Haverhill Financial Research · News · October 13, 2026
The short version
JPMorganChase earned $15.3 billion in the third quarter, up 6% from a year earlier, or $5.57 a share. That was short of the roughly $5.93 analysts expected, according to FactSet, partly because of $658 million of losses the bank chose to take on investment securities. Excluding those losses, earnings were $5.75 a share. The bigger change was in how much stock it bought back: about $1.1 billion gross, down from $8.3 billion a year ago.
The numbers
| Measure | Q3 2026 | Change |
Revenue Reported | $50.2B | +8% |
Net income | $15.3B | +6% |
Diluted earnings per share $5.75 excluding securities losses | $5.57 | +10% |
Net interest income Managed basis | $27.1B | +13% |
Noninterest expense | $27.3B | +12% |
Markets revenue Equities $5.0B (+49%), fixed income $5.4B (−4%) | $10.3B | +15% |
Investment banking fees | $3.0B | +14% |
Card net charge-off rate Share of card loans written off, annualized | 2.91% | 3.15% a year ago |
Stock repurchased Gross | $1.06B | $8.32B a year ago |
Net income, third quarter 2024 to third quarter 2026. Source: JPMorganChase earnings supplements.
Where the money came from
Lending and trading both grew. Net interest income, what the bank earns on loans and securities after paying depositors, rose 13% to $27.1 billion. Markets revenue rose 15% to $10.3 billion, led by equities, up 49% to $5.0 billion. Fixed income trading slipped 4%.
All three main businesses earned more. Consumer & Community Banking net income rose 13% to $5.7 billion, the Commercial & Investment Bank rose 20% to $8.2 billion, and Asset & Wealth Management rose 11% to $1.8 billion. The Corporate segment, where the securities losses landed, swung to a $455 million loss from an $825 million profit.
Card losses improved. The bank wrote off 2.91% of card loans on an annualized basis, down from 3.15% a year earlier, and set aside $2.7 billion for credit losses against $3.4 billion a year ago.
Why the buyback cut matters
JPMorganChase bought back $1.06 billion of its own stock in the quarter on a gross basis, or $664 million net of shares issued to employees, down from $8.32 billion a year earlier, while paying a quarterly dividend of $1.65 a share, up from $1.50 a year earlier. Chief executive Jamie Dimon said the bank "reduced share repurchases this quarter" and believes it can put the capital to work "over time at very attractive returns." Its common equity tier 1 ratio, the main measure of a bank's capital cushion, fell to an estimated 13.9% from 14.8% a year earlier.
Fewer buybacks mean slower growth in earnings per share, since buybacks shrink the share count. Dimon also listed "large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions" among the forces the bank is preparing for.
What we will be watching
Where the capital goes. Lending growth, an acquisition or a return to larger buybacks would each tell a different story.
Expenses. Costs rose 12% while total revenue rose 8%. If costs keep outgrowing revenue, returns will come under pressure.
Card credit. The charge-off rate is improving now; the fourth quarter will show whether that holds into the holidays.
Our take
Underneath the miss, the quarter was solid: higher lending income, strong trading, better card credit and a 20% return on tangible equity. The message that matters more is the slowdown in buybacks, which suggests JPMorganChase sees better uses for its capital, or wants a bigger cushion, at a time when its own chief executive is cautious. We hold JPM in our Core model portfolio and do not yet publish a full report on it.
Sources and disclosures
Every company figure comes from JPMorganChase's own filings: the third-quarter 2026 earnings release and financial supplement, both furnished to the SEC on Form 8-K, and earlier quarterly supplements for the chart. The consensus estimate is from FactSet.
Disclosures. Haverhill Financial Research is a publisher of general financial commentary. This article is not personalized investment advice and does not consider any reader's financial situation; readers should do their own research. Nothing here is a recommendation to buy or sell any security. Company figures and guidance can change. The author of this post does not hold positions in JPMorganChase or the other companies named. Haverhill's Core model portfolio holds JPMorganChase. Data as of October 13, 2026.
