The latest earnings season is set to begin in earnest, and the stakes are high. More than 30 S&P 500 companies are scheduled to report third-quarter earnings this week. These include Goldman Sachs, JPMorgan Chase and Bank of America. Johnson & Johnson is also on deck. Analysts on average expect S&P 500 companies’ profits to rise 8% in the third quarter from a year ago, according to FactSet’s John Butters. If this happens, it will be the ninth consecutive quarter of increased profits. And this result could take on even more significance as trade tensions between the U.S. and China intensify again. President Donald Trump on Friday threatened to impose 100% tariffs on imports from China. Below is a breakdown of this week’s major reports from CNBC Pro. Always Eastern Time. On Tuesday, Goldman Sachs is scheduled to report earnings before the bell. A conference call with management is set for 9:30 a.m. Last quarter: GS generated $840 million in trading revenue, exceeding expectations. This quarter: Analysts surveyed by LSEG expect Goldman’s profits to rise 30% year over year. What to watch: “We see 1) a continued attractive risk/reward profile driven by tailwinds from the changing regulatory landscape, which should lead to more strategic options on how to operate than just lower capital requirements; and 2) a continued increase in M&A/IPO activity,” BofA analyst Ebrahim Poonawalla wrote. He rates Goldman a buy. What history shows: Goldman beats earnings estimates 86% of the time, according to Bespoke Investment Group. The stock price has continued to rise after the release of the last three quarterly reports. JPMorgan Chase is scheduled to report earnings in the premarket, followed by a conference call at 8:30 a.m. Last quarter: JPM beat expectations thanks to strong trading and investment banking earnings. Current quarter: Analysts expect the company’s profit to increase 10% year over year, according to LSEG data. Of note: “The only concern we’re hearing is that JPM could do something unexpected with its earnings, such as rationalizing its 2026 NII forecast given the prospect of lower interest rates… “This appears to stem from JPM’s decision to rationalize its NII and expense forecasts for next year. However, we do not believe this is likely to be a concern,” wrote Piper Sandler’s R. Scott Schieffers. What history shows: JPMorgan’s earnings have exceeded expectations for six consecutive quarters, according to Bespoke. Johnson & Johnson is scheduled to report earnings before the start of trading, with a conference call scheduled for 8:30 a.m. Last quarter: JNJ posted earnings and earnings that beat the Street, and shares rose 6%. Current quarter: According to LSEG, the pharmaceutical giant is expected to record profit growth of more than 10%. What to watch: “Investors are expected to focus on the policy environment related to the development of a potential deal with JNJ’s own administration, along with MFN considerations. We see JNJ as well-positioned given the company’s diversified business model and $55 billion in U.S. manufacturing investment commitments,” wrote Goldman Sachs analyst Asad Haider. History shows us: J&J has beat analyst expectations in every quarter since 2011, according to Bespoke data. On Wednesday, Morgan Stanley is scheduled to release earnings in the premarket. A conference call with analysts is scheduled for 9:30 a.m. Last quarter: MS beat revenue expectations thanks to strong trading revenue. This quarter: Analysts expect earnings growth of more than 10%, according to LSEG data. What to watch: “Trading and IB activity are both showing momentum heading into year-end as market volumes and volatility are healthy. Compared to 3Q24, strength in trading and IB should increase overall Institutional Securities Group (ISG) revenues. The underlying trend for wealth management (WM) should remain positive, although offset by lower transaction revenues, while investment management (IM) should increase,” said Barclays analyst Jason Goldberg. People who rate the stock as overweight. History shows us: Bespoke data shows Morgan Stanley beats earnings estimates 79% of the time. Also, the average stock price increase rate on the day of settlement is 0.9%. Bank of America is scheduled to report earnings before the bell. Management will hold a conference call with analysts at 8:30 a.m. Last quarter: BAC reported mixed quarterly results. This quarter: The banking giant expects profit growth of more than 15%, according to LSEG. What to watch: “We expect BAC to have an outstanding IB quarter, delivering $15.2 billion in NII. The big question here is whether BAC can keep its expenses down to $17.3 billion in the quarter and what the outlook for the fourth quarter will be,” said UBS analyst Erica Najarian, who rates the stock a buy. History shows us: BofA’s earnings beat earnings estimates 80% of the time. (Learn the best strategies for 2026 from inside the NYSE with Josh Brown and others on CNBC PRO Live. Tickets and information here.)
