How much of the quarter's earnings growth was from one-time items?

Significant items added $5.6 billion pre-tax-equivalent gains ($4.2 billion after tax) to reported net income. Excluding them, net income was $16.9 billion, up about 13% from the prior year rather than 41%, so the underlying growth was solid but much smaller than the headline figure.

Is the current level of Markets and investment banking revenue likely to persist?

Management described a particularly favorable environment with elevated market activity and said sentiment remains constructive for continued IB activity. The release does not provide forward guidance, so investors should treat the strong Markets and IB growth as cyclically elevated rather than a guaranteed run rate.

Are credit costs a concern?

Overall credit costs are contained, with a $2.5 billion provision and a small net reserve build. Card Services is the main pressure point, with a net charge-off rate of 3.34%, though that rate was broadly in line with the prior year at 3.40%. Wholesale reserves were modestly higher.

How strong is the Firm's capital position after the quarter?

Capital remained strong. The estimated Standardized CET1 ratio was 14.1%, the Advanced ratio was 14.2%, and the supplementary leverage ratio was 5.5%. Common stock repurchases of $6.2 billion and the $1.50 dividend were both covered by earnings, and the new $50 billion buyback authorization takes effect July 1, 2026.

JPMORGAN CHASE & CO 8-K: Earnings & Results

01—Abstract

Summary

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

JPMorgan Chase reported second-quarter 2026 net income of $21.2 billion^a, or $7.70 per diluted share, up 41% from $15.0 billion ($5.24) a year earlier.

Results were inflated by two significant items: a $4.6 billion^b net gain on Visa Class C shares (received in the May 2026 exchange offer) and $1.0 billion of gains on certain equity investments. Excluding these items, net income was $16.9 billion ($6.14 per share), up about 13% year over year, and ROTCE excluding significant items was 23% versus a reported 29%. Reported net revenue of $57.3 billion rose 28%, and noninterest expense rose 15% to $27.3 billion, leaving a reported overhead ratio of 48%.

The quarter was driven by a favorable market environment. Markets revenue rose 35% to $12.1 billion^c, Investment Banking fees rose 30% to $3.3 billion, and Asset & Wealth Management revenue rose 19% on higher market levels and $50 billion of long-term net inflows. Consumer & Community Banking revenue rose 8%, though Card Services net charge-offs were elevated at a 3.34% rate.

Credit costs were stable, with a $2.5 billion^d provision, $2.4 billion of net charge-offs and a modest $149 million net reserve build. Average loans grew 10% year over year, and deposits grew 7%. Capital remained strong.

The Standardized CET1 ratio was an estimated 14.1%, the Advanced ratio was 14.2%, and book value per share reached $133.01, up 9%. The Firm declared a $1.50 quarterly dividend, repurchased $6.2 billion of common stock net, and approved a new $50 billion buyback program effective July 1, 2026. Management cautioned that several macro risks, including geopolitical conflict, sticky inflation, fiscal deficits and elevated asset prices, could cause disruption, so investors should view the headline beat as partly cyclical and partly one-time.

02—Key points

Key Highlights

Reported net income of $21.2 billion ($7.70 diluted EPS), up 41% YoY; excluding significant items, $16.9 billion ($6.14 EPS), up about 13%
Significant items: $4.6 billion net gain on Visa Class C shares and $1.0 billion of gains on certain equity investments (together about $1.56 of EPS)
Reported net revenue of $57.3 billion, up 28% YoY; noninterest expense up 15% to $27.3 billion; reported overhead ratio of 48%
Markets revenue up 35% to $12.1 billion; Investment Banking fees up 30% to $3.3 billion, the highest since 2021; AWM revenue up 19%
Credit quality stable: $2.5 billion provision, $2.4 billion net charge-offs, $149 million net reserve build; Card net charge-off rate 3.34%
Capital strong: Standardized CET1 14.1%, Advanced CET1 14.2%, book value per share $133.01 (up 9%); $6.2 billion net buybacks; $1.50 quarterly dividend; new $50 billion repurchase authorization effective July 1, 2026

03—Questions

Frequently Asked Questions

How much of the quarter's earnings growth was from one-time items?
Significant items added $5.6 billion pre-tax-equivalent gains ($4.2 billion after tax) to reported net income. Excluding them, net income was $16.9 billion, up about 13% from the prior year rather than 41%, so the underlying growth was solid but much smaller than the headline figure.
Is the current level of Markets and investment banking revenue likely to persist?
Management described a particularly favorable environment with elevated market activity and said sentiment remains constructive for continued IB activity. The release does not provide forward guidance, so investors should treat the strong Markets and IB growth as cyclically elevated rather than a guaranteed run rate.
Are credit costs a concern?
Overall credit costs are contained, with a $2.5 billion provision and a small net reserve build. Card Services is the main pressure point, with a net charge-off rate of 3.34%, though that rate was broadly in line with the prior year at 3.40%. Wholesale reserves were modestly higher.
How strong is the Firm's capital position after the quarter?
Capital remained strong. The estimated Standardized CET1 ratio was 14.1%, the Advanced ratio was 14.2%, and the supplementary leverage ratio was 5.5%. Common stock repurchases of $6.2 billion and the $1.50 dividend were both covered by earnings, and the new $50 billion buyback authorization takes effect July 1, 2026.

04—Continue

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