$JPM · JPMORGAN CHASE & CO
JPMorgan Chase reported Q3 2026 net income of $15.305B ($5.57 diluted EPS) on total net revenue of $50.172B, up 8.1% YoY. Net interest income grew 12.8% YoY to $27.036B, while noninterest expense rose 12.4% to $27.295B. Comprehensive income was just $3.178B after a $12.127B after-tax other comprehensive loss driven by unrealized securities losses and cash flow hedge markdowns.
- Q3 net income of $15.305B, up 6.3% YoY from $14.393B; diluted EPS $5.57 vs $5.07.
- Total net revenue rose 8.1% YoY to $50.172B, driven by net interest income of $27.036B (+12.8% YoY).
- ROE fell to 17% from 24% in Q2 2026; ROTCE dropped to 20% from 29% sequentially.
- CET1 capital ratio declined to 14.0% from 14.8% a year ago, reflecting balance sheet growth and OCI losses.
- Other comprehensive loss of $12.127B after-tax, driven by $7.893B unrealized losses on investment securities and $4.410B cash flow hedge losses.
Extended-hours trading shows JPM at $337.57, down 0.12% from the regular close of $337.98 — a muted reaction suggesting the earnings beat was largely priced in or offset by the sharp OCI deterioration and CET1 compression.
The divergence between strong GAAP earnings ($15.3B net income) and cratering comprehensive income ($3.2B) exposes the unrealized balance-sheet stress accumulating inside JPM's $821B investment securities portfolio.
JPM's 8.1% YoY revenue growth and 17% ROE continue to outpace most large-cap bank peers, but the $12.1B OCI hit underscores the AOCI sensitivity that all large banks face in the current rate environment. The CET1 decline to 14.0% narrows the buffer above regulatory minimums.
CET1 ratio compressed to 14.0% (from 14.8% YoY), the lowest in at least five quarters, driven by $12.1B in OCI losses from rising rates hitting the investment securities portfolio. The Apple Card portfolio acquisition ($2.2B reserve already booked in Q4 2025) remains a forward credit risk with closing ~24 months from December 2025.