Sector analysis · US
Financials: which companies drove growth
The 20 largest Financials companies by market cap at the end of Q4 2024 (31 Dec 2024), compared with Q4 2023.
The top 20 at Q4 2024
Q4 2024 vs Q4 2023: combined net profit $80.8B (+3%), median EPS +23% (17 of 20 up), market-cap-weighted price +29%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Berkshire Hathaway Inc. | 18.2% | 17.36 → 9.13 | −47% | −21.9 pp | +27% |
| 2 | JPMorgan Chase & Co. | 12.6% | 3.04 → 4.81 | +58% | +5.7 pp | +40% |
| 3 | Visa Inc. | 11.5% | 2.39 → 2.58 | +8% | +0.3 pp | +19% |
| 4 | Mastercard Incorporated | 9.0% | 2.97 → 3.64 | +23% | +0.7 pp | +23% |
| 5 | Bank of America Corporation | 6.3% | 0.35 → 0.82 | +134% | +4.3 pp | +29% |
| 6 | Wells Fargo & Company | 4.3% | 0.86 → 1.43 | +66% | +2.0 pp | +41% |
| 7 | American Express Company | 3.9% | 2.62 → 3.04 | +16% | +0.3 pp | +58% |
| 8 | Blackstone Inc. | 3.8% | 0.20 → 0.92 | +360% | +0.7 pp | +32% |
| 9 | Morgan Stanley | 3.7% | 0.85 → 2.22 | +161% | +2.7 pp | +35% |
| 10 | The Goldman Sachs Group, Inc. | 3.4% | 5.53 → 11.95 | +116% | +2.6 pp | +47% |
| 11 | BlackRock, Inc. | 3.0% | 9.15 → 10.64 | +16% | +0.4 pp | +26% |
| 12 | S&P Global Inc. | 2.9% | 1.83 → 2.85 | +56% | +0.4 pp | +12% |
| 13 | The Progressive Corporation | 2.6% | 3.37 → 4.01 | +19% | +0.5 pp | +51% |
| 14 | The Charles Schwab Corporation | 2.5% | 0.51 → 0.94 | +84% | +1.0 pp | +7% |
| 15 | Citigroup Inc. | 2.5% | −1.14 → 1.34 | turned profitable | +5.7 pp | +33% |
| 16 | KKR & Co. Inc. | 2.4% | 1.14 → 1.18 | +4% | +0.1 pp | +71% |
| 17 | Chubb Limited | 2.1% | 8.04 → 6.33 | −21% | −0.9 pp | +16% |
| 18 | Marsh & McLennan Companies, Inc. | 1.9% | 1.52 → 1.59 | +5% | 0.0 pp | +12% |
| 19 | Apollo Global Management, Inc. | 1.8% | 4.65 → 2.39 | −49% | −1.6 pp | +78% |
| 20 | Brookfield Asset Management Ltd. | 1.6% | 0.25 → 0.42 | +68% | +0.4 pp | — |
| Sector earnings growth | 100% | +3.3 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q3 2024, as market caps moved.
Joined the top 20 since Q3 2024
Left the top 20 since Q3 2024
- Intercontinental Exchange, Inc.
- Moody's Corporation
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% |
| JPM | +39% | −15% | +8% | +29% | +1% | +58% | +14% | −14% | +16% | −4% | +17% | +44% |
| V | +22% | +20% | +13% | +20% | +17% | +8% | +1% | +12% | −1% | +17% | +35% | +10% |
| 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% |
| AXP | +34% | +27% | +39% | +44% | +6% | +16% | +9% | −2% | +19% | +16% | +18% | +12% |
| BX | +23,448% | −73% | +909% | −27% | +40% | +360% | −28% | +69% | −22% | +41% | +4% | +60% |
| MS | −6% | −33% | +19% | +47% | +36% | +161% | +29% | +17% | +49% | +20% | +31% | +60% |
| GS | −34% | +67% | +32% | +180% | +54% | +116% | +22% | +27% | +46% | +17% | +24% | +92% |
| BLK | +16% | +10% | +37% | +10% | +2% | +16% | −8% | +2% | −23% | −33% | +46% | +20% |
| SPGI | +27% | +38% | +28% | +102% | +34% | +56% | +12% | +8% | +24% | +32% | +32% | +18% |
| PGR | +800% | +141% | +425% | +335% | +110% | +19% | +11% | +118% | +12% | +25% | +10% | +5% |
| SCHW | −43% | −47% | −18% | +3% | +27% | +84% | +46% | +64% | +77% | +41% | +38% | +43% |
| C | 0% | to loss | −28% | +14% | −7% | turned profitable | +24% | +29% | +23% | −11% | +56% | +61% |
| KKR | outside | +1,114% | +106% | −23% | −61% | +4% | to loss | −31% | +41% | −2% | outside | outside |
| CB | +162% | +157% | +15% | +26% | +15% | −21% | −37% | +35% | +23% | +28% | +79% | +1% |
| MRSH | +34% | +63% | +14% | +10% | +3% | +5% | −1% | +8% | outside | outside | outside | outside |
| APO | outside | outside | outside | outside | outside | −49% | outside | outside | outside | outside | outside | outside |
| BAM | outside | outside | outside | outside | outside | +68% | outside | outside | outside | outside | outside | outside |