How did JPMorgan's first-quarter 2026 earnings compare with the prior year?

Net income rose 13% to $16.5 billion from $14.6 billion, and diluted EPS increased 17% to $5.94 from $5.07. Growth was driven by higher revenue (up 10% reported), particularly in Markets and Investment Banking, partially offset by higher expenses and lower net interest income from declining rates.

What drove the revenue growth, and is it sustainable?

Growth came mainly from the Commercial & Investment Bank, where revenue rose 19% to $23.4 billion on strong Markets activity and an IB fee rebound. Asset & Wealth Management revenue rose 11% on fee growth from net inflows and higher market levels. Markets revenue is inherently volatile and was elevated by strong client activity, so investors should watch whether it normalizes, while NII excluding Markets rose only 3%.

Are there any concerns about expenses or credit quality?

Noninterest expense rose 14% to $26.9 billion on higher compensation tied to revenue and headcount, plus higher brokerage and marketing costs, lifting the reported overhead ratio to 54%. On credit, card net charge-off rate rose to 3.47% from 3.14% in Q4 2025, although the total provision declined sharply from a year earlier, and the firm recorded a modest net reserve build.

How strong is the capital position and what are the capital return plans?

Capital remains ample, with Standardized CET1 of 14.3% and Advanced CET1 of 14.1% against a binding Advanced requirement, a 5.6% SLR, and $572 billion of total loss-absorbing capacity. The firm paid a $1.50 quarterly dividend ($4.1 billion) and repurchased $8.1 billion of stock. The filing does not provide forward-looking buyback guidance, so investors should look to management commentary on the call for future repurchase pace.

What does the Apple Card transaction mean for JPMorgan?

Chase is set to become the issuer of the Apple Card, with a forward purchase commitment entered December 30, 2025 and expected closing about 24 months later. The filing notes that the transaction's risk-weighted asset impact has been reduced to about $30 billion from $110 billion at year-end 2025 following completed modeling, which eases capital pressure relative to prior estimates.

JPMORGAN CHASE & CO 8-K: Earnings & Results

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 first-quarter 2026 net income of $16.5 billion^a, or $5.94 per diluted share, up 13% year over year (EPS up 17%) and up 27% sequentially.

Reported net revenue rose 10% to $49.8 billion^b (managed $50.5 billion), led by a 20% rise in Markets revenue to a record $11.6 billion and a 28% jump in Investment Banking fees. Noninterest expense rose 14% to $26.9 billion, so the reported overhead ratio widened to 54%, though credit costs fell 24% to $2.5 billion because the year-ago quarter carried a larger reserve build. Return on tangible common equity was 23% and return on common equity 19%.

Loans grew 11% year over year to $1.5 trillion^c and deposits grew 7% to $2.68 trillion. Balance sheet and capital remained strong. Standardized CET1 was 14.3% and Advanced CET1 was 14.1%, with CET1 capital of $291 billion, and the supplementary leverage ratio stood at 5.6%.

Book value per share reached $128.38^d (up 8%) and tangible book value per share $108.87 (up 8%). The firm returned $4.1 billion in common dividends ($1.50 per share) and repurchased $8.1 billion of stock, for a trailing-twelve-month net payout of 82%. Management noted that the Apple Card transaction is reducing risk-weighted assets, now about $30 billion versus $110 billion at year-end 2025 after modeling steps were completed.

The quarter's main watch items are the sharp rise in noninterest expense, the lower net interest income from falling rates (Corporate NII fell 35% sequentially), and the trajectory of credit card net charge-offs, which rose to 3.47%. Management also cited geopolitical risk, energy price volatility, and capital regulation as ongoing concerns. Overall, the filing shows broad-based growth across Markets, Investment Banking, Asset & Wealth Management, and Consumer & Community Banking.

02—Key points

Key Highlights

Net income of $16.5 billion ($5.94 diluted EPS), up 13% YoY and 27% QoQ; ROTCE of 23% and ROE of 19%.
Record Markets revenue of $11.6 billion (up 20% YoY), with Fixed Income Markets up 21% and Equity Markets up 17%.
Investment Banking fees of $2.9 billion, up 28% YoY and 23% QoQ, with a #1 global IB fees ranking at 9.8% wallet share.
Reported noninterest expense rose 14% to $26.9 billion, lifting the reported overhead ratio to 54% from 52% a year earlier.
Credit provision fell 24% YoY to $2.5 billion, including a $191 million net reserve build; net charge-offs were $2.3 billion.
Capital position remained strong: Standardized CET1 of 14.3% (down from 14.6% at year-end 2025), SLR of 5.6%, and $8.1 billion of buybacks with an 82% LTM net payout.
Book value per share rose 8% YoY to $128.38 and tangible book value per share rose 8% to $108.87; the quarterly dividend is $1.50.

03—Questions

Frequently Asked Questions

How did JPMorgan's first-quarter 2026 earnings compare with the prior year?
Net income rose 13% to $16.5 billion from $14.6 billion, and diluted EPS increased 17% to $5.94 from $5.07. Growth was driven by higher revenue (up 10% reported), particularly in Markets and Investment Banking, partially offset by higher expenses and lower net interest income from declining rates.
What drove the revenue growth, and is it sustainable?
Growth came mainly from the Commercial & Investment Bank, where revenue rose 19% to $23.4 billion on strong Markets activity and an IB fee rebound. Asset & Wealth Management revenue rose 11% on fee growth from net inflows and higher market levels. Markets revenue is inherently volatile and was elevated by strong client activity, so investors should watch whether it normalizes, while NII excluding Markets rose only 3%.
Are there any concerns about expenses or credit quality?
Noninterest expense rose 14% to $26.9 billion on higher compensation tied to revenue and headcount, plus higher brokerage and marketing costs, lifting the reported overhead ratio to 54%. On credit, card net charge-off rate rose to 3.47% from 3.14% in Q4 2025, although the total provision declined sharply from a year earlier, and the firm recorded a modest net reserve build.
How strong is the capital position and what are the capital return plans?
Capital remains ample, with Standardized CET1 of 14.3% and Advanced CET1 of 14.1% against a binding Advanced requirement, a 5.6% SLR, and $572 billion of total loss-absorbing capacity. The firm paid a $1.50 quarterly dividend ($4.1 billion) and repurchased $8.1 billion of stock. The filing does not provide forward-looking buyback guidance, so investors should look to management commentary on the call for future repurchase pace.
What does the Apple Card transaction mean for JPMorgan?
Chase is set to become the issuer of the Apple Card, with a forward purchase commitment entered December 30, 2025 and expected closing about 24 months later. The filing notes that the transaction's risk-weighted asset impact has been reduced to about $30 billion from $110 billion at year-end 2025 following completed modeling, which eases capital pressure relative to prior estimates.

04—Continue

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