Q4 2025 Earnings Season Begins With Focus on US Banks
The Q4 2025 earnings season has begun, with US banks in focus and S&P 500 profit growth expected at 8.1% year over year.
Michael Reed
The fourth-quarter 2025 earnings season has officially begun, with results already released by roughly 4% of companies in the S&P 500. Momentum is set to build next week, when another 14 index constituents are scheduled to report.
Financial sector in focus
As is typical at the start of earnings season, investor attention is firmly centred on the financial sector. Several of the largest US banks are due to report, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley.
Their results are expected to provide important signals on the health of the US economy, trends in lending activity, and conditions in capital markets. Beyond traditional banking, reports from asset manager BlackRock and financial institutions such as Bank of New York Mellon and PNC Financial Services are also likely to draw close scrutiny.
Beyond financials
Outside the banking sector, market attention will be spread across technology, transportation and industrial companies. Investors will be watching earnings releases from Taiwan Semiconductor Manufacturing Company, Delta Air Lines, Infosys and J.B. Hunt Transport Services for insights into global demand, supply-chain conditions and sector-specific trends.
Earnings outlook
According to data from FactSet, aggregate earnings for S&P 500 companies are expected to rise by 8.1% year over year in the fourth quarter. If realised, this would mark another solid quarter of profit growth, supporting the broader narrative of resilient corporate fundamentals despite tighter financial conditions.
With bank results setting the tone, markets will be watching closely for guidance on margins, credit quality and capital allocation, as well as management commentary on the outlook for 2026.
