JPM JPMorgan Chase 10-Q 2026-09-30 section summaries

JPMorgan Chase — average balance sheet and net interest performance

The reported balances below are averages, not period-end balances; dollar figures are in billions. Net interest figures are on a taxable-equivalent basis.

In Q3, net interest income increased 12.8% year over year; for 9M, it rose 10.6%. Average interest-earning assets grew 11.3% in Q3 and 11.8% in 9M, outpacing interest-income growth of 7.3% and 5.8%, respectively, as asset yields declined. Lower funding costs helped offset that pressure: interest expense rose just 2.1% in Q3 and 1.2% in 9M despite growth in average interest-bearing liabilities, while deposit interest expense declined in both periods. The result was higher net interest income and a stronger Q3 net yield year over year, though the 9M net yield was slightly lower.

Investment-securities yields, measured on an amortized-cost basis and excluding fair-value changes reflected in AOCI, were 3.76% in Q3 2026 versus 3.84% in Q3 2025, and 3.72% for 9M 2026 versus 3.83% for 9M 2025.

Other average balances

In Q3, average trading-debt assets were $703.683 billion versus $580.985 billion, and average securities borrowed were $329.704 billion versus $234.112 billion. The combined goodwill, MSRs and other intangible-assets line is not separated into its individual components in these average-balance figures.

Reporting and measure context

“Reported basis” refers to U.S. GAAP and excludes taxable-equivalent adjustments; managed segment revenue is presented on a taxable-equivalent basis, with the related tax impact recorded in income tax expense. Pre-provision profit is total net revenue less noninterest expense, and the overhead ratio is noninterest expense divided by total net revenue. Principal-transactions revenue includes realized and unrealized gains and losses from activities including market-making and specified hedging, so it can reflect both client activity and valuation movements.

Fund-performance comparisons use specified share-class conventions: the primary share class is generally the C share class for European funds and the Acc share class for Hong Kong and Taiwan funds; if unavailable, the oldest share class is used. Past performance is not indicative of future results.

JPMorganChase — Q3 and nine months ended September 30, 2026

Consolidated results

Revenue growth reflected higher Markets NII, deposits, Card revolving balances and wholesale loans, partly offset by lower rates. Managed NII excluding Markets grew 6% in Q3 and 4% for 9M, slower than overall NII. Q3 Markets revenue rose 15%; Equity Markets gained 49%, while Fixed Income Markets fell 4%. Expense growth reflected compensation, wage inflation, front-office hiring, technology and marketing investment, brokerage costs and distribution fees. Nine-month results also benefited from the Q2 Visa-share exchange gain and equity-investment gains; the Visa gain was $4.6B and all Visa C shares had been sold by quarter-end.

The Q3 securities loss was primarily from Treasury/CIO sales of U.S. Treasuries in a portfolio repositioning. Card income growth included higher annual fees, partly offset by rewards and partner costs and lower net interchange income. Mortgage fees declined with lower Home Lending production.

Segments

Managed basis; segment profit shown as pretax income.

CIB’s Q3 performance reflected strong Equity Markets and higher Banking & Payments activity; investment-banking fees rose 15%, and the firm ranked #1 globally in fees with 9.2% wallet share YTD. AWM benefited from market appreciation and client inflows. Corporate’s Q3 revenue and earnings were pressured by lower rates, securities-sale losses and equity-investment losses.

Balance sheet, cash flow and capital

At September 30, common stockholders’ equity was $351.328B; tangible common equity was $299.130B, including specified deferred tax liabilities, versus $290.018B at year-end. Tangible book value per share was $112.64 versus $107.56. Common shares outstanding declined from 2.696B at year-end to 2.656B.

Operating cash use reflected growth in trading assets, receivables and securities borrowed; financing inflows included deposits, secured financing and borrowings.

Standardized CET1 was $304.146B and the CET1 ratio was 14.0%, down from 14.6% at year-end as risk-weighted assets grew. The Standardized CET1 requirement, including buffers, was 11.5%; the Advanced total capital ratio of 16.1% was the most binding risk-based constraint versus a 15.0% requirement. SLR was 5.5% against a 4.3% requirement. Q3 average Firm LCR was 113%, above the 100% minimum; available cash and securities were approximately $1.5T. A new $50B repurchase authorization took effect July 1; the quarterly common dividend increased to $1.65 per share.

Credit, funding and outlook

Q3 net charge-offs were $2.204B versus $2.593B, and the charge-off rate fell to 0.59% from 0.76%. The allowance for credit losses was approximately $32.0B, including a $2.3B allowance associated with the Apple Card transaction. Wholesale charge-offs improved, while credit-card loan growth kept nine-month card charge-offs above the prior year. Card 30+ day delinquency improved to 1.97% from 2.16%. Wholesale criticized exposure increased to $52.1B but declined as a share of exposure to about 3.3% from 3.4%; management cited downgrades and new commitments, including in Consumer & Retail and TMT.

Deposits rose 9% from year-end; estimated uninsured deposits were $1.781T, primarily wholesale operating deposits. Short-term secured funding increased, substantially reflecting client-driven repo activity and seasonally lower year-end balances. Management noted the large uninsured-deposit base as a funding sensitivity. Securities portfolios had $13.670B of gross unrealized AFS losses and $25.841B of HTM losses; the firm attributed most AFS losses to interest rates rather than credit deterioration.

Management’s October 13 outlook was Q4 NII of approximately $28B, including $25.5B excluding Markets, and adjusted expense of approximately $27.5B. FY 2026 outlook was NII of approximately $106.2B, NII excluding Markets of $97.2B, adjusted expense of $108.6B and a Card Services charge-off rate of approximately 3.2%. These estimates are market- and economy-dependent.

Item 3 directs readers to the “Market Risk Management” section of Management’s Discussion and Analysis and to pages 133–142 of JPMorganChase’s 2025 Form 10-K for its quantitative and qualitative market-risk disclosures.

Disclosure controls and internal control

As of September 30, 2026, management, including the CEO and CFO, concluded that JPMorgan Chase’s disclosure controls and procedures were effective. No change in internal control over financial reporting during Q3 2026 materially affected, or was reasonably likely to materially affect, those controls.

The filing cautions that internal controls have inherent limitations and may not prevent or detect every misstatement. Future deficiencies or lapses could occur and could become significant deficiencies or material weaknesses.

This section reports no financial results or other material business developments.

The 10-Q reports no new or period-specific risk-factor or regulatory disclosures in this section. It refers readers to JPMorganChase’s 2025 Form 10-K, Item 1A (pages 9–31), for risk factors; the current Form 10-Q’s Forward-Looking Statements (page 91); and the 2025 Form 10-K’s Supervision and Regulation section (pages 2–6). No financial metrics or material changes are reported here.

Rule 10b5-1 trading arrangements

During Q3 2026, eight JPMorgan Chase directors or officers adopted Rule 10b5-1 trading arrangements. Each plan generally provides for sales of 50% of the net shares issued upon RSUs vesting January 13, 2027. The number of shares covered is otherwise indeterminable because it depends on the RSU terms and conditions and applicable taxes. Plans run through March 31, 2027, subject to the required cooling-off period, and may end earlier if the specified shares are sold.

*The filing lists Mary Erdoes’s plan start date as August 6, 2025, although it gives an adoption date of August 6, 2026.

No Section 16 director or officer adopted a non-Rule 10b5-1 trading arrangement, or terminated a Rule 10b5-1 or non-Rule 10b5-1 arrangement, during Q3 2026. The filing also notes that some officers may participate in employee stock purchase, 401(k), or dividend reinvestment plans designed to comply with Rule 10b5-1(c).