Bank earnings opened with a puzzle on Tuesday, Oct. 13: JPMorgan Chase reported earnings of $5.57 per share, below the $5.90 analysts forecast, yet its stock still rose 1.02%, according to TheStreet’s market summary. Goldman Sachs went the other way on the numbers, posting $17.01 per share against $13.02 expected, with equities revenue up 72%.
Here are four takeaways from the first big bank earnings of the quarter, plus a plain-English glossary of the terms behind them. This is general information, not investment advice.
Bank earnings at a glance: JPMorgan vs. Goldman Sachs
The figures below come from TheStreet’s Oct. 13, 2026 summary, which cites LSEG for the Goldman Sachs estimate.
| Metric | JPMorgan Chase | Goldman Sachs |
|---|---|---|
| Earnings per share | $5.57 (forecast: $5.90) | $17.01 (expected: $13.02) |
| Profit | Net income up 6% to $15.3 billion | $5.29 billion, vs. $4.10 billion a year earlier |
| Revenue | Up 8% to $50.2 billion, from $46.4 billion | Equities revenue up 72% to $6.44 billion; FICC revenue down 1% to $3.47 billion |
| Stock reaction | Shares up 1.02% | Shares up roughly 3.5% to 4.2% in premarket trading |
Two big banks, two very different headlines. Together they show why bank earnings are rarely as simple as “beat” or “miss.” Reading bank earnings well means looking past the first headline to revenue, one-time items and the business mix behind each number.
JPMorgan’s $5.57: a miss that did not hurt the stock
JPMorgan’s net income rose 6% to $15.3 billion, and revenue climbed 8% to $50.2 billion from $46.4 billion a year earlier. Earnings per share of $5.57 still landed below the $5.90 analysts were looking for.
The gap has an explanation in the report. Excluding $658 million of pretax losses on investment securities, TheStreet says earnings per share would have been $5.75. That is still short of $5.90, but much closer.
Shares closed the day up 1.02% anyway. A stock can rise on a “miss” when investors had already priced in something worse, or when they care more about revenue growth, costs or outlook than one quarter’s per-share figure. TheStreet’s summary does not say which of those explanations applied, so we will not guess.
Before the report, we published a JPMorgan earnings preview with a five-point checklist for reading the results. It is a useful companion if you want to see what to look for in any big bank’s report.
Goldman Sachs: bank earnings with a trading-desk surge
Goldman Sachs posted the stronger headline. Earnings of $17.01 per share compared with $13.02 expected, per LSEG data cited by TheStreet. Profit reached $5.29 billion, up from $4.10 billion a year earlier.
The driver was trading. Equities revenue jumped 72% to $6.44 billion. Fixed income, currencies and commodities revenue, known as FICC, slipped 1% to $3.47 billion.
TheStreet reported Goldman shares rising roughly 3.5% to 4.2% in premarket trading. Premarket moves can change once the regular session opens, so check a live quote for the latest price.
Bank earnings glossary: EPS, equities, FICC and “pretax losses”
Bank earnings reports are full of shorthand. Here are the terms that matter most for this story.
What is earnings per share (EPS)?
EPS is a company’s profit divided by its number of shares. Analysts publish forecasts for it, and “beat” or “miss” usually means actual EPS versus that forecast.
What is FICC?
FICC stands for fixed income, currencies and commodities. It is the part of a bank’s trading business that deals in bonds, foreign exchange and raw materials such as oil or metals.
What is equities revenue?
Equities revenue is what a bank earns from trading and facilitating trades in stocks and related products for clients. It tends to rise when markets are active.
What are investment securities losses?
Banks hold portfolios of bonds and similar securities. When those holdings are sold or written down for less than their cost, the bank records a loss. JPMorgan’s $658 million pretax figure is an example, and it is why the company’s EPS looks different with and without it.
Why trading revenue is lumpy
Trading revenue can swing sharply from quarter to quarter. It depends on how much clients trade, how volatile markets are and how a bank’s own positions perform. Those conditions change faster than, say, interest earned on loans.
That is part of why a 72% jump in Goldman’s equities revenue is eye-catching but should not be treated as a new normal. One strong quarter does not tell you whether the next will repeat it. The 1% dip in FICC revenue is a reminder that different desks can move in different directions in the same quarter.
Bank earnings also vary by business mix. JPMorgan has a very large consumer and commercial lending operation alongside its investment bank. Goldman is far more focused on trading and investment banking. That general difference is background, not something TheStreet attributed to Tuesday’s numbers, but it helps explain why two banks can report in such different ways.
What bank earnings signal for the economy
Investors and economists watch bank earnings closely for a reason. Large banks sit at the center of lending, payments and markets, so their reports are read as a rough health check on the economy. Strong trading revenue suggests markets were active. Growing revenue at a consumer-heavy bank can suggest steady business activity.
It would be a stretch to draw firm conclusions from two reports. TheStreet’s summary does not break out JPMorgan’s lending results, loan-loss provisions or consumer credit trends, so we cannot say here what the quarter shows about borrowers.
The wider market backdrop was mixed. TheStreet reports the KBW Nasdaq Bank Index is down 8.4% over three months, while the S&P 500 has gained more than 3%, according to James DePorre of TheStreet Pro. In other words, bank stocks have lagged the broad market even before this week’s results.
For the full market picture from the same session, see our stock market today recap of the prior session, and for what comes next on inflation, read our September CPI report preview.
What we do not know yet about Citi and Wells Fargo
Citigroup and Wells Fargo also reported before the open on Tuesday. Their results were not in the source material for this article, so we are not reporting numbers for them.
To see their results, check each company’s earnings release on its investor relations site. Official filings, including quarterly reports, are searchable for free at sec.gov.
Also missing from this article: any management commentary on the outlook, and details such as loan growth or credit quality. We have not included quotes from executives because none were available to us.
4 takeaways from this round of bank earnings
- A “miss” is not always bad news. JPMorgan’s $5.57 trailed the $5.90 forecast, yet shares rose 1.02%. Revenue growth of 8% and a one-time securities loss may have mattered to investors, though the source does not say.
- Read the adjusted number, but do not stop there. Excluding $658 million of pretax securities losses, JPMorgan’s EPS was $5.75. Both figures belong in the story.
- Trading can swing big. Goldman’s equities revenue rose 72% to $6.44 billion while FICC fell 1% to $3.47 billion. Expect lumpiness in bank earnings from quarter to quarter.
- Bank stocks have lagged. The KBW Nasdaq Bank Index is down 8.4% over three months versus a gain of more than 3% for the S&P 500, so Tuesday’s reports landed on a cautious backdrop.
What to watch next after bank earnings
Citigroup and Wells Fargo details are the first gap to fill. After that, the focus turns to inflation. The September Consumer Price Index is due Wednesday, Oct. 14, at 8:30 a.m. ET from the Bureau of Labor Statistics, and the Federal Reserve’s next moves depend heavily on it. Our report on the Fed minutes explains what officials have signaled so far.
The actionable step for readers: if you own bank stocks or a financial-sector fund, read the earnings releases themselves rather than relying only on headline “beat” or “miss” labels, and look at revenue, costs and outlook alongside EPS. Do not make decisions off one day’s premarket move. This article is for information only and is not investment advice. Stay tuned to USA One News for more coverage of bank earnings season.
