The latest earnings season kicks off in the week ahead, with a number of companies across a range of sectors due to report.
Results from the major US investment banks act as the traditional starting gun for earnings season, with Goldman Sachs (GS) among those due to report.
Another big name set to report in the coming week is Netflix (NFLX), with the stock trading near record highs, as the streaming giant has appeared to remain relatively insulated from tariff shocks that have weighed on other tech companies.
In the semiconductor sector, TSMC (2330.TW, TSM) earnings will be in focus, given the company is the world’s largest contract chipmaker so is considered a bellwether for the global industry.
Dutch company ASML (ASML.AS, ASML), which is also set to report, is another company considered to act as a barometer for the health of the chip sector as its lithography machines are used to make semiconductors.
Read more: What could trigger a late summer crisis for markets in the third quarter?
Back on the London market, investors will be keeping an eye on Burberry’s (BRBY.L) latest trading update, to see how the luxury fashion brand’s turnaround efforts are progressing.
Here’s more on what to look out for:
Goldman Sachs (GS) – Reports second quarter earnings on Wednesday 16 July
Major investment banks have become more bullish in their outlook for US stocks this year, looking past near-term uncertainties.
Earlier this week, Goldman Sachs (GS) became the latest bank to raise its year-target for the S&P 500 (^GSPC) index, from 6,100 to 6,600 points. The index closed at 6,280.46 points on Thursday, having risen 6.8% year-to-date.
According to a Reuters report, Goldman analysts said in a note on Monday: “A resilient outlook for 2026 earnings growth, the resumption of Fed rate cuts, and neutral investor positioning argue for further market upside as the recent narrow rally broadens.”
Bank of America (BAC) also lifted its S&P 500 (^GSPC) target this week, while Barclays (BARC.L), Citigroup (C) and Deutsche Bank (DBK.DE) raised theirs last month.
Goldman appeared to benefit from market volatility in the first quarter, with its revenue from equities trading up 27% year-on-year to $4.19bn (£3.09bn), as investors sought to adjust their portfolios amid tariff turmoil.
The firm’s total revenue in the first quarter rose 6% to $15.06bn, which beat analyst consensus of $14.8bn, according to Bloomberg.
Meanwhile, earnings per share of $14.12 also came in ahead of expectations and was up from $11.58n in the first quarter of 2024.
Goldman shares have rebounded from a fall following US president Donald Trump’s “Liberation Day” tariff announcement, and have gained nearly 24% year-to-date, with the stock hitting a fresh high on Monday.
While the firm didn’t offer specific guidance in those results in April, Goldman CEO David Solomon said at the time that it was “entering the second quarter with a markedly different operating environment than earlier this year”.
Goldman is due to release its second quarter results on Wednesday, along with Bank of America and Morgan Stanley (MS). The day before JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup, BlackRock (BLK) and BNY Mellon (BK) are set to release their latest earnings.
Netflix (NFLX) – Reports second quarter earnings on Thursday 17 July
The final series of Squid Game and the latest season of Black Mirror were among the big Netflix releases on the streaming platform in the second quarter.
In the first quarter, hit shows including the series Adolescence and the film Back in Action, starring Cameron Diaz, helped keep audiences hooked on the platform.
Revenue came in at $10.54bn in the first quarter, which was up 12.5% year-on-year and slightly higher than Bloomberg analyst expectations of $10.5bn. Earnings per share of $6.61 also beat analyst estimates of $5.68.
Netflix’s revenue guidance of $11.04bn for the second quarter was also higher than the $10.88bn analysts polled by Bloomberg had expected. The streamer has forecasted earnings per share of $7.03 for the second quarter.
For full-year 2025, the company reiterated its prior forecast of $43.5bn to $44.5bn revenue growth and operating margins of 29%.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: “Netflix has been able to demonstrate its qualities as a recession and tariff resilient business, right at a time when those two traits are highly sought after. Add in strong fundamentals, plus good execution, and it’s not too surprising to see Netflix flirting with all-time highs as we look ahead to second quarter results next week.”
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Since the company released its first quarter results, its shares have continued to climb, ending June at another record high and the stock is now up nearly 41% year-to-date.
“Netflix doesn’t release subscriber growth numbers anymore, so analysts will have to make do with some traditional metrics,” Britzman said. “Operating margins will be in focus, with improvements in the last quarter expected to repeat next week as 33% has been touted as the target number.”
He added: “Things are expected to dip in the second half as content spend ramps up but there’s scope for full year expectations to move higher if a solid margin number gets printed next week.”
TSMC (2330.TW, TSM) – Reports second quarter results on Thursday 17 July
Chipmaker TSMC (2330.TW, TSM) released its first half revenue figures on Thursday, giving investors a sense of how it has performed since the start of the year ahead of its latest results.
TSMC’s revenue for April to June came in at $933.8bn Taiwan dollars (£23.6bn), according to Reuters, which was up nearly 39% on the same period last year and beat an LSEG SmartEstimate of $927.831bn Taiwan dollars.
For June, TSMC posted revenue of approximately $263.71bn Taiwan dollars, which was down 17.7% on May but was nearly 27% higher than the same month last year.
Revenue for January through June totalled $1.77tn Taiwan dollars, which was up 40% on the first six months of last year.
Dan Coatsworth, investment analyst at AJ Bell (AJB.L), said: “Trading at TSMC remains robust despite a mix of currency headwinds and tariff turmoil, showing just how powerful and resilient the AI theme is proving to be.
“Companies continue to spend heavily in trying to get ahead in artificial intelligence and this benefits businesses such as TSMC which provide the required infrastructure.”
Earlier this week, Trump said that tariffs on chips would soon be announced, though TSMC has been investing more in its operations in America.
In March, TSMC announced plans to expand its investment in manufacturing in the US by $100bn, on top of the $65bn it was already putting behind its operations in Arizona.
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In addition, TSMC CEO CC Wei said at the company’s annual shareholders meeting last month that tariffs “do have some impact on TSMC, but not directly”.
“That’s because tariffs are imposed on importers, not exporters,” he said, according to a Reuters report. “TSMC is an exporter. However, tariffs can lead to slightly higher prices, and when prices go up, demand may go down.”
“If demand drops, TSMC’s business could be affected,” he added. “But I can assure you that AI demand has always been very strong and it’s consistently outpacing supply.”
However, broader tariff-fuelled market volatility has weighed on the stock this year, leaving Taipei-listed shares up just 2.3% year-to-date.
ASML (ASML.AS, ASML) – Reports second quarter results on Wednesday 16 July
Shares in ASML (ASML.AS, ASML) fell after the chip manufacturing equipment maker released its first quarter results in April and are hovering around the flatline year-to-date.
The company’s net bookings of €3.94bn (£3.4bn) fell short of expectations of €4.82bn, according to average analyst estimate data compiled by Bloomberg.
First quarter net sales of €7.7bn came in line with the company’s guidance, while earnings per share of €6 was higher than the €3.11 it reported for the same period last year.
At the time, ASML CEO Christophe Fouquet warned that “recent tariff announcements have increased uncertainty in the macro environment and the situation will remain dynamic for a while”.
Read more: UK economy faces severe risks as Trump tariffs threaten annual £10bn bill
“As previously shared, artificial intelligence continues to be the primary growth driver in our industry. It has created a shift in the market dynamics that benefits some customers more than others, contributing to both upside potential and downside risks as reflected in our 2025 revenue range,” he said.
For the second quarter, ASML guided to total net sales of €7.2bn and €7.7bn. For the year, the company expects this figure to be in the range of €30bn to €35bn.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said that investors “will have a keen eye trained on the outlook and will want to see if the company’s forecast for 2025 is unchanged.”
“Longer-term, ASML’s dominant market position should mean it’s well-placed to benefit from growth trends in the semiconductor industry, but there may be volatility ahead given unpredictable trade policy,” she said.
Burberry (BRBY.L) – Releases first quarter trading update on Friday 18 July
Shares in Burberry (BRBY.L) have rebounded since their April lows, with the stock now up 22% year-to-date.
The stock rallied in May after Burberry announced plans in its preliminary full-year results to make a further £60m ($81m) in cost savings by the 2027 fiscal year, as CEO Joshua Schulman pushes ahead efforts to turnaround the luxury fashion brand.
This was on top of the £40m in cost savings the company had previously announced. Burberry revealed that part of the savings would come from plans to cut around 1,700 jobs worldwide by 2027.
For the year, Burberry reported a 17% drop in revenue to £2.46bn and a loss before tax of £66m, down 117% from the pre-tax profit of £383m the company made in 2024.
In terms of guidance, Burberry flagged that it was still in the early stages of its turnaround but that the “current macroeconomic environment has become more uncertain in light of geopolitical developments”.
The company said it planned to deliver margin improvement through a continued focus on simplification, productivity and cash flow, expecting to see the impact of its actions as the year progresses.
Richard Hunter, head of markets at interactive investor, said that Burberry’s May update was “very well received by the market”.
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“The ‘Burberry Forward’ strategy which the group announced in November has had an immediate positive impact, despite the factors outside of the group’s control which remain a strong headwind,” he said.
However, Hunter added: “For all of the instant progress, there remains much to do. Burberry points out, for example, that UK business continues to be seriously impacted by the withdrawal of VAT refunds for overseas visitors, which has led to the UK being the least competitive destination in Europe for tourist shopping.
“In addition, the group’s important Asian market is also a concern. Consumer sentiment was on shaky ground even before the reciprocal tariffs which could yet damage the US and Chinese economies, and the outlook is uncertain.”
Other companies reporting next week include:
Monday 14 July
Ashmore Group (ASHM.L)
Brunner Investment Trust (BUT.L)
Fastenal Company (FAST)
Tata Technologies Limited (TATATECH.NS)
Tuesday 15 July
Barratt Redrow (BTRW.L)
Atalaya Mining Copper (ATYM.L)
B&M European Value Retail (BME.L)
Experian (EXPN.L)
IntegraFin Holdings (IHP.L)
Rio Tinto (RIO.L)
SSP Group (SSPG.L)
JPMorgan Chase & Co. (JPM)
Wells Fargo & Company (WFC)
Citigroup Inc. (C)
BlackRock, Inc. (BLK)
The Bank of New York Mellon Corporation (BK)
State Street Corporation (STT)
Omnicom Group Inc. (OMC)
Wednesday 16 July
Antofagasta (ANTO.L)
Intermediate Capital Group (ICG.L)
Trustpilot Group (TRST.L)
Reliance Industrial Infrastructure Limited (RIIL.NS)
Bank of America Corporation (BAC)
Johnson & Johnson (JNJ)
Morgan Stanley (MS)
United Airlines Holdings, Inc. (UAL)
Alcoa Corporation (AA)
Thursday 17 July
EasyJet (EZJ.L)
Frasers (FRAS.L)
Ocado (OCDO.L)
BHP Group (BHP.L)
Diploma (DPLM.L)
Dunelm Group (DNLM.L)
PepsiCo (PEP)
QinetiQ Group (QQ.L)
Volvo (VOLV-B.ST)
Novartis AG (NOVN.SW)
Jio Financial Services Limited (JIOFIN.NS)
Tata Communications Limited (TATACOMM.NS)
Abbott Laboratories (ABT)
GE Aerospace (GE)
ManpowerGroup Inc. (MAN)
Friday 18 July
Bridgepoint Group (BPT.L)
Reliance Industries Ltd (RELIANCE.NS)
Tokyo Steel Manufacturing Co., Ltd. (5423.T)
American Express Company (AXP)
The Charles Schwab Corporation (SCHW)
3M Company (MMM)
You can read Yahoo Finance’s full calendar here.
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