JPMorgan Chase Q3 2026 earnings: EPS rises 10% to $5.57 as markets revenue jumps 15%; buybacks cut

JPMorgan Chase posted another strong quarter and told investors it is choosing to put more capital to work in its own business instead of buying back stock. The bank reported third-quarter net income of $15.3 billion, or $5.57 per share, on Tuesday, up from $5.07 a year earlier.

Excluding $658 million of net investment securities losses, which the bank flagged as a significant item, earnings were $15.8 billion, or $5.75 per share.

Managed revenue rose 8% to $50.9 billion. Net interest income grew 13% to $27.1 billion, helped by higher deposit and card balances and more wholesale lending.

Markets and dealmaking stayed hot

Markets revenue jumped 15% to $10.3 billion, driven by Equity Markets, which rose 49% while Fixed Income Markets slipped 4%. Investment banking fees rose 14% from a year ago, though they fell 8% from the second quarter.

"Markets revenue and IB fees each rose at a mid-teens rate, helped by strong levels of client activity, although activity did moderate somewhat during the quarter," Chairman and CEO Jamie Dimon said.

Average loans grew 10% from a year earlier and average deposits rose 8%. Asset and wealth management assets under management reached $5.2 trillion, up 13%.

Credit costs and capital

Credit costs were $2.7 billion, including $2.2 billion of net charge-offs and a $539 million net reserve build. The Card Services net charge-off rate was 2.91%.

The bank paid $4.4 billion in common dividends, or $1.65 per share, but net share repurchases were just $664 million. "In line with our hierarchy, we reduced share repurchases this quarter," Dimon said, adding that the bank believes it can deploy the capital "at very attractive returns."

Dimon also warned that "large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface."

Expenses rose 12% to $27.3 billion, mostly on higher compensation and growth in front-office staff.

By the numbers

• Diluted EPS: $5.57 (vs. $5.07); $5.75 excluding the significant item
• Net income: $15.3 billion, up 6%
• Managed revenue: $50.9 billion, up 8%
• Net interest income: $27.1 billion, up 13%
• Markets revenue: $10.3 billion, up 15%
• CET1 ratio (Standardized): 13.9%

Sources

1. JPMorgan Chase & Co., Form 8-K, Exhibit 99.1, "Earnings Release - Third Quarter 2026 Results," filed Oct. 13, 2026 (accession 0001628280-26-065582)

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