Next week on the stock market

Shell heads into its third quarter results after a tough first half, with second quarter underlying net profit down 32% to $4.3bn due to lower commodity prices, weak trading, and chemical plant disruptions. However, third-quarter guidance suggests a rebound, particularly in its Integrated Gas division, where trading and optimisation results are expected to be “significantly higher” than second quarter.

LNG liquefaction volumes are also projected to rise 5–10% to 7.0–7.4 million tonnes. In the downstream segment, refining margins are forecast to jump to $11.6 per barrel, supported by high refinery utilisation of 94–98%.

Market consensus points to third-quarter revenue of around $73.5bn. Share buybacks remain in focus, with Shell maintaining $3.5bn in the second quarter despite earnings pressure. However, with Brent crude falling and a persistent global surplus averaging around 1.9 million barrels per day, the sustainability of Shell’s capital returns may come into question if oil prices remain weak.

Apple’s third-quarter results laid a solid foundation ahead of next week’s earnings announcement. The company delivered a 10% year-over-year revenue increase to $94.0bn, beating expectations of $89.5bn, while operating profit rose 11% to $28.2bn. iPhone sales were the standout performer, climbing 13.5% to $44.6bn, with all regions including a key return to growth in China contributing to the strength. However, there are questions about whether some of this demand was pulled forward by consumers looking to buy ahead of expected tariff hikes.

Looking to the fourth quarter, one of the most important areas for investors will be Apple’s forward guidance on revenue growth, especially in light of ongoing tariff pressures and uncertainties around its AI strategy. The Services segment, including the App Store, Apple Music, and other digital offerings, is expected to remain a key driver of profitability. However, its success is closely tied to sustained hardware momentum, particularly in iPhone sales.

Airbus delivered a solid first half in 2025, with revenue rising 3% to €29.6bn, despite commercial aircraft deliveries falling from 323 to 306 planes. The Defence & Space division's return to profitability was the big dial-mover though, helping to drive underlying operating profit up 58% to €2.2bn.

Amid ongoing supply chain constraints, particularly among engines, investors will be watching next week’s third-quarter results like hawks. Airbus had delivered a total of 507 aircraft by the end of September, keeping annual delivery targets of around 820 planes just within reach for now. The group has a history of ramping up production in the final quarter, but with a record-breaking uplift needed to meet its annual target, management commentary on the outlook will be key.

For the third quarter, consensus expects double-digit revenue and operating profit growth to €17.4bn and €1.7bn respectively, as the production ramp up continues. Management’s holding firm on full-year operating profit guidance of around €7.0bn, signalling confidence in strong second-half execution.