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JPMORGAN CHASE & CO 8-K Report, Regulation FD Disclosure (Feb 23, 2026)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed February 23, 2026
Period End
February 23, 2026
In the record · 2016–202610-K1110-Q328-K336

JPM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 336 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jan ’23Jan ’23
  2. Leadership change8-K · Jan ’25Jan ’25

01—Abstract

Summary

Summary of the 8-K filed February 23, 2026. Cited figures are marked; the original filing is the authoritative source.

JPMorgan Chase & Co. filed this Form 8-K under Item 7.01 (Regulation FD) to furnish slides and speaker bios from its February 23, 2026 Company Update presentation.

No new financial results were reported; the filing is primarily forward-looking guidance and strategic positioning. Management highlighted record 2025 net income of $57Ba (up 8% YoY, EPS up 12%), revenue of $186B (10th consecutive year of growth), and a 20% ROTCE, the eighth straight year at or above 17%. The Firm reaffirmed or updated key 2026 outlook items: ~$95B NII ex.

Markets, ~$104.5Bb firmwide NII, ~$105B adjusted expense, ~$19.8B technology expense (about 10% YoY), and a Card NCO rate of ~3.4%. The outlook points to continued growth in Investment Banking, Payments, Securities Services and Asset & Wealth Management fees, alongside expected retail deposit growth resuming in 2026 as yield-seeking flows abate. Management described the macro backdrop as supportive but flagged intensifying competition, persistent inflation, geopolitical risk, a softening labor market, and elevated asset prices.

The Firm also noted a new wholesale credit reserve established in 4Q25 and a stated focus on capital and liquidity regulatory reform. Management also reiterated a 17%c through-the-cycle ROTCE target and provided an updated set of long-term ambitions shared at the 2025 Investor Day. For investors, the key takeaways are the reaffirmed expense and NII discipline, the strong 2025 profitability base, and a cautiously optimistic 2026 tone.

Investors should monitor the pace of deposit growth, the sustainability of Markets and IB fee strength, credit normalization in cards and wholesale, and the operating leverage implied by revenue growth outpacing expense growth. Because the slides are furnished rather than filed, the figures are management projections and non-GAAP measures that should be checked against the 2025 Form 10-K.

02—Key points

Key Highlights

  1. 2025 net income of $57B (+8% YoY), EPS up 12%, and revenue of $186B, the 10th consecutive year of revenue growth
  2. 2025 ROTCE of 20%, the eighth consecutive year at or above the 17% through-the-cycle target
  3. 2026 NII ex. Markets guided to ~$95B, with firmwide NII of ~$104.5B, reflecting ~83bps lower average IORB
  4. 2026 adjusted expense outlook of ~$105B (about 9% YoY), with technology expense of ~$19.8B (about 10% YoY, ~25% AI-related)
  5. 2026 Card NCO rate forecast of ~3.4%, with a wholesale allowance reserve established in 4Q25
  6. Retail deposit growth expected to resume in 2026 (low-to-mid-single digits) as yield-seeking flows abate and checking accounts grow
  7. Management is cautiously optimistic on 2026, citing competition, persistent inflation, geopolitical risk, and softening labor market as headwinds

03—Questions

Frequently Asked Questions

  1. Did JPMorgan report new financial results in this 8-K?

    No. The filing furnishes slides from a February 23, 2026 Company Update presentation under Item 7.01 (Regulation FD). The slides summarize previously reported 2025 results and provide forward-looking 2026 outlook, which is not a new earnings release.

  2. What is JPMorgan's 2026 expense and net interest income outlook?

    Management expects adjusted expense of about $105B in 2026 and NII ex. Markets of about $95B, with firmwide NII of about $104.5B. Expense growth is driven by volume-related costs, marketing, technology investment, and inflation, partly offset by efficiency gains.

  3. Why does management expect retail deposits to grow in 2026?

    Management expects continued net new checking account growth and a reduction in yield-seeking behavior, which has been abating after cash buffers normalized and rates fell. The Firm projects low-to-mid-single-digit retail deposit growth in 2026 after a period of outflows.

  4. How does the 17% ROTCE target relate to the 2025 results?

    JPMorgan reported 2025 ROTCE of 20%, well above its 17% through-the-cycle target. Management frames ROTCE as an outcome of prioritizing long-term shareholder value rather than a constraint, and notes that its ROTCE is well above the cost of equity and peer averages.

  5. What are the main risks management flagged for 2026?

    Management cited intensifying competition, persistent inflation, geopolitical risks, global fiscal deficits, a softening labor market, elevated asset prices, and tech and AI disruption. It also noted that credit remains favorable but is being monitored closely, including higher-risk consumer segments and software and AI-related exposures.

04—Continue

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