Big Earnings Wednesday: AT&T, GE Vernova, Philip Morris, Alphabet, Tesla, IBM and Texas Instruments All Report — Before Open vs. After Close
Big Earnings Wednesday, July 22, 2026 is one of the most loaded single days of this earnings season. Seven closely watched names report results, split almost evenly between the opening bell and the closing bell — and the mix spans telecom, industrial power, tobacco, Big Tech, enterprise software and semiconductors. Here’s the full breakdown of who’s reporting when, what Wall Street expects, and where analyst price targets and rating revisions stand heading into the numbers.
Before the Opening Bell
AT&T (T) — Reports at 8:30 a.m. ET. Analysts expect adjusted EPS of roughly $0.59, up about 9% year over year, on revenue growth in the low single digits following a strong Q1 that added 294,000 postpaid phone subscribers. AT&T carries a consensus “Buy”/”Moderate Buy” rating from Wall Street, with an average price target near $29–$29.50 (about 15 analysts have it at Buy, roughly 10 at Hold). The target trend has been drifting lower into the print: Morgan Stanley cut its target to $25 from $30 (still Overweight), and Bernstein trimmed to $25 from $30, both citing competitive pressure from SpaceX’s Starlink in the connectivity market, while Scotiabank shaved its target to $29.25 from $31. Bank of America, by contrast, reiterated a Buy rating this month.
GE Vernova (GEV) — Also reports before the open. This is arguably the most anticipated report of the morning: GEV stock is up more than 60% year-to-date on the AI power buildout, and the Street is bracing for another blowout quarter. Consensus estimates call for EPS around $3.17–$3.23 (up roughly 70–74% year over year) on revenue near $10.7–$10.8 billion. Analysts have assigned GE Vernova an overall “Strong Buy” rating — 24 Strong Buy, 2 Moderate Buy, 6 Hold among 32 analysts — with an average price target of about $1,221 (9.7% implied upside) and a Street-high target of $1,400. Options markets are pricing an 11.5% potential post-earnings swing, well above GEV’s own recent-quarter average of 5.5%.
Philip Morris International (PM) — Reports before the open with a 9:00 a.m. ET call. Consensus sits at roughly $2.03–$2.05 EPS on revenue near $10.6 billion, which would mark a fourth consecutive quarter of topping estimates. PM holds a “Buy”/”Moderate Buy” consensus, with an average price target around $186–$195 (roughly 8–12% implied upside). UBS recently raised its target to $182 from $168 while keeping a Neutral rating, and the broader target range now spans about $171 to $225. Options markets imply a possible ~4.9% move in either direction on the print.
After the Closing Bell
Alphabet (GOOGL/GOOG) — Reports after the close, and it’s the headline event of the day. Analysts are looking for EPS of roughly $2.88–$2.90 (up from $2.31 a year ago) on revenue growth of about 21%, to a little over $117 billion. Alphabet carries a “Strong Buy” consensus from a wide analyst base — one tally puts it at 57 Buy, 6 Hold, 0 Sell out of 68 analysts — with an average price target in the $412–$433 range (roughly 18–25% implied upside) and a Street-high of $515. BMO Capital raised its target to $455 from $435 just days ago and named GOOGL a “top pick” heading into the print. Options markets are pricing a ~5.4% post-earnings move. Investors will be watching Google Cloud growth, TPU/AI monetization commentary, and any updates to the 2026 capex range of $180–$190 billion. See our GOOGL stock fact sheet for the full snapshot.
Tesla (TSLA) — Also reports after the close, in what’s being called the company’s most important print of the summer. Wall Street expects EPS of about $0.51–$0.55 on revenue near $25.7–$27.4 billion. Unlike Alphabet, Tesla carries only a “Hold” consensus — 10 Buy, 16 Hold, 3 Sell among recent coverage — with an average price target around $420–$430. The spread between analysts is unusually wide: Wells Fargo’s Colin Langan raised his target to $130 (still a Sell), while Baird’s Ben Kallo reiterated a $522 Buy target. Tesla shares are down roughly 17% year-to-date heading into the report, and options markets are pricing an 8% potential swing. Q2 deliveries were already pre-announced at 480,126 units (up 25% YoY), so Wednesday’s numbers will hinge on automotive margins, capex, and management’s tone on autonomy and full-year guidance. See our TSLA stock fact sheet for more.
IBM — Reports after the close, and this is the wildcard of the day. IBM pre-announced a Q2 shortfall on July 14 — preliminary revenue of $17.2 billion versus a $17.86 billion consensus, and adjusted EPS of $2.93 versus roughly $3.01 expected — which triggered IBM’s steepest single-day stock decline since 1968 and wiped out an estimated $67 billion in market value. CEO Arvind Krishna attributed the miss to enterprise clients shifting late-June capex toward AI servers and memory rather than IBM’s software and infrastructure lines. Despite the sell-off, the Street’s consensus rating remains “Moderate Buy” (roughly 14–22 analysts, mostly Buy/Hold), with an average price target still near $271–$300, implying substantial upside from current levels around $213. Reactions have been mixed post-warning: Jefferies cut its target to $260 from $320, while Morgan Stanley raised its target to $293 and Wedbush’s Dan Ives held a $350 target, arguing the miss was an execution issue rather than a demand problem. Wednesday’s full release — and management’s tone on the back half of 2026 — will determine whether analysts stay patient. See our IBM stock fact sheet for background.
Texas Instruments (TXN) — Rounds out the after-hours slate with a 4:30 p.m. ET call. Management’s own guidance points to a strong quarter: revenue of $5.00–$5.40 billion and EPS of $1.77–$2.05, aided by industrial demand (up more than 30% YoY last quarter) and data-center revenue (up roughly 90% YoY). TXN’s analyst base is genuinely split — one tally shows 15 Buy, 17 Hold, 3 Sell with a mean target near $298, while another shows a wider spread of Strong Buy to Strong Sell ratings. Recent target moves have diverged sharply: Citi raised its target to $345 from $280, Seaport Global went to $400, while Morgan Stanley — maintaining an Underweight rating — nudged its target up to just $230 from $221. That $200-to-$400 target range underscores how differently analysts are valuing TI’s industrial and data-center recovery story.
Why Wednesday Matters
Two Magnificent Seven names reporting the same evening — Alphabet and Tesla — tends to amplify volatility across tech-heavy indexes regardless of either company’s individual results. IBM’s report doubles as a referendum on its own pre-announcement, with a securities-related inquiry already circling the company’s characterization of its deal pipeline before the warning. GE Vernova’s morning report is a read on how durable the AI power buildout really is, and Texas Instruments’ evening call is one of the better real-time gauges of industrial and data-center capex trends. Layered together with AT&T’s competitive positioning against Starlink and Philip Morris’s smoke-free transition, Wednesday touches nearly every major market narrative at once.
We’ll be publishing dedicated recaps for Alphabet, Tesla, and IBM as results cross the wire, with updates flowing into each ticker’s fact sheet on our Stock Fact Sheets hub. For more recent earnings coverage, see our recap of Oracle’s record Q4 FY2026 quarter.
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