JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs are set to report earnings before the markets open Tuesday.
Investors are expecting that the five big banks saw strong revenue from trading equities and fixed income during the second quarter.
The SpaceX IPO drove surging fees for Goldman Sachs and Morgan Stanley, while commercial lending is showing signs of a turnaround and consumer credit is expected to remain resilient.
Investment bankers were paid $500 million for the privilege of taking SpaceX public last month, with leads Goldman Sachs and Morgan Stanley getting the biggest shares at about $100 million each.
But that's just part of the bonanza in fees from the largest IPO in history.
There was also the investment grade debt offering that many of the same banks handled days after the IPO, and the possibility of managing the wealth of newly minted millionaires and billionaires.
On top of that, Goldman and Morgan Stanley likely reaped so-called soft dollars from the SpaceX initial public offering, according to Jay Ritter, professor emeritus of finance at the University of Florida's Warrington College of Business.
That's a term for fees, paid in the form of trading or research commissions, that hedge funds give investment banks for a slice of an oversubscribed IPO, Ritter said.
Still, while executives will almost certainly speak to the pipeline of future deals they expect the rest of the year, Wells Fargo analyst Mike Mayo doesn't expect a lot of detail on just how much revenue came from SpaceX.
"I don't expect any granularity around any one specific IPO," Mayo told CNBC.
Bank of America is expected to report revenue in its investment banking division of $1.86 billion, according to StreetAccount.
Analysts are also expecting the bank to report equities trading reaching $2.77 billion. Net interest income, which is the metric for making loans, is projected to come in at $16.23 billion, according to StreetAccount.
Bank of America is set to report its second-quarter earnings results before the bell Tuesday. Here's what the company is expected to post, based on a survey of analysts by LSEG:
Company executives will hold a conference call with analysts at 8:30 a.m. ET.
Wells Fargo, led by CEO Charlie Scharf, is scheduled to report second-quarter earnings before the opening bell Tuesday.
Analysts are looking for signs of business momentum after the Federal Reserve lifted a balance sheet restriction on the bank last year.
Company executives will hold a conference call with analysts at 10 a.m. ET.
This will be the first chance that analysts have to directly ask JPMorgan CEO Jamie Dimon questions about succession planning after the sudden exit of Marianne Lake, who had been considered a top candidate.
As CNBC and others reported last month, Dimon expects to remain CEO for roughly three more years, though that timeline could change, according to two people with knowledge of his thinking. After that, he'll spend some time as chairman.
Since Dimon has spent more than a decade saying that retirement was five years away, analysts will want to quiz him on how he's thinking about the issue.
Meanwhile, Doug Petno and Troy Rohrbaugh, who have jointly led the bank's commercial and investment banking division since early 2024, are now the top contenders to succeed Dimon.
They were made co-presidents and were each awarded $30 million retention bonuses last month.
JPMorgan Chase is scheduled to report second-quarter earnings before the opening bell Tuesday.
JPMorgan, led by longtime CEO Jamie Dimon, is the biggest U.S. bank by assets and the largest in the world by market capitalization.
Company executives will hold a conference call with analysts at 8:30 a.m. ET.
For more than four decades, Portales Partners analyst Charles Peabody has covered bank earnings.
In all that time, there's never been a bank earnings day as crowded as today, he said.
Oftentimes, JPMorgan, Citigroup and Wells Fargo will report on the first day of earnings week, followed by Bank of America, Goldman Sachs and Morgan Stanley on subsequent days, he said.
"It's never happened before," Peabody told CNBC. "You're assuming there's going to be really good news out of those banks" that pushed their earnings dates ahead.
Still, it doesn't make the job of covering banks any easier.
"You're not going to get a lot of deep analysis on Day 1," Peabody said. "We'll need more time."
