Highlights

  • JPMorgan Chase increased managed Revenue 8% YoY in the September quarter, with Markets activity and higher deposit balances supporting growth.
  • Reported quarterly Net Income reached USD 15.3bn, including Investment securities losses that reduced Diluted Earnings per Share during the period.
  • Management expects fourth-quarter net interest income of approximately USD 28bn, with a separate provisional central case for 2027 excluding Markets.
  • The bank reduced quarterly share repurchases while continuing investment in its businesses and declaring a higher common Dividend in September.

Revenue growth is being balanced against higher operating costs and investment priorities at JPMorgan Chase (NYSE:JPM). The global financial services group reported higher September-quarter earnings while setting out expectations for interest income and its next phase of Capital deployment. JPMorgan Chase shares closed at USD 334.04, up 0.74%, after the market session ended on 26 October 2026. Consumer banking, corporate and investment banking, payments and asset management contributed to the operating picture, with management retaining a cautious approach to uncertain economic conditions.

Quarterly Earnings Reflect Growth Across Businesses

For 3QFY26, reported revenue was USD 50.2bn and managed revenue was USD 50.9bn. Managed revenue increased 8% YoY, supported by Markets activity, higher deposit balances and increased asset management fees.

Net income rose 6% YoY to USD 15.3bn, with diluted earnings of USD 5.57 per share. The results included USD 658mn of net investment securities losses, reducing earnings by USD 0.18 per share. Excluding that significant item, net income was USD 15.8bn and earnings were USD 5.75.

Consumer and Community Banking revenue increased 9% YoY, with more than 650,000 net new checking accounts added. Commercial and Investment Bank revenue rose 14% YoY; Markets revenue grew 15% YoY, including 49% growth in equities and a 4% decline in fixed income.

Asset and Wealth Management revenue also increased 14% YoY. Assets under management reached USD 5,200bn, up 13% YoY, while total client asset net inflows were USD 263bn. The divisions' different activity measures contributed to the wider quarter's performance.

Costs and Capital Allocation Accompany Balance-Sheet Growth

Quarterly expenses increased 12% YoY to USD 27.3bn. Management cited volume- and revenue-related spending, front-office hiring and wage inflation. Credit costs were USD 2.7bn, including USD 2.2bn of net charge-offs and a USD 539mn net reserve build.

The standardised common Equity Tier 1 capital ratio ended the quarter at 13.9%, down 30 basis points sequentially. Management attributed the movement to other comprehensive income losses, higher risk-weighted assets and capital distributions exceeding the contribution from net income.

The firm recorded USD 664mn of net common share repurchases during the quarter. Management said investment in the Franchise and support for customers remained the top capital priorities, with repurchases reduced accordingly.

Separately, directors declared a quarterly common dividend of USD 1.65 per share on 15 September, up from USD 1.50. The increase establishes the latest distribution decision alongside discretionary repurchases and continuing Business investment.

Interest Income Forecast Retains Explicit Assumptions

Management expects 4QFY26 total net interest income of approximately USD 28bn, including approximately USD 25.5bn excluding Markets. Expected fourth-quarter expenses are around USD 27.5bn, while the Card net charge-off rate expectation remains approximately 3.2%.

For 2027, management offered a central case of approximately USD 107bn in net interest income excluding Markets. It described that figure as dependent on uncertain assumptions and subject to refinement in the next quarterly update.

The operating agenda therefore includes continued customer Acquisition and balance-sheet growth while monitoring funding, credit and expense trends. The interest income figures remain management expectations rather than completed earnings, with capital deployment decisions responding to business needs and conditions.