JPMorgan Chase & Co. · JPM-PC · FY2026 Q2 · Calendar Q3 2026
JPMorgan raises NII outlook as markets and deposits drive Q2
JPMorgan’s Q2 results support a constructive operating trajectory: strong markets, investment banking, asset management and deposit growth lifted results and prompted a higher NII outlook. The evidence is balanced by rising expenses, questions about the durability of current activity levels and regulatory uncertainty.
Earnings scorecard
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Transcript intelligence
What changed
The full-year NII outlook was raised to $105.5 billion, the dividend was increased to $1.65 per share effective in Q3, and management highlighted continued AI investment and a planned smart cash rollout. Compared with the prior quarter, the supplied analysis shifts from maintained guidance to raised guidance while retaining capital, expense and regulatory concerns.
Guidance delta
Management raised full-year NII outlook to $105.5 billion; no broader guidance change was identified in the supplied analysis.
Key takeaways
- Revenue and net income beat expectations, led by markets, investment banking and asset and wealth management.
- Deposit balances and net new checking accounts supported the higher NII outlook.
- Expenses rose 15% on volume-related costs and hiring, leaving operating leverage as a key watchpoint.
- Management increased the dividend to $1.65 per share effective in Q3 and described the co-president transition as succession planning.
Management priorities
- Grow deposits and higher-margin assets
- Continue AI deployment across roughly 1,000 use cases and roll out the smart cash tool
- Invest in front-office hiring, branches and European digital banking
- Deploy excess capital while targeting a 17% return
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Try FN2 freeCompany context
Snapshot as of publicationJPMorgan Chase & Co. functions as a leading global financial services corporation. Its extensive operations are divided into four primary segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The Consumer & Community Banking (CCB) division caters to individual clients by offering deposit, investment, and loan products, alongside various payment solutions. It also extends similar services, including credit, deposit accounts, cash management, and payment processing, to small businesses. This segment is also responsible for initiating and servicing mortgage loans, encompassing residential mortgages and home equity lines of credit, in addition to providing credit cards, auto loans, and vehicle leasing. Within the Corporate & Investment Bank (CIB) segment, clients receive comprehensive investment banking services.…
Historical context
All JPM-PC earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| C Citigroup Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -4.0% | Citi raises ROTCE outlook as Services and Wealth lead growth |
| JPM-PK JPMorgan Chase & Co. | FY2026 Q3 · Calendar Q4 2026 | — | — | JPMorgan posts strong Q3 as AI investment and 2027 risks remain |
| JPM-PD JPMorgan Chase & Co. | FY2026 Q3 · Calendar Q4 2026 | — | — | JPMorgan posts strong Q3 as deposits and fees grow; AI risks remain |
| JPM JPMorgan Chase & Co. | FY2026 Q3 · Calendar Q4 2026 | — | +0.2% | JPMorgan: Strong Q3, Cautious 2027 NII Outlook |
| JPM-PJ JPMorgan Chase & Co. | FY2026 Q3 · Calendar Q4 2026 | — | — | JPMorgan Q3 growth holds as AI pilots and capital priorities expand |
| JPM-PM JPMorgan Chase & Co. | FY2026 Q3 · Calendar Q4 2026 | — | — | JPMorgan: Strong Q3, maintained outlook, AI remains early-stage |
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Sources
- Earnings call transcript and parsed analysis · 2026-07-14T16:07:44.724577+00:00
- FN2 earnings calendar · 2026-08-19T01:23:14.696161+00:00
- Polygon adjusted daily market bars
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-13. For educational purposes only; not investment advice.