JPMorgan Chase 8-K
PositiveNew guidanceEarnings
Higher deposits, Card Services revolving balances and Markets activity drove revenue growth; lower rates tempered net interest income gains outside Markets.
Filed 2026-04-14 10:05 ET
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results with FY2026 guidance. Net income was $16.5B and managed revenue was $50.5B, up 13% and 10% Y/Y, respectively. Higher deposit balances, Card Services revolving balances, fees and Markets activity supported revenue growth; lower rates partly offset growth in net interest income excluding Markets.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Revenue, GAAP | $49.8B | — | — |
| Managed revenue, non-GAAP | $50.5B | $46.0B | 10% |
| Net income | $16.5B | $14.6B | 13% |
| Net income applicable to common stockholders | $16.1B | $14.3B | — |
| Diluted EPS | $5.94 | $5.07 | 17% |
- Revenue growth also reflected higher asset management and investment banking fees, auto operating lease income, Payments fees and client activity in Markets. The prior-year comparison included a $588M First Republic-related gain.
- Expense was $26.9B, up 14% Y/Y, driven mainly by higher compensation, brokerage expense and distribution fees, marketing, auto lease depreciation, and the absence of a prior-year FDIC special assessment accrual release. Credit costs were $2.5B, including a $191M net reserve build.
- Common stock net repurchases were $8.1B; the common dividend was $4.1B, or $1.50 per share. The standardized CET1 ratio was 14.3%, down from 15.4% a year earlier; average loans were $1.5T, up 11% Y/Y, and average deposits were $2.6T, up 7%.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Net interest income | FY2026 | ≈$103B; market dependent | — | — |
| Net interest income excluding Markets, non-GAAP | FY2026 | ≈$95B; market dependent | — | — |
| Card Services net charge-off rate | FY2026 | ≈3.4% | — | — |
| Adjusted expense, non-GAAP | FY2026 | ≈$105B; market dependent | — | — |
Investor Takeaways
- FY2026 net interest income and adjusted expense are market dependent; results against those outlook figures will show how rates and markets affect the year.
- Track Card Services’ net charge-off rate against the ≈3.4% FY2026 outlook.
- The presentation identifies unresolved issues in proposed U.S. capital rules; final rule changes could alter the capital requirements discussed.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3