With Q1 reporting season upon us, we flag crucial earnings incoming next week. UK lender Barclays (BARC) posts earnings on Tuesday, as does global coffeehouse chain Starbucks (SBUX), followed by personal and household goods group Unilever (ULVR) on Wednesday.
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Barclays (BARC)
Having been one of the best performing UK sectors in 2024 and 2025, banks appear to have fallen from favour this year. The FTSE 350 Banks index is up just 2.8% year-to-date against a 5.2% gain for the FTSE 100. Shares in Barclays (BARC) have actually lost 10% year-to-date, making it one of the worst performers in the sector.
Some observers have suggested this poor performance is related to profit-taking ahead of the Q1 results on Tuesday 28 April. Others have pointed to the £600 million of exposure to the collapsed Market Financial Solutions Ltd, raising doubts over the bank’s loan quality and lending controls.
Last year, the bank reported a loan loss ratio of just 0.52%, within its 0.5% to 0.6% target range. For 2026 it maintained the same target, but we detect increasing signs of strains in the economy.
For a change, it isn’t consumers who seem to be struggling but companies, with the volume of profit warnings rising each week. There seems to be genuine concern among B2B companies in particular about the impact of the Middle East conflict on their customers’ confidence.
Barclays Q1 2026 earnings consensus
| Q1 2026 Est (£m) | Q1 2025 (£m) | Change | |
| Net interest income | 3,412 | 3,517 | -3.0% |
| Fee & other income | 4,284 | 4,192 | 2.2% |
| Total income | 8,123 | 7,709 | 5.4% |
| Operating costs | 4,463 | 4,258 | 4.8% |
| Profit before tax | 2,828 | 2,719 | 4.0% |
Source: Company compiled consensus, April 2026
Starbucks (SBUX)
Under the guidance of CEO Brian Niccol, there’s a tasty recovery story brewing at Starbucks (SBUX). Niccol’s ‘Back to Starbucks’ turnaround strategy focuses on restoring the iconic US brand as a community coffeehouse by simplifying operations, elevating in-store service and empowering its green apron-clad baristas.
On 28 April, the coffee roaster-to-retailer is expected to serve up Q2 revenues of $9.12 billion and earnings of $0.42. Investors will be looking for further signs of demand improvement in the US as well as in China, where Starbucks has ceded operational control by forming a joint venture with private equity firm Boyu Capital.
Back in January, Starbucks delivered a Q1 earnings miss after turnaround-related costs and a margin hit. However, investor enthusiasm was stirred up by the fact revenue beat forecasts and Starbucks’ US sales frothed higher for the first time in two years.
Starbucks Q2 2026 forecasts
| Q2 2026 Est | Q2 2025 | Change | |
| Revenue ($bn) | 9.12 | 8.76 | 4% |
| Earnings per share ($) | 0.42 | 0.41 | 2.5% |
Source: Investing.com
Unilever (ULVR)
Q1 sales at the consumer goods group are due to fall following the demerger of The Magnum Ice Cream Company (MICC) last December. Stripping out this effect, however, analysts expect the underlying business to show a pick-up in underlying sales.
Even without the ice cream business, there are lots of moving parts at Unilever. The group spans personal care, beauty & wellbeing, home care and food, although it is in talks to dispose of this last division.
Progress in 2025 was led by personal care and beauty & wellbeing, with both divisions posting growth of more than 4% over the prior year. Home care and foods on the other hand only grew by 2.6% and 2.5% respectively.
It’s worth noting Unilever’s strongest sales growth tends to come from emerging markets where incomes are rising and big brands sell well. Therefore analysts will be keen to hear whether the conflict in the Middle East has dampened demand.
Unilever Q1 2026 forecasts
| Q1 2026 Est | Q1 2025 | Change | |
| Turnover (€bn) | 12.6 | 14.8 | -14.9% |
| Sales growth | 3.6% | 3.0% | +0.6% |
| Price growth | 1.8% | 1.7% | +0.1% |
| Volume growth | 1.8% | 1.3% | +0.5% |
Source: Company compiled consensus, April 2026
