The reporting pace cranks up next week as US reporting season goes through the gears, with results from Alphabet (NASDAQ:GOOG) and Tesla (NASDAQ:TSLA) set to dominate headlines alongside updates from UK companies including JD Wetherspoon (LON:JDW) and Wickes (LON:WIX).
Alphabet’s earnings will be scrutinised for signs that its heavy AI investment is translating into stronger cloud growth and advertising revenue, while Tesla shareholders will be watching not only margins and vehicle demand but also any commentary on persistent speculation over closer ties with SpaceX (NASDAQ:SPCX).
In the UK, investors will look to JD Wetherspoon and Wickes for fresh insight into consumer spending and the resilience of discretionary demand, while Anglo American (LON:AAL) and Rightmove (LON:RMV) will also attract plenty of attention.
Magic mid caps for your portfolio
Alphabet (NASDAQ:GOOG)
Expectations are set high following Alphabet’s (NASDAQ:GOOG) strong start to 2026, which will make after-the-bell Q2 earnings on 22 July one of the most closely watched reports next week. Wall Street forecasts EPS of $2.90 on revenue of around $116.9bn, implying another quarter of double-digit YoY growth.
For UK retail investors, the biggest share price catalyst is likely to be Google Cloud. After exceptional growth in the first quarter, investors want proof that AI demand continues to drive accelerating cloud revenue and expanding profit margins. Management’s commentary on AI monetisation, Gemini adoption and whether Search advertising remains resilient against AI-powered competitors will also be closely scrutinised.
Consensus forecasts for Alphabet
| Q2 2025 | Q2 2026F | YoY Growth | Q3 2026F | |
| Revenue ($bn) | 96.43 | 116.88 | ~21% | 123.88 |
| EPS ($) | 2.31 | 2.90 | ~25.5% | 3.00 |
Source: Koyfin consensus
Analysts remain broadly positive, but many believe the biggest risk is Alphabet’s enormous AI infrastructure spending. While most accept heavy investment is necessary to compete with Microsoft, OpenAI and others, markets want evidence that surging capital expenditure is translating into sustainable revenue growth and attractive returns. Strong cloud growth combined with disciplined spending could lift the shares, while weaker AI demand or another sharp increase in capex without improved profitability would likely weigh on sentiment.
JD Wetherspoon (LON:JDW)
We tipped JD Wetherspoon (LON:JDW) as a stock to watch during the World Cup, and despite England’s semi-final defeat the shares have done well. Therefore, we expect an upbeat tone to next Wednesday’s Q4 trading update from the leading pub operator.
Rival Young’s (LON:YNGA) said trading over the May bank holiday, before the World Cup had even started, was ‘exceptional’. Once the first whistle went on 11 June, and pubs were allowed to extend their opening hours for later England matches, sales will have soared.
For the 14 weeks to 6 July, Young’s posted a 5.5% increase in like-for -like sales against a strong comparator. Given Wetherpoons’ like-for-like sales were up 3.4% in the prior quarter, we would expect it to match if not beat Young’s.
However, never one to let an opportunity pass, chairman Tim Martin is likely to warn of the impact of higher costs. He hinted in the Q3 update profits might be ‘slightly below market expactations’, so we’re braced for his customary gloom.
Consensus forecasts for JD Wetherspoon
| FY2026F | FY2027F | |
| Sales (£m) | 2,222 | 2,393 |
| Net profit (£m) | 51.9 | 58.5 |
| Earnings per share (p) | 45.8 | 52.4 |
Source: Stockopedia
Wickes (LON:WIX)
Purveyors of big-ticket items are finding life tough at the moment. DFS Furniture (LON:DFS) has seen a ‘notable softening’ in demand amid falling consumer confidence and housing transactions, in part related to the Middle East conflict.
Given this difficult backdrop, it is no surprise to see shares in home improvement retailer Wickes (LON:WIX) flashing red year-to-date. Investors will be hoping the kitchens-to-bathroom taps seller delivers news of resilient trading with its Q2 update on 21 July.
In May, David Wood-led Wickes reported a solid enough start to FY26. Group revenue grew 1.3% to £537 million in the 17 weeks to 25 April, driven by volume growth in its Design & Installation and TradePro businesses.
Unfortunately, retail like-for-like sales were down 1.7% as ‘exceptional rainfall’ dampened demand for outdoor projects. Sharesify wonders whether recent heatwaves boosted demand for these projects, or if baking temperatures forced DIY’ers to down tools?
Analysts will hoping for another resilient showing from TradePro, a membership scheme which helps local trade professionals save them time and money. City scribes will also focus on the performance of Wickes’ Design & Installation business, which has been in positive growth for four consecutive quarters.
Sharesify expects Wickes to update the market on its accelerated new rollout programme. The Watford-based firm has an ambitious plan to reach 300 stores. Having recently completed a £10 million share buyback, Wickes could also launch a fresh stock repurchase programme to capitalise on prevailing share price weakness.
For FY26, the company-compiled consensus calls for adjusted pre-tax profits of £55.4 million on almost £1.7 billion of sales. For FY27, the market expects Wickes to deliver pre-tax profits of £65.2 million as revenues reach the best part of £1.77 billion.
Disclaimer: The author James Crux has a personal interest in Wickes.
Consensus forecasts for Wickes
| FY2026F | FY2027F | |
| Sales (£m) | 1,694 | 1,767 |
| Adjusted pre-tax profit (£m) | 55.4 | 65.2 |
| Adjusted earnings per share (p) | 18.1 | 21.6 |
Source: Company-compiled consensus
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