JPMorganChase (JPM) Q1 2026 earnings summary

Executive summary

• Net income reached $16.5 billion, up 13% year-over-year, with EPS of $5.94 and ROTCE at 23% for the quarter.

• Revenue grew 10% year-over-year to $50.5 billion, driven by higher markets revenue, asset management, investment banking fees, and net interest income.

• ROE was 19%.

• Average loans increased 11% year-over-year to $1.5 trillion, and average deposits rose 7% year-over-year to $2.6 trillion.

• Strong performance across all business segments, with record markets revenue and robust investment banking fees.

Financial highlights

• Net interest income was $25.5 billion, up 9% year-over-year; noninterest revenue was $25.1 billion, up 11% year-over-year.

• Expenses increased 14% year-over-year to $26.9 billion, mainly due to higher compensation and marketing.

• Credit costs were $2.5 billion, with net charge-offs of $2.3 billion and a net reserve build of $191 million.

• CET1 capital stood at $291 billion, with standardized CET1 ratio at 14.3%.

• Book value per share was $128.38, up 8% year-over-year.

Outlook and guidance

• Full-year 2026 NII ex-markets expected at ~$95 billion; total NII forecasted at ~$103 billion.

• Adjusted expense outlook remains at ~$105 billion; card net charge-off rate expected at ~3.4%.

• Management highlighted U.S. economic resilience, supported by fiscal stimulus, deregulation, and AI-driven investment.

• Consumer deposit growth expectations remain low to mid-single digits, with some improvement signs.

• Cautioned on risks from geopolitical tensions, energy price volatility, trade uncertainty, and elevated asset prices.