Welcome to the first trading day of February 2026. This last month of summer here on the ASX is always a dramatic one. It usually sees ASX investor attention back in full focus after the summer break, thanks to the start of the first earnings season of the year for ASX shares.
Every ASX share is required to report its latest financials and numbers to the market at least twice a year. Most ASX shares deliver their first report in February, making this month one of the most important in the year.
Earnings reports are often the catalysts for some of the biggest share price swings we see every year. As such, the importance of these earnings seasons cannot be overstated for investors. This year, I'm keeping my eye on three ASX shares in particular.
Three ASX shares that I'm watching this February
Commonwealth Bank of Australia (ASX: CBA)
CBA's earnings are some of the most watched every earnings season. Although Commonwealth Bank is no longer the ASX's top dog, its unique role at the heart of the Australian financial sector lends its numbers extra weight. As we've pointed out a few times in recent weeks, although CBA shares have come off the boil over the past few months, they are still arguably expensive by global banking standards.
That means there might not be much of a cushion if the bank fails to live up to expectations. I'll be watching that cash profit after tax figure closely, as well as the unveiling of CBA's next dividend, of course. CBA's earnings are scheduled for 11 February.
Wesfarmers Ltd (ASX: WES)
Wesfarmers is another ASX share I'll be watching like a hawk this earnings season. Yes, partly because I'm a shareholder myself. But also because I view Wesfarmers as a bit of a market litmus test. You have a company here that is one of the most 'plugged in' stocks to the broader Australian economy.
Given Wesfarmers has many fingers in many pies (those fingers including WesCEF, Bunnings, Kmart, OfficeWorks, amongst many others), its earnings report gives us a lot of insight into the health of the Australian economy, as well as market sentiment. The market usually recognises the inherent quality of this business, and assigns it a relatively high earnings multiple as a result.
If that reality changes during or following earnings season, it could prove telling. Wesfarmers' earnings will come out on 19 February.
Coles Group Ltd (ASX: COL)
Finally, we have one of Wesfarmers' former fingers, Coles Group. I like to look at Coles' earnings every season, as I think this ASX share's numbers are another useful barometer of the Australian economy. Given we all need to regularly eat and stock or households, Coles tends to see relatively consistent earnings. But we can still derive insights from them, such as how cost-conscious consumers are being.
Additionally, Coles has what is now one of the better dividend growth streaks amongst top blue chip stocks, having delivered an annual dividend hike every year since 2019. I'm curious to see if that will continue into 2026. Coles is set to reveal its latest numbers on 27 February.
