Full Breakdown
JPMorgan Misses Estimates as Goldman Sachs Posts Strong Beat
By Drooid · · How we work
Core Earnings Results
- JPMorgan Chase & Co. reported EPS of $5.57, below the $5.90 consensus. Revenue was around $50.2 billion, short of the $51.22 billion expectation. Fixed-income trading generated $5.4 billion, missing forecasts by roughly $550 million. Equity trading revenue rose 49% to $5 billion. Net interest income (excluding markets) increased 6% to $24.7 billion. Operating expenses rose 12% to $27.3 billion; the credit-loss provision was $2.7 billion.
- Goldman Sachs Group, Inc. posted diluted EPS of $17.01, beating the $13.09 estimate. Net revenue reached $18.68 billion, surpassing the $16.86 billion consensus. Equities revenue jumped 72% YoY to $6.44 billion, offset by a 1% decline in fixed-income, currency and commodities revenue to $3.47 billion. Net income rose 29% to $5.294 billion, with ROE at 18.3%.
Background & Context
JPMorgan’s miss marks its first quarterly earnings shortfall since Q4 2023, after two quarters of strong beats. Goldman Sachs continued its streak of EPS beats, building on a record-setting equity surge and a robust advisory pipeline.
Official Statements & Responses
- Jamie Dimon, CEO of JPMorgan, warned that a one-percentage-point rise in rates could increase financial strain, while noting ongoing inflation, higher rates and geopolitical uncertainty.
- David Solomon, CEO of Goldman Sachs, highlighted equities as the primary driver and acknowledged weakness in the FICC segment. He said non-compensation expenses could rise by more than $500 million sequentially.
Data & Statistics
- JPMorgan: EPS $5.57 (miss), revenue ? $50.2 billion, equity trading $5 billion (+49%), fixed-income trading $5.4 billion (miss), net interest income $24.7 billion (+6%), expenses $27.3 billion (+12%).
- Goldman Sachs: EPS $17.01 (beat), revenue $18.68 billion (+11% YoY), equities revenue $6.44 billion (+72%), FICC revenue $3.47 billion (-1%), net income $5.294 billion (+29%), ROE 18.3%.
Market Impact
On the morning of October 13 2026, JPMorgan shares traded near $336. Goldman Sachs shares surged past $900, briefly reaching $924 before settling near $899. The outcomes affect the Dow Jones Industrial Average ETF (DIA), where Goldman Sachs comprises 10.23% and JPMorgan 3.84% of holdings.
Conflicting Reports & Gaps
- JPMorgan’s revenue is reported as $50.91 billion, $50.2 billion, and $50.17 billion across sources, a discrepancy analysts have not reconciled.
- Consensus EPS estimates vary: LSEG $5.85, another $5.93, and an adjusted $5.75 after a $658 million investment-securities loss.
- Neither bank provided detailed forward guidance on expense growth, leaving uncertainty about margin trajectories.
What’s Next
- JPMorgan projects net interest income (excluding markets) of about $107 billion for 2027, roughly a 10% increase from its 2026 outlook.
- Goldman Sachs’ preliminary 2027 consensus EPS is $15.10, with revenue expected near $16.99 billion.
- JPMorgan’s next quarterly report is slated for mid-January 2027; Goldman Sachs has not announced a specific release date.