$JPM · JPMORGAN CHASE & CO

JPMorgan Chase reported Q3 2026 net income of $15.3 billion ($5.57/share) on managed revenue of $50.9 billion, up 8% YoY. Excluding $498 million after-tax net investment securities losses, adjusted net income was $15.8 billion ($5.75/share) with ROTCE of 21%. Revenue declined 12% sequentially from Q2's $58.0 billion. The firm cut common stock net repurchases to just $664 million, down sharply from prior quarters, with Dimon citing the capital hierarchy and future redeployment opportunities.

Extended-hours trading shows JPM at $321.80, down 3.74% from the $334.30 regular close. The after-hours selloff suggests the market is reacting negatively despite headline beats — likely driven by the sharp QoQ revenue decline ($50.9B vs $58.0B in 2Q26), the slashed buyback, and the $658M securities loss.

The 3.7% after-hours drop on a headline beat reveals the market's focus on the sharp sequential revenue decline, gutted buyback, and securities losses — not the YoY growth narrative.

JPM's 49% Equity Markets surge and 14% IB fee growth set a high bar for peer banks reporting this week. The sharp QoQ revenue drop from $58B to $50.9B and buyback pullback may signal caution across the sector as rate and credit uncertainty builds.

Dimon flags large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates, and geopolitical conditions as shifting undercurrents. The $539M net reserve build concentrated in Wholesale signals deteriorating credit expectations. Net investment securities losses of $658M in the