JPMorgan Chase & Co.

JPMorgan reported net income of $16.9 billion and EPS of $6.14, with ROTCE of 23%. Excluding significant items, revenue was up 15% year over year. Expenses were $27.3 billion, up 15% year over year. Credit costs were $2.5 billion, including net charge-offs of $2.4 billion and a net reserve build of $149 million. The standardized CET1 ratio ended at 14.1%, down 20 basis points sequentially, and standardized RWA increased by approximately $103 billion. By segment, CCB net income was $5.3 billion on revenue of $20.3 billion, CIB net income was $9.7 billion on revenue of $24.9 billion, AWM net income was $2 billion on revenue of $6.9 billion, and corporate net income was $4.2 billion on revenue of $6 billion. For full-year 2026, the firm now expects NII ex-Markets of about $96.5 billion, total NII of about $105.5 billion, adjusted expenses of about $107.5 billion, and card net charge-off rate of approximately 3.2%. The board also intends to increase the quarterly dividend to $1.65 per share beginning in the third quarter.

Jamie Dimon framed the quarter as evidence that the franchise is firing on most cylinders, but he repeatedly cautioned that the current environment may not last indefinitely. He said the firm is continuing its long-running investment strategy in branches, technology, AI, and talent, and emphasized that the goal is to deploy capital at a 17% return over time. On succession, he said the leadership changes do not alter the timetable he discussed previously and highlighted the depth of the management bench.

Jeremy Barnum said the quarter benefited from higher markets revenue, investment banking, asset-management fees, and stronger deposit and loan balances, partly offset by lower rates. He walked through the balance sheet and capital picture, noting the 14.1% standardized CET1 ratio, the roughly $103 billion RWA increase, and the dividend increase to $1.65 per share starting in Q3. On guidance, he explained that the $96.5 billion NII ex-Markets outlook is mostly driven by deposit balances, while the higher $107.5 billion expense view reflects activity-related costs tied to stronger revenue; he also said the 3.2% card NCO rate expectation reflects better-than-expected consumer credit performance.

Analysts focused on leadership succession, the sustainability of investment banking and markets strength, deposit growth and pricing, operating leverage, AI-driven efficiency, regulation, and capital deployment. Management said the co-president move is part of a planned leadership-development process and did not change the overall CEO timetable, while also stressing that the quarter’s equities strength was unusually driven by IPOs, index rebalancing, and Asia-related volatility and may be hard to repeat exactly. On capital, Jamie Dimon said buybacks are an investment decision and reiterated that the firm sees many organic opportunities, while both executives argued that regulatory rules should be more consistent and technically correct.