The US Q3 earnings season may be winding down, but there are still some significant companies reporting next week. Chief among them is Nvidia (NASDAQ:NVDA), the world’s most valuable company, which posts results on Tuesday. Attention will not only be on the results but on new CEO Colette Kress after the board decided to remove Jensen Huang.
According to FactSet, some 90% of S&P500 companies have reported, with 84% of that number beating forecasts which is above the five-year average. However, the average ‘beat’ is just 2.7%, which is well below the five-year average of 7.5% and the lowest ‘surprise’ since Q4 2022.
In the UK, we are just getting into the swing of earnings season, with a mix of Consumer, Financial and Industrial companies due to report next week. Among Consumer names, we’ll be watching Applied Nutrition (LON:APN), Gear4Music (LON:G4M), Imperial Brands (LON:IMB), JD Sports Fashion (LON:JD.), JD Wetherspoon (LON:JDW) and Jet2 (LON:JET2).
Among Industrials, which we sense are coming back into fashion, we’ll have our eyes on ‘quality compounder’ Diploma (LON:DPLM) when it reports on Tuesday. Alongside Diploma we have results from Halma (LON:HLMA), Melrose (LON:MRO), Rotork (LON:ROR), Smiths Group (LON:SMIN) and Trifast (LON:TRI).
UK reporting calendar 16-20 November 2026
| MON | TUES | WEDS | THURS |
| Applied Nutrition | Diploma | Convatec | Babcock |
| Big Yellow | First Group | Genus | Halma |
| Legal & General | Gear4Music | Jet2 | JD Sports Fashion |
| ME Group | Imperial Brands | Smiths Group | JD Wetherspoon |
| Melrose | Speedy Hire | Johnson Matthey | |
| Rotork | SSE | Liontrust | |
| Trifast | Workspace | Sage | |
| XPS Pensions |
Applied Nutrition (LON:APN)
Investors have grown accustomed to upgrades from Applied Nutrition (LON:APN) since its late 2024 IPO (initial public offering). And Sharesify believes there could be another round of upward earnings revisions when the sports nutrition brand posts results for the year to July 2026 on 16 November.
Since going public, the protein powders-to-supplements maker has delivered a series of upgrades driven by the firm’s broad-based growth across geographic regions and retail channels. Led by CEO Thomas Ryder, the FTSE 250 company is capitalising on rising public interest in health, wellness and fitness products.
Knowsley-based Applied Nutrition is growing rapidly, everywhere from the UK and Asia to Latin America and the Middle East. The US continues to present an exciting opportunity following the acquisition of Nutrablend, which has boosted Applied Nutrition’s growth prospects in the world’s biggest sports nutrition market.
On results day, shareholders will seek reassurance that trading has remained strong and the firm’s robust margins are holding up in the face of elevated whey costs. Furthermore, we would expect Applied Nutrition to provide a positive update on its licensing agreement with snacks giant Mondelez (NASDAQ:MDLZ), an exciting deal that has opened doors with the world’s largest retailer, Walmart (NASDAQ:WMT).
Consensus estimates for FY26 call for revenue of £160.4 million and adjusted EBITDA of £43.3 million, rising to £204.8 million and £49 million respectively in FY27. For FY28, analysts are looking for a jump in sales to £225.6 million and adjusted EBITDA of £53.7 million, estimates which look conservative to us.
Forecasts for Applied Nutrition
| Year ending 31 July | FY26E | FY27E | FY28E |
| Revenue (£m) | 160.4 | 204.8 | 225.6 |
| Adjusted EBITDA (£m) | 43.3 | 49 | 53.7 |
| EPS (p) | 12.4 | 13.9 | 15.2 |
Source: Applied Nutrition, company-compiled consensus
Diploma (LON:DPLM)
Analysts have spent most of this year increasing their forecasts for Diploma (LON:DPLM) as the specialist distributor repeatedly raised its guidance. Growth has accelerated through the year thanks to underlying demand as well as acquisitions, while the operating margin has also expanded.
At the half-year stage, the firm raised its FY guidance for organic revenue growth from 9% to 12% with acquisitions expected to add 6% instead of 3%. At the time, the company left its operating margin forecast unchanged at 25%, although it forecast operating profit growth of 30% against the consensus of 24%.
By the third quarter, organic revenue growth was seen up 14% instead of 12%, with acquisitions adding 6%, resulting in a 20% increase overall. Operating margins were seen rising from 25% to 26.5%, resulting in a 41% inrease in operating profit.
The firm said it had delievered ‘excellent execution in favoiurable market conditions’ in Controls, with Peerless, Windy City and other units posting double-digit growth. Seals performance improved through the year, while Life Sciences sales were ‘resilient’ in a challenging market.
The company made another acquisition at the end of Q3 and still has a ‘strong’ acquisition pipeline. So, while we wouldn’t expect any major surprises for FY26, we could see an upgrade to top line forecasts for FY27.
Forecasts for Diploma FY26 and FY27 sales and earnings
| FY 2026 | Change | FY 2027 | Change | |
| Revenue | £1,830m | +20.1% | £2,010m | +9.8% |
| Adj operating profit | £485m | +41.4% | £502m | +3.5% |
| Adj pre-tax profit | £458m | +45.4% | £478m | +4.4% |
| Adj EPS | 254.4p | +44.5% | 265.8p | +4.5% |
Source: Diploma, last updated 20 October 2026
