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. Q4 '23 estimate $3.32 Q4 '23 actual $3.04, miss 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
Show 56 more rating actions

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
See 109 more

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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

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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.