Earnings week ahead: ZS, CRM, SNOW, DELL, ZS, XPEV, LI, and more

[Magnifying Glass On Top Of Bar Chart]
DNY59

As May draws to a close and markets enter a Memorial Day holiday-shortened trading week, the earnings calendar still features a notable mix of enterprise software leaders, AI infrastructure players, cybersecurity firms, retailers, automakers, and major Canadian banks.

Enterprise software and AI infrastructure will remain firmly in focus through results from Salesforce (CRM [https://seekingalpha.com/symbol/CRM]), Snowflake (SNOW [https://seekingalpha.com/symbol/SNOW]), MongoDB (MDB [https://seekingalpha.com/symbol/MDB]), UiPath (PATH [https://seekingalpha.com/symbol/PATH]), Autodesk (ADSK [https://seekingalpha.com/symbol/ADSK]), and Synopsys (SNPS [https://seekingalpha.com/symbol/SNPS]), alongside semiconductor and hardware names Marvell Technology (MRVL [https://seekingalpha.com/symbol/MRVL]), Dell Technologies (DELL [https://seekingalpha.com/symbol/DELL]), and HP (HPQ [https://seekingalpha.com/symbol/HPQ]). Investors will closely monitor commentary around AI monetization, enterprise cloud optimization, data center demand, and software spending priorities.

Cybersecurity also takes center stage with earnings from Okta (OKTA [https://seekingalpha.com/symbol/OKTA]), Zscaler (ZS [https://seekingalpha.com/symbol/ZS]), and SentinelOne (S [https://seekingalpha.com/symbol/S]), as markets continue evaluating enterprise security spending and the growing role of AI-driven cyber defense platforms.

In retail and consumer-facing sectors, Costco Wholesale (COST [https://seekingalpha.com/symbol/COST]), Best Buy (BBY [https://seekingalpha.com/symbol/BBY]), and PDD Holdings (PDD [https://seekingalpha.com/symbol/PDD]) are expected to provide a read on discretionary spending trends, pricing dynamics, membership growth, and global e-commerce demand.

Meanwhile, electric vehicle makers XPeng (XPEV [https://seekingalpha.com/symbol/XPEV]) and Li Auto (LI [https://seekingalpha.com/symbol/LI]) will offer further perspective on China’s increasingly competitive EV market, autonomous driving adoption, and broader consumer sentiment.

Financials will also draw attention through results from Toronto-Dominion Bank (TD [https://seekingalpha.com/symbol/TD]), Bank of Nova Scotia (BNS [https://seekingalpha.com/symbol/BNS]), and Royal Bank of Canada (RY [https://seekingalpha.com/symbol/RY]), with investors watching closely for updates on credit quality, loan growth, capital markets activity, and the broader North American banking environment.

Rounding out the week, Agilent Technologies (A [https://seekingalpha.com/symbol/A]) is expected to provide insight into demand trends across diagnostics, life sciences, and laboratory technologies.

While lighter in volume due to the holiday schedule, the week ahead still touches many of the market’s most important themes AI infrastructure, enterprise technology spending, cybersecurity resilience, consumer health, EV competition, and financial system stability - making it another meaningful checkpoint for investors navigating the latter half of earnings season.

Below is a rundown of major quarterly updates anticipated for the week of May 25 to May 29:

MONDAY, MAY 25

U.S. markets are closed in observance of the Memorial Day holiday.

TUESDAY, MAY 26

ZSCALER (ZS [https://seekingalpha.com/symbol/ZS])

Zscaler (ZS [https://seekingalpha.com/symbol/ZS]), the cloud-native cybersecurity leader, is set to report its fiscal Q3 2026 results after Tuesday’s close, with investors closely watching whether accelerating AI security demand and large enterprise deal momentum can support a re-rating in the stock after its prolonged weakness.

In its most recent quarter, Zscaler delivered adjusted EPS of $1.01, beating consensus estimates by $0.12, while revenue rose 23% Y/Y to $815.8M, ahead of expectations. However, despite the strong results, the stock declined in after-hours trading as investors remained focused on billings durability and long-term growth sustainability. Annual recurring revenue climbed to $3.4B, up 25% Y/Y, with organic ARR growth of 21% excluding the Red Canary acquisition.

AI security and Zero Trust architecture are increasingly becoming the company’s primary growth drivers. CEO Jagtar Chaudhry recently described Zscaler as “the security platform for the AI era,” highlighting strong momentum across its Zero Trust Everywhere, Data Security, and AI Security segments. The company continues to expand its AI-focused capabilities through acquisitions such as SPLX and SquareX, strengthening its AI governance, browser security, and attack simulation offerings.

Operationally, Zscaler’s enterprise-focused go-to-market transition continues to gain traction, with record $1M-plus deal volumes and a strong $290M Z-Flex quarter reflecting rising adoption among large organizations. The company also strengthened its positioning in regulated markets by launching isolated control planes in Canada and the EU and deepening partnerships through its newly launched Project AI-Guardian initiative.

For Q3, management guided adjusted EPS to $1.00–$1.01 on revenue of $834M–$836M, both slightly ahead of consensus expectations, while full-year FY2026 guidance was also raised. Investors will closely monitor billings growth, AI Security ARR momentum, and large enterprise deal activity for signs that growth remains resilient despite macro uncertainty.

Wall Street analysts maintain a Strong Buy rating on the stock, while Seeking Alpha’s Quant Rating system remains more cautious with a Hold, reflecting valuation and execution concerns.

* CONSENSUS EPS ESTIMATE: $1.01
* CONSENSUS REVENUE ESTIMATE: $835.66M
* EARNINGS INSIGHT: Zscaler has beaten EPS and revenue forecasts in all the past 8 quarters.

ALSO REPORTING: Digital Turbine (APPS [https://seekingalpha.com/symbol/APPS]), Chemical & Mining Co. of Chile (SQM [https://seekingalpha.com/symbol/SQM]), Box (BOX [https://seekingalpha.com/symbol/BOX]), AutoZone (AZO [https://seekingalpha.com/symbol/AZO]), Agora (API [https://seekingalpha.com/symbol/API]), Qifu Technology (QFIN [https://seekingalpha.com/symbol/QFIN]), Semtech (SMTC [https://seekingalpha.com/symbol/SMTC]), Elbit Systems (ESLT [https://seekingalpha.com/symbol/ESLT]), Pony AI (PONY [https://seekingalpha.com/symbol/PONY]), and more.

WEDNESDAY, MAY 27

SALESFORCE (CRM [https://seekingalpha.com/symbol/CRM])

Salesforce (CRM [https://seekingalpha.com/symbol/CRM]), the world’s largest AI CRM platform, is set to report its fiscal Q1 2027 results after Wednesday’s close, with investors closely focused on whether Agentforce, the company’s rapidly expanding agentic AI platform, can sustain the momentum that defined a record fiscal 2026 and support management’s expected revenue re-acceleration in the second half of the year.

In its most recent quarter, Salesforce delivered strong Q4 FY2026 results, with revenue rising 12% Y/Y to $11.2B, while adjusted EPS of $3.81 exceeded consensus estimates by nearly 25%. Adjusted operating margin expanded to 34.2%, and remaining performance obligations climbed to a record $72.4B, reinforcing the durability of enterprise demand despite a slower macro backdrop. Full-year FY2026 revenue reached $41.5B, with CEO Marc Benioff describing it as one of the strongest years in the company’s history.

Agentforce has rapidly become the centerpiece of Salesforce’s AI strategy. AgentForce ARR reached $800M in Q4, surging 169% Y/Y, while combined AgentForce and Data 360 ARR jumped more than 200% Y/Y to $2.9B. Management highlighted strong expansion activity from existing enterprise customers, with over 60% of bookings tied to installed-base growth. Investors will closely watch whether deal momentum, average contract values, and production deployments continue accelerating into Q1, particularly as Salesforce positions Agentforce as a major enterprise AI operating layer.

Management also issued one of the more confident outlooks in large-cap software heading into FY2027, guiding for full-year revenue of $45.8B–$46.2B and a non-GAAP operating margin of 34.3%, while reiterating expectations for stronger organic growth in the second half of the fiscal year. The company’s long-term FY2030 revenue target of $63B continues to anchor the broader AI-driven growth narrative.

Capital allocation has also become increasingly central to the Salesforce story. The company recently authorized a massive $50B share repurchase program and raised its dividend, signaling a more shareholder-return-focused approach as profitability and free cash flow scale. Salesforce also continues deepening its AI ecosystem exposure through Anthropic, generating an $811M investment gain during the quarter while planning roughly $300M in Anthropic AI token usage for internal AI-assisted coding initiatives.

Institutional positioning ahead of earnings has become more mixed. Activist investor Starboard Value fully exited its Salesforce position during Q1 2026, while Bridgewater Associates also disclosed a full exit. Bank of America recently resumed coverage with an Underperform rating, arguing that AI may ultimately push Salesforce toward a slower-growth, cash-generative profile with more limited upsell potential than investors expect. On the other hand, DNB Asset Management increased its position by 25%, while Michael Burry disclosed a new stake, viewing the recent weakness as sentiment-driven rather than fundamentally driven.

Meanwhile, Salesforce recently secured a $72M enterprise agreement with the U.S. Air Force, strengthening the narrative around growing government and regulated-sector adoption of Agentforce and AI-driven enterprise workflows.

Wall Street analysts maintain a Buy consensus on the stock, while Seeking Alpha’s Quant Rating system remains more cautious with a Hold, reflecting valuation and growth concerns.

* CONSENSUS EPS ESTIMATE: $3.13
* CONSENSUS REVENUE ESTIMATE: $11.06B
* EARNINGS INSIGHT: CRM has exceeded EPS estimates in 7 of the past 8 quarters, missing revenue expectations only thrice in that span.

ALSO REPORTING: Snowflake (SNOW [https://seekingalpha.com/symbol/SNOW]), HP (HPQ [https://seekingalpha.com/symbol/HPQ]), Marvell Technology (MRVL [https://seekingalpha.com/symbol/MRVL]), Bank of Nova Scotia (BNS [https://seekingalpha.com/symbol/BNS]), Pinduoduo (PDD [https://seekingalpha.com/symbol/PDD]), Bank of Montreal (BMO [https://seekingalpha.com/symbol/BMO]), Nutanix (NTNX [https://seekingalpha.com/symbol/NTNX]), Capri Holdings (CPRI [https://seekingalpha.com/symbol/CPRI]), Bath & Body Works (BBWI [https://seekingalpha.com/symbol/BBWI]), DICK'S Sporting Goods (DKS [https://seekingalpha.com/symbol/DKS]), Synopsys (SNPS [https://seekingalpha.com/symbol/SNPS]), Everpure (P [https://seekingalpha.com/symbol/P]), Abercrombie & Fitch (ANF [https://seekingalpha.com/symbol/ANF]), and more.

THURSDAY, MAY 28

COSTCO WHOLESALE (COST [https://seekingalpha.com/symbol/COST])

Costco Wholesale (COST [https://seekingalpha.com/symbol/COST]), the world’s third-largest retailer and operator of 924 membership warehouses globally, is set to report its FQ3 2026 results after Thursday’s close, with investors closely watching whether the company’s value-driven model continues to outperform amid tariff uncertainty and uneven consumer spending trends.

In its most recent quarter, Costco delivered EPS of $4.58, narrowly beating consensus estimates, while revenue rose to $69.6B as comparable sales increased 7.4% and digital comparable sales surged 22.6%. Traffic trends remained particularly strong, with app traffic jumping 45% and overall momentum strengthening throughout the quarter. March sales growth accelerated further to 11.3% Y/Y, suggesting another potentially strong quarter heading into Thursday’s print.

Membership growth remains the core driver of Costco’s earnings power. Membership fee income rose 13.6% Y/Y to $1.36B, while paid memberships expanded to 82.1M. Executive memberships reached 40.4M, with executive members accounting for 75.8% of total sales, reinforcing the durability of Costco’s high-margin recurring revenue model. Investors will closely monitor whether renewal rates can remain above 89% as digital memberships continue increasing.

Tariffs remain one of the biggest wildcard variables surrounding the quarter. Investors are watching an ongoing legal dispute tied to tariff refunds, where Costco could potentially recover between $500M and $2B, a sizable one-time tailwind that could materially boost earnings if resolved favorably. Costco has stated that any refund benefits would largely be passed back to members through lower prices, reinforcing the company’s value-focused positioning during periods of elevated consumer uncertainty. The retailer’s warehouse model and Kirkland Signature private-label business continue positioning Costco as a likely beneficiary of consumer trade-down behavior amid inflationary pressure and macro volatility.

Strategically, Costco continues expanding both its physical and digital footprint. The company recently launched a buy now, pay later partnership with Affirm, which management said has shown encouraging early traction, while also targeting 942 warehouse locations by fiscal year-end and maintaining plans for more than 30 new openings annually thereafter.

Wall Street analysts maintain a Strong Buy rating on the stock, while Seeking Alpha’s Quant Rating system remains more cautious with a Hold, reflecting valuation concerns following the stock’s significant long-term outperformance.

* CONSENSUS EPS ESTIMATE: $4.98
* CONSENSUS REVENUE ESTIMATE: ~$69.57B
* EARNINGS INSIGHT: Costco has beaten EPS and revenue estimates in 7 of the past 8 quarters.

ALSO REPORTING: XPeng (XPEV [https://seekingalpha.com/symbol/XPEV]), Okta (OKTA [https://seekingalpha.com/symbol/OKTA]), TD Bank Group (TD [https://seekingalpha.com/symbol/TD]), Li Auto (LI [https://seekingalpha.com/symbol/LI]), Dell Technologies (DELL [https://seekingalpha.com/symbol/DELL]), Royal Bank of Canada (RY [https://seekingalpha.com/symbol/RY]), Best Buy (BBY [https://seekingalpha.com/symbol/BBY]), Autodesk (ADSK [https://seekingalpha.com/symbol/ADSK]), MongoDB (MDB [https://seekingalpha.com/symbol/MDB]), UiPath (PATH [https://seekingalpha.com/symbol/PATH]), Kohl's (KSS [https://seekingalpha.com/symbol/KSS]), Hormel Foods (HRL [https://seekingalpha.com/symbol/HRL]), Ambarella (AMBA [https://seekingalpha.com/symbol/AMBA]), Asana (ASAN [https://seekingalpha.com/symbol/ASAN]), NetApp (NTAP [https://seekingalpha.com/symbol/NTAP]), Elastic N.V. (ESTC [https://seekingalpha.com/symbol/ESTC]), Canadian Imperial Bank of Commerce (CM [https://seekingalpha.com/symbol/CM]), SentinelOne (S [https://seekingalpha.com/symbol/S]), Weibo (WB [https://seekingalpha.com/symbol/WB]), Futu Holdings (FUTU [https://seekingalpha.com/symbol/FUTU]), American Eagle Outfitters (AEO [https://seekingalpha.com/symbol/AEO]), and more.

FRIDAY, MAY 29

The week wraps up on a lighter note, with only a handful of earnings scheduled for Friday's pre-market session. Notable names include KNOT Offshore Partners LP (KNOP [https://seekingalpha.com/symbol/KNOP]), Buckle (BKE [https://seekingalpha.com/symbol/BKE]), and more.

MORE ON RELATED STOCKS:

* Costco Q3 Earnings Preview: Great Business With Limited Upside [https://seekingalpha.com/article/4907419-costco-q3-earnings-preview-great-business-with-limited-upside]
* Autodesk: Primed To Monetize The Elastic Demand For Engineering Optimization [https://seekingalpha.com/article/4907390-autodesk-primed-to-monetize-the-elastic-demand-for-engineering-optimization]
* Synopsys Should Be Priced Far Higher Given The AI Megatrend [https://seekingalpha.com/article/4907364-synopsys-should-be-priced-far-higher-given-the-ai-megatrend]
* Marvell in focus as Stifel ups price target, expects 'beat-and-raise' [https://seekingalpha.com/news/4596271-marvell-in-focus-as-stifel-ups-price-target-expects-beat-and-raise]
* Meta, Broadcom to launch $125M AI chip research hub at UCLA [https://seekingalpha.com/news/4596122-meta-broadcom-to-launch-125m-ai-chip-research-hub-at-ucla]