IG 2Q-26 earnings preview: strong and mighty

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IG 2Q-26 earnings preview: strong and mighty

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Situation Room

IG 2Q-26 earnings preview: strong and

mighty

Credit Analysis

IG 2Q-26 earnings preview: strong and mighty 08 July 2026

The big six US banks / brokers will kick off the 2Q reporting season on Tuesday, July 14th. Credit Strategy

Bottom-up consensus calls for US HG public issuer earnings to grow +21.0% YoY in 2Q. United States

Adding the typical surprise of 3.7% implies actual YoY earnings growth of +24.7%, even Cross Product

stronger than the +21.8% YoY increase in the prior 1Q-2026 quarter. Yuri Seliger

Credit Strategist

Excluding Magnificent 7 and the more volatile Energy and Finance sectors, earnings BofAS

growth is also expected to be stronger, increasing +15.3% YoY in 2Q-26, compared to +1yuri.seliger@bofa.com646 855 7209

+13.6% YoY actual growth in 1Q-26. Consensus calls for YoY revenue growth to improve Sohyun Marie Lee

for the full universe (consensus +11.7% YoY in 2Q, unchanged from actual +10.6% YoY Credit Strategist

BofAS

in 1Q) but decline ex. Mag. 7, Energy and Finance (consensus +8.1% YoY in 2Q, actual +1 646 855 7217

+9.0% YoY in 1Q). sohyun.lee@bofa.com

Positive surprises

In this reportBased on pre-Covid averages, actual results surprise to the upside by +3.7% for earnings

and +0.7% for revenues. For the prior 1Q-2026 earnings season, the surprises were well Daily supply snapshot

above average for earnings and revenues. 1Q-26 earnings came in +8.8% above

expectations, and revenue surprise was at +1.6% (Exhibit 3, Exhibit 4). Daily dealer inventories update

Exhibit 1: Earnings growth for US IG issuers Daily HG fund flows

YoY earnings growth is expected to be strong in 2Q (+19.9%) ex. Energy and Finance.

Daily foreign demand tracker

Earnings Ex. Energy, Finance