Bank Earnings Blowout: JPMorgan, Wells Fargo, Goldman Sachs and Bank of America All Crush Q2 Estimates
Tuesday, July 14, 2026 delivered one of the most concentrated mornings of the year on Wall Street: JPMorgan Chase, Wells Fargo, Goldman Sachs, Bank of America, and Citigroup all reported second-quarter 2026 results before the opening bell — the same morning the Bureau of Labor Statistics released the June Consumer Price Index and new Federal Reserve Chair Kevin Warsh gave his first Congressional testimony. It’s the unofficial kickoff of Q2 earnings season, and the early read from the banks was resoundingly strong.
JPMorgan Chase: The Biggest Beat of the Morning
JPMorgan set the tone with EPS of $6.14 versus a consensus estimate of roughly $5.85, on revenue of $58.02 billion against expectations near $50.2 billion — one of the largest beats in the bank’s recent history. Strength in trading and investment banking fees, boosted in part by fee income tied to SpaceX’s record-breaking $86 billion IPO in June, helped drive the outperformance. See our full JPMorgan (JPM) fact sheet for more detail on the bank’s financials and analyst coverage.
Wells Fargo: Wealth and Investment Banking Lead the Way
Wells Fargo reported net income of $6.4 billion, or $2.00 per diluted share, up 17% year-over-year and well ahead of the $1.72 analysts had expected. Total revenue rose 9% to $22.6 billion. Investment banking fees jumped 35% to $939 million, helped by the bank’s role as a joint bookrunner on the SpaceX IPO and advisory work on NextEra Energy’s $67 billion acquisition of Dominion Energy. Wells Fargo also advised Apollo on a $35 billion financing package tied to AI lab Anthropic. Wealth and Investment Management revenue grew 13% to $3.89 billion, with client assets in that segment up 15% to $2.69 trillion.
Goldman Sachs: A Record Quarter
Goldman Sachs posted net revenues of $20.34 billion and net earnings of $6.63 billion, with diluted EPS of $20.98 and an annualized return on equity of 23.5% — both records for the firm. The results were driven by record performance in Global Banking & Markets, including record equities revenue and record debt underwriting. CEO David Solomon credited the results to the strength of the firm’s global franchise and client relationships. Our Goldman Sachs (GS) fact sheet has more on the bank’s recent trajectory.
Bank of America: Broad-Based Strength
Bank of America’s net income rose 27% year-over-year to $9.1 billion, with diluted EPS up 34% to $1.21 — both ahead of the roughly $1.13 analysts expected. Revenue climbed 15% to $31.6 billion, and net interest income advanced 9% to $16 billion. CEO Brian Moynihan said every business segment reported double-digit net income growth and strong returns on equity, calling it one of the bank’s strongest quarters to date.
Citigroup: The Turnaround Story Continues
Citigroup, whose Q1 2026 print was its best quarterly revenue performance in a decade, also released results Tuesday morning under CEO Jane Fraser’s ongoing restructuring push. Ahead of the report, analysts had penciled in EPS of roughly $2.62–$2.74 (implying close to 40% year-over-year growth, the highest of the five banks) on revenue near $23.4–$23.7 billion. Citi’s earnings call follows later this morning; we’ll update this coverage once the full detail is confirmed, but early positioning suggests the Street is looking for continued momentum in Citi’s Markets and Services businesses following a standout first quarter.
What It Means for the Broader Market
These results land against a backdrop where analysts had already been expecting a strong Q2 for the S&P 500 as a whole — roughly 24% year-over-year earnings growth, the fastest pace since 2021 — and today’s bank prints suggest that bar may prove conservative for the financial sector specifically. Options markets had priced in elevated volatility around today’s releases, with implied one-day moves ranging from about 4.4% for JPMorgan to 6.0% for Goldman Sachs. The simultaneous release of the June CPI report adds another layer: strong bank earnings paired with contained inflation data would be a favorable combination for risk assets, while a hot CPI print could complicate the picture even with strong underlying corporate performance. This comes on the heels of last week’s market volatility tied to the Iran conflict, giving investors a lot to digest in a short window.
What’s Next
Morgan Stanley reports Wednesday, followed by Johnson & Johnson’s earnings the same day — see our JNJ fact sheet for a full preview. UnitedHealth follows on Thursday, July 16 (preview in our UNH fact sheet), rounding out a heavy week of earnings across financials and healthcare. For ongoing coverage of the companies driving this earnings season, visit our Stock Fact Sheets hub.
For informational purposes only. This article does not constitute investment advice. Figures reflect data available at time of publication and may be updated as final results are confirmed.
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