Sector analysis · US
Financials: which companies drove growth
The 20 largest Financials companies by market cap at the end of Q3 2023 (30 Sep 2023), compared with Q3 2022.
The top 20 at Q3 2023
Q3 2023 vs Q3 2022: combined net profit $42.4B (−1%), median EPS +22% (14 of 20 up), market-cap-weighted price +19%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Berkshire Hathaway Inc. | 20.4% | −1.27 → −5.88 | loss, bigger | −20.5 pp | +32% |
| 2 | Visa Inc. | 12.7% | 1.86 → 2.27 | +22% | +1.5 pp | +30% |
| 3 | JPMorgan Chase & Co. | 11.4% | 3.12 → 4.33 | +39% | +7.0 pp | +39% |
| 4 | Mastercard Incorporated | 10.0% | 2.58 → 3.39 | +31% | +1.4 pp | +40% |
| 5 | Bank of America Corporation | 5.9% | 0.81 → 0.90 | +11% | +1.5 pp | −9% |
| 6 | Wells Fargo & Company | 4.0% | 0.85 → 1.48 | +74% | +4.5 pp | +1% |
| 7 | Morgan Stanley | 3.6% | 1.47 → 1.38 | −6% | −0.5 pp | +5% |
| 8 | Blackstone Inc. | 3.3% | 0.00 → 0.73 | +23,448% | +1.1 pp | +28% |
| 9 | S&P Global Inc. | 3.1% | 1.84 → 2.33 | +27% | +0.3 pp | +22% |
| 10 | The Goldman Sachs Group, Inc. | 2.9% | 8.25 → 5.47 | −34% | −2.1 pp | +12% |
| 11 | American Express Company | 2.9% | 2.47 → 3.30 | +34% | +1.2 pp | +11% |
| 12 | The Charles Schwab Corporation | 2.7% | 0.99 → 0.56 | −43% | −1.8 pp | −23% |
| 13 | BlackRock, Inc. | 2.6% | 9.22 → 10.66 | +16% | +0.4 pp | +18% |
| 14 | Marsh & McLennan Companies, Inc. | 2.5% | 1.09 → 1.46 | +34% | +0.4 pp | +28% |
| 15 | Chubb Limited | 2.3% | 1.89 → 4.95 | +162% | +2.6 pp | +15% |
| 16 | The Progressive Corporation | 2.2% | 0.21 → 1.89 | +800% | +2.1 pp | +20% |
| 17 | Citigroup Inc. | 2.1% | 1.63 → 1.63 | 0% | +0.1 pp | −2% |
| 18 | CME Group Inc. | 1.9% | 1.89 → 2.06 | +9% | +0.1 pp | +13% |
| 19 | Aon plc | 1.8% | 1.92 → 2.23 | +16% | +0.1 pp | +23% |
| 20 | PayPal Holdings, Inc. | 1.7% | 1.15 → 0.93 | −19% | −0.6 pp | −31% |
| Sector earnings growth | 100% | −1.2 pp |
Who joined and who left
0 joined and 0 left the top 20 since the previous quarter, as market caps moved.
Joined the top 20 since the previous quarter
Left the top 20 since the previous quarter
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth year on year, 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 | loss, bigger | +110% | −64% | −15% | turned profitable | −47% | −64% | −59% | +17% | −3% | +120% | +108% |
| V | +22% | +20% | +13% | +20% | +17% | +8% | +1% | +12% | −1% | +17% | +35% | +10% |
| JPM | +39% | −15% | +8% | +29% | +1% | +58% | +14% | −14% | +16% | −4% | +17% | +44% |
| MA | +31% | +13% | +30% | +17% | +4% | +23% | +11% | +16% | +23% | +24% | +21% | +22% |
| BAC | +11% | −59% | −19% | −6% | −10% | +134% | +18% | +7% | +31% | +18% | +23% | +35% |
| WFC | +74% | +28% | −2% | +6% | −4% | +66% | +16% | +20% | +17% | +17% | +15% | +25% |
| MS | −6% | −33% | +19% | +47% | +36% | +161% | +29% | +17% | +49% | +20% | +31% | +60% |
| BX | +23,448% | −73% | +909% | −27% | +40% | +360% | −28% | +69% | −22% | +41% | +4% | +60% |
| SPGI | +27% | +38% | +28% | +102% | +34% | +56% | +12% | +8% | +24% | +32% | +32% | +18% |
| GS | −34% | +67% | +32% | +180% | +54% | +116% | +22% | +27% | +46% | +17% | +24% | +92% |
| AXP | +34% | +27% | +39% | +44% | +6% | +16% | +9% | −2% | +19% | +16% | +18% | +12% |
| SCHW | −43% | −47% | −18% | +3% | +27% | +84% | +46% | +64% | +77% | +41% | +38% | +43% |
| BLK | +16% | +10% | +37% | +10% | +2% | +16% | −8% | +2% | −23% | −33% | +46% | +20% |
| MRSH | +34% | +63% | +14% | +10% | +3% | +5% | −1% | +8% | outside | outside | outside | outside |
| CB | +162% | +157% | +15% | +26% | +15% | −21% | −37% | +35% | +23% | +28% | +79% | +1% |
| PGR | +800% | +141% | +425% | +335% | +110% | +19% | +11% | +118% | +12% | +25% | +10% | +5% |
| C | 0% | to loss | −28% | +14% | −7% | turned profitable | +24% | +29% | +23% | −11% | +56% | +61% |
| CME | +9% | +28% | −3% | outside | outside | outside | +11% | outside | outside | outside | +21% | outside |
| AON | +16% | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside |
| PYPL | −19% | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside |