JPMorganChase (JPM) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $16.5 billion, up 13% year-over-year, with EPS of $5.94, ROE of 19%, and ROTCE of 23%.

• Revenue grew 10% year-over-year to $50.5 billion (managed), with reported revenue at $49.8 billion, driven by higher markets revenue, asset management, investment banking fees, and net interest income.

• Expenses increased 14% year-over-year to $26.9 billion, mainly due to higher compensation, marketing, and distribution fees.

• Average loans grew 11% year-over-year and average deposits rose 7% year-over-year.

• Strong performance across all business segments, with record markets revenue and robust investment banking fees.

Financial highlights

• Net interest income was $25.5 billion, up 9% year-over-year; noninterest revenue was $25.1 billion, up 11% year-over-year.

• Provision for credit losses was $2.5 billion, with net charge-offs of $2.3 billion and a net reserve build of $191 million.

• CET1 capital ratio (Standardized) stood at 14.3%, with $291 billion in CET1 capital.

• Book value per share was $128.38, up 8% year-over-year; tangible book value per share was $108.87.

• Net payout ratio for the last twelve months was 82%.

Outlook and guidance

• Full-year 2026 net interest income expected at ~$103 billion, or ~$95 billion excluding Markets, both market dependent.

• Adjusted expense outlook remains at ~$105 billion, excluding firmwide legal expense.

• Card net charge-off rate expected at ~3.4% for the year.

• Consumer deposit growth expectations remain low to mid-single digits, with some improvement signs.

• Management highlighted U.S. economic resilience, supported by fiscal stimulus, deregulation, and AI-driven investment, but cautioned on risks from geopolitical tensions, energy price volatility, trade uncertainty, and elevated asset prices.