How much of the 2Q26 earnings growth was driven by one-time items?

A significant portion. The Visa share gain of $4.55B pretax and about $1.0B of equity investment gains contributed roughly $4.2B after tax. Excluding these items, net income was $16.9B and EPS was $6.14, versus reported EPS of $7.70, and ROTCE was 23% versus 29% reported. Revenue growth was 15% excluding significant items, compared with 27% reported.

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

Yes. The standardized CET1 ratio was an estimated 14.1%, with CET1 capital of $303B and a Firm SLR of 5.5%. The ratio fell from 15.1% a year earlier mainly because risk-weighted assets grew to $2.14T, largely from higher lending and market risk. Total loss-absorbing capacity was $590B and the Firm LCR was 110%, which remains above regulatory minimums.

What changed in the FY2026 outlook?

Management raised its FY2026 adjusted expense guidance to about $107.5B, citing higher volume- and revenue-related expenses from strong activity levels. It kept FY2026 NII guidance at about $105.5B (about $96.5B excluding Markets) and Card Services NCO rate guidance at about 3.2%. All of these estimates are market dependent, so results could move with rates and trading activity.

How is the Firm returning capital to shareholders?

In 2Q26, JPMorgan paid a common dividend of $4.0B, or $1.50 per share, and made $6.2B of net common stock repurchases, for a net payout of 73% over the last twelve months. Tangible book value per share rose to $113.35 from $108.87 in the prior quarter, and book value per share was $133.01 at June 30, 2026.

Which business lines drove the quarter, and where was there pressure?

Commercial & Investment Bank net income of $9.7B (up 46%) was the largest contributor, led by Markets and Investment Banking fees. Consumer & Community Banking earned $5.3B (up 3%), with expense up 13% on marketing and technology. Asset & Wealth Management earned $2.0B (up 33%), supported by a 48% ROE and client assets of $7.7T. Corporate was affected by lower net interest income from lower rates and by higher net investment securities losses, which partly offset noninterest revenue.

JPMORGAN CHASE & CO 8-K: Regulation FD

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 2Q26 net income of $21.2B^a and diluted EPS of $7.70, up 41% year over year.

The results include about $4.2B^b of after-tax significant items, mainly a $4.55B pretax net gain on Visa shares recorded in Corporate and roughly $1.0B of pretax gains on certain equity investments. Excluding these items, net income was $16.9B, EPS was $6.14 and ROTCE was 23%, compared with a reported ROTCE of 29%. Managed revenue rose 27% year over year to $58.0B, or 15% excluding significant items, and managed expense rose 15% to $27.3B.

The managed overhead ratio improved to 47% from 52% a year earlier. Net interest income of $25.6B^c was up 10% year over year, while noninterest revenue of $32.4B was up 45%. Markets revenue of $12.1B was up 35%, led by Equity Markets, which rose 86%.

Capital and liquidity remained strong. The standardized CET1 ratio was an estimated 14.1%, down from 15.1% a year earlier, mainly because standardized RWA grew to $2.14T^d. Total loss-absorbing capacity was $590B and tangible book value per share rose to $113.35.

The Firm distributed $4.0B in common dividends ($1.50 per share) and made $6.2B of net share repurchases. Average loans were $1.5T, up 10% year over year, and average deposits were $2.7T, up 7%. Credit quality remained stable, with net charge-offs of $2.4B and credit costs of $2.5B, including a net reserve build of $149mm.

Management raised its FY2026 adjusted expense outlook to about $107.5B, citing higher volume- and revenue-related expenses tied to strong activity levels. It maintained FY2026 net interest income guidance of about $105.5B (about $96.5B excluding Markets) and a Card Services net charge-off rate of about 3.2%. All of these outlook items are market dependent.

Investors should look past the headline 2Q26 EPS, since the Visa gain inflates reported earnings. The underlying run-rate, as shown by the $6.14 EPS and 23% ROTCE excluding significant items, still reflects strong growth in Markets, Investment Banking and Asset & Wealth Management.

02—Key points

Key Highlights

Reported 2Q26 net income of $21.2B and EPS of $7.70, up 41% YoY; excluding significant items, net income was $16.9B and EPS was $6.14.
Significant items included a $4.55B pretax Visa share gain in Corporate and about $1.03B of pretax equity investment gains, which together added roughly $4.2B after tax.
Managed revenue of $58.0B rose 27% YoY (15% excluding significant items), with NIR of $32.4B up 45% and NII of $25.6B up 10%.
Markets revenue of $12.1B rose 35% YoY, with Equity Markets up 86% to $6.0B and Fixed Income Markets up 6% to $6.1B.
The managed overhead ratio improved to 47% from 52% a year earlier, while reported expense rose 15% to $27.3B on higher compensation and volume-related costs.
Standardized CET1 ratio was 14.1% (Advanced 14.2%), down from 15.1% a year earlier as standardized RWA grew 14% to $2.14T; the Firm returned $10.2B to shareholders through dividends and net buybacks.
FY2026 adjusted expense guidance was raised to about $107.5B, while NII guidance of about $105.5B and Card NCO guidance of about 3.2% were maintained; all remain market dependent.

03—Questions

Frequently Asked Questions

How much of the 2Q26 earnings growth was driven by one-time items?
A significant portion. The Visa share gain of $4.55B pretax and about $1.0B of equity investment gains contributed roughly $4.2B after tax. Excluding these items, net income was $16.9B and EPS was $6.14, versus reported EPS of $7.70, and ROTCE was 23% versus 29% reported. Revenue growth was 15% excluding significant items, compared with 27% reported.
Is JPMorgan's capital position still strong after the quarter?
Yes. The standardized CET1 ratio was an estimated 14.1%, with CET1 capital of $303B and a Firm SLR of 5.5%. The ratio fell from 15.1% a year earlier mainly because risk-weighted assets grew to $2.14T, largely from higher lending and market risk. Total loss-absorbing capacity was $590B and the Firm LCR was 110%, which remains above regulatory minimums.
What changed in the FY2026 outlook?
Management raised its FY2026 adjusted expense guidance to about $107.5B, citing higher volume- and revenue-related expenses from strong activity levels. It kept FY2026 NII guidance at about $105.5B (about $96.5B excluding Markets) and Card Services NCO rate guidance at about 3.2%. All of these estimates are market dependent, so results could move with rates and trading activity.
How is the Firm returning capital to shareholders?
In 2Q26, JPMorgan paid a common dividend of $4.0B, or $1.50 per share, and made $6.2B of net common stock repurchases, for a net payout of 73% over the last twelve months. Tangible book value per share rose to $113.35 from $108.87 in the prior quarter, and book value per share was $133.01 at June 30, 2026.
Which business lines drove the quarter, and where was there pressure?
Commercial & Investment Bank net income of $9.7B (up 46%) was the largest contributor, led by Markets and Investment Banking fees. Consumer & Community Banking earned $5.3B (up 3%), with expense up 13% on marketing and technology. Asset & Wealth Management earned $2.0B (up 33%), supported by a 48% ROE and client assets of $7.7T. Corporate was affected by lower net interest income from lower rates and by higher net investment securities losses, which partly offset noninterest revenue.

04—Continue

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