Wall St. banks set for Q3 2026 earnings test

The upcoming U.S. bank earnings season for the September 2026 quarter opens with results from the largest institutions. JPMorgan Chase (JPM) and Goldman Sachs (GS) are scheduled to report third-quarter 2026 numbers before the market open on Tuesday, October 13, 2026. Their releases will provide an early view on profit trends, revenue composition and trading performance across Wall Street’s biggest firms.

Analyst estimates compiled on October 9 set a clear benchmark for these reports. Expectations focus on headline earnings per share, overall net revenue and the contribution from equities trading, an area projected to be a major driver for several banks this quarter.

Consensus forecasts as of October 9 call for JPMorgan Chase to post third-quarter 2026 earnings per share of roughly $5.90–$5.94. Net revenue is projected near $51–52 billion for the period. These estimates define the yardstick against which JPMorgan’s actual performance will be judged when results are released.

The figures imply a substantial revenue base across JPMorgan’s businesses, with investors likely to focus on how much of that total comes from trading activities versus lending, fees and other lines. Within trading, equities revenue is expected to be a notable, though not dominant, contributor compared with some peers.

For Goldman Sachs, analysts anticipate third-quarter 2026 earnings per share in the approximate $13.04–$13.39 range. In addition to these headline profit figures, Goldman is projected to be the top performer in equities trading revenue among major U.S. banks for the quarter.

Equities trading revenue at Goldman is forecast at about $5.1 billion. This would place it ahead of other large banking peers in this activity, underscoring the importance of its trading franchise to overall results. The extent to which actual revenue lines align with or diverge from this projection will be a key focus when numbers are released.

Across Wall Street’s largest banks, analysts compiled on October 9 project nearly $19 billion in combined third-quarter 2026 equities trading revenue. The breakdown of this total highlights differences in trading scale and positioning across institutions.

Within the projections, Goldman Sachs is expected to generate about $5.1 billion in equities trading revenue, followed by Morgan Stanley (MS) at roughly $4.9 billion. JPMorgan is forecast near $4.5 billion, while Bank of America (BAC) is projected at approximately $2.6 billion. These estimates suggest varied equities contributions across firms, setting the stage for a detailed comparison once full earnings are reported.