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What is earnings season?
Four times a year, publicly listed US companies report how they actually performed during US earnings season. They share updates on revenue, profit, and guidance for what's next.
Earnings season runs roughly two weeks after each quarter closes, with the bulk of major reports landing in a dense two-to-three week window.
Stock prices move on earnings day more than almost any other single event - sometimes 5%, 10%, occasionally more, in minutes.
US earnings calendar
| Company | Date | Time | EPS Forecast | Revenue Forecast |
|---|---|---|---|---|
Alphabet | July 22nd | After market | $2.88 | $116.52bn |
Tesla | July 22nd | After market | $0.486 | $25.55bn |
Meta | July 29th | After market | $7.17 | $60.19bn |
Microsoft | July 29th | 10am | $4.24 | $87.61bn |
Amazon | Late July | After market | $1.81 | $196.16bn |
Apple | July 30th | After market | $1.89 | $108.86bn |
Nvidia | August 21th | After market | $2.08 | $91.73bn |
The Magnificent 7
The Magnificent 7 is the informal name for the seven US tech giants that have driven the bulk of the stock market's gains in recent years: Apple, Microsoft, Alphabet (Google), Amazon, Nvidia, Meta, and Tesla.
They're grouped together because they move markets in a way no other cluster of stocks does. Combined, they make up a huge share of the S&P 500's total value, so how they perform on earnings day doesn't just move their own share price, it moves the index.
Next earnings: 22nd July
EPS: $2.88
Revenue: $116.52bn
What to watch: Markets are focused on whether Google Cloud's AI-driven growth can consistently offset potential volatility in core advertising search revenue.
Next earnings: Late July
EPS: $1.81
Revenue: $196.16bn
What to watch: Sentiment remains centered on AWS market share stability and whether improved retail operational efficiency can continue to drive bottom-line expansion.
Next earnings: 30th July
EPS: $1.89
Revenue: $108.86bn
What to watch: Investors are seeking early indicators that upcoming product cycles and potential AI-integrated software updates will trigger a meaningful hardware refresh cycle.
Next earnings: 29th July
EPS: $7.17
Revenue: $60.19bn
What to watch: The primary focus is on how massive infrastructure spending aligns with near-term margin health and the commercial rollout of internal AI agents.
Next earnings: 29th July
EPS: $4.24
Revenue: $87.61bn
What to watch: All eyes are on Azure’s growth rate and whether the current heavy investment in AI capacity is translating into accelerating cloud service revenue.
Next earnings: 21st August
EPS: $2.08
Revenue: $91.73bn
What to watch: The market is looking for confirmation that supply chain constraints are easing and that data center demand remains robust enough to sustain high margin levels.
Next earnings: 22nd July
EPS: $0.486
Revenue: $25.55bn
What to watch: Investors are closely watching profit margins following recent delivery fluctuations and seeking clarity on the scale of energy storage deployment profitability.
How to trade US earnings
Earnings moves aren't like normal trading days. The mechanics are different, and it's important to trade accordingly.
Before the report
Prices often drift in the days beforehand as the market positions for what it expects. Options pricing will tell you roughly how big a move is anticipated - that's the "implied move." Trading into a report means trading against that number, not against the headline.
The gap
Most of the move happens instantly, in after-hours or pre-market trading, before the regular session even opens. If you're not watching in real time, you're trading the aftermath, not the event.
Spreads widen
Liquidity thins around the print. The spread you're used to on a normal Tuesday won't be the spread you get at 4:05pm on earnings day. Factor that into position sizing, not after the fact.
Guidance beats the headline number
The EPS beat gets the alert. The forward guidance decides the actual move. Read past the first line.
Have a plan before the number drops
Decide your position, your stop, your size before the print, not while the price is already moving. Earnings volatility punishes hesitation faster than almost anything else in trading.
Frequently asked questions
US earnings season typically kicks off in the second week of January, April, July, and October, roughly two to three weeks after each quarter ends.
Major banks usually report first, followed by the bulk of large-cap companies over the following three to four weeks.
Most US companies report either before market open (pre-market) or after market close (post-market).
Very few report during the trading session itself as it gives the market time to digest the numbers before regular hours resume.
The Magnificent 7 refers to Apple, Microsoft, Alphabet (Google), Amazon, Nvidia, Meta, and Tesla, seven mega-cap tech stocks that make up a large share of the S&P 500's total value.
Because of their size, their earnings moves can shift the whole index, not just their own share price.
A stock's price reflects what the market already expects, not just the company's actual performance. If a company beats its earnings estimate but issues weaker guidance for the next quarter, or the beat was smaller than the market had quietly priced in, the stock can still fall.
The reaction is driven by the gap between expectation and result, not the result alone.
Liquidity typically thins out around an earnings report as market makers manage their risk ahead of an unpredictable move. Wider spreads mean higher cost to enter and exit a position, which is why position sizing around earnings needs extra care.
Some brokers and platforms allow after-hours or extended-hours trading, where most of the immediate earnings reaction happens.
Availability and liquidity in extended hours vary by platform and instrument, so it's worth checking what's actually accessible before relying on it.