Updated October 13, 2026
Quick Answer
Q3 earnings season starts in earnest on Tuesday, October 13, when JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup report before the market opens, along with UnitedHealth and Johnson & Johnson. Bank of America, Morgan Stanley, BlackRock and chipmaker ASML follow on Wednesday, October 14. According to Investing.com’s consensus snapshot from October 12, analysts expect JPMorgan to earn about $5.93 per share on roughly $51.2 billion in revenue. Beyond the headline beats and misses, investors will mostly be listening for guidance on net interest income, dealmaking and trading momentum, and credit quality.
The Calendar: Who Reports and When
The first two days of the season are packed with financial heavyweights. Consensus figures below come from Investing.com’s earnings preview published October 12, 2026, and are estimates only. Different data providers publish slightly different consensus numbers, and they shift as analysts update models, so treat them as approximate.
Tuesday, October 13 (before the open)
- JPMorgan Chase: about $5.93 EPS on roughly $51.23 billion in revenue.
- Goldman Sachs: about $13.09 EPS on roughly $16.86 billion, with trading and advisory fees in focus.
- Citigroup: about $2.65 EPS on roughly $23.72 billion, with restructuring progress the main storyline.
- Wells Fargo: about $1.84 EPS on roughly $22.31 billion, with net interest income in focus.
- UnitedHealth: about $4.12 EPS on roughly $111.31 billion, watched for medical costs and guidance.
- Johnson & Johnson: about $2.54 EPS on roughly $25.38 billion.
Wednesday, October 14
- Morgan Stanley: about $2.94 EPS on roughly $19.96 billion.
- Bank of America: about $1.10 EPS on roughly $30.58 billion.
- BlackRock: about $14.30 EPS on roughly $7.44 billion, with asset flows and fees in focus.
- ASML: about $12.13 EPS on roughly $13.16 billion (euro-denominated reporting may differ by data provider), a read on chip capital spending.
The week then continues with regional and processing banks including Charles Schwab, PNC, U.S. Bancorp and BNY on Thursday, and Truist, Regions, M&T and Citizens Financial on Friday.
Why Bank Earnings Set the Tone
Banks report first for a reason: their results offer an early read on the health of consumers, businesses and capital markets at once. Loan growth and provisions hint at how borrowers are coping. Trading and advisory revenue show how active markets and dealmakers have been. Deposit trends and net interest income reveal how the interest-rate backdrop is flowing through to profits. That backdrop has been eventful. As we covered in our weekly rundown of the Fed rate hike, the deficit and jobless claims, the Federal Reserve raised rates in September for the first time since 2023, and Treasury yields have been elevated since.
JPMorgan: The Bellwether
JPMorgan is the largest U.S. bank and usually sets the tone. Benzinga’s October 6 preview put consensus at $5.82 per share and $51.21 billion in revenue, versus $5.07 per share in the year-ago third quarter, which it described as a tough comparison. (The slightly different EPS figure versus Investing.com above is a good illustration of how consensus numbers vary by source.)
In the second quarter, JPMorgan reported EPS of $6.14 against a $5.79 consensus, with markets revenue up 35% to $12.1 billion on an 86% jump in equities, and investment banking fees up 30% to $3.3 billion, according to Benzinga. At a September 15 Barclays conference, co-President Doug Petno said trading revenue and investment banking fees should each grow in the mid-to-high teens percent in the third quarter. By contrast, Bank of America has said it expects investment banking fees to fall roughly 10%, per the same report.
Management’s full-year 2026 guidance, raised last quarter, called for net interest income of about $105.5 billion, adjusted expense of about $107.5 billion and a card net charge-off rate of about 3.2%. Any change to those figures is likely to draw the closest scrutiny. For related context on the bank and its headlines this month, see our coverage of the lawsuit against JPMorgan.
Five Things to Watch
1. Net interest income guidance
Forward guidance on net interest income often moves bank stocks more than the quarter just reported. With a rate hike in the rearview mirror and long-term yields elevated, investors want to know whether higher rates are lifting lending income or whether deposit costs are catching up. Wells Fargo is the name most closely tied to this question.
2. Investment banking and trading
Goldman Sachs and Morgan Stanley are the cleanest tests of dealmaking and trading strength. Advisory fees are a swing factor for Goldman. If JPMorgan’s mid-to-high-teens growth target is echoed across the group, it would suggest a healthy quarter for Wall Street activity; a miss would be notable.
3. Credit quality and card losses
Provisions for loan losses are the best real-time indicator of borrower health. Investors will compare card charge-offs against JPMorgan’s roughly 3.2% guidance. This is where the consumer-credit trends we have been tracking, including the data in our look at credit card debt and delinquency measures, may show up in bank results.
4. Expenses and restructuring
Citigroup’s multi-year restructuring is the key story for that bank, and investors will look for evidence of cost discipline. Across the group, expense guidance matters as much as revenue.
5. Cross-sector read-throughs
UnitedHealth’s medical-cost commentary, ASML’s order outlook for chip capital spending, and J.B. Hunt’s freight volumes later in the week all offer clues about the broader economy beyond financials.
How Investors Can Approach the Reports
Earnings days can be noisy. Stocks sometimes fall on a beat because expectations were higher than consensus suggested, or rise on a miss because guidance reassured. A few practical habits help:
- Look at guidance, not just the headline: management commentary often matters more than the quarter’s EPS.
- Compare against more than one consensus: estimates vary between data providers, so a “beat” on one source can be a “miss” on another.
- Avoid reacting to the first few minutes: opening moves frequently reverse once the conference call begins.
- Keep your time horizon in mind: a single quarter rarely changes the long-term case for a diversified portfolio.
Sentiment has been fragile heading in, as our look at the AAII survey’s 16-month low showed, which can make markets sensitive to both good and bad surprises.
Frequently Asked Questions
When do the big banks report third-quarter earnings?
JPMorgan, Goldman Sachs, Wells Fargo and Citigroup report on Tuesday, October 13, before the market opens. Bank of America, Morgan Stanley and BlackRock report on Wednesday, October 14.
What are analysts expecting from JPMorgan?
Consensus is roughly $5.8 to $5.9 per share on about $51.2 billion in revenue, depending on the data provider and the date of the snapshot.
Why does net interest income matter so much?
It is the spread between what banks earn on loans and pay on deposits, and it drives a large share of profits. Guidance for the year ahead often moves share prices more than the latest quarter.
Do strong bank earnings mean the stock market will rise?
Not necessarily. Bank results are one input among many, and market reactions depend on how results compare with expectations, not just whether they are good in absolute terms.
Where can I find the actual results?
Each company publishes its earnings release and a conference-call webcast on its investor relations website, and the figures also appear in SEC filings.
The Bottom Line
The next two days will tell investors a lot about dealmaking, trading, consumer credit and the interest-rate backdrop. The numbers above are pre-report estimates, so the actual results, and especially management’s guidance, may look different by the time you read this.
Sources: Investing.com, “Earnings preview: big banks, ASML and regional lenders report the week of Oct 13” (October 12, 2026); Benzinga, “JPMorgan’s Equities Business Surged 86% Last Quarter — What Comes Next on Oct. 13?” (October 6, 2026). Consensus estimates vary by provider and change over time; figures were not independently verified against company filings.
This article is for informational purposes only and is not investment advice. It does not recommend buying or selling any security. Consult a qualified financial professional before making investment decisions.