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JPMorgan, Citigroup, Pepsi, Micron and Nike are part of Zacks Earnings Preview
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For Immediate Release
Chicago, IL – October 12, 2026 – Zacks.com releases the list of companies likely to issue earnings surprises. This week’s list includes JPMorgan (JPM - Free Report) , Citigroup (C - Free Report) , Pepsi (PEP - Free Report) , Micron (MU - Free Report) and Nike (NKE - Free Report) .
Estimates Keep Rising as Q3 Earnings Session Takes Center Stage
The Q3 earnings season takes center stage this week when JPMorgan, Citigroup and others report September-quarter results before the market's open on Tuesday, October 13th. This week's reporting docket, comprising 29 S&P 500 members, also includes companies outside the Finance sector, with bellwethers like Johnson & Johnson, Taiwan Semiconductor Company, and UnitedHealth also reporting quarterly results.
The expectation is that S&P 500 earnings will increase by +24.3% from the same period last year, the 8th straight quarter of double-digit earnings growth for the index.
The Tech sector remains a major growth contributor, but momentum is broad-based, with 15 of the 16 Zacks sectors on track for positive earnings growth in Q3. Importantly, the revisions trend remains positive and broad-based, highlighting a steadily improving outlook.
As noted earlier, the revisions trend has been positive, sustaining the favorable trend in place for almost a year. Estimates for Q3 increased after the quarter got underway, and we are seeing a similar trend at play for 2026 Q4 estimates.
This positive revision behavior is not new; it extends a tailwind that has been building for nearly a year. The positive revisions were at first concentrated in Technology and, more recently, Energy following Middle East supply disruptions. However, for 2026 Q4 and what we saw in Q3, constructive estimate revisions have broadened significantly, rising across 7 of the 16 Zacks sectors—including Aerospace, Construction, Industrials, Finance, and Transportation alongside Tech and Energy.
On the negative side, Q4 estimates remain under pressure for these 8 sectors – Conglomerates, Autos, Basic Materials, Consumer Staples, Consumer Discretionary, Medical, Business Services, and Retail.
It is important to note that estimates for full-year 2027 have also been similarly trending higher, which we show a little later in this note.
Sector Focus: Broad-Based Strength
Q3 earnings are expected to be above the year-earlier level for 15 of the 16 Zacks sectors, with 6 sectors expected to enjoy double-digit growth. The multi-industry Conglomerates sector is the only one expected to have lower earnings in Q3 relative to the same period last year (earnings decline of –35.1%).
The 6 sectors expected to enjoy double-digit earnings growth in Q3 are Aerospace (up +159.5%), Energy (+117.1%), Tech (+43.3%), Basic Materials (+29.7%), Transportation (+10.9%) and Industrial Products (+13.3%).
Q3 earnings growth for the S&P 500 index drops to +20.1% from +24.3% once the Energy sector's contribution is excluded from the index. Excluding the Tech sector, Q3 earnings growth for the rest of the index drops to +14.2%.
For the Finance sector, which dominates the reporting docket this week, Q3 earnings are expected to be up +3.3% from the same period last year on +6.3% higher revenues.
The Banks and Brokerages industry, which includes JPMorgan, Citigroup, Goldman Sachs, and others, is expected to post +2.5% earnings growth in Q3 on +9.7% higher revenues.
The sharp rise in long-term Treasury yields during Q3 has been an overhang on bank and broker stocks lately. Rising yields don't just cause paper losses on balance sheet holdings of available-for-sale bonds, as they also pressure net interest margins through surging deposit betas and have negative effects on credit demand and quality. The unfavorable interest rate backdrop has clouded the outlook for deal flow, with a number of high-profile IPOs getting delayed as a result.
Q3 Earnings Season Scorecard
The Q3 earnings season is not officially getting underway with this week's results from JPMorgan, Citigroup, and others. Officially, the Q3 reporting cycle began with recent results from Pepsi, Micron, Nike, and others.
The Nike, Micron, and other reports were for these companies' fiscal quarters ending in August, which count as part of the September-quarter tally. Including the Nike and Micron reports, we now have such Q3 results from 19 S&P 500 members. With another 29 index members reporting results this week, including the aforementioned banks, we will have seen results from 48 S&P 500 members by the end of this week.
Total Q3 earnings for the 19 S&P 500 members that have reported results already are up +150.9% from the same period last year on +27% higher revenues, with 78.9% beating EPS estimates and 73.7% beating revenue estimates.
The very strong earnings and revenue growth pace for this group of 19 S&P 500 members is mostly due to Micron, whose Q3 earnings increased +1075.7% from the year-earlier level. Excluding the Micron contribution, Q3 earnings for the remaining 18 index members that have reported would be up +9.4%.
The Earnings Big Picture
As we noted earlier, estimates for full-year 2027areexperiencing the same positive revisions trend that we noted earlier in the context of 2026 Q4.
Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year.
Today you can access their live picks without cost or obligation.
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.
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JPMorgan, Citigroup, Pepsi, Micron and Nike are part of Zacks Earnings Preview
For Immediate Release
Chicago, IL – October 12, 2026 – Zacks.com releases the list of companies likely to issue earnings surprises. This week’s list includes JPMorgan (JPM - Free Report) , Citigroup (C - Free Report) , Pepsi (PEP - Free Report) , Micron (MU - Free Report) and Nike (NKE - Free Report) .
Estimates Keep Rising as Q3 Earnings Session Takes Center Stage
The Q3 earnings season takes center stage this week when JPMorgan, Citigroup and others report September-quarter results before the market's open on Tuesday, October 13th. This week's reporting docket, comprising 29 S&P 500 members, also includes companies outside the Finance sector, with bellwethers like Johnson & Johnson, Taiwan Semiconductor Company, and UnitedHealth also reporting quarterly results.
The expectation is that S&P 500 earnings will increase by +24.3% from the same period last year, the 8th straight quarter of double-digit earnings growth for the index.
The Tech sector remains a major growth contributor, but momentum is broad-based, with 15 of the 16 Zacks sectors on track for positive earnings growth in Q3. Importantly, the revisions trend remains positive and broad-based, highlighting a steadily improving outlook.
As noted earlier, the revisions trend has been positive, sustaining the favorable trend in place for almost a year. Estimates for Q3 increased after the quarter got underway, and we are seeing a similar trend at play for 2026 Q4 estimates.
This positive revision behavior is not new; it extends a tailwind that has been building for nearly a year. The positive revisions were at first concentrated in Technology and, more recently, Energy following Middle East supply disruptions. However, for 2026 Q4 and what we saw in Q3, constructive estimate revisions have broadened significantly, rising across 7 of the 16 Zacks sectors—including Aerospace, Construction, Industrials, Finance, and Transportation alongside Tech and Energy.
On the negative side, Q4 estimates remain under pressure for these 8 sectors – Conglomerates, Autos, Basic Materials, Consumer Staples, Consumer Discretionary, Medical, Business Services, and Retail.
It is important to note that estimates for full-year 2027 have also been similarly trending higher, which we show a little later in this note.
Sector Focus: Broad-Based Strength
Q3 earnings are expected to be above the year-earlier level for 15 of the 16 Zacks sectors, with 6 sectors expected to enjoy double-digit growth. The multi-industry Conglomerates sector is the only one expected to have lower earnings in Q3 relative to the same period last year (earnings decline of –35.1%).
The 6 sectors expected to enjoy double-digit earnings growth in Q3 are Aerospace (up +159.5%), Energy (+117.1%), Tech (+43.3%), Basic Materials (+29.7%), Transportation (+10.9%) and Industrial Products (+13.3%).
Q3 earnings growth for the S&P 500 index drops to +20.1% from +24.3% once the Energy sector's contribution is excluded from the index. Excluding the Tech sector, Q3 earnings growth for the rest of the index drops to +14.2%.
For the Finance sector, which dominates the reporting docket this week, Q3 earnings are expected to be up +3.3% from the same period last year on +6.3% higher revenues.
The Banks and Brokerages industry, which includes JPMorgan, Citigroup, Goldman Sachs, and others, is expected to post +2.5% earnings growth in Q3 on +9.7% higher revenues.
The sharp rise in long-term Treasury yields during Q3 has been an overhang on bank and broker stocks lately. Rising yields don't just cause paper losses on balance sheet holdings of available-for-sale bonds, as they also pressure net interest margins through surging deposit betas and have negative effects on credit demand and quality. The unfavorable interest rate backdrop has clouded the outlook for deal flow, with a number of high-profile IPOs getting delayed as a result.
Q3 Earnings Season Scorecard
The Q3 earnings season is not officially getting underway with this week's results from JPMorgan, Citigroup, and others. Officially, the Q3 reporting cycle began with recent results from Pepsi, Micron, Nike, and others.
The Nike, Micron, and other reports were for these companies' fiscal quarters ending in August, which count as part of the September-quarter tally. Including the Nike and Micron reports, we now have such Q3 results from 19 S&P 500 members. With another 29 index members reporting results this week, including the aforementioned banks, we will have seen results from 48 S&P 500 members by the end of this week.
Total Q3 earnings for the 19 S&P 500 members that have reported results already are up +150.9% from the same period last year on +27% higher revenues, with 78.9% beating EPS estimates and 73.7% beating revenue estimates.
The very strong earnings and revenue growth pace for this group of 19 S&P 500 members is mostly due to Micron, whose Q3 earnings increased +1075.7% from the year-earlier level. Excluding the Micron contribution, Q3 earnings for the remaining 18 index members that have reported would be up +9.4%.
The Earnings Big Picture
As we noted earlier, estimates for full-year 2027areexperiencing the same positive revisions trend that we noted earlier in the context of 2026 Q4.
For a detailed view of the evolving earnings picture, please check out our weekly Earnings Trends report here >>>> Banks Under Pressure from Spiking Yields Ahead of Q3 Results
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year.
Today you can access their live picks without cost or obligation.
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.