Q1 2026 Earnings Season Kicks Off: Big Bank Scoreboard
Earnings season is here, and the banks are leading the charge. Goldman Sachs just posted a 7% EPS beat. Citigroup's profits surged 42% year-over-year. JPMorgan printed $50.5 billion in quarterly revenue -- a number that would have seemed absurd five years ago. And the week is not over: Bank of America and Morgan Stanley still have cards to play.
The broader setup is equally striking. Wall Street consensus puts S&P 500 Q1 2026 earnings growth at roughly 19% year-over-year -- the highest in over four years. The financial sector is expected to deliver 15.1% YoY earnings growth, fueled by a trading boom, recovering net interest margins, and cost discipline that is finally showing up in the numbers.
We pulled the actual reported data, ran the valuations, and put together the full scoreboard. Here is what the numbers say.
Q1 2026 Bank Earnings Scoreboard
Three of the six major banks have reported so far. Goldman Sachs and Citigroup delivered clean beats. JPMorgan beat on revenue but sold off on forward expense guidance. Wells Fargo, Bank of America, and Morgan Stanley round out the week.
| Symbol | Q1 EPS | Estimate | Beat/Miss | Revenue |
|---|---|---|---|---|
| GS | $17.55 | $16.47 | +6.6% | $17.2B (+14% YoY) |
| JPM | Beat | -- | Beat (Rev) | $50.5B |
| C | $3.06 | $2.63 | +16.3% | $5.8B NI (+42% YoY) |
| WFC | $1.58 (est) | $1.58 | Pending | $21.8B (est) |
| BAC | $1.01 (est) | $1.01 | Pending | $30.0B (est) |
| MS | -- | -- | Pending | -- |
Goldman's $17.55 EPS was the standout -- driven by record equities trading revenue as volatility remained elevated through March. Citi's 42% profit surge is the clearest signal that Jane Fraser's turnaround is gaining real traction, with fixed income up 13% and equities up 39%. JPMorgan's $50.5B revenue beat expectations, but the stock dropped 3% after management guided higher expenses for the rest of the year.
You can dig into the full financial history for each name on EvidInvest: Goldman Sachs financials, JPMorgan financials, Citigroup financials.
Valuation Snapshot
Where do these banks stand on valuation right now? Here is the current picture.
| Symbol | Price | PE Ratio | Market Cap | Today |
|---|---|---|---|---|
| GS | $909.63 | 16.6x | $270B | -- |
| JPM | $311.12 | 14.9x | $839B | -3.0% |
| C | $129.65 | 18.5x | $227B | -- |
| WFC | $81.73 | 13.1x | $252B | -5.67% |
| BAC | $53.35 | 14.0x | $383B | -- |
| MS | $183.40 | 17.9x | $291B | +1.25% |
A few things jump out. JPMorgan remains the cheapest large-cap bank at 14.9x earnings despite being the largest by market cap at $839B. Wells Fargo at 13.1x is even cheaper, but the 5.67% selloff today suggests the market is pricing in risk ahead of its report. Citi at 18.5x is the most expensive name here -- the market is paying up for the turnaround story and that 42% profit growth clearly justifies a premium.
Use EvidInvest's valuation tools to run your own DCF on any of these banks and see whether the current price makes sense relative to your growth assumptions.
Revenue and Earnings Growth (FY2018 -- FY2025)
Zooming out from one quarter, here is the multi-year trajectory for all six banks. Revenue is in billions; EPS is diluted.
| GS | JPM | C | WFC | BAC | MS | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year | Rev | EPS | Rev | EPS | Rev | EPS | Rev | EPS | Rev | EPS | Rev | EPS |
| FY2023 | $108B | $22.87 | $236B | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| FY2024 | $127B | $40.54 | $271B | -- | $171B | -- | -- | -- | -- | -- | $103B | -- |
| FY2025 | $125B | $51.32 | $280B | $20.05 | $168B | -- | $124B | -- | $192B | -- | $115B | $10.20 |
The trend is unmistakable. Goldman's EPS more than doubled from $22.87 in FY2023 to $51.32 in FY2025. JPMorgan's revenue climbed from $236B to $280B over the same period. Even Citi -- long the turnaround story that never quite delivered -- grew net income from $12.7B in FY2024 to $14.3B in FY2025, a 12.6% jump.
To explore the full multi-year growth trajectory for any of these names, check Goldman Sachs growth rates or JPMorgan growth rates on EvidInvest.
Bank-by-Bank Breakdown
Goldman Sachs (GS) -- The Trading Machine
Goldman delivered the cleanest beat of the group. EPS of $17.55 versus the $16.47 consensus, with revenue up 14% year-over-year to $17.2 billion. The star was equities trading, which posted a record quarter as elevated volatility gave the desk more opportunities to make markets and capture spreads.
The FY2025 full-year picture is strong: $125B in revenue and $17.2B in net income. That is $51.32 in EPS, up from $40.54 in FY2024 and $22.87 in FY2023. At a 16.6x PE and $270B market cap, Goldman is trading at a reasonable multiple for a franchise generating this kind of earnings power.
The question is sustainability. Record trading quarters are, by definition, hard to repeat. If volatility normalizes, those equities revenues come down. But Goldman's investment banking pipeline and asset management fees provide a floor that did not exist five years ago.
JPMorgan (JPM) -- Revenue King, Expense Concern
JPMorgan printed $50.5 billion in quarterly revenue -- the kind of number that makes it the undisputed revenue king among US banks. The stock still dropped 3% on the day because management guided for higher expenses in the back half of the year, and the market does not like rising cost bases.
At 14.9x earnings and $839B in market cap, JPM remains the anchor holding in most bank portfolios. FY2025 revenue hit $279.7B with $57B in net income and $20.05 in EPS. But net income actually dipped slightly from FY2024's $58.5B, which is why the expense guidance spooked investors.
Run your own scenario analysis with EvidInvest's DCF calculator for JPM to see how different expense assumptions change the intrinsic value.
Citigroup (C) -- The Turnaround Delivers
This is the quarter where Citi skeptics have to pay attention. Profits surged 42% year-over-year to $5.8 billion. EPS came in at $3.06 versus the $2.63 estimate -- a 16.3% beat. Fixed income trading rose 13%. Equities trading surged 39%.
Jane Fraser's restructuring plan -- which involved cutting headcount, exiting non-core markets, and simplifying the organizational structure -- is finally showing up in the numbers. FY2025 revenue was $168.3B with $14.3B in net income, up from $12.7B the prior year.
The 18.5x PE is the highest in this group, reflecting the market's willingness to pay for the turnaround. Whether that premium is justified depends on whether Citi can sustain this earnings trajectory. Explore the full picture at Citigroup financials.
Wells Fargo (WFC) -- Waiting for the Report
Wells Fargo has not reported yet, but consensus expects EPS of $1.58 (up 14% YoY) on revenue of $21.8 billion (up 8%). The stock was already down 5.67% today ahead of the report, which could signal either pre-earnings nervousness or positioning around the Fed's rate outlook.
At 13.1x earnings, WFC is the cheapest name in this group. The $252B market cap and $123.5B FY2025 revenue base suggest the market is still applying a discount for the legacy regulatory issues. If the quarter delivers, that discount could narrow.
Bank of America (BAC) -- Steady Growth Expected
BAC is expected to report EPS of $1.01 (up 12% YoY) on revenue of $30 billion (up 9%). Nothing flashy, but consistent. At 14.0x earnings and a $383B market cap, Bank of America is priced like a utility bank that happens to generate $30.5B in annual net income.
The thesis here is straightforward: BAC benefits disproportionately from rising rates through its massive deposit base, and it has the most to gain from a steepening yield curve. Check the full earnings history at BAC financials.
Morgan Stanley (MS) -- Wealth Management Anchor
Morgan Stanley trades at 17.9x earnings, with its stock up 1.25% today to $183.40. The $291B market cap reflects a franchise that has successfully diversified from pure trading into wealth and asset management, which now provides more stable recurring revenue.
FY2025 delivered $115B in revenue and $16.9B in net income ($10.20 EPS), up from $103.1B and $13.4B in FY2024. That is 26% net income growth year-over-year -- the second-highest in the group behind Citi's turnaround numbers.
Morgan Stanley's report later this week will be closely watched for wealth management inflows and trading desk performance. Use EvidInvest's growth rate analysis to model what sustainable growth looks like for MS.
Key Takeaways
The trading boom is real. Goldman's record equities quarter and Citi's 39% equities surge tell the same story: volatility has been a gift to bank trading desks. The question is how long it lasts. If geopolitical uncertainty and rate volatility persist, these revenues could stay elevated. If markets calm, expect a mean reversion.
Expense pressure is the new concern. JPMorgan's 3% selloff on higher expense guidance is a warning sign for the group. Banks have been hiring aggressively in technology, compliance, and AI-related roles. Those costs are real and will compress margins if revenue growth slows.
Citi's turnaround is no longer theoretical. A 42% profit surge and 16% EPS beat is not noise. Fraser's restructuring is working. The question is whether FY2026 can sustain this pace or if there is a one-time catch-up effect in the numbers.
Wells Fargo remains the value play. At 13.1x earnings, WFC is trading at a meaningful discount to the group average of roughly 15.8x. The regulatory overhang has been the story for years, but the underlying earnings power is growing. If management delivers a clean quarter, the re-rating case gets stronger.
PE compression is possible. With the S&P 500 trading at roughly 22x forward earnings, banks in the 13-18x range look relatively cheap. But financial sector multiples rarely expand to market levels because of the inherent cyclicality and credit risk embedded in bank earnings.
What to Watch This Week
Bank of America reports tomorrow. The key metrics to watch: net interest income trajectory (consensus is looking for continued expansion), trading revenue (can BAC keep pace with the GS and C numbers?), and provision for credit losses (any sign of consumer stress will spook the market).
Morgan Stanley reports later in the week. The focus will be on wealth management net new assets, which have been the growth engine for the franchise. Trading desk performance matters, but the market values MS primarily on its ability to grow recurring fee-based revenue.
Beyond the individual reports, watch for commentary on three themes: commercial real estate exposure (still a lingering concern), AI-related investment spending (every bank is ramping), and capital return plans (buyback authorizations and dividend increases).
For the full picture on any of these names -- financial statements, growth rates, PE ratio history, and DCF valuation -- use EvidInvest's analysis tools. Start with JPMorgan valuation or Goldman Sachs growth rates and run the numbers yourself. The best investment decisions are the ones backed by your own analysis, not someone else's headline.
Data sourced from company earnings releases, SEC filings, and EvidInvest's financial database as of April 15, 2026. Estimates reflect Wall Street consensus where noted. This is not investment advice -- always do your own due diligence.
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