Bank of America Corp. (BAC): 2Q26 First Take: Strong beat driven by capital markets outperformance

Research evidence excerpt

Bank of America Corp. (BAC): 2Q26 First Take: Strong beat driven by capital markets outperformance

Equity Research

14 July 2026 | 7:59AM EDT

Bank of America Corp. (BAC): 2Q26 First Take: Strong beat driven by

capital markets outperformance

BAC reported 2Q26 EPS of $1.21, vs. GSe/Visible Alpha Consensus Data Richard Ramsden

+1(212)357-9981 |

$1.11/$1.13, with core EPS of $1.24 vs. our/Street like estimates of $1.15/$1.15 richard.ramsden@gs.com

Goldman Sachs & Co. LLC

(backing out $57mn losses on CVA/DVA, a $46mn reserve release, and normalizing

James Yaro

the tax rate). +1(212)902-1913 |

james.e.yaro@gs.com

Key takeaway: We view these results as better than expected, given a core PPNR of

Divyam Harlalka$13.2bn, 6%/7% above GSe/Street (VA Consensus Data), on better core fees, largely +1(332)245-7818 |

in-line NII (on in-line earning assets and NIM), and better core operating leverage divyam.harlalka@gs.comGoldman Sachs India SPL

(660bps vs. a guide of 400bps+), with a core ROTCE of 17.7% that was 130bps above Matthew Weng

the Street. We expect the focus to be on the NII outlook for the year vs. prior +1(212)902-8484matthew.weng@gs.com|

management guidance of 8% higher YoY, the level of expected deposit repricing and Goldman Sachs & Co. LLC

Kumar Sangewarsustainability of loan growth heading into 2H26E and implications for NII and the Lokesh | +1(332)245-7846

sustainability of strong fee income trends in capital markets. lokesh.sangewar@gs.com Goldman Sachs India SPL

Summary of key quarterly trends: NII was largely in-line with the Street, on in-line

average earning assets (on in-line EOP loans), and in-line NIM. Core fee revenue came

in 8% above consensus, on better capital markets revenue and service charges, while

card income was lower than expected.