Earnings to Watch – Week of 06 April 2026

Samsung released preliminary Q1 guidance on Tuesday, and the numbers blew past even the most bullish expectations. Operating profit came in at roughly 57.2 trillion won on sales of about 133 trillion won – both all-time records. The market consensus had been clustered around 38 trillion won in operating profit, making this a beat of nearly 50%. It is the first time Samsung's quarterly operating profit has exceeded 50 trillion won, and the first time sales have topped 100 trillion won in a single quarter.

The debate now shifts from whether the memory upcycle is real to whether Samsung can sustain share gains in HBM versus SK Hynix, which held 53% HBM market share in Q3 2025 versus Samsung's 35%. Full results land later in April and will break out the segment detail investors need to answer that question.

Levi's first post-Dockers quarter came in above expectations: Q1 revenue of $1.742 billion and adjusted EPS of $0.42, beating the $0.37 consensus. More importantly, management raised full-year guidance – a signal that the DTC-first pivot under CEO Michelle Gass is translating into real financial improvement, not just narrative. The portfolio is now just Levi's and Beyond Yoga after the $311 million Dockers sale to Authentic Brands Group closed in late February. Tariff headwinds remain embedded in the outlook – guidance still assumes 30% US tariffs on China imports and 20% elsewhere – but the guidance raise suggests the company is absorbing them better than feared.

Delta may be the most consequential single-company print of the week. The airline raised Q1 revenue guidance in mid-March to $15.0–15.3 billion (high-single-digit growth), citing surging corporate and consumer demand – even as the Iran conflict sent jet fuel prices from roughly $96 to nearly $197 per barrel in a matter of weeks. That $400 million-plus fuel cost headwind since the conflict began is the central tension in this report. Delta's ownership of a crude refinery provides a partial hedge, and management targets $2.28/gallon jet fuel in full-year guidance, but spot prices are well above that level.

Consensus EPS estimates sit in the $0.58–0.64 range. Full-year guidance calls for $6.50–7.50 EPS and $3–4 billion in free cash flow, with all new capacity growth concentrated in premium cabins. The broader question is whether Delta – and by extension the US premium travel economy – can continue passing fuel costs through to passengers, or whether demand elasticity finally starts to bite.

A tale of two businesses, and a CEO transition. Constellation reports its fiscal Q4 with incoming CEO Nicholas Fink – who formally takes over on 13 April – joining the call alongside outgoing CEO Bill Newlands. The beer business – Corona, Modelo Especial, Modelo Oro – is the crown jewel and is expected to deliver broadly stable sales. Wine and spirits is the problem: divestitures of SVEDKA and several wine brands have stripped out significant revenue, and underlying demand remains soft, so the segment is expected to show a much weaker year-on-year comparison.

Consensus EPS of $1.73 implies a 34% decline from the year-ago quarter. UBS has flagged the setup as “tricky” even with improved visibility, noting guidance could disappoint. The market's real interest is in what Fink signals about strategic direction – whether the company will continue trimming the wine portfolio, how aggressively it will invest behind beer capacity expansion, and whether the tariff environment changes the calculus on Mexican-brewed imports.

The Uniqlo parent reports H1 FY2026 results at a moment when it seems difficult to bet against the company. Q1 delivered revenue of ¥1.03 trillion (+14.8%), business profit of ¥205.6 billion (+31%), and the full-year forecast was raised to ¥3.8 trillion in revenue and ¥650 billion in business profit. UNIQLO International was the star, with revenue up 20.3% and profit up 38%, driven by expansion across South Korea, Southeast Asia, India, and North America.

The question for H1 is whether that momentum is sustainable at scale, or whether currency effects – a weaker yen has been supporting translation of overseas earnings but also raising sourcing costs – start creating a more mixed picture. Fast Retailing trades at a premium valuation (~¥19.7 trillion market cap) that prices in continued execution. Investors should watch same-store sales trends in Japan, the pace of US store openings, and whether the company extends its guidance raise.

India's IT bellwether reports Q4 FY2026 amid a tense backdrop: the stock has fallen roughly 25% year-to-date as the market prices in a tougher demand environment and a significant workforce restructuring. TCS has confirmed plans to reduce headcount by about 2%, or roughly 12,200 roles, across FY2026, as it restructures around AI and new demand patterns. Senior-level attrition has reportedly ticked up, raising questions about whether the cuts are hollowing out capabilities or genuinely streamlining the organisation.

Against that, TCS has been leaning hard into AI. Annualised AI services revenue hit $1.8 billion in Q3, up 17% quarter-on-quarter in constant-currency terms, and the company secured a $1 billion investment from TPG to accelerate its HyperVault AI data centre business. Analysts expect Q4 net profit to rise 7–14% year-on-year, with deal wins of $8–10 billion – solid but below prior-year peaks. The key question is whether FY2027 guidance suggests a cyclical trough or a structural deceleration in traditional IT outsourcing.

Seven & i is in the middle of a major restructuring, with asset sales, a planned North America IPO, and large buybacks all intended to unlock value and strengthen its defence against takeover pressure. In March 2025, the company announced it would sell its Ito-Yokado supermarket and retail business to Bain Capital for ¥814.7 billion ($5.4 billion), pursue a North American IPO of 7-Eleven in H2 2026, and return approximately ¥2 trillion to shareholders through buybacks by FY2030. It also named Stephen Dacus – its first non-Japanese CEO – to lead the transformation.

Thursday's print is the first real update on whether the operational story matches the financial engineering. The most recent quarter showed operating income up 3.1% year-on-year and a return to profit growth at Seven-Eleven Japan in Q3, but full-year guidance was kept unchanged. Investors will be watching for 7-Eleven North America comps, any update on IPO timing, and whether the Bain Capital transaction is proceeding to its September close on schedule.