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Snapshot
- EPS: 11/11 companies among selected companies, beat consensus EPS.
- Revenue: 7/11 beat revenue expectations; 4/11 missed.
What stood out
- Broad EPS strength, even with uneven sales: The most common pattern was EPS beats alongside mixed revenue, suggesting better-than-expected profitability dynamics versus consensus assumptions.
- Financials dominated the tape: 9 of 11 reports were from banks, brokers, and asset management—making early-season tone heavily financials-led.
Largest EPS upside (percent vs. consensus):
- Goldman Sachs (GS): +20.6%
- PNC (PNC): +16.5%
- Morgan Stanley (MS): +11.2%
- Taiwan Semi (TSM): +10.6%
- BNY Mellon (BK): +8.9%
Largest revenue surprises:
- Best: BlackRock (BLK) +3.7%, TSM +3.2%, Bank of America (BAC) +3.1%
- Worst: GS -7.2%, Citigroup (C) -3.2%, Wells Fargo (WFC) -1.6%, Delta (DAL) -0.7%
- Market-cap weight: TSM ($1.40T) and JPMorgan ($883.35B) are the biggest names in the set, so their beats help anchor sentiment for the week.
Sector scorecard
Money-center banks
- JPM: EPS beat; revenue beat
- BAC: EPS beat; revenue beat
- WFC: EPS beat; revenue miss
- C: EPS beat; revenue miss
Investment banks
- GS: EPS beat; revenue miss (largest miss in the sample)
- MS: EPS beat; revenue beat
Asset management
- BLK: EPS beat; revenue beat
Custody / regional banking
- BK: EPS beat; revenue beat
- PNC: EPS beat; revenue beat
Travel
- DAL: EPS beat; revenue miss
Semiconductors
- TSM: EPS beat; revenue beat
What to watch in week two
- Whether revenue beats broaden as more non-financial sectors report.
- 2026 guidance: especially for banks (growth outlook, margins, credit) and for cyclicals (demand and pricing).
- For mega-cap tech exposure: any read-through on AI-driven capex and supply-chain tightness (TSM is an early positive signal in first week's sample).
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