JPMorgan Chase & Co. · NYSE: JPM
JPMorgan Chase (JPM) Stock Research
JPMorgan Chase earned $15.305 billion in Q3 2026, with diluted EPS of $5.57 and a 20% return on tangible common equity. For JPM investors, the key question is how durable those returns are as interest rates, lending demand and credit losses change. Its consumer bank, investment bank and wealth franchise provide several sources of income—but also distinct risks.
- Latest financial period
- Q3 2026
Sep 30, 2026 - Results released
- Oct 13, 2026
- Research reviewed
- Oct 14, 2026
01
Official Q3 2026 results
JPM earnings and bank profitability
02
Growth and earnings quality
What changed in JPM’s third quarter?
GAAP net revenue grew 8% year over year to $50.172 billion; managed net revenue was $50.907 billion. GAAP EPS rose 10% to $5.57. Managed reporting makes a fully taxable-equivalent revenue adjustment, without changing net income.
Managed net interest income rose 13% to $27.145 billion. Excluding Markets, NII increased 6% to $24.726 billion: larger deposit and loan balances outweighed part of the impact from lower rates. Markets-related NII is therefore not the same growth signal as deposit-and-lending income.
Credit-loss provision fell year over year to $2.743 billion, comprising $2.204 billion of net charge-offs and a $539 million net reserve build. Card Services’ annualized net charge-off rate was 2.91%, versus 3.15% a year earlier.
The quarter included $658 million of pretax investment securities losses. JPMorgan reported $5.75 of EPS excluding this item, versus $5.57 under GAAP. Net income also declined from Q2, when substantial Visa and equity investment gains had lifted reported earnings.
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BasisPilot
JPM’s returns across the banking cycle
Deposit growth versus funding cost
A large deposit franchise can support lending and payment services, but earnings depend on what the bank pays for that funding. Deposit balances, customer mix and repricing matter together; falling policy rates can reduce asset yields while lower deposit costs offset some of the pressure.
Loan growth after credit losses
More loans can add interest income, but the return is attractive only after funding costs, provisions and capital usage. Card balances, wholesale exposure and borrower quality deserve separate attention because their loss patterns differ.
Markets and investment banking
Trading, advisory and underwriting diversify earnings beyond deposit spreads. They are also sensitive to client activity and market conditions. Strong trading revenue in one quarter should not be treated as a guaranteed run rate for every subsequent quarter.
Wealth management and recurring fees
Asset management fees can benefit from inflows and higher asset values. This makes wealth a different earnings engine from lending, although falling markets can reduce fee-paying assets without a similar change in customer numbers.
Capital has competing uses
Loans, trading assets, dividends and repurchases all draw on the capital base. A slower buyback pace is not automatically a weaker franchise; the question is whether retained capital produces attractive returns without eroding the regulatory buffer.
Profitability must support the valuation
A premium to tangible book value requires confidence in future returns above the cost of equity. Sustainable ROTCE, credit resilience and per-share book growth are more useful together than any single quarter’s EPS or a low-looking headline P/E.
04
Three reportable business segments
How JPMorgan earns its income
Segment revenue uses JPMorgan’s managed, non-GAAP basis. Corporate is shown separately as the reconciliation to firmwide results, not as a fourth operating franchise. Segment ROE uses allocated capital and is not directly interchangeable with firmwide ROTCE.
CCB
Consumer & Community Banking
US$21.171BManaged revenue · +9% YoY- Net income
- US$5.670B
- Segment ROE
- 36%
CCB combines consumer deposits, mortgages, credit cards, auto lending and wealth services. Card Services & Auto revenue grew 15% in Q3; Home Lending revenue declined 3%. Those different trends should not be flattened into a single consumer-growth assumption.
CIB
Commercial & Investment Bank
US$22.734BManaged revenue · +14% YoY- Net income
- US$8.247B
- Segment ROE
- 18%
CIB combines commercial lending, payments, investment banking, trading and securities services. Q3 investment banking fees rose 14%, while Markets revenue rose 15%. Equity Markets grew 49%, but Fixed Income Markets declined 4%, illustrating the variation within the franchise.
AWM
Asset & Wealth Management
US$6.909BManaged revenue · +14% YoY- Net income
- US$1.843B
- Segment ROE
- 45%
AWM earns investment-management and private-banking income, alongside lending and deposits. Assets under management reached $5.210 trillion. Market appreciation and net inflows can both lift fees; the balance between them affects how durable revenue growth may be.
Corporate: US$0.093B managed revenue and a US$0.455B net loss. Adding the three segments and Corporate reconciles to US$50.907B managed revenue and US$15.305B net income.
05
Funding and loss absorption
JPM deposits, loans and credit quality
| Measure | Amount | Meaning |
|---|---|---|
| Net charge-offs | 2.204 | Charge-offs less recoveries in the quarter |
| Net reserve build | 0.539 | Increase in loss allowance |
| Provision for credit losses | 2.743 | Net charge-offs + net reserve build |
The lower card loss rate and lower year-over-year firmwide credit provision are favorable signals, not a guarantee that credit risk has disappeared. Reserves incorporate expectations; net charge-offs reflect losses already recognized. Deposit growth provides funding, but its value also depends on the rate paid and the capital required for the assets it supports.
06
Capital allocation and management outlook
JPM capital, dividends and next-quarter guidance
The estimated Standardized CET1 ratio declined to 13.9% from 14.2% in Q2 as risk-weighted assets expanded and accumulated other comprehensive income affected capital. The firm’s average liquidity coverage ratio was 113%. Management reduced repurchases while prioritizing franchise investment and client activity. Regulatory capital and accounting tangible equity measure different constraints on shareholder distributions.
Q3 presentation · capital distributions and liquidity ↗
Approximately US$25.5B excluding Markets. These are management’s market-dependent expectations published October 13, not realized Q4 revenue.
Adjusted expense excludes legal expense and is non-GAAP. Growth in revenue must be considered alongside compensation, technology and other operating costs; this outlook is not a reported result.
07
Eight consecutive reported quarters
JPM earnings history
| Quarter | GAAP net revenue | Managed net revenue | Net income | GAAP EPS | TBVPS (non-GAAP) | Released / source |
|---|---|---|---|---|---|---|
| Q3 2026 | 50.172 | 50.907 | 15.305 | 5.57 | 112.64 | Oct 13, 2026 ↗ |
| Q2 2026 | 57.347 | 58.022 | 21.155 | 7.70 | 113.35 | Jul 14, 2026 ↗ |
| Q1 2026 | 49.836 | 50.536 | 16.494 | 5.94 | 108.87 | Apr 14, 2026 ↗ |
| Q4 2025 | 45.798 | 46.767 | 13.025 | 4.63 | 107.56 | Jan 13, 2026 ↗ |
| Q3 2025 | 46.427 | 47.120 | 14.393 | 5.07 | 105.70 | Oct 14, 2025 ↗ |
| Q2 2025 | 44.912 | 45.680 | 14.987 | 5.24 | 103.40 | Jul 15, 2025 ↗ |
| Q1 2025 | 45.310 | 46.014 | 14.643 | 5.07 | 100.36 | Apr 11, 2025 ↗ |
| Q4 2024 | 42.768 | 43.738 | 14.005 | 4.81 | 97.30 | Jan 15, 2025 ↗ |
Three items that affect earnings comparisons
Q2 2026 GAAP EPS of US$7.70 included significant Visa and equity investment gains; the issuer’s EPS excluding those items was US$6.14. Q4 2025 included an Apple Card-related provision of US$2.2B, lowering EPS by US$0.60. Q3 2026 securities losses reduced EPS by US$0.18. The history retains reported GAAP earnings rather than splicing adjusted and reported figures.
08
Book value and earnings sensitivity
JPM valuation: P/TBV, P/B and earnings
For a bank, loans and deposits are part of the operating business, so a conventional industrial free-cash-flow multiple is not the natural starting point. JPM valuation can instead combine tangible book value, returns on equity and recurring earnings. The calculator below shows specific dollar sensitivities using disclosed financial inputs and your chosen multiples, without assuming a live market price.
Compare JPM share prices implied by different price-to-tangible-book assumptions. The editable 1.5×, 2.0× and 2.5× examples hold the reported book-value basis constant; they illustrate sensitivity rather than establish fair value or a price target.
Q3 2026 results released October 13, 2026. Amounts are USD per common share. Official financial supplement ↗
| Scenario | Assumed P/TBV | Tangible book value (USD/share) | Scenario price (USD/share) |
|---|---|---|---|
| Scenario 1 | 1.50× | US$112.64 | US$168.96 |
| Scenario 2 | 2.00× | US$112.64 | US$225.28 |
| Scenario 3 | 2.50× | US$112.64 | US$281.60 |
- P/TBV at your entered price
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- P/B at your entered price
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- GAAP trailing-four-quarter P/E
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- P/E on your sustainable EPS assumption
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Reported trailing EPS includes Q2 2026 gains from Visa shares and equity investments. These gains affect reported P/E; sustainable earnings require a separate assumption. Book-value multiples divide price by the September 30 per-share equity bases, while P/E uses earnings across four quarters. A quarter’s annualized ROTCE does not establish a perpetual return assumption.
09
SEC 13F
JPM institutional ownership
The JPM common-stock positions below refer to BasisPilot’s tracked-manager filing sample. They are delayed quarter-end disclosures, not a complete ownership register or a real-time trading feed. Earnings cover September 30, while the ownership dates remain those shown in the original filings.
Tracked managers with active positions1
Ownership report periodsJun 30, 2026
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Fund exposure and concentration
JPM in financial-sector ETFs
XLF · Financial Select Sector SPDR
State Street’s issuer holdings list includes JPMorgan Chase, with holdings dated October 12, 2026 when reviewed. XLF spans several financial industries, including banks, insurance, capital markets and payment-related businesses. Its broader exposure is different from a direct JPM position.
Combine fund and direct-stock exposure
Holding JPM alongside a financial-sector ETF can increase exposure to the same issuer and credit cycle. Use the issuer’s current, dated holdings for an actual allocation analysis. BasisPilot’s ETF overlap calculator currently uses synthetic examples; its outputs are not current XLF weights or verified portfolio exposures.
Explore the ETF overlap preview →11
Comparable measures, different businesses
How to compare JPM with other banks
Profitability versus the equity base
Compare P/TBV with sustainable ROTCE using matching definitions and dates. A higher multiple may reflect stronger expected returns, but reported quarterly returns can include unusual items. Bank capital requirements and the share count also influence how much profit becomes value per share.
Business mix changes the cycle
JPM’s consumer lending, trading, payments and wealth businesses have different drivers. A deposit-focused bank, an investment-bank-heavy firm and a brokerage are not equivalent peers simply because all belong to Financials. Compare funding, credit mix, fee dependence and capital rules before comparing earnings multiples.
12
Downside and resilience
JPM investment risks
Interest rates and deposit competition
Changes in asset yields, deposit pricing and customer cash preferences can compress net interest income. Loan and deposit growth may not offset an unfavorable repricing cycle.
Consumer and wholesale credit
Unemployment, household leverage or weaker corporate cash flow can raise losses and reserve requirements. Card loss rates and wholesale reserve changes provide different signals and should be assessed separately.
Capital rules and balance-sheet expansion
Higher risk-weighted assets or regulatory requirements can reduce the room for distributions. CET1 is a regulatory measure; it cannot be replaced by accounting book value or a strong quarterly ROE.
Markets and investment gains
Trading activity, underwriting demand and investment valuations can change quickly. Exceptional gains or losses affect reported EPS and can make a trailing P/E appear unusually low or high.
Operating cost, technology and controls
Compensation, technology investment and customer acquisition raise costs before all benefits appear. Cyber incidents, processing failures or weak controls can create losses and damage customer confidence.
Legal, geopolitical and counterparty exposure
A global bank faces litigation, sanctions, cross-border disruptions and counterparty risk. Diversification reduces dependence on one business, but does not eliminate losses across correlated exposures.
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Read BasisPilot market insights →BasisPilot insights
JPM earnings and financial-market research
14
Earnings, valuation and ownership
Common questions about JPM stock
What are JPMorgan Chase’s latest reported earnings?
For Q3 2026, JPMorgan Chase reported $50.172 billion of GAAP net revenue, $15.305 billion of net income and $5.57 of diluted EPS. Results cover the quarter ended September 30 and were released October 13, 2026.
Why are reported and managed revenue different?
Managed revenue of $50.907 billion includes a fully taxable-equivalent adjustment to GAAP revenue of $50.172 billion. It is a non-GAAP presentation used by management to compare taxable and tax-exempt revenue; the adjustment does not change net income.
How much net interest income did JPM generate?
Q3 GAAP net interest income was $27.036 billion; managed NII was $27.145 billion. NII excluding Markets, another non-GAAP measure, was $24.726 billion. The ex-Markets figure helps separate lending, investing and deposit economics from Markets-related revenue offsets.
Are credit provisions the same as loan losses?
No. Q3 credit-loss provision was $2.743 billion, while realized net charge-offs were $2.204 billion. A $539 million net reserve build accounts for the difference. Provisions incorporate changes in expected losses as well as charge-offs in the period.
What is JPM’s tangible book value per share?
At September 30, 2026, tangible book value per common share was $112.64; book value per share was $132.30. Tangible book excludes certain goodwill and intangible assets, net of related deferred tax liabilities, and is a non-GAAP measure.
Does a 20% ROTCE mean that return will last?
No. Q3 ROTCE was 20% on an annualized basis using average tangible common equity. It describes the reported quarter, not a guaranteed future return. Valuation depends on sustainable profitability after credit losses, funding costs and required capital.
How does this page calculate JPM valuation scenarios?
Each scenario multiplies the disclosed $112.64 of tangible book value per share by a user-selected P/TBV multiple. Entering a share price also calculates P/TBV, P/B and P/E against $23.84 of trailing reported EPS. These are sensitivities, not price targets.
Why can JPM’s trailing P/E be misleading?
The $23.84 trailing EPS sum includes Q2 2026 Visa and equity gains, Q4 2025 Apple Card-related provision, and Q3 2026 securities losses. These items affect comparability. The calculator offers a separate user-entered sustainable EPS assumption rather than calling reported earnings normalized.
Which ETF provides JPM exposure?
State Street’s Financial Select Sector SPDR ETF, XLF, lists JPMorgan Chase among its disclosed holdings. It also owns other types of financial businesses, so XLF exposure is not the same as holding JPM alone or a portfolio made only of banks. Check the issuer’s dated holdings.
Can JPM 13F filings reveal an institution’s purchase cost?
No. Form 13F contains delayed quarter-end shares and reported value for qualifying positions. Value divided by shares is a quarter-end implied price, not the institution’s historical purchase cost. BasisPilot’s tracked-manager sample is not a count of all institutional owners.
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Primary disclosures and methodology
JPM sources and reporting dates
Latest financial results cover September 30, 2026 and were released October 13. Research was reviewed October 14. Historical figures come from issuer earnings supplements filed with the SEC. Valuation scenarios use disclosed book values and reported earnings, with editable assumptions; no live market price is supplied. Reported GAAP and non-GAAP measures are identified separately. This research is educational, not personalized investment advice.