JPM, C, GS, BAC, WFC Set To Report Earnings Tomorrow – A Look At What Wall Street’s Expecting

• JPMorgan is expected to report adjusted earnings per share of $5.80 on revenue of $51.30 billion.
• Oppenheimer recently said it expects a strong trading outlook from Goldman Sachs.
• Goldman Sachs recently added Wells Fargo to its “US Conviction List” and said the bank is shifting "from defense to offense."

Investors are gearing up for the second-quarter earnings season, with five of the six largest U.S. banks scheduled to report their earnings on Tuesday.

JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC), Citigroup Inc. (C), Wells Fargo & Co. (WFC), and Goldman Sachs Group Inc. (GS) will be reporting their second-quarter results on Tuesday.

Big Banks Have Potential To Exceed EPS Expectations, Says Analyst

BofA analyst Ebrahim Poonawala said last week that big banks have the potential to exceed earnings per share expectations and drive positive second half of 2026 and fiscal year 2027 (2H26/FY27) revisions, with upside from stronger net interest income and wealth management flows likely to be rewarded despite elevated expectations, according to TheFly.

Evercore ISI said, despite challenges in private markets and ongoing adjustments in direct lending, the overall landscape for big banks remains promising, creating an environment ripe for continued investment. Meanwhile, Keefe Bruyette said the recent action in bank stocks is constructive, as discounted valuations and fundamental momentum are allowing for the rotation discussion to continue.

Expectations For JPMorgan 

JPMorgan is expected to report adjusted earnings per share of $5.80 on revenue of $51.30 billion. Last week, Keefe Bruyette raised the firm's price target on JPMorgan to $370 from $363 and kept an ‘Outperform’ rating on the shares, according to TheFly. 

According to a recent report by The Wall Street Journal, the largest bank by assets is planning to target small-company deals and is setting up a new team to focus on small-caps valued between $100 million and $500 million.

Street Take On Citigroup, Goldman Sachs

According to Koyfin, Citigroup is expected to report adjusted earnings per share of $2.71 on revenue of $23.73 billion. Morningstar, in a report over the weekend, said Citigroup is the one to watch this week and that the bank has “one of the lowest forward price-to-earnings ratios among the largest U.S. banks.”

Goldman Sachs is expected to report adjusted earnings per share of $14.50 on revenue of $16.40 billion. Oppenheimer recently said it expects a strong trading outlook from Goldman Sachs, as the bank is one of the purest plays on trading and investment banking.

Bank of America And Wells Fargo Draw Positive Signals 

Bank of America is expected to report adjusted earnings per share of $1.13 on revenue of $30.77 billion. Citi said that BofA's commentary at recent conferences has been constructive, and it sees upside to Q2 estimates, driven by stronger banking and trading.

Wells Fargo is expected to report adjusted earnings per share of $1.75 on revenue of $21.85 billion. Goldman Sachs recently added Wells Fargo to its “US Conviction List” and said the bank is shifting "from defense to offense," with balance sheet expansion as it benefits from strong capital markets and a strong credit card business. 

Over the last 12 months, shares of WFC have risen roughly 6%, JPM is up 17%, BAC has risen 27%, GS is up 49%, and C has surged 62%.

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