The first major earnings season of 2026 kicks off next week, and the lineup couldn't be more consequential for investors trying to gauge the health of the American economy. JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Delta Air Lines will all report quarterly results, offering the first comprehensive look at how corporate America finished 2025.

For the big banks, expectations are running high. After a year of elevated interest rates and resilient consumer spending, analysts anticipate strong profits—but the real focus will be on forward guidance and hints about what's to come in 2026.

The Earnings Calendar

Monday, January 13 (Before Market Open)

  • JPMorgan Chase (JPM): America's largest bank by assets
  • Delta Air Lines (DAL): The first major airline to report
  • Bank of New York Mellon (BK): Key player in custody and asset servicing

Tuesday, January 14 (Before Market Open)

  • Bank of America (BAC): Second-largest U.S. bank
  • Wells Fargo (WFC): Major consumer and mortgage lender
  • Citigroup (C): Global banking and institutional services

Wednesday, January 15

  • Goldman Sachs (GS): Investment banking and trading
  • Morgan Stanley (MS): Wealth management and institutional securities

What Analysts Expect from Banks

The banking sector had a strong 2025, benefiting from elevated net interest margins as the Federal Reserve kept rates higher for longer. Now, with rate cuts underway, the question is whether banks can maintain profitability as spreads compress.

"The banks had good years last year in terms of earnings, and the market has gotten in front of what they see as potentially spectacular earnings this year. We could see 5% of banks in the country being taken over this year."

— Banking sector analyst on expected M&A activity

Key themes to watch:

Net Interest Income

Banks' bread and butter—the difference between what they earn on loans and pay on deposits—faces pressure as the Fed cuts rates. Investors will scrutinize guidance for 2026 NII trends.

Investment Banking Fees

After a slow 2024, dealmaking picked up in 2025. With regulatory clarity improving and CEO confidence rising, banks are expecting a significant boost in M&A advisory and capital markets fees.

Credit Quality

Consumer loan delinquencies have been ticking higher, particularly in credit cards and auto loans. Provision for credit losses will signal how banks view the health of their loan portfolios.

Trading Revenue

Volatility in rates and currencies provided opportunities for trading desks. Goldman Sachs and Morgan Stanley, with their larger trading operations, could benefit disproportionately.

Delta Air Lines: Consumer Bellwether

Delta's results will offer insight into consumer spending patterns, particularly on travel and experiences. The airline is expected to report earnings of approximately $1.63 per share on revenue of $15.8 billion for Q4 2025.

JPMorgan raised its price target on Delta to $85 from $72, maintaining an "overweight" rating. The airline has been a standout performer, with analysts citing strong premium travel demand and disciplined capacity management.

Key questions for Delta:

  • Is business travel fully recovered from the pandemic?
  • How is international demand trending, particularly transatlantic routes?
  • What impact are lower fuel prices having on margins?
  • Is the consumer showing any signs of fatigue on discretionary travel?

What It Means for Markets

Bank earnings often set the tone for the broader earnings season. Strong results and optimistic guidance could extend the market's early-2026 rally. Conversely, cautious outlooks on credit quality or net interest income could spark concerns about economic deceleration.

The S&P 500 is trading near record highs, supported by expectations for continued earnings growth. According to FactSet, S&P 500 earnings are projected to grow approximately 11% in 2026—but that outlook depends heavily on the health of the financial sector and consumer spending.

Beyond the Headlines

Earnings calls often reveal more than the headline numbers. Listen for commentary on:

  • Regulatory outlook: Bank executives' views on capital requirements and merger approvals under the current administration
  • M&A pipeline: Hints about corporate deal activity and advisory fee expectations
  • Consumer health: Deposit trends, spending patterns, and credit demand
  • Rate expectations: How banks are positioning for the Fed's next moves

The answers could shape market sentiment well beyond the banking sector—and provide crucial clues about where the economy is headed in 2026.