Wall Street kicks off Q2 2026 earnings season in dramatic fashion on Tuesday, July 14, 2026, as five of the largest U.S. banks simultaneously report second-quarter financial results before the opening bell. JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs all release earnings this morning — the same day the Bureau of Labor Statistics publishes the June Consumer Price Index report. For investors, this represents one of the most consequential mornings in financial markets this summer.
The reports arrive with elevated stakes. S&P 500 companies are expected to post year-over-year earnings growth exceeding 20% for Q2 2026, according to FactSet — the second consecutive quarter of 20%-plus growth. The financial sector, led by this morning’s bank reports, is expected to demonstrate strong investment banking revenue growth driven in part by high-profile deal activity, including work tied to the SpaceX IPO. For investors, today’s results offer an early read on the health of the U.S. economy and the direction of the broader earnings season.
JPMorgan Chase is the largest bank in the United States by assets and a key bellwether for the financial sector and the broader economy. The bank has beaten Wall Street’s earnings estimates in each of the past eight consecutive quarters. Analysts entered today expecting Q2 EPS of approximately $5.59 on revenue of around $49.4 billion, which would represent roughly 12.7% year-over-year EPS growth compared to the $4.96 reported in Q2 2025. JPMorgan beat estimates by 8.2% last quarter, reporting Q1 2026 EPS of $5.94 on revenue of $50.54 billion.
CEO Jamie Dimon’s commentary on the U.S. economy, interest rates, and the credit environment is closely watched by investors and policymakers alike. Analysts particularly focus on net interest income, loan growth, and investment banking revenues. KBW analyst Chris McGratty projected sector-wide investment banking revenue could surge 26% year-over-year and trading revenue could jump 14%, with JPMorgan a key beneficiary.
Bank of America is the second-largest U.S. bank and operates one of the country’s largest retail banking networks, with approximately 3,500 financial centers and 15,000 ATMs. The bank reports Q2 2026 results before market open with analysts expecting EPS of approximately $1.12 on revenue of around $30.6 billion, representing roughly 25.8% EPS growth year-over-year from $0.89 in Q2 2025. Bank of America has beaten EPS estimates in each of its last eight consecutive quarters, including a $0.11 beat in Q1 2026.
Investors are watching Bank of America’s net interest income trajectory particularly closely, as it is one of the most interest rate-sensitive of the major banks. An investor conference call is scheduled for 8:30 a.m. ET on July 14.
Citigroup is a global bank with operations in more than 160 countries. Analysts expected Q2 2026 EPS of approximately $2.62 to $2.71 on revenue of around $20.95 billion, which would represent roughly 33.7% EPS growth year-over-year compared to $1.96 in Q2 2025. Citigroup has exceeded Wall Street’s earnings estimates in each of the past four quarters, including a 16.35% beat in Q1 2026 ($3.06 actual vs. $2.63 estimate).
The bank’s ongoing transformation under CEO Jane Fraser — which includes simplifying its organizational structure, reducing costs, and exiting certain international consumer banking markets — remains a key focus for investors tracking Citigroup’s path toward improving its return on tangible common equity.
Wells Fargo is the fourth-largest U.S. bank by assets and has been in expansion mode following the Federal Reserve’s removal of its asset cap, which restricted growth for several years. The bank raised its quarterly dividend 11% to $0.50 per share after passing the Fed’s 2026 stress test. Analysts expected Q2 2026 EPS of approximately $1.71 to $1.72 on revenue of approximately $21.8 billion to $21.9 billion, compared to EPS of $1.60 in Q1 2026.
Goldman Sachs added Wells Fargo to its U.S. Conviction List in early July, citing the bank’s strategic pivot toward growth. However, Zacks noted that Wells Fargo came up short on net interest income in the Q2 report, with NII declining 2.6% — and the bank guided lower on that metric going forward, a notable disappointment for investors focused on lending profitability. A conference call was scheduled for 10:00 a.m. ET.
Goldman Sachs is Wall Street’s preeminent investment bank and was expected to be among the biggest earnings standouts this quarter. Analysts projected Q2 2026 EPS of approximately $14.47 on revenue of approximately $16.49 billion, representing roughly 32.6% EPS growth from the $10.91 reported in Q2 2025. Goldman was the lead underwriter on the SpaceX IPO, described as potentially one of the largest underwriting fees in history, with analysts estimating Goldman generated approximately $100 million in fees from that transaction alone.
Goldman also disclosed that by mid-2026 it had advised on over $1 trillion in announced M&A transactions year-to-date, the fastest pace of deal completion ever recorded in a half-year period. The bank has beaten earnings estimates in each of the past four quarters by an average of 13.1%.
Investment banking revenues surged this quarter, driven by exceptional deal flow. Goldman Sachs reported a 26% year-over-year increase in investment banking revenues, while Citigroup reported a 15% increase. JPMorgan’s investment banking revenues rose approximately 7%, which notably exceeded the bank’s own earlier guidance for a mid-teens decline. Bank of America and Morgan Stanley saw investment banking revenues decline, according to Zacks. Sector-wide trading revenue also increased approximately 14%, supported by volatility in energy markets and geopolitical events.
Net interest income (NII) — the money banks earn from lending, which is their most basic form of profit — showed a mixed picture. Bank of America reported NII growth of approximately 7% year-over-year. Wells Fargo, however, reported a 2.6% decline in NII and guided lower for the coming quarter, a development that weighed on the bank’s stock. The Federal Reserve has held its benchmark interest rate steady at 3.50%–3.75% since June 2026, and investors are closely watching for any commentary about the rate outlook heading into the Fed’s July 28–29 meeting.
The SpaceX IPO was a defining event for investment banking in Q2 2026. Goldman Sachs served as lead underwriter, generating substantial fees from underwriting, debt-raising, and the oversubscribed deal’s equity distribution. The transaction is widely credited with powering Goldman’s standout investment banking results. Goldman is also the co-lead advisor on the anticipated Anthropic IPO, expected in the second half of 2026, providing continued deal pipeline visibility.
The KBE bank ETF had gained approximately 12% in 2026 heading into today’s earnings, near a record high. Financial sector analysts cited the Trump administration’s push to ease banking regulations as a supportive backdrop that has helped financial stocks outperform the broader market for two consecutive years. Total Q2 earnings for the Finance sector companies reporting so far are up approximately 13.2% from the same period last year on 3.4% higher revenues, with all reporting companies beating EPS estimates, according to Zacks.
The June Consumer Price Index report was released by the Bureau of Labor Statistics at 8:30 a.m. ET on the same morning as the bank earnings reports. Analysts expected headline CPI to come in at approximately 3.8% to 3.9% year-over-year, down from 4.2% in May, driven primarily by a roughly 10% decline in gasoline prices in June. Core CPI, which excludes food and energy and is more closely watched by the Federal Reserve, was expected at approximately 2.9% year-over-year. Both readings were expected to remain above the Fed’s 2% target, maintaining the possibility of an additional rate hike later in 2026.
The convergence of five major bank earnings reports and the June CPI print in a single pre-market window created concentrated event risk across financial markets on Tuesday morning. Bank stocks faced implied one-day moves ranging from approximately 3.1% for Bank of America to 4.3% for Goldman Sachs, reflecting elevated options market volatility headed into the day.
Sector ETFs facing potential impact include the Financial Select Sector SPDR ETF (XLF), which holds significant weightings in all five reporting banks, and the SPDR S&P Bank ETF (KBE), more concentrated in the banking sector. Strong results across the group, combined with positive economic commentary from management teams, typically support broader market sentiment and can lift the S&P 500.
Mixed results at Bank of America and Wells Fargo on net interest income — and Wells Fargo’s lower NII guidance — represent a near-term headwind for those two stocks in particular, even as overall earnings from both companies appear to have beaten EPS consensus estimates.
Morgan Stanley (NYSE: MS) reports Q2 2026 earnings on Wednesday, July 15, completing the major Wall Street bank earnings cycle for this quarter. The bank is expected to report results that reflect similar trends in wealth management and investment banking activity.
Later in the week, additional S&P 500 companies from financial services and other sectors report. Looking further ahead: Alphabet reports July 22; Microsoft, Meta Platforms, JPMorgan’s next conference call details, and others report the week of July 28-30; Apple and Amazon report July 30. Nvidia is expected to report in late August.
The Federal Reserve’s next interest rate decision comes at the July 28–29 FOMC meeting. Markets are pricing approximately a 65% probability of no change at that meeting, with the odds of a rate hike rising for September and into early 2027. Management commentary from today’s bank earnings calls — particularly on credit quality, loan demand, and economic outlook — will likely influence those Fed expectations.
Today marks the official start of Q2 2026 earnings season in earnest, with five of the most systemically important banks in the world reporting results simultaneously. The strong investment banking performance, mixed picture on net interest income, and the simultaneous June CPI release create a high-stakes morning for investors across all asset classes. The results from JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs will set the tone for the broader earnings season — and for market expectations heading into the Federal Reserve’s critical late-July policy meeting.
Steel Dynamics (STLD), W.R. Berkley (WRB), and AMC Entertainment (AMC) report Q2 2026 earnings today. Here's what investors should know before the results.
July 20, 2026
This week's earnings calendar features Tesla, Alphabet, Intel, Texas Instruments, IBM, ServiceNow, Lockheed Martin, and American Express — a pivotal stretch of …
July 20, 2026
Fixed-rate mortgages keep your interest rate constant for the life of the loan, while adjustable-rate mortgages start with a lower rate that can change over tim…
July 20, 2026