Sector analysis · US
Financials: which companies drove growth
The 20 largest Financials companies by market cap at the end of Q1 2025 (31 Mar 2025), compared with Q1 2024.
The top 20 at Q1 2025
Q1 2025 vs Q1 2024: combined net profit $67.1B (−6%), median EPS +11% (14 of 20 up), market-cap-weighted price +20%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Berkshire Hathaway Inc. | 20.7% | 5.88 → 2.13 | −64% | −11.3 pp | +27% |
| 2 | JPMorgan Chase & Co. | 12.4% | 4.44 → 5.07 | +14% | +1.7 pp | +22% |
| 3 | Visa Inc. | 12.2% | 2.29 → 2.32 | +1% | −0.1 pp | +23% |
| 4 | Mastercard Incorporated | 8.9% | 3.22 → 3.59 | +11% | +0.4 pp | +13% |
| 5 | Bank of America Corporation | 5.8% | 0.76 → 0.90 | +18% | +1.0 pp | +10% |
| 6 | Wells Fargo & Company | 4.2% | 1.20 → 1.39 | +16% | +0.4 pp | +22% |
| 7 | American Express Company | 3.4% | 3.33 → 3.64 | +9% | +0.2 pp | +18% |
| 8 | Morgan Stanley | 3.3% | 2.02 → 2.60 | +29% | +1.3 pp | +23% |
| 9 | The Goldman Sachs Group, Inc. | 3.1% | 11.58 → 14.12 | +22% | +0.8 pp | +28% |
| 10 | Blackstone Inc. | 3.0% | 1.11 → 0.80 | −28% | −0.3 pp | +8% |
| 11 | The Progressive Corporation | 3.0% | 3.94 → 4.37 | +11% | +0.3 pp | +37% |
| 12 | S&P Global Inc. | 2.8% | 3.16 → 3.54 | +12% | +0.1 pp | +19% |
| 13 | BlackRock, Inc. | 2.6% | 10.48 → 9.64 | −8% | −0.1 pp | +13% |
| 14 | The Charles Schwab Corporation | 2.6% | 0.68 → 0.99 | +46% | +0.8 pp | +8% |
| 15 | Citigroup Inc. | 2.4% | 1.58 → 1.96 | +24% | +1.0 pp | +10% |
| 16 | Chubb Limited | 2.2% | 5.23 → 3.29 | −37% | −1.1 pp | +17% |
| 17 | Marsh & McLennan Companies, Inc. | 2.2% | 2.82 → 2.79 | −1% | 0.0 pp | +19% |
| 18 | KKR & Co. Inc. | 1.9% | 0.74 → −0.22 | to loss | −1.2 pp | +20% |
| 19 | Intercontinental Exchange, Inc. | 1.8% | 1.33 → 1.38 | +4% | 0.0 pp | +25% |
| 20 | CME Group Inc. | 1.7% | 2.35 → 2.62 | +11% | +0.1 pp | +23% |
| Sector earnings growth | 100% | −6.1 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q4 2024, as market caps moved.
Joined the top 20 since Q4 2024
Left the top 20 since Q4 2024
- Apollo Global Management, Inc.
- Brookfield Asset Management Ltd.
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% |
| 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% |
| BX | +23,448% | −73% | +909% | −27% | +40% | +360% | −28% | +69% | −22% | +41% | +4% | +60% |
| PGR | +800% | +141% | +425% | +335% | +110% | +19% | +11% | +118% | +12% | +25% | +10% | +5% |
| SPGI | +27% | +38% | +28% | +102% | +34% | +56% | +12% | +8% | +24% | +32% | +32% | +18% |
| BLK | +16% | +10% | +37% | +10% | +2% | +16% | −8% | +2% | −23% | −33% | +46% | +20% |
| 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% |
| 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 |
| KKR | outside | +1,114% | +106% | −23% | −61% | +4% | to loss | −31% | +41% | −2% | outside | outside |
| ICE | outside | −14% | +14% | −23% | +19% | outside | +4% | +35% | outside | outside | +80% | outside |
| CME | +9% | +28% | −3% | outside | outside | outside | +11% | outside | outside | outside | +21% | outside |