A few major companies report earnings Friday before the bell. Let’s look at what to expect from the quarterly reports of Delta Airlines (DAL), Walgreens (WBA), and Constellation Brands (STZ).

Delta (DAL) reports 4Q24, with Zacks estimating EPS of $1.76 and revenue of $14.83 billion, or a 37.5% and a 4% growth respectively. The stock is up 48% over the last year and hit an all-time high of $67.50 in early December. The TSA’s preliminary travel numbers for the 2024 holiday season signal the busiest year on record, with nearly 39 million people screened between December 19 and January 2. Though it won’t show up in this report, keep in mind that severe weather from Storm Blair caused cancellations across airlines a few days ago. However, Delta has not had an outage like the one hitting rival American (AAL) on Christmas Eve, perhaps signaling a more well-oiled machine than its peers.

Walgreens (WBA) reports 1Q25; Zacks expects EPS of $0.37 and revenue of $37.1 billion, -44% and +1% year-over-year, respectively. Walgreens had a rough 2024, and is currently down 62% from this time last year. A potential distraction to investors are the reports that Sycamore Partners is looking for financing to try to buyout Walgreens. However, UBS wrote in a note yesterday that “traditional models struggle to see how the math works” for that deal. Last year was rough for the health care sector overall – either clarity on a deal or better-than-expected guidance could help the stock out.

Constellation Brands (STZ) reports 3Q25, which Zacks estimates will post EPS of $3.34 (+4.7% y/y) and revenue of $2.55 billion (+3% y/y). The stock is down about 10% since last year. While the numbers themselves are important, investors may be more focused on guidance, particularly in the wake of the U.S. Surgeon General calling for cancer warnings on alcoholic drinks. The advisory calls alcohol the third-leading preventable cause of cancer in the U.S., behind only tobacco and obesity. The industry is already struggling somewhat with demand, given the proliferation of mocktails, cannabis-infused beverages, and other options – but maybe they can chart a clearer path forward.

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