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.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
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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Analyst 52W Price Targets
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.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Aug 14, 2026 |
| UBS | Buy | Buy | Maintain | Aug 3, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 20, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 17, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 16, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jul 15, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 15, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Jul 15, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 15, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 15, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 29, 2026 |
| Jefferies | Hold | Hold | Maintain | Apr 15, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Apr 14, 2026 |
| Freedom Broker | Hold | Hold | Maintain | Jan 22, 2026 |
| TD Securities | Buy | Buy | Maintain | May 20, 2025 |
| Oppenheimer | Perform | Outperform | Downgrade | Nov 20, 2024 |
| Deutsche Bank | Hold | Buy | Downgrade | Sep 3, 2024 |
| BMO Capital | Market Perform | Market Perform | Maintain | Apr 15, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 1, 2024 |
| Daiwa Capital | Buy | Outperform | Maintain | Dec 18, 2023 |
| Atlantic Equities | Neutral | Neutral | Maintain | Aug 1, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 17, 2023 |
| Societe Generale | Hold | Buy | Downgrade | Jul 10, 2023 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jul 7, 2023 |
| Berenberg | Hold | Sell | Upgrade | Jul 18, 2022 |
| Seaport Global | Buy | Buy | Maintain | Jan 5, 2022 |
| DA Davidson | Buy | Buy | Maintain | Apr 15, 2021 |
| Independent Research | Hold | Buy | Downgrade | Dec 3, 2020 |
| DZ Bank | Buy | Hold | Upgrade | Mar 20, 2020 |
| Odeon Capital | Buy | Hold | Upgrade | Feb 3, 2020 |
| Buckingham Research | Neutral | Buy | Downgrade | Sep 16, 2019 |
| Buckingham | Neutral | Buy | Downgrade | Sep 16, 2019 |
| Bank of America | Buy | Buy | Maintain | Sep 17, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| HSBC | Hold | Hold | Maintain | Apr 11, 2018 |
| Nomura | Neutral | Neutral | Maintain | Feb 28, 2018 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Feb 13, 2018 |
| Guggenheim | Buy | Neutral | Upgrade | Apr 25, 2017 |
| Sandler O'Neill | Hold | Buy | Downgrade | Oct 6, 2016 |
| CLSA | Buy | Buy | Maintain | Sep 23, 2016 |
| Macquarie | Neutral | Outperform | Downgrade | Sep 9, 2016 |
| Bernstein | Market Perform | Outperform | Downgrade | Aug 16, 2016 |
| Erste Group | Hold | Buy | Downgrade | Apr 25, 2016 |
| Portales Partners | Underperform | Sector Perform | Downgrade | Feb 22, 2016 |
| Argus Research | Buy | Buy | Maintain | Jan 15, 2016 |
| MKM Partners | Neutral | Buy | Downgrade | May 11, 2015 |
| Argus Capital | Buy | Hold | Upgrade | Oct 15, 2014 |
| FBR Capital | Outperform | Market Perform | Upgrade | Jul 21, 2014 |
| Rafferty Capital | Buy | Hold | Upgrade | Jul 15, 2014 |
| Rafferty | Buy | Hold | Upgrade | Jul 15, 2014 |
| Mediobanca Securities | Neutral | Outperform | Downgrade | Jan 28, 2014 |
| SunTrust Robinson Humphrey | Neutral | Buy | Downgrade | Dec 19, 2013 |
| Standpoint Research | Hold | Buy | Downgrade | Jul 24, 2013 |
| Raymond James | Strong Buy | Outperform | Upgrade | Jul 2, 2013 |
| ISI Group | Buy | Buy | Maintain | Feb 25, 2013 |
| Sterne Agee | Buy | Neutral | Upgrade | Jan 3, 2013 |
| Drexel Hamilton | Buy | Buy | Maintain | Oct 2, 2012 |
| JMP Securities | Underperform | Market Perform | Downgrade | May 21, 2012 |
| Stifel Nicolaus | Hold | Hold | Maintain | May 11, 2012 |
| Stifel | Hold | Buy | Downgrade | May 11, 2012 |
| Bank oferica | Buy | Buy | Maintain | Mar 27, 2012 |
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.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $390 | $363.11 | +14.0% | Aug 14, 2026 |
| UBS | Erika Najarian | $400 | $355.27 | +17.0% | Aug 3, 2026 |
| Deutsche Bank | Analyst unavailable | $375 | $348.21 | +9.7% | Jul 22, 2026 |
| Truist Financial | John McDonald | $352 | $347.88 | +2.9% | Jul 15, 2026 |
| RBC Capital | Gerard Cassidy | $370 | $342.89 | +8.2% | Jul 15, 2026 |
| Robert W. Baird | David George | $305 | $342.89 | -10.8% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $370 | $342.89 | +8.2% | Jul 15, 2026 |
| Barclays | Analyst unavailable | $420 | $342.89 | +22.8% | Jul 15, 2026 |
| Wells Fargo | Analyst unavailable | $375 | $342.89 | +9.7% | Jul 15, 2026 |
| Goldman Sachs | Analyst unavailable | $418 | $342.89 | +22.2% | Jul 14, 2026 |
| Jefferies | Analyst unavailable | $350 | $342.89 | +2.4% | Jul 14, 2026 |
| UBS | Erika Najarian | $384 | $340.79 | +12.3% | Jul 7, 2026 |
| Evercore ISI | Glenn Schorr | $360 | $336.13 | +5.3% | Jul 6, 2026 |
| Wells Fargo | Analyst unavailable | $360 | $334.47 | +5.3% | Jul 6, 2026 |
| Truist Financial | John McDonald | $344 | $331.96 | +0.6% | Jun 26, 2026 |
| Evercore ISI | Analyst unavailable | $340 | $312.25 | -0.6% | Apr 17, 2026 |
| Truist Financial | Analyst unavailable | $332 | $311.12 | -2.9% | Apr 15, 2026 |
| Robert W. Baird | Analyst unavailable | $295 | $311.12 | -13.7% | Apr 15, 2026 |
| Goldman Sachs | Analyst unavailable | $361 | $311.12 | +5.6% | Apr 14, 2026 |
| Truist Financial | Analyst unavailable | $323 | $291.66 | -5.5% | Mar 26, 2026 |
| Wells Fargo | Mike Mayo | $350 | $302.55 | +2.4% | Feb 17, 2026 |
| HSBC | Analyst unavailable | $319 | $310.16 | -6.7% | Feb 5, 2026 |
| Robert W. Baird | Analyst unavailable | $280 | $307.02 | -18.1% | Jan 14, 2026 |
| Truist Financial | Analyst unavailable | $334 | $307.8 | -2.3% | Jan 14, 2026 |
| RBC Capital | Gerard Cassidy | $330 | $307.87 | -3.5% | Jan 14, 2026 |
| HSBC | Saul Martinez | $245 | $327.21 | -28.4% | Jan 7, 2026 |
| Truist Financial | John McDonald | $331 | $334.04 | -3.2% | Jan 6, 2026 |
| Barclays | Analyst unavailable | $391 | $325.48 | +14.3% | Jan 5, 2026 |
| Truist Financial | John McDonald | $330 | $315.99 | -3.5% | Dec 18, 2025 |
| Morgan Stanley | Analyst unavailable | $331 | $300.47 | -3.2% | Dec 9, 2025 |
| Loop Capital Markets | Mikhail Paramonov | $310 | $294.84 | -9.3% | Oct 23, 2025 |
| Morgan Stanley | Analyst unavailable | $338 | $308.9 | -1.2% | Oct 15, 2025 |
| Barclays | Analyst unavailable | $342 | $302.08 | +0.0% | Oct 15, 2025 |
| Goldman Sachs | Analyst unavailable | $366 | $302.08 | +7.0% | Oct 14, 2025 |
| UBS | Analyst unavailable | $350 | $306.71 | +2.4% | Oct 7, 2025 |
| Goldman Sachs | Analyst unavailable | $330 | $315.69 | -3.5% | Sep 30, 2025 |
| Morgan Stanley | Betsy Graseck | $336 | $316.06 | -1.7% | Sep 29, 2025 |
| Morgan Stanley | Betsy Graseck | $240 | $295.13 | -29.8% | Jul 7, 2025 |
| RBC Capital | Analyst unavailable | $305 | $289.91 | -10.8% | Jun 30, 2025 |
| Truist Financial | John McDonald | $270 | $260.71 | -21.0% | May 23, 2025 |
| Truist Financial | John McDonald | $261 | $234.72 | -23.7% | Apr 14, 2025 |
| Truist Financial | John McDonald | $264 | $210.28 | -22.8% | Apr 4, 2025 |
| Robert W. Baird | Analyst unavailable | $220 | $242.28 | -35.7% | Mar 7, 2025 |
| Evercore ISI | Glenn Schorr | $264 | $240 | -22.8% | Jan 2, 2025 |
| Oppenheimer | Chris Kotowski | $232 | $219.23 | -32.2% | Oct 14, 2024 |
| Robert W. Baird | David George | $200 | $222.29 | -41.5% | Oct 14, 2024 |
| Barclays | Jason Goldberg | $257 | $222.29 | -24.8% | Oct 14, 2024 |
| Evercore ISI | Glenn Schorr | $230 | $222.29 | -32.7% | Oct 14, 2024 |
| Citigroup | Keith Horowitz | $215 | $212.72 | -37.1% | Oct 10, 2024 |
| Barclays | Jason Goldberg | $217 | $204 | -36.5% | Sep 10, 2024 |
| KBW | David Konrad | $211 | $201.15 | -38.3% | Sep 10, 2024 |
| Deutsche Bank | Matt O'Connor | $235 | $224.8 | -31.3% | Sep 3, 2024 |
| Oppenheimer | Chris Kotowski | $221 | $210.2 | -35.4% | Jul 15, 2024 |
| Seaport Global | Analyst unavailable | $220 | $210.05 | -35.7% | Jul 15, 2024 |
| Piper Sandler | Scott Siefers | $230 | $204.94 | -32.7% | Jul 15, 2024 |
| New Street | David Konrad | $211 | $206.45 | -38.3% | Jul 10, 2024 |
| Jefferies | Ken Usdin | $239 | $208.83 | -30.1% | Jul 3, 2024 |
| Goldman Sachs | Richard Ramsden | $226 | $198.31 | -33.9% | May 23, 2024 |
| UBS | Erika Najarian | $224 | $195.58 | -34.5% | May 21, 2024 |
| Piper Sandler | Scott Siefers | $220 | $195.58 | -35.7% | May 21, 2024 |
| Robert W. Baird | David George | $185 | $195.58 | -45.9% | May 21, 2024 |
| RBC Capital | Gerard Cassidy | $211 | $195.58 | -38.3% | May 21, 2024 |
| UBS | Erika Najarian | $219 | $204.79 | -36.0% | May 20, 2024 |
| Jefferies | Ken Usdin | $227 | $198.77 | -33.6% | May 13, 2024 |
| Piper Sandler | Scott Siefers | $215 | $182.79 | -37.1% | Apr 15, 2024 |
| Oppenheimer | Chris Kotowski | $217 | $182.79 | -36.5% | Apr 15, 2024 |
| BMO Capital | James Fotheringham | $195 | $182.79 | -43.0% | Apr 15, 2024 |
| CFRA | Kenneth Leon | $215 | $183.81 | -37.1% | Apr 12, 2024 |
| Goldman Sachs | Richard Ramsden | $229 | $188 | -33.0% | Apr 12, 2024 |
| Morgan Stanley | Betsy Graseck | $221 | $188.31 | -35.4% | Apr 12, 2024 |
| Evercore ISI | Glenn Schorr | $210 | $195.43 | -38.6% | Apr 12, 2024 |
| J.P. Morgan | David Konrad | $195 | $194.58 | -43.0% | Apr 10, 2024 |
| Wells Fargo | Mike Mayo | $220 | $196.33 | -35.7% | Mar 20, 2024 |
| Wells Fargo | Matt O'Connor | $190 | $170.66 | -44.4% | Jan 9, 2024 |
| Deutsche Bank | Matt O'Connor | $190 | $170.66 | -44.4% | Jan 9, 2024 |
| HSBC | Saul Martinez | $159 | $145.81 | -53.5% | Oct 13, 2023 |
| Raymond James | James Fotheringham | $170 | $152.61 | -50.3% | Jul 17, 2023 |
| Citigroup | Keith Horowitz | $160 | $148.15 | -53.2% | Jul 13, 2023 |
| RBC Capital | Gerard Cassidy | $140 | $138.16 | -59.1% | Apr 17, 2023 |
| Wells Fargo | Mike Mayo | $158 | $138.73 | -53.8% | Apr 17, 2023 |
| Oppenheimer | Analyst unavailable | $186 | $139.59 | -45.6% | Feb 2, 2023 |
| Deutsche Bank | Analyst unavailable | $145 | $135.35 | -57.6% | Jan 6, 2023 |
| Barclays | Analyst unavailable | $189 | $134.1 | -44.7% | Jan 3, 2023 |
| Oppenheimer | Analyst unavailable | $169 | $132.46 | -50.6% | Dec 28, 2022 |
| Citigroup | Analyst unavailable | $150 | $133.33 | -56.1% | Dec 12, 2022 |
| Piper Sandler | Analyst unavailable | $150 | $131.5 | -56.1% | Dec 8, 2022 |
| Deutsche Bank | Analyst unavailable | $155 | $120.98 | -54.7% | Sep 12, 2022 |
| UBS | Erika Najarian | $126 | $114 | -63.2% | Jul 27, 2022 |
| Oppenheimer | Chris Kotowski | $153 | $113.18 | -55.3% | Jul 26, 2022 |
| Berenberg Bank | Peter Richardson | $120 | $112.95 | -64.9% | Jul 18, 2022 |
| Piper Sandler | Jeffery Harte | $158 | $113.14 | -53.8% | Jul 11, 2022 |
| Morgan Stanley | Betsy Graseck | $149 | $118.78 | -56.4% | Jun 28, 2022 |
| BMO Capital | Analyst unavailable | $156 | $123.6 | -54.4% | May 24, 2022 |
| Morgan Stanley | Analyst unavailable | $152 | $118.43 | -55.6% | May 19, 2022 |
| Jefferies | Ken Usdin | $125 | $119.09 | -63.4% | May 16, 2022 |
| Oppenheimer | Chris Kotowski | $167 | $123.03 | -51.2% | May 4, 2022 |
| Piper Sandler | Jeffery Harte | $170 | $128.46 | -50.3% | Apr 18, 2022 |
| Evercore ISI | Glenn Schorr | $150 | $126.12 | -56.1% | Apr 14, 2022 |
| Jefferies | Ken Usdin | $141 | $133 | -58.8% | Apr 11, 2022 |
| Barclays | Jason Goldberg | $200 | $133.34 | -41.5% | Apr 5, 2022 |
| Wells Fargo | Mike Mayo | $150 | $134.91 | -56.1% | Apr 4, 2022 |
| Jefferies | Ken Usdin | $155 | $152.14 | -54.7% | Feb 20, 2022 |
| UBS | Erika Najarian | $197 | $145.08 | -42.4% | Jan 23, 2022 |
| Citigroup | Keith Horowitz | $175 | $150.16 | -48.8% | Jan 18, 2022 |
| Credit Suisse | Susan Roth Katzke | $184 | $156.73 | -46.2% | Jan 17, 2022 |
| KBW | David Konrad | $157 | $156.73 | -54.1% | Jan 17, 2022 |
| BMO Capital | James Fotheringham | $141 | $156.73 | -58.8% | Jan 17, 2022 |
| Goldman Sachs | Richard Ramsden | $194 | $156.73 | -43.3% | Jan 14, 2022 |
| Deutsche Bank | Matt O'Connor | $185 | $156.73 | -45.9% | Jan 14, 2022 |
| Societe Generale | Andrew T Lim | $175 | $162.57 | -48.8% | Jan 5, 2022 |
| Wolfe Research | Steven Chubak | $185 | $165.6 | -45.9% | Jan 4, 2022 |
| Berenberg Bank | Peter Richardson | $125 | $164.4 | -63.4% | Oct 15, 2021 |
| Bank of America Securities | Ebrahim Poonawala | $190 | $167.96 | -44.4% | Oct 8, 2021 |
| Atlantic Equities | John Heagerty | $150 | $147.5 | -56.1% | Apr 27, 2021 |
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Start freeCompany context
Snapshot as of publicationJPMorgan 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 earningsFinancial Services peers this season
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T16:21:12.161790+00:00
- 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.