JPMorgan third-quarter profit rises to $15.3 billion as Markets revenue climbs 15%

JPMorgan Chase & Co. (JPM) reported third-quarter 2026 net income of $15.3 billion, or $5.57 per share, up from $14.4 billion, or $5.07 per share, a year earlier.

The company said in a regulatory filing on Tuesday that its earnings release and financial supplement were attached as exhibits.

Excluding $658 million of net investment securities losses, net income was $15.8 billion, or $5.75 per share. Return on tangible common equity was 21% on that basis, compared with 20% reported.

Here's how the company did:

• Earnings per share: $5.57 vs. $5.07 a year earlier
• Revenue: $50.2 billion vs. $46.4 billion a year earlier
• Noninterest expense: $27.3 billion vs. $24.3 billion a year earlier

Reported revenue rose 8% from a year earlier. On a managed basis, which presents tax-exempt income on a taxable-equivalent basis, revenue was $50.9 billion.

Net interest income was $27.1 billion on a managed basis, up 13%. Noninterest revenue was $23.8 billion, up 3%.

Net interest income excluding Markets was $24.7 billion, up 6%, driven by higher deposit balances and higher card balances.

Markets revenue was $10.3 billion, up 15%, predominantly driven by Equity Markets. Equity Markets revenue rose 49% to $5.0 billion, while Fixed Income Markets revenue fell 4% to $5.4 billion.

Investment banking fees were $3.0 billion, up 14% from a year earlier and down 8% from the second quarter, predominantly driven by higher advisory fees.

Noninterest expense rose 12%, predominantly driven by higher compensation, including revenue-related compensation and growth in front office headcount. Brokerage expense, distribution fees, marketing and technology expense also rose.

The provision for credit losses was $2.7 billion, compared with $3.4 billion a year earlier. Net charge-offs were $2.2 billion, down $389 million, driven by Wholesale.

The net reserve build was $539 million, primarily in Wholesale.

Corporate posted a net loss of $455 million, compared with net income of $825 million a year earlier. The quarter included $658 million of net investment securities losses, which reduced earnings per share by $0.18.

The Commercial & Investment Bank posted net income of $8.2 billion, up 20%, on revenue of $22.7 billion, up 14%. Payments revenue was $5.6 billion, up 14%, driven by higher deposit balances and fee growth.

Consumer & Community Banking net income was $5.7 billion, up 13%, on revenue of $21.2 billion, up 9%. Card Services & Auto net revenue rose 15% to $8.3 billion, and the Card Services net charge-off rate was 2.91%.

Asset & Wealth Management net income was $1.8 billion, up 11%, on revenue of $6.9 billion, up 14%. Assets under management were $5.2 trillion, up 13% from a year earlier, and client assets were $7.9 trillion, up 15%.

Chairman and CEO Jamie Dimon said in the earnings release, “The Firm reported another quarter of strong results, generating net income of $15.8 billion and an ROTCE of 21%, excluding discretionary investment securities losses totaling $498 million after tax.”

Dimon also said “account acquisition remained strong in the quarter as we added over 650,000 net new checking accounts.”

The board declared a quarterly common dividend of $1.65 per share, or $4.4 billion, up from $1.50 per share a year earlier. The dividend was declared on Sept. 15.

Net common stock repurchases were $664 million. Dimon said, “In line with our hierarchy, we reduced share repurchases this quarter. We believe we can deploy this capital over time at very attractive returns for our shareholders.”

The board authorized a new common share repurchase program of up to $50 billion, effective July 1, 2026, replacing the previous program. Net payout over the last twelve months was 61%.

Book value per share was $132.30, up 6% from a year earlier, and tangible book value per share was $112.64, up 7%. The Standardized CET1 ratio was 13.9% and the Advanced ratio was 14.1%. The supplementary leverage ratio was 5.5%.

Dimon cited “large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions” as forces that “continue to shift under the surface.” “These forces may be manageable, but we remain prepared for a wide range of outcomes,” he said.

The filing does not contain new full-year guidance.

The firm had 322,964 employees at Sept. 30, up 2% from a year earlier. Total assets were $5.1 trillion and stockholders’ equity was $372 billion as of Sept. 30.

The company said in the filing that Chase will become the new issuer of Apple Card. It entered a forward purchase commitment on Dec. 30, 2025, to acquire the Apple credit card portfolio, with an expected closing approximately 24 months later.