The first quarter earnings season is kicking off at an uncertain time for markets.
On Monday, Goldman Sachs (GS) marshaled a parade of bank and asset manager earnings this week, including from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC), BlackRock (BLK), Bank of America (BAC), and Morgan Stanley (MS).
Also this week, Netflix (NFLX), Johnson & Johnson (JNJ), ASML Holdings (ASML), and PepsiCo (PEP) feature on the corporate update schedule.
Despite risks surrounding the Iran war, artificial intelligence, and delayed Fed rate cuts, Wall Street analysts have remained optimistic about earnings growth, the stock market’s primary driver over the long term. According to FactSet’s John Butters, analysts expect the S&P 500 (^GSPC) to report its sixth consecutive quarter of double-digit earnings growth.
Follow along for the latest earnings updates.
LIVE 15 updates
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Taiwan Semiconductor posts Q1 beat, raises forecast on sustained AI chip demand
Taiwan Semiconductor Manufacturing Company (TSM) posted Q1 earnings that beat expectations, reflecting strong demand for its advanced chips used in AI applications. The chipmaker also raised its revenue growth forecast for the year by more than 30%.
“Our business in the first quarter was supported by strong demand for our leading-edge process technologies,” TSMC CFO Wendell Huang said on the earnings call.
TSMC noted potential headwinds, such as increased production and expansion costs, as well as geopolitical uncertainties.
TSMC stock was down 3% in midday trading.
Proactive reports:
Read more here.
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Schwab stock falls on earnings beat, plans to launch crypto trading
The Charles Schwab Corporation (SCHW) reported first quarter earnings per share that beat analyst estimates on Thursday morning and record-breaking revenue that still fell short of expectations. The company also signaled that it would soon allow spot crypto trading on its platform, allowing users to trade in bitcoin (BTC-USD) and ether (ETH-USD).
Shares were down 5% in midday trading.
The Wall Street Journal reports:
Read more here.
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PepsiCo posts Q1 earnings beat as snack price cuts boost sales
PepsiCo (PEP) beat the Street’s expectations with a strong Q1 earnings report, driven by strategic price cuts on snacks and a focus on innovation. The snack maker’s North American food sales came in at $6.33 billion, topping estimates for $6.27 billion. Revenue rose 8.5% to $19.44 billion, and earnings per share of $1.70 beat estimates for $1.53, according to S&P Global Market Intelligence.
PepsiCo stock was up 2% in midday trading.
Yahoo Finance’s Brian Sozzi reports:
Read more here.
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ASML raises revenue forecast on strong demand
ASML (ASML) raised its full-year revenue forecast as strong demand for AI chips continues to underpin profits.
In 2026, the Dutch manufacturer of chipmaking equipment expects sales between 36 billion and 40 billion euros (approximately $42 billion-$47 billion). Previously, the company guided for revenue of 34 billion to 39 billion euros ($40 billion to $45 billion).
“The semiconductor industry’s growth outlook continues to solidify, driven by ongoing AI-related infrastructure investments,” ASML CEO Christophe Fouquet said in the earnings release. “Demand for chips is outpacing supply. In response, our customers are accelerating their capacity expansion plans for 2026 and beyond, supported by long-term agreements with their customers.”
In the first quarter, ASML reported earnings of 2.76 billion euros (approximately $3.25 billion) on sales of 8.76 billion euros ($10.3 billion). Both results beat Wall Street estimates on the top and bottom lines.
Despite the strong results, ASML stock fell 4% in premarket trading. One reason for this may be the stock’s already sky-high valuation, as shares of the company have climbed 41% year to date and 125% over the past 12 months.
Read more here.
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Bank of America reports rising profits, indicating ‘resilient American economy’
Bank of America (BAC) reported a 17% increase in profits in the first quarter, continuing a trend of rising profits across the US’s major banks.
Yahoo Finance’s David Hollerith reports:
Read more here.
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Wells Fargo earnings beat estimates despite revenue miss
Wells Fargo (WFC) earnings beat expectations, though revenue and net interest income fell short of estimates, sending shares 3% lower in morning trading.
Investing.com reports:
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Citi stock rises as strong trading volumes boost Q1 results
Citigroup (C) joined a clutch of other major banks reporting rising profits and beating earnings estimates, sending the stock higher ahead of the opening bell.
The bank said its profits rose 42% year over year to $5.8 billion. Earnings per share of $3.06 beat Wall Street estimates of $2.63, according to S&P Global Market Intelligence.
Strong trading volumes helped boost Citi’s quarter. Revenue from fixed income markets increased 13% to $5.2 billion, while equity markets revenues increased 39% to $2.1 billion.
“We’re off to an exceptionally strong start in 2026, with revenue up 14% and net income growing 42%,” Citi CEO Jane Fraser said. “Services had an outstanding quarter with revenue up 17% and Markets crossed $7 billion in revenue. Banking continued to build momentum with fees up 12% amid a record first quarter in M&A.”
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Johnson & Johnson first quarter profit beats estimates as Stelara faces competition
Johnson & Johnson (JNJ) stock dipped in premarket trading on Tuesday
In the first quarter, JNJ reported adjusted earnings per share of $2.70, beating Wall Street estimates of $2.68. Revenue of $24 billion also came in ahead of expectations of $23.6 billion.
The company raised its full-year earnings per share guidance slightly to $11.45–$11.65, with a midpoint in line with estimates.
JNJ said that growth was primarily driven by its cancer drug Darzalex and psoriasis treatment Tremfya, which helped offset an approximate 920 basis point hit to its immunology drug Stelara as new entrants came to market following the expiration of JNJ’s patent.
Reuters reports:
Read more here.
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BlackRock beats earnings, revenue estimates in one of its ‘strongest starts’
BlackRock (BLK) stock climbed 2% in premarket trading after the world’s largest asset manager reported its assets under management rose 20% year over year to $13.8 trillion.
Adjusted net income rose 17% to $2.07 billion, and revenue rose 27% to $6.7 billion, topping estimates of $6.4 billion forecast by Wall Street analysts.
Adjusted earnings per share of $12.53 also beat expectations of $11.50, according to S&P Global Market Intelligence.
“BlackRock delivered one of the strongest starts to a year in our history,” BlackRock CEO and Chairman Larry Fink said in the release.
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JPMorgan profits rise 13% as Dimon warns of ‘increasingly complex set of risks’
Yahoo Finance’s David Hollerith reports:
Read more here.
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Fastenal falls 6% on flat growth outlook despite in-line results
Shares of Fastenal Company (FAST) declined 4% in premarket trading as the maker of industrial fasteners, construction bolts, and custom parts reported growing margin pressure.
The company, which is viewed as a bellwether of the industrial economy, posted earnings that were in line with Wall Street’s expectations.
Investing.com reports:
Read more here.
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Goldman Sachs profits rise on stock trading, M&A surge
Goldman Sachs’ (GS) profits climbed in the first quarter, fueled by jumps in M&A dealmaking and record equity trading.
But the stock dropped 3% in premarket trading as intermediation revenue for fixed income, currencies, and commodities fell short of expectations.
Yahoo Finance’s David Hollerith reports:
Read more here.
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Big banks are entering Q1 earnings season on less certain footing than in January
Goldman Sachs (GS) is kicking off a week of earnings for Wall Street’s biggest banks on Monday, with reports from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC), Bank of America (BAC), and Morgan Stanley (MS) following on Tuesday and Wednesday.
A growing list of concerns will put their ability to churn out profits to the test. My colleague David Hollerith previews what to expect from their corporate updates this week:
Read more here.
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4 themes to watch as first quarter earnings begin to roll in
Wall Street analysts are coming into the first quarter earnings season with a dose of optimism.
According to FactSet’s John Butters, the S&P 500 (^GSPC) is expected to report double-digit earnings growth for the sixth quarter in a row. Analysts have upwardly revised their estimates, expecting year-over-year earnings growth of 13.2% for the index.
Still, the quarter brought a series of external events that have altered the business environment and are likely to be discussed on earnings calls:
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Q1 earnings season to start with Wall Street banks, Netflix, ASML, and PepsiCo
The big Wall Street banks report quarterly results this week, marking the unofficial start of the Q1 earnings season.
We’ll also be keeping a close eye on a report from streaming giant Netflix (NFLX) as well as results for pharmaceutical maker Johnson & Johnson (JNJ), chip equipment manufacturer ASML Holding N.V. (ASML), and PepsiCo (PEP) later in the week.
Here’s this week’s lineup at a glance:
Read more about the week ahead for stocks and economic data.
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