U.S. Earnings Season Accelerates as Investors Eye Tech and Financial Results

U.S. corporate earnings season for the fourth quarter of 2025 is gaining momentum, with roughly 6% of S&P 500 companies having reported so far. The pace is set to accelerate in the coming week, when more than 20 additional companies are scheduled to release results.

So far, the reporting season has delivered a mixed message for investors. Results from major U.S. banks dominated market attention, highlighting a divergence in performance and expectations across the financial sector.

Goldman Sachs and Morgan Stanley posted earnings that supported a constructive market tone, helped by resilient trading revenues and cost discipline. In contrast, reports from Bank of America, Wells Fargo, Citigroup, and J.P. Morgan were met with a more muted response, as investors weighed margin pressures, fee income trends, and ongoing regulatory uncertainty.

Outside the financial sector, sentiment received a boost from TSMC, whose solid quarterly results and optimistic outlook helped ease concerns about a slowdown in semiconductor demand. The guidance was particularly supportive for broader technology and chip-related stocks.

Key Earnings to Watch Next Week

Attention now turns to a busy week of reports across multiple sectors:

• Technology: Netflix (NFLX), Intel (INTC)
• Financials: Capital One (COF), Charles Schwab (SCHW), U.S. Bancorp (USB)
• Consumer: Procter & Gamble (PG)
• Industrials & Transport: GE Aerospace (GE), United Airlines (UAL)
• Materials & Energy: Freeport-McMoRan (FCX), Halliburton (HAL)

Earnings Growth Outlook

According to FactSet, the estimated year-over-year earnings growth rate for S&P 500 companies in the fourth quarter currently stands at 8.0%, down slightly from 8.1% a week earlier. While the revision is modest, it underscores how sensitive market expectations remain to guidance and forward-looking commentary.

With a heavier earnings calendar ahead, upcoming reports are likely to play a decisive role in shaping short-term market direction, particularly as investors reassess valuation levels and sector leadership.

Upcoming Earnings Calendar