Earnings from chipmaker Nvidia (NVDA) will be in the spotlight in the week, along with results from companies across a range of sectors.
Expectations are always high going to Nvidia’s results, given its role as a leading AI enabler, which has propelled shares higher and driven it to become the world’s largest public company, with a market valuation of $4.6tn.
In London, HSBC (HSBA.L) is slated to report its annual results, capping off this earnings season for UK banks.
Another major FTSE 100 (^FTSE) company due to update on performance is Rolls-Royce (RR.L), with shares notching fresh highs as investors continue to pile into defence stocks.
Investors will be keeping an eye on Diageo’s (DGE.L) latest results, which come not long after former Tesco boss Dave Lewis took over as CEO at the start of the year.
On the FTSE 250 (^FTMC), luxury carmaker Aston Martin Lagonda (AML.L) is set to publish its full-year results, having issued another profit warning.
Here’s more detail on what to expect:
On Friday, the Financial Times reported that Nvidia is close to finalising a $30bn (£22bn) investment deal in ChatGPT maker OpenAI, which would replace the $100bn commitment announced last year. Nvidia declined to comment.
Earlier this week, Nvidia announced expanded multiyear strategic partnership with Meta (META), which will see the chipmaker provide the social media company with millions of its Blackwell and Rubin GPUs [graphics processing units], as well as its CPUs [central processing units] and networking offerings. The plan calls for Meta (META) to use the products within its data centres for both training and running artificial intelligence (AI) models.
These developments come just days before Nvidia is due to release its fourth-quarter results. Nvidia has a strong track record of beating earnings forecasts, though given the focus on the company, markets have become highly sensitive to any signs of slowdown in growth or weakness in reaction to its results.
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For the fourth quarter, Nvidia has said it expects to report revenue of $65bn, plus or minus 2%. According to AJ Bell (AJB.L), analysts are expecting sales growth of 67% to $65.5bn and a 71% jump in earnings per share (EPS) to $1.52.
As for the first quarter, AJ Bell’s investment experts Russ Mould, Danni Hewson and Dan Coatsworth said that consensus forecasts are looking for sales growth of 56% to $68.9bn and a near-doubling in EPS to $1.60.
“Such momentum begs the question of why Nvidia’s shares are becalmed,” they said. “It could be that shortages and blockages in the supply chain mean it is harder for the company to provide the earnings upside surprise that the market craves.”
“It could be doubts over whether the hyperscalers can keep spending at their current rate, and it could be doubts over how customers like OpenAI and Coreweave (CRWV) are funding their GPU purchases, given the capex splurge and, in some cases, the lack of visible return on that massive investment,” they added.
“Nvidia’s inventory and trade receivables have grown faster than sales in each of the last four quarters after all, to raise fresh questions over the degree to which the company may be providing vendor financing to its customers.”
Shares in Nvidia are little changed since the start of 2026 but are up 34.5% over one year.
Shares in HSBC (HSBA.L) are currently up 43% over year and hit a fresh record high in early February.
The stock’s continued ascent comes despite the bank reporting a 14% drop in pre-tax profits in the third quarter, after the bank set aside a $1.1bn provision for a lawsuit tied to Bernard Madoff’s Ponzi scheme.
Profit before tax for the quarter came in at $7.29bn, which was below expectations of $7.65bn, according to consensus estimates provided by the bank.
For the year, consensus estimates provided by HSBC show that net operating income is expected to come in at $67.36bn for the year, while profit before tax is forecast to be $28.86bn.
Richard Hunter, head of markets at Interactive Investor, said that there has been “evidence of growing success for [HSBC’s] strategic plan, which is significant but simple”.
“Whereas HSBC had been moving towards becoming a business with a slavish reliance on interest rate movements and levels, the revised and increasing focus on the growth in affluent wealth, especially in Asia, is key to the new offering,” he said. “The group has been investing heavily in this move, giving HSBC higher, but more diversified income streams.”
Defence stocks rose this week after UK prime minister Keir Starmer said that Britain must “go faster” on spending in this area.
Last year, members of the Western military alliance Nato committed to increasing spending on defence and related areas to 5% of their countries’ gross domestic product (GDP) by 2035, boosting stocks operating in the sector.
Shares in Rolls-Royce are up 15% since the start of 2026 and have soared 106% over one year.
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said: “There’s been little sign of turbulence at Rolls-Royce of late, with strong demand in its civil aerospace business remaining a running theme.”
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“Large engine flying hours, a key driver of revenue for civil aerospace, grew by 8% over the first 10 months of the year, reaching 109% of pre-pandemic levels,” he said. “There’s also been a significant amount of large engine orders coming in.”
“Elsewhere in the business, positive momentum in the power systems division continues to be driven by impressive growth in data centres, where demand for backup power systems remains high,” he added.
In a November trading update, Rolls-Royce reiterated full-year guidance, saying it expected to underlying operating profit of between £3.1bn ($4.2bn) and £3.2bn.
“But with a growing track record of overdelivering, analysts see scope for profits to land slightly ahead of this figure,” Chiekrie said.
Diageo had a mixed start to its fiscal year, according to results published in November, with net sales for the three months to the end of September flat at $4.88bn on an organic basis, though organic volume growth was up 2.9%.
And while shares rose after Diageo announced the appointment of Lewis in the same month, the stock is still down nearly 16% over one year.
AJ Bell’s Mould, Hewson and Coatsworth said: “Input cost pressures, worries over changes in drinking habits across generations, tariffs and the possible impact on demand of GLP-1 weight-loss drugs have all hurt the shares.
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“A cooling in the once red-hot tequila market and China’s ongoing crackdown on conspicuous consumption have also contributed to weak operational performance, to which Diageo has responded with a cost-cutting programme, although management has refrained from major changes to the corporate structure, despite ongoing speculation about asset sales.”
In its November trading statement, Diageo lowered some of its guidance for the year, saying it now expected organic sales growth to be flat to slightly down, versus a previous forecast for this figure to be flat.
For the first half, AJ Bell said that analysts expect to see a 3% drop in organic sales, for a headline revenue figure of $10.5bn and a 4% decline in organic profits, for pre-tax income of $2.7bn. Analysts anticipate an unchanged first-half dividend of $0.4050.
Luxury carmaker Aston Martin said in a trading update on Friday that it expected to report an adjusted loss before interest and taxes to be “slightly below” the lower end of analysts consensus estimates of £184m for 2025.
The company said that it navigated a “highly challenging trading environment” in 2025, highlighting headwinds from US tariffs and fewer high margin special deliveries impacting financial performance.
However, Aston Martin said it had made progress on its business transformation, which had driven operational efficiencies in cost and capital expenditure, while also continuing to expand its model line-up.
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The company said it now expected adjusted operating expenses for 2025 to be 16% lower than the previous £262m, and for capex to have fallen to £341m from £401m in 2024.
Alongside Friday’s update, the carmaker also announced plans to sell the naming rights for its Aston Martin Formula One team to AMR GP Holdings, which operates the team, for £50m. Aston Martin said that the proposed cash deal would enhance its liquidity position.
Aston Martin shares edged lower on the back of the news on Friday and are down nearly 48% over one year. Investors will be looking at the company’s full annual results, due out on Wednesday, for more detail on last year’s performance.
Monday 23 February
Domino’s Pizza (DOM.L)
Tuesday 24 February
Standard Chartered (STAN.L)
Croda (CRDA.L)
UNITE (UU.L)
McBride (MCB.L)
Singapore Airlines (C6L.SI)
Endesa (ELE.MC)
Leonardo (LDO.MI)
Fresenius Medical Care (FME.DE)
Saipem (SPM.MI)
Home Depot (HD)
MercadoLibre (MELI)
American Tower (AMT)
Keurig Dr. Pepper (KDP)
Axon (AXON)
HP (HPQ)
Mosaic (MOS)
Wednesday 25 February
Haleon (HLN.L)
Hiscox (HSX.L)
ConvaTec (CTEC.L)
Shaftesbury Capital (SHC.L)
Morgan Sindall (MGNS.L)
Hammerson (HMSO.L)
Avingtrans (AVG.L)
Angling Direct (ANG.L)
Iberdrola (IBE.MC)
E.On (EOAN.DE)
Bayer (BAYN.DE)
Heidelberg Materials (HEI.DE)
Fresenius (FRE.DE)
Sandoz (SDZ.SW)
Wolters Kluwer (WKL.AS)
Telefonica (TEF.MC)
Pirelli (PIRC.MI)
Adecco (ADEN.SW)
Lowe’s (LOW)
Snowflake (SNOW)
Agilent (A)
Zoom Communications (ZM)
IonQ (IONQ)
Thursday 26 February
London Stock Exchange (LSEG.L)
Howden Joinery (HWDN.L)
Hikma Pharmaceuticals (HIK.L)
WPP (WPP.L)
Drax (DRX.L)
Derwent London (DLN.L)
Ocado (OCDO.L)
PPHE Hotels (PPH.L)
Jupiter Asset Management (JUP.L)
Vanquis Banking (VANQ.L)
Genus (GNS.L)
CVS Group (CVSG.L)
Tate & Lyle (TATE.L)
Hong Kong Exchanges (0388.HK)
Baidu (9888.HK)
Galaxy Entertainment (0027.HK)
Schneider Electric (SND.DE)
Allianz (ALV.DE)
Deutsche Telekom (DTE.DE)
Axa (CS.PA)
Stellantis (STLAM.MI)
Pum (PUM.DE)
Salesforce (CRM)
Intuit (INTU)
Dell Technologies (DELL)
Autodesk (ADSK)
Coreweave (CRWV)
Block (XYZ)
ZScaler (ZS)
Flutter Entertainment (FLTR.L)
Formula One (FWONK)
Hormel Foods (HRL)
JM Smucker (SJM)
Friday 27 February
International Consolidated Airlines (IAG.L)
Melrose Industries (MRO.L)
Pearson (PSON.L)
Tritax BigBox (BBOX.L)
Just Group (JUST.L)
Hays (HAS.L)
BASF (BAS.SW)
Hochtief (HOT.DE)
Delivery Hero (DHER.DE)
Frontline (FRO)
Endeavour Silver (EXK)
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