US Equity Strategy 2Q26 Earnings Brief: July 15

Research evidence excerpt

US Equity Strategy 2Q26 Earnings Brief: July 15

Global Research

15 July 2026ab

US Equity Strategy Equity Strategy

Americas2Q26 Earnings Brief: July 15

Sean Simonds

Strategist

Large cap banks kicked off earnings season Tuesday with JPMorgan, Goldman Sachs, sean.simonds@ubs.com

+1-212-713 2851

and Bank of America delivering broad Q2 2026 earnings beats, driven by the strongest

equities trading quarter in years. Equities revenue surged 86% YoY to a record $6.03B at Keith Parker

JPMorgan, 72% to a record $7.4B at Goldman, and 70% to a record $3.6B at Bank of Strategist

America. Goldman led the group, with record EPS of $20.98 beating consensus by keith.parker@ubs.com

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~45% and revenue of $20.3B exceeding estimates by ~24%, while its investment

banking backlog reached a five-year high (link). JPMorgan posted a ~5% adjusted EPS Maxwell Grinacoff, CFA

beat (link), while Bank of America delivered a ~7% EPS beat alongside 9% NII growth Strategist

and stronger-than-expected investment banking and equities revenue (link). JPMorgan’s maxwell.grinacoff@ubs.com

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higher cost guidance fully offsets its NII upgrade, while Bank of America’s elevated

expense run rate remains the key debate heading into Q3. Gerry Fowler

gerry.fowler@ubs.com

8.0% of the S&P 500's market cap has reported. 2Q expectations are for revenues to +44-20-7567 5490

grow 12.0% and EPS 24.3%. Projected EPS growth among groups varies significantly,

as shown below (a blend of consensus estimates and reported results where available):

Expected EPS Growth YoY

TECH+: 47.7%

Financials: 13.7%

Non-Cyclicals: -6.8%

Cyclicals ex-Energy: 12.2%

Energy: 116.9%

The 6 largest TECH+ companies are expected to outgrow the rest of the market as a

group (EPS growth 31.8% vs.