JPMorgan Posts $15.31B Q3 Profit, Topping Expectations
JPM sits 17% above its 52-week low of $279.1.
Summary
JPMorgan reported third-quarter net income of $15.31 billion, with EPS of $5.57 and adjusted EPS of $5.75, missing consensus estimates of $5.90. Revenue was $50.17 billion, or $50.91 billion on a managed basis, up 8% year-over-year but below the $51.22 billion consensus. Net interest income was $27.1 billion, driven by higher deposit and loan balances offset by lower rates, and the credit loss provision was $2.74 billion. Noninterest revenue of $23.8 billion benefited from higher asset management, investment banking, card, and auto lease income, while higher equity markets revenue drove overall markets revenue growth. Book value per share ended the quarter at $132.30, return on common equity was 17%, and assets under management reached $5.2 trillion. The company reduced share repurchases this quarter, following a Q1 2026 that saw 13% net income growth and a $50B buyback authorization.
Updated with a Reuters report · What changed
Updates
· Seeking Alpha — JPMorgan now expects 2026 net interest income ex-markets of ~$97.2B, up from prior guidance of $96.5B, and adjusted expenses of ~$108.6B, up from ~$107.5B.
- 2026 Guidance — ~$25.5B of 2026 net interest income ex-markets is expected in Q4. Overall 2026 NII expected ~$106.2B, market dependent, up from prior outlook of $105B. Card service net charge-off rate expected ~3.2%, unchanged.
- Expense Guidance — FY2026 adjusted expenses compared with Visible Alpha estimate of $108.4B.
- 2007 Outlook — 2007 NII ex-markets expected $107B for base case, driven by balance sheet growth and higher rates.
- Segment Performance
- Q3 commercial and investment banking results softened markedly from Q2's robust pace.
- Each line of business grew from the year-ago quarter.
- Consumer banking unit's earnings and revenue continued to grow.
- Consumer & Community Banking net revenue $21.2B, up 4% Q/Q and 9% Y/Y; net income $5.67B, up 7% Q/Q and 13% Y/Y.
- Commercial & Investment Banking revenue $22.7B, down 9% Q/Q and up 14% Y/Y; net income $8.25B, down 15% Q/Q and up 20% Y/Y.
- Investment Banking fees $3.0B, up 14% Y/Y.
- Markets & Securities Services revenue $11.8B, up 13% Y/Y.
- Markets revenue $10.3B, up 15% Y/Y.
- Fixed Income & Markets revenue $5.4B, down 4% Y/Y.
- Equity Markets revenue $5.0B, up 49% Y/Y.
- Asset & Wealth Management revenue $6.91B, up 1% Q/Q and 14% Y/Y; net income $1.84B, down 6% Q/Q and up 11% Y/Y.
- Balance Sheet
- Total loans grew to $1.58T at Sept. 30, 2026, from $1.54T at June 30, 2026.
- Deposits rose to $2.78T from $2.71T at the end of Q2.
- Assets under management $5.2T, up 13%.
- Client assets $7.9T, up 15%, driven by continued net inflows and higher market levels.
- Quarterly Comparisons
- Q3 adjusted EPS of $5.57 decreased from $6.14 in Q2 and increased from $5.07 in Q3 last year.
- Adjusted revenue of $50.9B dropped from $58.0B in Q2 and climbed from $47.1B in Q3 last year.
- Q3 return on common equity of 17% compared with 24% in Q2 and 17% in Q3 last year.
- Q3 credit loss provision of $2.74B compared with $2.52B in Q2 and $3.40B in Q3 last year.
- Q3 net interest income (managed) of $27.1B grew from $25.6B in Q2 and $24.1B in Q3 2025.
- Q3 noninterest expense was $27.3B, unchanged from Q2 and up from $24.3B in Q3 last year.
- Consensus Comparisons
- Q3 credit loss provision was $2.74B, lower than Visible Alpha consensus of $2.83B.
- Q3 net interest income (managed) was $27.1B, higher than Visible Alpha consensus of $26.9B.
- Q3 adjusted EPS consensus estimate was $5.94.
- Q3 noninterest expense Visible Alpha estimate was $27.3B.
All 30 details
- Q3 commercial and investment banking results softened markedly from Q2's robust pace.
- Each line of business grew from the year-ago quarter.
- Consumer banking unit's earnings and revenue continued to grow.
- Q3 credit loss provision was $2.74B, lower than Visible Alpha consensus of $2.83B.
- Q3 net interest income (managed) was $27.1B, higher than Visible Alpha consensus of $26.9B.
- ~$25.5B of 2026 net interest income ex-markets is expected in Q4.
- FY2026 adjusted expenses compared with Visible Alpha estimate of $108.4B.
- Q3 adjusted EPS of $5.57 decreased from $6.14 in Q2 and increased from $5.07 in Q3 last year.
- Adjusted revenue of $50.9B dropped from $58.0B in Q2 and climbed from $47.1B in Q3 last year.
- Q3 return on common equity of 17% compared with 24% in Q2 and 17% in Q3 last year.
- Q3 credit loss provision of $2.74B compared with $2.52B in Q2 and $3.40B in Q3 last year.
- Q3 net interest income (managed) of $27.1B grew from $25.6B in Q2 and $24.1B in Q3 2025.
- Total loans grew to $1.58T at Sept. 30, 2026, from $1.54T at June 30, 2026.
- Deposits rose to $2.78T from $2.71T at the end of Q2.
- Q3 noninterest expense was $27.3B, unchanged from Q2 and up from $24.3B in Q3 last year.
- Consumer & Community Banking net revenue $21.2B, up 4% Q/Q and 9% Y/Y; net income $5.67B, up 7% Q/Q and 13% Y/Y.
- Commercial & Investment Banking revenue $22.7B, down 9% Q/Q and up 14% Y/Y; net income $8.25B, down 15% Q/Q and up 20% Y/Y.
- Investment Banking fees $3.0B, up 14% Y/Y.
- Markets & Securities Services revenue $11.8B, up 13% Y/Y.
- Markets revenue $10.3B, up 15% Y/Y.
- Fixed Income & Markets revenue $5.4B, down 4% Y/Y.
- Equity Markets revenue $5.0B, up 49% Y/Y.
- Asset & Wealth Management revenue $6.91B, up 1% Q/Q and 14% Y/Y; net income $1.84B, down 6% Q/Q and up 11% Y/Y.
- Assets under management $5.2T, up 13%.
- Client assets $7.9T, up 15%, driven by continued net inflows and higher market levels.
- Overall 2026 NII expected ~$106.2B, market dependent, up from prior outlook of $105B.
- 2007 NII ex-markets expected $107B for base case, driven by balance sheet growth and higher rates.
- Card service net charge-off rate expected ~3.2%, unchanged from prior estimate of 3.2%.
- Q3 adjusted EPS consensus estimate was $5.94.
- Q3 noninterest expense Visible Alpha estimate was $27.3B.
· Reuters — Q3 revenue missed estimates at $50.17B vs. $51.22B consensus; adjusted EPS missed at $5.75 vs. $5.90.
- Revenue — Q3 revenue rose 8% year-over-year.
- EPS — Q3 EPS was $5.57.
- Share Repurchases — The company reduced share repurchases this quarter.
- Net Interest Income — Net interest income growth was attributed to higher deposit and loan balances, offset by lower rates.
- Markets Revenue — Higher equity markets revenue drove overall markets revenue growth.
- Noninterest Revenue — Higher asset management, investment banking, card, and auto lease income contributed to noninterest revenue growth.
All 6 details
- Q3 revenue rose 8% year-over-year.
- Company reduced share repurchases this quarter.
- Net interest income growth attributed to higher deposit and loan balances, offset by lower rates.
- Higher equity markets revenue drove overall markets revenue growth.
- Higher asset management, investment banking, card, and auto lease income contributed to noninterest revenue growth.
- Q3 EPS was $5.57.
· Reuters — Q3 adjusted EPS was $5.75 vs. estimate $5.9; net interest income $27.1B; credit loss provision $2.74B.
At the time of this announcement, JPM was trading at $327.70 on NYSE in the Finance sector, with a market capitalization of approximately $888.6B. The 52-week trading range was $279.10 to $366.50. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.