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Zacks Earnings Trends Highlights: American Express, JPMorgan, Citigroup and Wells Fargo
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For Immediate Release
Chicago, IL – October 23, 2025– Zacks Director of Research Sheraz Mian says, "For the 99 S&P 500 members that have reported Q3 results, total earnings are up +13.7% from the same period last year on +8.2% higher revenues."
Finance Sector Provides Flying Start to Q3 Earnings Season
Note: The following is an excerpt from this week's Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
For the 99 S&P 500 members that have reported Q3 results, total earnings are up +13.7% from the same period last year on +8.2% higher revenues, with 86.9% beating EPS estimates and 81.8% beating revenue estimates. The proportion of these 99 index members beating both EPS and revenue estimates is 75.8%.
For the Finance sector, we now have Q3 results from 54.5% of the sector's total market capitalization in the S&P 500 index. Total earnings for these Finance sector companies are up +23.0% from the same period last year on +12.0% higher revenues, with 97.0% beating EPS estimates and 87.9% beating revenue estimates.
The Finance sector's Q3 earnings performance is tracking significantly above what we have seen from the sector in other recent periods, both in terms of the earnings and revenue growth pace as well as the beats percentages. In fact, the sector's Q3 revenue beats percentage of 87.9% is the highest for this group of companies over the preceding 20-quarter period.
The above-average beats percentages at this stage of the Q3 reporting cycle are notable in light of the favorable revisions trend that was in place ahead of the start of this earnings season. In other words, actual Finance sector results came in ahead of expectations that had already moved up before these results came in.
Strong Start to the Q3 Earnings Season
American Express (AXP - Free Report) became the latest Finance player to beat Q3 earnings and revenue estimates, also offering positive, reassuring commentary on the health of the consumer and the broader economy. The American Express results followed similar results and commentary from the likes of JPMorgan (JPM - Free Report) , Citigroup (C - Free Report) , Wells Fargo (WFC - Free Report) and others.
The economic read-through from these bank results is reassuring and positive, notwithstanding worries about non-bank lenders following a few bankruptcies. Consumer spending and household financials remain stable on the back of a labor market that remains very strong. There are signs of improving credit demand, and delinquencies are off their highs, references to 'cockroaches' notwithstanding.
Importantly, the capital markets business has finally started showing results, after many quarters of management teams describing improving deal pipelines. We are still at low levels relative to history. But given the favorable regulatory and monetary policy backdrop, it is reasonable to get excited about the sector's Wall Street business.
For the 54.5% of the sector's market capitalization that have reported Q3 results, total earnings and revenues are up +23.0% and +12.0%, respectively, and 97.0% are beating EPS estimates and 87.9% are beating revenue estimates. The proportion of these Finance sector companies beating both EPS and revenue estimates is 87.9%.
For the Zacks Finance sector as a whole, Q3 earnings are expected to increase by +23.4% from the same period last year on +7.8% higher revenues.
The Earnings Big Picture
Positive Q3 results and reassuring management commentary from these banks are helping sustain the favorable revisions trend that has been in place lately.
For 2025 Q3, the expectation is for earnings growth of +7.3% on +6.7% revenue gains. We have consistently shown in this space how Q3 estimates have steadily increased since the quarter began.
The aforementioned favorable revisions trend validates the market's rebound from the April lows. However, the trend can only be sustained if Q3 earnings results and management guidance for Q4 and beyond confirm it.
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Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year.
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Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.
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Zacks Earnings Trends Highlights: American Express, JPMorgan, Citigroup and Wells Fargo
For Immediate Release
Chicago, IL – October 23, 2025– Zacks Director of Research Sheraz Mian says, "For the 99 S&P 500 members that have reported Q3 results, total earnings are up +13.7% from the same period last year on +8.2% higher revenues."
Finance Sector Provides Flying Start to Q3 Earnings Season
Note: The following is an excerpt from this week's Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
Strong Start to the Q3 Earnings Season
American Express (AXP - Free Report) became the latest Finance player to beat Q3 earnings and revenue estimates, also offering positive, reassuring commentary on the health of the consumer and the broader economy. The American Express results followed similar results and commentary from the likes of JPMorgan (JPM - Free Report) , Citigroup (C - Free Report) , Wells Fargo (WFC - Free Report) and others.
The economic read-through from these bank results is reassuring and positive, notwithstanding worries about non-bank lenders following a few bankruptcies. Consumer spending and household financials remain stable on the back of a labor market that remains very strong. There are signs of improving credit demand, and delinquencies are off their highs, references to 'cockroaches' notwithstanding.
Importantly, the capital markets business has finally started showing results, after many quarters of management teams describing improving deal pipelines. We are still at low levels relative to history. But given the favorable regulatory and monetary policy backdrop, it is reasonable to get excited about the sector's Wall Street business.
For the 54.5% of the sector's market capitalization that have reported Q3 results, total earnings and revenues are up +23.0% and +12.0%, respectively, and 97.0% are beating EPS estimates and 87.9% are beating revenue estimates. The proportion of these Finance sector companies beating both EPS and revenue estimates is 87.9%.
For the Zacks Finance sector as a whole, Q3 earnings are expected to increase by +23.4% from the same period last year on +7.8% higher revenues.
The Earnings Big Picture
Positive Q3 results and reassuring management commentary from these banks are helping sustain the favorable revisions trend that has been in place lately.
For 2025 Q3, the expectation is for earnings growth of +7.3% on +6.7% revenue gains. We have consistently shown in this space how Q3 estimates have steadily increased since the quarter began.
The aforementioned favorable revisions trend validates the market's rebound from the April lows. However, the trend can only be sustained if Q3 earnings results and management guidance for Q4 and beyond confirm it.
Free: Instant Access to Zacks' Market-Crushing Strategies
Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year.
Today you can tap into those powerful strategies – and the high-potential stocks they uncover – free. No strings attached.
Get all the details here >>
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.