How did JPMorgan's 1Q26 earnings compare with a year ago?

Net income rose 13% year over year to $16.5B and diluted EPS reached $5.94, up from $0.87 in 1Q25. The comparison is flattered by 1Q25, which included a $588mm First Republic-related gain that did not recur, and an FDIC special assessment accrual release. Revenue rose 10% to $50.5B, with growth led by Markets and higher fee income, while expense rose 14%.

Is JPMorgan's capital position still strong after the quarter?

Yes. The standardized CET1 ratio was 14.3%, well above the regulatory minimum and the Firm's requirements, although it declined from 14.6% in 4Q25 and 15.4% in 1Q25. The decline reflects growth in standardized RWA to $2.04T, which was driven mainly by lending and market risk, partly offset by net income. Total loss-absorbing capacity was $572B and CET1 capital was $291B.

What does the outlook imply for 2026?

Management expects FY2026 NII of about $103B (about $95B excluding Markets), a Card Services net charge-off rate of about 3.4%, and adjusted expense of about $105B. Each figure is market dependent and the adjusted expense guidance excludes Firmwide legal expense, which was $223mm in 1Q26. The outlook implies that NII growth will come mainly from Markets and higher balances, while lower rates weigh on the core NII base.

How might the proposed Basel III Endgame and GSIB rules affect JPMorgan?

JPMorgan's preliminary estimate is that the combined proposals would raise its required CET1 capital by about 4%. The Firm estimates RWA would rise about 6% from the Basel III Endgame proposal, partly offset by a roughly 2% reduction from the GSIB proposal and no change from the stress test proposal, since its stress capital buffer is at the 2.5% floor. The Firm also estimates the GSIB surcharge would fall about 30 bps. These figures are management estimates and depend on the final rules.

What returns did shareholders receive in the quarter?

The Firm paid a common dividend of $4.1B, or $1.50 per share, and made $8.1B of net share repurchases, net of employee issuances. The trailing-twelve-month net payout was 82%. Tangible book value per share rose to $108.87 from $107.56 at year-end 2025, and book value per share was $128.38.

JPMORGAN CHASE & CO 8-K: Regulation FD

01—Abstract

Summary

Summary of the 8-K filed April 14, 2026. Cited figures are marked; the original filing is the authoritative source.

JPMorgan Chase reported 1Q26 net income of $16.5B^a (up 13% YoY) and diluted EPS of $5.94, with managed revenue of $50.5B (up 10% YoY), net interest income of $25.5B (up 9%), and noninterest revenue of $25.1B (up 11%).

Return on tangible common equity was 23%. Markets revenue of $11.6B^b (up 20%) was a major driver, and Commercial & Investment Bank net income rose 30% to $9.0B. Expenses rose 14% to $26.9B, driven by compensation, brokerage and distribution fees, marketing, and auto lease depreciation.

Credit costs were $2.5B^c, including $2.3B of net charge-offs and a $191mm net reserve build, and the Firm's managed overhead ratio was 53%. Capital and distributions remained strong. The standardized CET1 ratio was 14.3% and the advanced ratio was 14.1%, both down from 4Q25 mainly because standardized RWA rose to $2.04T.

The Firm paid a $4.1B^d common dividend ($1.50 per share) and made $8.1B of net share repurchases, a trailing-twelve-month net payout of 82%. Tangible book value per share rose to $108.87, and book value per share was $128.38. Management updated its FY2026 outlook: net interest income of about $103B (about $95B excluding Markets), a Card Services net charge-off rate of about 3.4%, and adjusted expense of about $105B, all market dependent.

The presentation also set out the Firm's preliminary view of the U.S. Basel III Endgame and GSIB surcharge proposals. JPMorgan estimates that, taken together, they would increase its required CET1 capital by roughly 4%, with the GSIB surcharge falling about 30 bps. The filing itself only furnishes the earnings slides under Item 7.01 and makes no new financial disclosures beyond them.

02—Key points

Key Highlights

Net income of $16.5B (up 13% YoY), EPS of $5.94, and ROTCE of 23%, with ROE of 19%
Managed revenue of $50.5B (up 10% YoY): NII of $25.5B and NIR of $25.1B; Markets revenue of $11.6B rose 20% YoY
Expense of $26.9B (up 14% YoY) with a managed overhead ratio of 53%; credit costs of $2.5B including a $191mm net reserve build
Standardized CET1 ratio of 14.3% (down from 14.6% in 4Q25) and advanced CET1 ratio of 14.1%; Firm SLR of 5.6%, Firm LCR of 112%
Capital returned: $4.1B common dividend ($1.50 per share) and $8.1B of net share repurchases, a trailing-twelve-month net payout of 82%
FY2026 outlook: NII of about $103B (about $95B ex-Markets), Card NCO rate of about 3.4%, and adjusted expense of about $105B, all market dependent
Segment results: CIB net income $9.0B (up 30%), CCB $5.0B (up 12%), AWM $1.8B (up 12%); Corporate net income $699mm

03—Questions

Frequently Asked Questions

How did JPMorgan's 1Q26 earnings compare with a year ago?
Net income rose 13% year over year to $16.5B and diluted EPS reached $5.94, up from $0.87 in 1Q25. The comparison is flattered by 1Q25, which included a $588mm First Republic-related gain that did not recur, and an FDIC special assessment accrual release. Revenue rose 10% to $50.5B, with growth led by Markets and higher fee income, while expense rose 14%.
Is JPMorgan's capital position still strong after the quarter?
Yes. The standardized CET1 ratio was 14.3%, well above the regulatory minimum and the Firm's requirements, although it declined from 14.6% in 4Q25 and 15.4% in 1Q25. The decline reflects growth in standardized RWA to $2.04T, which was driven mainly by lending and market risk, partly offset by net income. Total loss-absorbing capacity was $572B and CET1 capital was $291B.
What does the outlook imply for 2026?
Management expects FY2026 NII of about $103B (about $95B excluding Markets), a Card Services net charge-off rate of about 3.4%, and adjusted expense of about $105B. Each figure is market dependent and the adjusted expense guidance excludes Firmwide legal expense, which was $223mm in 1Q26. The outlook implies that NII growth will come mainly from Markets and higher balances, while lower rates weigh on the core NII base.
How might the proposed Basel III Endgame and GSIB rules affect JPMorgan?
JPMorgan's preliminary estimate is that the combined proposals would raise its required CET1 capital by about 4%. The Firm estimates RWA would rise about 6% from the Basel III Endgame proposal, partly offset by a roughly 2% reduction from the GSIB proposal and no change from the stress test proposal, since its stress capital buffer is at the 2.5% floor. The Firm also estimates the GSIB surcharge would fall about 30 bps. These figures are management estimates and depend on the final rules.
What returns did shareholders receive in the quarter?
The Firm paid a common dividend of $4.1B, or $1.50 per share, and made $8.1B of net share repurchases, net of employee issuances. The trailing-twelve-month net payout was 82%. Tangible book value per share rose to $108.87 from $107.56 at year-end 2025, and book value per share was $128.38.

04—Continue

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