JPMorgan Chase posted the biggest profit ever for a US bank, as Wall Street giants posted blowout earnings across the board as they reaped windfalls from a volatile stock market and corporate dealmaking including the SpaceX IPO.

The nation’s largest bank, run by CEO Jamie Dimon for the past two decades, set the pace by logging a staggering $21.2 billion in total profit, or $7.70 a share, as it booked a one-time gain from selling Visa stock.

But even when stripping out that benefit, JPMorgan earned $16.9 billion, or $6.14 a share — easily clearing the $5.70 a share predicted by Wall Street analysts tracked by the London Stock Exchange Group (LSEG).

The firm raked in $3.3 billion in investment banking fees, up by 30% from the same three months of 2025, fueled by massive deals including the initial public offering of Elon Musk’s rocket company SpaceX, which raised a whopping $80 billion.

Still, Dimon and other Wall Street bosses warned the bonanza won’t last forever, noting that the Iran war, sticky inflation and already lofty stock prices pose risks in the year ahead.

“It’s getting close to as good as it gets,” Dimon said. “We just don’t know how long it’s going to last.”

David Solomon-led Goldman Sachs walloped its LSEG target of $13.91 by posting $20.98 per share.

The Wall Street powerhouse watched its total net earnings rocket 78% year-over-year to $6.63 billion.

Driving the explosion was a 53% revenue spike in its global banking and markets division, where fees from stock underwriting more than doubled as Goldman led the SpaceX IPO.

Solomon hailed a continuous “flywheel of activity,” as clients flock to the firm to lead strategic, multi-billion-dollar mergers and acquisitions.

Meanwhile Jane Fraser-led Citigroup reported its highest quarterly revenue in a decade on Tuesday, trouncing Wall Street estimates as a massive surge in corporate dealmaking also fueled its bottom line.

It reported second-quarter earnings of $3.15 per share, easily surpassing the $2.74 per share forecast by experts.

Investment banking revenue skyrocketed 44% to $1.55 billion, capitalizing on a global mergers and acquisitions boom that has already topped $3 trillion this year.

The rush is being driven by lighter regulatory oversight under the Trump administration and a corporate scramble for artificial intelligence assets.

Citigroup secured a major share of that action, advising on over $300 billion in transactions. Notably, the bank helped underwrite SpaceX’s record-breaking IPO and advised on the $44.8 billion merger of the Unilever and McCormick food businesses.

The bumper quarter provides powerful validation for CEO Jane Fraser multi-year turnaround strategy.

Fraser has radically simplified the 214-year-old bank, shedding international consumer franchises and stripping away management layers to boost long-lagging profitability metrics and close the performance gap with industry rivals.

Wells Fargo rounded out the stellar quarter by reporting a net income of $6.4 billion, up 17% from a year ago.

The retail banking giant registered an earnings per share of $2.00, safely ahead of the $1.71 expected by Wall Street analysts. The gains flowed from a 12% expansion in average loan balances, which reached $1.03 trillion.

Echoing Dimon’s warning, Wells Fargo CEO Charlie Scharf said: “We know that such favorable conditions do not go on forever so we are being selective about how much and where to grow,”

He added that he wanted to build a business that can withstand “inevitable market shocks.”

Bank of America, led by CEO Brian Moynihan, similarly beat expectations, banking a net income of $9.1 billion, a 27% increase from the prior year.

The lender delivered an earnings per share of $1.21, outperforming the LSEG estimate of $1.11 on total revenues of $31.6 billion.

BofA capitalized heavily on the industry-wide investment banking revival, recording a 50% jump in corporate investment banking fees alongside a 33% increase in its stock and bond trading revenues.

Behind the corporate boardrooms, everyday consumers kept cash flowing through the financial system. Bank of America reported that combined debit and credit card spending grew 9% to $266 billion.

“Our second quarter performance reflected strong revenue growth across every business
segment and improved returns on equity and assets, said Alistair Borthwick, the company’s chief financial officer. “We are in a good position to serve our clients, deliver for our shareholders, and support a growing economy.”