Earnings to Watch – Week of 22 June 2026

$FDX reports fiscal fourth-quarter and full-year results (year to 31 May) after the close on Tuesday, in what is both the cleanest macro tell of the week and the company's first report in a reshaped form. On 1 June it completed the spin-off of FedEx Freight, its less-than-truckload arm, into a separately listed company – so this is the last quarter with Freight inside the numbers and the first time management frames the year ahead as a standalone parcel and express business. The setup is solid: at the February-quarter print revenue rose about 8% to $24bn, adjusted earnings of $5.25 beat expectations, and management raised full-year adjusted EPS guidance to $19.30–20.10, helped by its multi-year Network 2.0 cost programme and DRIVE savings now past $4bn.

Volumes are the part that matters beyond FedEx itself. US domestic parcel demand has held up – its strongest quarterly revenue since 2022 last time out – even as industrial freight has stayed weak, with manufacturing activity in contraction for most of the past three years. The Freight spin-off removes the most cyclically exposed piece, but the parcel network it leaves behind is still one of the better real-time reads on goods demand.

$CBRS reports for the first time as a public company after the close on Tuesday, six weeks after the year's biggest US technology listing. The wafer-scale AI-chip maker priced its May IPO at $185 a share – above a twice-raised range – raised more than $5bn, and briefly carried a market value near $95bn before settling back to around $50bn. Its pitch is speed: a single dinner-plate-sized processor, the Wafer-Scale Engine, aimed at AI inference, where it claims to generate output far faster than conventional clusters of graphics chips. Revenue grew about three-quarters in 2025 to roughly $510m, though the business still ran at an underlying loss once a large one-off gain is stripped out.

The debut quarter carries an unusually visible risk: the overwhelming majority of last year's revenue came from two Abu Dhabi-linked customers, and a multi-year compute commitment from OpenAI – the bulk of a stated backlog above $24bn – has yet to contribute meaningfully to the top line. Published quarterly estimates are sparse and unusually divergent, with the lowest sitting well below last year's revenue run-rate, so the market is likely to look past any headline beat or miss to the shape of demand underneath.

$CCL reports fiscal second-quarter results (quarter ended 31 May) before the open Tuesday, one of the cleaner reads on whether consumers are still paying up for big-ticket experiences. The cruise operator has been making progress on both demand and balance-sheet repair: first-quarter revenue and adjusted EBITDA were both quarterly records, net yields rose 2.7% in constant currency, and roughly 85% of 2026 is already booked at historically high prices, with management describing demand stretching well into 2028. Alongside that, it has refinanced about $19bn of debt over the past year and cut interest costs sharply, narrowing net leverage toward the level it is targeting later this decade and earning a run of credit-rating upgrades.

For the full year management guides to net yield growth of roughly 2.75% and adjusted EBITDA near $7bn, and it has begun returning cash with an initial buyback. The second quarter itself is guided to slightly slower net yield growth of about 2%; the larger fuel bill that comes with a firmer oil price is the main offset to the demand story.

$MU reports fiscal third-quarter results (quarter ended late May) after the close on Wednesday, in the most consequential print of the week. AI memory has become the entire story: a market value that has run past $1.2 trillion – up roughly tenfold from where it stood around eighteen months ago – rests on high-bandwidth memory, the specialised DRAM stacked beside Nvidia's and AMD's accelerators. The last quarter was extraordinary by the standards of a famously cyclical business: revenue nearly tripled from a year earlier to about $23.9bn, the non-GAAP gross margin reached a record near 75%, and management said its entire 2026 high-bandwidth-memory output is already sold out under multi-year contracts, with volume production of the next generation under way for Nvidia's coming platform.

The guidance management gave for this quarter is more striking still: revenue of about $33.5bn and a gross margin near 81%, both of which would set fresh records, with analysts positioned for an even higher figure. Industry trackers describe the tightest memory market in over a decade, with contract prices rising steeply across both DRAM and flash.

$JEF reports fiscal second-quarter results (quarter ended 31 May) after the close on Wednesday, and as the one sizeable investment bank with a November fiscal year, it reports weeks ahead of the calendar-quarter giants – making its print an early read on the dealmaking environment for Goldman Sachs, Morgan Stanley and the advisory boutiques. The first quarter was strong on the top line: net revenue rose 27% to about $2bn and investment-banking revenue rose 45% to a first-quarter record, led by advisory and a sharp rebound in equity underwriting, though earnings of $0.70 a share still came in below what analysts had hoped for. The gap – strong revenue, softer earnings – reflected an elevated compensation ratio and charges against a couple of troubled credit positions, the kind of below-the-line drag investors will be watching for again.

The reopening of the equity-issuance window is the live question, and this same week offers corroborating evidence outside the print: the blockbuster Cerebras listing and the upsized Fervo Energy debut both fell within Jefferies' just-ended quarter. Consensus looks for a further step up in revenue and earnings, though the estimates lean on a soft year-earlier base and the bank has a recent habit of missing on the bottom line even when revenue grows.

$HNNMY, the Swedish fashion retailer, publishes its half-year report before the Stockholm open on Thursday, with the market focused on the March-to-May quarter inside it. The story is a margin recovery running ahead of a still-soft top line. In the prior quarter the gross margin widened by more than a point and a half to 50.7% on tighter buying and lower markdowns, lifting operating profit despite sales that were flat in local currencies and sharply lower as reported, because a strong krona has been translating overseas revenue into fewer Swedish kronor. Inventories were clean, down 16% on a year earlier.

Analysts expect the recovery to continue, with the consensus pointing to a second-quarter operating margin back into double digits against still-flat local-currency sales – a high bar that leans almost entirely on the gross margin doing the work. The contrast with Zara-owner Inditex, which earns roughly a fifth on sales against H&M's high single digits, frames the gap the self-help effort is trying to close.

$WSE, the cross-border-payments fintech formerly known as TransferWise, reports full-year results (year to 31 March) after the US close on Thursday – its first set of annual numbers since shifting its primary listing from London to New York in May. It is a structural-growth story built on undercutting banks: it keeps cutting the price of moving money across borders to drive volume, and the strategy has kept compounding. A trading update already flagged the headline shape of the year – income up about 18%, cross-border volume up 25% to roughly £182bn, and active customers up to nearly 19m – so the open questions sit below the top line.

Chief among them is profitability. The company is deliberately spending to grow, and first-half profit margins fell as a result, even as it guided full-year margins toward the upper end of its medium-term 13–16% range. The mix is also shifting, with card and interest income growing faster than the core cross-border business. A more recent complication is a Belgian prosecutor inquiry into alleged laundering through Wise accounts, disclosed in early June; Wise says it is cooperating and that no specific findings have been shared. The disclosure weighed on the shares and is likely to draw questions on the call.