NEW YORK — Wall Street’s big bank earnings 2026 season opened with a split verdict on Tuesday: JPMorgan Chase fell short of quarterly profit estimates for the first time in nearly three years, while Goldman Sachs blew past expectations on the strength of dealmaking and equities trading revenue, according to Reuters.

JPMorgan, the largest U.S. bank by assets, reported third-quarter net income of $15.3 billion, or $5.57 per share, up from $5.07 a year earlier but below the roughly $5.90 consensus among analysts surveyed by LSEG. Revenue of $50.9 billion also came in light against forecasts of about $51.22 billion. Goldman Sachs, meanwhile, posted profit of $5.29 billion, or $17.01 per share — well above the $13.02 analysts had expected — as equities revenue surged 72% and investment-banking fees beat forecasts.

The divergent results set the tone for a Q3 earnings season in which analysts expect aggregate S&P 500 earnings growth of 30.6% for the July–September period, according to LSEG data cited by Reuters. Bank of America and Morgan Stanley report their results on Wednesday, October 14.

JPMorgan posts a rare miss as bank earnings 2026 season begins

JPMorgan’s rare miss was striking because the bank almost never disappoints. According to StreetAccount data, it had beaten estimates in 16 of the previous 20 quarters. On Tuesday it missed on both earnings and revenue — the first quarterly profit miss in nearly three years, Reuters reported.

The drivers were on the cost and trading side. Expenses rose 12% year over year to $27.3 billion, outpacing the 8% growth in revenue. Fixed-income trading revenue of about $5.4 billion missed estimates by roughly $550 million, and equities trading revenue of $4.95 billion — up 49% from a year earlier — was not enough to offset the shortfall. The quarter also included $658 million of losses on investment securities that the bank described as discretionary; excluding them, adjusted earnings were $5.75 per share, still below forecasts.

The bank also sharply pulled back on capital returns. JPMorgan repurchased just $1.06 billion of stock in the quarter, down 84% from $6.7 billion in the second quarter. A new $50 billion buyback program took effect July 1, and the quarterly dividend rose to $1.65 a share. Chief Executive Jamie Dimon said the bank ranks investing in its business and serving clients ahead of buybacks, adding that it can put the capital to work at attractive returns over time.

Dimon warns on rates, touts the consumer

Dimon struck a cautious tone on the outlook, warning that financial pain across the U.S. economy would deepen if interest rates rise another percentage point. The Federal Reserve raised its benchmark rate by a quarter point in September — its first hike in three years — and traders are largely expecting another increase in December. Still, the bank raised its full-year 2026 net interest income guidance to about $106.2 billion from $105.5 billion, and net interest income of $27.1 billion for the quarter was up 13% from a year earlier.

Chief financial officer Jeremy Barnum offered a more optimistic read on consumers, saying that underlying spending trends remained robust even after accounting for higher gasoline prices.

Investors initially punished the stock, which fell about 3.5% in premarket trading, but shares recovered to trade roughly 1% higher by mid-morning as the stronger net interest income guidance carried the day.

Goldman Sachs beats as dealmaking and equities power bank earnings 2026 upside

Goldman Sachs delivered what one analyst described as a blowout quarter. Net revenue of $18.68 billion came in nearly $2 billion above estimates, marking the bank’s second-highest quarterly net revenue in company history, according to CEO David Solomon, who attributed the performance to a resilient Wall Street dealmaking environment and a durable financing business.

The standout was the equities division, where revenue jumped 72% from the year before to $6.44 billion — about $1.42 billion more than expected — as volatile markets tied to Middle East conflict pushed investors to reshuffle portfolios. Investment-banking fees also beat consensus on completed mergers and an elevated level of initial public and secondary equity offerings, though the firm said its fees backlog decreased compared with the end of the second quarter.

The weak spot was fixed income, currencies and commodities, where revenue came in at $3.47 billion, down 1% from a year ago — in line with trends at JPMorgan Chase and Wells Fargo. Goldman’s FICC business has been choppy all year, surging 32% in the second quarter after dropping 10% in the first quarter when its rates business was hit by volatility from the Iran war.

“Notwithstanding the current complexity and uncertainty in the world, we remain very well positioned to continue to deliver for our clients,” Solomon said in a statement. Goldman shares rose about 3.6% in early trading after the release.

What the bank earnings 2026 scorecard tells investors

Tuesday’s results drew a clear line between trading powerhouses and consumer lenders. Wells Fargo reported $1.87 in earnings per share on $21.87 billion in revenue, beating profit estimates while missing on the top line, and Citigroup reported earnings of $2.85 per share, up 53% year over year and above analyst estimates, according to financefeeds.com.

Reuters, in its wrap-up of the day, noted that Wall Street’s big banks posted uneven third-quarter results as equity and bond markets were roiled by ongoing wars, inflation worries and massive AI outlays. An Oppenheimer analyst cautioned that many of the quarter’s “beats” appear concentrated in equities trading, raising questions about how sustainable they will prove.

The broader market backdrop remained delicate. U.S. stocks were muted on Tuesday, with the S&P 500 ending essentially flat and the Nasdaq closing slightly lower on chip weakness, as investors looked ahead to Wednesday’s inflation report. Hopes of a strong earnings season have propped up the market through geopolitical turmoil, surging bond yields and inflation worries — and earnings season, as ever, will be judged one report at a time.

Attention now turns to Bank of America and Morgan Stanley, which report Wednesday, and to Wednesday’s U.S. consumer-price data, which could reshape expectations for the Federal Reserve’s December meeting. For more context on how earnings season is shaping market expectations, see our earlier report on stock futures and the earnings-week outlook.

Bank earnings 2026: frequently asked questions

Why did JPMorgan miss its Q3 2026 earnings estimates?
JPMorgan reported $5.57 per share versus a consensus of about $5.90, Reuters reported. Expenses grew 12% while revenue rose only 8%, fixed-income trading revenue of about $5.4 billion missed estimates by roughly $550 million, and the bank took $658 million in discretionary investment-securities losses. Excluding those losses, adjusted earnings were $5.75 per share — still short of forecasts. It was the bank’s first quarterly profit miss in nearly three years.

How did Goldman Sachs beat expectations?
Goldman posted profit of $5.29 billion, or $17.01 per share, against expectations of $13.02, Reuters reported. Equities trading revenue jumped 72% to $6.44 billion on volatile markets, and investment-banking fees beat consensus on completed mergers and equity offerings. Net revenue of $18.68 billion was the second-highest quarterly total in the bank’s history, according to CEO David Solomon.

What is driving bank earnings 2026 this quarter?
Three forces dominated: trading desks benefited from market volatility tied to the Middle East conflict and a September Fed rate hike; investment banking stayed busy with M&A and equity offerings; and fixed-income, currency and commodities businesses were broadly soft across the industry, with choppy rates markets hitting several banks.

When do Bank of America and Morgan Stanley report?
Both banks report third-quarter 2026 results on Wednesday, October 14 — the day after JPMorgan, Goldman Sachs, Wells Fargo and Citigroup kicked off bank earnings season.

Sources: Reuters, LSEG analyst estimates, JPMorgan Chase and Goldman Sachs third-quarter 2026 earnings releases.