Earnings Roundup: Which Big Companies Beat or Missed This Week
October 14, 2026 | ATN Trade & Finance
Big bank earnings dominated the early part of Q3 reporting season, spread across Monday and Tuesday. The scorecard splits neatly: Goldman Sachs and Morgan Stanley delivered standout beats on dealmaking and trading strength, while JPMorgan and Bank of America each missed on both lines.
The Beats
Goldman Sachs was the week's most emphatic winner. EPS came in at $17.01, roughly 30% above the $13.09 consensus, on revenue of $18.68 billion against $16.86 billion expected. Record advisory fees of $1.654 billion drove the result, reflecting a pick-up in M&A completions that the firm had been positioning for through the year.
Morgan Stanley also beat cleanly, reporting EPS of $3.03 vs. $2.94 estimated and revenue of $20.34 billion vs. $19.96 billion expected. Capital markets strength — trading revenue and investment banking — powered the quarter.
BlackRock topped estimates on both lines: EPS of $15.93 vs. $14.30 and revenue of $7.75 billion vs. $7.44 billion. The world's largest asset manager continues to benefit from sustained inflows into fixed income ETFs as yields stay elevated.
Citigroup beat on EPS ($2.85 vs. $2.65) and revenue ($23.85 billion vs. $23.72 billion), but shares fell 5.6% on cautious forward guidance — the market's signal that the beat was priced in but the outlook was not.
Wells Fargo beat on EPS ($1.87 vs. $1.84) though missed on revenue ($21.87 billion vs. $22.31 billion). Net interest margin compressed to 2.43% from 2.61% a year earlier. CEO Charlie Scharf offered a reassuring read on credit quality: "our data shows that our consumer and business customers are doing well."
The Misses
JPMorgan reported EPS of $5.75 vs. a $5.93 estimate — described by analysts as a rare miss for the firm — on revenue of $50.17 billion vs. $51.23 billion expected. CFO Jeremy Barnum attributed part of the shortfall to a slowdown in dealmaking late in September and a $658 million securities loss that weighed on reported EPS.
Bank of America missed on both lines as well: EPS of $1.08 vs. $1.10 and revenue of $30.0 billion vs. $30.58 billion. A regulatory penalty cut the quarterly result. Shares were indicated materially lower in pre-market trading.
Beyond the Banks
UnitedHealth Group produced the strongest non-financial beat, with EPS of $4.69 vs. $4.12 estimated, and the company raised its full-year 2026 profit guidance. Johnson & Johnson also beat ($2.59 vs. $2.53) and raised its annual outlook. Domino's Pizza surprised to the upside ($4.60 vs. $4.36) but shares fell roughly 4%, suggesting the guidance trajectory disappointed despite the headline beat.
What this means for investors: The week's read is that capital markets activity — advisory, trading, and dealmaking — is recovering faster than net interest income, which is compressing across the sector as deposit costs stay elevated. Goldman and Morgan Stanley are positioned to capture that; JPMorgan and Bank of America are more rate-sensitive and felt the squeeze. The Citi sell-off despite a double-beat is a reminder that guidance matters more than the reported quarter at this stage of the cycle.
Sources: