At a glance: 7 S&P 500 names report today — JPMorgan, Goldman Sachs, Wells Fargo and Citigroup headline a heavy pre-open bank slate, alongside Johnson & Johnson, UnitedHealth and Domino’s.

The tape ahead

Four of the six largest U.S. banks lead the slate, with Johnson & Johnson, UnitedHealth and Domino’s rounding out the day.

JPMorgan reports first and sets the tone for the other three. Consensus of $5.94 implies EPS up 17.2% YoY on revenue up 10.3% YoY, coming off a run of outsized trading and investment-banking quarters — the real debate is whether that pace decelerates, and credit-cost commentary draws outsized attention given how vocal management has been about loosening underwriting in private credit and leveraged lending, a read on the broader cycle more than on JPMorgan’s own book. Net margin in the last reported quarter ran 40.0%, up 6.9 points sequentially. Options price a 3.1% move against the stock’s own 2.3% average swing over its last eight prints and an 88% beat rate — priced rich into a bar the bank itself set high last quarter.

Goldman Sachs carries the group’s smallest EPS growth (consensus $13.09, up 6.9% YoY) but its largest revenue growth (up 11.2% YoY), a mix tilted toward trading and dealmaking. Management has talked up 2026 as a potential top-tier year for M&A, pointing to a deal backlog near multi-year highs on AI-capex financing, sponsor exits and a reopening IPO market — a bar high enough that an in-line banking print risks reading as a letdown. Expense growth alongside the revenue run has dented sentiment on strong prints before. Net margin ran 32.6% in the last reported quarter, down 0.1 point. Options price a 4.3% move against a 3.3% historical average and a perfect eight-for-eight beat record.

Wells Fargo is the first full-cycle test of its post-asset-cap growth story, with the roughly $1.95 trillion Fed growth cap now lifted and the question whether the bank is actually deploying balance sheet rather than letting the arithmetic catch up. Consensus of $1.86 implies EPS up 12.0% YoY on revenue up 4.1% YoY, the narrowest estimate range of the four banks, reflecting a name the sell-side feels well modeled. Management has repeatedly cautioned the growth pivot plays out over quarters, not weeks. Net margin ran 28.3%, up 3.8 points sequentially. The 4.6% implied move sits just under the stock’s own 4.8% average swing — one of the few names here not priced rich — against a 75% beat rate.

Citigroup carries the most moving parts of the four: its partial exit from its Mexican consumer business still carries an associated loss investors watch for further charges, and its new long-dated return target was received by some desks as underwhelming even alongside a large buyback announcement. Consensus of $2.62 implies EPS up 15.9% YoY on revenue up 7.4% YoY, continuing a steady, if skepticism-laden, improvement in returns under Fraser’s restructuring. Card credit quality is the quieter positive — delinquency trends have run better than several large-issuer peers. Net margin ran 23.6%, up 0.1 point. The 4.0% implied move sits almost exactly on the stock’s own 4.0% average — about as fairly priced as this group gets.

Johnson & Johnson’s consensus of $2.53 implies EPS down 9.6% YoY even as revenue consensus points to growth of 5.8% — Innovative Medicine (Darzalex, Carvykti, Tremfya) continues to outrun Stelara’s biosimilar erosion while MedTech works through a softer patch in Interventional Solutions on competitive and China pricing pressure, leaving pharma to carry growth and devices as the swing factor. The eye-catching +90.6% one-year EPS growth figure is a base effect, not momentum: the year-ago quarter absorbed roughly $2 billion of talc-litigation charges that have since rolled out of the comparison. Talc remains the stock’s dominant sentiment risk apart from the print itself — a court-appointed special master recently recommended allowing expert testimony linking the company’s talc products to ovarian cancer, and an earlier global settlement offer has since collapsed — so expect the call to field more legal-strategy questions than operating ones. Margins improved last quarter (68.2% gross, 21.9% net, up 1.9 and 0.1 points). Options price a 3.6% move against a 1.7% historical average and an 88% beat rate.

UnitedHealth is the clearest swing name on the slate: consensus of $4.14 implies EPS up 41.8% YoY only because the year-ago quarter sat inside last year’s crisis window — elevated Medicare Advantage utilization, a suspended and later rebuilt outlook, heavy reserve strengthening and a CEO change all landed there, which is also why trailing EPS growth over one, three and five years all run negative (-14.7% over one year) even as this quarter’s comparison looks dramatic. The question is whether the Hemsley-led reset is holding: medical-cost trend needs to keep normalizing on its own rather than leaning on favorable reserve releases the way last quarter partly did, and continued MA membership losses alongside expanding margin would read as the repricing strategy working rather than stalling. DOJ scrutiny of Optum’s Medicare billing practices remains a standing overhang separate from this quarter’s numbers. Revenue consensus of $111.49B implies a 1.5% YoY decline, consistent with membership runoff. Margins ran 20.8% gross, 4.9% net, down 1.9 and 0.7 points. Options price a 6.7% move, below the stock’s own 9.0% average swing — one of the wider implied-versus-realized gaps here — against a 75% beat rate and a last-quarter surprise of +29.8%.

Domino’s closes the slate with the group’s weakest beat rate (38%). Consensus of $4.39 implies EPS up 7.6% YoY and revenue up 2.2% — modest growth that still sits above what management now treats as the real target, having quietly walked 2026 U.S. comp guidance down to a low-single-digit rate from an earlier near-3% framing the sell-side has only partly caught up to. The debate is whether that deceleration has stabilized, and whether the multi-year push onto third-party delivery marketplaces is adding incremental occasions or cannibalizing higher-margin carryout and app orders. International franchise health, softer than the U.S. of late, is the other swing factor given the asset-light model. Margins slipped last quarter (40.0% gross, 11.4% net, down 0.3 and 0.8 points). Options price a 6.6% move against a 3.1% historical average — over double the stock’s typical swing — against that 38% beat rate.

Scorecard — reported since we last wrote

Nothing from the previous edition to grade today — Monday’s session had no S&P 500 names on the calendar.

No results to score from the prior edition.

Rest of the week

The week’s heaviest financials cluster continues Wednesday, when Bank of America and Morgan Stanley report alongside BlackRock, whose $14.31 consensus implies EPS up 23.9% YoY — the week’s largest year-on-year jump outside today’s slate. BofA and Morgan Stanley both carry implied moves near 4% (3.9% and 4.4%). Thursday brings Schwab (consensus $1.66, up 26.7% YoY, implied move 4.3%) and a run of trust and regional names — BNY Mellon, U.S. Bancorp, PNC — plus Prologis, Marsh McLennan, Interactive Brokers and J.B. Hunt after the close. Friday closes the week with Travelers, whose $7.39 consensus implies EPS down 9.2% YoY and carries the week’s largest priced move at 5.3%, alongside Truist, M&T, Citizens Financial and Regions.

Informational only — not investment advice. Figures are consensus/estimates and option-implied values from public sources and may be revised.