Key Earnings Reports for the Second Quarter of 2026
Elon Musk's supporters have never had so many opportunities to hear from him. On Tuesday, SpaceX will release its first quarterly earnings report since going public. Market expectations are high that Musk will participate in the earnings call, marking his second conference call appearance this earnings season, following his recent involvement with Tesla's earnings update.
Two days after the SpaceX report, on Thursday, the initial lock-up period for the company's early shareholders expires. This will unleash a massive wave of new shares into the market, significantly expanding the float. Lock-up expirations typically exert downward pressure on a stock in the weeks leading up to the event, and SpaceX has been no exception. The stock has been declining in recent weeks. On Friday, it closed at $108.37, down 49% from its post-IPO all-time high and 20% below its offer price.
Objectively, the valuation at SpaceX's $135 IPO price was already extremely stretched. Even at its current market capitalization of $1.4 trillion, the valuation remains notably high. Of course, the logic of value investing is difficult for Elon Musk's most loyal followers to accept.
Despite this, we anticipate a modest rebound in SpaceX's stock price this week, likely driven by a positive earnings report. Data from S&P Global Market Intelligence shows Wall Street analysts are forecasting June quarter revenue of $6.819 billion. We cannot determine the year-over-year growth rate at this time, as SpaceX's prospectus did not disclose quarterly data for 2025. However, the company's full-year 2025 revenue of $18.6 billion suggests the quarterly figure is likely to show substantial growth. Additionally, the company's first-quarter revenue was $4.69 billion, up 15% year-over-year.
Beyond revenue growth, the market is closely watching SpaceX's cash burn rate. Analysts estimate that, weighed down by $14 billion in capital expenditures, the company's cash burn for the quarter will reach $10.9 billion. (In the first quarter, SpaceX's capital expenditures were $10 billion.) While major cloud providers often spend $400-500 billion per quarter on capex, SpaceX's spending is far smaller in comparison. However, SpaceX's revenue base is also vastly different from these cloud giants, meaning it lacks the same financial buffer.
Analysts predict SpaceX's capital expenditures will double next year, reaching $25 billion by the June 2027 quarter. Tracking this metric is crucial, as there is a high probability of a merger between SpaceX and Tesla. Tesla's latest earnings report already showed that expanding capital expenditures has pushed the company into a cash-burning position. If the two were to merge, the financial strain would be immense.
Other Key Earnings Previews
This week's earnings calendar is packed. Beyond SpaceX, companies like Snap, Pinterest, Palantir, Airbnb, DoorDash, Uber, Shopify, Spotify, AMD, and Instacart are all set to report. Key earnings expectations are summarized below (data source: S&P Global Market Intelligence):
Snap (Monday)
Revenue: $1.53 billion, up 13.9% year-over-year. Earnings per share: a loss of $0.12. Snap's stock has been under pressure recently due to sluggish ad revenue growth. First-quarter advertising revenue grew only 2.7%, while subscription services helped lift overall revenue growth back to 12%. The market is watching for signs of improvement in the advertising business.
Palantir (Monday)
Revenue: $1.8 billion, up 81% year-over-year. Earnings per share: $0.31, up 138% year-over-year. Driven by strong demand for AI software services from government and enterprise clients, Palantir has been performing strongly recently. Revenue growth accelerated to 56% last year, and institutions expect it to rise further to 73% this year. Palantir pioneered the "forward-deployed engineer" model, which involves stationing technical consultants to serve clients closely. Many tech companies selling AI products to enterprises are now adopting this model.
Spotify (Tuesday)
Revenue: €4.79 billion, up 14% year-over-year. Earnings per share: a profit of €2.75, compared to a loss of €0.42 in the same quarter last year. Recent growth is primarily driven by price increases and the introduction of multi-tiered memberships that cover expanding areas like audiobooks and podcasts. However, the advertising segment continues to lag in growth.
AMD (Tuesday)
Revenue: $11.3 billion, up 47% year-over-year. Earnings per share: $1.05, up 94% year-over-year. AMD has long been in a catch-up position in the chip race, but the AI wave has brought significant opportunities. Performance growth accelerated last year, and driven by tight supply for general-purpose CPUs and AMD AI chips, institutions expect growth to climb further this year.
Uber (Wednesday)
Revenue: $14.265 billion, up 12.7% year-over-year. Earnings per share: $0.83, up 31.7% year-over-year. Revenue growth has slowed this year, mainly due to an accounting change in the UK for order revenue, which has shrunk reported revenue. The fundamentals remain solid, with first-quarter total bookings up 25% year-over-year. Similar to DoorDash, Uber is expanding its food delivery business through overseas acquisitions. It recently completed a $14.8 billion deal to acquire German delivery platform Delivery Hero.
DoorDash (Wednesday)
Revenue: $4.337 billion, up 32% year-over-year. Earnings per share: $0.47, down 28% year-over-year. After acquiring European food delivery platform Deliveroo last year, the company's growth has accelerated. First-quarter overall revenue growth was 33%. Excluding the contribution from Deliveroo, organic growth was 21%.
Shopify (Wednesday)
Revenue: $3.44 billion, up 28% year-over-year. Earnings per share: $0.30, down 57% year-over-year. This e-commerce SaaS company is maintaining steady growth while continuously launching new products, such as AI search and smart shopping tools, to address the industry changes brought by AI.
Airbnb (Thursday)
Revenue: $3.575 billion, up 16% year-over-year. Earnings per share: $1.25, up 21% year-over-year. Growth slowed to 10% last year but has recovered this year. This quarter's performance is expected to benefit from travel demand related to the World Cup.
Instacart (Thursday)
Revenue: $1.025 billion, up 12% year-over-year. Earnings per share: $0.54, up 32% year-over-year. This is one of the most consistently performing companies in the tech sector. Revenue has maintained a stable growth rate of 11%-12% for years, driven by its core grocery delivery business and advertising. This trend is expected to continue this quarter.
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