Earnings playbook: Goldman Sachs and other big banks lead the first batch of the season’s

The big banks this week kick off the fourth quarter corporate earnings season, giving investors a first look into how companies fared in the final months of 2025. More than a dozen S & P 500 names are set to report, including JPMorgan Chase , Goldman Sachs , Morgan Stanley and Citigroup . While that’s less than 3% of stocks in the benchmark, it could easily set the tone for the rest of the reporting period. Recent data has pointed to a strong U.S. economy. Unemployment slid in December, to 4.4% from 4.6%, Friday’s nonfarm payrolls report showed. The Institute for Supply Management last week reported a stronger-than-expected services purchasing managers index December. Now, banks’ results this week, along with those from Delta Air Lines , could give Wall Street further confirmation that the economy is in solid shape. All times ET. Tuesday JPMorgan Chase is set to report earnings premarket, followed by a call at 8:30 a.m. Last quarter: JPM topped estimates as trading revenue hit an all-time high . This quarter: The banking giant is expected to post slight earnings growth from the year-earlier period, according to LSEG. What analysts say: Piper Sandler’s R. Scott Siefers thinks the bank is set up well heading into earnings, despite JPMorgan issuing a warning on expenses last month . “Last month’s expense revelation has actually quieted some fears, in that shareholders believe that the outlook has been ‘de-risked’ into the upcoming earnings season (when most others will be offering their first looks at 2026E guidance).” What history shows: Data from Bespoke Investment Group shows JPMorgan beats earnings expectations 82% of the time. Delta Air Lines is set to report earnings before the open, with a call set for 10 a.m. Last quarter: DAL issued stronger-than-expected earnings guidance, citing higher fares and strong luxury demand . This quarter: Analysts polled by LSEG expect the airline to post a big year-over-year earnings decline. What analysts say: Deutsche Bank analysts are optimistic heading into the report, last week raising their price target to $85 from $72. That signals a gain of about 17% from Friday’s close. “Delta has demonstrated its earnings durability with strong momentum,” Deutsche Bank said. What history shows: Delta earnings top earnings estimates about 70% of the time, per Bespoke. The stock averages a 1.6% gain on earnings days. Wednesday Bank of America is set to report earnings premarket, with a call scheduled for 8:30 a.m. Last quarter: BAC beat expectations thanks to investment banking revenue surging more than 40% . This quarter: The bank is expected to post more than 16% year-on-year earnings growth, according to LSEG. What analysts say: HSBC’s Saul Martinez upgraded BofA to buy last week, noting the stock is attractively valued heading into the report. What history shows: Bank of America hasn’t missed earnings expectations since the second quarter of 2022, Bespoke data shows. Citigroup is set to report earnings before the open. Management will then hold a conference call with analysts at 11 a.m. Last quarter: C earnings beat expectations as every business posted record Q3 revenue . This quarter: The bank’s earnings are expected to have grown by more than 24% year on year, LSEG data shows. What analysts say: TD Cowen’s Steven Alexopoulos recently hiked his price target on Citigroup to $130 from $110, implying upside of about 7% from where shares traded on Friday. “Net interest incomes excluding markets “could continue to post solid y/y growth in 4Q with momentum exiting the quarter. To this end, balance sheet growth coupled with reinvestment tailwinds in the securities book supports continued gains on a y/y basis, albeit at a softer pace in 2026,” he said, nevertheless keeping a hold rating on the stock. What history shows: Citigroup shares have risen following the last four earnings releases. Thursday Morgan Stanley is set to report earnings before the market opens. A conference call with management follows at 8:30 a.m. Last quarter: MS posted a massive Q3 beat . This quarter: Analysts polled by LSEG expect Morgan Stanley’s bottom line to have expanded by about 9%. What analysts say: Steven Chubak of Wolfe Research called Morgan Stanley a top pick heading into earnings, citing a “combination of Inflecting Wealth fundamentals (Cash, [net new assets], Margin), Investment Banking normalization, and excess capital.” However, the stock enters into the report up more than 30% over the past six months. Can earnings keep the momentum going? What history shows: Morgan Stanley shares tend to do well on days the investment bank reports earnings, averaging a 1% gain, according to Bespoke. The stock has risen after six of the last seven quarterly releases. Goldman Sachs is set to report earnings before the market’s opening bell, followed by a management call at 9:30 a.m. Last quarter: GS beat estimates thanks to strong bond trading and investment banking . This quarter: The LSEG earnings consensus points to a slight year-over-year decline in Goldman’s bottom line. What analysts say: Wells Fargo’s Mike Mayo trimmed his Q4 earnings estimate to “reflect somewhat slower than expected [equity and debt capital markets] in the quarter, lower private banking (lower NII) and a higher overall comp ratio, partly reflected elevated severance in the quarter.” What history shows: Goldman has exceeded earnings expectations for nine straight quarters, according to Bespoke. But the stock averages only a marginal advance on earnings days.