Four of America’s Biggest Banks Report Earnings Today

Bank earnings season opens today, October 13, with JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup all due to report third-quarter results. JPMorgan releases its numbers around 7:00 a.m. ET ahead of an 8:30 a.m. call, setting the tone for a reporting window that will shape how investors read the health of the US economy heading into year-end. Bank of America and Morgan Stanley follow on October 14, with U.S. Bancorp and Charles Schwab reporting October 15.

Analysts polled ahead of the releases expect JPMorgan to post earnings of roughly $5.82 to $5.84 per share on about $50.6 billion in revenue. Goldman Sachs is expected to report between $16.00 and $16.40 per share, Wells Fargo around $1.85, and Bank of America between $1.17 and $1.18 when it reports Tuesday.

Why this bank earnings season matters more than usual

The results land against an unusual economic backdrop. The Federal Reserve raised its benchmark rate to a range of 3.75% to 4.00% in September, the 10-year Treasury yield sits above 5%, and the 30-year Treasury is at its highest level in 24 years. At the same time, the US added only 29,000 jobs in September and unemployment rose to 4.2% — a combination of high rates and a cooling labour market that puts competing pressures on bank balance sheets.

Financial stocks make up roughly one-eighth of the S&P 500, so how these four banks perform against expectations — not simply whether they turn a profit — will move markets well beyond the banking sector itself.

The three numbers investors are actually watching

Net interest income is the first battleground. Higher rates generally lift what banks earn on loans, but rising deposit costs can offset much of that gain, and Wells Fargo has already guided to roughly $50 billion in net interest income for the full year. Trading and dealmaking revenue is the second. JPMorgan expects investment banking and markets revenue to rise in the mid-to-high teens percentage range from a year earlier, and Citigroup has guided to single-digit growth, building on what was already a record second quarter across Wall Street. Bank of America is the outlier, projecting investment banking fees to fall 10% to 20%.

Credit quality is the third and most closely watched figure. Slower hiring and the uptick in unemployment could push banks to set aside more money for loan losses, particularly on credit cards and auto loans — a trend that tends to show up first in consumer-facing lenders like Wells Fargo and Bank of America rather than in Goldman’s more trading-heavy book.

A bond-market risk hiding in the balance sheet

Rising Treasury yields also reduce the market value of the government bonds banks hold on their balance sheets, a risk that matters most at smaller regional banks with less diversified income but is still worth watching at the four majors reporting this week. None of the four is expected to report a loss, but any sign that bond losses are eating into capital ratios would likely draw sharp analyst questions on the earnings calls.

Wall Street has already priced in a fairly optimistic quarter, with major indexes near record highs heading into the results. That sets a high bar: strong absolute numbers that still miss elevated expectations could trigger sharp stock moves regardless of year-over-year growth.

What investors should watch this week

With JPMorgan and Goldman out first, their commentary on net interest income trends and credit provisioning will likely set expectations for Wells Fargo and Citigroup later the same day, and for Bank of America and Morgan Stanley on Thursday. Analysts will be listening closely to management guidance on 2027, since a single quarter’s beat or miss matters less to long-term stock moves than what executives say about the trajectory of rates, credit costs and trading revenue heading into next year.

U.S. Bancorp and Charles Schwab round out the week on October 15, giving a fuller picture of how regional and wealth-management-focused institutions are faring compared with the Wall Street giants that report first.

Earnings season: your questions answered

Which banks report today?
JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup all report third-quarter results on October 13.

What is JPMorgan expected to earn?
Analysts expect roughly $5.82 to $5.84 per share on about $50.6 billion in revenue.

Why does net interest income matter so much?
It reflects the gap between what banks earn on loans and pay on deposits; higher rates can widen that gap, but rising deposit costs can erode it.

Are banks expecting more loan losses?
Slower hiring and rising unemployment are pushing some banks to set aside more for potential credit losses, especially in consumer lending.

Which banks report later in the week?
Bank of America and Morgan Stanley report October 14, followed by U.S. Bancorp and Charles Schwab on October 15.

How much of the stock market do banks represent?
Financial stocks make up about one-eighth of the S&P 500, so their results tend to move the broader market.

Sources

• RiskStock — Bank Earnings Start October 13: A Simple Guide to What JPMorgan, Goldman and the Rest Will Tell Us. riskstock.com
• MarketBeat — JPMorgan Chase & Co. (JPM) Q3 2026 Earnings Date, Time & Estimates. marketbeat.com

For related coverage, see our reports on the Fed’s October rate decision, the gap between stock highs and consumer sentiment, and mortgage rates hitting a three-year high.