Top Wall Street Banks Kick Off Q2 Earnings Next Week — Here's What Analysts Expect

• The State Street SPDR S&P Bank ETF is trading near a record high, up 12% in 2026.
• U.S. consumer spending in June showed its strongest growth since April 2022.
• “Second-quarter earnings are already priced in, potentially leading to a sell-the-news response,” Evercore analyst Glenn Schorr told Barron’s.

America’s largest banks are scheduled to report quarterly earnings beginning Tuesday next week, on the back of strong consumer spending as inflation remains sticky. 

U.S. consumer spending in June showed its strongest growth since April 2022, with Bank of America reporting a 6.3% year-over-year increase in aggregate credit and debit card spending per household in June.

Supporting strong spending metrics, the State Street SPDR S&P Bank ETF (KBE) is trading near a record high and has gained about 12% in 2026. However, gains are skewed towards some players. Wells Fargo is down 8% year-to-date, while Citi has jumped 17%. Bank of America and JPMorgan are up 6% and 3% this year, respectively. 

Despite record-high equity markets, a resurgence in mergers and acquisitions, and a strong slate of initial public offerings, the current capital markets cycle may still have further upside, Evercore ISI analyst Glenn Schorr told Barron’s. 

“Second-quarter earnings are already priced in, potentially leading to a "sell-the-news" response, Schorr added. 

Most of the above mentioned banks also happen to be lead bookrunners for upcoming IPOs by OpenAI and Anthropic. 

BAC, JPM, C, WFC, GS Q2 Earnings And Revenue Outlook

Bank of America has beat revenue expectations for the past three consecutive quarters and has surged past earnings expectations for the past eight quarters, as per Fiscal.ai. Analysts expect earnings of $1.13 per share, nearly 27% higher YoY and revenue of $30.8 billion for the quarter ending June 2026, up 16%.

JPMorgan Chase has an earnings outlook of $5.7 per share and revenue expectations of $51.2 billion. The bank has beaten on earnings in each of its last eight quarters, and shares sit near $338 against an average analyst target of $350.

Meanwhile, Citigroup’s Q2 revenue is expected to come in at $23.73 billion with earnings of $2.71 per share. 

Across the investment banks and managers group, Q2 earnings are expected to grow 10.4% on 10.7% higher revenues. Most of that comes from core banking and trading, with investment banking broadly stable rather than booming, according to IG data. 

Despite growing earnings, most banks continue to trade at cheap valuations, sitting at around 12 times earnings compared to 22 times for the S&P 500, according to IG Markets. Market consensus indicates an 11% earnings growth for the banking sector in 2026, suggesting that this discount is not overly extended, even though a low multiple on its own guarantees nothing.

BAC, JPM, C Stock: Retail View 

Retail sentiment on Stocktwits for BAC, JPM and C stock were all in the ‘neutral’ zone with ‘normal’ message volumes. 

BAC Stock has jumped 6.4%, C stock gained 17%, and JPM rose 3% year-to-date. 

Read More: AAPL Stock Unmoved After-Hours — Apple Sues OpenAI Over Alleged 'Rotten' Campaign To Steal AI Hardware Secrets

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