Sector analysis · US
Financials: which companies drove growth
The 20 largest Financials companies by market cap at the end of Q4 2023 (31 Dec 2023), compared with Q3 2023.
The top 20 at Q4 2023
Q4 2023 vs Q3 2023: combined net profit $76.2B (+48%), median EPS −21% (7 of 20 up), market-cap-weighted price +13%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Berkshire Hathaway Inc. | 18.4% | −5.88 → 17.36 | turned profitable | +73.5 pp | +2% |
| 2 | Visa Inc. | 12.7% | 2.27 → 2.39 | +5% | +0.3 pp | +13% |
| 3 | JPMorgan Chase & Co. | 11.8% | 4.33 → 3.04 | −30% | −5.6 pp | +17% |
| 4 | Mastercard Incorporated | 9.5% | 3.39 → 2.97 | −12% | −0.6 pp | +8% |
| 5 | Bank of America Corporation | 6.4% | 0.90 → 0.35 | −61% | −6.8 pp | +23% |
| 6 | Wells Fargo & Company | 4.2% | 1.48 → 0.86 | −42% | −3.4 pp | +20% |
| 7 | Blackstone Inc. | 3.6% | 0.73 → 0.20 | −73% | −0.6 pp | +22% |
| 8 | Morgan Stanley | 3.6% | 1.38 → 0.85 | −38% | −1.3 pp | +14% |
| 9 | S&P Global Inc. | 3.3% | 2.33 → 1.83 | −21% | −0.2 pp | +21% |
| 10 | American Express Company | 3.2% | 3.30 → 2.62 | −21% | −0.8 pp | +26% |
| 11 | The Goldman Sachs Group, Inc. | 3.1% | 5.47 → 5.53 | +1% | −0.1 pp | +19% |
| 12 | The Charles Schwab Corporation | 3.0% | 0.56 → 0.51 | −9% | −0.1 pp | +25% |
| 13 | BlackRock, Inc. | 2.9% | 10.66 → 9.15 | −14% | −0.3 pp | +25% |
| 14 | Citigroup Inc. | 2.3% | 1.63 → −1.14 | to loss | −7.9 pp | +27% |
| 15 | Marsh & McLennan Companies, Inc. | 2.2% | 1.46 → 1.52 | +4% | 0.0 pp | 0% |
| 16 | The Progressive Corporation | 2.2% | 1.89 → 3.37 | +78% | +1.3 pp | +14% |
| 17 | Chubb Limited | 2.2% | 4.95 → 8.04 | +62% | +1.8 pp | +8% |
| 18 | CME Group Inc. | 1.8% | 2.06 → 2.24 | +9% | +0.1 pp | +5% |
| 19 | KKR & Co. Inc. | 1.7% | 1.64 → 1.14 | −30% | −0.7 pp | +38% |
| 20 | Intercontinental Exchange, Inc. | 1.7% | 0.96 → 0.65 | −32% | −0.2 pp | +17% |
| Sector earnings growth | 100% | +48.4 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q3 2023, as market caps moved.
Joined the top 20 since Q3 2023
Left the top 20 since Q3 2023
- Aon plc
- PayPal Holdings, Inc.
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth quarter on quarter, every quarter it was in the top 20.
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BRK-B | to loss | turned profitable | −66% | +139% | −13% | −25% | −77% | +169% | +149% | −38% | −47% | +154% |
| V | +14% | +5% | −4% | +5% | +10% | −3% | −10% | +16% | −3% | +16% | +4% | −5% |
| JPM | −9% | −30% | +46% | +38% | −29% | +10% | +5% | +3% | −3% | −9% | +28% | +27% |
| MA | +13% | −12% | +8% | +9% | +1% | +3% | −1% | +13% | +7% | +4% | −4% | +14% |
| BAC | +2% | −61% | +117% | +9% | −2% | +1% | +10% | −1% | +19% | −8% | +14% | +8% |
| WFC | +18% | −42% | +40% | +11% | +7% | +1% | −3% | +15% | +4% | +1% | −4% | +25% |
| BX | −8% | −73% | +455% | −48% | +76% | −10% | −13% | +22% | −18% | +63% | −36% | +89% |
| MS | +11% | −38% | +138% | −10% | +3% | +18% | +17% | −18% | +31% | −5% | +27% | 0% |
| SPGI | +46% | −21% | +73% | +2% | −3% | −9% | +24% | −1% | +10% | −3% | +25% | −12% |
| AXP | +14% | −21% | +27% | +25% | −16% | −13% | +20% | +12% | +1% | −15% | +21% | +7% |
| GS | +78% | +1% | +109% | −26% | −3% | +42% | +18% | −22% | +12% | +14% | +25% | +20% |
| SCHW | −12% | −9% | +33% | −3% | +8% | +32% | +5% | +9% | +17% | +6% | +3% | +12% |
| BLK | +18% | −14% | +15% | −5% | +9% | −2% | −9% | +6% | −17% | −15% | +96% | −13% |
| C | +23% | to loss | turned profitable | −4% | −1% | −11% | +46% | 0% | −5% | −36% | +157% | +3% |
| MRSH | −29% | +4% | +86% | −20% | −33% | +5% | +75% | −12% | outside | outside | outside | outside |
| PGR | +232% | +78% | +17% | −37% | +60% | +1% | +9% | +24% | −18% | +13% | −4% | +18% |
| CB | +15% | +62% | −35% | +4% | +4% | +11% | −48% | +123% | −5% | +16% | −27% | +26% |
| CME | −4% | +9% | +5% | outside | outside | outside | +9% | outside | outside | outside | −2% | outside |
| KKR | outside | −30% | −35% | −3% | −11% | +84% | to loss | turned profitable | +80% | +29% | outside | outside |
| ICE | outside | −32% | +105% | −17% | +4% | outside | +14% | +7% | outside | outside | +66% | outside |