The third quarter earnings season kicked off in earnest on Tuesday as the major Wall Street banks reported their quarterly results.
Coming into the quarter, analysts expect S&P 500 companies to report a 7.9% jump in earnings per share during the third quarter, according to FactSet data. If that figure holds, it would mark the ninth straight quarter of positive earnings growth but a deceleration from the 12% earnings growth reported in Q2 of this year.
Source: FactSet
On Tuesday, the major financial institutions tested those expectations when JPMorgan Chase (JPM), Goldman Sachs (GS), Wells Fargo (WFC), Citigroup (C), and BlackRock (BLK) reported results. That initial slew of earnings was followed by Bank of America (BAC), Morgan Stanley (MS), PNC (PNC), Synchrony Financial (SYF), and Citizens Financial Group (CFG) on Wednesday.
Earnings from Charles Schwab (SCHW), BNY Mellon (BK), and U.S. Bancorp (USB) helped round out the financial sector on Thursday, while the world’s largest chipmaker — Taiwan Semiconductor Manufacturing Company (TSM) — provided a closely watched update on its business and chip demand.
The weekly earnings calendar also features quarterly results from United Airlines (UAL), Fastenal (FAST), Johnson & Johnson (JNJ), Domino’s (DPZ), Albertsons (ACI), Progressive (PGR), Abbott Laboratories (ABT), Prologis (PLD), Marsh & McLennan (MMC), Infosys (INFY), CSX (CSX), American Express (AXP), Truist (TFC), State Street (STT), and Ally Financial (ALLY).
Here are the latest updates from corporate America.
LIVE 23 updates
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TSMC raises 2025 revenue outlook, sees continued ‘strong demand’
Taiwan Semiconductor Manufacturing Co. (TSM) stock rose about 2% in premarket trading after the world’s biggest leading-edge chipmaker reported that profits surged 39% year over year in the third quarter.
What’s more, TSMC raised its revenue outlook for 2025 for the second time this year, as the chipmaker benefits from companies spending on artificial intelligence. TSMC sees mid-30% annual sales growth.
TSMC revenue beat estimates, coming in at 989.92 billion New Taiwan dollars (approximately $32.2 billion USD), compared to NT$967,146 estimated. Earnings per share of NT$17.44 (US$2.92 per ADR unit) also beat estimates of $2.60 per ADR unit.
Apple (AAPL), Nvidia (NVDA), and AMD (AMD) count among TSMC’s customers.
“Our business in the third quarter was supported by strong demand for our leading-edge process technologies,” TSMC CFO Wendell Huang said. “Moving into fourth quarter 2025, we expect our business to be supported by continued strong demand for our leading-edge process technologies.”
- Interactive Brokers beats earnings estimates on trading activity surge
Interactive Brokers (IBKR) stock climbed 1% after the company reported a boost in client trading volume and robust third quarter earnings.
The electronic brokerage stated that its customer accounts increased 32% to 4.13 million, which led to growth in overall trading volume during the quarter. Positive overall market sentiment helped boost trading as well, as investors bought dips and participated in rallies, the company said in its Q3 earnings call.
In total, commission revenue increased 23% year over year to $537 million during the quarter, while net interest income rose 21% to $967 million.
Earnings per share of $0.59 topped Wall Street analysts’ estimates for earnings of $0.53 per share. Revenue was also well above expectations, with the quarter’s $1.65 billion exceeding estimates of $1.52 billion.
- CSX stock rises after hours as depressed coal prices were offset by revenue growth elsewhere
CSX (CSX) reported better-than-expected profits and revenue for the third quarter, as declines in coal prices and merchandise volume were partially offset by intermodal volume growth and higher prices in other merchandise.
The Jacksonville, Fla.-based freight railroad operator posted earnings per share of $0.44, compared to analysts’ expectations for $0.42 per share, according to S&P Global Market Intelligence.
Revenue declined 1% year over year to $3.59 billion for the quarter, although the metric still exceeded expectations of $3.57 billion.
Volume totaled 1.61 million units for the quarter, up 1% annually, though the operating margin shrank to 30.3% from 37.4% in the same period a year ago.
CSX stock rose 3% in after-hours trading
- US Bancorp beats earnings estimates, reports record quarterly revenue
U.S. Bancorp (USB) reported net income of $2.00 billion, or $1.22 a share, in the third quarter, beating Wall Street estimates of $1.89 billion and rising from $1.72 billion in the same period last year.
Revenue reached a record $7.3 billion, ahead of estimates for $7.1 billion, according to S&P Global Market Intelligence, while net interest income rose 2% to $4.25 billion.
Provisions for credit losses reached $571 million in Q3, a 2.5% increase from $557 million in Q3 2024.
US Bancorp stock advanced 1.5% ahead of the opening bell.
- Charles Schwab reports record revenue in Q3
Charles Schwab (SCHW) stock rose 4% in premarket trading after the financial services company reported earnings of $1.26 per share, beating Wall Street estimates by a penny.
Third quarter revenue also came in better than expected at a record $6.13 billion, a 27% increase year over year.
A dealmaking boom and stock market enthusiasm boosted the other major financial institutions that reported results earlier this week. At Charles Schwab, total client assets increased 17% year over year to a record $11.59 trillion, and net interest margin expanded by 21 basis points to 2.86%.
According to the company, a reduction in higher-cost liabilities, strong securities lending activity, and increased lending by clients helped boost net interest margins.
“Our unwavering focus on delivering for clients helped us attract $137.5 billion in 3Q core net new assets plus over 1 million new brokerage accounts for the fourth straight quarter,” CEO Rick Wurster said in the release.
- Wed, October 15, 2025 at 8:16 PM UTC United reports Q3 earnings beat and better Q4 guidance as premium business grows
Yahoo Finance’s Pras Subramanian reports:
- Wed, October 15, 2025 at 6:38 PM UTC Progressive stock tumbles 6% after earnings miss estimates
Progressive (PGR) stock tumbled over 6% as of midday trading on Wednesday after the company’s earnings missed analyst expectations.
The insurance giant reported profits of $4.44 per share, underperforming Wall Street estimates for earnings of $5.30 per share. Revenue also fell short, with $21.3 billion reported versus the estimated $21.6 billion. Net income dropped 48% year over year.
Progressive experienced a $950 million expense in September due to a 2023 policy change in Florida that limits profits made on auto insurance.
“Despite actions to lower rates in the last year, it is probable that our personal auto profit in Florida for the 2023 to 2025 period will exceed the statutory profit limit that a Florida statute imposes…,” the company said. “In such event, we would need to credit any profit above the limit to all Florida personal auto policyholders active at December 31, 2025.”
- Wed, October 15, 2025 at 6:21 PM UTC Regional bank stocks fall after reporting earnings
Several regional bank stocks fell on Wednesday afternoon after the companies reported third quarter earnings and a stable
Shares of Citizens Financial Group (CFG) dropped 1%, while PNC (PNC) fell more than 3%. Memphis-based First Horizon (FHN) led the declines, with the stock dropping over 10%. First Horizon reported that deposits declined by $52 million year over year.
Pittsburgh-based PNC beat earnings estimates by $0.31, with profits per share of $4.35 compared to the Street’s expectations for earnings per share of $4.04, per S&P Global Market Intelligence. The regional bank reported that it expects net interest income to rise 1.5% in the fourth quarter but anticipates fee income will fall about 3%.
The stock reaction in regional banks juxtaposed the strength in the large Wall Street banks’ results and their stocks’ move higher. Bank of America (BAC) and Morgan Stanley (MS) shares were up 3% and 5%, respectively, on the back of a dealmaking boom and robust trading activity.
Additional regional banks, Fifth Third (FITB) and Comerica (CMA), will report earnings on Friday, providing investors with further clues about the state of household balance sheets. First Horizon CEO Bryan Jordan noted that the US economy, in the bank’s view, “continues to perform reasonably well.”
- Wed, October 15, 2025 at 12:16 PM UTC Morgan Stanley profits surge as CEO calls the bank’s quarter ‘outstanding’
Third quarter profits at Morgan Stanley (MS) surged 45% as another Wall Street bank saw a robust quarter and benefited from a trading and dealmaking boom.
Morgan Stanley CEO Ted Pick called his bank’s quarter “outstanding” in an earnings statement. Morgan Stanley stock climbed nearly 4% in premarket trading.
Dealmaking fees at Morgan Stanley surged 44% from a year ago to $2.1 billion, Yahoo Finance’s David Hollerith reports. The bank advised on the Union Pacific-Norfolk Southern megadeal and co-facilitated the Keurig Dr Pepper (KDP) $18 billion acquisition of JDE Peet’s (JDEP.AS).
Trading also did well, with fees from the firm’s client trading division soaring 24%, driven by its stock transactions group. Morgan Stanley’s combined equity, fixed income, currency, and commodity trading for clients ballooned to $6.28 billion.
- Wed, October 15, 2025 at 11:49 AM UTC Abbott stock falls as earnings miss expectations
Shares of pharmaceutical and medical device maker Abbott (ABT) fell 1% in premarket trading on Wednesday after earnings came in a tad light.
The company reported diluted earnings per share of $0.94; the Street was looking for $1.04, according to S&P Global Market Intelligence. Revenue of $11.3 billion was roughly in line with Wall Street’s estimates.
Sales in Abbott’s Nutrition segment rose 4.2%, propped up by 13.3% growth internationally. In the US, Nutrition sales fell 6.5%. Abbott makes products such as Pedialyte and Ensure.
Its Diagnostics sales declined by 6.6% year over year, while sales of Established Pharmaceuticals, which are only sold internationally, rose 7.5%. Medical Device sales saw the greatest amount of growth, increasing by 14.8%.
- Wed, October 15, 2025 at 11:22 AM UTC Wall Street boom boosts profits at Bank of America
Yahoo Finance’s David Hollerith reports:
Bank of America CEO Brian Moynihan noted strong fee improvements in the third quarter. (John Lamparski/Getty Images) · John Lamparski via Getty Images - Wed, October 15, 2025 at 10:07 AM UTC LVMH stock jumps after surprising return to sales growth
LVMH (MC.PA, LVMUY) unexpectedly reported a return to sales growth in its third quarter earnings, a sign the decline in luxury demand is easing.
Paris-listed shares of the owner of Louis Vuitton and Christian Dior rose as much as 14% — the biggest intraday gain since 2001 — while its US-listed stock jumped around 9% in premarket.
Reuters reports:
- Wed, October 15, 2025 at 9:46 AM UTC Global AI rush helps ASML beat orders estimates, but China outlook dims
ASML’s (ASML, ASML.AS) orders topped estimates in the third quarter amid an AI investment boom, and the Dutch maker of chipmaking equipment said it expects to keep benefiting.
Shares rose over 3% in premarket trading even after ASML also warned it expects Chinese demand to drop significantly next year,
Reuters reports:
- Tue, October 14, 2025 at 1:06 PM UTC Citigroup Q3 results boosted by dealmaking and trading
Citigroup (C) stock rose just under 1% on Tuesday morning as Wall Street banks benefited from dealmaking, mergers, and IPOs in the third quarter.
Dealmaking fees at Citi jumped 17%, and traders in equities and fixed income generated $5.6 billion — 15% more than a year earlier, Yahoo Finance’s David Hollerith reported.
Meanwhile, Citi’s total revenue grew 9% as all of its divisions set records for the quarter. Its net income for the third quarter was $3.8 billion, or $1.86 per diluted share, on revenue of $22.1 billion. A year ago, the bank reported net income of $3.2 billion, or $1.51 per diluted share, on revenue of $20.2 billion.
“The cumulative effect of what we have done over the past years — our transformation, our refreshed strategy, our simplification — have put Citi in a materially different place in terms of our ability to compete,” Citi CEO Jane Fraser said in a statement. “Investments in new products, digital assets and AI are driving innovation and improved capabilities across the franchise.”
- Tue, October 14, 2025 at 12:41 PM UTC Domino’s stock rises on strong US pizza sales
Shares of Domino’s Pizza (DPZ) climbed nearly 5% in premarket trading after the pizza chain reported that US same-store sales accelerated by 5.2%.
Domino’s third quarter earnings and revenue also beat expectations, which CEO Russell Weiner attributed to promotional activity and a new stuffed-crust offering. Earnings per share came in at $4.08, topping estimates of $3.97, while revenue of $1.15 billion narrowly surpassed estimates of $1.14 billion.
Year to date, Domino’s stock is down 2%, however.
- Tue, October 14, 2025 at 11:57 AM UTC Johnson & Johnson raises sales forecast, announces plans to spin off orthopedics unit
Johnson & Johnson (JNJ) announced it plans to spin off its orthopedics business on Tuesday as the company reported better-than-expected earnings and raised its 2025 revenue guidance.
J&J’s orthopedics unit, which makes hip, knee, and shoulder implants, among other products, is expected to become an independent company called DePuy Synthes within the next 18 to 24 months.
“We think this business will benefit from focused capital deployment and a focus in the competitive landscape. We think this positions both entities for success,” CFO Joe Wolk told Yahoo Finance’s Julie Hyman.
For the quarter, J&J reported adjusted earnings per share of $2.80, compared to Wall Street estimates of $2.76.
Pharmaceutical sales rose 6.8% year over year to $15.56 billion, while medical device sales also rose 6.8% to $8.43 billion. Oncology treatment sales hit $3.67 billion.
Johnson & Johnson raised its 2025 sales forecast by about $300 million to a new range of $93.5 billion to $93.9 billion, above analysts’ expectations of $93.4 billion.
The stock ticked lower in premarket trading.
Tue, October 14, 2025 at 11:49 AM UTC The impact of booming markets on a bank
Greetings from Dreamforce out in San Francisco! I just can’t help myself in weighing in on JPMorgan (JPM) earnings — indeed, these numbers in the markets business will be the gold standard for comparing to other banks in terms of third quarter performance.
The numbers also offer a good snapshot into how surging markets are impacting banks. They show how performance like this is at risk if we get the long-overdue 3% pullback in markets in the fourth quarter.
JPMorgan’s markets performance:
- Tue, October 14, 2025 at 11:29 AM UTC Wells Fargo boosts key profitability metric as asset cap removed
Wells Fargo (WFC) posted third quarter results that beat analysts’ expectations on Tuesday, lifting the stock over 2% in premarket trading.
Bloomberg reports:
- Tue, October 14, 2025 at 11:24 AM UTC Wall Street bonanza boosts profits at JPMorgan
JPMorgan Chase (JPM) stock edged lower after the major US bank reported that its profits climbed in the third quarter.
Yahoo Finance’s David Hollerith reports:
Tue, October 14, 2025 at 10:55 AM UTC BlackRock hauls in $205B as private assets accelerate
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