Q1 26 US Bank Earnings Preview

Overview

There are a handful of factors that market participants will be watching in terms of overall themes from the upcoming report. Firstly, and perhaps most importantly, will be any macro commentary that lenders issue in light of the ongoing conflict in the Middle East, even if a fragile ceasefire has recently been agreed. Of particular interest, on this note, will be commentary surrounding how consumers are likely to deal with the negative demand shock caused by higher energy prices, and any credit provision builds that may be taken as a result.

Elsewhere, the elevated cross-asset volatility that has resulted from the conflict is likely to result in another very strong quarter for trading revenues, which continue to underpin earnings more broadly. Furthermore, dealmaking activity has picked up considerably, which should provide a boost to IB revenues, though again guidance on this front, especially in light of elevated geopolitical uncertainty, will be of particular interest. Other notable themes to watch include President Trump’s proposal for a 10% credit card interest rate cap, which has stalled in Congress, as well as any comments regarding private credit, amid increasing concerns over mounting risks within the sector.

With that said, let’s now dig into earnings on a stock-specific basis.

Goldman Sachs (GS, 7:30am ET/12:30pm BST, 13th April)

Goldman trades around 3% higher YTD, having pared losses in recent sessions, while also notably outperforming the Financials sector, which currently sits around 7% lower since the turn of the year. The stock trades as the 40th largest in the S&P 500, but as the largest in the Dow, where GS possesses a weighting just shy of 12%. For the upcoming report, options tied to the stock price a move of +/-3.9%, with GS having advanced following three of the last four quarterly updates. For Q1 26, the Street expects adj. EPS at $16.27, on revenues of $16.9bln.

Wells Fargo (WFC, 6:45am ET/11:45am BST, 14th April)

Wells have struggled for much of the year so far, with the stock trading around 9% lower YTD, although the gain seen since the lows after ‘Liberation Day’ last year is still substantial. From an index perspective, WFC stands as the 41st largest in the S&P, with a weighting of around 0.4%. Ahead of the upcoming report, options imply a move of +/-3.6%, though WFC has lost ground following eight of the last twelve quarterly updates. This time out, expectations point to adj. EPS at $1.57, on revenues just shy of $22bln.

JPMorgan (JPM, 6:50am ET/11:50am BST, 14th April)

JPM sits around 4% lower on the year, having pulled back a touch from the record highs set at the start of the year, potentially amid a degree of relative underperformance in the IB division that was seen in the Q4 25 report. In any case, JPM remains the 13th largest stock in the S&P 500, with a weight of around 1%, while also being a top-10 constituent in the Dow. The stock has declined following the last three quarterly reports running, with options tied to JPM implying a move of +/-3.3% in the day following the upcoming print. Consensus, for the Q1 26 figures, points to adj. EPS of $5.43, and revenues just north of $49bln.

Citi (C, 8am ET/1pm BST, 14th April)

Citi has continued to trade well since the turn of the year, with the stock having advanced by around 6%, building upon the gains seen last year, which took the P/B ration back above 1 for the first time in almost a decade, again implying that the bank is worth the sum of its parts. That rally has also seen the stock pop back into the top 50 in the S&P 500 in terms of index weighting. Options on the stock price a move of +/-3.5% on the upcoming report and, while C did sell-off following the Q4 25 print, gains had been seen following the four quarterly reports preceding that. As for Q1 26, expectations point to adj. EPS at $2.63, on revenues in excess of $22bln.

Bank of America (BAC, 6:45am ET/11:45am BST, 15th April)

BofA has slipped just under 6% since the start of the year, performing broadly in line with the Financials sector at large, yet the stock remains the 25th largest in the S&P 500. Recent post-earnings performance for BAC has been rather patchy, with an equal split of gains and losses following the last six quarterly reports, while options imply a move of +/-3.5% this time around. In terms of expectations, the Street sees adj. EPS at $1.01, on revenues of around $30bln.

Morgan Stanley (MS, 7:30am ET/12:30pm BST, 15th April)

MS sits almost exactly unchanged on a YTD basis, having recently recovered losses amid the broad-based risk rally on the back of the agreed ceasefire in the Middle East. Still, the stock remains in the top 50 of the S&P from a weightings perspective, and has marginally outperformed the broader index since the turn of the year. MS has gained ground following all but one of the last eight earnings reports, with options this time pricing a +/-3.8% move in the 24 hours following the print. For that print, consensus expects adj. EPS at $2.97, on revenues just below $20bln.

Note – all figures in this article are correct as of 9th April 2026; past performance is not a reliable indicator of future results