US Bank Earnings: How the  “Big Six” Performed in Q3 2026

The “Big Six” American banks are the lifeblood of the US economy. Touching virtually every industry – from real estate to artificial intelligence – their performance is followed closely by institutional and retail investors alike.

In this article, we will highlight some key figures and major takeaways from the banks’ Q3 2026 earnings. From JP Morgan’s rare earnings miss to Goldman Sachs’ huge beat, here’s what you need to know.

JP Morgan

For Q3, JP Morgan¹ reported earnings per share (EPS) of $5.57 and revenue of $50.2 billion, compared to figures of $5.07 and $46.4 billion a year earlier. Analysts had been expecting EPS of $5.90 and $51.2 billion in revenue², so this was a rare double miss for the banking giant.

A highlight for JP Morgan was Equity Markets. Here, revenue was up 49% year-over-year (YoY) to $5.0 billion, driven by strong performance across products, particularly in Prime and Derivatives.

In Investment Banking, fees were up 14% YoY to $3.0 billion, predominantly driven by higher advisory fees. Meanwhile, in Wealth Management, revenue was up 14% YoY to $6.9 billion as a result of higher average market levels and strong net inflows.

In the bank’s Q3 report, CEO Jamie Dimon warned that while the US economy continues to be fueled by strong business investment and ongoing consumer spending, large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates, and geopolitical conditions are risks that are shifting under the surface. He added that the bank remains prepared for a wide range of outcomes.

Goldman Sachs

Goldman Sachs³ delivered EPS of $17.01 and net revenue of $18.7 billion for the third quarter, compared to $12.25 and $15.2 billion a year earlier. Analysts were expecting $13.02 and $16.7 billion², so this was a significant beat.

The star of the show here was Goldman’s Global Banking & Markets division, which generated revenue of $13.5 billion – 32% higher than in the third quarter of 2025. Within this division, net revenues in Equities were $6.4 billion, up a huge 72% YoY, while investment banking fees were $3.2 billion, up 21%, primarily due to higher net revenues in Advisory – reflecting an increase in completed M&A volumes.

In Goldman’s Asset & Wealth Management, net revenues amounted to $5.1 billion. This represented a 14% increase on the figure a year earlier.

In the earnings report, CEO David Solomon described the bank's third-quarter backdrop as "a complicated operating environment." However, looking ahead, he said that Goldman's market-leading franchises, deep relationships, and continued investments would help drive long-term earnings growth.

Citi

Citi⁴ reported EPS of $2.85 and revenue of $23.8 billion versus $1.86 and $22.1 billion for the third quarter of 2025. Analysts had been expecting $2.66 and $23.7 billion so this was a double beat.

Citi’s earnings were powered by strong performances across its Services, Wealth, and Equity Markets divisions. Services revenue rose 15% YoY to $6.6 billion, driven by growth in Treasury and Trade Solutions and Securities Services.

Meanwhile, Wealth revenue increased 15% to $3.3 billion and Equity markets revenue increased 14% to $1.7 billion. In Investment Banking, revenue was $1.4 billion, up 9%, driven by growth in Equity Capital Markets (ECM).

In the earnings release, Citi Chair and CEO Jane Fraser said that the bank is continuing to invest and preparing for an AI-driven future. She added that during Q3, the firm returned over $4 billion to common shareholders.

Wells Fargo

For Q3, Wells Fargo⁵ generated diluted EPS of $1.87 and revenue of $21.9 billion versus $1.66 and $21.4 billion a year earlier. Wall Street had been expecting $1.85 and $22.3 billion so this was an earnings beat and a revenue miss.

Wells Fargo benefited from broad-based growth during the quarter. In its Wealth and Investment Management division, revenue was up 12% YoY to $4.1 billion.

Meanwhile, in its Equities segment, revenue was up 21% to $543 million. Zooming in on its Investment Banking division, it delivered revenue of $611 million, up 10% YoY.

In terms of commentary, CEO Charlie Scharf said that the bank’s data is showing that consumer and business customers are doing well. He noted that while higher interest rates, higher oil prices, and persistent inflation are creating risks to the economy, strong positive forces such as the investment in AI infrastructure, high employment levels, and consistent wage growth outweigh the risks.

Morgan Stanley

Morgan Stanley⁶ delivered EPS of $3.03 and revenue of $20.3 billion versus $2.80 and $18.2 billion a year earlier. Analysts had been expecting $2.91 and $20.0 billion⁷ so this was a double beat.

Within Morgan Stanley’s Institutional Securities division, revenue in the Equity segment rose 41% YoY to $5.8 billion, driven by client engagement and strength in Asia. Investment banking revenue rose a more modest 2% to $2.2 billion.

Within Wealth Management, net revenue hit a record $9.1 billion. This was up from $8.2 million a year earlier.

In the earnings release, Chairman and CEO Ted Pick said that Morgan Stanley is delivering differentiated solutions and advice for its clients. He added that the firm continues to invest for growth.

Bank of America

Finally, we have Bank of America⁸, which missed on both the top and bottom line. It posted EPS of $0.91 (Q3 2025: $1.04) and revenue of $30.0 billion (Q3 2025: $29.0 billion) versus estimates of $1.10 and $30.7 billion⁹.

Bank of America saw strong growth from its Global Wealth and Investment Management division in Q3, with revenue here rising 13% to $7.1 billion. It also saw robust growth from Equities trading, where revenue was up 11% to $2.5 billion.

What held the earnings back, however, was a weak performance within Fixed Income, Currencies and Commodities (FICC), where revenue was down 17% YoY to $2.6 billion. A $1.2 billion penalty from US regulators for failing to report suspicious transactions also had an impact on the earnings figure.

In the earnings report, Chair and CEO Brian Moynihan noted that the bank’s investments in AI are helping staff serve clients better, work faster, and manage risk more effectively. He added that more than 200,000 staff are now using AI tools and that there are 300-plus approved use cases across the firm.

A Mixed Bag in Q3

Overall, Q3 earnings from the Big Six US banks were mixed. While the likes of Goldman Sachs and Morgan Stanley performed well on the back of surging equity trading revenues, other firms such as JP Morgan and Bank of America delivered results that were somewhat disappointing.

A key takeaway here is that taking a diversified approach to bank stocks can be sensible. While the sector has many attractions, individual bank performances can diverge significantly based on the specific revenue mix.

Footnotes:

¹JP Morgan, 3Q26 Earnings Press Release, as of October 13, 2026

²CNBC, Bank earnings takeaways: Here’s how JPMorgan, Goldman, Wells Fargo and Citi performed in Q3, as of October 13, 2026

³Goldman Sachs, 2026 Third Quarter Earnings Results, as of October 13, 2026

⁴Citi, Third Quarter 2026 - October 13, 2026, as of October 13, 2026

⁵Wells Fargo, Q3 2026 news release (PDF), as of October 13, 2026

⁶Morgan Stanley, Q3 Earnings Release, as of October 14, 2026

⁷CNBC, Morgan Stanley tops estimates as equities trading revenue beats expectations by $909 million, as of October 14, 2026

⁸Bank of America, Q3 2026 Earnings Release, as of October 14, 2026

⁹CNBC, Bank of America shares drop 7% after third-quarter revenue miss and regulatory penalty, as of October 14, 2026