The earnings season continues
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Our Equity Top Pick List
We have updated our Equity Top Pick List to reflect the events of the past quarter. The list includes those stocks, typically US and European ones, that we consider to be proper investment choices from a fundamental point of view. It can provide a starting point for building a sector-diversified equity exposure in portfolios, but can also be used as a watch list. Technical analysis should be used to time / determine the specific investment decision.
Could the momentum return in the semiconductors?
The semiconductor sector has had a challenging quarter, with its performance in recent months lagging behind improvements in underlying fundamentals, even as AI-driven demand remained exceptionally strong. The accelerating adoption of AI by enterprises and the proliferation of AI agents are significantly increasing the demand for computing capacity, which points to a further surge in cloud services and data center investments. Given current supply constraints, record-high backlogs, and higher-than-expected investment needs, we expect further upward revisions to earnings forecasts in the semiconductor industry. Nevertheless, the sector’s valuation appears favorable from a historical perspective, which, in our view, could result in a more attractive risk-return profile in the coming months.
The fourth-quarter earnings season continues in the US. Walt Disney, PayPal, Uber, and Amazon, among others, will publish their latest figures in the first week of February. Meanwhile, Infineon and Novo Nordisk, among others, will publish their earnings reports from Europe in the coming week.
As of Friday noon, 31% of the companies comprising the S&P 500 had already published their latest figures, with these companies reporting revenues 1.4% above expectations on average. In terms of revenues, 60.1% of companies that have published their earnings reports so far have delivered positive surprises, while 23.5% have delivered negative surprises. In terms of EPS, companies that have published their earnings reports so far reported an average of 9.9% above expectations; 79.1% of companies that have reported so far caused positive surprises, while 15.6% caused negative surprises.
Among the components of the Stoxx600 index, 11% of companies have published their earnings reports so far. With these companies reporting revenues 0.7% above expectations on average, of the companies that have published their earnings reports so far, 50.9% caused positive surprises, while 30.2% caused negative surprises. In terms of EPS, companies that have published their earnings reports so far reported an average of 1.6% above expectations; 54.6% of the companies that have reported so far caused positive surprises, while 36.4% caused negative surprises.
In the first week of February, US companies such as PayPal, Uber, Amazon, and Walt Disney will report, while in Europe, Infineon and Novo Nordisk, among others, will publish their latest figures. In the week of February 9, Ford, Coca-Cola, and McDonald's, among others, will publish their reports from the United States.
Fourth quarter earnings dates – 2026.02.02. – 02.06.
Fourth quarter earnings dates – 2026.02.09. – 02.13.
Fourth quarter earnings dates – 2026.02.16. – 02.20.
S&P500 fourth quarter earnings dates - 2026. 02.02. - 02.20.
Stoxx600 fourth quarter earnings dates - 2026. 02.02. - 02.20.
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