Earnings Season in the U.S. Has Begun — and Big Players Are Already Reporting
The U.S. corporate earnings season is underway, and already in the first week, we’ve seen some of the “heavyweights” announce their numbers.
Banks were the first to kick things off, and as we’ll see, they delivered major developments.
BANK EARNINGS
Wells Fargo
https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/
Let’s go through them one by one, starting with Wells Fargo .
The results came in above expectations in terms of earnings, with EPS at $1.54 versus $1.40 expected. However, the 2025 outlook was disappointing.
Management now expects net interest income to be flat compared to this year (~$47.7 billion), while previously they anticipated a 1%-3% increase.
Total revenue remained steady at $20.8 billion, but loan loss provisions were increased. Deposits continued to decline — a trend that raises concerns for the future.
Citigroup
https://www.citigroup.com/rcs/citigpa/storage/public/2025prqtr2rslt.pdf
Over at Citigroup, there was a positive surprise.
Net interest income rose 12% year-over-year, and the bank upgraded its full-year 2025 guidance.
Revenue came in at $21.7 billion, beating estimates, with clear strength in services and a notable jump in investment banking and wealth management earnings.
In particular, the Equities division had its best Q2 since 2020.
Bank of America
https://investor.bankofamerica.com/quarterly-earnings
Bank of America also delivered stable results, with EPS at $0.89 (above the $0.86 estimate), and net interest income increased for the fourth consecutive quarter.
Consumers appear resilient, with higher credit card usage and stable borrowing levels.
Deposits continue to edge slightly upward, and the bank shows signs of stability.
CEO Brian Moynihan emphasized that BofA’s clients remain financially healthy, which brings optimism for the future.
JPMORGAN
But we’ve saved the best for last.
https://www.jpmorganchase.com/ir/quarterly-earnings
JPMorgan , as usual, came to show who’s boss in the sector.
Earnings per share came in at $4.96 — well above the $4.43 estimate — while total revenue reached $44.9 billion.
Net interest income was slightly below consensus ($23.3 billion vs. $23.6 billion), but that didn’t stop the bank from raising its 2025 forecast to $95.5 billion, up from a previous $94.5 billion.
In the Markets division, the bank posted a 15% year-over-year increase.
Revenue from equities and fixed income was impressive, while Asset & Wealth Management also grew, with $4.3 trillion in assets under management.
Jamie Dimon stated that all JPMorgan business units are performing well and noted that despite the strong performance, the bank remains on alert due to rising competition.
This is a bank that outshines all the others combined!
Yes — JPMorgan is now so large that it’s worth more than Bank of America, Wells Fargo , and Citigroup combined.
With a market capitalization of $786 billion — compared to $342 billion for BofA , $257 billion for Wells Fargo , and $166 billion for Citigroup — JPMorgan dominates the U.S. banking landscape.
We’re talking about a bank that not only leads the market but has also surpassed the combined value of three of its main rivals — a historic milestone for the banking sector.
