EARNINGS & CATALYSTS · November 4, 2026
November 4 earnings ahead: Qualcomm demand, AppLovin growth and insurers’ claims costs
Qualcomm and AppLovin face demand tests after the November 4 close, while McKesson, Motorola Solutions, Allstate, MetLife, Aflac and Edwards bring distinct outlook and margin questions.
| Company | Report date | Window | EPS estimate | Revenue estimate |
|---|---|---|---|---|
| QUALCOMM Incorporated (QCOM) | November 4, 2026Expected · subject to change | After close | 2.16 | 10.12B |
| McKesson Corporation (MCK) | November 4, 2026Expected · subject to change | After close | 10.72 | 109.9B |
| AppLovin Corporation (APP) | November 4, 2026Expected · subject to change | After close | 4.03 | 2.07B |
| Motorola Solutions, Inc. (MSI) | November 4, 2026Expected · subject to change | After close | 4.42 | 3.25B |
| The Allstate Corporation (ALL) | November 4, 2026Expected · subject to change | After close | 6.89 | 15.87B |
| MetLife, Inc. (MET) | November 4, 2026Expected · subject to change | After close | 2.77 | 19.86B |
| Aflac Incorporated (AFL) | November 4, 2026Expected · subject to change | After close | 1.80 | 4.12B |
| Edwards Lifesciences Corporation (EW) | November 4, 2026Expected · subject to change | After close | 0.74 | 1.68B |
1) What is scheduled after the close?
Qualcomm is scheduled to report its fiscal fourth quarter and full fiscal year on November 4, 2026. McKesson is scheduled for its fiscal second quarter of 2027. AppLovin, Motorola Solutions, Allstate, MetLife, Aflac and Edwards Lifesciences are scheduled for their third quarters of 2026. Issuer announcements place all eight releases after the November 4 close. These are upcoming reports, not announced results. The earnings calls for Allstate, MetLife and Aflac are scheduled for November 5; their results are scheduled for the preceding evening. Keep the release and the call separate when deciding what information may arrive first.
2) Qualcomm and AppLovin: demand and the next growth step
Qualcomm combines semiconductor sales with a patent-licensing business. The investor question is whether demand and the coming outlook support growth beyond a single smartphone cycle. Watch the separate contributions of chips and licensing, margins and management’s view of customer demand. A broader business mix can help, but new markets also require investment and execution. AppLovin sells advertising technology that helps businesses reach customers and monetize audiences. Its August 5 outlook put third-quarter revenue at $2.055 billion–$2.085 billion. That is company guidance, not analyst consensus or a reported result. Revenue relative to that range, cash generation and the next outlook will help distinguish sustainable advertising demand from a strong quarter that is difficult to repeat.
3) McKesson: contract visibility and profit quality
McKesson distributes medicines and provides healthcare services, so large sales totals need to be read alongside the profit earned on those sales. On October 1 it announced a signed agreement in principle to extend pharmaceutical distribution with CVS Health through June 2032. That announcement retained the risk that a definitive contract might not be signed. Investors should watch for an update on the agreement’s status and economics. McKesson also reaffirmed fiscal 2027 adjusted EPS of $44.20–$45.00 on October 1. EPS means profit per share; adjusted EPS excludes specified accounting items. The next decision is whether the new report supports that outlook through operating performance and cash flow, with acquisition spending and integration costs also relevant.
4) Motorola Solutions: turning safety spending into cash
Motorola Solutions provides safety and security technologies. The report can show how customer spending translates into sales, operating profit and cash generation. Investors should compare hardware demand with recurring software and service activity, then examine whether costs are growing faster than sales. The important distinction is between promising demand and revenue that can be delivered profitably. A stronger outlook supported by cash generation would strengthen the investment case; slower delivery or weaker margins would put more pressure on the valuation.
5) Allstate, MetLife and Aflac: separate insurance tests
Allstate’s October 15 disclosure estimated third-quarter catastrophe losses of $1.65 billion before tax, including $220 million for September. Those estimates give investors a concrete cost to compare with premiums, underlying claims trends and the final quarter. Watch the combined ratio, which compares claims and expenses with premiums; a ratio below 100% indicates an underwriting profit. MetLife provides insurance, annuities, employee benefits and asset management. Its earnings will help investors assess claims experience and investment returns alongside capital generation. Aflac’s supplemental health insurance operations in the United States and Japan bring a different mix of claims, sales and currency exposure. For both, separate operating performance from market and currency effects before drawing a conclusion about recurring profits.
6) Edwards: clinical evidence and the commercial timetable
Edwards makes structural heart treatments. On November 2 it announced PROGRESS trial results showing a 33% relative reduction in the combined outcome of death or a heart-failure event at two years for selected patients with moderate aortic stenosis, or narrowing of the aortic valve. Death rates alone were similar between groups. This matters because evidence supporting earlier treatment could expand future demand. However, use of the SAPIEN 3 valve systems for moderate aortic stenosis remains investigational; the trial does not establish an approved new commercial indication. Watch management’s regulatory timetable, adoption expectations and spending needs alongside the quarter’s sales and margins.
7) What recently reported peers add
Texas Instruments reported third-quarter revenue of $6.06 billion on October 21 and issued a fourth-quarter revenue range of $5.80 billion–$6.30 billion. It offers context for chip demand, but its analog and embedded-product mix differs from Qualcomm’s, so its results are not a direct forecast for Qualcomm. Cencora reported fiscal fourth-quarter revenue of $88.4 billion and adjusted diluted EPS of $4.66 on November 4. Its release described specialty-product growth while noting that GLP-1 medicines have lower gross margins. That makes the mix of sales and the profit earned on them relevant questions for McKesson, rather than treating distributors’ revenue growth as interchangeable. Chubb reported an 84.1% property-and-casualty combined ratio on October 20, compared with 81.8% a year earlier, while remaining profitable in underwriting. Its different insurance mix prevents a direct comparison with Allstate, but it illustrates why claims costs matter alongside premium growth. These peer figures are reported results, not consensus comparisons or forecasts for the companies reporting this evening.
8) How to read the reports
Start with revenue and profit per share, then ask what changed in the outlook and whether cash flow supports the earnings. Compare adjusted results with estimates on the same accounting basis. A change in guidance matters most when it covers the same measure and period as the previous outlook. A positive surprise can still be followed by a weaker share price if expectations were higher or the next outlook disappoints. After-close trading can also be thin and volatile. Focus on the business change and the next investor decision rather than assuming the first price reaction will persist.