The US results season is almost over, but chip designer Nvidia (NVDA), the biggest stock in the world and the most hotly watched of them all, reports next week. What is says will dicate not just the AI mood, the wider tech sector optimism, but will take the temperature of investors everywhere, with markets running hot of late.
In the UK, earnings season is still in full swing with dozens of companies due to report quarterly or annual results. We have highlighted two consumer names, bootmaker Dr Martens (DOCS) and food and clothing retailer Marks & Spencer (MKS).
While ‘Docs’ is a favourite with the cool kids and fashionistas, M&S is beloved of the middle classes. In theory they couldn’t be further apart, but what each has to say about retail trends will equally informative.
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Nvidia (NVDA)
It’s been the biggest earnings show in town since AI exploded onto the stock markets scene. The world’s most valuable company – $5.71 trillion at the last count – has been knocking it out of the park for more than three years… can it keep the run going after hours on 20 May is the question.
Such rampant success ups the expectations ante and only meeting forecasts simply will not do. That means markets will be looking far beyond Q1 2027 headline revenue and earnings, with forward guidance, margins, and AI infrastructure demand trends far more crucial.
Arguably, datacentre revenue growth is Nvidia’s real litmus test, tied to Blackwell AI systems. Investors know that hyperscalers – Microsoft, Amazon, Meta, Alphabet – are still aggressively spending on AI, so let’s see if predictions of Blackwell and Rubin platform projected $1 trillion opportunity through 2027 stacks up.
| Q1 FY2026 | Q1 FY2027E | YoY Growth | Q2 FY2027E | |
| Revenue ($bn) | 44.06 | 79.12 | ~80% | 86.93 |
| EPS ($) | 0.81 | 1.78 | ~120% | 1.96 |
Gross margins are another critical area. Nvidia’s margins have remained extraordinarily high, but investors worry that complex rack-scale AI systems, supply-chain costs, and faster product cycles could pressure profitability. Even a small decline in margins may trigger volatility.
Retail investors should also monitor commentary on China export restrictions, with CEO Jensen Huang one of many tech bosses on the US president’s trade trip plane.
Almost all investors own a bit of Nvidia one way or another, and the stock has only recently awoken from a year long flat spell, up close on 20% over the past month. The stakes are high, the pressure intense, so what comes next will have investors everywhere on tenterhooks.
Read about Nvidia’s last quarter
Marks & Spencer (MKS)
Investors will be looking forward to the results for FY26 to March from Marks & Spencer (MKS) next Wednesday. The last update was in January when the firm reported solid Christmas trading due to strength in its Food business.
Marks’ own food business generated a 6.6% rise in food sales, added to which Ocado Retail reported. The unit, which M&S owns 50/50 with Ocado (OCDO) – has consistently delivered double-digit sales growth.
Non-food revenue dipped slightly due to clearance sales, but CEO Stuart Machin insists he is ‘laser focused’ on improving performance. The firm recently relaunched its Sparks loyalty programme, which will hopefully catalyse a pick-up in spending this year.
Investors will likely focus equally on last year’s results and the outlook, given the impact of the Middle East on consumer confidence. Given the group’s large exposure to food, we would expect a degree of resilience in the forecasts.
| FY26E | FY27E | FY28E | |
| Revenue (£m) | 17,397 | 18,894 | 19,885 |
| EBITDA (£m) | 1,432 | 1,747 | 1,818 |
| EPS (p) | 23.4 | 33.7 | 35.4 |
Source: Shore Capital
Dr Martens (DOCS)
Ahead of next week’s annual results, long-suffering Dr Martens (DOCS) investors will be hoping the iconic British footwear brand remained disciplined in terms of promotions during Q4.
Back in January, CEO Ije Nwokorie expressed confidence that DOCS remained on track to deliver ‘significant’ year-on-year growth in taxable profits for FY26. A forecast miss on the other hand would probably see the shares booted lower.
Consensus calls for a step-up in adjusted pre-tax profits from £34 million to £51 million for FY26, rising to £72 million and £89 million in FY27 and FY28 respectively. The unloved bootmaker’s comments around consumer confidence, competition and supply chain issues will be closely monitored by analysts to boot.
Dr Martens saw subdued trading in the third quarter to 28 December 2026 against a challenging consumer backdrop. Group revenue fell 3.1% to £253 million in Q3, with 9.3% growth in the wholesale business offset by a 7% drop in DTC (direct-to-consumer) revenue.
Growth in the Americas was offset by weak performances in Europe, Middle East & Africa and Asia Pacific. The FTSE 250 company has made a big bet on the US market, so investors will want to see evidence that positive strides are being made across the pond.
| FY26E | FY27E | FY28E | |
| Revenue (£m) | 770 | 810 | 850 |
| Pre-tax profit (£m) | 51 | 68 | 83 |
Source: Company-compiled consensus
