Earnings Preview: 2Q26

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Earnings Preview: 2Q26

June 30, 2026 Earnings Preview: 2Q26

For Earnings and Updated Guide, More Confident on ALLY, ATLC, ENVA;

More Cautious on OMF, AXP; Mixed on BFH, COF, UPST, AFRM and SYF Vincent Caintic, CFA

(332) 400-5061 vcaintic@btig.comFINANCIALS WHAT YOU SHOULD KNOW: We update our earnings estimates and target prices Morgan O'Donovan, CFA

ahead of the 2Q26 earnings season. In the next several pages, we include bullet points (332) 400-5084 modonovan@btig.com

on select stocks where we have high conviction on where estimates will land versus

consensus and investor sentiment.

Company-Specific Quick Takes and Expectations for Earnings: We're feeling more RevisionsINDUSTRY confident about ALLY, ENVA and ATLC. We think these three companies will provide Previous Current

updated guidance better than where consensus sits. Importantly, our cautious view on Ticker Rating PT Rating PT

ALLY's NIM has changed to one of optimism; we discuss this in the ALLY bullets below. ENVA Buy $199.00 Buy $270.00

Conversely, we're feeling cautious about OMF and AXP. For OMF, we already lowered COF Buy $224.00 Buy $259.00

EPS estimates ~20% below consensus in our May monthly data note. For Amex, we AXP Sell $285.00 Sell $324.00REPORT

think the Commercial refresh will miss bullish expectations. ATLC Buy $105.00 Buy $179.00

We have mixed views on BFH, COF, UPST, AFRM and SYF. For Bread, fundamentals BFH Buy $105.00 Buy $132.00

continue to improve but we think consensus may be too optimistic with its 49bps y/ ALLY Neutral - Neutral -

y NIM expansion forecast, versus guide of "flat to up"; we think it's more likely to be AFRM Neutral - Neutral -

flattish. For COF, consensus has credit reserve rates falling, which we don't think will UPST Buy $43.00 Buy $43.00

happen.