Earnings to Watch – Week of 29 June 2026

$NKE reports fiscal fourth-quarter and full-year results (year to 31 May) after the close on Tuesday, the headline event of a thin week. The print is the clearest test yet of whether the turnaround under Elliott Hill, who returned as chief executive in late 2024, is beginning to convert. The strategy is a deliberate reset: rebuilding the wholesale relationships the previous direct-to-consumer push had strained, clearing aged inventory, and leaning back into sport. Last quarter showed the early shape of it – revenue was roughly flat at about $11.3bn (down around 3% currency-neutral), wholesale grew while Nike Direct fell, and inventory was clean, down slightly on a year earlier. But profitability bore the cost: the gross margin slipped to about 40%, pressured by discounting and the early hit from higher US tariffs, and earnings fell sharply.

Management has guided this quarter down – revenue lower by 2% to 4%, with a further, smaller gross-margin decline that bakes in a couple of points of tariff drag – and has described it as the low point of the “Win Now” programme, with the recovery pushed into the next fiscal year. Greater China remains the softest region, declining for several quarters. The bar is low: analysts have cut estimates hard, and consensus now sits near $0.11 of earnings on roughly $10.9bn of revenue, well below a year ago, though the range is wide.

$STZ reports fiscal first-quarter results after the close on Tuesday, with the call the following morning – one of the cleaner reads on the US beer drinker, and on the Hispanic consumer behind much of Modelo and Corona demand, a cohort whose spending management has repeatedly singled out. Beer is now the overwhelming majority of the business after a multi-year pruning of the wine and spirits portfolio, and the beer story has been one of resilience meeting pressure. Full-year depletions slipped about 2% but turned slightly positive in the most recent quarter, and the brand picture is mixed: the larger Modelo Especial and Corona Extra have softened while smaller, faster-growing names such as Pacifico and Victoria have carried the volume. The beer operating margin narrowed last year, hit partly by US tariffs on the aluminium that goes into the cans.

For the new fiscal year management guided cautiously – enterprise organic sales between down 1% and up 1%, and comparable earnings of $11.20 to $11.90, below where the Street had sat – and withdrew its longer-term outlook, citing demand uncertainty. Consensus for the quarter looks for comparable earnings near $3.28 on revenue around $2.4bn, the latter lower year-on-year mainly because the divested wine brands have dropped out of the comparison.

$GIS reports fiscal fourth-quarter and full-year results before the open on Wednesday, the packaged-food bellwether of the week. The backdrop is a volume-led slump across the centre of the grocery store: shoppers have pulled back after years of price rises, private-label brands have gained share, and the question hanging over the sector is whether weight-loss medicines are denting snacking demand or whether that fear is overdone. Last quarter captured the strain – organic sales fell about 3%, adjusted earnings dropped sharply as the company reinvested in pricing, and margins compressed. The clearest bright spot was the pet-food business, Blue Buffalo, the one North American segment still growing.

Management reaffirmed a full-year outlook it had already cut during the year – organic sales down 1.5% to 2% and adjusted profit down 16% to 20% – while pointing to a meaningfully better fourth quarter, helped by easier comparisons and the pricing reinvestment largely complete. But the headline quarter is also flattered by a 53rd week in the fiscal year; the cleaner test is the first guide for fiscal 2027, which has to absorb both the lost week and the divestiture of most of the North American yogurt business. Consensus looks for revenue around $4.6bn and adjusted earnings near $0.80, though estimates vary.

$FDS reports fiscal third-quarter results before the open on Wednesday, one of the cleaner tests of whether generative AI is a threat or a tailwind to the financial-data incumbents. The shares have de-rated heavily over the past year on fears that AI tools could erode the value of traditional data terminals and workflows, compressing a multiple that once sat far higher. The underlying business has held up better than the share price: last quarter revenue rose about 7%, and organic annual subscription value – the metric the market watches most – grew around 7% in what the company called a fourth straight quarter of acceleration, with client and user retention staying high. The blemish was margin: the adjusted operating margin fell more than two points as the company spent on AI and technology.

FactSet has leaned into the theme rather than away from it, building conversational AI into its platform and integrating its data into third-party AI assistants, under a chief executive, Sanoke Viswanathan, who took over last autumn. It raised its full-year guidance at the last print, to organic subscription-value growth of roughly 5% to 7% and adjusted earnings of $17.25 to $17.75. Consensus for the quarter looks for adjusted earnings near $4.45 on revenue of about $618m.

$AVAV reports fiscal fourth-quarter and full-year results after the close on Monday, one of the cleanest public-market reads on the drone-warfare and defence-technology upcycle. Its Switchblade loitering munitions sit at the centre of a procurement push toward cheaper, attritable systems, and last May’s acquisition of BlueHalo – which roughly doubled the company and added space, cyber and directed-energy work – has reshaped what it reports. The most recent quarter showed revenue up sharply on that deal, to about $408m, with a record funded backlog above $1bn and a healthy book-to-bill, though the top line came in below expectations, a programme stop-work triggered a large goodwill impairment, and the lower-margin BlueHalo business pulled the gross margin down.

A late complication sharpens the stakes: just over a week before this print, the company refiled the quarter, enlarging that impairment and disclosing a newly identified weakness in its financial-reporting controls – a governance issue likely to draw questions on the call. The standing full-year guidance points to revenue of roughly $1.85bn to $1.95bn; the first formal outlook for the new fiscal year, against a rising defence budget, is the more important number and may arrive with these results. Consensus for the quarter looks for revenue near $565m and earnings around $1.50.

$MSM reports fiscal third-quarter results before the open on Wednesday, a high-frequency read on demand across US factory floors. The distributor of metalworking and maintenance supplies is a classic real-economy bellwether, and it reports into a manufacturing backdrop that has improved on the headline measure: after a long stretch of contraction, the ISM manufacturing index has signalled expansion for several months. The picture underneath is less clean, though – factory employment is still contracting and input prices remain elevated – and the June reading is due the same morning. Last quarter the company’s average daily sales rose about 3%, but the composition was soft – pricing did the work while volumes were still slightly negative – even as cost discipline lifted margins and adjusted earnings grew.

Management guided to an acceleration this quarter, average daily sales growth of 5% to 7% and an adjusted operating margin around 10%, a notable step up. The bar is set partly by peers running hotter: Fastenal has been posting double-digit daily-sales growth and Grainger raised its outlook earlier in the year, leaving MSC, which has been working through a sales-force reorganisation, as the relative laggard. Consensus looks for adjusted earnings near $1.27 on revenue of about $1.03bn, though coverage is thin.

$CURY, the UK and Nordics electricals retailer, publishes full-year results (year to 2 May) before the London open on Thursday, the closing report of the week and a read on the UK consumer rather than a global one. It caps a turnaround that has restored profitability and the dividend after a long de-rating – and after two takeover approaches in 2024, from the activist Elliott and from China’s JD.com, that the board rebuffed. Much of the headline is already known: a May trading update guided full-year adjusted pre-tax profit to about £191m, up roughly a fifth and ahead of its earlier range, with like-for-like sales higher across both the UK and Ireland and a recovering Nordics, gross margins broadly stable, net cash above £170m, and £74m returned to shareholders over the year.

With the year effectively pre-announced, the interest sits in what comes next: the outlook for the new financial year, on which the company has not yet guided, and the scope for further capital returns. Management succession is the other overhang: Alex Baldock, who has led the turnaround for eight years, is stepping down – leaving for Boots – with Fredrik Tønnesen, head of the Nordics business that drove much of the recent upgrade, due to take over in August.