JPMorgan earnings reached $15.3 billion in the third quarter of 2026, up 6% from a year earlier, as revenue increased across its main businesses. The stronger results came alongside a warning from Chairman and CEO Jamie Dimon that fiscal deficits, persistent inflation, elevated asset prices, rising interest rates and geopolitical conditions remained risks to the U.S. economy.
Key Takeaways
- Reported diluted earnings per share rose 10% to $5.57.
- Equity trading and investment banking fees helped support revenue growth.
- Credit-loss provisions fell from a year earlier, despite a net reserve build.
JPMorgan earnings grow despite securities losses
JPMorgan Chase’s third-quarter 2026 earnings release showed reported revenue of $50.2 billion, up 8% year over year. Managed revenue, a non-GAAP measure that adjusts revenue onto a fully taxable-equivalent basis, was $50.9 billion, also up 8%.
Reported profit included $658 million of net investment securities losses before tax. Excluding that significant item, net income was $15.8 billion and earnings per share were $5.75, compared with reported earnings per share of $5.57.
Net interest income rose 13% to $27.1 billion. Excluding Markets, the bank attributed growth to higher deposit balances, larger Card Services balances and higher wholesale lending, partly offset by lower rates. Expenses increased 12% to $27.3 billion, reflecting higher compensation, brokerage and distribution costs, marketing and technology spending.
| Item | Details |
|---|---|
| Common dividend | $4.4 billion, or $1.65 per share, in Q3 2026 |
| Common stock net repurchases | $664 million in Q3 2026 |
| Standardized CET1 capital ratio | 13.9% at quarter-end |
| Cash and marketable securities | $1.5 trillion |
Trading and fee growth support the business lines
Commercial & Investment Bank revenue increased 14% to $22.7 billion. Markets revenue rose 15%, with Equity Markets revenue climbing 49% while Fixed Income Markets revenue declined 4%. Investment banking fees increased 14%, predominantly driven by higher advisory fees.
Consumer & Community Banking revenue rose 9% to $21.2 billion, supported by growth in banking and wealth management, cards and auto. Home Lending revenue declined 3%, partly reflecting lower production revenue.
Asset & Wealth Management revenue increased 14% to $6.9 billion. The bank attributed the improvement primarily to higher management fees supported by market levels and net inflows, along with higher loan balances.
Economic caution does not mean provisions increased
Dimon said strong business investment and continued consumer spending were supporting the U.S. economy, but warned that underlying risks remained. “These forces may be manageable, but we remain prepared for a wide range of outcomes,” he said.
The bank recorded $2.7 billion in credit-loss provisions, down from $3.4 billion in the third quarter of 2025. The current-quarter total included $2.2 billion of net charge-offs and a $539 million net reserve build, primarily in wholesale lending. The $2.7 billion figure was the provision expense, not an increase in reserves.
JPMorgan also reduced share repurchases during the quarter. Dimon said investing in the business and supporting clients remained its top capital-allocation priorities.
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