Welcome to the first trading day of February 2026. The final month of summer on the ASX is invariably a dramatic period, as investor attention returns to full force following the summer break, coinciding with the commencement of the year's first earnings season for ASX-listed companies.

Every ASX-listed company is mandated to disclose its latest financial results to the market at least biannually. The majority of these firms release their initial report in February, cementing this month's status as one of the most critical periods on the annual financial calendar.

Earnings reports frequently act as the primary catalyst for the most significant share price movements witnessed each year. Consequently, the importance of these earnings seasons for investors is absolutely paramount. This year, my focus is particularly sharp on three specific ASX shares.

Three ASX Shares That I'm Watching This February

Commonwealth Bank of Australia (ASX: CBA)

CBA's earnings are consistently among the most anticipated reports each season. Although Commonwealth Bank no longer holds the title of the ASX's largest company, its unique and central role within the Australian financial sector imbues its financial figures with significant influence. As noted in recent weeks, despite CBA shares cooling off over the past few months, they remain arguably expensive when measured against global banking benchmarks.

This valuation leaves little room for error should the bank's performance fall short of market expectations. I will be scrutinizing the cash profit after tax figure with particular interest, alongside, of course, the announcement of CBA's next dividend payment. CBA is scheduled to report its earnings on February 11.

Wesfarmers Ltd (ASX: WES)

Wesfarmers is another ASX share I will be monitoring with intense focus this earnings season. My interest is partly driven by my status as a shareholder, but also because I consider Wesfarmers to be a reliable barometer for the broader market. This is a company deeply interconnected with the pulse of the wider Australian economy.

Given that Wesfarmers has extensive interests across diverse sectors—including WesCEF, Bunnings, Kmart, and OfficeWorks—its earnings report provides invaluable insight into both the health of the Australian economy and prevailing market sentiment. The market traditionally acknowledges the inherent quality of this business, rewarding it with a relatively high earnings multiple.

Any shift in this perception during or after the earnings season could be highly revealing. Wesfarmers is set to release its earnings on February 19.

Coles Group Ltd (ASX: COL)

Finally, we turn to Coles Group, a former division of Wesfarmers. I make a habit of examining Coles' earnings each season, as I believe this company's results serve as another effective gauge of the Australian economic climate. Since everyone requires regular groceries and household supplies, Coles typically exhibits relatively stable earnings. Nevertheless, its reports can yield insights, such as the current degree of cost-consciousness among consumers.

Furthermore, Coles currently boasts one of the more impressive dividend growth track records among top blue-chip stocks, having increased its annual dividend every year since 2019. I am keen to see if this positive trend will extend into 2026. Coles is scheduled to unveil its latest financial results on February 27.