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Sector analysis · US

Financials: which companies drove growth

The 20 largest Financials companies by market cap at the end of Q1 2024 (31 Mar 2024), compared with Q4 2023.

The top 20 at Q1 2024

Q1 2024 vs Q4 2023: combined net profit $71.4B (−6%), median EPS +33% (16 of 20 up), market-cap-weighted price +12%. 20 of 20 reported.

Quarter
Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Compared with
YoYQoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#CompanyWeightEPS $, base → nowEPS growthContributionPrice
1Berkshire Hathaway Inc.BRK-B19.3%17.36 → 5.88−66% −31.1 pp+18%
2JPMorgan Chase & Co.JPM12.4%3.04 → 4.44+46% +5.1 pp+18%
3Visa Inc.V12.1%2.39 → 2.29−4% −0.3 pp+7%
4Mastercard IncorporatedMA9.5%2.97 → 3.22+8% +0.3 pp+13%
5Bank of America CorporationBAC6.4%0.35 → 0.76+117% +4.4 pp+13%
6Wells Fargo & CompanyWFC4.4%0.86 → 1.20+40% +1.5 pp+18%
7American Express CompanyAXP3.5%2.62 → 3.33+27% +0.6 pp+22%
8Blackstone Inc.BX3.3%0.20 → 1.11+455% +0.9 pp0%
9Morgan StanleyMS3.2%0.85 → 2.02+138% +2.4 pp+1%
10The Goldman Sachs Group, Inc.GS3.0%5.53 → 11.58+109% +2.7 pp+9%
11S&P Global Inc.SPGI2.8%1.83 → 3.16+73% +0.5 pp−3%
12The Charles Schwab CorporationSCHW2.8%0.51 → 0.68+33% +0.4 pp+5%
13BlackRock, Inc.BLK2.6%9.15 → 10.48+15% +0.2 pp+3%
14The Progressive CorporationPGR2.6%3.37 → 3.94+17% +0.4 pp+30%
15Citigroup Inc.C2.6%−1.14 → 1.58turned profitable +6.5 pp+22%
16Chubb LimitedCB2.2%8.04 → 5.23−35% −1.4 pp+14%
17Marsh & McLennan Companies, Inc.MRSH2.2%1.52 → 2.82+86% +0.8 pp+9%
18KKR & Co. Inc.KKR1.9%1.14 → 0.74−35% −0.4 pp+20%
19Intercontinental Exchange, Inc.ICE1.7%0.65 → 1.33+105% +0.5 pp+7%
20CME Group Inc.CME1.6%2.24 → 2.35+5% +0.1 pp+2%
Sector earnings growth100%−6.0 pp

Who joined and who left

0 joined and 0 left the top 20 since Q4 2023, as market caps moved.

Joined the top 20 since Q4 2023 0

Nobody joined.

Left the top 20 since Q4 2023 0

Nobody left.

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.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.
  • turned profitableto loss crossed zero, so there is no growth rate to print
  • loss, smallerloss, bigger a loss in both quarters
  • outside not in the sector's top 20 that quarter
EPS growth of each company in the sector's top 20, by quarter
CompanyQ3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
BRK-Bto lossturned profitable−66%+139%−13%−25%−77%+169%+149%−38%−47%+154%
JPM−9%−30%+46%+38%−29%+10%+5%+3%−3%−9%+28%+27%
V+14%+5%−4%+5%+10%−3%−10%+16%−3%+16%+4%−5%
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%
AXP+14%−21%+27%+25%−16%−13%+20%+12%+1%−15%+21%+7%
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%
GS+78%+1%+109%−26%−3%+42%+18%−22%+12%+14%+25%+20%
SPGI+46%−21%+73%+2%−3%−9%+24%−1%+10%−3%+25%−12%
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%
PGR+232%+78%+17%−37%+60%+1%+9%+24%−18%+13%−4%+18%
C+23%to lossturned profitable−4%−1%−11%+46%0%−5%−36%+157%+3%
CB+15%+62%−35%+4%+4%+11%−48%+123%−5%+16%−27%+26%
MRSH−29%+4%+86%−20%−33%+5%+75%−12%outsideoutsideoutsideoutside
KKRoutside−30%−35%−3%−11%+84%to lossturned profitable+80%+29%outsideoutside
ICEoutside−32%+105%−17%+4%outside+14%+7%outsideoutside+66%outside
CME−4%+9%+5%outsideoutsideoutside+9%outsideoutsideoutside−2%outside