The upcoming week brings a critical batch of corporate earnings reports that could set the tone for markets as January draws to a close. Netflix and United Airlines headline the calendar, with both companies facing elevated expectations and scrutiny from investors navigating an uncertain economic landscape.

With markets closed Monday for Martin Luther King Jr. Day, the shortened trading week will pack significant corporate revelations into just four sessions. Here's what investors need to know.

Netflix: Tuesday After the Bell

Netflix reports fourth-quarter 2025 results after the market close on Tuesday, January 21, in what has become one of the most closely watched earnings events in media and technology.

The streaming giant enters its report amid mixed sentiment. The stock has declined roughly 28% from its 52-week highs, creating what some analysts view as an attractive entry point—but also reflecting concerns about subscriber growth and competitive pressures.

What analysts expect:

  • Revenue of approximately $10.1 billion, representing year-over-year growth in the low teens
  • Earnings per share near $3.24, with the options market pricing in a potential move of plus or minus 6.6%
  • Full-year 2026 guidance will be closely scrutinized, with Street estimates calling for roughly $51 billion in annual revenue

Netflix's password-sharing crackdown and ad-supported tier have been key growth drivers, but investors want to see whether these initiatives can sustain momentum into 2026. International subscriber trends will also be in focus, particularly in emerging markets where growth potential remains substantial.

"Netflix's guidance for 2026 will be the main event. The market wants clarity on subscriber trajectory and whether the advertising business can become a meaningful revenue contributor."

— Media analyst at a major research firm

United Airlines: Wednesday Morning

United Airlines Holdings reports fourth-quarter results Wednesday morning, kicking off what promises to be a revealing airline earnings season. The company's report will offer crucial insights into travel demand trends and the health of the American consumer.

Key metrics to watch:

  • Earnings per share expected around $2.98, representing an 8.6% year-over-year decline
  • Revenue anticipated near the trailing twelve-month run rate of $58.4 billion annually
  • Forward guidance on capacity, pricing, and fuel costs

The airline industry has enjoyed a remarkable recovery from the pandemic, but investors are increasingly focused on whether peak profitability has already passed. Capacity additions across the industry have raised concerns about pricing pressure, while labor costs remain elevated following a wave of contract negotiations.

United's premium cabin strategy has been a differentiator, and investors will want updates on how that positioning is performing relative to competitors focused on basic economy travelers.

35 S&P 500 Companies on Deck

Beyond Netflix and United, approximately 35 S&P 500 companies are scheduled to report earnings next week. Notable names include:

  • 3M (Tuesday): The industrial conglomerate's results will offer a window into manufacturing activity
  • Johnson & Johnson (Wednesday): Healthcare giant's update on drug pipeline and medical device sales
  • Procter & Gamble (Wednesday): Consumer staples bellwether on pricing power and demand trends
  • Texas Instruments (Wednesday): Semiconductor demand outside of AI applications

Economic Data to Watch

The earnings parade comes alongside several important economic releases:

S&P Global PMI (Friday): The preliminary January reading will provide an early look at business activity in the new year, covering both manufacturing and services sectors.

Michigan Consumer Sentiment (Friday): The final January reading will update on consumer confidence levels, which have remained stubbornly near historic lows despite a strong job market.

Market Positioning

Investors enter the week with several crosscurrents to navigate:

Bank earnings have largely beaten expectations, with Goldman Sachs and Morgan Stanley delivering strong results that pushed financials higher. The TSMC earnings beat has reinvigorated optimism around semiconductor and AI-related stocks.

However, questions remain about Federal Reserve policy, with investors now expecting the central bank to hold rates steady at its January 27-28 meeting. The first rate cut of 2026 isn't expected until June, a more hawkish timeline than markets anticipated at the start of the year.

For Netflix and United Airlines, the stakes are high. Strong results could extend the market's recent momentum, while disappointments risk reigniting concerns about consumer spending and corporate profit margins heading deeper into 2026.