JPMorgan Chase & Co. Q3 2026 Earnings Recap

JPMorgan reported higher year-on-year revenue and earnings, while expenses and credit costs also rose. The stock was roughly flat, up 0.3% after earnings, reflecting a mixed picture rather than a clear market verdict.

Key Takeaways

• Net income was $15.3 billion, EPS was $5.57 and ROTCE was 20%; revenue of $50.9 billion rose 8% year on year, or 9% excluding $658 million of net investment securities losses.
• Expenses increased 12% to $27.3 billion, driven largely by higher volume- and revenue-related costs, front-office hiring and wage inflation. Credit costs were $2.7 billion, including $2.2 billion of net charge-offs and a $539 million net reserve build.
• CIB revenue rose 14% to $22.7 billion: investment banking fees increased 14% and equities revenue rose 49%, while fixed-income markets revenue fell 4%. Management said recent market conditions had slowed deal activity somewhat.
• AWM revenue increased 14% to $6.9 billion; long-term net inflows were $51 billion and AUM reached $5.2 trillion, up 13% year on year.
• For Q4, JPMorgan expects NII ex-markets of about $25.5 billion, total NII of about $28 billion and expenses of about $27.5 billion; it also gave a central 2027 NII ex-markets case of about $107 billion, while emphasizing the assumptions are highly uncertain.