Jpmorgan Chase & Co (JPM) · Oct 13, 2026 · Earnings

JPMorgan earnings miss as securities losses mask broad growth

Miss — Adjusted EPS $5.75 vs ~$5.93 consensus; revenue $50.2B vs ~$51.23B

JPMorgan’s Q3 earnings miss consensus after investment-securities losses, but consumer, markets and wealth-management operations still expanded.

JPMorgan is the diversified U.S. banking leader expanding deposits, loans, transaction banking and wealth-management assets while benefiting from strong business investment, consumer spending and revived dealmaking activity. Its prior 2026 outlook already assumed a market-dependent earnings environment, so the key question was whether operating momentum could offset pressure from rates, expenses and volatile markets.

Metric3Q26Comparison / expectation
Reported revenue$50.2B$46.4B in 3Q25; ~$51.23B consensus
Managed revenue$50.9B$47.1B in 3Q25; below consensus revenue
Reported diluted EPS$5.57$5.07 in 3Q25; ~$5.93 consensus
Adjusted diluted EPS$5.75Excludes $0.18 per-share securities loss; still below consensus
Net income$15.3B$14.4B in 3Q25
Noninterest expense$27.3B$24.3B in 3Q25; up 12%
Provision for credit losses$2.7B$3.4B in 3Q25
CCB net revenue$21.2BUp 9% year over year
CIB net revenue$22.7BUp 14% year over year
AWM net revenue$6.9BUp 14% year over year

The headline result is a narrow earnings miss, not an operating breakdown. Reported revenue rose 8% year over year to $50.2 billion and reported diluted EPS increased to $5.57 from $5.07, but both revenue and adjusted EPS fell short of the published consensus of roughly $51.23 billion and $5.93. The company says the quarter included $658 million of net investment-securities losses, reducing EPS by $0.18.

The underlying franchise remained broadly healthy. Consumer banking revenue increased 9%, investment-bank fees rose 14%, Markets revenue rose 15%, and asset-management revenue increased 14%. Deposits and loans also grew across the firm, while asset-management assets reached $5.2 trillion, up 13% year over year.

The mix was more impressive than the top-line score, but costs absorbed part of it. Equity Markets revenue surged 49% and investment banking remained strong, yet fixed-income markets declined 4%; firmwide expense rose 12%, driven by compensation, technology, marketing and brokerage costs. That means the business is still investing into growth, but the quarter did not convert that growth into an earnings beat.

Credit trends were manageable, though the reserve build shows caution. Net charge-offs declined to $2.2 billion from $2.6 billion a year earlier, but JPMorgan still recorded a $539 million net reserve build, primarily in wholesale credit. Consumer card losses remained notable, with a 2.91% Card Services net charge-off rate, but the overall provision declined 19% year over year.

The main earnings drag was unusually specific rather than evidence of broad deterioration. Corporate posted a $455 million net loss because of the securities losses and lower net interest income, while CCB, CIB and AWM all remained profitable. The result therefore weakens the quarter's headline comparison more than it changes the firm's core operating trajectory.

Bottom line: JPMorgan delivered solid business-line growth but missed expectations because securities losses, higher costs and a weaker Corporate result outweighed that momentum. The filing is a modest setback to the earnings story, not a sign that the core franchise has stalled.

What to watch next

Q3 earnings call, October 13

Original filing on SEC EDGAR

More Jpmorgan Chase & Co news

JPMorgan earnings miss as securities losses mask broad growth | JPM Stock News
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