By Blake Anderson, CFA®, Associate Portfolio Manager
The first earnings season of 2026 is underway, and results from several S&P 500 heavyweights are offering a snapshot of the U.S. economy. From banks navigating interest-rate dynamics and robust capital markets to airlines riding soaring travel demand, the tone thus far has been constructive.
Banks — Resilience Amid Policy Debate
Major banks kicked off earnings with solid results that generally surprised on the upside. Capital One (COF) reported a fourth-quarter earnings beat, with EPS of $3.26 topping FactSet consensus expectations of $3.14. Capital One completed the acquisition of Discover Financial just months ago, but the company is already thinking about how it can further develop its business. CEO Richard D. Fairbank highlighted Capital One’s strategic execution and ambitions: “Our fourth quarter and full year results reflect solid top-line growth… and put us in a strong position going forward. I’m struck by the number and quality of the opportunities we have before us.”
Goldman Sachs (GS) delivered a strong fourth-quarter report. Goldman posted net revenues of $13.45 billion and EPS of $14.01 — easily beating FactSet’s consensus estimate of $11.70 – driven by robust profitability across trading and investment banking revenues. CEO David Solomon underscored the firm’s strategic progress, saying, “We continue to see high levels of client engagement across our franchise and expect momentum to accelerate in 2026.” Goldman is widely regarded as a leader in initial public offering transactions, and this strength has helped it as IPO volumes normalized in 2025.
Over at JPMorgan Chase (JPM), the largest U.S. bank by assets, results on January 13 showed a solid earnings beat on both top- and bottom-line metrics. JPMorgan reported net income of $13 billion with EPS of $4.63 on $46.8 billion in revenue, up about 7 % year-over-year. Excluding a one-time reserve build related to the Apple Card transaction, adjusted earnings rose to about $5.23 per share – well above the FactSet consensus estimate of $4.86
CEO Jamie Dimon highlighted the resilience of consumer and business activity, noting ongoing strength in deposit growth, card usage, and market revenues, even as geopolitical tensions and regulatory uncertainty persist. Dimon emphasized that ongoing investments — including JPMorgan’s planned role as the new issuer of the Apple Card — reflect a long-term view on growth.
Airlines — Premium Demand Lifts Results
United Airlines (UAL) posted a better-than-expected quarter with revenue climbing nearly 5% as premium and loyalty offerings led the way. Adjusted earnings per share came in at $3.10, above FactSet’s consensus estimate of $2.90. CEO Scott Kirby pointed to sustained momentum, saying strong demand trends extend into 2026 and underpin ambitious adjusted earnings-per-share forecasts.
Delta Air Lines (DAL) reported record revenue and impressive free cash flow in the December quarter. The airline reported adjusted EPS of $1.55, just above FactSet consensus expectations of $1.53. CEO Ed Bastian attributed much of that success to the carrier’s focus on premium travel and loyal customers, saying, “I don’t think we’ve ever had premium as a larger percent of our total revenues as we do right now.”
In total, earnings season is off to a good start for the S&P 500. Banks are showing strength in spending and lending while accelerating in capital markets. Airlines are benefiting from robust demand for premium offerings as travel hits record levels. These reports come ahead of the S&P 500’s biggest test, as many top tech firms report this week.
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Sources:
Capital One (COF) Q4 2025 Earnings
Yahoo Finance. (2026). Capital One Financial Corporation (COF) Q4 2025 earnings call. Retrieved January 26, 2026, from https://finance.yahoo.com/quote/COF/earnings/COF-Q4-2025-earnings_call-401277.html
Goldman Sachs (GS) Q4 2025 Earnings
Yahoo Finance. (2026). Goldman Sachs Group, Inc. (GS) Q4 2025 earnings call. Retrieved January 26, 2026, from https://finance.yahoo.com/quote/GS/earnings/GS-Q4-2025-earnings_call-377022.html
JPMorgan Chase (JPM) Q4 2025 Earnings
Yahoo Finance. (2026). JPMorgan Chase & Co. (JPM) Q4 2025 earnings call. Retrieved January 26, 2026, from https://finance.yahoo.com/quote/JPM/earnings/JPM-Q4-2025-earnings_call-364408.html
United Airlines (UAL) Q4 2025 Earnings
Yahoo Finance. (2026). United Airlines Holdings, Inc. (UAL) Q4 2025 earnings call. Retrieved January 26, 2026, from https://finance.yahoo.com/quote/UAL/earnings/UAL-Q4-2025-earnings_call-399501.html
Delta Air Lines (DAL) Q4 2025 Earnings
Yahoo Finance. (2026). Delta Air Lines, Inc. (DAL) Q4 2025 earnings call. Retrieved January 26, 2026, from https://finance.yahoo.com/quote/DAL/earnings/DAL-Q4-2025-earnings_call-396441.html
