Sector analysis · US
Financials: which companies drove growth
The 20 largest Financials companies by market cap at the end of Q3 2025 (30 Sep 2025), compared with Q3 2024.
The top 20 at Q3 2025
Q3 2025 vs Q3 2024: combined net profit $99.4B (+19%), median EPS +23% (17 of 20 up), market-cap-weighted price +23%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Berkshire Hathaway Inc. | 17.7% | 12.18 → 14.28 | +17% | +5.4 pp | +9% |
| 2 | JPMorgan Chase & Co. | 14.3% | 4.37 → 5.07 | +16% | +1.8 pp | +51% |
| 3 | Visa Inc. | 10.6% | 2.65 → 2.62 | −1% | −0.3 pp | +23% |
| 4 | Mastercard Incorporated | 8.3% | 3.53 → 4.34 | +23% | +0.8 pp | +15% |
| 5 | Bank of America Corporation | 6.2% | 0.81 → 1.06 | +31% | +1.9 pp | +28% |
| 6 | Wells Fargo & Company | 4.3% | 1.42 → 1.66 | +17% | +0.6 pp | +52% |
| 7 | Morgan Stanley | 4.1% | 1.88 → 2.80 | +49% | +1.7 pp | +53% |
| 8 | The Goldman Sachs Group, Inc. | 4.1% | 8.40 → 12.25 | +46% | +1.3 pp | +64% |
| 9 | American Express Company | 3.7% | 3.49 → 4.14 | +19% | +0.5 pp | +22% |
| 10 | Blackstone Inc. | 3.3% | 1.02 → 0.80 | −22% | −0.2 pp | +11% |
| 11 | Citigroup Inc. | 3.0% | 1.51 → 1.86 | +23% | +0.6 pp | +63% |
| 12 | BlackRock, Inc. | 2.9% | 10.90 → 8.43 | −23% | −0.4 pp | +17% |
| 13 | The Charles Schwab Corporation | 2.8% | 0.71 → 1.26 | +77% | +1.1 pp | +44% |
| 14 | S&P Global Inc. | 2.4% | 3.12 → 3.86 | +24% | +0.2 pp | −7% |
| 15 | The Progressive Corporation | 2.4% | 3.97 → 4.45 | +12% | +0.3 pp | −2% |
| 16 | Capital One Financial Corporation | 2.2% | 4.41 → 4.83 | +10% | +1.7 pp | — |
| 17 | Robinhood Markets, Inc. | 2.1% | 0.17 → 0.61 | +268% | +0.5 pp | — |
| 18 | Interactive Brokers Group, Inc. | 1.9% | 0.42 → 0.59 | +40% | +0.1 pp | +98% |
| 19 | KKR & Co. Inc. | 1.9% | 0.64 → 0.90 | +41% | +0.4 pp | −1% |
| 20 | Chubb Limited | 1.8% | 5.70 → 6.99 | +23% | +0.6 pp | −4% |
| Sector earnings growth | 100% | +18.6 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q2 2025, as market caps moved.
Joined the top 20 since Q2 2025
Left the top 20 since Q2 2025
- Marsh & McLennan Companies, Inc.
- Intercontinental Exchange, Inc.
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% |
| 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% |
| 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% |
| C | 0% | to loss | −28% | +14% | −7% | turned profitable | +24% | +29% | +23% | −11% | +56% | +61% |
| 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% |
| 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% |
| COF | outside | outside | outside | outside | outside | outside | outside | to loss | +10% | +22% | −3% | turned profitable |
| HOOD | outside | outside | outside | outside | outside | outside | outside | outside | +268% | −35% | outside | outside |
| IBKR | outside | outside | outside | outside | outside | outside | outside | outside | +40% | +26% | +20% | +35% |
| 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% |