As the US Q1 reporting season kicks off, we flag crucial earnings incoming next week, including JPMorgan Chase (JPM) and Netflix (NFLX). We also reveal the metrics to watch from the UK’s number one supermarket Tesco (TSCO), when it reports earnings on 16 April.
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JPMorgan Chase (JPM)
Traditionally the US earnings season starts with the big banks, and they don’t come any bigger than JPMorgan Chase. With a market cap of $832 billion and annual revenue approaching $200 billion, it dwarfs just about everything else.
To put it in context, Barclays (BARC) has a maket cap of £60 billion ($80 billion) and annual revenue of around £30 billion ($40 billion).
For Q1, due on Tuesday, analysts are expecting revenue growth of 5% to 6% and EPS growth of 7% to 8%. Historically, however, the bank has beaten earnings forecasts by between 5% and 10% so a ‘beat’ should be on the cards.
The company straddles retail banking, credit cards, corporate and investment banking and trading. With the increase in stock market volatility in Q1, we would expect the trading division to have made hay.
Investors will look to CEO Jamie Dimon’s comments on the consumer and the labour market for any signs of concern. So far, he has sounded confident about consumers and the wider economy thanks to ongoing fiscal stimulus.
| Q1 2025 | Q1 2026e | FY 2026e | |
| Revenue ($bn) | 46.0 | 48.6 | 194.3 |
| EPS ($) | 5.07 | 5.46 | 21.79 |
Source: Zacks investment research
Netflix (NFLX)
Investors will approach Netflix’ earnings next week like weather watchers after a storm. Having finally pulled the plug on Warner Bros, a deal that worried investors, there’s the promise of brighter investment skies now that cloud has cleared.
The stock has rallied nearly 35% since and with subscriber growth holding up and advertising emerging as a second growth engine, optimism has returned. Netflix’s Q1 2026 earnings after hours on 16 April will test whether momentum can be sustained at current valuations.
| Q1 2025 | Q1 2026e | FY 2026e | |
| Revenue ($bn) | 10.54 | 12.17 | 51.30 |
| EPS ($) | 0.66 | 0.78 | 3.16 |
Source: Koyfin
This year will be its first real test of advertising momentum and Q1 should give us a steer on how the business is scaling. Subscriber numbers still matter, but pricing power matters more moving forward. Investors want steady margin progression, careful content spending, and signs that advertising tiers are deepening engagement rather than diluting the brand.
Consensus anticipates revenue and earnings year-on-year growth of 15%-20%, potentially accelerating through 2026.
Tesco (TSCO)
Britain’s biggest retailer Tesco posts FY26 results on 16 April against a backdrop of fierce grocery sector competition and shopper concerns over food and fuel inflation due to the Middle East conflict.
Tesco should deliver FY26 adjusted operating profit at the upper end of its October 2025 guidance of £2.9 billion to £3.1 billion. But CEO Ken Murphy’s comments on current trading and FY27 profit guidance will decide the share price reaction on the day.
Back in January, Tesco’s Christmas trading update disappointed the market. While UK sales were up 3.9% on a like-for-like basis in the third quarter to 22 November, this was shy of the 4.1% analysts expected.
Murphy warned competition in the grocery market was ‘as intense as ever’. But Tesco looks well set to increase its historically high UK market share with value a priority for cash-strapped shoppers. The FTSE 100 retailer has expanded its Everyday Low Prices to more than 3,000 branded products, alongside its Aldi Price Match on over 650 items.
| FY 2026e | FY 2027e | FY 2028e | |
| Revenue (£bn) | 72.50 | 74.40 | 76.30 |
| Operating profit (£bn) | 3.10 | 3.20 | 3.40 |
| EPS (p) | 28.6 | 31.2 | 33.6 |
Source: Tesco analyst consensus
