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Analysis

Equities

Q2 25 US Bank Earnings Preview: By The Numbers

Michael Brown
Michael Brown
Senior Research Strategist
Jul 9, 2025
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Q2 US earnings season will soon be underway, with the major Wall Street banks, as usual, getting things underway.

JPMorgan Chase (JPM, 11:45am BST/6:45am ET, 15 July)

JPM trades approximately 18% higher YTD, outperforming not only within the Financials sector, but also the S&P 500 at large. The stock stands as the 11th largest weighting in the benchmark, while also being a Dow constituent. Options tied to the stock price a move of +/-3.6% in the 24 hours following the upcoming earnings release, with JPM having ended the day in the green following the last three quarterly reports in a row. This time out, consensus expects adj. EPS at $4.47, on revenues of $44.1bln.

Preview

Wells Fargo (WFC, 12pm BST/7am ET, 15 July)

Wells have advanced just over 15% this year, having been buoyed recently by news that the $1.95tln asset cap imposed by the Federal Reserve has finally been lifted, after seven years. That performance, in any case, also sees WFC outperforming both Financials sector, and the benchmark S&P 500, with the stock being the 31st largest member of the index. Derivatives imply a move of +/-4.2% after the upcoming earnings print, though the stock has ended in the red following four of the last six reports. For Q2 25, the Street expects adj. EPS at $1.40, on revenues of $20.7bln.

Preview

Citigroup (C, 1pm BST/8am ET, 15 July)

Citi trade around 22% higher YTD, tied with GS for the best performing bank stock in 2025, and vastly outperforming the benchmark S&P 500, though only has a relatively modest 0.3% weighting in the index. Options on Citi price a move of around +/-3.7% on reporting day, with the stock having ended the day in the green for 2 quarters in a row, post-earnings. For the upcoming report, consensus expects adj. EPS of $1.61, on revenues of $20.9bln.

Preview

Bank of America (BAC, 11:45am BST/6:45am ET, 16 July)

BAC comes into Q2 earnings trading just 7% higher YTD, not only lagging peers, but also underperforming the S&P 500, within which it stands as the 23rd largest constituent. BAC derivatives imply a move of +/-3.6% in the 24 hours following the upcoming earnings release, with recent pedigree having been rather mixed, with 3 gains and 3 losses following the last 6 reports. In Q2 25, expectations point to adj. EPS of $0.85, on revenues of $26.7bln.

Preview

Goldman Sachs (GS, 12:30pm BST/7:30am ET, 16 July)
Goldman have gained about 22% so far in 2025, tied with Citi for the best performing bank stock YTD. In terms of index weightings, Goldman stands as the 43rd largest stock in the S&P 500, but also sits as the largest stock in the Dow, with a sizeable 9.7% weight in the latter. Options on GS price a move of +/-3.5% in the day following the earnings print, with the stock having gained post-earnings following 5 of the last 6 reports. For the upcoming release, participants expect adj. EPS of $9.69, on net revenues of $13.5bln.

Preview

Morgan Stanley (MS, 12:30pm BST/7:30am ET, 16 July)

Morgan Stanley sit around 12% higher so far this year, marginally outperforming the Financials sector, but lagging most peers. That said, MS are outperforming the benchmark S&P 500, while standing as the 37th largest stock in the index. Options contracts imply a move of +/-3.9% over the upcoming release, with markets having cheered recent earnings, seeing the stock rally following the last five quarterly reports running. In Q2 25, consensus expects adj. EPS at $1.97, on revenues of just over $16bln.

Preview

Note – all figures in this article are correct as of 9th July 2025; past performance is not a reliable indicator of future results

The material provided here has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research we will not seek to take any advantage before providing it to our clients.

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