Watch for continued strength in Equity Markets revenue and NII trajectory against the FY26 guidance of ~$97.2B NII ex-Markets. Expense growth (+12% YoY) and reserve build ($539mm) bear monitoring for margin pressure.
Price Chart
Executive Summary
JPMorgan Chase reported 3Q26 net income of $15.3B (EPS $5.57), up 6% YoY, on managed revenue of $50.9B (+8% YoY). Revenue growth was driven by higher NII (+13% YoY) and strong Equity Markets revenue (+49% YoY), while expenses rose 12% YoY and credit costs remained manageable at $2.7B. The firm guided FY26 NII ex-Markets to ~$97.2B and adjusted expense to ~$108.6B, with a 2027 central case under preliminary analysis.
Key Facts
- 3Q26 net income of $15.3B, up 6% YoY; EPS of $5.57
- Managed revenue of $50.9B, up 8% YoY; NII of $27.1B, up 13% YoY
- Equity Markets revenue of $5.0B, up 49% YoY
- Expense of $27.3B, up 12% YoY
- Credit costs of $2.7B; NCOs of $2.2B, down $389mm YoY
- CET1 capital ratio (Standardized) of 13.9%; CET1 capital of $304B
- Average loans of $1.6T, up 10% YoY; average deposits of $2.7T, up 8% YoY
- FY26 NII ex-Markets guidance of ~$97.2B; adjusted expense guidance of ~$108.6B
- Common dividend of $4.4B or $1.65 per share; $664mm of common stock net repurchases
- Net payout LTM of 61%
Financial Impact
Revenue up 8% YoY to $50.9B, net income up 6% YoY to $15.3B, EPS $5.57 vs $5.07 in 3Q25
Risk Factors
- Expense growth (+12% YoY) outpacing revenue growth (+8% YoY), pressuring overhead ratio
- Net reserve build of $539mm signals cautious credit outlook
- Fixed Income Markets revenue down 4% YoY, a potential headwind if rate environment shifts
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-065616 |
| Document: a3q26_earningsxpresentat.htm | 0001628280-26-065616 |
| Document: 0001628280-26-065616-index-headers.html | 0001628280-26-065616 |
| Document: 0001628280-26-065616-index.html | 0001628280-26-065616 |
| Document: 0001628280-26-065616.txt | 0001628280-26-065616 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 2d ago | Court Ruling | $336.89 | awaiting T+20 | — | $335.79 (−0.33%) |
Oct 22, 2026 6d ago | Court Ruling | $331.58 | awaiting T+20 | — | $335.79 (+1.27%) |
Oct 22, 2026 6d ago | Court Ruling | $331.58 | awaiting T+20 | — | $335.79 (+1.27%) |
Oct 21, 2026 7d ago | Court Ruling | $336.54 | awaiting T+20 | — | $335.79 (−0.22%) |
Oct 20, 2026 7d ago | 8-K | $335.19 | awaiting T+20 | — | $335.79 (+0.18%) |
Oct 20, 2026 8d ago | Court Ruling | $335.19 | awaiting T+20 | — | $335.79 (+0.18%) |
Oct 14, 2026 13d ago | Institutional Cluster | $335.53 | awaiting T+20 | — | $335.79 (+0.08%) |
Oct 14, 2026 14d ago | Court Ruling | $335.53 | awaiting T+20 | — | $335.79 (+0.08%) |
Oct 13, 2026 14d ago | 8-K | $331.43 | awaiting T+20 | — | $335.79 (+1.32%) |
Oct 13, 2026 14d ago | 8-K | $331.43 | awaiting T+20 | — | $335.79 (−1.32%) |
US Market Status
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