Earnings season is back in the spotlight on Wednesday, and this time the watchlist leans heavily into retail. We're talking pet e-commerce, apparel, jewelry, sporting goods, and even a defense tech name thrown in for good measure. With guidance and demand signals often moving stocks more than the headline numbers, options traders are already sketching out the size of the post-print swing.

The marquee name on this list is Chewy, but the biggest implied move is saved for the final section as the countdown runs from the calmest setup to the most volatile.

5. Chewy, Inc. | Mkt Cap: $9.8B | Implied Move: 10.24%

Chewy, Inc. (NYSE: CHWY) reports second quarter of 2026 results before the opening bell. Wall Street is looking for 36 cents in earnings per share on $3.36 billion in revenue, compared with 33 cents on $3.10 billion a year ago.

Options are pricing in a 10.24% move, the smallest implied swing in this lineup, but it still represents about $1 billion of market value at stake.

Chewy runs a leading e-commerce platform for pet food, toys, supplies and medications, so investors tend to key in on demand durability and any margin or fulfillment commentary that can ripple through the model. The stock carries a Buy consensus rating, and the stock is trading well below the 180-day average analyst price forecast. In September, Raymond James reiterated its Outperform rating and raised its price forecast, while Mizuho reiterated its Outperform rating and cut its price forecast.

Chewy has pulled back in 2026, down 29.4% year-to-date and trading 7.3% below the 200-day moving average. The shares sit about 45% below the 52-week high of $43.50.

4. Signet Jewelers Limited | Mkt Cap: $3.3B | Implied Move: 12.44%

Signet Jewelers Limited (NYSE: SIG) reports second quarter of 2027 results before the opening bell. Consensus estimates call for $1.73 in earnings per share on $1.53 billion in revenue, versus $1.61 on $1.53 billion in the prior-year period.

Options are implying a 12.44% earnings move, putting roughly $412 million of market value in play for the jewelry retailer.

Signet Jewelers sells diamond jewelry across bridal and fashion categories, which can make the print a read-through on discretionary spending and promotional intensity. The stock carries a Buy consensus rating, and the share price sits well below the 180-day average analyst price forecast. In August, UBS reiterated its Buy rating and raised its price forecast, and in July, Raymond James initiated coverage with an Outperform rating.

Signet Jewelers has pulled back in 2026, down 0.9% year-to-date and trading 3.8% below the 200-day moving average. The shares sit about 23% below the 52-week high of $110.20.

3. Academy Sports and Outdoors, Inc. | Mkt Cap: $2.8B | Implied Move: 13.82%

Academy Sports and Outdoors, Inc. (NASDAQ: ASO) reports second quarter of 2026 results before the opening bell. Analysts expect $2.08 in earnings per share on $1.65 billion in revenue, up from $1.94 on $1.60 billion a year earlier.

The options market is pricing in a 13.82% move, with about $385 million of market cap at stake as investors handicap demand across outdoors, apparel, footwear and sports categories.

Academy Sports and Outdoors operates a full-line sporting goods and outdoor recreation retail business, and the quarter can hinge on how traffic and ticket trends balance against promotions and inventory positioning. The stock carries a Buy consensus rating, and the 180-day average analyst price forecast sits well above where the stock trades. In September, Telsey Advisory Group reiterated its Outperform rating and cut its price forecast, while Evercore ISI Group reiterated its In-Line rating and cut its price forecast in July.

Academy Sports and Outdoors has pulled back in 2026, down 13.8% year-to-date, trading 14.2% below the 200-day moving average after the 50-day moving average crossed below the 200-day in June. The shares sit about 28% below the 52-week high of $62.45.

2. AeroVironment, Inc. | Mkt Cap: $7.4B | Implied Move: 14.32%

AeroVironment, Inc. (NASDAQ: AVAV) reports Q1 2027 results after the closing bell. The Street is modeling 26 cents in earnings per share on $458.45 million in revenue, compared with 32 cents on $454.68 million last year.

Options are pricing in a 14.32% move, a sizable setup for a $7.42 billion company, with about $1.06 billion of market value at stake.

AeroVironment is a defense technology provider delivering integrated capabilities across air, land, sea, space and cyber, which can put extra emphasis on program execution and forward demand signals. The stock carries a Buy consensus rating, and shares trade well below the 180-day average analyst price forecast. In July, Raymond James upgraded the stock to Outperform, while Citizens reiterated its Market Outperform rating and cut its price forecast.

AeroVironment has pulled back in 2026, down 43.5% year-to-date and trading 31.3% below the 200-day moving average. The shares sit about 65% below the 52-week high of $417.86.

1. American Eagle Outfitters | Mkt Cap: $2.9B | Implied Move: 16.37%

American Eagle Outfitters (NYSE: AEO) reports second quarter of 2026 results after the closing bell. Consensus calls for 27 cents in earnings per share on $1.36 billion in revenue, compared with 45 cents on $1.28 billion a year ago.

Options are pricing in a 16.37% move, the widest implied swing on this list, putting about $469 million of market value at stake.

American Eagle Outfitters is a specialty retailer selling apparel and accessories through company stores across the United States, Canada, Mexico and Hong Kong, keeping investors focused on demand trends and any read-through on pricing and promotions. The stock carries a Hold consensus rating, and the stock is trading below the 180-day average analyst price forecast. In August, JP Morgan reiterated its Neutral rating and raised its price forecast, while B of A Securities maintained an Underperform rating.

American Eagle Outfitters has pulled back in 2026, down 34.0% year-to-date and trading 13.5% below the 200-day moving average. The shares sit about 40% below the 52-week high of $28.46.

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