EL7.AI
StocksMedium•25 October 2026•
4 min read

179 S&P 500 companies report earnings this week as AI spending faces scrutiny

Key Facts

1179 S&P 500 companies are scheduled to report third-quarter results during the week following October 23.
2Estimated aggregate revenue growth for the third quarter was 12.7% year over year, versus 12.4% the previous week and 12.2% at the quarter’s close.
3The Michigan consumer sentiment index was 48.0 points in October, versus 48.1 in September and expectations of 46.3.
4The Federal Open Market Committee meeting is scheduled for October 27 and 28, with the press conference on October 28.
5The advance estimate of U.S. third-quarter GDP is due on October 29 at 8:30 a.m. Eastern Time.

According to FactSet estimates, 179 S&P 500 companies report third-quarter results during the week following October 23, in a wave of reports that puts the earnings and artificial intelligence investments of major companies under investor scrutiny. The list includes 10 Dow Jones Industrial Average companies. Particular attention is on Alphabet, Intel and Amazon, as investors watch whether heavy AI spending will translate into future growth. The week coincides with the Federal Open Market Committee meeting on October 27 and 28. The advance estimate of U.S. third-quarter GDP is also due on October 29.

The busy reporting schedule follows a decline in U.S. stocks on Friday, October 23. The S&P 500 lost about 0.5%, the Dow Jones fell 1.2% and the Nasdaq Composite slipped 0.2%, according to the Associated Press. The S&P 500 closed at 7,623.68 points, compared with 7,757.17 points on October 21, according to EL7 data. Reuters said the Nasdaq posted a slight loss on Friday, after its biggest daily drop since June in the previous session. Reuters attributed pressure on technology stocks to investor disappointment with quarterly results from Meta and Lam Research. That performance puts next week’s results to a test of companies’ ability to keep justifying elevated valuations.

Analysts expect Alphabet, Intel and Amazon to post earnings increases, according to the Associated Press. But the focus is not limited to quarterly earnings growth; it also includes the expected returns on AI investments and the scale of spending needed to continue expanding. Reuters quoted Alpine Macro’s chief equity strategist as saying, "The market is scrutinizing all AI-related spending." The agency added that investors are giving heavy-spending companies little margin for confidence, which could put them under short-term pressure. Reuters estimates that capital spending by cloud computing giants will reach about $800 billion this year, as investors monitor the returns on that spending and its sustainability amid rising financing costs.

FactSet estimates show aggregate revenue growth for index companies in the third quarter at 12.7% year over year, up from 12.4% the previous week and 12.2% at the quarter’s close on September 30. By sector, 10 of 11 sectors are recording annual earnings growth, with five posting double-digit growth. Healthcare is the only sector recording an annual decline in earnings. These figures provide a backdrop for comparing this week’s company results with current estimates, particularly in sectors tied to AI. The actual results will determine how broadly earnings growth is spread across companies and sectors.

A reading on the U.S. consumer offers another signal about the demand backdrop: the University of Michigan consumer sentiment index stood at 48.0 points in October, versus 48.1 in September, according to Reuters via MarketScreener. The reading topped economists’ expectations of 46.3 points, the same as the preliminary October reading. Reuters nevertheless described the index as near record lows, while the Associated Press said the previous report showed confidence falling in September to its lowest level in more than a decade. The survey director said purchasing power is the main driver of consumers’ views of the economy. The Conference Board’s consumer confidence report, due Tuesday, was expected to show confidence continuing to decline.

Company reports are spread across the week: UPS and Coca-Cola report Tuesday, Alphabet on Wednesday, followed by Intel, Amazon and Starbucks on Thursday, while Exxon Mobil and Chevron report Friday, according to the Associated Press. The schedule puts results from major technology companies alongside anticipation of the Federal Reserve decision and economic data. The Federal Open Market Committee meeting is scheduled to continue on October 27 and 28, with a press conference on the second day, according to the Federal Reserve’s calendar. The Associated Press said markets expect the Fed to hold interest rates steady after raising them at its September meeting. On October 29, the Commerce Department will publish its advance estimate of third-quarter GDP at 8:30 a.m. Eastern Time; the report and initial jobless claims will be among that day’s data.