Season ramps up with more ‘Mag 7’ results this week

This week marks the busiest week of the second-quarter corporate earnings season, and some of the world’s biggest companies are on the docket. In coming days, 151 companies in the S & P 500 are slated to release their latest quarterly results. That includes four of the “Magnificent Seven,” Meta Platforms and Microsoft on Wednesday and Amazon and Apple on Thursday. They will follow those from two other notable megacap technology companies, YouTube and Google parent Alphabet and Tesla . Alphabet shares closed higher Thursday after second-quarter earnings and revenue topped expectations, while Tesla shares nosedived after the electric vehicle maker saw auto sales decline for a second consecutive quarter . Corporate earnings have proven strong so far, with more than 82% of the 169 S & P 500 companies that have reported beating Wall Street’s expectations, according to FactSet data. Here is CNBC Pro’s breakdown of what to expect in some of the coming week’s most notable reports. All times are ET. Tuesday Procter & Gamble is scheduled to report earnings before the opening bell, followed by a conference call at 8:30 a.m. Last quarter: Procter & Gamble slashed its 2025 guidance for core earnings per share and revenue, citing a slowdown in consumer spending and the effect of President Donald Trump’s higher tariffs. CEO Jon Moeller also said price hikes were likely. This quarter: Analysts surveyed by LSEG expect slight year-over-year earnings and revenue growth from the Tide detergent and Charmin toilet paper owner. What to watch: Heading into the results, JPMorgan’s Andrea Teixeira downgraded Procter & Gamble to a neutral rating from outperform on Friday. The analyst cited the outlook for “another lackluster quarter and normalization of category growth” as justification. “We are taking a pause because we think PG organic sales growth will remain soft for the next few quarters as the categories have decelerated,” Teixeira added. That followed a downgrade from Evercore ISI in mid-July to an in-line rating from outperform . While P & G performs well in traditional brick-and-mortar stores like Costco and Walmart, Evercore ISI found it was losing share on Amazon. What history shows: Procter & Gamble has a strong earnings track record, with data from Bespoke Investment Group showing the Cincinnati-based company beating earnings estimates 85% of the time. Bespoke data also shows that P & G has surpassed analysts’ earnings expectations for nine consecutive quarters. Boeing is scheduled to report earnings before the market opens, followed by a conference call at 10:30 a.m. Last quarter: Boeing narrowed its losses and said it planned to seek approval from the Federal Aviation Administration later this year to increase production of 737 Max jets. This quarter: The Street anticipates that the commercial jet maker and defense contractor will post revenue growth above 29% compared to the year-earlier period, according to LSEG. What to watch: Analysts at Morgan Stanley and JPMorgan are bullish heading into Boeing’s quarter. “Absent any unexpected Defense charges in 2Q25, we see the setup as largely positive for BA heading into the print,” Morgan Stanley’s Kristine Liwag wrote. “With good progress on deliveries and potential upside to near-term cash flow, we remain comfortable into earnings and lean positive,” JPMorgan’s Seth Seifman said. What history shows: Boeing has beaten Street earnings estimates 67% of the time, according to Bespoke, and shares have seen average gains of 0.5% in the following session. Wednesday Meta Platforms is scheduled to report earnings after the market closes, followed by a conference call at 5:00 p.m. Last quarter: Meta revenue surpassed Street expectations , and its second-quarter forecast matched what analysts were expecting. This quarter: Analysts expect the Facebook and Instagram parent to post year-over-year earnings and revenue growth of more than 14%, LSEG data shows. What to watch: Bernstein analyst Mark Shmulik recently raised his price target to $775 from $700 and reiterated an outperform rating on the stock. “Despite some eyebrow-raising offers tied to their high profile AI talent hiring spree, Meta appears to be the easiest name to own in digital ad land. They continue to be a clear AI winner, with positive ad checks supporting company commentary on improving ad efficacy,” he wrote. What history shows: Data from Bespoke Investment Group shows that Meta has beaten earnings expectations in 10 straight quarters and revenue estimates in 11. Shares average about a 2% rise in the next session. Microsoft is scheduled to report earnings after the closing bell, followed by a conference call at 5:30 p.m. Last quarter: Microsoft earnings and revenue beat Wall Street estimates, and the Windows parent…