Consumer Finance 2Q26 Earnings Preview

Research evidence excerpt

Consumer Finance 2Q26 Earnings Preview

Global Research

July 7, 2026

Consumer Finance 2Q26 Earnings Preview■Diversified Financials: Consumer Finance

■Payments

Moshe Orenbuch THE TD COWEN INSIGHT

646 562 1495

We publish our Consumer Finance 2Q26 Earnings Preview.

moshe.orenbuch@tdsecurities.com

■Please see the following pages for the full details (estimate changes on page 6).Hoang Nguyen, CFA

646 562 1337 ■Credit card: Loan growth, consumer health and credit quality are the most important topics now as we continue to

hoang.nguyen2@tdsecurities.com

be in uncertain macro environment, though sentiment has been helped by the apparent resolution of geopolitical

Burç Okumuş uncertainties and decline in gas prices. This is likely a tailwind to low-income consumers going forward. Credit quality

212 468 8443 has continued to demonstrate stability as consumers continue to be resilient, and card losses have continued to

burc.okumus@tdsecurities.com outperform expectations. Issuers that have previously tightened such as SYF and BFH have started to gradually open

their credit boxes, resulting in acceleration in spending and thus loan growth. COF will also likely see its loan growth

Price Target Changes

accelerate once it completes the integration of Discover into its tech stack by end of 3Q. On the deposit front, the pace

AFRM $117.00 (Prior $90.00)

of deposit rate cuts has been maintained in savings but slowed down in CDs, as the Fed has become more hawkish.

AXP $338.00 (Prior $330.00)

BFH $103.00 (Prior $95.00)

■Auto lending: Competition remains elevated, particularly in the subprime segment, with players such as Carvana and

CACC $575.00 (Prior $500.00)

COF $253.00 (Prior $260.00) Wells Fargo continuing to gradually gain share.