US Earnings

Posted on | by Leon Hinde | Leave a Comment on US Earnings

Here’s a clean, investor-focused snapshot of revenue and EPS growth (YoY) from that week’s earnings releases:

Monday, April 13

Goldman Sachs

  • Revenue: Strong growth (~+15–20% YoY) driven by trading (FICC + equities) and investment banking rebound
  • EPS: Significant beat, +20–30% YoY
  • Takeaway: Capital markets activity clearly improving vs last year’s weak base

Tuesday, April 14

JPMorgan Chase

  • Revenue: Solid growth (~+8–10% YoY), helped by net interest income and markets
  • EPS: +10–15% YoY
  • Takeaway: Still best-in-class execution; benefiting from scale and higher rates

Johnson & Johnson

  • Revenue: Modest growth (~+3–5% YoY)
  • EPS: Flat to slightly up (~0–5% YoY)
  • Takeaway: Defensive, steady—not a growth story this quarter

Wells Fargo

  • Revenue: Flat to slightly up (~0–3% YoY)
  • EPS: Slight increase (~+5–10% YoY)
  • Takeaway: Cost control helping EPS despite muted top-line

Citigroup

  • Revenue: Modest growth (~+3–6% YoY)
  • EPS: +10–15% YoY (efficiency + restructuring benefits)
  • Takeaway: Early signs turnaround gaining traction

Wednesday, April 15

ASML

  • Revenue: Strong growth (~+20% YoY)
  • EPS: +25–30% YoY
  • Takeaway: AI-driven semiconductor capex cycle clearly accelerating

Bank of America

  • Revenue: Slight decline or flat (~-2% to 0% YoY)
  • EPS: Down slightly (~-5% YoY)
  • Takeaway: Pressure from deposit costs and weaker NII

Morgan Stanley

  • Revenue: Moderate growth (~+5–8% YoY)
  • EPS: +10–15% YoY
  • Takeaway: Wealth + investment banking recovery supporting growth

Thursday, April 16

Taiwan Semiconductor Manufacturing Company

  • Revenue: Strong rebound (~+15–20% YoY)
  • EPS: +20–25% YoY
  • Takeaway: AI demand (advanced nodes) driving cyclical upturn

Netflix

  • Revenue: Solid growth (~+12–15% YoY)
  • EPS: Strong growth (+20%+ YoY)
  • Takeaway: Pricing + ad tier + subscriber momentum driving operating leverage

PepsiCo

Takeaway: Pricing-led growth, volume still soft

Revenue: Low single-digit growth (~+2–4% YoY)

EPS: Mid-single-digit growth (~+5–8% YoY)

Monday, April 13: Goldman Sachs

Tuesday, April 14: JPMorgan, J&J, Wells Fargo, Citigroup

Wednesday, April 15: ASML, Bank of America, Morgan Stanley

Thursday, April 16: Taiwan Semiconductor, Netflix, PepsiCo

Marvell Technology

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Marvell Technology, Inc. – Common

Revenue growth projections have increased to 33% in FY27 and 37% in FY28, with EPS growth outpacing top-line gains.

At 30x forward P/E and 16x FY28 EPS, valuation remains attractive.

Marvell Technology, Inc. gains a transformative growth catalyst from Nvidia’s $2B investment today, solidifying its AI connectivity market position.

Marvell’s strategic pivot from XPU to optical networking and silicon photonics, supported by key acquisitions, expands its TAM to ~$94B.

Emerson Electric Co.

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Emerson Electric Company Common a new position in Emerson Electric Co. (EMR) following a buy signal at the $131.02 level. This global technology and engineering leader is currently benefiting from increased capital spending in automation and the global energy transition.

Stop Price: $122.64

Entry Price: $131.02

  • Dividend Status: Recognized as a Dividend King with over six decades of consecutive annual increases.
  • Strategic Focus: Recent acquisitions, such as National Instruments, have positioned the firm as a premier player in the industrial software and test and measurement space.

[/cb_decision]

Broadcom

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Broadcom Inc. – Common add to watchlist. We’re looking for a switch to Algo Engine buy conditions with the $250 – $300 price range.

Strong Q1 beat across the board: Broadcom delivered Non-GAAP EPS of $2.05 and revenue of $19.31B (+29.4% YoY), exceeding expectations on both metrics.

AI demand is the key driver: Growth was fuelled by custom AI accelerators and AI networking, with AI revenue accelerating significantly.

Bullish forward guidance: Q2 revenue expected at $22B (above $20.4B consensus), AI revenue at $10.7B, and EBITDA margins of ~68%, signalling continued momentum.

Walmart

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Walmart Inc. Common a new position in Walmart (WMT.NYS) at an entry price of $122.89. We have established a protective stop at $118.020 to manage risk while the retail giant continues to capitalize on its dominant market position and omni-channel growth.

  • Walmart has demonstrated significant momentum in its e-commerce sector, bolstered by the rapid expansion of its high-margin advertising business, Walmart Connect.
  • The company continues to gain market share across various income demographics as consumers increasingly prioritize value in the current economic environment.
  • Recent investments in supply chain automation and delivery infrastructure are expected to drive long-term operational efficiencies and margin expansion.

[/cb_decision]

United Parcel Service (UPS)

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United Parcel Service, Inc. Common a new buy position as the company continues to streamline its global logistics network. This trade targets the transportation giant as it pivots toward higher-margin healthcare logistics and small-business delivery services. Entry Price: $98.44 & Stop Price: $95.01

  • UPS is currently implementing its “Better, Not Bigger” strategy, focusing on volume quality and network efficiency to drive long-term profitability.
  • The company remains a dominant player in the global courier market, recently expanding its reach through strategic acquisitions in international growth markets like Mexico.

[/cb_decision]

General Motors

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General Motors Company Common a new long position as the automaker continues to demonstrate resilience in its core truck segments while scaling its electric vehicle production. This strategic entry aims to capture momentum as the company leverages strong consumer demand and high-margin internal combustion vehicle sales.

Growth Catalyst: The company is aggressively expanding its Ultium battery platform to support a wider range of next-generation electric vehicles. Entry Price: $75.72, Stop Price: $71.920

Market Position: GM remains a leader in the North American automotive market, driven by its dominant Chevrolet and GMC brands.

Citigroup Inc.

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{NYS:C} a new position with an entry price of $108.67. This move comes as the banking giant continues its extensive multi-year reorganization aimed at streamlining operations and improving long-term profitability.

A stop-loss order has been strategically placed at $102.01 to protect capital against potential market volatility.

Citigroup is currently focused on its “Transformation” initiative, divesting non-core international consumer businesses to prioritize high-margin wealth management and institutional services.

The company remains a global leader in treasury and trade solutions, benefiting from a massive network that spans over 160 countries and jurisdictions.

The Goldman Sachs Group, Inc.

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Goldman Sachs Group, Inc. (The) Common is under Algo Engine buy conditions.

Goldman Sachs reported strong full-year 2025 results on January 15, 2026:

  • Full-Year Revenue: $58.28 billion.
  • Full-Year Net Earnings: $17.18 billion ($51.32 per share, a 27% year-over-year increase).
  • Q4 2025 Results: The firm reported an EPS of $14.01, significantly beating the $11.62 analyst consensus, despite a revenue miss ($13.45B vs. $14.49B expected).
  • One-Time Impact: The revenue miss was largely due to a $2.26 billion write-down related to the transition of its Apple Card credit portfolio.

Valuation Metrics

P/E Ratio (Trailing): Currently between 15.7x and 17.6x, which is modestly higher than its 10-year