U.S. banks JPMorgan Chase (JPM) and Goldman Sachs (GS) will report their Q3 2026 earnings on Tuesday, October 13. Bank of America (BAC) will follow on October 14. After several strong quarters, bank profits and revenue from trading and investment banking are expected to fall from the previous quarter. However, analysts still expect most major banks to earn more than they did a year ago.

What to Expect from Banks' Earnings?

• Goldman Sachs (GS): Analysts expect Q3 earnings of $12.87 per share on revenue of $16.83 billion, up from $12.25 per share and $15.18 billion in revenue a year earlier.
• JPMorgan Chase (JPM): Earnings are forecast at $5.93 per share, up from $5.07 a year ago. Revenue is expected to rise to $51.23 billion from $47.12 billion.
• Bank of America (BAC): Analysts expect earnings of $1.10 per share, up from $1.06 a year earlier. Revenue is forecast to reach $30.55 billion, compared with $28.24 billion in the prior-year quarter.

In late September, Bank of America CEO Brian Moynihan warned that the bank's investment banking fees could fall more than 10% year-over-year to $1.6 billion–$1.8 billion. Meanwhile, Goldman Sachs CEO David Solomon said fixed-income, currency, and commodity trading activity was somewhat weaker year-over-year. Morgan Stanley (MS) Co-President Dan Simkowitz also said Q3 performance was well below Q2, signaling that investors should prepare for weaker results.

Investors will also focus on whether higher borrowing costs start to slow the strong business activity banks saw in the first half of 2026. Investors are watching how interest rates affect bank profits now and whether they slow growth in the months ahead. Higher rates can help banks earn more from loans at first. But they also raise funding costs, reduce bond values, and make companies more cautious about deals.

Experts Weigh In Ahead of Bank Earnings

Bloomberg Intelligence Senior U.S. Banks Analyst Herman Chan said major banks are entering Q3 earnings season with strong credit quality. He sees wealth management as a possible bright spot for Morgan Stanley and JPMorgan. Investors will also watch for signs of rising credit risk and updates on plans for future leadership changes.

Keefe, Bruyette & Woods (KBW) also sees a healthy earnings outlook for banks. In a recent report, the firm said analysts have raised their earnings estimates throughout the year. However, it cautioned that market valuations remain uncertain, meaning strong earnings may not be enough to lift bank stocks.

Which Bank Stock Offers the Highest Upside, According to Analysts?

Using TipRanks' Stock Comparison Tool, we compared major U.S. bank stocks to see which ones analysts favor. Goldman Sachs has the highest potential upside at 23%, with a Moderate Buy rating. JPMorgan Chase stock has the lowest upside at 14%, also with a Moderate Buy rating. Meanwhile, BAC and Citigroup (C) stocks have Strong Buy ratings from analysts.