$MAR Earnings Preview
Q2 Adjusted EPS: $3.08 est., Up from $2.65 YoY
Q2 Revenue: $7.19B est., Up from $6.74B YoY
Investor Focus:
Worldwide RevPAR by region (U.S. & Canada, Greater China, EMEA), net rooms growth and pipeline, gross fee revenues, incentive management fees, Bonvoy member adds, capital returned, and the FY26 guide.
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Weekly Travel Update
DULLES AIRPORT EXPANSION
$UAL Washington Dulles International Airport unveiled a $20+ billion modernization plan, featuring over 5 million square feet of new and renovated facilities, expanded AeroTrain service, and new concourses. The decade-long project strengthens United Airlines' hub, increases gate capacity, and aims to enhance international travel while supporting long-term regional economic growth.
B&P TUNNEL PROJECT ADVANCES
Amtrak announced major construction progress on its B&P Tunnel Replacement Program, including tunnel boring machine production and key infrastructure work, while identifying design optimizations to reduce costs and improve efficiency. The project, targeted for completion in 2036, will replace the 153-year-old rail bottleneck, improving safety, reliability, and capacity along the Northeast Corridor.
TAP PRIVATIZATION BIDS
Lufthansa and Air France-KLM submitted binding offers for a minority stake of up to 49.9% in Portugal's state-owned TAP, advancing the airline's privatization process. The acquisition would strengthen each carrier's transatlantic network, particularly to Brazil, Africa, and North America, with the Portuguese government expected to select a preferred bidder by early September.
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Exxon Mobil Corp, $XOM , earnings were released this morning.
Adjusted EPS: expected $3.68, reported $3.52
Miss: -4.39%
Revenue: expected $97.66B, reported $116.02B
Beat: +18.80%
$XOM Earnings Preview
Q2 Adjusted EPS: $3.68 est., Up from $1.64 YoY
Q2 Revenue: $97.66B est., Up from $81.51B YoY
Investor Focus:
upstream production volumes, Permian and Guyana output, refining and chemical margins, identified items, structural cost savings, cash flow from operations, shareholder distributions, and capital expenditure guidance
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Chevron Corp, $CVX , earnings were released this morning.
Adjusted EPS: expected $5.57, reported $6.06
Beat: +8.84%
Revenue: expected $60.38B, reported $70.06B
Beat: +16.02%
$CVX Earnings Preview
Q2 Adjusted EPS: $5.57 est., Up from $1.77 YoY
Q2 Revenue: $60.38B est., Up from $44.82B YoY
Investor Focus:
upstream production including Hess volumes, Permian Basin output, downstream margins, cash returned to shareholders, free cash flow, capital spending guidance, and Tengiz project performance
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$AAPL reported Fiscal Q3 earnings after the bell:
EPS: expected $1.89, reported $2.02
Beat: +6.80%
Revenue: expected $108.96B, reported $109.42B
Beat: +0.42%
$AAPL Earnings Preview
Fiscal Q3 EPS: $1.89 est., Up from $1.57 YoY
Fiscal Q3 Revenue: $108.96B est., Up from $94.04B YoY
Investor Focus:
iPhone revenue, Services revenue and margin, Greater China performance, gross margin guidance, Mac and iPad revenue, Apple Intelligence feature rollout, and tariff and supply-chain cost commentary
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Amazon Inc, $AMZN , earnings were released this afternoon.
EPS: expected $1.82, reported $5.75
Revenue: expected $196.43B, reported $200.61B
Beat: +2.12%
$AMZN Earnings Preview
Q2 EPS: $1.82 est., Up from $1.68 YoY
Q2 Revenue: $196.43B est., Up from $167.70B YoY
Investor Focus:
AWS revenue growth and backlog, North America and International segment operating income, capital expenditure guidance, advertising revenue, third-quarter revenue and operating income outlook, and AI infrastructure spend
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$XOM Earnings Preview
Q2 Adjusted EPS: $3.68 est., Up from $1.64 YoY
Q2 Revenue: $97.66B est., Up from $81.51B YoY
Investor Focus:
upstream production volumes, Permian and Guyana output, refining and chemical margins, identified items, structural cost savings, cash flow from operations, shareholder distributions, and capital expenditure guidance
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$CVX Earnings Preview
Q2 Adjusted EPS: $5.57 est., Up from $1.77 YoY
Q2 Revenue: $60.38B est., Up from $44.82B YoY
Investor Focus:
upstream production including Hess volumes, Permian Basin output, downstream margins, cash returned to shareholders, free cash flow, capital spending guidance, and Tengiz project performance
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$AMZN Earnings Preview
Q2 EPS: $1.82 est., Up from $1.68 YoY
Q2 Revenue: $196.43B est., Up from $167.70B YoY
Investor Focus:
AWS revenue growth and backlog, North America and International segment operating income, capital expenditure guidance, advertising revenue, third-quarter revenue and operating income outlook, and AI infrastructure spend
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$AAPL Earnings Preview
Fiscal Q3 EPS: $1.89 est., Up from $1.57 YoY
Fiscal Q3 Revenue: $108.96B est., Up from $94.04B YoY
Investor Focus:
iPhone revenue, Services revenue and margin, Greater China performance, gross margin guidance, Mac and iPad revenue, Apple Intelligence feature rollout, and tariff and supply-chain cost commentary
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DT Midstream, $DTM , earnings were released this morning.
EPS: expected $1.15, reported $1.09
Miss: -5.22%
$DTM Earnings Preview
Q2 EPS: $1.15 est., Up from $1.04 YoY
Q2 Revenue: $329.57M est., Up from $309.00M YoY
Investor Focus:
Adjusted EBITDA, Pipeline and Gathering segment volumes, Haynesville and Appalachia activity, LEAP expansion progress, 2026 guidance, contracted capacity, and dividend
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Hilton Grand Vacations, $HGV , earnings were released this morning.
Adjusted EPS: expected $1.01, reported $0.89
Miss: -11.88%
Revenue: expected $1.40B, reported $1.36B
Miss: -3.13%
$HGV Earnings Preview
Q2 Adjusted EPS: $1.01 est., Up from $0.54 YoY
Q2 Revenue: $1.40B est., Up from $1.27B YoY
Investor Focus: contract sales, volume per guest, member count and net owner growth, Bluegreen integration synergies, real estate and financing segment results, adjusted EBITDA, and full-year guidance
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Hyatt Hotels, $H , earnings were released this morning.
Adjusted EPS: expected $0.93, reported $1.12
Beat: +20.43%
Revenue: expected $1.82B, reported $1.83B
Beat: +0.66%
$H Earnings Preview
Q2 Adjusted EPS: $0.93 est., Up from $0.68 YoY
Q2 Revenue: $1.82B est., Up from $1.81B YoY
Investor Focus:
comparable system-wide RevPAR, net rooms growth, development pipeline, gross fee revenue, asset-sale progress, adjusted EBITDA, full-year guidance, and share repurchases
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TechnipFMC, $FTI , earnings were released this morning.
Adjusted EPS: expected $0.80, reported $0.91
Beat: +13.75%
Revenue: expected $2.67B, reported $2.76B
Beat: +3.49%
$FTI Earnings Preview
Q2 Adjusted EPS: $0.80 est., Up from $0.68 YoY
Q2 Revenue: $2.67B est., Up from $2.53B YoY
Investor Focus:
Subsea inbound orders and backlog, Subsea EBITDA margin, Surface Technologies revenue, book-to-bill, total company backlog, 2026 guidance, and shareholder distributions
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Valero Energy, $VLO , earnings were released this morning.
Adjusted EPS: expected $10.13, reported $12.54
Beat: +23.79%
Revenue: expected $38.43B, reported $44.48B
Beat: +15.74%
$VLO Earnings Preview
Q2 Adjusted EPS: $10.13 est., Up from $2.28 YoY
Q2 Revenue: $38.43B est., Up from $29.89B YoY
Investor Focus:
refining throughput volumes and margin per barrel, Refining segment operating income, Renewable Diesel and Ethanol segment results, turnaround activity, capital returns, and capital spending
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Norwegian Cruise Line Holdings, $NCLH , earnings were released this morning.
Adjusted EPS: expected $0.39, reported $0.48
Beat: +23.08%
Revenue: expected $2.642B, reported $2.641B
Miss: -0.05%
$NCLH Earnings Preview
Q2 Adjusted EPS: $0.39 est., Down from $0.51 YoY
Q2 Revenue: $2.64B est., Up from $2.52B YoY
Investor Focus: net yield growth, net cruise cost excluding fuel, occupancy, advance ticket sales and booked position, fuel expense, newbuild delivery schedule, and full-year guidance
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Churchill Downs Inc, $CHDN , earnings were released today.
EPS: expected $3.43, reported $3.45
Beat: +0.58%
Revenue: expected $0.98B, reported $0.98B
Beat: +0.17%
$CHDN Earnings Preview
Q2 Adjusted EPS: $3.43 est., Up from $3.10 YoY
Q2 Revenue: $978.33M est., Up from $934.40M YoY
Investor Focus:
Derby week contribution, Live and Historical Racing segment revenue, TwinSpires handle, Gaming segment results, historical racing machine expansion in Virginia and Kentucky, capital project spending, and capital allocation
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QUALCOMM, $QCOM , earnings were released this afternoon.
Adjusted EPS: expected $2.22, reported $2.21
Miss: -0.45%
Revenue: expected $9.67B, reported $9.95B
Beat: +2.84%
$QCOM Earnings Preview
Fiscal Q3 Adjusted EPS: $2.22 est., Down from $2.77 YoY
Fiscal Q3 Revenue: $9.67B est., Down from $10.37B YoY
Investor Focus: QCT handset, Automotive and IoT revenue, QTL licensing revenue, China OEM demand, Apple modem transition, fiscal Q4 guidance, and progress on diversification targets
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MGM Resorts International, $MGM , earnings were released this afternoon.
Adjusted EPS: expected $0.58, reported $0.59
Beat: +1.72%
Revenue: expected $4.42B, reported $4.45B
Beat: +0.78%
$MGM Earnings Preview
Q2 Adjusted EPS: $0.58 est., Down from $0.79 YoY
Q2 Revenue: $4.42B est., Up from $4.40B YoY
Investor Focus:
Las Vegas Strip REVPAR, MGM China and Macau segment results, regional operations revenue, MGM Digital and BetMGM contribution, share repurchase activity, and Japan development spending
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The St. Joe Company, $JOE , earnings were released this afternoon.
Q2 Revenue: $158.8M, up from $129.1M YoY
Q2 EPS: $0.71, up from $0.51 YoY
$JOE Earnings Preview
Q2 results expected after the bell.
Investor Focus:
Northwest Florida land sales pace, Watersound Origins residential closings, hospitality segment trends (Watersound Club, Camp Creek) through the peak summer season, commercial leasing activity, club membership count, and capital allocation between development and shareholder returns.
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