Q2 2026 JPMorgan Chase & Co Earnings Call Transcript
Key Points
- JPMorgan Chase & Co (JPM) reported a strong net income of $16.9 billion, with an EPS of $6.14 and an ROTCE of 23%.
- Revenue increased by 15% year on year, driven by markets revenue, higher asset management fees, and higher investment banking revenue.
- The company announced an increase in the quarterly dividend to $1.65 per share, reflecting confidence in its financial health.
- The equities business delivered an exceptionally strong quarter with revenue up 86% year on year, showcasing dynamic market conditions.
- Asset & Wealth Management reported net income of $2 billion with a pretax margin of 38%, driven by growth in management fees and strong net inflows.
- Expenses rose by 15% year on year to $27.3 billion, driven by volume and revenue-related expenses, front office hiring, and labor inflation.
- The CET1 ratio decreased by 20 basis points to 14.1%, as net income was offset by higher RWA and capital distributions.
- Credit costs were $2.5 billion, with net charge-offs of $2.4 billion, indicating some pressure on credit quality.
- The markets business faced lower revenue in commodities, partially offsetting gains in other areas.
- Concerns were raised about the sustainability of the current high levels of activity in investment banking and markets, with potential risks if market conditions change.
The JPMorgan Chase earnings call will begin shortly.
Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's second quarter 2026 earnings call. This call is being recorded. (Operator Instructions). We will now go live to the presentation.
Information concerning forward-looking statements and non-GAAP financial measures Included in this presentation can be found in JPMorgan Chase's earnings press release and investor presentation posted on the Investor Relations website. Please stand by.
At this time, I would like to turn the call over to JPMorgan Chase's Chairman and CEO, Jamie Dimon; and Chief Financial Officer, Jeremy Burnham. Mr. Barnum, please go ahead.
Thanks, Amanda, and good morning, everyone. Including the significant items noted on the page, the firm delivered net income of $16.9 billion, EPS of $6.14 and an ROTCE of 23%. Excluding the significant items, revenue was up 15% year on year, predominantly
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