JPMorgan Chase & Co. operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment offers deposit, investment and lending products, cash management, and payments and services; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, auto loans, leases, and travel services to consumers and small businesses through bank branches, ATMs, and digital and telephone banking. The CIB segment provides investment banking products and services, including corporate strategy and structure advisory, and equity and debt market capital-raising services, as well as loan origination and syndication; payments; and cash and derivative instruments, risk management solutions, prime brokerage, and research. This segment also offers securities services, including custody, fund accounting and administration, and securities lending products for asset managers, insurance companies, and public and private investment funds. The CB segment provides financial solutions, including lending, payments, investment banking, and asset management to small and midsized companies, local governments, nonprofit clients, and large corporations, as well as investors, developers, and owners of multifamily, office, retail, industrial, and affordable housing properties. The AWM segment offers multi-asset investment management solutions in equities, fixed income, alternatives, and money market funds to institutional clients and retail investors; and retirement products and services, brokerage, custody, estate planning, lending, deposits, and investment management products to high net worth clients. JPMorgan Chase & Co. was founded in 1799 and is headquartered in New York, New York.

JP Morgan looks like a high-quality banking asset, but no longer a cheap one: operating profit, net income, and revenue are growing, while return on equity remains strong. A P/E of 15.07 is above the industry median, but not critically so, whereas P/B of 2.53 and P/S of 3.03 are noticeably above industry benchmarks, which limits the upside from re-rating. It is especially important that ROE of 17.42%, ROTE of 21.14%, and net profit margin of 21.38% are at a high level and improving year by year, confirming the high quality of the business. ROA of 1.35% and ROI of 7.87% look rather moderate, but in a banking model this is acceptable and does not signal weakness. The EPS and forward EPS trend is positive, which supports the valuation, although the growth rates already look mature rather than accelerating. On the other hand, debt/equity of 1.23 is above the industry median, long-term debt continues to grow, and current ratio of 0.85 and quick ratio of 0.00 indicate structurally low liquidity, typical for a bank, but still adding some caution. The balance sheet is very large, and the business’s capitalization is supported by growth in total assets and equity, which reduces the risk of a deterioration in stability. Dividend yield of 0.50% remains modest and is not a strong driver of total return. Overall, the fundamentals support a premium to the industry, but current multiples already reflect a significant portion of JPM’s quality. Therefore, only a moderate conservative downward adjustment is appropriate for the target price, rather than an aggressive cut.

JP Morgan Chase & Co.

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Слабый индекс, значительно вырос. Рынок на стороне быков.

Weak index, significantly up. The market is on the bulls' side.

Слабый индекс, незначительно вырос

JPM demonstrates strong profitability and growth, but trades at a premium to the industry on P/B and P/S, and its high valuation already partly reflects the quality of the business.

AGI Is Almost Ready. Is Your Portfolio?
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
When Nvidia (NASDAQ: NVDA) CEO Jensen Huang posted on X in September that “AGI has arrived,” it raised many eyebrows across the markets. Now, as the man selling the robots that he claims have surpassed human intelligence, he certainly has a vested interest in declaring this milestone. But what is artificial general intelligence (AGI), and why does it matter to investors?
You should count yourself an interested party if you own any of the Magnificent 7 stocks, or companies that do business with those giants. Or even if you simply work for a living. You have a stake in whether AGI is on its way.
In plain English, AGI is artificial intelligence that’s as capable as a skilled worker at most jobs.
Today’s AI models may be decent coders or data analysts, but they can’t work for long stretches without supervision or pick up new skills as they go. AGI, however, could theoretically replace one of your co-workers, or you.
For companies building AI, a more practical question is when AGI starts making money, so some measure the milestone in dollars. Huang, for instance, told podcaster Lex Fridman in March that true AGI would be capable of building a billion-dollar company (a bar he believes today’s AI clears).
Let’s look at how researchers define the stages along the way to AGI and beyond.
Level
What It Can Do
Where We Are
1. Narrow AI
Specializes in a specific task (chess, spam filters)
Already built and widely used
2. Generative AI
Writes, codes, and more, but needs a human to check its work
Today’s chatbots, such as Gemini, Claude, and ChatGPT
3. Artificial general intelligence
Does most work a capable human can, unsupervised
Achieved according to Huang, disputed by many researchers
4. Artificial super intelligence
Beats the best humans at nearly everything
Hypothetical
Today’s best models are on that second rung, mostly because of the supervision problem mentioned above. Research group METR found that the longer the task, the worse AI does; and when left alone on a job that would take a person two workdays, top models succeed only about half the time. That’s unreliable enough that your co-worker’s desk remains occupied, for now.
GPT-6, the model Huang praised, is too new to have undergone METR’s testing, so its reliability for long tasks is unproved. That leaves the open question of how close we are to AGI. You’ll notice each tech leader’s view tends to align with what’s best for their business.
How Close Are We?
It depends on whom you ask.
ALREADY HERE
Huang has declared AGI’s arrival twice this year, first on a March podcast and again in his September post about GPT-6. Of the seven leaders on this list, he’s the only one who says the threshold is already behind us.
NEXT MODEL
Musk keeps setting deadlines for AGI, and he keeps missing them. He predicted in 2024 that AGI would arrive by 2025, then pushed his forecast to 2026. He now says xAI’s next major model, Grok 5, will be the one to reach it.
BY DECEMBER
Sam Altman, OpenAI
Huang called OpenAI’s new model AGI, but OpenAI’s own CEO hasn’t gone that far. A week before GPT-6 launched, Altman told Time that OpenAI was “not quite yet” there, though he expects an internal system he would call AGI by year-end. His chief research officer puts the company “80% of the way” to AGI.
IN SIGHT
Zuckerberg rarely discusses AGI. He skipped straight to “superintelligence,” or ASI, and Meta’s annual report now lists delivering “personal superintelligence for everyone” as part of its vision. In a July 2025 letter, he wrote that Meta had “begun to see glimpses of our AI systems improving themselves.”
EARLY 2030s
Pichai expects AGI shortly after 2030. Until then, he says, we’re in an era of “artificial jagged intelligence,” where models solve advanced coding and science problems yet stumble over tasks a child could handle. His caution hasn’t slowed Alphabet’s spending, though, since he told investors in July that competing at the frontier of AGI development is the company’s first priority.
PROOF FIRST
Jassy hasn’t put a date on AGI, and Amazon’s AGI chief, Peter DeSantis, said in June that models need to be about 100 times more efficient before AI comes close. So Amazon makes sure it already has committed contracts for much of the new capacity it builds. AWS customers have signed $496 billion in contracts for future services, meaning they’ve committed to spending more than twice what Amazon itself is spending this year.
WRONG QUESTION
Satya Nadella, Microsoft (NASDAQ: MSFT)
Nadella, the group’s contrarian, described companies announcing their own AGI milestones as “nonsensical benchmark hacking” and believes AI should be measured by its ability to drive economic growth. He also cautioned that AI models are getting commoditized, so most of AI’s profits will go to companies selling the software and cloud platforms that businesses run AI on. That view happens to serve Microsoft, which owns Windows, Office, and Azure.
Apple’s (NASDAQ: AAPL) leaders have said little about AGI, figuring that however smart AI gets, it will need a place to live ... and Apple already owns that real estate, in more than a billion pockets.
Setting CEOs’ incentives aside, the model that set off this debate offers evidence for both camps. Here’s how GPT-6 Astra, the OpenAI release behind Huang’s post, stacks up.
Signs AGI is close
Reasons for doubt
Astra can control computer systems on its own, from spreadsheets to full websites
When Astra doesn’t know an answer, it makes one up about half the time instead of admitting it, per evaluator Artificial Analysis
Astra scored 98% on FrontierMath Tier 4, a set of research-level math problems
Independent testing found Astra only tied Anthropic’s Claude Fable 5.1 on overall intelligence
Regardless of a consensus around whether AGI is here or not, what’s inarguable is that the gap between AI and AGI is shrinking with every new model release. For investors, the bigger opportunity is who profits on the way to AGI.
Who Cashes In on AGI
JP Morgan Chase (NYSE: JPM) estimates the biggest cloud companies will spend about 93% of operating cash flow on AI this year, up from 33% in 2023. Alphabet even announced plans in June to sell up to $84.75 billion of new stock to help fund its build-out.
If AGI shows up sooner rather than later, these companies could earn back their spending many times over. But if progress stalls, the industry could end up with far more data centers than it can fill.
Meanwhile, these companies are especially well-positioned to benefit from all that spending.
Nvidia: At the risk of stating the obvious, Nvidia’s chips run a large share of the world’s AI data centers. Last quarter, its sales more than doubled to $96.2 billion. Management expects about 90% growth this quarter, yet Nvidia still can’t make chips fast enough to meet demand. Every step closer to AGI means labs need more computing power, and Nvidia is the company selling that horsepower.
Broadcom (NASDAQ: AVGO): Broadcom designs custom AI chips for Alphabet, Meta and OpenAI, all of whom want cheaper alternatives to Nvidia’s pricey GPUs. Its AI chip sales more than tripled last quarter to $16.7 billion, and management expects AI revenue to roughly double to about $115 billion next fiscal year. That Broadcom and Nvidia both more than doubled AI sales suggests demand can support multiple winners.
Alphabet: Alphabet develops frontier AI models of its own while renting computing power to peers building theirs. That rental business is booming, as Google Cloud revenue grew 82% last quarter to $24.8 billion. Its cloud backlog, which counts work customers have committed to but Alphabet hasn’t delivered yet, reached $514 billion, and just over half of it should turn into revenue within two years.
Big tech is increasingly borrowing to fund its AI build-out, and lenders have started charging more for that debt. Alphabet spent more cash than it brought in last quarter, which hadn’t happened since it went public in 2004. If any major spender decided to slow its build-out, all three of these companies would likely feel it at once.
The Bottom Line
While we wait for AGI to arrive, investors can prepare.
Know your exposure: The Magnificent 7 make up roughly a third of the S&P 500, so an index fund already ties a big share of your money to the AI build-out. Add in any other tech stocks you own, and your stake is likely bigger than you think.
Favor companies with paying customers: Look for AI businesses with rising sales and signed contracts (e.g., Google Cloud’s $514 billion backlog) over companies counting on a breakthrough years from now.
Think in years: If AGI is a decade out, there’s no rush to buy everything at once. Dollar-cost averaging lowers the risk of buying at a peak.
When AGI arrives, you won’t need to hear it from the man selling robots, since it’ll be written all over the economy and in your portfolios.
What’s one stock you’re holding on the belief that AGI will transform the markets?
Share with friends and family, or become a member to hear what your fellow Fools are saying!
Missed Nvidia in 2009? This Rare Signal Is Flashing Again
In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. If you’d invested $5,000 then, you’d be sitting on $2,783,470 today.*
Now, for the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. It’s a key player in the $1.8 trillion space race, and with the stock recently sitting 20% off its highs, the window to get in early is closing fast.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Broadcom, JPMorgan Chase, Meta Platforms, Nvidia, and Tesla. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Breakfast News: The Sunday Edition

Key Points
In a rare occurrence, JPMorgan Chase’s Q3 revenue and earnings per share missed analyst estimates.
The company raised full-year guidance for net interest income.
While the bank stock’s valuation is above its peers', its return on tangible common equity is significantly higher.
Investors view JPMorgan Chase (NYSE: JPM) as one of the highest-quality financial services institutions. It has its hands in all parts of the industry, from consumer, small business, and commercial banking to capital markets and asset management activities. With $5.1 trillion in total assets, it has massive scale. CEO Jamie Dimon, who has led the charge for almost 21 years, is also highly regarded in the corporate world.
As of Oct. 15, the bank stock traded at $335.53. This was 8% below its record close of $365.18 on Aug. 12, 2026. Is it time to buy the dip on JPMorgan Chase?
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
Missing the mark
During the three-month period that ended Oct. 31, which marked the company's third quarter, JPMorgan Chase reported strong headline metrics. Net revenue climbed 8% year over year to $50.2 billion. Diluted earnings per share rose 10% to $5.57. At a high level, this is encouraging.
However, these two figures came in below Wall Street analyst expectations. To find the last time the business missed on the bottom line, you'd have to go all the way back to second-quarter 2022.
Investors shouldn't run for the exits, though. JPMorgan Chase is still operating from a position of strength. Revenue from equities markets activities surged 49% compared to Q3 last year. Investors should expect this level of growth to moderate eventually, although the momentum is noteworthy.
Despite the Federal Reserve engaging in tighter monetary policy, JPMorgan Chase saw average loans jump 10% year over year. Average deposits were up 8%.
Management raised guidance for net interest margin (excluding markets) by $700 million compared to three months ago. They now expect this figure to come in at $97.2 billion for the full year. This was encouraging, especially since the company didn't increase its forecasted card services net charge-off rate.
Worth the quality
At the current price, I believe JPMorgan Chase deserves a closer look from investors seeking quality businesses. The valuation, at a price-to-book ratio of 2.5, represents a sizable premium to its direct peer group that includes Bank of America, Wells Fargo, and Citigroup. While this isn't a bargain opportunity, the valuation might be justified.
JPMorgan Chase's 20% return on tangible common equity is significantly higher than these three rivals'. According to consensus analyst estimates, its book value per share is projected to grow at a faster clip from 2025 to 2028.
Investors also benefit from capturing a dividend yield of nearly 2%. That's a healthy income stream that makes it easier to be patient, and it can add to the stock's total return.
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Wells Fargo is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Is JPMorgan Chase Stock a Buy 8% Below Its Record High?

Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
Total Q3 earnings for the 32 S&P 500 members that have reported results already are up +52.5% from the same period last year on +15.8% higher revenues, with 81.3% beating EPS estimates and 71.9% beating revenue estimates.
The EPS and revenue beats percentages at this admittedly early stage in the Q3 reporting cycle are tracking modestly below what we had seen from this same group of companies in other recent periods. The reported earnings and revenue growth rates have been boosted by outsized gains at Micron, with the Q3 growth comparisons tracking modestly unfavorably with other recent periods when the Micron numbers are excluded.
The relatively underwhelming start to the Q3 reporting cycle notwithstanding, the overall setup remains favorable, with earnings growth expected to be in the double digits for the 8th consecutive quarter. The growth momentum is broad-based, with 14 of the 16 Zacks sectors expected to enjoy positive earnings growth and the outlook steadily improving.
Excluding the Tech sector’s substantial contribution, Q3 earnings for the rest of the S&P 500 index would be up +14.6% (vs. +24.6% otherwise). Excluding the Energy sector, the aggregate growth rate would decline to +20.3%.
What’s Weighing on Bank Stocks After Strong Q3 Results?
Despite headline earnings misses by JPMorgan and Bank of America, Q3 results from these banks and their peers have been very strong, with robust equity trading volumes and accelerating investment banking activities, particularly in equity underwriting and M&A.
Net interest income was up at each of the money-center banks – JPMorgan JPM, Citigroup C, Bank of America BAC and Wells Fargo – with NII at JPMorgan up +6% (excluding markets) relative to the same period last year, up +7% at Citigroup, +8% at Bank of America and +5% at Wells Fargo. Other than JPMorgan, whose Q3 NII was modestly down sequentially, the other three banks enjoyed gains relative to the preceding period.
On the trading side, the gains were entirely from the equities markets, while revenues from the fixed income, currencies, and commodities (FICC) business were down across all the banks. Citigroup was the sole exception on the FICC side, with the bank enjoying its best Q3 trading performance in many years.
These results failed to change the banks’ negative stock market momentum ahead of these results. You can see this in the performance chart below that shows the performance of JPMorgan, Wells Fargo, Bank of America, and Citigroup shares relative to the S&P 500 index since the end of June.
Market participants are likely weighing future headwinds rather than backward-looking Q3 results in pushing these stocks lower. At the core of their concerns is interest rate volatility, which obscures NII visibility, alongside a potential deceleration in trading revenue from recent cyclical highs. Because NII and capital markets activity drove outsized bank profits over the last four quarters, a plateau in these activities is likely fueling investor caution.
For the Finance sector’s Q3 scorecard, we now have results from 33% of the sector’s market capitalization in the S&P 500 index. Total earnings for these banks are up +10% from the same period last year on +12.7% higher revenues, with 77.8% beating EPS estimates and 66.7% beating revenue estimates.
For Q3 as a whole, combining actual results with estimates for the remaining stocks, total Finance sector earnings are expected to increase +7.2% from the same period last year, on +7.5% higher revenues.
Image Source: Zacks Investment Research
The Earnings Big Picture
The chart below shows S&P 500 expectations for 2026 Q3, comparing what was achieved in the preceding four periods with what is currently expected for the following three quarters.
Image Source: Zacks Investment Research
We have been showing here how Q3 estimates moved higher since the quarter got underway. Below, we show how estimates for the last quarter of the year have evolved in recent weeks.
Image Source: Zacks Investment Research
The chart below shows the overall earnings picture for the S&P 500 index on an annual basis.
Image Source: Zacks Investment Research
As is the case with estimates for 2026 Q4, estimates for full-year 2027 are also moving higher, as the chart below shows.
Image Source: Zacks Investment Research
Since the beginning of July, estimates for 2027 have increased for 10 of the 16 Zacks sectors, with Tech, Energy, Finance and Industrials leading the way.
We will see how this revisions trend evolves as companies report Q3 results and share updates on developments in their businesses.
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Broad-Based Growth Meets Bank Caution: The Evolving Q3 Earnings Picture

(RTTNews) - JPMorgan Chase & Co. (JPM) will host a conference call at 8:30 AM ET on October 13, 2026, to discuss Q3 26 earnings results.
To access the live webcast, log on to https://www.jpmorganchase.com/ir/events
To listen to the call, dial 1 (888) 324 3618 (US) or +1 (312) 470 7119 (International) with passcode 1364784#.
For a replay call, dial 1 (800) 841 4034 (US) or +1 (203) 369 3360 (International), Passcode 67371#.

JPMorgan Chase & Co. Q3 26 Earnings Conference Call At 8:30 AM ET

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in JPMorgan Chase & Co (Symbol: JPM), where a total volume of 54,328 contracts has been traded thus far today, a contract volume which is representative of approximately 5.4 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 62.6% of JPM's average daily trading volume over the past month, of 8.7 million shares. Especially high volume was seen for the $350 strike call option expiring October 16, 2026, with 2,567 contracts trading so far today, representing approximately 256,700 underlying shares of JPM. Below is a chart showing JPM's trailing twelve month trading history, with the $350 strike highlighted in orange:
Madison Square Garden Sports Corp (Symbol: MSGS) saw options trading volume of 1,950 contracts, representing approximately 195,000 underlying shares or approximately 62.2% of MSGS's average daily trading volume over the past month, of 313,670 shares. Particularly high volume was seen for the $430 strike call option expiring November 20, 2026, with 1,837 contracts trading so far today, representing approximately 183,700 underlying shares of MSGS. Below is a chart showing MSGS's trailing twelve month trading history, with the $430 strike highlighted in orange:
And IREN Ltd (Symbol: IREN) saw options trading volume of 216,216 contracts, representing approximately 21.6 million underlying shares or approximately 57.7% of IREN's average daily trading volume over the past month, of 37.5 million shares. Especially high volume was seen for the $36 strike call option expiring October 16, 2026, with 15,523 contracts trading so far today, representing approximately 1.6 million underlying shares of IREN. Below is a chart showing IREN's trailing twelve month trading history, with the $36 strike highlighted in orange:
For the various different available expirations for JPM options, MSGS options, or IREN options, visit StockOptionsChannel.com.
Further JPM Research:

Noteworthy Monday Option Activity: JPM, MSGS, IREN

The following companies are expected to report earnings prior to market open on 10/13/2026. Visit our Earnings Calendar for a full list of expected earnings releases.
J P Morgan Chase & Co (JPM)is reporting for the quarter ending September 30, 2026. The investment bankers company's consensus earnings per share forecast from the 6 analysts that follow the stock is $5.94. This value represents a 17.16% increase compared to the same quarter last year. In the past year JPM has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 9.84%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for JPM is 13.78 vs. an industry ratio of 16.00.
Johnson & Johnson (JNJ)is reporting for the quarter ending September 30, 2026. The large cap pharmaceutical company's consensus earnings per share forecast from the 5 analysts that follow the stock is $2.53. This value represents a 9.64% decrease compared to the same quarter last year. In the past year JNJ has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 2.11%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for JNJ is 23.38 vs. an industry ratio of 19.20, implying that they will have a higher earnings growth than their competitors in the same industry.
UnitedHealth Group Incorporated (UNH)is reporting for the quarter ending September 30, 2026. The hmo company's consensus earnings per share forecast from the 8 analysts that follow the stock is $4.12. This value represents a 41.10% increase compared to the same quarter last year. In the past year UNH has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 29.15%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for UNH is 19.11 vs. an industry ratio of 21.20.
The Goldman Sachs Group, Inc. (GS)is reporting for the quarter ending September 30, 2026. The investment bankers company's consensus earnings per share forecast from the 7 analysts that follow the stock is $12.90. This value represents a 5.31% increase compared to the same quarter last year. In the past year GS has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 44.99%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for GS is 13.27 vs. an industry ratio of 16.00.
Wells Fargo & Company (WFC)is reporting for the quarter ending September 30, 2026. The investment bankers company's consensus earnings per share forecast from the 8 analysts that follow the stock is $1.85. This value represents a 6.94% increase compared to the same quarter last year. WFC missed the consensus earnings per share in the 1st calendar quarter of 2026 by -1.27%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for WFC is 11.49 vs. an industry ratio of 16.00.
Citigroup Inc. (C)is reporting for the quarter ending September 30, 2026. The investment bankers company's consensus earnings per share forecast from the 7 analysts that follow the stock is $2.66. This value represents a 18.75% increase compared to the same quarter last year. In the past year C has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 15.81%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for C is 11.59 vs. an industry ratio of 16.00.
Domino's Pizza Inc (DPZ)is reporting for the quarter ending September 30, 2026. The restaurant company's consensus earnings per share forecast from the 9 analysts that follow the stock is $4.33. This value represents a 6.13% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for DPZ is 16.33 vs. an industry ratio of 3.30, implying that they will have a higher earnings growth than their competitors in the same industry.
Albertsons Companies, Inc. (ACI)is reporting for the quarter ending August 31, 2026. The consumer company's consensus earnings per share forecast from the 6 analysts that follow the stock is $0.31. This value represents a 26.19% decrease compared to the same quarter last year. ACI missed the consensus earnings per share in the 2nd calendar quarter of 2026 by -28.85%. Zacks Investment Research reports that the 2027 Price to Earnings ratio for ACI is 7.39 vs. an industry ratio of 17.40.
FB Financial Corporation (FBK)is reporting for the quarter ending September 30, 2026. The bank (northeast) company's consensus earnings per share forecast from the 5 analysts that follow the stock is $1.21. This value represents a 13.08% increase compared to the same quarter last year. FBK missed the consensus earnings per share in the 1st calendar quarter of 2026 by -0.88%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for FBK is 11.27 vs. an industry ratio of 10.90, implying that they will have a higher earnings growth than their competitors in the same industry.

Pre-Market Earnings Report for October 13, 2026 : JPM, JNJ, UNH, GS, WFC, C, DPZ, ACI, FBK

For Immediate Release
Chicago, IL – October 12, 2026 – Zacks.com releases the list of companies likely to issue earnings surprises. This week’s list includes JPMorgan JPM, Citigroup C, Pepsi PEP, Micron MU and Nike NKE.
Estimates Keep Rising as Q3 Earnings Session Takes Center Stage
The Q3 earnings season takes center stage this week when JPMorgan, Citigroup and others report September-quarter results before the market's open on Tuesday, October 13th. This week's reporting docket, comprising 29 S&P 500 members, also includes companies outside the Finance sector, with bellwethers like Johnson & Johnson, Taiwan Semiconductor Company, and UnitedHealth also reporting quarterly results.
The expectation is that S&P 500 earnings will increase by +24.3% from the same period last year, the 8th straight quarter of double-digit earnings growth for the index.
The Tech sector remains a major growth contributor, but momentum is broad-based, with 15 of the 16 Zacks sectors on track for positive earnings growth in Q3. Importantly, the revisions trend remains positive and broad-based, highlighting a steadily improving outlook.
As noted earlier, the revisions trend has been positive, sustaining the favorable trend in place for almost a year. Estimates for Q3 increased after the quarter got underway, and we are seeing a similar trend at play for 2026 Q4 estimates.
This positive revision behavior is not new; it extends a tailwind that has been building for nearly a year. The positive revisions were at first concentrated in Technology and, more recently, Energy following Middle East supply disruptions. However, for 2026 Q4 and what we saw in Q3, constructive estimate revisions have broadened significantly, rising across 7 of the 16 Zacks sectors—including Aerospace, Construction, Industrials, Finance, and Transportation alongside Tech and Energy.
On the negative side, Q4 estimates remain under pressure for these 8 sectors – Conglomerates, Autos, Basic Materials, Consumer Staples, Consumer Discretionary, Medical, Business Services, and Retail.
It is important to note that estimates for full-year 2027 have also been similarly trending higher, which we show a little later in this note.
Sector Focus: Broad-Based Strength
Q3 earnings are expected to be above the year-earlier level for 15 of the 16 Zacks sectors, with 6 sectors expected to enjoy double-digit growth. The multi-industry Conglomerates sector is the only one expected to have lower earnings in Q3 relative to the same period last year (earnings decline of –35.1%).
The 6 sectors expected to enjoy double-digit earnings growth in Q3 are Aerospace (up +159.5%), Energy (+117.1%), Tech (+43.3%), Basic Materials (+29.7%), Transportation (+10.9%) and Industrial Products (+13.3%).
Q3 earnings growth for the S&P 500 index drops to +20.1% from +24.3% once the Energy sector's contribution is excluded from the index. Excluding the Tech sector, Q3 earnings growth for the rest of the index drops to +14.2%.
For the Finance sector, which dominates the reporting docket this week, Q3 earnings are expected to be up +3.3% from the same period last year on +6.3% higher revenues.
The Banks and Brokerages industry, which includes JPMorgan, Citigroup, Goldman Sachs, and others, is expected to post +2.5% earnings growth in Q3 on +9.7% higher revenues.
The sharp rise in long-term Treasury yields during Q3 has been an overhang on bank and broker stocks lately. Rising yields don't just cause paper losses on balance sheet holdings of available-for-sale bonds, as they also pressure net interest margins through surging deposit betas and have negative effects on credit demand and quality. The unfavorable interest rate backdrop has clouded the outlook for deal flow, with a number of high-profile IPOs getting delayed as a result.
Q3 Earnings Season Scorecard
The Q3 earnings season is not officially getting underway with this week's results from JPMorgan, Citigroup, and others. Officially, the Q3 reporting cycle began with recent results from Pepsi, Micron, Nike, and others.
The Nike, Micron, and other reports were for these companies' fiscal quarters ending in August, which count as part of the September-quarter tally. Including the Nike and Micron reports, we now have such Q3 results from 19 S&P 500 members. With another 29 index members reporting results this week, including the aforementioned banks, we will have seen results from 48 S&P 500 members by the end of this week.
Total Q3 earnings for the 19 S&P 500 members that have reported results already are up +150.9% from the same period last year on +27% higher revenues, with 78.9% beating EPS estimates and 73.7% beating revenue estimates.
The very strong earnings and revenue growth pace for this group of 19 S&P 500 members is mostly due to Micron, whose Q3 earnings increased +1075.7% from the year-earlier level. Excluding the Micron contribution, Q3 earnings for the remaining 18 index members that have reported would be up +9.4%.
The Earnings Big Picture
As we noted earlier, estimates for full-year 2027areexperiencing the same positive revisions trend that we noted earlier in the context of 2026 Q4.
For a detailed view of the evolving earnings picture, please check out our weekly Earnings Trends report here >>>> Banks Under Pressure from Spiking Yields Ahead of Q3 Results
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JPMorgan, Citigroup, Pepsi, Micron and Nike are part of Zacks Earnings Preview

Key Points
Dimon's warning comes after JPMorgan Chase got early access to Anthropic's Claude Mythos model.
Dimon says cyber risks from artificial intelligence have gone up "10-fold."
It's a warning investors will be interested in, given concerns about AI agents.
Few, if any, CEOs hold more respect on Wall Street than JPMorgan Chase's (NYSE: JPM) chief Jamie Dimon.
Not only has Dimon been at the helm of JPMorgan Chase for two decades, but he has also turned it into the largest U.S. bank by assets, successfully navigating the sprawling financial giant through multiple crises along the way. Furthermore, JPMorgan Chase generates industry-leading returns on equity.
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I also think that while it's not exactly the world's most exciting business, banking does get a certain amount of respect on the Street because it touches nearly every industry, business, and borrower.
For all these reasons, investors pay close attention when Dimon speaks, and the illustrious CEO just issued a blunt warning about artificial intelligence.
The cybersecurity threats are real
Some investors might be wondering what makes Dimon qualified to speak about AI. But as the CEO of any large business will tell you, there's simply no avoiding it.
A large bank like JPMorgan Chase is not only a massive, intertangled web of many sub-businesses. It also has an extraordinarily complex tech stack and is on the front lines of observing how people use AI in their daily lives and among employees.
Cybersecurity is immensely important in banking. Why? Because at their core, banks are all about trust. People put their money into banks, believing they are the safest place for it. So, if people and businesses had even the slightest concern about the safety of their money, they would likely withdraw their deposits.
Furthermore, banks must implement many of their security measures without completely disrupting operations, since these systems are being used by people and businesses constantly.
This makes conducting updates difficult. Whether he wanted to or not, Dimon has likely now interacted with AI on a level few have experienced, giving him first-hand knowledge of its capabilities. What he's seen so far has led him to issue a pretty blunt warning about the game-changing technology.
In a recent interview with Bloomberg TV, Dimon said that cyber risks "went up 10-fold after Mythos." He was referring to Anthropic's most advanced AI model, Claude Mythos, which reportedly has capabilities including multi-step reasoning, autonomous agentic coding, and the ability to penetrate some of the world's most advanced cybersecurity systems.
Mythos' capabilities are supposedly so advanced that Anthropic initially shared the model with hundreds of organizations, so they could understand what it could do. The original model is still not public.
"AI created vulnerabilities that we didn't know about," Dimon said.
Dimon's warning is certainly not the first. The world seemed very concerned about AI when rogue OpenAI agents escaped a confined testing environment and launched a cyberattack on another AI platform, Hugging Face.
Then, an AI researcher named Jacob Coxon, who worked at both OpenAI and Anthropic, which he recently resigned from, warned that there is over a 10% chance that AI will lead to the death of all humans.
Ever the businessman and pragmatist, Dimon is not in full panic mode. "I'm not going to get hysterical over, 'Is it existential or not?' What we're doing is rolling up our sleeves and going to work to fix it," he said.
Should we take Dimon's warning seriously?
There's still much debate about how legitimate some of these AI concerns are. Some experts have criticized the frontier models for using such warnings as back-door methods to drum up excitement and raise funding for their incredibly capital-intensive businesses.
Could Dimon and JPMorgan Chase benefit from AI? Certainly. When Space Exploration Technologies Corp (NASDAQ: SPCX) went public earlier this year, raising nearly $86 billion in the largest IPO ever, all of the big investment banks, including JPMorgan Chase, benefited.
If, and likely when, Anthropic and OpenAI go public, if JPMorgan is named as a lead bookrunner on the deal, the fees will be glorious.
That said, I don't think Dimon is one to mess around. Rather, I think he is trained to prepare for the worst, which has served JPMorgan Chase well. Following the intense inflation the U.S. experienced in 2022, Dimon warned investors on numerous occasions to prepare for 7% bond yields.
It sounded outlandish at the time, but lofty yields seem more reasonable now.
So, while I don't know whether AI is capable of bringing about humanity's end, there have certainly been enough warnings from legitimate figures like Dimon that, at the very least, people need to take these concerns seriously.
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JPMorgan Chase CEO Jamie Dimon Just Issued a Blunt Warning About Artificial Intelligence

Key Points
Demand for high-bandwidth memory (HBM) and high-capacity DRAM from the hyperscalers is fueling Micron's data center and cloud businesses.
Micron's management says memory shortages are expected to last until 2028.
Wall Street analysts are forecasting demand for HBM and DRAM to accelerate over the next couple of years, supporting Micron's growth prospects.
Prior to the artificial intelligence (AI) revolution, Micron Technology (NASDAQ: MU) was doing its best to claw back from the usual down cycles of the memory market. Late last year the stock started to move higher, and the momentum carried over into 2026. So far this year, Micron stock has ripped 278%, launching the company into the trillion-dollar club.
What changed is simple: AI data centers started devouring high-bandwidth memory (HBM) and high-capacity DRAM faster than suppliers could produce. The question now is whether Micron's rally still has legs. There are 1.7 trillion reasons to think it does.
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Micron is converting record sales into record profits
Micron's financial performance in fiscal 2026 was absurd on every level. Full-year revenue hit $133 billion, up 256% from the prior year, while earnings per share (EPS) jumped nearly 900% to $74.
During the fourth quarter alone, the company delivered $54.2 billion in sales and $33 in EPS, with gross margin at 87%. Every segment of the business is going full throttle. The core data center unit generated $18 billion during the fourth quarter at a 90% gross margin. Cloud memory added another $16.3 billion at an 83% margin. Mobile and client, plus automotive and embedded, both cleared 84% margins or better.
The mix shift toward HBM and premium DRAM is the engine fueling Micron right now. Those products carry higher prices and better unit economics, so incremental revenue drops straight to the bottom line. Operating cash flow for the year reached nearly $90 billion and while adjusted free cash flow came in at $62 billion – nearly 20x higher than the year prior. With more than 75% of next year's shipments already under contract or allocation, Micron's cash machine does not look like it is about to stall.
Memory supply could be tight until 2028
Micron's CEO Sanjay Mehrotra suggested memory and storage will be tighter throughout fiscal 2027 and 2028 than they are today. The company's COO, Manish Bhatia, explained the structural brakes around memory, discussing how new technology transitions are delivering diminishing bit growth as HBM nodes take a rising share of industry wafers. Bhatia went on to say Micron simply does not have a clear line to "when supply and demand balances."
Wall Street seems to agree with Micron's management. Citi sees the memory shortfall widening through 2031 as DRAM growth accelerates 30% next year and another 35% in 2028. Meanwhile, JPMorgan's forecast values the memory market at $1.7 trillion by 2028, largely attributable to rising CPU demand alongside memory-intensive GPU systems.
How can Micron stock double?
As of this writing (Oct. 2), Micron stock trades at roughly $1,080 per share. With a forward price-to-earnings (P/E) ratio near 6, this implies the market is modeling somewhere around $176 in earnings for the current fiscal year. Management's guidance for the first quarter points to about $38 in EPS on $61.5 billion of revenue. This implies the earnings run-rate is already there if profit margins hold.
Tight supply through 2028 gives Micron room to keep premium prices firm as its product mix continues shifting toward higher-value HBM4 and HBM4E. If earnings simply grow another 20 to 30% on top of the 2027 estimate, you are looking at about $220 in annual EPS by 2028. If I apply even a modest multiple expansion to 10 or 11 times earnings -- still well below historical peaks -- Micron stock could clear $2,000 without needing a massive rerating.
Given today's modest valuation profile multiple, the company's contracted backlog, and the multi-year supply gap, I think Micron stock could reasonably double before 2028 even happens. To me, this level of share price appreciation looks less like wishful thinking and more like a base case scenario so long as the memory shortage simply persists.
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Indicator	Mar 26	Apr 26	Jun 26	Jul 26	Aug 26	TTM	Median
P/E	13.95	15.00	13.96	15.07	—	15.07	12.91
Price/Sales	2.83	3.03	—	—	—	3.03	2.16
P/B	2.14	2.37	2.31	2.59	2.53	2.53	1.22
P/FCF	0.00	0.00	0.00	0.00	0.00	0.00	10.38

Indicator	Mar 26	Apr 26	Jun 26	Jul 26	Aug 26	TTM	Median
Net Profit Margin	20.17	—	21.38	—	—	21.38	17.62
Operating Margin	26.19	—	28.19	—	—	28.19	25.00
Gross Margin	65.58	—	67.00	—	—	67.00	71.98
Return on tangible equity	19.40	—	21.14	—	—	21.14	12.85

Indicator	Mar 26	Apr 26	Jun 26	Jul 26	Aug 26	TTM	Median
EPS	5.94	5.94	6.14	6.14	—	6.14	0.71
EPS Forecast	5.49	5.49	5.59	5.59	—	5.59	0.73
Revenue	73.66B	—	82.46B	—	—	82.46B	90.00M
Gross Profit	49.84B	—	57.35B	—	—	57.35B	—
EBITDA	—	—	—	—	—	0.00	—

JP Morgan Chase & Co.

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue

Indicator	Mar 26	Apr 26	Jun 26	Jul 26	Aug 26	TTM	Median
ROE	15.94	—	17.42	—	—	17.42	11.06
ROA	1.25	—	1.35	—	—	1.35	1.27
ROI	7.25	—	7.87	—	—	7.87	7.63
Net Worth	792.54	—	877.94	947.79	959.19	959.19	1.01
Quick Ratio	0.00	—	0.00	—	—	0.00	1.42
Current Ratio	0.86	—	0.85	—	—	0.85	0.98