Earnings Reports — October 13, 2026 — Midday Update — Last 16 Hours (Pacific Time)

Executive Summary

The Q3 2026 earnings season is off to a broadly positive start, with the majority of reporting companies beating analyst estimates on EPS — though revenue misses and cautious guidance are tempering enthusiasm in pockets. Big banks dominated the session, delivering a split verdict: Goldman Sachs and Citigroup impressed with strong beats, while JPMorgan disappointed on both earnings and revenue. Healthcare and industrials showed resilience, and European markets contributed several notable movers driven by guidance upgrades.

Earnings Performance Breakdown

Note: Headlines marked as previews/outlooks (AZZ, BlackRock, Fastenal, State Street) are excluded from classification as they report anticipated — not actual — results.

Summary (actual results only):

Notable Earnings Reports

🟢 Goldman Sachs (GS) — Massive Beat

• EPS of $17.01 vs. estimate of $13.09 — beat by $3.92
• Key driver: Trading strength powered one of the largest EPS surprises of the session; revenue also topped estimates.

🟢 UnitedHealth (UNH) — Strong Beat + Guidance Raise

• EPS of $4.69 vs. estimate of $4.12 — beat by $0.57
• Stock rose more than 2% in premarket; company raised 2026 profit guidance, signaling confidence in the health insurance outlook.

🟢 Citigroup (C) — Double Beat, Decade-High Revenue

• EPS of $2.85 vs. estimate of $2.65 — beat by $0.20
• Revenue hit a decade high; shares fell ~despite the beat, suggesting the bar was high or investors focused on other concerns.

🔴 JPMorgan Chase (JPM) — Double Miss

• EPS of $5.75 vs. estimate of $5.93 — missed by $0.18; revenue also fell short
• Weak fixed-income (FICC) trading revenue was the primary culprit; shares edged lower following the report.

🟢 Johnson & Johnson (JNJ) — Beat + Guidance Raise

• EPS of $2.59 vs. estimate of $2.53 — beat by $0.06; revenue topped estimates
• J&J raised its full 2026 guidance, reinforcing the resilience of its diversified healthcare portfolio.

⚪ Domino's Pizza (DPZ) — EPS Beat, Stock Fell

• EPS of $4.60 vs. estimate of $4.36 — beat by $0.24; revenue also topped estimates
• Stock fell ~4% despite the beat, suggesting investors may have had concerns beyond the headline numbers.

⚪ Wells Fargo (WFC) — EPS Beat, Revenue Miss

• EPS of $1.87 vs. estimate of $1.84 — beat by $0.03; revenue fell short of estimates
• Profit beat was narrow; the revenue shortfall kept enthusiasm in check.

⚪ Unity (UNTY) — EPS Beat, Revenue Miss

• EPS of $1.70 vs. estimate of $1.49 — beat by $0.21; revenue fell short of estimates
• A solid earnings beat offset by a top-line miss — a pattern worth watching in the software space.

⚪ Albertsons (ACI) — EPS Beat, Withdrew Outlook

• EPS of $0.36 vs. estimate of $0.33 — beat by $0.03; revenue in line
• The withdrawal of its fiscal 2026 outlook is the headline risk here, overshadowing the modest earnings beat.

🔴 Bellway (BWY) — Miss + Margin Warning

• Attributable profit fell short of analyst expectations; company warned on FY27 margins
• Build-cost inflation and sales headwinds cited — a cautionary signal for UK homebuilders.

Sector Analysis

🟢 Financials — Mixed but Mostly Positive
Big banks dominated the morning session. Goldman Sachs delivered a blowout beat on trading strength, and Citigroup hit a decade-high revenue mark. Wells Fargo eked out a profit beat but missed on revenue. JPMorgan was the outlier — a double miss driven by weak FICC trading. The divergence within the same sector (trading desks) is notable: Goldman's trading desk clearly outperformed JPMorgan's.

🟢 Healthcare — Broad Strength
Both UnitedHealth and Johnson & Johnson beat estimates and raised full-year guidance. This is a strong signal for the healthcare sector heading into year-end, with insurers and pharma/medtech both showing momentum.

⚪ Consumer / Restaurants
Domino's beat on EPS and revenue but still fell 4% — a reminder that "beat" isn't always enough when market expectations are priced in. Albertsons beat modestly but withdrew its outlook, adding uncertainty to the grocery space.

🟢 European Markets — Broad Guidance Upgrades
A notable theme across European reporters: Finnair raised its 2026 outlook on stronger travel demand, Greencore lifted profit guidance again, Marston's expects FY profit above expectations, and Publicis accelerated Q3 organic growth to 5%. Givaudan hit a 15-month share price high on fragrance-led sales. European earnings are broadly surprising to the upside.

🔴 UK Homebuilding — Caution
Bellway's profit miss and FY27 margin warning stand out as a sector-specific concern, with build-cost inflation flagged as a persistent headwind.

🟢 IT / AI-Driven Growth
Bytes Technology posted a 6.6% year-on-year profit increase, explicitly attributing growth to AI demand — a small but meaningful data point in the ongoing AI spending narrative.

Biggest Movers

Market Implications

The early Q3 2026 earnings season is painting a picture of a resilient but uneven economy. Healthcare is a clear bright spot — both UnitedHealth and J&J raising guidance suggests the sector is navigating cost pressures better than feared. The divergence within big bank trading desks (Goldman crushing it, JPMorgan disappointing) points to execution differences rather than a macro-level trading environment collapse.

The "beat but fall" pattern at Domino's and Citigroup is worth monitoring. When stocks decline despite earnings beats, it often signals that the market had already priced in strong results — or that investors are focusing on forward-looking concerns not captured in the headline numbers. Albertsons withdrawing its fiscal 2026 outlook adds a layer of uncertainty to the consumer staples space.

European earnings are providing a quiet positive surprise. Multiple companies across travel, food, advertising, and hospitality are raising guidance — suggesting that European consumer and business spending may be holding up better than macro headlines imply. Bellway's margin warning is the exception, flagging that UK construction cost pressures remain a real headwind.

Key Takeaways

• 🟢 Goldman Sachs (GS) — A $3.92 EPS beat is the biggest earnings surprise of the session; trading strength is the story.
• 🔴 JPMorgan (JPM) — FICC revenue disappointment dragged the banking giant to a rare double miss; watch for sector read-through.
• 🟢 UnitedHealth (UNH) — Beat plus raised guidance is a strong signal; health insurance fundamentals look solid heading into year-end.
• 🟢 Johnson & Johnson (JNJ) — Raised 2026 guidance reinforces diversified healthcare as a defensive growth play.
• 🟢 Citigroup (C) — Decade-high revenue is genuinely impressive, but the negative stock reaction suggests the bar was already high.
• 🔴 Domino's Pizza (DPZ) — A 4% drop despite beating on both EPS and revenue is a classic "sell the news" moment; valuation matters.
• ⚠️ Albertsons (ACI) — Withdrawing fiscal 2026 guidance is a red flag regardless of the Q2 beat; uncertainty is the new headline.
• 🔴 Bellway (BWY) — Margin warning for FY27 signals UK homebuilders are still fighting build-cost inflation; sector caution warranted.
• 🟢 European companies broadly — Finnair, Greencore, Marston's, Publicis, and Givaudan all surprised positively; European earnings momentum is underappreciated.
• 🟢 Bytes Technology (BYIT) — AI demand driving measurable profit growth at an IT solutions provider; the AI spending cycle is showing up in earnings.
• ⚪ Wells Fargo (WFC) — Narrow EPS beat with a revenue miss; not a disaster, but not a reason to get excited either.
• ⚪ Unity (UNTY) — Strong EPS beat offset by revenue miss; top-line growth remains the question mark for this name.
• 🟢 NatWest (NWG) — A Barclays upgrade to overweight with a 850p price target drove a 3% move; analyst conviction is building in UK banks.
• 🔴 Michael Page (PAGE) — Shares hit a 9-week low despite returning to gross-profit growth; the recruitment sector is not out of the woods.
• 📅 Watch Wednesday — BlackRock, Fastenal, and State Street all report before the open; alternatives, industrial distribution, and custody banking will be in focus.

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