JPMorganChase (JPM) Q3 2026 earnings summary

Executive summary

• Q3 net income was $15.3B, up 6% YoY; diluted EPS was $5.57, ROE 17% and ROTCE 20%. Excluding $658M of securities losses, net income was $15.8B and EPS was $5.75.

• Managed revenue was $50.9B, up 8% YoY; reported revenue was $50.2B.

• Average loans were $1.6T, up 10% YoY, and average deposits were $2.7T, up 8%. Each line of business posted higher YoY revenue.

Financial highlights

• NII was $27.1B, up 13% YoY; NII excluding Markets rose 6% to $24.7B. Noninterest revenue was $23.8B, up 3%.

• Noninterest expense was $27.3B, up 12% YoY, reflecting compensation, wage inflation, hiring, brokerage and distribution costs, and technology and marketing investment.

• Credit costs were $2.7B, including $2.2B of net charge-offs and a $539M net reserve build; provision was down 19% YoY.

• Securities losses were $658M pretax, or $498M after tax; excluding the item, ROTCE was 21% versus 20% reported.

• 9M net income grew 20% to $53.0B; revenue rose 15% to $157.4B and diluted EPS increased 25% to $19.20.

Outlook and guidance

• Q4 NII outlook is ~$28B, including ~$25.5B excluding Markets; FY26 implied NII is ~$106.2B, including ~$97.2B excluding Markets.

• Preliminary 2027 central case for NII excluding Markets is ~$107B; around one-quarter of the increase from the Q4 run rate reflects rate hikes in the forward curve.

• Q4 adjusted expense outlook is ~$27.5B; FY26 implied adjusted expense is ~$108.6B, with the outlook market dependent.

• Preliminary 2027 expense view is near current consensus of ~$114B, subject to the budget cycle and investment decisions.

• FY26 Card Services net charge-off rate is expected to be ~3.2%; Markets revenue typically declines seasonally from Q3 to Q4, with volatility making the outlook uncertain.