Results
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
ROE 17% ROTCE 2 20%CET1 Capital Ratios 3 Std.
13.9%Adv.
14.1% Total Loss-Absorbing Capacity 3 $599BStd.
RWA 3 $2.2T Cash and marketable securities 4 $1.5T Average loans $1.6T
Firmwide MetricsnReported revenue of $50.2 billion and managed revenue 2 of $50.9 billion
nExpense of $27.3 billion; reported overhead ratio of 54% and managed overhead ratio 2 of 54%
nCredit costs of $2.7 billion with $2.2 billion of net charge-offs and a $539 million net reserve build
nAverage loans up 10% YoY and 2% QoQ; average deposits up 8% YoY and 2% QoQ
CCB ROE 36%nAverage deposits up 4% YoY, flat QoQ; client investment assets up 15% YoY
nAverage loans up 2% YoY and 1% QoQ; Card Services net charge-off rate of 2.91%
nDebit and credit card sales volume 5 up 10% YoY
nActive mobile customers 6 up 7% YoY
CIB ROE 18%nInvestment Banking fees up 14% YoY, down 8% QoQ; #1 ranking for Global Investment Banking fees with 9.2% wallet share YTD 7
nMarkets revenue up 15% YoY, with Fixed Income Markets down 4% and Equity Markets up 49%
nAverage Banking & Payments loans up 11% YoY, flat QoQ; average client deposits 8 up 10% YoY, up 1% QoQ
AWM ROE 45%nAUM 9 of $5.2 trillion, up 13% YoY
nAverage loans up 20% YoY and 6% QoQ; average deposits up 5% YoY, down 3% QoQ
Management commentary
Jamie Dimon, Chairman and CEO, commented on the financial results: “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.” Dimon continued: “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.
Meanwhile, Payments and Securities Services each posted double-digit revenue increases led by ongoing deposit and fee growth.
In CCB, revenue rose 9%.
8We ranked #1 in U.S. retail deposits for the sixth consecutive year, and account acquisition remained strong in the quarter as we added over 650,000 net new checking accounts.
Additionally, growth continued to be robust in Card, with strong demand for our set of products.
Finally, in AWM, revenue grew 14%, and flows were very strong with $263 billion of client asset net inflows.” Dimon added: “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.” Dimon added: “The U.S. economy continued to be fueled by strong business investment and ongoing consumer spending.
However, large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface.
These forces may be manageable, but we remain prepared for a wide range of outcomes.” Dimon concluded: “I want to express my deep gratitude to our employees across the globe for how they work to support our customers and communities every single day.”
Results
SIGNIFICANT ITEM IN 3Q26 RESULTS
5n $658 million of net investment securities losses in Corporate 10 ($0.18 decrease in EPS 11 )
Capital return
CAPITAL DISTRIBUTIONS
n Common dividend of $4.4 billion or $1.65 per share
n $664 million of common stock net repurchases 12
n Net payout LTM 12,13 of 61%
FORTRESS PRINCIPLES
Results
n Book value per share of $132.30, up 6% YoY; tangible book value per share 2 of $112.64, up 7% YoY
n Basel III common equity Tier 1 capital 3 of $304 billion, Standardized ratio 3 of 13.9% and Advanced ratio 3 of 14.1%
n Firm supplementary leverage ratio of 5.5%
Management commentary
SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES
Results
n Approximately $2.9 trillion of credit and capital 14 raised YTD:
Management commentary
n $240 billion of credit for consumers
n $27 billion of credit for U.S. small businesses
n $2.5 trillion of credit and capital for corporations 15 and non-U.S. government entities
n $79 billion of credit and capital for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities
Results
Discussion of Results:
Net income was $15.3 billion, up 6%.
Net revenue was $50.9 billion, up 8%.
Net interest income was $27.1 billion, up 13%.
Noninterest revenue was $23.8 billion, up 3%.
Net interest income excluding Markets 2 was $24.7 billion, up 6%, driven by higher deposit balances, higher balances in Card Services and higher wholesale loan balances, partially offset by the impact of lower rates.
Noninterest revenue excluding Markets 2 was $15.9 billion, up 7%, or up 12% also excluding $658 million of net investment securities losses, driven by higher asset management fees in AWM and CCB, higher investment banking fees, higher card income and higher auto operating lease income, partially offset by net losses on certain equity investments.
Markets revenue was $10.3 billion, up 15%, predominantly driven by higher Equity Markets revenue.
Noninterest expense was $27.3 billion, up 12%, predominantly driven by higher compensation, including higher revenue-related compensation and growth in the number of front office employees, as well as higher brokerage expense and distribution fees, higher marketing expense and higher technology expense.
The provision for credit losses was $2.7 billion.
Net charge-offs were $2.2 billion, down $389 million, driven by Wholesale.
The net reserve build was $539 million, primarily in Wholesale.
In the prior year, the provision was $3.4 billion, net charge-offs were $2.6 billion and the net reserve build was $810 million.
Discussion of Results:
Net income was $5.7 billion, up 13%.
Net revenue was $21.2 billion, up 9%.
Banking & Wealth Management net revenue was $11.7 billion, up 6%, predominantly driven by higher asset management fees in J.P. Morgan Wealth Management as well as higher net interest income on higher deposit balances.
Home Lending net revenue was $1.2 billion, down 3%, driven by lower production revenue, partially offset by higher net interest income.
Card Services & Auto net revenue was $8.3 billion, up 15%, predominantly driven by higher Card Services net interest income on higher balances and higher net yield, as well as higher auto operating lease income.
Noninterest expense was $11.6 billion, up 12%, predominantly driven by higher marketing expense, higher technology expense, higher compensation for advisors and bankers and higher auto lease depreciation.
The provision for credit losses was $2.0 billion.
6Net charge-offs were $2.0 billion, relatively flat compared with the prior year.
The net reserve build was $50 million.
In the prior year, the provision was $2.5 billion, net charge-offs were $2.0 billion and the net reserve build was $575 million.
Discussion of Results:
Net income was $8.2 billion, up 20%.
Net revenue was $22.7 billion, up 14%.
Banking & Payments revenue was $11.0 billion, up 16%.
Investment Banking revenue was $3.1 billion, up 15%.
Investment Banking fees were $3.0 billion, up 14%, predominantly driven by higher advisory fees.
Payments revenue was $5.6 billion, up 14%, driven by higher deposit balances, higher deposit margin and fee growth.
7Lending revenue was $2.2 billion, up 20%, largely driven by lower losses on hedges of the retained lending portfolio and higher loan balances.
Markets & Securities Services revenue was $11.8 billion, up 13%.
Markets revenue was $10.3 billion, up 15%.
Fixed Income Markets revenue was $5.4 billion, down 4%, driven by lower revenue in Commodities, Rates, Credit and Public Finance, largely offset by higher revenue in Currencies & Emerging Markets.
Equity Markets revenue was $5.0 billion, up 49%, driven by strong performance across products, particularly in Prime and Derivatives.
Securities Services revenue was $1.6 billion, up 14%, predominantly driven by fee growth on higher market levels and client activity, as well as higher deposit balances and higher deposit margin.
Noninterest expense was $10.8 billion, up 11%, predominantly driven by higher brokerage expense and higher compensation expense, including higher revenue-related compensation.
The provision for credit losses was $663 million, predominantly driven by net lending activity and changes in the credit quality of certain exposures.
The net reserve build was $452 million, and net charge-offs were $211 million.
In the prior year, the provision was $809 million, net charge-offs were $567 million and the net reserve build was $242 million.
ASSET & WEALTH MANAGEMENT (AWM)
Discussion of Results:
Net income was $1.8 billion, up 11%.
Net revenue was $6.9 billion, up 14%, predominantly driven by growth in management fees on higher average market levels and strong net inflows, as well as higher loan balances.
Noninterest expense was $4.4 billion, up 14%, largely driven by higher compensation, primarily due to higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.
The provision for credit losses was $84 million.
The net reserve build was $68 million, and net charge-offs were $16 million.
In the prior year, the provision was $59 million, net charge-offs were $62 million and the net reserve release was $3 million.
Assets under management were $5.2 trillion, up 13%, and client assets were $7.9 trillion, up 15%, driven by continued net inflows and higher market levels.
Discussion of Results:
1Net loss was $455 million, compared with net income of $825 million in the prior year.
3Net revenue was $93 million, down $1.6 billion.
Net interest income was $669 million, down $737 million, predominantly driven by the impact of lower rates.
2Noninterest revenue was a loss of $576 million, compared with revenue of $297 million in the prior year.
4The current quarter included $658 million of net investment securities losses, compared with $105 million of net gains in the prior year.
Noninterest expense was $586 million, up $141 million.
57 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.