JPMORGANCHASE REPORTS THIRD-QUARTER 2026 NET INCOME OF $15.3 BILLION ( $5.57 PER
JPMorgan Chase & Co. 270 Park Avenue, New York, NY 10017-2070 NYSE symbol: JPM www.jpmorganchase.com
JPMORGANCHASE REPORTS THIRD-QUARTER 2026 NET INCOME OF $15.3 BILLION ( $5.57 PER SHARE), NET INCOME OF $15.8 BILLION ($5.75 PER SHARE) EXCLUDING A SIGNIFICANT ITEM
CET1 Capital Ratios3 Std. RWA3$2.2T ROE17% Std.13.9%| Adv.14.1% Cash and marketable ROTCE220% Total Loss-Absorbing securities4$1.5T Capacity3$599B Average loans$1.6T
Reported revenue of $50.2 Firmwide Metrics n billion and managed revenue2of $50.9 billion Expense of $27.3 billion; n reported overhead ratio of 54% and managed overhead ratio2of 54% Credit costs of $2.7 billion with $2.2 billion n of net charge-offs and a $539 million net reserve build Average loans up 10% YoY n and 2% QoQ; average deposits up 8% YoY and 2% QoQ Average deposits up 4% CCB n YoY, flat QoQ; client ROE 36% investment assets up 15% YoY Average loans up 2% YoY n and 1% QoQ; Card Services net charge-off rate of 2.91% n Debit and credit card sales volume5up 10% YoY n Active mobile customers6up 7% YoY Investment Banking fees up 14% YoY, down 8% QoQ; #1 CIB n ranking for Global ROE 18% Investment Banking fees with 9.2% wallet share YTD7 Markets revenue up 15% n YoY, with Fixed Income Markets down 4% and Equity Markets up 49% Average Banking & Payments loans up 11% YoY, flat n QoQ; average client deposits8up 10% YoY, up 1% QoQ AWM n AUM9of $5.2 trillion, up ROE45% 13% YoY Average loans up 20% YoY n and 6% QoQ; average deposits up 5% YoY, down 3% QoQ
Jamie Dimon, Chairman and CEO, commented on the financial results:“The Firm reported another quarter of strong results, generating net income of $15.8 billion and an ROTCE of 21%, excluding discretionary investment securities losses totaling $498 million after tax.” Dimon continued:“Each line of business performed well. In the CIB, revenue increased 14%. Markets revenue and IB fees each rose at a mid-teens rate, helped by strong levels of client activity, although activity did moderate somewhat during the quarter. Meanwhile, Payments and Securities Services each posted double-digit revenue increases led by ongoing deposit and fee growth. In CCB, revenue rose 9%. We ranked #1 in U.S. retail deposits for the sixth consecutive year, and account acquisition remained strong in the quarter as we added over 650,000 net new checking accounts. Additionally, growth continued to be robust in Card, with strong demand for our set of products. Finally, in AWM, revenue grew 14%, and flows were very strong with $263 billion of client asset net inflows.” Dimon added:“Our capital hierarchy has remained consistent over time, with investing in the franchise and supporting our clients at the top. In line with our hierarchy, we reduced share repurchases this quarter. We believe we can deploy this capital over time at very attractive returns for our shareholders.” Dimon added:“The U.S. economy continued to be fueled by strong business investment and ongoing consumer spending. However, large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface. These forces may be manageable, but we remain prepared for a wide range of outcomes.” Dimon concluded:“I want to express my deep gratitude to our employees across the globe for how they work to support our customers and communities every single day.”
n $658 million of net investment securities losses in Corporate 10 ($0.18 decrease in EPS 11 )
n Book value per share of $132.30, up 6% YoY; tangible book value per share 2 of $112.64, up 7% YoY
n Basel III common equity Tier 1 capital 3 of $304 billion, Standardized ratio 3 of 13.9% and Advanced ratio 3 of 14.1%
n $2.5 trillion of credit and capital for corporations 15 and non-U.S. government entities
n $79 billion of credit and capital for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities
Investor Contact: Mikael Grubb Media Contact: Joseph Evangelisti (212) (212) 270-7438 270-2479 Note: Totals may not sum due to rounding. 1Percentage comparisons are for the third quarter of 2026 versus the prior-year third quarter, unless otherwise specified. 2For notes on non-GAAP financial measures, including managed basis reporting, see page 6. For additional notes, see page 7.
News Release In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments and Corporate is also presented on a managed basis. For more information about managed basis and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.
Comparisons noted in the sections below are for the third quarter of 2026 versus the prior-year third quarter, unless otherwise specified.
Net revenue was $50.9 billion, up 8%. Net interest income was $27.1 billion, up 13%. Noninterest revenue was $23.8 billion, up 3%.
Net interest income excluding Markets 2 was $24.7 billion, up 6%, driven by higher deposit balances, higher balances in Card Services and higher wholesale loan balances, partially offset by the impact of lower rates. Noninterest revenue excluding Markets 2 was $15.9 billion, up 7%, or up 12% also excluding $658 million of net investment securities losses, driven by higher asset management fees in AWM and CCB, higher investment banking fees, higher card income and higher auto operating lease income, partially offset by net losses on certain equity investments. Markets revenue was $10.3 billion, up 15%, predominantly driven by higher Equity Markets revenue.
Noninterest expense was $27.3 billion, up 12%, predominantly driven by higher compensation, including higher revenue-related compensation and growth in the number of front office employees, as well as higher brokerage expense and distribution fees, higher marketing expense and higher technology expense.
The provision for credit losses was $2.7 billion. Net charge-offs were $2.2 billion, down $389 million, driven by Wholesale. The net reserve build was $539 million, primarily in Wholesale. In the prior year, the provision was $3.4 billion, net charge-offs were $2.6 billion and the net reserve build was $810 million. 2 JPMorgan Chase & Co.
Net income was $5.7 billion, up 13%. Net revenue was $21.2 billion, up 9%. Banking & Wealth Management net revenue was $11.7 billion, up 6%, predominantly driven by higher asset management fees in J.P. Morgan Wealth Management as well as higher net interest income on higher deposit balances. Home Lending net revenue was $1.2 billion, down 3%, driven by lower production revenue, partially offset by higher net interest income. Card Services & Auto net revenue was $8.3 billion, up 15%, predominantly driven by higher Card Services net interest income on higher balances and higher net yield, as well as higher auto operating lease income.
Noninterest expense was $11.6 billion, up 12%, predominantly driven by higher marketing expense, higher technology expense, higher compensation for advisors and bankers and higher auto lease depreciation.
The provision for credit losses was $2.0 billion. Net charge-offs were $2.0 billion, relatively flat compared with the prior year. The net reserve build was $50 million. In the prior year, the provision was $2.5 billion, net charge-offs were $2.0 billion and the net reserve build was $575 million. 3 JPMorgan Chase & Co.
Net revenue was $22.7 billion, up 14%. Banking & Payments revenue was $11.0 billion, up 16%. Investment Banking revenue was $3.1 billion, up 15%. Investment Banking fees were $3.0 billion, up 14%, predominantly driven by higher advisory fees. Payments revenue was $5.6 billion, up 14%, driven by higher deposit balances, higher deposit margin and fee growth. Lending revenue was $2.2 billion, up 20%, largely driven by lower losses on hedges of the retained lending portfolio and higher loan balances.
Markets & Securities Services revenue was $11.8 billion, up 13%. Markets revenue was $10.3 billion, up 15%. Fixed Income Markets revenue was $5.4 billion, down 4%, driven by lower revenue in Commodities, Rates, Credit and Public Finance, largely offset by higher revenue in Currencies & Emerging Markets. Equity Markets revenue was $5.0 billion, up 49%, driven by strong performance across products, particularly in Prime and Derivatives. Securities Services revenue was $1.6 billion, up 14%, predominantly driven by fee growth on higher market levels and client activity, as well as higher deposit balances and higher deposit margin.
Noninterest expense was $10.8 billion, up 11%, predominantly driven by higher brokerage expense and higher compensation expense, including higher revenue- related compensation.
The provision for credit losses was $663 million, predominantly driven by net lending activity and changes in the credit quality of certain exposures. The net reserve build was $452 million, and net charge-offs were $211 million. In the prior year, the provision was $809 million, net charge-offs were $567 million and the net reserve build was $242 million.
Net revenue was $6.9 billion, up 14%, predominantly driven by growth in management fees on higher average market levels and strong net inflows, as well as higher loan balances.
Noninterest expense was $4.4 billion, up 14%, largely driven by higher compensation, primarily due to higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.
The provision for credit losses was $84 million. The net reserve build was $68 million, and net charge-offs were $16 million. In the prior year, the provision was $59 million, net charge-offs were $62 million and the net reserve release was $3 million.
Assets under management were $5.2 trillion, up 13%, and client assets were $7.9 trillion, up 15%, driven by continued net inflows and higher market levels. 4 JPMorgan Chase & Co.
Net loss was $455 million, compared with net income of $825 million in the prior year.
Net revenue was $93 million, down $1.6 billion. Net interest income was $669 million, down $737 million, predominantly driven by the impact of lower rates. Noninterest revenue was a loss of $576 million, compared with revenue of $297 million in the prior year. The current quarter included $658 million of net investment securities losses, compared with $105 million of net gains in the prior year.
a. The Firm prepares its Consolidated Financial Statements in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with the U.S. GAAP financial statements of other companies. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole and for each of the reportable business segments and Corporate on a fully taxable- equivalent basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by each of the lines of business and Corporate. For a reconciliation of the Firm’s results from a reported to managed basis, refer to page 7 of the Earnings Release Financial Supplement.
b. Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”) are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, refer to page 10 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. Book value per share was $132.30, $133.01 and $124.96 at September 30, 2026, June 30, 2026 and September 30, 2025, respectively. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
c. In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non- GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR from reported to excluding Markets, refer to page 28 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to pages 73-74 of the Firm’s 2025 Form 10-K.
d. Third-quarter 2026 net income, earnings per share and ROTCE excluding $658 million of net investment securities losses are non-GAAP financial measures. Excluding this item from third-quarter 2026 net income, earnings per share and ROTCE resulted in an increase of $498 million (after tax) to reported net income from $15.3 billion to $15.8 billion, an increase of $0.18 per share to reported EPS from $5.57 to $5.75 and an increase of 1 percentage point to reported ROTCE from 20% to 21%. Management believes these measures provide useful information to investors and analysts in assessing the Firm’s results. 6 JPMorgan Chase & Co.
4. Estimated. Cash and marketable securities include end-of-period eligible high-quality liquid assets (“HQLA”), excluding regulatory prescribed haircuts under the liquidity coverage ratio (“LCR”) rule where applicable, for both the Firm and the excess HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank affiliates and thus excluded from the Firm’s LCR. Also include other end-of- period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 52-58 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 and pages 100-107 of the Firm’s 2025 Form 10-K for additional information.
8. Client deposits and other third-party liabilities (“client deposits”) pertain to the Payments and Securities Services businesses.
10. Net investment securities losses of $658 million were $498 million after tax.
12. Includes the net impact of employee issuances. Excludes excise tax and commissions.
14. Credit provided to clients represents new and renewed credit, including loans and lending-related commitments, as well as unused amounts of advised uncommitted lines of credit where the Firm has discretion on whether or not to make a loan under these lines.
15. Credit and capital for corporations and non-U.S. government entities includes Individuals and Individual Entities, primarily consisting of Global Private Bank clients within AWM. Corporations include U.S. and non-U.S. corporations. 7 JPMorgan Chase & Co.
News Release JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $5.1 trillion in assets and $372 billion in stockholders’ equity as of September 30, 2026. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com .
JPMorgan Chase & Co. will host a conference call today, October 13, 2026, at 8:30 a.m. (ET) to present third-quarter 2026 financial results. The general public can access the conference call by dialing the following numbers: 1 (888) 324-3618 in the U.S. and Canada; +1 (312) 470-7119 for international callers; use passcode 1364784#. Please dial in 15 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com , under Investor Relations, Events & Presentations.
A replay of the conference call will also be available by telephone from approximately 11:00 a.m. (ET) on October 13, 2026 through 12:59 a.m. (ET) on October 29, 2026 at 1 (800) 841-4034 (U.S. and Canada); +1 (203) 369-3360 (International); use passcode 67371#. The replay will be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com .
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of JPMorgan Chase & Co.’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward- looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website ( https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview ), and on the Securities and Exchange Commission’s website ( www.sec.gov ). JPMorgan Chase & Co. does not undertake to update any forward-looking statements. 8
Full text with the tables
Exhibit 99.1
JPMorgan Chase & Co.
270 Park Avenue, New York, NY 10017-2070
NYSE symbol: JPM
www.jpmorganchase.com
JPMORGANCHASE REPORTS THIRD-QUARTER 2026 NET INCOME OF $15.3 BILLION ( $5.57 PER
SHARE), NET INCOME OF $15.8 BILLION ($5.75 PER SHARE) EXCLUDING A SIGNIFICANT
ITEM
THIRD-QUARTER 2026 RESULTS
1
CET1 Capital Ratios3 Std. RWA3$2.2T
ROE17% Std.13.9%| Adv.14.1% Cash and marketable
ROTCE220% Total Loss-Absorbing securities4$1.5T
Capacity3$599B Average loans$1.6T
Reported revenue of $50.2
Firmwide Metrics n billion and managed
revenue2of $50.9 billion
Expense of $27.3 billion;
n reported overhead ratio of
54% and managed overhead
ratio2of 54%
Credit costs of $2.7
billion with $2.2 billion
n of net charge-offs and a
$539 million net reserve
build
Average loans up 10% YoY
n and 2% QoQ; average
deposits up 8% YoY and 2%
QoQ
Average deposits up 4%
CCB n YoY, flat QoQ; client
ROE 36% investment assets up 15%
YoY
Average loans up 2% YoY
n and 1% QoQ; Card Services
net charge-off rate of
2.91%
n Debit and credit card
sales volume5up 10% YoY
n Active mobile customers6up
7% YoY
Investment Banking fees up
14% YoY, down 8% QoQ; #1
CIB n ranking for Global
ROE 18% Investment Banking fees
with 9.2% wallet share
YTD7
Markets revenue up 15%
n YoY, with Fixed Income
Markets down 4% and Equity
Markets up 49%
Average Banking & Payments
loans up 11% YoY, flat
n QoQ; average client
deposits8up 10% YoY, up 1%
QoQ
AWM n AUM9of $5.2 trillion, up
ROE45% 13% YoY
Average loans up 20% YoY
n and 6% QoQ; average
deposits up 5% YoY, down
3% QoQ
Jamie Dimon, Chairman and CEO, commented on the financial results:“The Firm
reported another quarter of strong results, generating net income of $15.8
billion and an ROTCE of 21%, excluding discretionary investment securities
losses totaling $498 million after tax.”
Dimon continued:“Each line of business performed well. In the CIB, revenue
increased 14%. Markets revenue and IB fees each rose at a mid-teens rate,
helped by strong levels of client activity, although activity did moderate
somewhat during the quarter. Meanwhile, Payments and Securities Services
each posted double-digit revenue increases led by ongoing deposit and fee
growth. In CCB, revenue rose 9%. We ranked #1 in U.S. retail deposits for
the sixth consecutive year, and account acquisition remained strong in the
quarter as we added over 650,000 net new checking accounts. Additionally,
growth continued to be robust in Card, with strong demand for our set of
products. Finally, in AWM, revenue grew 14%, and flows were very strong with
$263 billion of client asset net inflows.”
Dimon added:“Our capital hierarchy has remained consistent over time, with
investing in the franchise and supporting our clients at the top. In line
with our hierarchy, we reduced share repurchases this quarter. We believe we
can deploy this capital over time at very attractive returns for our
shareholders.”
Dimon added:“The U.S. economy continued to be fueled by strong business
investment and ongoing consumer spending. However, large fiscal deficits,
sticky inflation, elevated asset prices, rising interest rates and
geopolitical conditions continue to shift under the surface. These forces
may be manageable, but we remain prepared for a wide range of outcomes.”
Dimon concluded:“I want to express my deep gratitude to our employees across
the globe for how they work to support our customers and communities every
single day.”
SIGNIFICANT ITEM IN 3Q26 RESULTS
n $658 million of net investment
securities losses in Corporate 10 ($0.18
decrease in EPS 11 )
CAPITAL DISTRIBUTIONS
n Common dividend of $4.4 billion or
$1.65 per share
n $664 million of common stock net
repurchases 12
n Net payout LTM 12,13 of 61%
FORTRESS PRINCIPLES
n Book value per share of $132.30, up 6%
YoY; tangible book value per share 2 of
$112.64, up 7% YoY
n Basel III common equity Tier 1 capital
3 of $304 billion, Standardized ratio 3
of 13.9% and Advanced ratio 3 of 14.1%
n Firm supplementary leverage ratio of
5.5%
SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES
n Approximately $2.9 trillion of credit
and capital 14 raised YTD:
n $240 billion of credit for consumers
n $27 billion of credit for U.S. small
businesses
n $2.5 trillion of credit and capital
for corporations 15 and non-U.S.
government entities
n $79 billion of credit and capital for
nonprofit and U.S. government entities,
including states, municipalities,
hospitals and universities
Investor Contact: Mikael Grubb Media Contact: Joseph Evangelisti
(212) (212) 270-7438
270-2479
Note: Totals may not sum due to
rounding.
1Percentage comparisons are for the
third quarter of 2026 versus the
prior-year third quarter, unless
otherwise specified.
2For notes on non-GAAP financial
measures, including managed basis
reporting, see page 6.
For additional notes, see page 7.
JPMorgan Chase & Co.
News Release
In the discussion below of Firmwide results of JPMorgan Chase & Co.
(“JPMorganChase” or the “Firm”), information is presented on a managed basis,
which is a non-GAAP financial measure, unless otherwise specified. The
discussion below of the Firm’s business segments and Corporate is also presented
on a managed basis. For more information about managed basis and non-GAAP
financial measures used by management to evaluate the performance of each line
of business, refer to page 6.
Comparisons noted in the sections below are for the third quarter of 2026 versus
the prior-year third quarter, unless otherwise specified.
JPMORGANCHASE (JPM)
…
… $ … $ …
… … … … … 2… % … 3… %
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ -… -… % $ 3… 8 %
… … … -… -… 3… 8
… … … -… — 3… 12
… … … 2… 9 -… -…
$ … $ … $ … $ -… -… % $ 9… 6 %
$ … $ … $ … $ -… -… % $ 0… 10 %
… % … % … %
… … …
Discussion of Results:
Net income was $15.3 billion, up 6%.
Net revenue was $50.9 billion, up 8%. Net interest income was $27.1 billion, up
13%. Noninterest revenue was $23.8 billion, up 3%.
Net interest income excluding Markets 2 was $24.7 billion, up 6%, driven by
higher deposit balances, higher balances in Card Services and higher wholesale
loan balances, partially offset by the impact of lower rates. Noninterest
revenue excluding Markets 2 was $15.9 billion, up 7%, or up 12% also excluding
$658 million of net investment securities losses, driven by higher asset
management fees in AWM and CCB, higher investment banking fees, higher card
income and higher auto operating lease income, partially offset by net losses on
certain equity investments. Markets revenue was $10.3 billion, up 15%,
predominantly driven by higher Equity Markets revenue.
Noninterest expense was $27.3 billion, up 12%, predominantly driven by higher
compensation, including higher revenue-related compensation and growth in the
number of front office employees, as well as higher brokerage expense and
distribution fees, higher marketing expense and higher technology expense.
The provision for credit losses was $2.7 billion. Net charge-offs were $2.2
billion, down $389 million, driven by Wholesale. The net reserve build was $539
million, primarily in Wholesale. In the prior year, the provision was $3.4
billion, net charge-offs were $2.6 billion and the net reserve build was $810
million.
2
JPMorgan Chase & Co.
News Release
CONSUMER & COMMUNITY BANKING (CCB)
R…
… f… $ O… $ O…
… C… 3… 2… 3… O… 2… % O… … %
──────────────────────────────────────────────────────────────────────────────
… $ 2… $ 2… $ 1… $ 8… 4 % $ … 9 %
…
…
& 1… 1… 1… 4… 4 … 6
…
…
… 1… 1… 1… -… … … …
…
…
… 8… 7… 7… 5… 7 … …
&
…
… 1… 1… 1… 4… 4 … …
…
…
… 2… 2… 2… -… … … …
…
…
… $ 5… $ 5… $ 5… $ 3… 7 % $ … … %
…
Discussion of Results:
Net income was $5.7 billion, up 13%.
Net revenue was $21.2 billion, up 9%. Banking & Wealth Management net revenue
was $11.7 billion, up 6%, predominantly driven by higher asset management fees
in J.P. Morgan Wealth Management as well as higher net interest income on higher
deposit balances. Home Lending net revenue was $1.2 billion, down 3%, driven by
lower production revenue, partially offset by higher net interest income. Card
Services & Auto net revenue was $8.3 billion, up 15%, predominantly driven by
higher Card Services net interest income on higher balances and higher net
yield, as well as higher auto operating lease income.
Noninterest expense was $11.6 billion, up 12%, predominantly driven by higher
marketing expense, higher technology expense, higher compensation for advisors
and bankers and higher auto lease depreciation.
The provision for credit losses was $2.0 billion. Net charge-offs were $2.0
billion, relatively flat compared with the prior year. The net reserve build was
$50 million. In the prior year, the provision was $2.5 billion, net charge-offs
were $2.0 billion and the net reserve build was $575 million.
3
JPMorgan Chase & Co.
News Release
COMMERCIAL & INVESTMENT BANK (CIB)
R…
… f… $ … $ …
… C… 3… 2… 3… O… 2… % … 3… %
──────────────────────────────────────────────────────────────────────────────
… $ 2… $ 2… $ 1… $ -… -9 % $ 2… 14 %
…
…
& 1… 1… 9… -… -2 1… 16
…
…
& 1… 1… 1… -… -… 1… 13
…
…
… 1… 1… 9… -… -5 1… 11
…
…
… 6… 3… 8… 3… 86 -… -…
…
…
… $ 8… $ 9… $ 6… $ -… -… % $ 1… 20 %
…
Discussion of Results:
Net income was $8.2 billion, up 20%.
Net revenue was $22.7 billion, up 14%. Banking & Payments revenue was $11.0
billion, up 16%. Investment Banking revenue was $3.1 billion, up 15%. Investment
Banking fees were $3.0 billion, up 14%, predominantly driven by higher advisory
fees. Payments revenue was $5.6 billion, up 14%, driven by higher deposit
balances, higher deposit margin and fee growth. Lending revenue was $2.2
billion, up 20%, largely driven by lower losses on hedges of the retained
lending portfolio and higher loan balances.
Markets & Securities Services revenue was $11.8 billion, up 13%. Markets revenue
was $10.3 billion, up 15%. Fixed Income Markets revenue was $5.4 billion, down
4%, driven by lower revenue in Commodities, Rates, Credit and Public Finance,
largely offset by higher revenue in Currencies & Emerging Markets. Equity
Markets revenue was $5.0 billion, up 49%, driven by strong performance across
products, particularly in Prime and Derivatives. Securities Services revenue was
$1.6 billion, up 14%, predominantly driven by fee growth on higher market levels
and client activity, as well as higher deposit balances and higher deposit
margin.
Noninterest expense was $10.8 billion, up 11%, predominantly driven by higher
brokerage expense and higher compensation expense, including higher revenue-
related compensation.
The provision for credit losses was $663 million, predominantly driven by net
lending activity and changes in the credit quality of certain exposures. The net
reserve build was $452 million, and net charge-offs were $211 million. In the
prior year, the provision was $809 million, net charge-offs were $567 million
and the net reserve build was $242 million.
ASSET & WEALTH MANAGEMENT (AWM)
R…
… f… $ O… $ O…
… A… 3… 2… 3… O… 2… % O… … %
──────────────────────────────────────────────────────────────────────────────
… $ 6… $ 6… $ 6… $ 58 1 % $ … … %
…
… 4… 4… 3… 1… 4 … …
…
…
… 84 13 59 71 NM … …
…
…
… $ 1… $ 1… $ 1… $ -… … % $ … … %
…
Discussion of Results:
Net income was $1.8 billion, up 11%.
Net revenue was $6.9 billion, up 14%, predominantly driven by growth in
management fees on higher average market levels and strong net inflows, as well
as higher loan balances.
Noninterest expense was $4.4 billion, up 14%, largely driven by higher
compensation, primarily due to higher revenue-related compensation and continued
growth in private banking advisor teams, as well as higher distribution fees.
The provision for credit losses was $84 million. The net reserve build was $68
million, and net charge-offs were $16 million. In the prior year, the provision
was $59 million, net charge-offs were $62 million and the net reserve release
was $3 million.
Assets under management were $5.2 trillion, up 13%, and client assets were $7.9
trillion, up 15%, driven by continued net inflows and higher market levels.
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JPMorgan Chase & Co.
News Release
CORPORATE
R…
… f… $ O… $ …
… C… 3… 2… 3… O… … % … 3… %
──────────────────────────────────────────────────────────────────────────────
… $ 93 $ 6… $ 1… $ … … % $ -… -… %
…
… 5… 6… 4… … … 1… 32
…
…
… -… -… -3 … … -… …
…
…
… $ -… $ 4… $ 8… $ … NM $ -… …
…
Discussion of Results:
Net loss was $455 million, compared with net income of $825 million in the prior
year.
Net revenue was $93 million, down $1.6 billion. Net interest income was $669
million, down $737 million, predominantly driven by the impact of lower rates.
Noninterest revenue was a loss of $576 million, compared with revenue of $297
million in the prior year. The current quarter included $658 million of net
investment securities losses, compared with $105 million of net gains in the
prior year.
Noninterest expense was $586 million, up $141 million.
5
JPMorgan Chase & Co.
News Release
2. Notes on non-GAAP financial measures:
a. The Firm prepares its Consolidated Financial Statements in accordance with
accounting principles generally accepted in the U.S. (“U.S. GAAP”). That
presentation, which is referred to as “reported” basis, provides the reader with
an understanding of the Firm’s results that can be tracked consistently from
year-to-year and enables a comparison of the Firm’s performance with the U.S.
GAAP financial statements of other companies. In addition to analyzing the
Firm’s results on a reported basis, management reviews Firmwide results,
including the overhead ratio, on a “managed” basis; these Firmwide managed basis
results are non-GAAP financial measures. The Firm also reviews the results of
the lines of business on a managed basis. The Firm’s definition of managed basis
starts, in each case, with the reported U.S. GAAP results and includes certain
reclassifications to present total net revenue for the Firm as a whole and for
each of the reportable business segments and Corporate on a fully taxable-
equivalent basis. Accordingly, revenue from investments that receive tax credits
and tax-exempt securities is presented in the managed results on a basis
comparable to taxable investments and securities. These financial measures allow
management to assess the comparability of revenue from year-to-year arising from
both taxable and tax-exempt sources. The corresponding income tax impact related
to tax-exempt items is recorded within income tax expense. These adjustments
have no impact on net income as reported by the Firm as a whole or by each of
the lines of business and Corporate. For a reconciliation of the Firm’s results
from a reported to managed basis, refer to page 7 of the Earnings Release
Financial Supplement.
b. Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”)
and tangible book value per share (“TBVPS”) are each non-GAAP financial
measures. TCE represents the Firm’s common stockholders’ equity (i.e., total
stockholders’ equity less preferred stock) less goodwill and identifiable
intangible assets (other than mortgage servicing rights), net of related
deferred tax liabilities. For a reconciliation from common stockholders’ equity
to TCE, refer to page 10 of the Earnings Release Financial Supplement. ROTCE
measures the Firm’s net income applicable to common equity as a percentage of
average TCE. TBVPS represents the Firm’s TCE at period-end divided by common
shares at period-end. Book value per share was $132.30, $133.01 and $124.96 at
September 30, 2026, June 30, 2026 and September 30, 2025, respectively. TCE,
ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in
assessing the Firm’s use of equity.
c. In addition to reviewing net interest income (“NII”) and noninterest revenue
(“NIR”) on a managed basis, management also reviews these metrics excluding
Markets, which is composed of Fixed Income Markets and Equity Markets. Markets
revenue consists of principal transactions, fees, commissions and other income,
as well as net interest income. These metrics, which exclude Markets, are non-
GAAP financial measures. Management reviews these metrics to assess the
performance of the Firm’s lending, investing (including asset-liability
management) and deposit-raising activities, apart from any volatility associated
with Markets activities. In addition, management also assesses Markets business
performance on a total revenue basis as offsets may occur across revenue lines.
For example, securities that generate net interest income may be risk-managed by
derivatives that are reflected at fair value in principal transactions revenue.
Management believes these measures provide investors and analysts with
alternative measures to analyze the revenue trends of the Firm. For a
reconciliation of NII and NIR from reported to excluding Markets, refer to page
28 of the Earnings Release Financial Supplement. For additional information on
Markets revenue, refer to pages 73-74 of the Firm’s 2025 Form 10-K.
d. Third-quarter 2026 net income, earnings per share and ROTCE excluding $658
million of net investment securities losses are non-GAAP financial measures.
Excluding this item from third-quarter 2026 net income, earnings per share and
ROTCE resulted in an increase of $498 million (after tax) to reported net income
from $15.3 billion to $15.8 billion, an increase of $0.18 per share to reported
EPS from $5.57 to $5.75 and an increase of 1 percentage point to reported ROTCE
from 20% to 21%. Management believes these measures provide useful information
to investors and analysts in assessing the Firm’s results.
6
JPMorgan Chase & Co.
News Release
Additional notes:
3. Estimated.
4. Estimated. Cash and marketable securities include end-of-period eligible
high-quality liquid assets (“HQLA”), excluding regulatory prescribed haircuts
under the liquidity coverage ratio (“LCR”) rule where applicable, for both the
Firm and the excess HQLA-eligible securities included as part of the excess
liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank
affiliates and thus excluded from the Firm’s LCR. Also include other end-of-
period unencumbered marketable securities, such as equity and debt securities.
Does not include borrowing capacity at Federal Home Loan Banks and the discount
window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages
52-58 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 2026 and pages 100-107 of the Firm’s 2025 Form 10-K for additional
information.
5. Excludes Commercial Card.
6. Users of all mobile platforms who have logged in within the past 90 days.
7. According to Dealogic as of October 1, 2026.
8. Client deposits and other third-party liabilities (“client deposits”) pertain
to the Payments and Securities Services businesses.
9. Assets under management (“AUM”).
10. Net investment securities losses of $658 million were $498 million after
tax.
11. Earnings Per Share (“EPS”).
12. Includes the net impact of employee issuances. Excludes excise tax and
commissions.
13. Last twelve months (“LTM”).
14. Credit provided to clients represents new and renewed credit, including
loans and lending-related commitments, as well as unused amounts of advised
uncommitted lines of credit where the Firm has discretion on whether or not to
make a loan under these lines.
15. Credit and capital for corporations and non-U.S. government entities
includes Individuals and Individual Entities, primarily consisting of Global
Private Bank clients within AWM. Corporations include U.S. and non-U.S.
corporations.
7
JPMorgan Chase & Co.
News Release
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in
the United States of America (“U.S.”), with operations worldwide. JPMorganChase
had $5.1 trillion in assets and $372 billion in stockholders’ equity as of
September 30, 2026. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking, financial
transaction processing and asset management. Under the J.P. Morgan and Chase
brands, the Firm serves millions of customers predominantly in the U.S., and
many of the world’s most prominent corporate, institutional and government
clients globally. Information about JPMorgan Chase & Co. is available at
www.jpmorganchase.com .
JPMorgan Chase & Co. will host a conference call today, October 13, 2026, at
8:30 a.m. (ET) to present third-quarter 2026 financial results. The general
public can access the conference call by dialing the following numbers: 1 (888)
324-3618 in the U.S. and Canada; +1 (312) 470-7119 for international callers;
use passcode 1364784#. Please dial in 15 minutes prior to the start of the call.
The live audio webcast and presentation slides will be available on the Firm’s
website, www.jpmorganchase.com , under Investor Relations, Events &
Presentations.
A replay of the conference call will also be available by telephone from
approximately 11:00 a.m. (ET) on October 13, 2026 through 12:59 a.m. (ET) on
October 29, 2026 at 1 (800) 841-4034 (U.S. and Canada); +1 (203) 369-3360
(International); use passcode 67371#. The replay will be available via webcast
on www.jpmorganchase.com under Investor Relations, Events & Presentations.
Additional detailed financial, statistical and business-related information is
included in a financial supplement. The earnings release and the financial
supplement are available at www.jpmorganchase.com .
This earnings release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are based
on the beliefs and expectations of JPMorgan Chase & Co.’s management, speak only
as of the date on which they were made, and are subject to significant risks and
uncertainties. Actual results may differ from those set forth in the forward-
looking statements. Factors that could cause JPMorgan Chase & Co.’s actual
results to differ materially from those described in the forward-looking
statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for
the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the
quarter ended June 30, 2026, which have been filed with the Securities and
Exchange Commission and are available on JPMorgan Chase & Co.’s website (
https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview ), and on the
Securities and Exchange Commission’s website ( www.sec.gov ). JPMorgan Chase &
Co. does not undertake to update any forward-looking statements.
8