JPMorganChase (JPM) Q3 2026 earnings summary

Executive summary

• Net income was $15.3B, or $5.57 per share; excluding $658M of net investment securities losses, net income was $15.8B, EPS was $5.75 and ROTCE was 21%.

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

• ROTCE was 20% reported; each line of business posted higher YoY revenue, while management said it was prepared for a wide range of outcomes.

Financial highlights

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

• Noninterest revenue excluding Markets was $15.9B, up 7% YoY, or 12% excluding securities losses; Markets revenue was $10.3B, up 15%.

• Expenses were $27.3B, up 12% YoY, driven by higher volume- and revenue-related costs, compensation, hiring, fees, marketing and technology.

• Credit costs were $2.7B, including $2.2B of net charge-offs and a $539M net reserve build, versus prior-year provision of $3.4B.

• Standardized RWA increased ~$52B, primarily from lending growth across banking, Markets and AWM, as well as higher energy prices and market volatility.

Outlook and guidance

• Q4 NII excluding Markets is expected at ~$25.5B and total NII at ~$28B; FY26 implied NII excluding Markets is $97.2B and implied total NII is ~$106.2B.

• Preliminary 2027 central case for NII excluding Markets is ~$107B, with significant uncertainty; roughly one-quarter of growth from the Q4 run rate reflects rate hikes in the forward curve.

• Remaining 2027 NII growth assumption reflects balance-sheet growth and mix trends, including modest consumer deposit growth and continued card lending.

• Q4 expenses are expected at ~$27.5B; FY26 implied adjusted expense is ~$108.6B, and the preliminary 2027 expense view is near current consensus of ~$114B.

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