Strong beat across all segments, especially CIB (+46% net income) and AWM (+33%). Elevated expense guidance ($107.5B) suggests ongoing investment, but revenue growth more than offsets. Watch NII trajectory given rate sensitivity—core NII ex-Markets grew only 4% YoY. Card NCO rate guidance of ~3.2% is manageable.
Price Chart
Executive Summary
JPMorgan Chase reported stellar 2Q26 results with net income of $21.2B (EPS $7.70), up 41% YoY, on managed revenue of $58.0B, up 27% YoY. Excluding significant items, EPS was $6.14 and net income grew 13% YoY. Broad-based strength across all segments, with CIB net income surging 46% and AWM up 33%. The firm guided FY2026 NII to ~$105.5B and adjusted expense to ~$107.5B, reflecting confidence in continued revenue momentum.
Key Facts
- 2Q26 net income $21.2B, EPS $7.70; ex-items net income $16.9B, EPS $6.14
- Managed revenue $58.0B, up 27% YoY (up 15% ex-items); NII $25.6B up 10% YoY
- Expense $27.3B, up 15% YoY; credit costs $2.5B; NCOs $2.4B down $44M YoY
- ROTCE 29% (23% ex-items); ROE 24%; CET1 ratio 14.1% standardized, 14.2% advanced
- Average loans $1.5T, up 10% YoY; average deposits $2.7T, up 7% YoY
- FY2026 guidance: NII ~$105.5B, NII ex-Markets ~$96.5B, Card NCO rate ~3.2%, adjusted expense ~$107.5B
- CCB net income $5.3B (up 3%), CIB $9.7B (up 46%), AWM $2.0B (up 33%), Corporate $4.2B
Financial Impact
Net income increased $6.2B YoY to $21.2B; EPS up $2.46 YoY to $7.70
Risk Factors
- Expense growth of 15% YoY may pressure margins if revenue growth slows
- Net reserve build of $149M indicates cautious credit outlook
- NII ex-Markets growth modest at 4% YoY, sensitive to rate cuts
- Card Services NCO rate guided ~3.2%, up from current 3.34%
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-048086 |
| Document: a2q26_earningsxpresentat.htm | 0001628280-26-048086 |
| Document: 0001628280-26-048086-index-headers.html | 0001628280-26-048086 |
| Document: 0001628280-26-048086-index.html | 0001628280-26-048086 |
| Document: 0001628280-26-048086.txt | 0001628280-26-048086 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 21d ago | Court Ruling | $356.23 $349.67 | ▼ −1.84% | ▼ −1.50% | $333.32 (−6.43%) |
Sep 10, 2026 22d ago | Court Ruling | $353.56 $349.31 | ▼ −1.20% | ▼ −1.83% | $333.32 (−5.72%) |
Sep 9, 2026 23d ago | Court Ruling | $354.71 $348.92 | ▼ −1.63% | ▼ −0.54% | $333.32 (−6.03%) |
Sep 3, 2026 29d ago | Court Ruling | $362.06 $356.23 | ▼ −1.61% | ▼ −0.46% | $333.32 (−7.94%) |
Sep 1, 2026 4w ago | Court Ruling | $354.95 $354.71 | ▼ −0.07% | ▼ −0.15% | $333.32 (−6.09%) |
Aug 31, 2026 4w ago | Court Ruling | $356.02 $353.51 | ▼ −0.70% | ▼ −0.56% | $333.32 (−6.38%) |
Aug 31, 2026 4w ago | Court Ruling | $356.02 $353.51 | ▼ −0.70% | ▼ −0.56% | $333.32 (−6.38%) |
Aug 27, 2026 5w ago | Court Ruling | $354.22 $362.06 | ▲ +2.21% | ▲ +1.94% | $333.32 (−5.90%) |
Aug 26, 2026 5w ago | Court Ruling | $356.50 $356.22 | ▼ −0.08% | ▲ +0.04% | $333.32 (−6.50%) |
Aug 19, 2026 6w ago | Court Ruling | $357.26 $356.54 | ▼ −0.20% | ▲ +0.18% | $333.32 (−6.70%) |
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