Q3 2026 Bank Earnings: JPMorgan Misses, Goldman and Citi Beat, Wells Fargo Comes In Mixed

Third-quarter earnings season opened on Tuesday, October 13, 2026, with four of the six largest U.S. banks reporting before the bell. The scorecard was split. Goldman Sachs and Citigroup beat comfortably, Wells Fargo topped profit estimates but missed on revenue, and JPMorgan Chase, the bank that almost never misses, came in short on both lines.

Bank stocks went into the week under pressure from rising Treasury yields, so these reports carried more weight than a normal quarter. Below are the results against Wall Street's numbers, with sources for each figure.

JPMorgan Chase: a rare miss, but a higher NII outlook

JPMorgan reported third-quarter net income of $15.3 billion, or $5.57 per share, up 6% from a year earlier, according to its earnings release. Excluding $658 million of net investment securities losses, profit was $15.8 billion, or $5.75 per share. Managed revenue rose 8% to $50.9 billion, and net interest income climbed 13% to $27.1 billion.

Those numbers fell short of expectations. Benzinga put the consensus at $5.90 per share on about $51.26 billion of revenue, and cited Reuters in calling it the bank's first quarterly earnings shortfall in nearly three years. The soft spot was fixed income: fixed-income markets revenue fell 4% to $5.4 billion, while equity markets revenue jumped 49% and investment banking fees rose 14%. Operating expenses climbed 12% to $27.3 billion.

The offset was guidance. JPMorgan raised its 2026 net interest income outlook to about $106.2 billion from $105.5 billion, and to $97.2 billion from $96.5 billion excluding Markets. Its earnings presentation guides fourth-quarter NII to about $28 billion. CFO Jeremy Barnum said the investment banking pipeline stayed strong despite a slowdown in the second half of September, and that deals were more likely to be delayed than canceled.

CEO Jamie Dimon said business investment and consumer spending continue to support the economy, but listed large fiscal deficits, persistent inflation, elevated asset prices, rising rates and geopolitics as risks. The bank also cut buybacks to $664 million for the quarter. Premarket trading was choppy: CNBC reported the shares up nearly 1% at 7:49 a.m. ET on the raised outlook, while Benzinga had them down 0.39% at $333 by 8:37 a.m. ET.

Goldman Sachs: equities trading carries the quarter

Goldman was the standout. It reported net revenue of $18.68 billion, up 23%, and earnings of $5.29 billion, or $17.01 per share, versus $12.25 a year ago, according to the company's release. Reuters said analysts had expected $13.02 per share, and CNBC put the revenue estimate at $16.71 billion. The firm called it its second-highest quarterly revenue on record, and annualized return on equity was 18.7%.

Equities revenue jumped 72% to $6.44 billion as clients repositioned around the Fed's September hike, higher fuel costs and the chip selloff. Investment banking fees rose 21% to $3.22 billion, with record advisory revenue, even though LSEG data showed industry M&A volume fell 41% from the prior quarter. FICC was the weak line again, down 1% to $3.47 billion. A filing summary from Stock Titan notes that about $450 million of charitable contributions cut EPS by roughly $1.00. Reuters reported the shares up 3.8% before the bell.

Citigroup: best third-quarter revenue in a decade

Citi earned $5.2 billion, or $2.85 per share, on revenue of $23.8 billion, up 8% year over year, per its results release. Analysts had expected $2.65 a share on $23.72 billion of revenue, the Wall Street Journal reported. The 40% profit jump is flattered by a weak comparison, because the year-ago quarter included a $714 million after-tax goodwill charge tied to Banamex.

The underlying trend still improved. Expenses fell 2% to $14.0 billion, the efficiency ratio improved to 58.5%, and return on tangible common equity rose to 11.5%, according to Citi's earnings presentation. Citi returned $4.1 billion to shareholders and kept its CET1 ratio at 12.8%. Even so, Investing.com said the shares slipped about 1.3% in premarket trading.

Wells Fargo: earnings beat, revenue miss

Wells Fargo reported net income of $5.95 billion, or $1.87 per share, up 13% from $1.66, according to its earnings release. That beat CNBC's cited LSEG estimate of $1.85, but revenue of $21.87 billion missed the $22.3 billion forecast. Net interest income rose 5% to $12.5 billion, and average loans and deposits both grew 11%.

Credit costs rose. The provision for credit losses was $1.03 billion, up from $681 million a year ago, and net charge-offs were $983 million. CEO Charlie Scharf said the results "reflect broad-based growth, higher earnings, and stronger returns," and noted that consumer and business customers are doing well even as sentiment is mixed. Return on tangible common equity reached 16.3%, and the bank bought back $2.5 billion of stock. CNBC reported the shares down 1.1% premarket.

What the first four banks are telling us

• Equities trading boomed, fixed income lagged. JPMorgan's equities revenue rose 49% and Goldman's rose 72%, while FICC fell at both. Volatility around the Fed, oil and chips drove client activity.
• Interest income is holding up. JPMorgan raised its NII outlook, and Citi and Wells both grew NII. Higher rates are still a tailwind for lending income.
• The consumer looks fine for now. Both JPMorgan and Wells described solid spending, though Wells' provision rose and Dimon flagged inflation and rate risks.
• Beats aren't enough. Citi beat and still dipped premarket. With yields high, investors want guidance and returns, not just a headline beat.

Where Loomi fits

Bank results land before the open, so the first reaction plays out in premarket trading and options. Loomi's options scanner flags unusual call and put activity in names like JPM and GS as the numbers hit, and the GEX regime view shows whether dealer gamma positioning is likely to damp or amplify the index move after the open. If you trade with rules rather than headlines, Loomi's automated strategies publish their logic, and each has a reproducibility certificate so you can see how it behaved through past earnings weeks.

What's next: Bank of America and Morgan Stanley on Wednesday

Bank of America is scheduled to report around 6:45 a.m. ET on Wednesday, October 14, and Morgan Stanley around 7:30 a.m. ET. Wednesday also brings the September consumer price index at 8:30 a.m. ET. Given Goldman's quarter, Morgan Stanley's equities and wealth numbers will draw the most attention, and BofA's net interest income will show whether JPMorgan's raised outlook holds across the industry.

— Rowan Ellery, Markets Editor, Loomi.Ai. Questions or corrections? See our research methodology.

FAQ

Loomi.Ai provides educational market research, not financial advice. Nothing here is a recommendation to buy or sell any security. Trading stocks, futures and options involves substantial risk of loss. Estimates and schedules cited were current at publication and can change.

Sources

• JPMorganChase Reports Third-Quarter 2026 Net Income of $15.3 Billion, JPMorganChase
• 3Q26 Earnings Presentation, JPMorganChase
• JPMorgan CEO Jamie Dimon Sounds Alarm on Inflation, Rising Rates and Economic Risks, Benzinga
• JPMorgan Chase Misses Third-Quarter Earnings Estimates as Fixed-Income Trading Revenue Declines, Finviz
• Goldman Sachs Reports 2026 Third Quarter Earnings Per Common Share of $17.01, MarketScreener
• Goldman Sachs Q3 2026 8-K summary, Stock Titan
• Goldman Sachs beats quarterly profit estimates on equities strength, Reuters via Investing.com
• Third Quarter 2026 Results and Key Metrics, Citigroup
• Earnings Results Presentation, Third Quarter 2026, Citigroup
• Citigroup's Third Quarter Profit Soars, The Wall Street Journal
• Citigroup beats Q3 estimates as revenue hits decade high, Investing.com
• Wells Fargo Reports Third Quarter 2026 Net Income of $6.0 Billion, Wells Fargo
• Stocks making the biggest moves premarket: JPMorgan Chase, Micron, UnitedHealth & more, CNBC