JPMorgan Chase & Co. · JPM-PM · FY2026 Q2 · Calendar Q3 2026
JPMorgan Q2 2026: Strong Markets, Higher NII Guidance, Rising Costs
JPMorgan's Q2 performance supports a constructive operating picture: strong capital-markets activity, deposit growth and asset-and-wealth-management inflows drove growth, while raised NII guidance reinforced the near-term outlook. The counterweight is that expenses rose with volume and AI investment, and management identified regulatory, credit and sustainability risks.
Earnings scorecard
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Transcript intelligence
What changed
Compared with the prior quarter, revenue growth accelerated from 10% to 15% year over year, full-year NII guidance excluding Markets was raised to $96.5 billion, and the full-year expense outlook increased by $2.5 billion. Management also highlighted a succession plan, European digital-banking expansion and the Smart Cash pilot.
Guidance delta
Full-year net interest income excluding Markets guidance was raised to $96.5 billion; the full-year expense outlook increased by $2.5 billion, reflecting strong capital-markets performance.
Key takeaways
- Revenue increased 15% year over year, led by markets, investment banking and asset-and-wealth-management performance.
- Deposit growth remained solid, supporting management's retail market-share ambitions.
- Management flagged regulatory capital concerns, leadership succession and the durability of current capital-markets activity.
Management priorities
- Expand the Smart Cash tool pilot and continue AI adoption across risk, fraud, marketing and client service.
- Pursue European digital consumer-banking expansion.
- Deploy excess capital through organic growth and selective inorganic opportunities.
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Try FN2 freeCompany context
Snapshot as of publicationJPMorgan Chase & Co. operates as a comprehensive global financial services firm, structuring its extensive operations into four primary business segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The Consumer & Community Banking (CCB) division delivers a wide array of services to individuals and small businesses. For consumers, this includes deposit and investment products, various lending options, payment processing, and other related banking services. Small businesses benefit from tailored lending, deposit, cash management, and payment solutions. Additionally, CCB manages mortgage origination and servicing, provides residential mortgages and home equity loans, and offers credit cards, auto loans, and leasing services. The Corporate & Investment Bank (CIB) caters to large corporations, institutional clients, and governments worldwide.…
Historical context
All JPM-PM 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-PC JPMorgan Chase & Co. | FY2026 Q3 · Calendar Q4 2026 | — | — | JPMorgan Q3: Strong Demand, Maintained Guidance, Early AI Pilots |
| JPM-PJ JPMorgan Chase & Co. | FY2026 Q3 · Calendar Q4 2026 | — | — | JPMorgan Q3 growth holds as AI pilots and capital priorities expand |
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Sources
- Earnings call transcript and parsed analysis · 2026-07-14T16:06:30.076013+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.