JPMorgan Chase & Co. · JPM · FY2026 Q1 · Calendar Q2 2026

JPMorgan beats on EPS and revenue as Markets, asset and wealth management power a strong Q1

JPMorgan's Q1 2026 results support the case that a large, asset-dense universal bank can keep compounding earnings on resilient consumer demand, asset-management inflows and elevated Markets revenue. Management maintained its full-year NII and expense outlook and kept guidance sentiment steady, but the offsetting factor is regulatory: Basel III endgame and a higher G-SIB surcharge could add roughly $20B to capital requirements, pressuring returns on RWA and, with fee timing and lower rates, tempering the pace of growth. The stock's roughly 2% session decline versus a rising SPY suggests investors focused on the capital and forward fee/rate headwinds more than the beat. The consensus price target of about $373.64 sits just above the current $342.57, implying a reasonable but not generous re-rating case.

Reported Before market openNYSEFinancial Services $907.17B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $5.94 Consensus $5.47
EPS surprise +8.6% Reported versus consensus
Reported revenue $49.84B Consensus $49.18B
Revenue surprise +1.3% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -0.8% Event window
SPY move +1.2% Same window
Abnormal move -2.0% Stock minus SPY
Volume 1.1× Versus trailing sessions
Subsequent drift -2.0% Up to 20 sessions
JPMSPY benchmark

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What changed

Relative to the prior Q4 2025 call, JPM's beat was larger in absolute terms (Q1 EPS of $5.94 vs $4.63) and led by a different mix. Revenue growth was driven by Markets, Asset Management and Investment Banking fees rather than the card/apple dynamics that featured in Q4. Management maintained rather than raised its full-year NII and expense outlook, and new forward emphasis shifted toward regulatory-capital uncertainty (Basel III, G-SIB) and AI/stablecoin product pilots rather than buyback intensity.

Guidance delta

Management maintained its full-year outlook for net interest income and expenses, reaffirming resilience rather than upgrading. The notable shift was an explicit new flag on regulatory capital: JPM estimated a roughly $20 billion increase in the G-SIB capital requirement from Basel III endgame changes, a headwind it plans to absorb by redeploying capital to client-focused growth rather than aggressive buybacks.

Key takeaways

  • Q1 2026 EPS of $5.94 beat the $5.47 consensus (~+8.6%), with revenue of $49.8B edging the ~$49.2B estimate (~+1.3%).
  • Growth was led by higher Markets revenue, asset-management fee growth with net inflows, and resilient consumer spend.
  • Management flagged a roughly $20B increase in the G-SIB capital requirement from Basel III endgame changes.
  • Consumer base remained resilient, with modest ~2% deposit growth and strong checking-account openings.
  • Forward focus on AI cash tools, stablecoin/payment capabilities, and private credit (~$50B within a ~$160B NBFI portfolio).

Management priorities

  • Deploy excess capital toward client-focused growth rather than aggressive buybacks
  • Pilot and scale the AI cash tool for high-net-worth clients
  • Build stablecoin and programmable-money capabilities in wholesale payments
  • Maintain disciplined underwriting in private credit while monitoring exposure
  • Adapt to Basel III endgame and G-SIB rule changes

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Earnings History

Estimate Beat Miss Match
JPM EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $4.11 Q1 '24 actual $4.44, beat Q2 '24 estimate $5.88 Q2 '24 actual $4.40, miss Q3 '24 estimate $4.01 Q3 '24 actual $4.37, beat Q2 '25 estimate $4.48 Q2 '25 actual $4.96, beat Q3 '25 estimate $4.85 Q3 '25 actual $5.07, beat Q4 '25 estimate $4.85 Q4 '25 actual $4.63, miss Q1 '26 estimate $5.47 Q1 '26 actual $5.94, beat Q2 '26 estimate $5.59 Q2 '26 actual $7.59, beat Q3 '26 estimate $5.82 Q4 '26 estimate $5.91 Q1 '27 estimate $6.15 Q2 '27 estimate $6.24
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Analyst Consensus ?

ConsensusBuy61 ratings
Bullish3252.4%
Neutral2744.3%
Bearish23.3%

Analyst 52W Price Targets

$341.96Current
$120Low
$262.49Average
$420High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wells Fargo Overweight OverweightMaintainAug 14, 2026
UBS Buy BuyMaintainAug 3, 2026
Citigroup Neutral NeutralMaintainJul 20, 2026
Evercore ISI Group Outperform OutperformMaintainJul 17, 2026
B of A Securities Buy BuyMaintainJul 16, 2026
Truist Securities Hold HoldMaintainJul 15, 2026
RBC Capital Outperform OutperformMaintainJul 15, 2026
Keefe, Bruyette & Woods Outperform OutperformMaintainJul 15, 2026
Barclays Overweight OverweightMaintainJul 15, 2026
Baird Neutral NeutralMaintainJul 15, 2026
Morgan Stanley Equal Weight Equal WeightMaintainJun 29, 2026
Jefferies Hold HoldMaintainApr 15, 2026
Piper Sandler Overweight OverweightMaintainApr 14, 2026
Freedom Broker Hold HoldMaintainJan 22, 2026
TD Securities Buy BuyMaintainMay 20, 2025
Oppenheimer Perform OutperformDowngradeNov 20, 2024
Deutsche Bank Hold BuyDowngradeSep 3, 2024
BMO Capital Market Perform Market PerformMaintainApr 15, 2024
Goldman Sachs Buy BuyMaintainFeb 1, 2024
Daiwa Capital Buy OutperformMaintainDec 18, 2023
Atlantic Equities Neutral NeutralMaintainAug 1, 2023
Credit Suisse Outperform OutperformMaintainJul 17, 2023
Societe Generale Hold BuyDowngradeJul 10, 2023
Wolfe Research Outperform Peer PerformUpgradeJul 7, 2023
Berenberg Hold SellUpgradeJul 18, 2022
Seaport Global Buy BuyMaintainJan 5, 2022
DA Davidson Buy BuyMaintainApr 15, 2021
Independent Research Hold BuyDowngradeDec 3, 2020
DZ Bank Buy HoldUpgradeMar 20, 2020
Odeon Capital Buy HoldUpgradeFeb 3, 2020
Buckingham Research Neutral BuyDowngradeSep 16, 2019
Buckingham Neutral BuyDowngradeSep 16, 2019
Bank of America Buy BuyMaintainSep 17, 2018
Argus Buy BuyMaintainMay 5, 2018
HSBC Hold HoldMaintainApr 11, 2018
Nomura Neutral NeutralMaintainFeb 28, 2018
Keefe Bruyette & Woods Outperform Market PerformUpgradeFeb 13, 2018
Guggenheim Buy NeutralUpgradeApr 25, 2017
Sandler O'Neill Hold BuyDowngradeOct 6, 2016
CLSA Buy BuyMaintainSep 23, 2016
Macquarie Neutral OutperformDowngradeSep 9, 2016
Bernstein Market Perform OutperformDowngradeAug 16, 2016
Erste Group Hold BuyDowngradeApr 25, 2016
Portales Partners Underperform Sector PerformDowngradeFeb 22, 2016
Argus Research Buy BuyMaintainJan 15, 2016
MKM Partners Neutral BuyDowngradeMay 11, 2015
Argus Capital Buy HoldUpgradeOct 15, 2014
FBR Capital Outperform Market PerformUpgradeJul 21, 2014
Rafferty Capital Buy HoldUpgradeJul 15, 2014
Rafferty Buy HoldUpgradeJul 15, 2014
Mediobanca Securities Neutral OutperformDowngradeJan 28, 2014
SunTrust Robinson Humphrey Neutral BuyDowngradeDec 19, 2013
Standpoint Research Hold BuyDowngradeJul 24, 2013
Raymond James Strong Buy OutperformUpgradeJul 2, 2013
ISI Group Buy BuyMaintainFeb 25, 2013
Sterne Agee Buy NeutralUpgradeJan 3, 2013
Drexel Hamilton Buy BuyMaintainOct 2, 2012
JMP Securities Underperform Market PerformDowngradeMay 21, 2012
Stifel Nicolaus Hold HoldMaintainMay 11, 2012
Stifel Hold BuyDowngradeMay 11, 2012
Bank oferica Buy BuyMaintainMar 27, 2012
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Named analyst price targets

Upside is calculated against the persisted current price $341.96. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoAnalyst unavailable$390$363.11 +14.0%Aug 14, 2026
UBSErika Najarian$400$355.27 +17.0%Aug 3, 2026
Deutsche BankAnalyst unavailable$375$348.21 +9.7%Jul 22, 2026
Truist FinancialJohn McDonald$352$347.88 +2.9%Jul 15, 2026
RBC CapitalGerard Cassidy$370$342.89 +8.2%Jul 15, 2026
Robert W. BairdDavid George$305$342.89 -10.8%Jul 15, 2026
Morgan StanleyAnalyst unavailable$370$342.89 +8.2%Jul 15, 2026
BarclaysAnalyst unavailable$420$342.89 +22.8%Jul 15, 2026
Wells FargoAnalyst unavailable$375$342.89 +9.7%Jul 15, 2026
Goldman SachsAnalyst unavailable$418$342.89 +22.2%Jul 14, 2026
JefferiesAnalyst unavailable$350$342.89 +2.4%Jul 14, 2026
UBSErika Najarian$384$340.79 +12.3%Jul 7, 2026
Evercore ISIGlenn Schorr$360$336.13 +5.3%Jul 6, 2026
Wells FargoAnalyst unavailable$360$334.47 +5.3%Jul 6, 2026
Truist FinancialJohn McDonald$344$331.96 +0.6%Jun 26, 2026
Evercore ISIAnalyst unavailable$340$312.25 -0.6%Apr 17, 2026
Truist FinancialAnalyst unavailable$332$311.12 -2.9%Apr 15, 2026
Robert W. BairdAnalyst unavailable$295$311.12 -13.7%Apr 15, 2026
Goldman SachsAnalyst unavailable$361$311.12 +5.6%Apr 14, 2026
Truist FinancialAnalyst unavailable$323$291.66 -5.5%Mar 26, 2026
Wells FargoMike Mayo$350$302.55 +2.4%Feb 17, 2026
HSBCAnalyst unavailable$319$310.16 -6.7%Feb 5, 2026
Robert W. BairdAnalyst unavailable$280$307.02 -18.1%Jan 14, 2026
Truist FinancialAnalyst unavailable$334$307.8 -2.3%Jan 14, 2026
RBC CapitalGerard Cassidy$330$307.87 -3.5%Jan 14, 2026
HSBCSaul Martinez$245$327.21 -28.4%Jan 7, 2026
Truist FinancialJohn McDonald$331$334.04 -3.2%Jan 6, 2026
BarclaysAnalyst unavailable$391$325.48 +14.3%Jan 5, 2026
Truist FinancialJohn McDonald$330$315.99 -3.5%Dec 18, 2025
Morgan StanleyAnalyst unavailable$331$300.47 -3.2%Dec 9, 2025
Loop Capital MarketsMikhail Paramonov$310$294.84 -9.3%Oct 23, 2025
Morgan StanleyAnalyst unavailable$338$308.9 -1.2%Oct 15, 2025
BarclaysAnalyst unavailable$342$302.08 +0.0%Oct 15, 2025
Goldman SachsAnalyst unavailable$366$302.08 +7.0%Oct 14, 2025
UBSAnalyst unavailable$350$306.71 +2.4%Oct 7, 2025
Goldman SachsAnalyst unavailable$330$315.69 -3.5%Sep 30, 2025
Morgan StanleyBetsy Graseck$336$316.06 -1.7%Sep 29, 2025
Morgan StanleyBetsy Graseck$240$295.13 -29.8%Jul 7, 2025
RBC CapitalAnalyst unavailable$305$289.91 -10.8%Jun 30, 2025
Truist FinancialJohn McDonald$270$260.71 -21.0%May 23, 2025
Truist FinancialJohn McDonald$261$234.72 -23.7%Apr 14, 2025
Truist FinancialJohn McDonald$264$210.28 -22.8%Apr 4, 2025
Robert W. BairdAnalyst unavailable$220$242.28 -35.7%Mar 7, 2025
Evercore ISIGlenn Schorr$264$240 -22.8%Jan 2, 2025
OppenheimerChris Kotowski$232$219.23 -32.2%Oct 14, 2024
Robert W. BairdDavid George$200$222.29 -41.5%Oct 14, 2024
BarclaysJason Goldberg$257$222.29 -24.8%Oct 14, 2024
Evercore ISIGlenn Schorr$230$222.29 -32.7%Oct 14, 2024
CitigroupKeith Horowitz$215$212.72 -37.1%Oct 10, 2024
BarclaysJason Goldberg$217$204 -36.5%Sep 10, 2024
KBWDavid Konrad$211$201.15 -38.3%Sep 10, 2024
Deutsche BankMatt O'Connor$235$224.8 -31.3%Sep 3, 2024
OppenheimerChris Kotowski$221$210.2 -35.4%Jul 15, 2024
Seaport GlobalAnalyst unavailable$220$210.05 -35.7%Jul 15, 2024
Piper SandlerScott Siefers$230$204.94 -32.7%Jul 15, 2024
New StreetDavid Konrad$211$206.45 -38.3%Jul 10, 2024
JefferiesKen Usdin$239$208.83 -30.1%Jul 3, 2024
Goldman SachsRichard Ramsden$226$198.31 -33.9%May 23, 2024
UBSErika Najarian$224$195.58 -34.5%May 21, 2024
Piper SandlerScott Siefers$220$195.58 -35.7%May 21, 2024
Robert W. BairdDavid George$185$195.58 -45.9%May 21, 2024
RBC CapitalGerard Cassidy$211$195.58 -38.3%May 21, 2024
UBSErika Najarian$219$204.79 -36.0%May 20, 2024
JefferiesKen Usdin$227$198.77 -33.6%May 13, 2024
Piper SandlerScott Siefers$215$182.79 -37.1%Apr 15, 2024
OppenheimerChris Kotowski$217$182.79 -36.5%Apr 15, 2024
BMO CapitalJames Fotheringham$195$182.79 -43.0%Apr 15, 2024
CFRAKenneth Leon$215$183.81 -37.1%Apr 12, 2024
Goldman SachsRichard Ramsden$229$188 -33.0%Apr 12, 2024
Morgan StanleyBetsy Graseck$221$188.31 -35.4%Apr 12, 2024
Evercore ISIGlenn Schorr$210$195.43 -38.6%Apr 12, 2024
J.P. MorganDavid Konrad$195$194.58 -43.0%Apr 10, 2024
Wells FargoMike Mayo$220$196.33 -35.7%Mar 20, 2024
Wells FargoMatt O'Connor$190$170.66 -44.4%Jan 9, 2024
Deutsche BankMatt O'Connor$190$170.66 -44.4%Jan 9, 2024
HSBCSaul Martinez$159$145.81 -53.5%Oct 13, 2023
Raymond JamesJames Fotheringham$170$152.61 -50.3%Jul 17, 2023
CitigroupKeith Horowitz$160$148.15 -53.2%Jul 13, 2023
RBC CapitalGerard Cassidy$140$138.16 -59.1%Apr 17, 2023
Wells FargoMike Mayo$158$138.73 -53.8%Apr 17, 2023
OppenheimerAnalyst unavailable$186$139.59 -45.6%Feb 2, 2023
Deutsche BankAnalyst unavailable$145$135.35 -57.6%Jan 6, 2023
BarclaysAnalyst unavailable$189$134.1 -44.7%Jan 3, 2023
OppenheimerAnalyst unavailable$169$132.46 -50.6%Dec 28, 2022
CitigroupAnalyst unavailable$150$133.33 -56.1%Dec 12, 2022
Piper SandlerAnalyst unavailable$150$131.5 -56.1%Dec 8, 2022
Deutsche BankAnalyst unavailable$155$120.98 -54.7%Sep 12, 2022
UBSErika Najarian$126$114 -63.2%Jul 27, 2022
OppenheimerChris Kotowski$153$113.18 -55.3%Jul 26, 2022
Berenberg BankPeter Richardson$120$112.95 -64.9%Jul 18, 2022
Piper SandlerJeffery Harte$158$113.14 -53.8%Jul 11, 2022
Morgan StanleyBetsy Graseck$149$118.78 -56.4%Jun 28, 2022
BMO CapitalAnalyst unavailable$156$123.6 -54.4%May 24, 2022
Morgan StanleyAnalyst unavailable$152$118.43 -55.6%May 19, 2022
JefferiesKen Usdin$125$119.09 -63.4%May 16, 2022
OppenheimerChris Kotowski$167$123.03 -51.2%May 4, 2022
Piper SandlerJeffery Harte$170$128.46 -50.3%Apr 18, 2022
Evercore ISIGlenn Schorr$150$126.12 -56.1%Apr 14, 2022
JefferiesKen Usdin$141$133 -58.8%Apr 11, 2022
BarclaysJason Goldberg$200$133.34 -41.5%Apr 5, 2022
Wells FargoMike Mayo$150$134.91 -56.1%Apr 4, 2022
JefferiesKen Usdin$155$152.14 -54.7%Feb 20, 2022
UBSErika Najarian$197$145.08 -42.4%Jan 23, 2022
CitigroupKeith Horowitz$175$150.16 -48.8%Jan 18, 2022
Credit SuisseSusan Roth Katzke$184$156.73 -46.2%Jan 17, 2022
KBWDavid Konrad$157$156.73 -54.1%Jan 17, 2022
BMO CapitalJames Fotheringham$141$156.73 -58.8%Jan 17, 2022
Goldman SachsRichard Ramsden$194$156.73 -43.3%Jan 14, 2022
Deutsche BankMatt O'Connor$185$156.73 -45.9%Jan 14, 2022
Societe GeneraleAndrew T Lim$175$162.57 -48.8%Jan 5, 2022
Wolfe ResearchSteven Chubak$185$165.6 -45.9%Jan 4, 2022
Berenberg BankPeter Richardson$125$164.4 -63.4%Oct 15, 2021
Bank of America SecuritiesEbrahim Poonawala$190$167.96 -44.4%Oct 8, 2021
Atlantic EquitiesJohn Heagerty$150$147.5 -56.1%Apr 27, 2021
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Company context

Snapshot as of publication

JPMorgan Chase & Co. operates as a bank and financial holding company in the United States, rest of North America, Europe, the Middle East, Africa, the Asia Pacific, Latin America, and the Caribbean. It operates in three segments: Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management. The company offers deposit, investment and lending products, and cash management; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, payment solutions, travel services, merchant offers, lifestyle benefits, auto loans, and leases to consumers and small businesses through bank branches, ATMs, and digital and telephone banking.…

Historical context

All JPM earnings

Financial Services peers this season

Latest reports in the same sector

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-09-25T16:21:12.161790+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T16:21:12.159013+00:00

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.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

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 2026-09-25. For educational purposes only; not investment advice.