The first week of September brings a busy UK and US earnings, although little EU action, with several reports likely to attract significant attention from UK retail investors. In the UK, Bunzl (LON:BNZL, Ashtead Technology (LON:AT) and Michelmersh (LON:MBH) kick off Tuesday, followed by Cairn Homes (LON:CRN), TT Electronics (LON:TTG) and Safestore (LON:SAFE) on Wednesday. Thursday is arguably the standout day domestically, with Jet2 (LON:JET2), M&G (LON:MNG), Grafton (LON:GFTU), Hilton Food (LON:HFG), Alfa Financial Software (LON:ALFA) and Watches of Switzerland (LON:WOSG) among the key names reporting.
The US technology sector provides an even bigger focus. Dell Technologies (NYSE:DELL), MongoDB (NASDAQ:MDB) and Palo Alto Networks (NASDAQ:PANW) report on Tuesday, putting AI infrastructure, cloud software and cybersecurity firmly in the spotlight. Wednesday could be the week’s biggest night, with Broadcom (NASDAQ:AVGO), Snowflake (NYSE:SNOW) and Hewlett Packard Enterprise (NYSE:HPE) reporting — important read-across for the AI chip, data-centre and cloud spending cycle.
Nvidia Q2 FY2027: AI grip tightens as expectations soar
For UK investors, the key question will be whether corporate earnings continue to justify elevated expectations around AI and technology, while UK companies provide clues on consumer spending, travel, housing and income opportunities.
Broadcom (NASDAQ:AVGO)
This week we had Nvidia (NASDAQ:NVDA), next week it’s the turn of Broadcom (NASDAQ:AVGO) to hit the print. The $1.77tn chip tech firm will be the last of the S&P 500’s 10 biggest companies to report this earnings season, posting Q3 FY2026 after the US close on Wednesday 2 September, with expectations already extremely high.
Nvidia Q2 FY2027: AI grip tightens as expectations soar
Wall Street consensus is around $29.4bn revenue and $3.20–$3.24 adjusted EPS, broadly matching management’s $29.4bn revenue guidance.
The key number is AI semiconductor revenue. Broadcom delivered $10.8bn in Q2, up 143%, and guided to $16bn in Q3, implying growth above 200%. Investors will want evidence that custom AI accelerators and networking demand from hyperscalers continues to rise.
Consensus forecasts for Broadcom
| Q3 2025 (reported) | Q3 2026 | YoY Growth | Q4 2026 | |
| Revenue (bn) | $15.95 | $29.43 | ~84% | $35.00 |
| EPS | $1.69 | $3.24 | ~92% | $3.88 |
Source: Koyfin
Broadcom has beaten EPS estimates in each of the last four quarters, while revenue has also exceeded consensus each time, although recent revenue beats have generally been modest.
For the share price, simply beating estimates may not be enough. The biggest catalysts are likely to be Q4 guidance, AI revenue forecasts, margins and commentary on the $100bn+ FY2027 AI opportunity. After June’s ‘beat-and-raise’ results still triggered a sharp sell-off, the lesson is clear: investors want raised expectations, not just results above consensus.
Bunzl (LON:BNZL)
Distribution group Bunzl (LON:BNZL) has long been a stock market favourite due to its compounding strategy and its record of steady growth. Whatever the weather, the firm’s 160 subsidiary operating companies are busy servicing some 15,000 customers around the world.
Every week it receives thousands of repeat orders for products which are oftern low value but essential to other firms’ operations. The grocery sector, which makes up roughly a quarter of sales, relies on its food packaging, labels, cleaning and hygiene products. Similarly, the foodservice industry, which makes up around a third of sales, depends on its catering equipment, disposable tableware and cleaning and hygiene supplies.
On top of this steady organic sales growth, the group makes occasional bolt-on acquisitions to help it win more business. For H1 to June, revenue growth is expected to 4% with 3% underlying growth supplemented by 1% of acquisition-led growth.
Despite ongoing macroeconomic and geopoliotical uncertianty, the firm has raised its FY26 guidance. Revenue is now expected to show ‘modest’ underlying growth, helped by some inflation, plus there willbe s ‘small’ benefit from acquisitions. Guidance for margins remains unchanged, however, meaning FY26 will be slightly lower than FY25.
Consensus forecasts for Bunzl
| FY2025 (reported) | FY2026 | FY2027 | |
| Revenue (m) | £11,845 | £12,196 | £12,444 |
| Net Profit (m) | £459 | £571 | £594 |
| EPS (p) | 146 | 179 | 186 |
| DPS (p) | 74.1 | 77.8p | 81p |
Source: Stockopedia
Watches of Switzerland (LON:WOSG)
Shares in luxury timepiece seller Watches of Switzerland (LON:WOSG) have more than doubled over the past year despite a difficult backdrop for purveyors of all things bling. Watches of Switzerland’s positive performance reflects the resilience of the luxury watch category and the company’s strong trading momentum, which has stoked forecast upgrades.
To keep the stock price ticking higher, the Rolex-to-Tag Heuer seller will need to nudge up FY27 guidance with its Q1 trading update on 3 September. Confirmation that good US momentum has carried over into the new year would be a catalyst for upgrades.
The US represents a major opportunity for Watches of Switzerland, with considerable potential for further growth and market share gains. This is supported by a US luxury consumer increasingly allocating discretionary spend to watches and jewellery.
The UK’s largest luxury watch seller clocked up record revenue and robust cash flow generation in FY26, despite tariff-driven price and margin changes across the pond and continued pressure on the UK consumer. Sales rose 11% to £1.8 billion and pre-tax profits powered 76% higher to £133 million, while strong free cash flow generation supported a further reduction in the FTSE 250 firm’s net debt.
On 14 July, CEO Brian Duffy said his charge had made an encouraging start to FY27. The Scotsman also expressed confidence in delivering another year of ‘strong revenue growth’. Duffy added that the UK trading backdrop was showing ‘encouraging signs of improvement’.
Ahead of the Q1 update, the FY27 consensus calls for a jump in adjusted EBITDA from £202.2 million to £230.1 million on sales approaching £2 billion. For FY28, the market forecasts a revenue rise to more than £2.1 million and adjusted EBITDA of £248.8 million. Given the positive momentum behind Watches of Switzerland and the opportunity stateside, those estimates look conservative to us.
Consensus forecasts for Watches of Switzerland
| FY2026 (reported) | FY2027 | FY2028 | |
| Revenue (bn) | £1.83 | £1.99 | £2.11 |
| Adjusted EBITDA (m) | £202.2 | £230.1 | £248.8 |
| Expansionary capex (m) | £65.9 | £67.4 | £69.7 |
| Adjusted EPS (p) | 45.2 | 53.2 | 58.7 |
Source: Watches of Switzerland, company-compiled consensus
On deck next week – Investing.com
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