Banks — More Profit, Still Not Enough

The first big day of the earnings season brought a clear split. The two largest lenders to report earned more than a year ago and still disappointed: JPMorgan missed on profit and revenue, Wells Fargo on revenue, and both traded about 2% lower before the open. Goldman Sachs and Citigroup beat on both lines — Goldman by a wide margin. The two health-care names did the opposite of the big lenders — UnitedHealth and Johnson & Johnson beat and raised their outlooks.

The scoreboard so far

Table as text

Company	EPS: actual vs expected	Revenue: actual vs expected	Outlook	Before the open
UnitedHealth	$4.69 vs $4.14	$112.69bn vs $111.3bn	Raised to at least $20.50	about +3%
Johnson & Johnson	$2.59 vs $2.51–2.54	$25.4bn vs $25.28bn	Raised (EPS $11.10 midpoint)	—
JPMorgan	$5.57 ($5.75 ex items) vs $5.90–5.93	$50.91bn vs $51.22bn	—	about −2%
Wells Fargo	$1.87 vs $1.85	$21.87bn vs $22.31bn	—	about −1% to −2%
Goldman Sachs	$17.01 vs $13.02	$18.68bn vs $16.71bn	—	—
Citigroup	$2.85 vs $2.66	$23.85bn vs $23.72bn	—	—

Adjusted EPS where the company reports one; expectations are the consensus quoted at the release (CNBC, Reuters, Investing.com, LSEG, company filings) and differ slightly by source. Pre-market moves as reported.