The EPS miss and sharp pullback in buybacks signal a more cautious capital posture despite solid underlying business trends. Monitor the Q4 2026 earnings call for CET1 trajectory and any update on the Apple Card portfolio acquisition timeline, which could further pressure capital ratios.
Price Chart
Executive Summary
JPMorgan Chase reported Q3 2026 EPS of $5.57 (GAAP), missing the $5.90 consensus by 5.6%, while managed revenue of $50.9B slightly missed the $51.14B estimate. Net income rose 6% YoY to $15.3B, driven by strong CIB Markets revenue (+15%) and CCB (+9%), but the miss vs elevated expectations and a $658M investment securities loss weighed on headline EPS. The CET1 ratio declined to 13.9% (Standardized) from 14.8% a year ago, and share repurchases were sharply reduced to $664M net, signaling capital deployment caution.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP diluted EPS of $5.57 vs consensus $5.90 (-5.6% miss)
- Managed revenue of $50.9B (+8% YoY) vs consensus $51.14B
- Net income $15.3B, up 6% YoY from $14.4B
- CIB Markets revenue up 15% YoY; Equity Markets up 49%
- CCB revenue up 9% YoY; Card Services Auto up 15%
- Investment securities loss of $658M ($0.18 EPS drag)
- CET1 ratio (Standardized) fell to 13.9% from 14.8% a year ago
- Common stock net repurchases collapsed to $664M from $8.3B in Q3 2025
- Dividend raised to $1.65/share from $1.50
- Average loans +10% YoY, average deposits +8% YoY
Financial Impact
EPS miss of $0.33 vs consensus; $658M investment securities loss; net repurchases down 92% YoY
Risk Factors
- CET1 ratio declining toward regulatory minimums could constrain capital return
- Net interest income excluding Markets faces headwinds from lower rates
- AOCI loss ballooned to $19.8B from $5.9B a year ago, pressuring book value
- Investment securities losses may recur if rates remain elevated
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-065582 |
| Document: a3q26erfexhibit991narrative.htm | 0001628280-26-065582 |
| Document: jpm-20261013.htm | 0001628280-26-065582 |
| Document: 0001628280-26-065582-index-headers.html | 0001628280-26-065582 |
| Document: 0001628280-26-065582-index.html | 0001628280-26-065582 |
| Document: 0001628280-26-065582.txt | 0001628280-26-065582 |
| 8-K Data (Synthetic) | 0001628280-26-065582 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 2d ago | Court Ruling | $336.89 | awaiting T+20 | awaiting T+20 | $335.79 (−0.33%) |
Oct 22, 2026 6d ago | Court Ruling | $331.58 | awaiting T+20 | awaiting T+20 | $335.79 (+1.27%) |
Oct 22, 2026 6d ago | Court Ruling | $331.58 | awaiting T+20 | awaiting T+20 | $335.79 (+1.27%) |
Oct 21, 2026 7d ago | Court Ruling | $336.54 | awaiting T+20 | awaiting T+20 | $335.79 (−0.22%) |
Oct 20, 2026 7d ago | 8-K | $335.19 | awaiting T+20 | awaiting T+20 | $335.79 (+0.18%) |
Oct 20, 2026 8d ago | Court Ruling | $335.19 | awaiting T+20 | awaiting T+20 | $335.79 (+0.18%) |
Oct 14, 2026 13d ago | Institutional Cluster | $335.53 | awaiting T+20 | awaiting T+20 | $335.79 (+0.08%) |
Oct 14, 2026 14d ago | Court Ruling | $335.53 | awaiting T+20 | awaiting T+20 | $335.79 (+0.08%) |
Oct 13, 2026 14d ago | 8-K | $331.43 | awaiting T+20 | awaiting T+20 | $335.79 (+1.32%) |
Oct 13, 2026 14d ago | 8-K | $331.43 | awaiting T+20 | awaiting T+20 | $335.79 (−1.32%) |
US Market Status
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