The fourth-quarter earnings season begins in earnest Tuesday with reports from Delta Air Lines (DAL) and JPMorgan Chase (JPM). They lead a packed week of results from Wall Street’s biggest financial firms.
Key numbers and expectations:
- S&P 500: Analysts forecast Q4 earnings growth of 8.3% year-over-year, which would mark a 10th straight quarter of growth.
- JPMorgan Chase: Expected EPS of $4.86, with revenue projected to rise 6.4% to $46.55 billion.
- Delta Air Lines: Expected EPS of $1.55, with anticipated revenue of $15.78 billion.
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The broader calendar: A wave of major financial institutions will report throughout the week:
- Tuesday: JPMorgan, Delta, BNY Mellon (BK)
- Wednesday: Bank of America (BAC), Citigroup (C), Wells Fargo (WFC)
- Thursday: Goldman Sachs (GS), Morgan Stanley (MS), BlackRock (BLK), Taiwan Semiconductor (TSM)
- Friday: PNC Financial (PNC), State Street (STT)
Market context: The season will test whether recent market gains have broadened beyond mega-cap tech stocks. Key themes include AI investment, the impact of tariff policies, and consumer spending trends.
Inflation data also in focus: The December Consumer Price Index (CPI) report is also due Tuesday. Economists expect a year-over-year inflation rate of 2.7%, unchanged from November.
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