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Amazon headlines Thursday’s reports, with investors focused on whether accelerating AWS growth and heavy AI spending can support the next leg of its expansion. Eli Lilly, Mastercard, Merck, Caterpillar and Shell report before the open; Intel, Gilead Sciences, SanDisk and Starbucks follow after the close.

Key Reports Before The Bell

Eli Lilly (NYSE:LLY) — Q3 — 6:45 a.m. ET

• EPS: $6.36 est. vs. $7.02 a year ago (-9%)
• Revenue: $22.51 billion est. vs. $17.60 billion a year ago (+28%)
• Stock: +9.4% past month, +20.6% YTD, 1.9% below its 52-week high
• Analyst view: Buy consensus, $1,366 target (16 analysts)

The drugmaker has beaten estimates in seven of its past eight quarters, with investors looking for continued momentum from its obesity treatments and evidence that recent product launches can support elevated growth expectations. In Q2, it beat on both EPS and revenue. On its August call, management said strong performance from Zepbound and Mounjaro had driven a 48% revenue increase and prompted a higher full-year outlook. Leerink Partners maintained its Outperform rating while raising its target to $1,316 from $1,309 on Oct. 21.

Mastercard (NYSE:MA) — Q3 — 8:00 a.m. ET

• EPS: $5.16 est. vs. $4.38 a year ago (+18%)
• Revenue: $9.65 billion est. vs. $8.60 billion a year ago (+12%)
• Stock: +8.6% past month, +7.2% YTD, 3.3% below its 52-week high
• Analyst view: Buy consensus, $675 target (14 analysts)

The payments network has beaten estimates in all of its past eight quarters, putting the focus on resilient consumer spending, cross-border activity and the pace of value-added-services growth. In Q2, it beat on both EPS and revenue. On its July call, management highlighted double-digit revenue growth, expanding partnerships and cybersecurity as strategic priorities. Truist Securities maintained its Buy rating while raising its target to $674 from $633 on Oct. 23.

Merck (NYSE:MRK) — Q3 — 6:30 a.m. ET

• EPS: $2.10 est. vs. $2.58 a year ago (-19%)
• Revenue: $17.32 billion est. vs. $17.28 billion a year ago
• Stock: -6.0% past month, +33.3% YTD, 10.4% below its 52-week high
• Analyst view: Buy consensus, $162 target (19 analysts)

Merck has beaten estimates in seven of its past eight quarters, but the report will be judged against pressure on earnings and the need for oncology and newer products to offset portfolio shifts. In Q2, it missed on EPS but beat revenue. On its August call, management pointed to oncology and animal health growth, Keytruda performance and regulatory progress across its pipeline. Barclays maintained its Overweight rating while raising its target to $180 from $150 on Oct. 26.

Caterpillar (NYSE:CAT) — Q3 — 6:30 a.m. ET

• EPS: $7.05 est. vs. $4.95 a year ago (+42%)
• Revenue: $20.67 billion est. vs. $17.64 billion a year ago (+17%)
• Stock: -13.0% past month, +25.5% YTD, 33.2% below its 52-week high
• Analyst view: Buy consensus, $996 target (12 analysts)

The machinery maker has beaten estimates in five of its past eight quarters, while the stock’s sharp pullback has raised the bar for evidence that demand, pricing and backlog strength remain intact. In Q2, it beat on both EPS and revenue. On its August call, management said record sales were being supported by strong demand across all segments and a robust backlog. UBS maintained its Neutral rating while cutting its target to $750 from $925 on Oct. 26.

Shell (NYSE:SHEL) — Q3 — 2:00 a.m. ET

• EPS: $3.65 est. vs. $1.86 a year ago (+96%)
• Revenue: $99.72 billion est. vs. $68.15 billion a year ago (+46%)
• Stock: +11.1% past month, +43.8% YTD, 2.6% below its 52-week high
• Analyst view: Hold consensus, $108 target (5 analysts)

The energy major has beaten estimates in six of its past eight quarters, with the read-through centered on whether commodity exposure and trading can sustain recent earnings momentum. In Q2, it beat on both EPS and revenue. TD Cowen maintained its Buy rating while raising its target to $115 from $107 in September.

Key Reports After The Bell

Amazon.com (NASDAQ:AMZN) — Q3 — 4:01 p.m. ET

• EPS: $1.97 est. vs. $1.95 a year ago (+1%)
• Revenue: $202.22 billion est. vs. $180.17 billion a year ago (+12%)
• Stock: +3.0% past month, +10.0% YTD, 11.5% below its 52-week high
• Analyst view: Buy consensus, $338 target (23 analysts)

Amazon has beaten estimates in seven of its past eight quarters, and the central test is whether AWS acceleration can continue while AI investment weighs on near-term spending and margins. In Q2, it beat on both EPS and revenue. On its July call, management highlighted accelerating AWS growth, a rising annualized revenue run rate and broad AI investment across the business. UBS maintained its Buy rating while raising its target to $348 from $318 on Oct. 26.

Intel (NASDAQ:INTC) — Q3 — 4:01 p.m. ET

• EPS: $0.37 est. vs. $0.23 a year ago (+61%)
• Revenue: $16.47 billion est. vs. $13.65 billion a year ago (+21%)
• Stock: -18.1% past month, +157.4% YTD, 33.5% below its 52-week high
• Analyst view: Hold consensus, $115 target (26 analysts)

Intel has beaten estimates in six of its past eight quarters, but the stock’s sharp reversal has made execution in AI-related businesses, foundry progress and the sustainability of its recovery the key issues. In Q2, it beat on both EPS and revenue. On its July call, management said AI-driven businesses were contributing materially to revenue and pointed to expanded partnerships with Google Cloud and SambaNova. New Street Research upgraded the stock to Buy from Neutral with a $125 target on Oct. 26.

Gilead Sciences (NASDAQ:GILD) — Q3 — 4:01 p.m. ET

• EPS: $2.20 est. vs. $2.47 a year ago (-11%)
• Revenue: $7.81 billion est. vs. $7.77 billion a year ago
• Stock: +4.9% past month, +29.2% YTD, 0.9% below its 52-week high
• Analyst view: Buy consensus, $157 target (11 analysts)

Gilead has beaten estimates in all of its past eight quarters, with investors looking for continued strength in HIV and signs that oncology and liver-disease products can broaden the growth base. In Q2, it beat on both EPS and revenue. On its August call, management highlighted double-digit base-business growth, strong HIV sales and a higher full-year growth outlook. B of A Securities maintained its Buy rating while raising its target to $172 from $168 on Oct. 20.

SanDisk (NASDAQ:SNDK) — Q1 — 4:05 p.m. ET

• EPS: $46.17 est. vs. $1.22 a year ago (+3684%)
• Revenue: $10.68 billion est. vs. $2.31 billion a year ago (+363%)
• Stock: -19.4% past month, +487.4% YTD, 40.8% below its 52-week high
• Analyst view: Buy consensus, $2,254 target (14 analysts)

The memory-chip maker enters the report after a dramatic stock run-up and pullback, making data-center demand, customer commitments and the durability of its FY2027 growth outlook the crucial tests. In Q4, it beat on both EPS and revenue. On its August call, management highlighted record results, BiCS technology and long-term customer partnerships representing more than half of FY2027 bits. Cantor Fitzgerald maintained its Overweight rating while cutting its target to $2,200 from $2,900 on Oct. 26.

Starbucks (NASDAQ:SBUX) — Q4 — 4:05 p.m. ET

• EPS: $0.71 est. vs. $0.52 a year ago (+37%)
• Revenue: $9.24 billion est. vs. $9.57 billion a year ago (-3%)
• Stock: +8.0% past month, +22.4% YTD, 6.4% below its 52-week high
• Analyst view: Buy consensus, $111 target (13 analysts)

The coffee chain has beaten estimates in just three of its past eight quarters, making comparable-store sales, the pace of operational recovery and margin execution central to the report. In Q3, it beat on both EPS and revenue. On its July call, management pointed to strong global comparable-store growth and progress under its “Back to Starbucks” plan, particularly in North America and international markets. Mizuho maintained its Neutral rating while cutting its target to $105 from $115 on Oct. 23.

Also Reporting Before The Bell

• Linde (NASDAQ:LIN) — $4.52 EPS on $9.17 billion revenue
• TotalEnergies (NYSE:TTE) — $3.71 EPS on $65.09 billion revenue
• Anheuser-Busch InBev (NYSE:BUD) — $1.16 EPS on $16.27 billion revenue
• Banco Bilbao Vizcaya Argentaria (NYSE:BBVA) — $0.61 EPS on $12.58 billion revenue
• Bristol-Myers Squibb (NYSE:BMY) — $1.24 EPS on $12.70 billion revenue
• Altria Group (NYSE:MO) — $1.51 EPS on $5.31 billion revenue
• Trane Technologies (NYSE:TT) — $4.73 EPS on $6.48 billion revenue
• ASE Technology Holding (NYSE:ASX) — $0.34 EPS on $7.39 billion revenue
• ING Groep (NYSE:ING) — $0.79 EPS on $7.00 billion revenue
• Intercontinental Exchange (NYSE:ICE) — $1.97 EPS on $2.74 billion revenue
• Quanta Services (NYSE:PWR) — $4.93 EPS on $10.92 billion revenue
• Enterprise Products Partners (NYSE:EPD) — $0.74 EPS on $15.05 billion revenue

Industrials: Howmet Aerospace (HWM), L3Harris Technologies (LHX), Carrier Global (CARR), EMCOR Group (EME), ATI (ATI), XPO (XPO), APi Group (APG), WESCO International (WCC), FTAI Aviation (FTAI), Textron (TXT), Huntington Ingalls Industries (HII), Leonardo DRS (DRS), Saia (SAIA), A.O. Smith (AOS), Oshkosh (OSK), AGCO (AGCO), Federal Signal (FSS), Builders FirstSource (BLDR), GATX (GATX), KBR (KBR), Granite Construction (GVA), CSW Industrials (CSW), FTI Consulting (FCN), Trinet Group (TNET), Proto Labs (PRLB) and Trinity Industries (TRN).

Consumer discretionary: D.R. Horton (DHI), Restaurant Brands International (QSR), Hyatt Hotels (H), BorgWarner (BWA), Life Time Group Holdings (LTH), Norwegian Cruise Line Holdings (NCLH), TAL Education Group (TAL), Crocs (CROX), Laureate Education (LAUR), Brunswick (BC), LKQ (LKQ), Garrett Motion (GTX), Harley-Davidson (HOG), Hilton Grand Vacations (HGV), Patrick Industries (PATK), Phinia (PHIN) and Sonic Automotive (SAH).

Health care: Takeda Pharmaceutical (TAK), Alnylam Pharmaceuticals (ALNY), West Pharmaceutical Services (WST), Incyte (INCY), Tenet Healthcare (THC), Insmed (INSM), Baxter International (BAX), Kymera Therapeutics (KYMR), Ligand Pharmaceuticals (LGND), Indivior Pharmaceuticals (INDV), Pediatrix Medical Group (MD) and Fortrea Holdings (FTRE).

Financials: Lloyds Banking Group (LYG), Ameriprise Financial (AMP), KB Financial Group (KB), Willis Towers Watson (WTW), Ares Management (ARES), Tradeweb Markets (TW), T. Rowe Price Group (TROW), Banco De Chile (BCH), TPG (TPG), Blue Owl Capital (OWL) and Acadian Asset Management (AAMI).

Energy: Cheniere Energy (LNG), TechnipFMC (FTI), YPF (YPF), DT Midstream (DTM), PBF Energy (PBF), CNX Resources (CNX) and Enerflex (EFXT).

Materials: CRH (CRH), Vulcan Materials (VMC), Teck Resources (TECK), Avery Dennison (AVY), Axalta Coating Systems (AXTA) and Silgan Holdings (SLGN).

Technology: STMicroelectronics (STM), Cognizant Technology Solutions (CTSH), Entegris (ENTG), InterDigital (IDCC), Allegro Microsystems (ALGM) and Belden (BDC).

Utilities: Xcel Energy (XEL), WEC Energy Group (WEC), Idacorp (IDA) and Portland General Electric (POR).

Consumer staples: Ambev (ABEV), Hershey (HSY) and Bunge Global (BG).

Real estate: Kimco Realty (KIM) and Newmark Group (NMRK).

Communication services: Sirius XM Holdings (SIRI) and Stagwell (STGW).

Plus 39 companies valued between $100 million and $2 billion, including Establishment Labs Holdings, Insperity and Butterfly Network.

Also Reporting After The Bell

• Stryker (NYSE:SYK) — $3.55 EPS on $6.61 billion revenue
• Mondelez International (NASDAQ:MDLZ) — $0.71 EPS on $9.99 billion revenue
• Republic Services (NYSE:RSG) — $1.93 EPS on $4.42 billion revenue
• Arthur J. Gallagher (NYSE:AJG) — $2.99 EPS on $3.99 billion revenue
• Digital Realty Trust (NYSE:DLR) — $1.97 EPS on $1.75 billion revenue
• Strategy (NASDAQ:MSTR) — $22.61 EPS on $129.3 million revenue
• Monolithic Power Systems (NASDAQ:MPWR) — $7.56 EPS on $1.16 billion revenue
• Vale (NYSE:VALE) — $0.33 EPS on $10.14 billion revenue
• Illumina (NASDAQ:ILMN) — $1.36 EPS on $1.15 billion revenue
• Coinbase Global (NASDAQ:COIN) — $0.02 EPS on $1.21 billion revenue
• Roblox (NYSE:RBLX) — -$0.42 EPS on $1.62 billion revenue
• Twilio (NYSE:TWLO) — $1.32 EPS on $1.51 billion revenue

Financials: Rocket Companies (RKT), Erie Indemnity (ERIE), Credit Acceptance (CACC), Ryan Specialty Holdings (RYAN), Axos Financial (AX), CNO Financial Group (CNO), Federated Hermes (FHI), Hamilton Insurance Group (HG), PennyMac Financial Services (PFSI), Miami International Holdings (MIAX), Hercules Capital (HTGC) and Bancorp (TBBK).

Industrials: Ingersoll Rand (IR), Veralto (VLTO), FedEx Freight Holding (FDXF), MasTec (MTZ), TFI International (TFII), SPX Technologies (SPXC), Schneider National (SNDR), SkyWest (SKYW), Exponent (EXPO) and Standex International (SXI).

Health care: ResMed (RMD), DexCom (DXCM), Exelixis (EXEL), BridgeBio Pharma (BBIO), DaVita (DVA), Merit Medical Systems (MMSI), PTC Therapeutics (PTCT), CareDx (CDNA) and Supernus Pharmaceuticals (SUPN).

Technology: First Solar (FSLR), GoDaddy (GDDY), Ingram Micro Holding (INGM), AXT (AXTI), OSI Systems (OSIS), SPS Commerce (SPSC) and DXC Technology (DXC).

Consumer discretionary: Rivian Automotive (RIVN), Mohawk Industries (MHK), Floor & Decor Holdings (FND), Covista (CVSA), Cavco Industries (CVCO), Bright Horizons Family Solutions (BFAM) and Columbia Sportswear (COLM).

Real estate: Weyerhaeuser (WY), Gaming and Leisure Properties (GLPI), CubeSmart (CUBE), Healthcare Realty Trust (HR), Cousins Properties (CUZ), COPT Defense Properties (CDP) and Pebblebrook Hotel Trust (PEB).

Materials: AptarGroup (ATR), Eastman Chemical (EMN), Compania De Minas Buenaventura (BVN), Methanex (MEOH), Centerra Gold (CGAU) and Quaker Houghton (KWR).

Communication services: Reddit (RDDT) and Pinterest (PINS).

Utilities: Edison International (EIX) and Alliant Energy (LNT).

Also on the calendar: Innovex International (INVX).

Plus 35 companies valued between $100 million and $2 billion, including Minerals Technologies, Olin and World Kinect.

Timing to be confirmed: Cullen/Frost Bankers (CFR) and California Water Service Group (CWT).

See the full Benzinga earnings calendar