Earnings Season Opens: JPM, WFC, UNH Report Q3 2026

US earnings season opens with JPMorgan, Wells Fargo and UnitedHealth, with profit growth near 30% expected and a 7% options-implied move in UNH stock.

Lead

The stock market today is focused on the start of third-quarter earnings season. JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC) and UnitedHealth Group (NYSE: UNH) all report before the opening bell on Tuesday, October 13, 2026. Profit growth of roughly 30% is projected across the group. Options pricing implies a move of about 7% in UnitedHealth, a bigger swing than the two banks typically carry into a report.

What Do Investors Expect From JPMorgan and Wells Fargo?

Investors expect both banks to post solid year-over-year earnings growth, with JPMorgan setting the pace for the sector. Consensus calls for JPMorgan earnings of $5.90 per share on revenue of $51.26 billion. That compares with $5.07 per share on $47.12 billion a year earlier. The bank reports at about 7:00 a.m. Eastern time.

Wells Fargo is expected to earn $1.85 per share on revenue of $22.32 billion, against $1.73 per share on $21.44 billion in the prior-year quarter. Citigroup (NYSE: C) reports the same morning, which gives the market a broad read on large-bank trading, investment banking and consumer credit in a single session.

For the banks, attention centers on net interest income, the gap between what lenders earn on loans and pay on deposits. Investors will also watch capital markets fees, loan-loss provisions and the tone of management commentary on consumer and corporate borrowers.

Why Is UnitedHealth the Biggest Swing Factor?

UnitedHealth is the biggest swing factor because it carries the largest expected earnings rebound and the widest options-implied move of the three. The insurer is expected to report earnings of about $4.15 per share, up roughly 42% from $2.92 a year earlier. Revenue is projected at about $111.4 billion, a decline of roughly 1.5% from $113.16 billion.

That pattern, with falling sales and sharply higher profit, reflects a margin recovery after a period of elevated medical costs in its insurance business. The year-earlier quarter set a low bar. The company has beaten consensus earnings estimates in each of the last four quarters, by an average of about 12%. Full-year consensus stands near $19.85 per share, an increase of about 21%.

The options market prices a post-earnings move of about 7% in UnitedHealth shares in either direction. Investors will look first at medical cost trends, the medical care ratio, which measures the share of premiums paid out as claims, and any change to full-year guidance. Commentary on Medicare Advantage enrollment and Optum growth will also shape the reaction.

How Much Does the 30% Growth Figure Depend on UnitedHealth?

The 30% growth figure depends heavily on UnitedHealth, because the banks are expected to grow far more slowly. JPMorgan's expected per-share earnings are about 16% higher than a year ago. Wells Fargo's are about 7% higher. UnitedHealth's projected 42% jump lifts the group average well above what the banks alone would deliver.

This concentration matters for how the first session is read. A UnitedHealth shortfall would pull the headline growth figure down quickly, while a clean beat would lift it. The banks, by contrast, offer a steadier gauge of the economy and credit conditions.

Market Reaction and Positioning

Equity futures enter the session with attention fixed on the opening reports rather than on macro data. Bank shares have been sensitive to any change in the outlook for interest rates and loan demand, while health insurers have traded on cost visibility. A strong showing from both sectors would support the view that earnings, not valuation expansion, is carrying equities in the final quarter of 2026.

Volume tends to run above average in the first hour of trading on days when large-cap financials and the heaviest-weighted health insurer report together. Moves in JPMorgan and UnitedHealth also carry weight in the Dow Jones Industrial Average, where both are components and where UnitedHealth is among the most heavily weighted stocks.

What Comes Next for Earnings Season?

The next phase brings further large banks and the first industrial and consumer bellwethers over the following days, before technology and communication-services giants report later in the month. Those reports will test whether margin expansion extends beyond financials and health care, and whether spending on artificial intelligence infrastructure continues to support technology earnings.

Guidance carries as much weight as the quarter itself. Management teams will be judged on fourth-quarter outlooks, expense discipline and capital returns through buybacks and dividends.

Outlook

Tuesday's reports set the tone for the quarter. JPMorgan and Wells Fargo will show whether bank profitability is holding up as the rate backdrop shifts, while UnitedHealth will show whether its margin repair is on track. With profit growth near 30% projected for the group and a 7% options-implied swing in UnitedHealth, the opening session carries more weight than usual for sentiment across the broader market.