Earnings week ahead: Walmart, Nvidia, Home Depot, Alibaba and more
Matteo Colombo

A holiday-shortened week is not short on earnings reports, as key announcements from major retailers Walmart (NYSE:WMT) and Home Depot (NYSE:HD) highlight the release calendar. Elsewhere in the industry, TJX Companies (TJX), Wayfair (W), Etsy (ETSY) and eBay (EBAY) are among the scheduled reports as well, offering insight on the state of the consumer as the week progresses. 
Meanwhile, in tech, Nvidia (NASDAQ:NVDA), Palo Alto Networks (PANW), as well as Chinese tech giants Baidu (BIDU) and Alibaba (BABA) will issue closely watched reports. Finally, automakers Lucid Group (NASDAQ:LCID), Li Auto (LI) and Stellantis (STLA) will populate a busy slate of industrial earnings.
Below is a curated list of reports due in the week of February 20 to 24:
Monday, February 20


U.S. stock market closed for Presidentâs Day holiday
Tuesday, February 21


Walmart (WMT)


Walmart (WMT) will kick off the weekâs major earnings reports in premarket hours on Tuesday. Despite a strong start for the S&P in 2023, shares of the Arkansas-based retail giant have trended essentially flat year to date. Analysts have revised EPS estimates upward 21 times and revenue estimates upward 12 times in the 90 days ahead of the report, according to Seeking Alpha data. 
Additionally, the consensus analyst rating on the stock remains a Buy, per Seeking Alpha surveys. However, 10 analysts currently rate the stock a Hold, making up a quarter of analysts surveyed.
"Amid macro uncertainty and company-specific headwinds, such as an estimated ~$1B LIFO charge and the recent minimum wage increase, we expect a below-algorithm guide,â Oppenheimer analyst Rupesh Parikh told clients ahead of earnings. âWe would be positioned to take advantage of any weakness on the print.â

Consensus EPS Estimates: $1.51
Consensus Revenue Estimates: $158.51B
Earnings Insight: Walmart has beaten revenue expectations in 8 consecutive quarters, missing EPS estimates only twice in the span.

Home Depot (HD) 


Home Depot (HD) joins Walmart (WMT) on Tuesday, with its fourth quarter results also set to come out in early premarket hours. Shares of the Atlanta-based home improvement retailer have been bolstered by historic jumps in homebuilder confidence to start 2023, as tracked by the NAHB Housing Index. These come despite rising interest rates and a slowing rate of mortgage applications. 
Additionally, sell-side analysts remain broadly bullish, according to Seeking Alpha surveys. However, Seeking Alpha contributors have taken a more cautious approach, with all but one post authored in 2023 advising either a Hold or Sell rating.
âThe Home Depot, Inc. is currently priced to perfection, and this makes us wary in the current macro environment,â Ironside Research wrote in a commentary ahead of the report. âWe believe Home Depot's management team is one of the best around - but it may not be enough to counter a severe recession.â

Consensus EPS Estimates: $3.29
Consensus Revenue Estimatesâ $36.00B
Earnings Insight: Home Depot (HD) has beaten EPS and revenue expectations in 8 consecutive quarters.

Also reporting: Diamondback Energy (FANG), Palo Alto Networks (PANW), Coinbase Global (COIN), Caesars Entertainment (CZR), Molson-Coors (TAP), Medtronic (MDT), Arconic (ARNC), Dana Incorporated (DAN), and Toll Brothers (TOL)
Wednesday, February 22


Nvidia (NVDA)


Nvidia (NVDA) is due to post its fourth quarter results after the bell on Wednesday. Shares of the semiconductor stalwart have surged over 40% to start 2023, rebounding sharply alongside many of its peers. Ahead of the results, increased interest in AI was cited as a positive catalyst for the company in 2023 by Bank of America. 
However, Wells Fargo warned clients that reduced capital expenditures among major tech players could be a negative for the chip company. Analysts have hiked EPS expectations 20 times in the 90 days ahead of results, but trimmed revenue expectations 21 times in the same span, per Seeking Alpha data.
Recent 13-F filings revealed that Brazilian-American investment giant 3G Capital started a new position in the company in Q4.
Consensus EPS Estimates: $0.80
Consensus Revenue Estimates: $6.02B
Earnings Insight: Nvidia has exceeded revenue expectations in 8 consecutive quarters, topping EPS estimates in 6 of those reports.
TJX Companies (TJX)


Off-price retailer TJX Companies (TJX) is due to post fourth quarter results prior to the bell on Wednesday. The Massachusetts-based company has seen its stock rise over 20% in the past year, outpacing the broader market. Still, shares have remained essentially unchanged so far in 2023. 
According to data from Placer.ai, foot traffic to TJX-owned Marshallâs and TJ Maxx has trended above pre-pandemic levels amid persistent inflation pressures on consumers. Additionally, Cowen analyst John Kernan advised that inventory issues in retail could serve to benefit the off-price category in 2023. 
Telsey Advisory also told clients that the company could benefit from a potential Bed Bath & Beyond (BBBY) bankruptcy in 2023. Despite that optimism, analysts have cut EPS and revenue estimates 18 and 16 times, respectively, in the 90 days prior to the results.

Consensus EPS Estimates: $0.89
Consensus Revenue Estimates: $14.07B
Earnings Insight: TJX has beaten EPS estimates in 6 of the past 8 quarters, rising above revenue expectations only 3 times in that span.

Lucid Motors (LCID)


Lucid Motors (LCID) is due to post its fourth quarter earnings results after the bell on Wednesday. While shares have slumped over 60% in the past year, the stock has popped some 70% to start 2023. 
According to recent 13-F filings, the Saudi sovereign wealth fund increased its stake in the EV manufacturer in Q4. Rumors have swirled that the PIF may move to acquire all outstanding shares of the auto company, helping to spark the rally to start 2023.
Elsewhere, the company joined the ongoing pricing war in EVs by offering thousands in discounts to customers in lieu of tax rebates not afforded to the companyâs higher end vehicles by the Inflation Reduction Act.

Consensus EPS Estimates: $ -0.40
Consensus Revenue Estimates: $273.59M
Earnings Insight: Lucid has driven past EPS expectations only once in the past 5 quarters, beating revenue estimates twice in that timeframe.

Also reporting: Baidu (BIDU), Lucid Group (LCID), eBay (EBAY), Stellantis (STLA), Copart (CPRT), Etsy (ETSY), Wingstop (WING), Bumble (BMBL), Teladoc (TDOC), Five9 (FIVN), Unity Software (U), DaVita (DVA), Bath & Body Works (BBWI), and Dutch Bros (BROS)
Thursday, February 23


Alibaba (BABA)


Chinese tech giant Alibaba (BABA) will post its fourth quarter results before the bell on Thursday. Shares of the Hangzhou-based company ballooned by a double-digit percentage to start 2023 despite rising concerns about Sino-American tensions. 
Meanwhile, the company is said to be testing ChatGPT-like AI technology, according to Reuters, adding to its e-commerce and cloud offerings. Popular investors Ryan Cohen and Michael Burry both disclosed stakes in the company in recent regulatory filings. The former has taken an activist stake, imploring the company to pursue more share buybacks.
The companyâs founder, Jack Ma, recently resurfaced in Thailand as the company announced he would relinquish his stake in sister company Ant Financial. He had previously announced plans to give up control of the company in mid-2022. The anticipated IPO of the financial group was delayed indefinitely in early 2022 by Chinese regulators.

Consensus EPS Estimates: $2.44
Consensus Revenue Estimates: $36.13B
Earnings Insight: Alibaba has beaten EPS expectations in 6 of the past 8 quarters, meeting revenue estimates in 50% of those reports.

Moderna (MRNA)


Massachusetts-based vaccine manufacturer Moderna (MRNA) is due to post Q4 results before the bell on Thursday. Shares of the pharmaceutical giant have risen 12% in the past year but remain over 60% below their pandemic peak. Additionally, the company has faced increased scrutiny over the pricing and patenting of its COVID vaccine. 
A senate hearing on pricing is scheduled for late March. Meanwhile, the company is due to face off with rivals Pfizer (PFE) and BioNTech (BNTX) in a London high court in 2024 in a patent infringement case. 
Elsewhere, the companyâs respiratory syncytial virus (RSV) vaccine showed strong efficacy in a recent Phase III trial. On the other hand, its mRNA-based seasonal influenza fared more poorly, leading to a sharp decline on the Friday before earnings.

Consensus EPS Estimates: $4.60
Consensus Revenue Estimates: $5.02B
Earnings Insight: Moderna has beaten EPS and revenue estimates in 5 of the past 8 quarters.

Also reporting: Intuit (INTU), Carvana (CVNA), Cheniere Energy (LNG), MercadoLibre (MELI), Booking Holdings (BKNG), NetEase (NTES), Keurig Dr Pepper (KDP), Block (SQ), Li Auto (LI), Dominos Pizza (DPZ), Norwegian Cruise Line Holdings (NCLH), Planet Fitness (PLNT), Melco Resorts (MLCO), and Wayfair (W)
Friday, February 24


Fomento EconÃ³mico Mexicano (FMX)


Femsa, as it is known, is due to post earnings results in premarket hours on Friday. The company recently announced its plan to divest its stake in Dutch brewer Heineken (OTCQX:HEINY) to focus on Coca-Cola and convenience store segments. The group is expected to reap billions from the sale, sparking a surge for the stock on the news. 
Shares have risen over 20% year to date, rebounding from a flat 2022. The bulk of sell-side analysts rate the stock a Buy.

Consensus EPS Estimates: $1.30
Consensus Revenue Estimates: $9.63B
Earnings Insight: Femsa has beaten EPS estimates in 3 of the past 8 quarters, rising above revenue expectations 7 times in that span.

Also reporting: Brady Corporation (BRC), Carterâs (CRI), and BASF SE (OTCQX:BASFY)