Guidance Cheat Sheet for 2Q26 Earnings

Research evidence excerpt

Guidance Cheat Sheet for 2Q26 Earnings

Idea

July 8, 2026 10:02 PM GMT

Morgan Stanley & Co. LLCMUS Large Cap and Midcap Banks | North America Manan Gosalia

Equity Analyst

Guidance Cheat Sheet for 2Q26 Manan.Gosalia@morganstanley.comRyan Kenny, CFA +1 212 761-4092

Ryan.Kenny@morganstanley.com +1 212 761-1664

Earnings Brian Wilczynski, CFA

Brian.Wilczynski@morganstanley.com +1 212 761-1084

Earnings season kicks off on July 14. In preparation, we provide a Connell J Schmitz

cheat sheet on current 2026 guides and where MS/Consensus ResearchConnell.Schmitz@morganstanley.comAssociate +1 212 761-6252

estimates stand. Ben Bayanfar

Research Associate

Ben.Bayanfar@morganstanley.com +1 212 761-0649

Key Takeaways Alexander L Ward

To help prepare for earnings, we're providing a summary of 2026 guidance by Alex.Ward@morganstanley.com +1 212 296-3096

bank, MS vs Consensus, and the impact to EPS for every 1% change in growth.

Large Cap Banks

We are positive on the Banks into earnings season as revenue momentum North America

Industry View Attractive

continues to build.

Midcap Banks

Prefer the Large Cap Banks given strong capital markets and likelihood of raising North America

guidance. Midcaps also benefit from improving loan growth.

Key focus this quarter will be on marginal NIMs as higher for longer rates and

competition pressure deposit pricing in 2H26.

Most preferred names into the quarter: BAC, JPM, GS, STT, CFG, PNC, USB.

Inside we provide a cheat sheet summarizing current guidance for 2026 across

our coverage, where applicable. We also calculate the hypothetical EPS impact from

a 1% change in growth for income statement line items such as net interest income,

fees, revenue, and expenses.

High Level Thoughts Coming into 2Q26 Earnings below, see our full preview here: