The second-quarter earnings season is kicking into high gear with approximately 28 S&P 500 companies, including banking giants like JPMorgan Chase and Goldman Sachs, along with Netflix and Johnson & Johnson, slated to report this week. These crucial reports arrive as the stock market hovers near record highs, navigating global tensions and potential Federal Reserve rate hikes. Analysts anticipate robust Q2 profits, with S&P 500 earnings estimated to climb 23.3% year-over-year, potentially marking the second consecutive quarter of over 20% EPS growth.
It’s crunch time on Wall Street as the second-quarter earnings season officially gets underway, with nearly two dozen S&P 500 companies poised to reveal their latest financial performance. This week’s lineup features major players such as banking behemoths JPMorgan Chase, Goldman Sachs, and Morgan Stanley, alongside household names like Netflix and Johnson & Johnson.
These reports come at a particularly sensitive juncture for investors. The broader stock market is teetering close to all-time highs, even as geopolitical tensions persist between Iran and the United States, and the shadow of a potential Federal Reserve rate hike looms. Expectations for Q2 earnings are notably elevated. Data from FactSet indicates that analysts project S&P 500 profits to have surged an impressive 23.3% year-over-year in the June quarter. If these estimates hold true, it would mark the second consecutive quarter of earnings per share growth exceeding 20%.
Here’s a breakdown of the key reports to watch (all times ET):
Tuesday
Bank of America (BAC): The banking giant is scheduled to release its earnings before the opening bell, followed by a conference call at 8:30 a.m. Last quarter, BAC surpassed expectations, bolstered by strong equities trading revenue. For this quarter, LSEG data suggests the bank could report over 25% year-over-year earnings growth. Jefferies analyst David Chiaverini, who holds a "buy" rating on the stock, highlights that net interest income (NII) is expected to track towards the higher end of management's FY26 outlook, driven by fixed asset repricing, balance sheet expansion, and asset sensitivity. Historically, Bank of America has a strong track record, beating earnings estimates 81% of the time, according to Bespoke Investment Group, with shares rising after two of its last three earnings announcements.
JPMorgan Chase (JPM): Reporting premarket with a call at 8:30 a.m., JPMorgan’s last quarter saw better-than-expected earnings and revenue fueled by robust trading. This quarter, LSEG data forecasts approximately 10% year-over-year revenue and earnings growth. BofA analyst Ebrahim Poonawala, also with a "buy" rating, sees JPM offering the "most asymmetric risk/reward." He notes that while investors may be concerned by management's cautious EPS growth outlook and pushback on regulatory capital changes, the bank boasts strong underlying business momentum and potential for growth, underpinned by its unparalleled franchise scale. However, history shows a challenge for JPM, with its shares declining after the last four earnings releases. The question remains: can the bank reverse this losing streak?
Goldman Sachs (GS): Earnings are due before the market opens, with a subsequent analyst call at 9:30 a.m. Last quarter, Goldman delivered an earnings beat, driven by record revenue in its equities trading division. For the current quarter, LSEG predicts over 30% year-over-year earnings growth. Morgan Stanley analyst Manan Gosalia, who rates Goldman "equal weight," believes that strong revenue and positive forward commentary could boost the stock as investors gain confidence in a broadening capital markets activity. Bespoke data reveals Goldman has exceeded analyst expectations 87% of the time.
Wednesday
Morgan Stanley (MS): Slated to report before market open with a conference call at 8:30 a.m. Last quarter, Morgan Stanley topped estimates, with its trading operations generating nearly $1 billion more in revenue than anticipated. This quarter, LSEG expects a robust performance, projecting earnings to have surged over 35% year-over-year. Citigroup analyst Ben Gerlinger, who rates Morgan Stanley "neutral," recently raised his estimates, citing "favorable market performance" aiding fee-based growth in Wealth Management and Institutional Securities Group, coupled with benefits from a strong capital markets environment and recent IPOs. Historically, Morgan Stanley shares have responded positively, rising after seven of the company's last eight earnings releases.
Johnson & Johnson (JNJ): The healthcare giant will report before the bell, with an analyst call scheduled for 8:30 a.m. Last quarter, JNJ beat earnings expectations despite a dip in sales for Stelara, a key drug. For this quarter, LSEG data forecasts a slight year-over-year expansion in earnings and revenue. Goldman analyst Asad Haider, with a "buy" rating on J&J, will be watching for strong trends in "workhorse products" like Tremfya and Darzalex, alongside updates on newer product launches, including Icotyde, Imavvy, Inlexzo, Tecvayli, Talvey, Rybrevant, and Caplyta, which are expected to increasingly shape the forward narrative. Bespoke data shows J&J has a remarkable record of exceeding earnings estimates 95% of the time, though the stock has dropped following two of its last three quarterly releases.
Thursday
UnitedHealth (UNH): Reporting ahead of the open, with an analyst call at 8 a.m. Last quarter, UNH exceeded earnings expectations and raised its profit outlook for 2026. For this quarter, analysts polled by LSEG anticipate nearly 20% growth in the insurer’s bottom line. Morgan Stanley analyst Erin Wright suggests that AI remains an "underappreciated earnings lever" for UNH, highlighting the company's $1.5 billion investment in AI initiatives aimed at delivering $1 billion in operating cost savings by 2026 through automation of customer service, claims, and administrative workflows. She also notes UNH's position as an "AI enabler." UnitedHealth has seen recent volatility on earnings days, with shares rising almost 7% after its Q1 results but plunging 20% after its Q4 2025 release.
Netflix (NFLX): The streaming giant will report after the market closes, followed by a call at 4:45 p.m. Last quarter, Netflix reiterated financial guidance and announced co-founder Reed Hastings' departure from the board of directors. Analysts expect about 10% year-over-year earnings growth for this quarter, according to LSEG. JPMorgan analyst Doug Anmuth notes that investor sentiment remains cautious ahead of Netflix’s Q2 earnings, with primary concerns revolving around engagement growth, subscriber trends post-recent price increases, content quality and investment, and the potential for further M&A. However, he also points out that Netflix's internal quality engagement metric hit an all-time high in Q1, suggesting engagement growth may be less correlated with revenue growth than perceived. Netflix shares have fallen after its last four earnings releases, despite the company topping earnings expectations 81% of the time.
