JPMorgan Chase & Co. (JPM) Earnings & Analysis

Latest quarter

JPMorgan Chase reported Q3 FY2026 revenue of $76.2 billion, compared with $71.9 billion in Q3 FY2025, while the consensus counted revenue of $50.2 billion against a $52.2 billion estimate. The company’s revenue, as the consensus counts it, was therefore 3.90% below the consensus.

The company reported diluted EPS of $5.70 for Q3 FY2026, compared with $5.07 a year earlier. Adjusted EPS, as the consensus counts it, was $5.75, compared with the consensus estimate of $5.94, or 3.20% below the consensus.

JPMorgan reported Q3 equity markets revenue of $5.0 billion, up 49.0% year over year, driven by performance across products, including prime brokerage and derivatives. The company reported a gross margin of 65.8%, versus 64.6% a year earlier, and an operating margin of 26.4%, versus 26.1% a year earlier. JPMorgan reported free cash flow of −$25.3 billion in Q2 FY2026, compared with $29.5 billion in Q2 FY2025.

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

On JPMorgan’s latest earnings call, Chief Financial Officer Jeremy Barnum said Q2 revenue excluding significant items rose 15% year over year, led by markets revenue, asset-management fees, investment-banking revenue, and higher deposit and loan balances, partly offset by lower rates. Barnum said expenses rose 15% to $27.3 billion, reflecting volume- and revenue-related costs, front-office hiring and labor inflation.

Barnum said Consumer & Community Banking revenue rose 8% year over year, led by card net interest income, auto operating-lease income and wealth-management fees. He said consumers and small businesses continued to show resilience, while average deposits increased 3% year over year and net new checking accounts exceeded 500,000 during the quarter. Barnum also said the company continued to expect low-single-digit consumer deposit growth in 2026, although yield-seeking flows remained a risk.

In the Commercial & Investment Bank, Barnum said investment-banking fees increased 30% year over year, with double-digit growth across products and particular activity in equity underwriting. He said the pipeline was substantial and activity levels were expected to remain healthy, while conversion would depend on market conditions. When analysts asked whether results reflected future activity pulled into the quarter, Barnum said there had clearly been some pull-forward and that large deals had contributed meaningfully.

Barnum said equities revenue rose 86% year over year in Q2 amid dynamic market conditions, with strength across products and regions. In response to questions about whether that performance could recur, he said the particular set of equities-market conditions would be difficult to repeat and did not quantify a future markets-revenue outlook.

Chief Executive Officer Jamie Dimon said the company would continue to invest when it saw opportunities in marketing and deposits rather than pursue a permanent increase in operating leverage. Dimon said artificial intelligence could improve customer service but that the company could not project its margin effect. Barnum said the revised expense outlook reflected higher volume- and revenue-related expenses, including costs already recorded from capital-markets activity.

Guidance

JPMorgan said it raised its full-year 2026 outlook for net interest income excluding Markets from $95 billion to about $96.5 billion and expected total net interest income of approximately $105.5 billion, including about $9 billion of Markets net interest income. The company said its adjusted expense outlook was about $107.5 billion, following a $2.5 billion increase, and it expected a card net charge-off rate of approximately 3.2% for 2026. JPMorgan also continued to expect low-single-digit consumer deposit growth in 2026.