The earnings season is nearing its end
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Commodities - Technical Analysis
Gold and silver have broken their downtrends, triggering upward waves that still hold potential for further gains. After a strong retest, the oil price may settle into a range, but there are still opportunities for further gains. Natural gas prices did not reach a new low, but no pattern indicating a reversal has yet emerged. Copper is maintaining its upward trend; it must rise again within the next few days, or the rally could break down. Wheat and corn are also beginning to turn upward again from key support levels after strong retests.
Strong performance from Expedia
Despite the war in the Middle East and rising energy prices, U.S. consumer spending—and, by extension, travel DEMAND—proved to be sufficiently resilient in the second quarter, from which Expedia also benefited greatly. The company beat analysts’ expectations across all major metrics, with revenue growing by 14%, while also successfully maintaining its strategic goal of cost control, resulting in profit growth of over 20%. Cash generation is very strong, which is being used to repurchase shares, and for now, there's no sign of a slowdown on the demand side, leading the company to raise their full-year expectations for this year. Given the improving fundamentals, we are raising our fair value estimate to $365.
The fourth quarter earnings season is coming to an end in the US, but there are still some important earnings reports coming up this week: Nvidia and Home Depot, among others, will be releasing their latest figures this week. In Europe, Allianz, BASF, and Puma, among others, will be reporting this week. Among Hungarian companies, Magyar Telekom will publish its earnings report on February 25, Masterplast will report on February 26, and Richter and AutoWallis will also publish their latest figures on February 27.
By Monday noon, 85% of the companies comprising the S&P 500 had already published their latest figures, with these companies reporting average revenues 1.9% above expectations. In terms of revenues, 65.8% of companies that have published their earnings reports so far have delivered positive surprises, while 18.6% have delivered negative surprises. In terms of EPS, companies that have published their earnings reports so far reported an average of 7.7% above expectations; 75% of the companies that have reported so far caused positive surprises, while 19.8% caused negative surprises.
Among the components of the Stoxx600 index, 48% of companies have already published their earnings reports, with these companies reporting revenues 2.2% above expectations on average. Of the companies that have published their earnings reports so far, 46.8% caused positive surprises in terms of revenues, while 33.9% caused negative surprises. In terms of EPS, companies that have published their earnings reports so far reported an average of 2.8% above expectations; 50.8% of companies that have reported so far caused positive surprises, while 42.3% caused negative surprises.
In the last week of February, US companies such as Nvidia and Home Depot will report, while in Europe, Allianz, BASF, and Puma, among others, will publish their latest figures. Among Hungarian companies, Magyar Telekom will publish its earnings report on February 25, Masterplast will report on February 26, and Richter and AutoWallis will also publish their latest figures on February 27.
Fourth quarter earnings dates – 2026.02.23. – 02.27.
Fourth quarter earnings dates – 2026.03.02. – 03.06.
Fourth quarter earnings dates – 2026.03.09. – 03.13.
S&P500 fourth quarter earnings dates - 2026. 02.23. - 03.31.
Stoxx600 fourth quarter earnings dates - 2026. 02.23. - 03.31.
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