When Does Q4 Reporting Season Begin? Early Earnings Data Signals Strong Market Momentum

The 2025 fourth quarter earnings season officially got underway in mid-January, kicking off what has become one of the most anticipated periods for investors and analysts tracking corporate performance. Q4 earnings reports typically begin in January of the following year, with companies rushing to disclose their final quarterly results before the market turns its full attention to the new fiscal period. Through mid-January 2026, the early wave of earnings reports revealed a particularly robust picture for the market, setting an encouraging tone for what lies ahead.

Banks and financial services companies led the charge with impressive results that exceeded market expectations. By January 17th, approximately 9.5% of the S&P 500’s total market capitalization had reported Q4 results, with 42 index members collectively demonstrating that earnings growth of +21.8% paired with revenue increases of +7.3% compared to the year-ago period. The beat rate proved especially strong: 81% of these companies surpassed earnings per share estimates, while 71.4% beat revenue expectations. Most notably, 66.7% of this reporting cohort managed to beat both metrics simultaneously—a performance benchmark that substantially exceeds the historical average for this particular group of companies.

Banks and Financial Services Lead the Charge

The Finance sector emerged as the standout performer in this early reporting window. Financial services companies reported aggregate earnings growth of +24.4% alongside an +11% revenue increase, with a perfect 100% of companies beating EPS estimates and 81.3% surpassing revenue forecasts. These Finance sector results came from 17.6% of sector companies, collectively representing 35.1% of the sector’s market capitalization within the S&P 500 index. The historical comparison charts reveal this represents an acceleration from recent quarterly trends, suggesting strengthening business momentum and robust credit quality metrics that ripple across related financial services providers.

The credit card issuers—including Capital One Financial, Discover Financial, American Express, and Ally Financial—have particularly benefited from this favorable environment. These stocks enjoyed substantial gains in the post-election period, and investor attention will now focus on whether they can sustain this momentum through the earnings announcements scheduled for this reporting week.

This Week’s Earnings Spotlight: Major Announcements on Deck

With more than 150 companies scheduled to report during this particular reporting week, including 36 S&P 500 members, the market will receive its most comprehensive early assessment of the quarterly period. By week’s end, results from over 15% of S&P 500 members will be in the books, providing a substantially clearer view of overall earnings trends.

The reporting calendar this week features a diverse mix of sectors and industries. Beyond the Finance sector operators like the aforementioned credit card companies, investors will hear from Netflix, 3M Company, Proctor & Gamble, Johnson & Johnson, Texas Instruments, and Verizon Communications. Additionally, railroad operators including Union Pacific and CSX Corp, along with air carriers such as United Airlines and American Airlines, will unveil their quarterly results.

The critical question many market participants are asking: Can the impressive early earnings momentum persist as the reporting cycle ramps up, or does this reflect sector-specific strength that won’t necessarily carry through to the broader market? The early data suggests strength, but a genuinely representative sample of results should emerge as more companies report this week.

Earnings Growth Extends Well Beyond Q4

Looking at the bigger earnings picture, the outlook appears particularly constructive. Q4 earnings expectations sit within the context of strong performance from the preceding four quarters and form part of a broader positive trajectory. Calendar-year expectations point toward double-digit earnings growth in both 2025 and 2026, representing a meaningful acceleration from recent trends.

Crucially, this robust projected growth is not concentrated within one or two sectors. Rather, all 16 Zacks sectors are anticipated to deliver earnings growth in 2025, with 10 of those 16 sectors expected to achieve double-digit expansion. This broad-based growth story suggests that the favorable earnings environment extends well beyond any single industry group.

What Investors Should Monitor Going Forward

The current early-stage earnings reports from the Finance sector provided a reassuring confirmation that corporate profitability remains on solid footing as the year got underway. However, until substantially more companies report—particularly outside the financial services realm—the market will lack the complete picture needed to declare this earnings season a runaway success or potential disappointment.

By the conclusion of this week’s reporting cycle, with more than 15% of the index having disclosed results, investors will have significantly better visibility into whether the Finance sector’s performance represents a bellwether for the broader market or a temporary outperformance that eventually normalizes. The earnings data accumulated to date suggests optimism is warranted, but confirmation will require the coming days’ announcements from across multiple industries and economic sectors.