01—Abstract
Summary
Summary of the 10-Q filed November 3, 2026. Cited figures are marked; the original filing is the authoritative source.
JPMorgan Chase & Co. reported solid financial results for the third quarter of 2026, with net income of $15.3 billiona, an increase of 6% year-over-year.
Diluted earnings per share stood at $5.57b, up 10% from the prior year's quarter. Total net revenue grew by 8% to $50.2 billion, driven by a strong 13% increase in net interest income, largely fueled by higher deposit balances and loan volumes, partially offset by lower rates. Noninterest revenue saw a modest 3% increase, impacted by higher asset management fees and investment banking fees, but also by net investment securities losses and lower gains on certain equity investments.
Expenses rose by 12%c year-over-year, largely due to higher compensation expenses stemming from increased revenue-related compensation, wage inflation, and investments in technology and marketing. The provision for credit losses decreased by 19% compared to the prior year, reflecting improved credit quality and lower net charge-offs.
The firm maintained strong capital ratios, with CET1 capital at 14.0%d, demonstrating its robust financial health. The Apple Card transaction, announced in late 2025, is progressing, with a forward purchase commitment in place for the portfolio acquisition.
02—Key points
Key Highlights
- Net income increased by 6% to $15.3 billion for the third quarter of 2026 compared to the prior year.
- Total net revenue increased by 8% to $50.2 billion, primarily driven by a 13% increase in net interest income.
- Noninterest expense increased by 12% to $27.3 billion, attributed to higher compensation and investments in technology and marketing.
- Provision for credit losses decreased by 19% to $2.7 billion, indicating improved credit quality.
- Common Equity Tier 1 (CET1) capital ratio remained strong at 14.0% under the Standardized approach.
- The Commercial & Investment Bank (CIB) segment showed strong performance with a 14% increase in total net revenue, driven by robust Investment Banking fees and significant growth in Equity Markets revenue.
- Consumer & Community Banking (CCB) saw a 13% increase in net income, supported by higher card income and asset management fees.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed November 3, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $50.17B$46.43B | +8.1% |
| Net Income | $15.30B$14.39B | +6.3% |
| EPS (Basic) | $5.58$5.08 | +9.8% |
| EPS (Diluted) | $5.57$5.07 | +9.9% |
| Shares Outstanding (Basic) | 2.68B2.76B | −3.0% |
| Shares Outstanding (Diluted) | 2.68B2.77B | −3.1% |
05—Questions
Frequently Asked Questions
How did JPMorgan Chase's revenue perform in Q3 2026 compared to Q3 2025?
JPMorgan Chase reported an 8% increase in total net revenue for the third quarter of 2026, reaching $50.2 billion, up from $46.4 billion in the prior year's quarter. This growth was primarily driven by a 13% rise in net interest income.
What were the main drivers of the increase in noninterest expense?
Noninterest expense increased by 12% year-over-year to $27.3 billion. This increase was predominantly driven by higher compensation expenses, attributed to revenue-related compensation, wage inflation, and an increase in front-office employees. Continued investments in technology and marketing also contributed to the rise.
How is the company's capital position, particularly its CET1 ratio, looking?
JPMorgan Chase maintained a strong capital position, with Common Equity Tier 1 (CET1) capital at $304 billion. The CET1 capital ratio stood at 14.0% under both the Standardized and Advanced approaches as of September 30, 2026, indicating a well-capitalized financial institution.
What is the company's outlook for the rest of 2026?
For the fourth quarter of 2026, management expects net interest income to be approximately $28 billion and adjusted expense to be around $27.5 billion, both market dependent. For the full year 2026, management anticipates net interest income of approximately $106.2 billion and adjusted expense of approximately $108.6 billion, also market dependent. The net charge-off rate in Card Services is expected to be around 3.2% for the full year.
How did the different business segments perform?
The Consumer & Community Banking (CCB) segment reported a 13% increase in net income, driven by higher card income and asset management fees. The Commercial & Investment Bank (CIB) segment saw a 20% increase in net income, with strong growth in investment banking fees and significant revenue increases in Equity Markets. Asset & Wealth Management (AWM) reported an 11% increase in net income, benefiting from higher asset management fees and strong performance in the Global Private Bank.
06—Continue