JPMorgan Chase & Co. (JPM) Q3 2026 Financial Results Summary
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JPMorgan Chase & Co. (JPM) Q3 2026: Earnings Beat Expectations — Positive Outlook
In the third quarter of 2026, JPMorgan Chase & Co. reported a net income of $15.3 billion, reflecting a 6% increase year-over-year (YoY) from $14.4 billion in Q3 2025. This translates to earnings per share (EPS) of $5.57, up from $5.50 in the same quarter last year. The managed revenue for the quarter was $50.9 billion, marking an 8% increase YoY. Overall, this quarter represents a solid performance for shareholders, showcasing growth in both net income and revenue.
Key Financial Metrics
- Net Income: $15.3 billion, up 6% YoY
- EPS: $5.57, compared to $5.50 in Q3 2025
- Managed Revenue: $50.9 billion, up 8% YoY
- Net Interest Income (NII): $27.1 billion, up 13% YoY
- Noninterest Revenue (NIR): $23.8 billion, up 3% YoY
- Average Loans: $1.6 trillion, up 10% YoY
- Average Deposits: $2.7 trillion, up 8% YoY
- Common Dividend: $4.4 billion or $1.65 per share
- Share Repurchases: $664 million
Analyst View
This quarter's results are encouraging for shareholders, as the company demonstrated resilience and growth despite market challenges. The increase in both net income and managed revenue indicates effective management and a strong operational performance. The rise in net interest income, driven by higher deposit balances and loan growth, is particularly noteworthy. Additionally, the company’s ability to maintain a robust capital position, with a CET1 capital ratio of 13.9%, further supports its financial health.
The reported ROTCE (Return on Tangible Common Equity) was 20%, which is consistent with the previous year, indicating stable profitability relative to equity. However, excluding a significant item related to net investment securities losses, the ROTCE would have increased to 21%, highlighting the underlying strength of the business.
Dividend and Share Buyback
JPMorgan Chase declared a common dividend of $4.4 billion, equating to $1.65 per share, which reflects the company's commitment to returning capital to shareholders. Additionally, the firm executed $664 million in common stock net repurchases, further enhancing shareholder value.
Forward-Looking Catalysts
Looking ahead, investors should monitor the company's guidance for the fourth quarter, particularly regarding net interest income and expense management. The outlook for FY26 suggests an implied net interest income excluding markets of approximately $71.7 billion, which could indicate continued growth in this area. Furthermore, the anticipated trends in consumer banking, particularly in card services and auto loans, will be crucial as the company navigates potential economic headwinds.
In summary, JPMorgan Chase's Q3 2026 results reflect a strong operational performance with positive growth metrics, making it a favorable quarter for shareholders. The company's strategic focus on capital management and shareholder returns positions it well for future growth. Investors should keep an eye on the upcoming quarter's performance and guidance, particularly in light of the evolving economic landscape.
Here are the extracted tables from the press release:
Condensed Consolidated Statements of Income (in millions)
Note: All amounts are in millions.
| 3Q26 | 2Q26 | 3Q25 | |
|---|---|---|---|
| Net interest income | 27.1 | 1.5 | 3.1 |
| Noninterest revenue | 23.8 | (8.6) | 0.7 |
| Managed revenue1 | 50.9 | (7.1) | 3.8 |
| Expense | 27.3 | (0.0) | 3.0 |
| Credit costs | 2.7 | 0.2 | (0.7) |
| Net income | 15.3 | (5.9) | 0.9 |
| Net income applicable to common stockholders | 14.9 | (5.8) | 0.9 |
| EPS – diluted | 5.57 | (2.13) | 0.50 |
| ROE2 | 17% | 24% | 17% |
| ROTCE2,3 | 20 | 29 | 20 |
| Overhead ratio – managed1,2 | 54 | 47 | 52 |
| Effective tax rate2 | 24.0 | 23.1 | 23.2 |
| Managed tax rate 1,2,4 | 26.7 | 25.0 | 25.9 |
Condensed Consolidated Balance Sheets (in billions)
Note: All amounts are in billions.
| 3Q26 | 2Q26 | 3Q25 | |
|---|---|---|---|
| CET1 capital | 304 | 303 | 287 |
| Basel III Standardized RWA | 2,184 | 2,132 | 1,936 |
| CET1 capital ratio – Standardized | 13.9% | 14.2% | 14.8% |
| Basel III Advanced RWA | 2,164 | 2,124 | 1,932 |
| CET1 capital ratio – Advanced | 14.1% | 14.2% | 14.9% |
| Firm SLR | 5.5% | 5.5% | 5.8% |
| Firm LCR | 113% | 110% | 110% |
| Bank LCR | 119 | 118 | 117 |
| Total excess HQLA | 288 | 254 | 241 |
| HQLA and unencumbered marketable securities | 1,511 | 1,497 | 1,511 |
| Total assets (EOP) | 5,092 | 5,015 | 4,560 |
| Deposits (average) | 2,734 | 2,686 | 2,525 |
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