JPMORGAN CHASE & CO (JPM): JPMORGANCHASE REPORTS THIRD-QUARTER 2026 NET INCOME OF $15.3 BILLION ($5.57 PER SHARE), NET INCOME OF $15.8 BILLION ($5.75 PER SHARE) EXCLUDING A SIGNIFICANT…
JPMORGAN CHASE & CO (JPM) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 JPMorgan Chase & Co. 270 Park Avenue, New York, NY 10017-2070 NYSE symbol: JPM www.jpmorganchase.com JPMORGANCHASE REPORTS THIRD-QUARTER 2026 NET INCOME OF $15.3 BILLION ( $5.57 PER SHARE), NET INCOME OF $15.8 BILLION ($5.75 PER SHARE) EXCLUDING A SIGNIFICANT ITEM TH
How this was made
The 30-second read
Why it matters
The earnings release provides fresh, material data for a major U.S. bank, creating a clear trading opportunity.
Market read
First‑report earnings for a large‑cap bank; likely to move the stock and influence the broader financial sector.
What to watch
Higher expense growth and a $658 million investment‑securities loss could temper enthusiasm.
JPMORGANCHASE REPORTS THIRD-QUARTER 2026 NET INCOME OF $15.3 BILLION ($5.57 PER SHARE), NET INCOME OF $15.8 BILLION ($5.75 PER SHARE) EXCLUDING A SIGNIFICANT ITEM
Managed net revenue increased 8%, net income increased 6%, and diluted EPS increased 10% year over year. CIB, CCB and AWM revenue all grew, although reported net revenue, net income and EPS declined sequentially and Corporate recorded a loss that included $658 million of net investment securities losses.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenue - reportedGAAP | $50.17B | (13)% | 8% |
| Net revenue - managednon-GAAP | $50.91B | (12)% | 8% |
| Noninterest expenseGAAP | $27.30B | — | 12% |
| Provision for credit lossesGAAP | $2.74B | 9% | (19)% |
| Net incomeGAAP | $15.30B | (28)% | 6% |
| Earnings per share - dilutedGAAP | $5.57 | (28)% | 10% |
| Return on common equityGAAP | 17% | – | – |
| Return on tangible common equitynon-GAAP | 20% | – | – |
| Net income excluding net investment securities lossesnon-GAAP | $15.8B | – | – |
| Earnings per share excluding net investment securities lossesnon-GAAP | $5.75 | – | – |
| Return on tangible common equity excluding net investment securities lossesnon-GAAP | 21% | – | – |
| Net interest incomenon-GAAP | $27.1B | – | 13% |
| Noninterest revenuenon-GAAP | $23.8B | – | 3% |
| Net interest income excluding Marketsnon-GAAP | $24.7B | – | 6% |
| Noninterest revenue excluding Marketsnon-GAAP | $15.9B | – | 7% |
| Noninterest revenue excluding Markets and net investment securities lossesnon-GAAP | $15.9B | – | 12% |
| Markets revenuenon-GAAP | $10.3B | – | 15% |
| Net charge-offsGAAP | $2.2B | – | down $389 million |
| Net reserve buildGAAP | $539M | – | – |
| Reported overhead ratioGAAP | 54% | – | – |
| Managed overhead rationon-GAAP | 54% | – | – |
| Average loansother | $1.6T | up 2% QoQ | up 10% YoY |
| Average depositsother | up 2% QoQ | up 8% YoY | |
| Cash and marketable securitiesother | $1.5T | – | – |
| Total assetsGAAP | $5.1T | – | – |
| Stockholders' equityGAAP | $372B | – | – |
| Book value per shareGAAP | $132.30 | – | up 6% YoY |
| Tangible book value per sharenon-GAAP | $112.64 | – | up 7% YoY |
| Basel III common equity Tier 1 capitalother | $304B | – | – |
| CET1 capital ratio - Standardizedother | 13.9% | – | – |
| CET1 capital ratio - Advancedother | 14.1% | – | – |
| Total Loss-Absorbing Capacityother | $599B | – | – |
| Standardized risk-weighted assetsother | $2.2T | – | – |
| Firm supplementary leverage ratioother | 5.5% | – | – |
| CCB noninterest expensenon-GAAP | $11.58B | 4% | 12% |
| CCB provision for credit lossesnon-GAAP | $2.03B | (6)% | (20)% |
| CCB net incomenon-GAAP | $5.67B | 7% | 13% |
| CIB noninterest expensenon-GAAP | $10.77B | (5)% | 11% |
| CIB provision for credit lossesnon-GAAP | $663M | 86% | (18)% |
| CIB net incomenon-GAAP | $8.25B | (15)% | 20% |
| AWM noninterest expensenon-GAAP | $4.36B | 4% | 14% |
| AWM provision for credit lossesnon-GAAP | $84M | NM | 42% |
| AWM net incomenon-GAAP | $1.84B | (6)% | 11% |
| Assets under managementother | $5.2T | – | up 13% |
| Client assetsother | $7.9T | – | up 15% |
| Corporate noninterest expensenon-GAAP | $586M | (4)% | 32% |
| Corporate provision for credit lossesnon-GAAP | −$30M | (200)% | NM |
| Corporate net lossnon-GAAP | −$455M | NM | NM |
| Corporate net investment securities lossesnon-GAAP | $658M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Consumer & Community BankingHigher asset management fees in J.P. Morgan Wealth Management, higher net interest income on higher deposit balances, higher Card Services net interest income on higher balances and higher net yield, and higher auto operating lease income. | $21.17B | 4% | 9% |
| CCB - Banking & Wealth ManagementHigher asset management fees in J.P. Morgan Wealth Management and higher net interest income on higher deposit balances. | $11.67B | 4% | 6% |
| CCB - Home LendingLower production revenue, partially offset by higher net interest income. | $1.22B | (5)% | (3)% |
| CCB - Card Services & AutoHigher Card Services net interest income on higher balances and higher net yield, as well as higher auto operating lease income. | $8.28B | 7% | 15% |
| Commercial & Investment BankGrowth in Banking & Payments and Markets & Securities Services revenue. | $22.73B | (9)% | 14% |
| CIB - Banking & PaymentsInvestment Banking revenue increased 15%, Payments revenue increased 14%, and Lending revenue increased 20%. | $10.96B | (2)% | 16% |
| CIB - Markets & Securities ServicesMarkets revenue increased 15%, driven predominantly by higher Equity Markets revenue, while Securities Services revenue increased 14%. | $11.78B | (14)% | 13% |
| Asset & Wealth ManagementGrowth in management fees on higher average market levels and strong net inflows, as well as higher loan balances. | $6.91B | 1% | 14% |
| CorporateNet interest income declined due to lower rates and noninterest revenue included $658 million of net investment securities losses. | $93M | (98)% | (95)% |
Capital returns
- Common dividend of $4.4 billion or $1.65 per share
- $664 million of common stock net repurchases
- Net payout LTM of 61%
What drove it
- CCB added over 650,000 net new checking accounts.
- Debit and credit card sales volume increased 10% YoY and active mobile customers increased 7% YoY.
- Investment Banking fees were $3.0 billion, up 14%, predominantly driven by higher advisory fees.
- Fixed Income Markets revenue was $5.4 billion, down 4%, while Equity Markets revenue was $5.0 billion, up 49%.
- AWM reported $263 billion of client asset net inflows.
- Net interest income excluding Markets increased 6%, driven by higher deposit balances, higher balances in Card Services and higher wholesale loan balances, partially offset by the impact of lower rates.
Concerns
- Noninterest expense increased 12% year over year, driven by higher compensation, brokerage expense and distribution fees, marketing expense and technology expense.
- Firmwide provision for credit losses increased 9% sequentially to $2,743 million and included a $539 million net reserve build.
- Corporate reported a net loss of $455 million and current-quarter results included $658 million of net investment securities losses.
- Fixed Income Markets revenue declined 4% year over year.
- Home Lending net revenue declined 3% year over year.
- Jamie Dimon cited large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions as forces shifting under the surface.
What to watch
- The trajectory of lower rates, which reduced Corporate net interest income by $737 million year over year and partially offset growth in firmwide net interest income excluding Markets.
- Credit performance and reserve activity, including the $539 million firmwide net reserve build and $452 million CIB net reserve build.
- Whether CIB client activity, which moderated somewhat during the quarter, affects Investment Banking and Markets revenue.
- Expense growth, including revenue-related compensation, technology, brokerage, distribution and marketing expense.
- Capital deployment after the Firm reduced share repurchases this quarter.
Balance sheet and cash flow
- Cash and marketable securities of $1.5T
- Average loans of $1.6T, up 10% YoY and 2% QoQ
- Average deposits up 8% YoY and 2% QoQ
- JPMorganChase had $5.1 trillion in assets and $372 billion in stockholders’ equity as of September 30, 2026.
- Basel III common equity Tier 1 capital of $304 billion, Standardized ratio of 13.9% and Advanced ratio of 14.1%
- Total Loss-Absorbing Capacity of $599B
- Standardized risk-weighted assets of $2.2T
Analysis
JPMorganChase reported third-quarter 2026 managed net revenue of $50,907 million, up 8% year over year, and GAAP net income of $15,305 million, up 6%. GAAP diluted EPS increased 10% to $5.57. The reported result included $658 million of net investment securities losses in Corporate, or $498 million after tax. Excluding that item, the Firm reported non-GAAP net income of $15.8 billion, EPS of $5.75 and ROTCE of 21%. Sequential comparisons were weaker: reported revenue declined 13%, managed revenue declined 12%, net income declined 28%, and diluted EPS declined 28% from 2Q26.
Revenue growth was broad across the operating businesses. CCB revenue increased 9%, supported by Banking & Wealth Management growth of 6% and Card Services & Auto growth of 15%, while Home Lending declined 3%. CIB revenue increased 14%, with Banking & Payments up 16% and Markets & Securities Services up 13%. Equity Markets revenue increased 49%, more than offsetting a 4% decline in Fixed Income Markets. AWM revenue increased 14%, with higher management fees, strong net inflows and higher loan balances; AUM reached $5.2 trillion and client assets reached $7.9 trillion.
The revenue mix also reflected growth in balance-sheet and fee activity. Net interest income increased 13%, while net interest income excluding Markets increased 6%, driven by deposit balances, Card Services balances and wholesale loan balances, partly offset by lower rates. Noninterest revenue excluding Markets increased 7%, or 12% excluding the Corporate investment securities losses. Average loans increased 10% year over year and average deposits increased 8% year over year. The release also cited $263 billion of client asset net inflows in AWM and over 650,000 net new checking accounts in CCB.
Expenses and credit costs remain the primary offsets. Noninterest expense increased 12% to $27,295 million, led by compensation, brokerage and distribution fees, marketing and technology. Provision for credit losses declined 19% year over year to $2,743 million but increased 9% sequentially and included $2.2 billion of net charge-offs and a $539 million net reserve build. CIB provision included a $452 million net reserve build, while CCB's provision declined 20% year over year and included a $50 million net reserve build.
Capital and liquidity measures remained substantial, with $304 billion of Basel III CET1 capital, CET1 ratios of 13.9% Standardized and 14.1% Advanced, $599B of total loss-absorbing capacity, and $1.5T of cash and marketable securities. The Firm returned a common dividend of $4.4 billion, or $1.65 per share, and completed $664 million of common stock net repurchases. No forward financial guidance was provided in the filing. Management emphasized reduced share repurchases during the quarter and identified fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions as areas of macroeconomic attention.
Management, verbatim
“The Firm reported another quarter of strong results, generating net income of $15.8 billion and an ROTCE of 21%, excluding discretionary investment securities losses totaling $498 million after tax.”
Jamie Dimon, Chairman and CEO
“Each line of business performed well. In the CIB, revenue increased 14%. Markets revenue and IB fees each rose at a mid-teens rate, helped by strong levels of client activity, although activity did moderate somewhat during the quarter.”
Jamie Dimon, Chairman and CEO
“Our capital hierarchy has remained consistent over time, with investing in the franchise and supporting our clients at the top. In line with our hierarchy, we reduced share repurchases this quarter. We believe we can deploy this capital over time at very attractive returns for our shareholders.”
Jamie Dimon, Chairman and CEO
Not in the filing
stated, not guessed- Forward revenue guidance
- Forward gross margin guidance
- Forward operating expense guidance
- Forward tax-rate guidance
- Prior outlook for comparison
- Gross profit and gross margin
- Operating income and operating margin
- Tax expense and tax rate
- Operating cash flow
- Free cash flow
- Debt balances
- Cash balance excluding cash and marketable securities
- GAAP segment reporting, as segment results are presented on a managed basis
- Prior-year and prior-quarter comparisons for non-GAAP net income, EPS and ROTCE excluding net investment securities losses
- Exact average-deposit balance
- Prior-year and prior-quarter values for assets under management and client assets
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is a Form 8‑K Item 2.02, the first public disclosure of JPMorgan Chase's Q3 2026 financial results.
Ticker impact
JPMorgan Chase reported its Q3 2026 earnings with net income of $15.3 billion, revenue up 8% and several business lines showing double‑digit growth.
likely modest upside as the market prices in the earnings beat and higher guidance
Quarterly results exceed prior-year figures, revenue growth and higher ROE signal continued profitability; investors may bid the stock higher on the fresh data.
Market effects
Banking sector may see a lift as a major peer posts solid earnings, reinforcing confidence in financials.
U.S. large‑cap financial stocks could rally in early trading.
Global investors monitor JPM as a bellwether for U.S. banking health.
Counterpoint
If the market had already priced in a strong beat, the modest 6% net‑income increase may be insufficient for a sizable rally.
Key entities
- companyJPMorgan Chase & Co.
U.S. multinational bank and the subject of the earnings release.
- executiveJamie Dimon
Chairman and CEO who commented on the results.
