JPMorgan Chase 8-K
PositiveNew guidanceEarnings
Higher investment banking and equity markets activity drove revenue growth, partly offset by Corporate securities losses.
Filed 2026-10-13 09:38 ET
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results with Q4 and full-year outlook. Net income rose 6% Y/Y, while managed revenue rose 8%; higher investment banking and equity markets activity contributed to revenue growth, partly offset by $658M of net investment securities losses in Corporate.
Key Figures
| Metric | Q3 2026 | Q3 2025 |
|---|---|---|
| Managed revenue (non-GAAP) | $50.9B, +8% Y/Y | — |
| Net income | $15.3B, +6% Y/Y | — |
| Net income excluding significant item (non-GAAP) | $15.8B | — |
| Diluted EPS | $5.57, vs $5.07 | — |
| Diluted EPS excluding significant item (non-GAAP) | $5.75 | — |
- The $658M pretax securities loss ($498M after tax) reduced reported EPS by $0.18 and ROTCE by 1 percentage point; ROTCE was 20% reported and 21% excluding the loss.
- Net interest income excluding Markets rose 6% Y/Y, driven by higher deposit, card and wholesale loan balances, partly offset by lower rates. Noninterest revenue excluding Markets rose 7% Y/Y, or 12% excluding the securities losses.
- Capital returned included a $4.4B common dividend ($1.65 per share) and $664M of net repurchases; LTM net payout was 61%. CET1 capital was $304B, with standardized and advanced ratios of 13.9% and 14.1%.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Net interest income excluding Markets (non-GAAP) | Q4 2026 | ≈$25.5B | — | — |
| Net interest income excluding Markets (non-GAAP) | FY2026 implied | ≈$97.2B | — | — |
| Net interest income (managed) | Q4 2026 | ≈$28B | — | — |
| Net interest income (managed) | FY2026 implied | ≈$106.2B | — | — |
| Adjusted expense (non-GAAP) | Q4 2026 | ≈$27.5B | — | — |
| Adjusted expense (non-GAAP) | FY2026 implied | ≈$108.6B | — | — |
| Card Services net charge-off rate | FY2026 | ≈3.2% | — | — |
| Net interest income excluding Markets (non-GAAP) | FY2027 central case, preliminary | ≈$107B | — | — |
Investor Takeaways
- Watch Q4 net interest income and adjusted expense against the market-dependent outlook and the resulting FY2026 implied totals.
- Track Card Services’ net charge-off rate against the FY2026 outlook and net interest income excluding Markets against the preliminary FY2027 central case.
The summary is written by an AI model reading the filing.
Model 005 · prompt 8bef31e277