Goldman at $17.01, Wells at $1.87: How to Read the First Q3 Bank Profits
Goldman Sachs reported $18.68 billion in net revenues and $5.29 billion in net earnings for the quarter ended September 30, 2026 Goldman Sachs release. Diluted earnings per share, or profit divided across all shares including potential shares, were $17.01. That compares with $12.25 for the third quarter of 2025 Q3 results. The period ended September 30.
Annualized return on common equity, or yearly profit as a share of shareholders' money, was 18.7% for the quarter Investor Relations. Advisory revenue, or fees for advising on mergers and deals, was $1.65 billion, up 18% CNBC.
Wells Fargo reported diluted earnings per share of $1.87 for the third quarter of 2026, up 13% from a year ago Wells Fargo earnings. The bank stated that financial results in its 3Q26 Quarterly Supplement are preliminary Quarterly Supplement. It had scheduled its Q3 2026 earnings for Tuesday, October 13, 2026 at 10 a.m. ET.
JPMorganChase said its Third-Quarter 2026 results were scheduled to be released at approximately 7:00 a.m. ET JPMorganChase notice. Its conference call to review the quarter was scheduled for October 13, 2026 at 8:30 a.m. Eastern. Citigroup was slated to report third-quarter results before the bell on October 13, 2026 Reuters. Third-quarter 2026 earnings for the largest U.S. banks were expected to rise up to 20% from last year Reuters.
The broader context here is clustering. Four money-center banks reporting within a few hours forces a joint read, like grading on a curve. Headline earnings growth cannot be compared cleanly without segment detail. A result supported by advisory and trading revenue has different persistence and capital intensity than one supported by net interest income, the gap between what banks earn on loans and pay on deposits, and lower credit costs. The releases available so far do not provide that split.
Looking at what this means for how to read the two prints now available, start with what is missing. Return on equity and advisory confirm direction but not composition. Expenses, pay ratios, provisions for credit losses, or money set aside for bad loans, and capital ratios will determine how much revenue becomes distributable capital. Wells Fargo's 13% increase is also incomplete without revenue, expense, and share-count detail. Earnings per share can move on buybacks and the effective tax rate as well as operating leverage. The warning that supplement figures are preliminary adds caution. Treat the earnings as provisional until the supplement is finalized and the scheduled call provides reconciliation.
In my view, the 20% expectation for large-bank earnings frames the hurdle but not the signal. For savers, borrowers, and investors, the useful work begins after the headlines. The scheduled JPMorgan call at 8:30 a.m. and Wells Fargo event at 10 a.m. will provide guidance on deal pipelines, deposit pricing, and provisioning methodology. Those disclosures will shape fee and net interest income paths for the fourth quarter more than any single earnings surprise.
