JPMorganChase (JPM) investor relations material

Executive summary

• Net income for Q2 2026 was $21.2B ($7.70/share), or $16.9B ($6.14/share) excluding significant items, up 41% year-over-year, reflecting robust performance across all business lines and notable gains from Visa shares and equity investments.

• Managed revenue reached a record $58.0B, up 27% year-over-year, with each segment achieving new highs, driven by strong market activity, elevated client engagement, and rigorous execution.

• Noninterest expense rose 15% to $27.3B, mainly due to higher compensation, technology costs, and labor inflation.

• Credit costs totaled $2.5B, with $2.4B in net charge-offs and a $149M net reserve build; allowance for credit losses stood at $31.5B.

• Significant leadership changes included the appointment of two co-presidents and the retirement of a senior executive.

Financial highlights

• Net interest income was $25.6B, up 10% year-over-year; noninterest revenue was $32.4B, up 45% year-over-year.

• Average loans grew 10% year-over-year to $1.5T; average deposits rose 7% to $2.7T.

• CET1 capital ratio stood at 14.1% (Standardized) and 14.2% (Advanced); tangible book value per share was $113.35.

• Book value per share rose 9% to $133.01; SLR was 5.5%.

• Common dividend of $1.50 per share and $6.2B in net stock repurchases; net payout ratio of 73% LTM.

Outlook and guidance

• Full-year 2026 net interest income expected at $105.5B, or $96.5B excluding Markets; adjusted expense forecasted at $107.5B, both market dependent.

• Card Services net charge-off rate projected at 3.2% for FY2026.

• Management highlighted continued constructive market sentiment and robust client activity, but noted risks from geopolitical tensions, inflation, and asset prices.

• The firm is preparing for a wide range of scenarios to ensure resilience.