Firms in the financial services industry had a very strong first quarter this year, according to FactSet Research — with an average earnings surprise of roughly 7%.
Financial firms with the top earnings per share surprises in Q1'26 included Bank of America ($1.11 vs. $1.01), Citigroup ($3.06 vs. $2.65), JPMorgan Chase & Co. ($5.94 vs. $5.47) and Morgan Stanley ($3.43 vs. $3.02), the research firm says.
In terms of their actual earnings performance, the 11 financial companies tracked by ThinkAdvisor had an average profit jump of 60% in the first quarter from a year earlier.
"Even amid heightened volatility driven by geopolitical events, we achieved our strongest ever first quarter performance across both operating segments, underscoring the durability and diversification of our model," said Ronald J. Kruszewski, Stifel Financial Corp.'s chair and CEO.
"Looking ahead, client engagement remains high across wealth management and institutional, and our investment banking pipelines are among the strongest we have seen," Kruszewski added. "Assuming market risks remain within current expectations, we are well positioned for a strong 2026."
For the quarter ending June 30, Citigroup, JPMorgan and Wells Fargo will release their results July 14.
See the accompanying gallery for a ranking of the 11 reporting broker-dealers by earnings growth in the latest quarter.
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