JPMorgan Chase (CMC) Q3 2026 Earnings Report
DE:CMC Q3 2026 EPS Results
- Actual EPS
- EUR 4.99
- Consensus EPS
- EUR 5.31
- Beat/Miss
- Missed by -EUR 0.32
- One Year Ago EPS
- EUR 4.54
DE:CMC Q3 2026 Revenue Results
- Actual Revenue
- EUR 68.22B
- Expected Revenue
- EUR 45.87B
- Beat/Miss
- Beat by +EUR 22.35B
- YoY Revenue Growth
- +6.24%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/13/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 13, 2026
JPMorgan Chase's next earnings date is estimated for January 14, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. JPMorgan reported robust profitability, broad-based revenue growth, strong consumer and wealth-management momentum, significant investment banking and equities strength, record or atypical performance across much of the franchise, and substantial capacity for organic capital deployment. The main cautions were higher expenses, credit costs, lower CET1, weaker fixed-income markets revenue, recent investment banking activity slowing, uncertain deposit and interest-rate behavior, and risks associated with AI, leverage, and concentration. Management remained constructive but emphasized that several outlook items, particularly 2027 NII, markets revenue, credit conditions, and AI benefits, carry meaningful uncertainty.
JPMorgan expects fourth quarter NII ex-markets to be approximately $25.5 billion, fourth quarter total NII to be about $28 billion, fourth quarter expenses to be about $27.5 billion, and the card net charge off rate to be approximately 3.2%; its central case for 2027 NII ex-markets is approximately $107 billion, based on about $5 billion of growth from an annualized $102 billion, with probably about a quarter related to the yield curve, including 1 in December and then 2 through the first half of the year, and the rest a continuation of modest consumer deposit growth, continued wholesale deposit growth, probably the wholesale a bit weaker than what was very strong this year, and card loans continuing at comparable levels; the central case is based on assumptions that are obviously highly uncertain, and the current preliminary read on 2027 expenses is not too far from consensus of around $114 billion; for markets revenue, the base case assumptions are normal seasonal declines between the third and fourth quarter, with the right amount of historical context and all the usual caveats.
- Strong Quarterly Profitability and Revenue GrowthJPMorgan Chase delivered net income of $15.3 billion, EPS of $5.57, and ROTCE of 20%. Revenue was $50.9 billion, up 8% year on year, or up 9% excluding $658 million of net investment securities losses in Corporate. The revenue increase was largely driven by markets revenue, higher deposit balances, and higher asset management fees.
- Consumer and Community Banking GrowthCCB reported net income of $5.7 billion and revenue of $21.2 billion, up 9% year on year, predominantly driven by higher card balances and yield, asset management fees, deposit balances, and auto lease income.
- Consumer Spending and Deposit MomentumDebit and credit spend grew 10% year on year, supported by consumer demand and continued momentum in categories including gas and travel. Deposits grew 4% year on year, and JPMorgan retained its number 1 position in retail deposit share based on FDIC data.
- Strong Client Investment Asset GrowthClient investment assets in CCB crossed $1.4 trillion, up 15% year on year, driven by market performance and strong flows.
- Investment Banking and Equities OutperformanceCIB reported net income of $8.2 billion and revenue of $22.7 billion, up 14% year on year, with strong performance across the businesses. Investment banking fees increased 14% year on year, notably in advisory, while equities revenue increased 49% year on year, with continued outperformance notably in prime and derivatives.
- Asset and Wealth Management ExpansionAWM reported net income of $1.8 billion, a pretax margin of 36%, and revenue of $6.9 billion, up 14% year on year. Long-term net inflows were $51 billion, largely driven by continued strength in fixed income. AUM reached $5.2 trillion, up 13% year on year, and client assets reached $7.9 trillion, up 15% year on year, driven by continued net inflows and higher market levels.
- Strong Customer AcquisitionJPMorgan added approximately 650,000 net new checking accounts during the quarter. Management said the core franchise performance was exceptionally strong, supported by customer acquisition, marketing, the brand, the value proposition, and the multi-decade investment in the consumer product bundle.
- Positive 2027 Net Interest Income FrameworkManagement provided a central case for 2027 NII ex-markets of approximately $107 billion, compared with an annualized level of approximately $102 billion based on the fourth-quarter outlook discussed during Q&A. About one quarter of the implied $5 billion increase was attributed to the yield curve, with the remainder described as a continuation of balance-sheet growth and mix trends.
- Constructive Investment Banking PipelineManagement described the overall investment banking environment as robust and supportive, with substantial business that wants and needs to get done. The European pipeline was described as healthy, with IPO activity stronger than expected.
- Organic Capital Deployment StrategyManagement said the firm has approximately $30 billion of excess capital and views organic growth as the highest and best use of capital after the dividend. The firm plans to continue deploying capital into initiatives including the Security Resiliency Initiative, the American Dream Initiative, the Innovation Economy Initiative, and commercial banking around the world.
- Security Resiliency Initiative ProgressJPMorgan said it plans to deploy $1.5 trillion over 10 years through the Security Resiliency Initiative and indicated that first-year deployment was probably already above $200 billion. Management cited financing activity, policy work, chip-building initiatives, and a major announcement in Philadelphia as examples of the effort.
- AI Deployment and Infrastructure StrategyJPMorgan is using AI agents internally, plans to use them for customers, and is building tools to protect clients from rogue agents. Its AI strategy emphasizes model agnosticism, harness agnosticism, proprietary models, open-weight and open-source models, and model routing intended to use the best, quickest, and cheapest model for each query.
- Early AI Productivity OpportunitiesManagement said experiments involving rewriting legacy tools were beginning to show exciting opportunities for acceleration and productivity improvement, including attempts to complete rewrites in a couple of weeks. Management also said the firm is excited about the amount of AI activity underway.
- Fortress Liquidity PositionJPMorgan reported approximately $1.5 trillion of cash and marketable securities. Management said it was not worried about changes to the firm's liquidity and emphasized that deposit stability should be supported by fortress principles and customer confidence.
- Resilient Consumer and Corporate Balance SheetsManagement said the consumer is currently very healthy, primarily because of a healthy labor market, and has remained resilient through several headwinds. Corporate balance sheets were also described as being in quite good shape, with the corporate credit outlook currently stable.
- Broad Strength Across the FranchiseManagement said every business was performing exceptionally well, with current conditions characterized by high volume, high asset prices, fairly low credit losses, and performance that was beating records or was otherwise atypical by historical standards.
DE:CMC Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 14, 2027 | 2026 (Q4) | 5.23- | 4.15 | ― | ― |
| Oct 13, 2026 | 2026 (Q3) | 5.314.99 | 4.54 | 9.86% (+0.45) | |
| Jul 14, 2026 | 2026 (Q2) | 5.006.89 | 4.69 | 46.95% (+2.20) | |
| Apr 14, 2026 | 2026 (Q1) | 4.905.32 | 4.54 | 17.16% (+0.78) | |
| Jan 13, 2026 | 2025 (Q4) | 4.344.15 | 4.31 | -3.74% (-0.16) | |
| Oct 14, 2025 | 2025 (Q3) | 4.344.54 | 3.91 | 16.02% (+0.63) | |
| Jul 15, 2025 | 2025 (Q2) | 4.014.69 | 5.48 | -14.38% (-0.79) | |
| Apr 11, 2025 | 2025 (Q1) | 4.154.54 | 3.98 | 14.19% (+0.56) | |
| Jan 15, 2025 | 2024 (Q4) | 3.674.31 | 2.72 | 58.22% (+1.58) | |
| Oct 11, 2024 | 2024 (Q3) | 3.573.91 | 3.88 | 0.92% (+0.04) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
