Q1 2026 Bank Earnings Preview: What to Watch
The big banks kick off earnings season in April. Here is what investors should focus on when JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup report Q1 2026 results.
The major U.S. banks are set to report Q1 2026 earnings in mid-April, and the results will set the tone for financial sector performance heading into the second quarter. Here is what investors should focus on across the major reporting institutions.
JPMorgan Chase typically kicks off bank earnings season and sets the benchmark against which other institutions are measured. Key items to watch in JPM's Q1 report include net interest income (NII) guidance for the full year, investment banking fee revenue as a signal for capital markets activity, and any update on the firm's expense base, which management has been managing carefully amid elevated investment spending.
Bank of America's results will be closely watched for signs of how deposit repricing is flowing through to NIM. BAC has significant exposure to short-term interest rates, and with the Federal Reserve having cut rates in late 2025, investors will want to know how much NII pressure the bank is absorbing. Management's commentary on credit quality in the consumer portfolio will also be important given some softening in consumer spending data.
Wells Fargo remains under a Federal Reserve asset cap that limits balance sheet growth until regulators are satisfied with its risk management improvements. WFC's Q1 report will be watched for updates on when the asset cap might be lifted, as well as efficiency ratio progress as the bank continues its multi-year restructuring.
Citigroup is in the midst of a major organizational simplification under CEO Jane Fraser. Investors will be focused on progress toward the firm's medium-term return on tangible common equity (ROTCE) targets and any update on the timeline for exiting remaining international retail banking operations.
Across the sector, several macro themes will influence Q1 results. First, loan growth has been sluggish as businesses and consumers have been cautious about borrowing. Second, deposit competition remains elevated as banks compete to retain customers and fund loan books. Third, credit quality has remained resilient in large-bank portfolios, though pockets of stress in commercial real estate and consumer credit cards continue to bear watching.
The BankingTerminal earnings calendar tracks upcoming earnings dates for all major financial sector companies, and the ticker pages for JPM, BAC, WFC, and C include historical quarterly earnings data to help put upcoming results in context.