google's shutting down most of its business in Russia amid the Ukraine-Russia war will affect its revenue. Investors will also be looking for steady, continued loss reduction in Google's cloud unit." What history shows: Shares of the Google parent typically do well on earnings, averaging a 1.78% gain after the company's results are released, according to Bespoke. Microsoft is set to report earnings after the close. The company's leadership will hold a call at 5:30 p.m. ET. Last quarter: MSFT delivered quarterly results that beat analyst expectations , with revenue rising by 20% from a year earlier . This quarter: The tech giant is expected to report another solid quarter, with revenue forecasted to increase by double digits on a year-over-year basis again, according to Refinitiv. What CNBC tech reporter Jordan Novet is watching: "Microsoft pays a dividend and buys back stock with its billions in income each quarter, but that hasn't stopped the company from getting dragged down lower than the S & P 500 index along with so many of its peers in software. A strong showing could help it outperform. The pandemic-driven wave of PC shipments has ended, and that might pose a challenge to Microsoft's first-quarter sales of Windows licenses to device makers. But the technology company's results will begin to benefit from price hikes for Office 365 productivity software subscriptions. Three months ago, Microsoft finance chief Amy Hood called for Azure public cloud revenue to be up sequentially in constant currency. Anything less than that might not go over well." What history shows: Microsoft has beaten earnings estimates 80% of the time, according to Bespoke. The stock also averages a gain of 0.27% after the company's results are released, the data shows. Wednesday Boeing is set to report earnings before the bell, followed by an analyst call at 10:30 a.m. ET Last quarter: BA reported its third straight annual loss as the company took a $5.5 billion hit from delays to its 787 Dreamliner. This quarter: Wall Street is expecting another quarterly loss, according to Refinitiv. What CNBC airlines reporter Leslie Josephs is watching: "Boeing is set to provide more information about the production and delivery pace of its bread-and-butter 737 Max planes. China had been close to allowing the planes to fly again when an older model of the 737 crashed in the country in March. While the cause is still unknown, commentary from executives on approvals will be key. In the realm of other delays, investors will want to watch for any new forecasts on when 787 Dreamliner deliveries will resume as the company works through manufacturing flaws, delays that have hampered schedules at United and American. Expect investor questions on the 777X and 737 Max 10, too." What history shows: Data compiled by Bespoke shows Boeing shares average a gain of 0.56% on earnings. The company has also beaten earnings expectations 73% of the time. Ford Motor is set to report earnings after the bell. Leadership will have a call at 5 p.m. ET. Last quarter: F reported a quarterly profit that was well below analyst expectations . This quarter: Analysts polled by Refinitiv are expecting a sharp decline in earnings per share from the year-earlier period. What CNBC autos reporter Michael Wayland is watching: "Ford Motor is scheduled to report its first-quarter earnings on Wednesday, a day after the company celebrates the production launch of its electric F-150 pickup truck at a plant in Dearborn, Michigan. With the event likely answering many questions about the production cadence of the new EV, attention will be on the company's 2022 outlook and earnings expectations." What history shows: Bespoke data shows the stock averages a loss of 0.37% on earnings. However, the stock fell more than 9% following its last quarterly release. Meta Platforms is set to report earnings after the bell, followed by an analyst call at 5 p.m. ET. Last quarter: FB reported disappointing earnings and a big forecast miss , leading to its stock falling sharply. This quarter: Analysts are expecting another year-over-year drop in earnings per share for Facebook's parent company. What CNBC tech policy reporter Lauren Feiner is watching: "After Snap reported an earnings miss that it blamed on macroeconomic conditions impacting advertisers, investors will be watching to see whether Meta has faced similar headwinds. Last quarter, Meta reported weak guidance and stagnating user growth. It blamed the results at the time in part on changes to Apple's iOS that impacted its ads business." What history shows: Meta shares typically do well after the company reports earnings, averaging a gain of 1.57% on the back of its results, according to Bespoke. However, the stock sank more than 26% after its last earnings report. Thursday Merck is set to report earnings before the bell, and management will hold a call with analysts at 8 a.m. Last quarter : MRK said it expected to sell $5 billion to $6 billion of its new Covid treatment pill this year . This quarter: Analysts expect double-digit year-over-year earnings and revenue growth from the pharmaceutical giant, according to Refinitiv. What CNBC is watching: "Investors will be looking for updates on how sales of Merck's Covid treatment pills, as well as its cancer treatment medication Keytruda, are going." What history shows: Merck has beaten earnings expectations 73% of the time, according to Bespoke. However, the stock averages a slight loss on earnings day. Twitter is set to report earnings before the bell, and the social media's leadership team will hold a call at 8 a.m. ET. Last quarter: TWTR posted weaker-than-expected earnings and announced $4 billion in share buybacks . This quarter: Analysts polled by Refinitiv expect Twitter to report solid year-over-year revenue growth. What CNBC tech policy reporter Lauren Feiner is watching: "The top question around Twitter earnings will be about Elon Musk and his $43 billion offer to buy the company. The board adopted a poison pill to defend against a hostile takeover, but Musk has since said he's exploring a tender offer and claimed to have commitments for $46.5 billion to help finance a deal." What history shows: Twitter shares typically don't fare well on earnings, averaging a decline of nearly 3% on days it reports quarterly figures, according to Bespoke. Comcast is set to report earnings before the bell, with a conference call slated for 8:30 a.m. ET. Last quarter: CMCSA 's earnings beat estimates, but the company fell short on new internet customers . This quarter: Analysts expect single-digit earnings growth for the media giant, according to Refinitiv. What CNBC media reporter Alex Sherman is watching: "Analysts estimate about 220,000 broadband net adds for the first quarter. Shares will likely trade on how close Comcast hits that mark and any guidance it provides for future quarters. NBCUniversal's story still revolves around its flagship streaming service Peacock, where subscriber growth has been relatively slow. Most investors assume Peacock needs a partnership or acquisition to compete with the largest players in the industry. Thus far, Comcast management has said M & A isn't necessary. Any commentary that suggests leadership has changed its outlook will be of interest." What history shows: Comcast has beaten analyst profit estimates 77% of the time, and its stock averages a gain of 0.53% on earnings day, Bespoke data shows. McDonald's is set to report earnings before the bell, followed by a conference call at 8:30 a.m. ET. Last quarter: MCD reported weaker-than-expected earnings amid rising costs . This quarter: Wall Street expects solid earnings and revenue growth from the year-earlier period, according to Refinitiv. What CNBC restaurant reporter Amelia Lucas is watching: "For McDonald's, the number one area of interest will be the suspension of its business in Russia, where it owns about 84% of its restaurants. CFO Kevin Ozan already warned that pulling out will cost the fast-food giant about $50 million a month, or 5 cents to 6 cents a share, but the company could provide an update on that estimate. McDonald's is also in the middle of a high-profile proxy battle with corporate raider Carl Icahn over its suppliers' treatment of pregnant pigs." What history shows: McDonald's shares are typically flat on earnings day, according to Bespoke. However, the stock has posted moves of at least 1% in two of the last three earnings days. Apple is set to report earnings after the close. Its management team will hold an analyst call at 5 p.m. ET. Last quarter: AAPL reported an 11% year-over-year revenue pop, and CEO Tim Cook said the company's supply chains were improving . This quarter: Analysts expect slower revenue growth from the year-earlier period, according to Refinitiv. What CNBC tech reporter Kif Leswing is watching: "The biggest challenge for Apple at the moment is the macroeconomic environment: Is it being effected by parts shortages, shipping delays, and periodic lockdowns in some production sites in China? Demand for the current generation of iPhones appears to be unusually strong, according to analyst surveys, so investors should closely watch what Apple management has to say about the supply side." What history shows: Apple has beaten earnings estimates 89% of the time, according to Bespoke. The firm's data also showed that Apple shares average a gain of 1.28% on earnings. Intel is set to report earnings after market close, with management holding a call at 5 p.m. ET. Last quarter: INTC reported better-than-expected results and delivered upbeat revenue guidance for the first quarter. This quarter: Analysts expect a slight decline in year-over-year revenue, Refinitiv data shows. What CNBC tech reporter Kif Leswing is watching: "Intel is struggling with supply constraints and increased competition from the likes of AMD in the PC market, but it remains strong in the data center market, where it continues to grow. But month-to-month sales trends matter less for Intel's long-term value than whether investors and partners start to buy in to CEO Pat Gelsinger's multiyear transformation plan, where Intel will spend billions on new chip factories in the U.S. and Europe to create new manufacturing capacity for both its chips and even chips designed by competitors. Investors will be watching Intel management's commentary on how it's executing on that plan." What history shows: Intel struggles on earnings day, averaging a loss of 1.05% after its quarterly reports come out, Bespoke data shows. Amazon is set to report earnings after the bell, followed by a conference call at 5:30 p.m. ET. Last quarter: AMZN posted a huge profit gain from its stake in electric vehicle maker Rivian . This quarter: Analysts surveyed by Refinitiv see single-digit revenue growth for the quarter along with a steep earnings per share decline. What CNBC tech reporter Annie Palmer is watching: "Investors will be listening for any detail on how sky-high inflation, rising gas prices and persistent supply chain issues impacted Amazon's business in the first quarter. Earlier this month, Amazon gave a taste of how it's navigating the inflationary environment when it introduced a 5% surcharge for some of its U.S. sellers, the first such fee in its history. Amazon is also lapping a period when the coronavirus pandemic and government stimulus checks fueled sales. Analysts expect revenue growth to slow to 7.3%, but Amazon's cloud-computing and recently disclosed advertising businesses could be a bright spot in its results." What history shows: Amazon has beaten earnings expectations 63% of the time, according to Bespoke data, which also showed the stock averages a gain of 1.02% on earnings day. Robinhood is set to report earnings after the close, followed by an analyst call at 5 p.m. Last quarter: HOOD reported a loss in active users and forecast weak revenue for the first quarter. This quarter: Wall Street is forecasting another quarterly loss for the stock-trading app, according to Refinitiv . What CNBC Pro reporter Jesse Pound is watching: "Robinhood's star has fallen quickly since its IPO, and now it is time to see if expectations have been lowered enough for a turnaround story to take hold. The company shed monthly active users during the fourth quarter, and its first-quarter results will be face tough comparisons to the GameStop mania of the first quarter of 2021. However, if the company's new initiatives show traction, maybe the stock can move higher even without blowout results." What history shows: Robinhood has only reported earnings three times as a public company, but its stock has seen wild swings on the back of those results. The stock jumped 9.7% after the company released its fourth-quarter numbers. It also fell more than 10% after its third- and second-quarter earnings releases. Friday Chevron is set to report earnings before the bell, with an analyst call slated for 11 a.m. ET. Last quarter: CVX reported fourth-quarter earnings that fell short of analyst expectations . This quarter: Analysts expect a massive year-over-year earnings per share surge for the energy giant, according to Refinitiv. What CNBC is watching: "Chevron is the best-performing stock in the Dow Jones Industrial Average this year, with a gain of 37.15%, as oil prices surge. Investors will be looking for clues on how the company can maintain this momentum." What history shows: Chevron earnings per share have topped analyst expectations 60% of the time, according to Bespoke. However, its stock averages a decline of 0.44% on earnings day, the data shows. Saturday Berkshire Hathaway is set to report earnings in the morning, followed by the company's annual shareholder meeting. Last quarter: BRK.A 's operating earnings surged, as the company repurchased a record $27 billion in stock during 2021 . This quarter: Analysts expect Berkshire's first-quarter earnings and revenue to remain flat on a year-over-year basis. What CNBC markets reporter Yun Li is watching: "Berkshire's aggressive buyback program will likely slow down in the first quarter as the conglomerate's investment activity ramped up. The company's massive cash pile is expected to decline from near-record level after Warren Buffett's recent buying spree that includes Alleghany, Occidental and HP. Investors will also be excited to see if Berkshire's operating profits continued to surge by double digits last quarter." Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC.

Traders on the floor of the NYSE, March 28, 2022.

Source: NYSE

The busiest week of the earnings season is coming up, with roughly 160 S&P 500 companies slated to report, including tech giants such as Apple and Amazon.

Other companies scheduled to deliver their latest quarterly figures are Coca-Cola, Chevron and General Motors.

It has been a solid earnings season thus far. Of the S&P 500 members that have reported thus far, 79% have beaten analyst expectations, FactSet data shows.

Take a look at CNBC Pro's breakdown of what's expected from each report.