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Zacks Earnings Trends Highlights: JPMorgan, Bank of America and Citigroup
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For Immediate Release
Chicago, IL – January 15, 2026– Zacks Director of Research Sheraz Mian says, "Total earnings for the 25 S&P 500 members that have reported Q4 results so far are up +17.9% from the same period last year on +7.8% higher revenues."
Q4 Earnings Season Off to a Solid Start
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:
Total earnings for the 25 S&P 500 members that have reported Q4 results are up +17.9% from the same period last year on +7.8% higher revenues, with 88% beating EPS estimates and 72% beating revenue estimates.
The Q4 earnings and revenue growth pace at this stage represents a clear acceleration from what we had seen from this same group of companies in the first three quarters of 2025. With respect to the beats percentages, the EPS beats percentage is in line with the 20-quarter average for this group of companies, but revenue beats are tracking below average.
The outlook for corporate earnings has been improving in recent quarters, as reflected in steadily rising earnings estimates. As the 2025 Q4 earnings season ramps up in the coming days, the market will be looking for this favorable trend to not only remain in place but actually expand beyond the few key sectors where it has been concentrated lately.
Looking at 2025 Q4 as a whole, total S&P 500 earnings are currently expected to be up +8.5% from the same period last year on +8.2% higher revenues. This will be the 10th quarter of back-to-back positive earnings growth for the index.
Making Sense of Bank Stocks After Q4 Results
The market's reaction to results from JPMorgan (JPM - Free Report) , Bank of America (BAC - Free Report) , Citigroup (C - Free Report) and others would suggest a disappointing showing from these banking leaders. We don't think the banks' Q4 results or comments about the outlook are negative and see these stocks' post-release weakness in a 'sell-the-news' type of framework, particularly after their recent outperformance.
Citigroup shares have been particularly hot over the past year, handily outperforming its peers and the broader market as investors gain more confidence in the new management team's restructuring and repositioning plans. Market participants had been justifiably skeptical earlier on, as Citigroup appeared unable to turn its fortunes around over the years. Unlike Citigroup, JPMorgan shares benefited from its reputation for operating excellence and industry leadership.
We should keep in mind, however, that Citi, Bank of America, and JPMorgan shares had been losing ground since the start of the New Year, with the Q4 earnings results adding to the downtrend.
Management teams' macroeconomic commentary has been reassuring, with favorable consumer spending and stable credit quality trends. The outlook for loan demand and investment banking advisory services remains positive, though growth has longer to arrive as a result of policy uncertainty, like tariffs and the Fed. Headlines about the administration's credit card plans remain headwinds, but the overall outlook remains positive.
The table below shows 'blended' Q4 earnings and revenue growth expectations for the constituent Finance sector industries. The Investment Brokers & Managers industry includes JPMorgan, Citigroup, Bank of America, and others, and accounts for roughly two-thirds of the sector's total earnings.
The Earnings Big Picture
The Tech sector has an outsized role in the S&P 500 index. The sector is expected to bring 35.9% of the index's total earnings over the coming four-quarter period and currently accounts for 43.1% of the index's total market capitalization. The Tech sector's positive estimate revision trend is a major reason its members enjoy a strong market following and support.
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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: JPMorgan, Bank of America and Citigroup
For Immediate Release
Chicago, IL – January 15, 2026– Zacks Director of Research Sheraz Mian says, "Total earnings for the 25 S&P 500 members that have reported Q4 results so far are up +17.9% from the same period last year on +7.8% higher revenues."
Q4 Earnings Season Off to a Solid Start
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:
Making Sense of Bank Stocks After Q4 Results
The market's reaction to results from JPMorgan (JPM - Free Report) , Bank of America (BAC - Free Report) , Citigroup (C - Free Report) and others would suggest a disappointing showing from these banking leaders. We don't think the banks' Q4 results or comments about the outlook are negative and see these stocks' post-release weakness in a 'sell-the-news' type of framework, particularly after their recent outperformance.
Citigroup shares have been particularly hot over the past year, handily outperforming its peers and the broader market as investors gain more confidence in the new management team's restructuring and repositioning plans. Market participants had been justifiably skeptical earlier on, as Citigroup appeared unable to turn its fortunes around over the years. Unlike Citigroup, JPMorgan shares benefited from its reputation for operating excellence and industry leadership.
We should keep in mind, however, that Citi, Bank of America, and JPMorgan shares had been losing ground since the start of the New Year, with the Q4 earnings results adding to the downtrend.
Management teams' macroeconomic commentary has been reassuring, with favorable consumer spending and stable credit quality trends. The outlook for loan demand and investment banking advisory services remains positive, though growth has longer to arrive as a result of policy uncertainty, like tariffs and the Fed. Headlines about the administration's credit card plans remain headwinds, but the overall outlook remains positive.
The table below shows 'blended' Q4 earnings and revenue growth expectations for the constituent Finance sector industries. The Investment Brokers & Managers industry includes JPMorgan, Citigroup, Bank of America, and others, and accounts for roughly two-thirds of the sector's total earnings.
The Earnings Big Picture
The Tech sector has an outsized role in the S&P 500 index. The sector is expected to bring 35.9% of the index's total earnings over the coming four-quarter period and currently accounts for 43.1% of the index's total market capitalization. The Tech sector's positive estimate revision trend is a major reason its members enjoy a strong market following and support.
Why Haven't You Looked at Zacks' Top Stocks?
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 access their live picks without cost or obligation.
See Stocks Free >>
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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.