Earnings to Watch – Week of 3 August 2026

$NVO reports first-half results Wednesday before the open – the pharma event of the week, with a setup that changed on Friday. Ziltivekimab, the anti-inflammatory heart drug Novo bought with Corvidia in 2020, failed its Phase 3 ZEUS trial outright – no cardiovascular benefit over placebo – and the ADRs fell almost 9%, erasing roughly $20bn of market value three sessions before the print; the company says the 2026 adjusted operating-profit outlook is unaffected, with a non-cash impairment to come in the third quarter. The quarter itself should be an easier read on the new Novo trade-off. Oral Wegovy’s launch quarter brought DKK 2.3bn of sales – flattered, by the company’s own account, by launch channel fill – and the pill passed three million US prescriptions by early June, with more than 80% of new pill prescriptions going to people who had not used a GLP-1 before; US Wegovy injectable sales meanwhile fell 11% at constant rates on lower realised prices. Guidance, raised on 6 May on stronger expected GLP-1 sales, still calls for adjusted sales and operating profit to decline 4–12% at constant rates this year, and consensus clusters loosely around DKK 71–72bn of adjusted sales. The shares are down roughly two-thirds from their mid-2024 peak, at about 15 times forward earnings.

$WDC reports fiscal fourth-quarter and full-year results Wednesday after the close – the most extreme setup of the week. The post-SanDisk hard-drive pure play is up more than 200% this year on AI data-centre storage demand, and still enters the print about a third below the high it set in early summer, with options pricing a move near 17% in either direction. The March quarter showed why the re-rating happened: revenue of $3.34bn, up 45%, gross margin above 50% for the first time, cloud revenue at 89% of the total, like-for-like pricing per terabyte up 9%, and management describing calendar 2026 as effectively sold out, with long-term agreements reaching into 2028 and 2029. The guide for this quarter is $3.65bn of revenue give or take $100m, a 51–52% gross margin and adjusted earnings of $3.25 give or take $0.15, with consensus a touch above on both revenue and earnings. Seagate reported the same quarter last week, beat, guided higher and rose about 10% after hours – which raises the bar rather than clearing it.

SoftBank Group reports its June quarter Thursday afternoon in Tokyo – the AI-capital print, where the balance sheet matters more than the income statement. The quarter being reported captured the melt-up: Arm, the roughly 90%-owned chip designer that was close to 40% of the equity value of SoftBank’s holdings at 31 March, peaked in June. Because Arm is consolidated, that run-up lifts quarter-end net asset value rather than landing as an investment gain; OpenAI is the other case, carried at fair value through profit or loss off the $122bn round completed in March at an $852bn valuation – a round SoftBank co-led alongside a broad group of outside investors, which is the circularity caveat in a single sentence. The damage came after the books closed: Arm has since fallen about 47% from its record, and SoftBank ended July roughly 42% below its own June high even after a 14% rebound on Friday. The fiscal year reported in May produced ¥5.0tn of net income – the first ¥5tn year by any Japanese company, driven largely by unrealised valuation gains. Two of the three $10bn OpenAI tranches have now been paid, the second by drawing down a $10bn bridge loan in July; the third falls due in October.

$SHOP reports second-quarter results Wednesday before the open – the cleanest e-commerce health-check on the slate, from a market that has stopped extending it the benefit of the doubt. The first quarter was strong – revenue up 34% to $3.17bn, a second straight quarter above $100bn of gross merchandise volume, a 15% free-cash-flow margin – and the stock still fell double digits on the guide, which calls for high-twenties revenue growth but only mid-twenties gross-profit growth, with transaction and loan losses climbing underneath on higher credit losses. That guide is now the bar: consensus sits near $3.44bn of revenue, about 28% growth, with roughly $0.40 of earnings, and options price a move around 12%. Tariffs are the live variable – cross-border is 16% of merchandise volume, the US de-minimis suspension that has run since August 2025 was codified as indefinite by rule in late June, and management’s only on-record datapoint is that its data through April showed little evidence of an overall slowdown. The shares are down about 27% this year, roughly 36% below their 52-week high, after Stifel and Jefferies upgrades in July.

$UBER reports second-quarter results Wednesday before the open, days after touching a 52-week low. The trigger was Waymo: on 24 July it emerged that the robotaxi operator will launch its own app in Austin and Atlanta in January 2028, ending its exclusive arrangement with Uber in both cities – weeks after the two quietly wound down their Phoenix partnership. The business heading into the print looks nothing like the chart: first-quarter gross bookings rose 25% to $53.7bn, adjusted EBITDA rose 33%, and the company bought back a record $3.0bn of stock in the quarter with $16.2bn of authorisation remaining. Guidance for this quarter calls for $56.25–57.75bn of bookings and $0.78–0.82 of adjusted earnings; consensus sits at $0.83, above the top of that range, and options imply a move of about 8% – roughly in line with Uber’s average earnings-day swing. The shares closed Friday at $70.36, about 31% below their high.

Siemens publishes fiscal third-quarter results Thursday morning in Munich – Europe’s biggest print of the week, delivered from strength: the shares set a 52-week high on Friday and are up about 19% this year. The second quarter showed why. Orders of €24.1bn grew 18% on comparable terms against a record €124bn backlog, Digital Industries profit rose 35% as the factory-automation recovery took hold, and Smart Infrastructure booked a record €1.9bn of data-centre orders inside its best order quarter ever. Management raised the Digital Industries outlook with those results – comparable revenue growth of 7–10% at a 17–19% margin – while cutting Mobility on US tariffs; the group earnings guide had already been lifted in February. Consensus for the quarter sits near €20.8bn of revenue and about €2.65 of earnings per share. One fresh complication: Siemens Healthineers, still consolidated ahead of a planned spin-off vote in February 2027, cut its full-year revenue outlook on diagnostics weakness, China especially, when it reported on Friday.

$MELI reports second-quarter results Wednesday after the close – the higher-variance cut of the week’s e-commerce trade. The first quarter delivered the fastest revenue growth in almost four years – up 49% to $8.8bn, with items sold up 47% groupwide and 56% in Brazil after the free-shipping threshold there was cut to R$19 – and it cost what it was designed to cost: operating margin fell to 6.9% from 12.9% a year earlier, compressed by shipping subsidies, marketing and a credit book that grew 87% to $14.6bn. The market has partly made its peace, with the stock up about 13% in July to sit roughly 28% below its all-time high, but consensus still embeds deceleration – revenue near $9.7bn, growth in the low forties – and earnings estimates are unusually scattered; Citi has flagged operating-profit risk below the street. Management said in May it does not expect margins to change materially in the near term.