Nearly 80 S&P 500 Companies Report Earnings Next Week, Led by Alphabet and Tesla
0xBroomberg
Nearly 80 S&P 500 companies report earnings next week, headlined by Alphabet, Tesla, and Intel; among the roughly 40 that have already reported this season, 87% beat estimates — next week is the stress test for whether that pace holds.
An 87% beat rate — how solid is this start?
Per FactSet, roughly 40 S&P 500 companies have reported so far this season; 87% topped analyst estimates.
This means → the Street may have set the bar too low, trimming forecasts amid tariff uncertainty.
Next week nearly 80 more companies report, doubling the sample — whether the 87% beat rate survives that expansion is the key test for this earnings season's trajectory.
Which companies have the strongest track records?
Bespoke Investment Group screened for companies that beat EPS estimates at least 75% of the time historically, with an average earnings-day stock gain of at least 1%.
RingCentral — a cloud communications platform — tops the list at a 98% beat rate, with an average earnings-day gain of 3.81%; reports after the close on July 23.
Deckers Outdoor (parent of Hoka and UGG) has a 94% beat rate and an average earnings-day gain of 1.54%; also reports after the close on July 23.
In plain terms = these two companies almost always earn more than analysts expect, and the stock typically rises on the day.
Deckers Outdoor — why is Jefferies upgrading now?
Jefferies upgraded Deckers from hold to buy this week, raising its price target from $110 to $130 — implying roughly 22% upside from Wednesday's close.
Analyst Blake Anderson cited Hoka's potential in product innovation and niche segments, plus UGG's continued brand resilience.
Per LSEG data, 14 of 27 analysts rate Deckers buy or strong buy; the rest rate it hold or underperform.
This means → Wall Street is not unanimous — about half of analysts are still on the sidelines, and that split is itself a risk signal.
ServiceNow — what is Goldman betting on?
ServiceNow has an 89% historical beat rate and an average earnings-day gain of 2.7%; reports after the close on July 22.
Goldman Sachs reiterated its buy rating. Analyst Gabriela Borges wrote: "The single biggest driver of a re-rating is whether ServiceNow can prove its central role in the enterprise AI stack."
This means → Goldman's thesis is not about near-term financials — it is about whether ServiceNow can anchor itself in enterprise AI adoption. If it can, the valuation framework shifts entirely.
Per LSEG data, 46 of 50 analysts rate it buy or strong buy — an unusually strong consensus.
T-Mobile — why are three major banks bullish at once?
T-Mobile reports before the open on July 23; historical beat rate is 82%.
Bank of America upgraded it from neutral to buy, maintaining a $220 price target — implying roughly 17% upside. Analyst Michael Funk argued the market has overreacted to concerns around T-Mobile.
In plain terms = BofA's logic is that the market is pricing T-Mobile as a pure wireless carrier and ignoring its multiple growth vectors — satellite broadband exposure, strategic partnerships, and pricing flexibility.
Barclays and Morgan Stanley also list T-Mobile as a top pick. Three major banks going bullish simultaneously is uncommon in the telecom sector.
What other names are on the calendar?
Beyond the headline stocks, Western Alliance Bancorp (July 21, after close), Ally Financial (July 21, before open), and D.R. Horton (July 21, before open) also report.
This reflects how broad next week's coverage is — from tech and telecom to banking and housing, it amounts to a near-simultaneous check-up across the U.S. economy.
The core question is simple: can the 87% beat rate hold once the sample doubles?
Content is for reference only, not financial advice.