JPMorgan Chase Reports 3Q26 Earnings: Net Income of $15.3B and EPS of $5.57

JPMorgan Chase & Co. (NYSE: JPM) — Form 8-K Summary: 3Q26 Earnings Presentation

Overview

On October 13, 2026, JPMorgan Chase & Co. filed a Current Report on Form 8-K under Item 7.01 (Regulation FD Disclosure) and Item 9.01 (Financial Statements and Exhibits), furnishing its slide presentation (Exhibit 99) for reviewing third-quarter 2026 financial results.

---

Key Financial Highlights

1. Earnings & Profitability

   • Reported Net Income: $15.3 billion, up 6% year-over-year (YoY), down from 2Q26 ($21.2 billion).
   • Diluted EPS: $5.57 (compared to $5.07 in 3Q25).
   • Return on Tangible Common Equity (ROTCE): 20% (or 21% excluding significant item).
   • Return on Equity (ROE): 17%.
   • Significant Item: Net investment securities losses in Corporate of $(658) million pre-tax ($(498) million after-tax, or $(0.18) EPS impact). Excluding this, adjusted net income was $15.8 billion ($5.75 EPS).

2. Top-Line Performance

   • Managed Revenue: $50.9 billion, up 8% YoY.
   • Net Interest Income (NII): $27.1 billion, up 13% YoY.
     • NII excluding Markets: $24.7 billion (+6% YoY), driven by higher deposit balances, Card Services balances, and wholesale loan growth, partially offset by rate reductions.
   • Noninterest Revenue (NIR): $23.8 billion, up 3% YoY.
     • Markets Revenue: $10.3 billion (+15% YoY), powered by a 49% YoY jump in Equity Markets revenue ($5.0 billion).

3. Expenses & Operating Efficiency

   • Noninterest Expense: $27.3 billion, up 12% YoY, primarily reflecting higher revenue-related compensation, front-office headcount additions, brokerage/distribution fees, marketing, and tech investments.
   • Overhead Ratio (Managed): 54% (adjusted overhead ratio: 53%).

4. Credit Quality & Reserves

   • Credit Costs: $2.7 billion, down from $3.4 billion in 3Q25.
   • Net Charge-Offs (NCOs): $2.2 billion (Card Services NCO rate at 2.91%).
   • Reserve Build: Net build of $539 million across segments.

---

Segment Performance

• Consumer & Community Banking (CCB):
  • Net income of $5.7 billion (+13% YoY) on $21.2 billion revenue (+9% YoY).
  • Client investment assets reached $1.42 trillion (+15% YoY); active mobile customers reached 64.9 million (+7% YoY).
• Commercial & Investment Bank (CIB):
  • Net income of $8.2 billion (+20% YoY) on $22.7 billion revenue (+14% YoY).
  • Investment Banking revenue rose 15% YoY to $3.1 billion; Payments revenue rose 14% to $5.6 billion; Equity Markets surged 49% to $5.0 billion.
• Asset & Wealth Management (AWM):
  • Net income of $1.8 billion (+11% YoY) on $6.9 billion revenue (+14% YoY).
  • Assets Under Management (AUM) reached $5.21 trillion (+13% YoY) with $51 billion of long-term net inflows.
• Corporate:
  • Net loss of $(455) million, impacted by $(658) million in net investment securities losses.

---

Balance Sheet, Capital & Outlook

• Capital Ratios: Standardized CET1 ratio of 13.9% ($304 billion in CET1 capital); Advanced CET1 ratio of 14.1%; Supplementary Leverage Ratio (SLR) at 5.5%.
• Tangible Book Value Per Share (TBVPS): $112.64.
• Capital Distributions: Common dividend of $4.4 billion ($1.65/share) and $664 million in common share repurchases.
• FY26 Full-Year Outlook:
  • Implied FY26 NII excluding Markets: ~$97.2 billion (4Q outlook: ~$25.5 billion).
  • Implied FY26 Total NII: ~$106.2 billion (4Q outlook: ~$28 billion).
  • Implied FY26 Adjusted Expense: ~$108.6 billion (4Q outlook: ~$27.5 billion).
  • Expected Card Services NCO rate: ~3.2%.