The largest US banks are expected to report stronger fourth-quarter profits when earnings season begins next week, buoyed by a revival in investment banking activity and sustained strength in trading businesses, according to a Reuters analysis of analyst estimates and industry data.

JPMorgan is scheduled to kicks off fourth-quarter earnings season of 2025 on Jan. 13, while Citi, Wells Fargo and Bank of America will announce their earnings on Jan. 14. Goldman Sachs and Morgan Stanley on Jan 15.

JPMorgan Chase

Consensus points to JPMorgan Chase delivering fourth-quarter revenue of $46.01 billion, EBIT of $21.45 billion, and EPS of $4.95, implying year-over-year growth of 10.26%, 12.72%, and 20.52%, respectively. Margin consensus implies resilience, with the net profit margin framework anchored by the company’s recent run-rate and EBIT expansion; specific gross profit margin forecasts were not disclosed, while adjusted EPS is tracked via the EPS estimate of $4.95 with year-over-year growth of 20.52%.

JPMorgan Chase’s main businesses—Consumer & Community Banking and Commercial & Investment Banking—remain the core revenue engines, with operating momentum supported by stable net interest income and gradually improving noninterest revenue. The segment with the strongest incremental opportunity is the Corporate & Investment Bank, where seasonally firmer markets activity and fee normalization could lift revenue from a recent base of $19.88 billion toward a stronger year-over-year run-rate.

Citi

Consensus for the current quarter points to revenue of $20.64 billion, EBIT of $7.22 billion, and EPS of $1.77, implying year-over-year growth of 5.92%, 18.96%, and 45.16%, respectively; margin commentary from sell-side and company disclosures points to stable-to-improving profitability, though the model does not provide a specific gross profit margin forecast. The company highlights continued momentum in Markets and Services and steady U.S. Personal Banking volumes, while management focus remains on productivity and capital optimization; the most promising growth vector cited by institutions is Markets, with last quarter revenue of $5.56 billion and a constructive outlook supported by higher client activity year over year.

Wells Fargo

For Q4 2025, current consensus expects Wells Fargo & Company to deliver revenue of 21.63 Billion USD, up 5.02% year over year, and adjusted EPS of 1.68 USD, up 24.37% year over year; EBIT is projected at 8.1 Billion USD, up 17.53% year over year. Forecast margin details are not disclosed, but the mix of net interest income and fee-based lines will likely determine the earnings cadence into the print. Personal Banking and Lending, which generated 9.7 Billion USD in the prior quarter, is expected to remain the core driver with card, service charges, and mortgage activity underpinning the top line. Corporate & Investment Banking is positioned to contribute as underwriting and advisory pipelines normalize; last quarter revenue was 4.9 Billion USD, and year-over-year growth for the segment was not disclosed.

Bank of America

For the current quarter, Bank of America’s total revenue is projected at USD 27.57 billion with an estimated year-over-year growth of 09.45%, EBIT at USD 10.17 billion with estimated year-over-year growth of 19.22%, and adjusted EPS at USD 0.96 with an estimated year-over-year growth of 25.01%; gross margin guidance is not disclosed, while net profit margin is not formally guided and will be inferred post-report. The main business focus centers on consumer banking and fee-generating activities across wealth and corporate banking, with an outlook driven by credit quality, deposit dynamics, and capital markets activity; the most promising segment is Personal Banking, which delivered USD 11.2 billion last quarter, supported by stable deposit flows and card/interchange resilience, while segment-level YoY growth is not disclosed.

Morgan Stanley

Consensus and company-compiled projections indicate Morgan Stanley’s current-quarter revenue at $17.53 billion, implying forecast year-over-year growth of 16.59%; the current-quarter adjusted EPS estimate is $2.42 with an estimated year-over-year increase of 42.89%, and EBIT is expected at $4.86 billion with an estimated year-over-year rise of 30.76%.

Forecast gross margin and net profit margin are not formally guided; main business highlights point to steady fee-based flows and resilient institutional trading. We expect the most promising segment to be Asset Management as inflows stabilize, supported by wealth advisory cross-sell; last quarter segment revenue was $6.44 billion, and growth momentum remains constructive on improved markets and pipeline conversion.

Goldman Sachs

Consensus and the company’s forecast framework indicate Goldman Sachs expects current-quarter revenue of 14.36 billion, EBIT of 5.56 billion, and adjusted EPS of $11.45, with year-over-year growth of 15.92% for revenue, 74.29% for EBIT, and 39.26% for EPS. The outlook implies sustained margin resilience, though explicit guidance for gross profit margin and net profit margin is not provided in the forecast data; year-over-year strength is driven by more favorable markets and higher client activity.

Core business momentum centers on interest-related earnings, market-making, and advisory fees as capital markets remain active. The most promising segment is market-making, supported by improved trading conditions and wider client engagement, with last quarter revenue of 3.87 billion and signs of improving year-over-year comparables.