Bank Earnings Q4 2025: What JPM, GS, and WFC Reveal About the Financial Sector
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The Big Picture
All three of the largest U.S. banks beat expectations in Q4 2025. JPMorgan Chase posted $43.7 billion in revenue, Goldman Sachs reported $13.87 billion, and Wells Fargo came in at $20.4 billion. Each bank told a different story about where the financial sector is headed.
Key Numbers
Revenue: $43.7B est. $41.7B
EPS: $4.81 est. $4.03
Growth: +11%
Revenue: $13.87B est. $12.39B
EPS: $11.95 est. $8.22
Growth: +23%
Revenue: $20.4B est. $20.3B
EPS: $1.43 est. $1.35
Growth: +3%
JPMorgan Chase: Broad-Based Strength
JPMorgan's Q4 showed strength across every major business line. Net interest income grew to $23.5 billion, investment banking fees surged 49%, and asset management revenue hit a new high. CEO Jamie Dimon pointed to a resilient U.S. consumer and strong corporate activity as key drivers.
Goldman Sachs: Trading Drives the Beat
Goldman's 23% revenue growth was the standout number among the three banks. The investment bank's fixed income, currencies, and commodities (FICC) trading revenue jumped significantly, reflecting elevated market volatility and client activity. Equities trading also posted gains, making Q4 one of Goldman's strongest quarters in recent memory.
Wells Fargo: Steady but Measured
Wells Fargo's 3% revenue growth was the most modest of the three, reflecting the bank's different business mix. The bank's mortgage and consumer lending operations face a more rate-sensitive environment. That said, credit quality remained solid and the bank continued its share buyback program, returning $3.5 billion to shareholders in the quarter.
What This Means for 2026
The divergence between these three banks highlights where to watch in 2026. JPMorgan's broad strength suggests the overall economy remains healthy. Goldman's trading surge points to continued market volatility. Wells Fargo's more muted growth reflects the interest rate headwinds facing consumer-focused banks. Together, they paint a picture of a financial sector in solid shape, but with uneven tailwinds.
Listen to the full earnings breakdowns for each bank using the episode links above, or browse all banking episodes in our Banks group.
- JPMorgan Chase: $43.7B revenue (+11% YoY), $4.81 EPS
- Goldman Sachs: $13.87B revenue (+23% YoY), $11.95 EPS
- Wells Fargo: $20.4B revenue (+3% YoY), $1.43 EPS