Results at a glance
- Period
- FY2026Q2
- Revenue
- $57.3B (57,347 MUSD)
- Net income
- $21.2B (21,155 MUSD)
- Net margin
- 36.9%
From the Jpmorgan Chase Open LedgerView the live ledgerIssuer filing (FY2026Q2)
On July 14, 2026, JPMorgan Chase reported second-quarter revenue of $57.3 billion (+27.7% year over year) and record net income of $21.2 billion (+41.2%), or $7.70 per share. The beat rode a $4.6 billion net gain on Visa shares plus $1.0 billion of gains on equity investments; excluding significant items, net income was $16.9 billion ($6.14 per share). The bank distributed $4.0 billion in common dividends ($1.50 per share) alongside $6.2 billion of net share repurchases while holding a 14.1% standardized CET1 ratio. It is the clearest test yet of whether capital return can compound while rates stay higher for longer.
The Headline Numbers
JPMorgan Chase & Co.'s fiscal year is the calendar year; Q2 2026 ended June 30, 2026. Every figure below is from the primary filing cited in Sources.
| Metric | Q2 2026 | Q2 2025 | YoY Change |
|---|---|---|---|
| Revenue | $57,347M | $44,912M | +27.7% |
| Net interest income | $25,511M | $23,209M | +9.9% |
| Noninterest revenue | $31,836M | $21,703M | +46.7% |
| Provision for credit losses | $2,515M | $2,849M | -11.7% |
| Noninterest expense | $27,316M | $23,779M | +14.9% |
| Net income | $21,155M | $14,987M | +41.2% |
Revenue growth of 27.7% is the headline, but the ledger shows what that growth cost. See the income-statement block below: every dollar is forced to reconcile, so a beat that comes from a one-off gain looks different from one that comes from operating leverage. This quarter is a mix of the two — noninterest revenue up 46.7% against net interest income up 9.9%, with Other income of $7,549M versus $1,154M a year earlier carrying the Visa gain the income statement cannot hide.
Revenue Deep Dive
Segment detail comes from the earnings release that accompanies the filing. The thesis for this quarter is in the mix, not the total. Segment revenue is on a managed basis and sums to $58,022M against $57,347M reported.
| Segment | Q2 2026 | Q2 2025 | YoY Change |
|---|---|---|---|
| Commercial & Investment Bank | $24,853M | $19,535M | +27.2% |
| Consumer & Community Banking | $20,272M | $18,847M | +7.6% |
| Asset & Wealth Management | $6,851M | $5,760M | +18.9% |
| Corporate | $6,046M | $1,538M | +293.1% |
The Commercial & Investment Bank is 42.8% of managed revenue and carried the quarter: investment banking fees up 28.4% and principal transactions up 26.0% year over year. Asset & Wealth Management added $50 billion of long-term AUM net inflows on its way to 18.9% growth. Corporate nearly quadrupled because it holds the Visa gain — strip that out and the quarter's story is Markets strength plus steady consumer banking, not the absolute total.
The Margin Story
| Period | Revenue | Net margin |
|---|---|---|
| FY2021 | $121,649M | 39.7% |
| FY2023 | $158,104M | 31.3% |
| FY2025 | $182,447M | 31.3% |
| Q2 2026 | $57,347M | 36.9% |
Margins are the check on revenue quality. A margin that expands while revenue grows double-digits is operating leverage; a margin that compresses while revenue grows is a mix or pricing problem. This quarter, JPMorgan posted a 36.9% net margin — but $5.6 billion of pre-tax significant items flatter it, and excluding them the margin is roughly 32.7%, in line with recent annuals. History cautions the same way: FY2021's 39.7% rested on a $9.3 billion net reserve release, not on run-rate earnings power.
The One Big Question: Can the beat repeat without the Visa gain?
The defining question this quarter is whether the growth driver that produced the beat can be repeated. For JPMorgan, that means separating the $5.6 billion of one-off gains from the durable engines — Markets revenue, banking fees, and net interest income up 9.9% on 10% average loan growth. The release frames the split explicitly:
| Measure | Reported | Ex significant items |
|---|---|---|
| Net income | $21,155M | $16,900M |
| Diluted EPS | $7.70 | $6.14 |
| ROTCE | 29% | 23% |
The ledger makes the repeatability test explicit: is the incremental revenue falling to net income at the same rate as the base, or is it being bought with a lower take rate, a higher rebate, or a one-time item the income statement cannot hide? At $16.9 billion ex-items — still up 12.8% on the year-ago $15.0 billion — the base is growing; the question is whether Markets and NII can keep compounding once Other income normalizes.
Tracking a $57.3B quarter in plain text
Double-entry forces every dollar to reconcile, which is why the Beancount ledger is the audit. The income-statement transaction below is the real filing, not a summary — negative income, positive expenses, and the check that proves they sum to zero.
; Check: (-57347) + 2515 + 27316 + 6361 + 21155 = 0
2026-06-30 * "JPMorgan Chase & Co." "FY2026Q2 Income Statement"
Income:Revenue -57347 MUSD ; total net revenue as reported (NII 25,511 + noninterest revenue 31,836)
Expenses:CostOfRevenue 2515 MUSD ; provision for credit losses
Expenses:OperatingExpenses 27316 MUSD ; total noninterest expense
Expenses:IncomeTax 6361 MUSD ; income tax expense
Equity:Adjustments 21155 MUSD ; net income offset (retained earnings set by balance assertion)That block is not an illustration; it is the period that was validated with bean-check and pushed to open_ledger/jpmorgan-chase. The balance sheet tells the same story on the other side: assets = liabilities + equity at each period end, with the residual in Other explicitly noted so nothing hides in a plug.
The one balance-sheet number that matters most this quarter is cash and equivalents as a share of assets — for a bank, liquidity and CET1 are the constraints that determine how long capital return can be funded without raising wholesale funding. Cash and deposits with banks of $309.8B against $5,015.1B of assets is 6.2%, with $2,713.7B of deposits funding the balance sheet and a 14.1% standardized CET1 ratio above the 14% line.
The Multi-Year Arc
| Period | Revenue | Net income | Net margin |
|---|---|---|---|
| FY2021 | $121,649M | $48,334M | 39.7% |
| FY2023 | $158,104M | $49,552M | 31.3% |
| FY2025 | $182,447M | $57,048M | 31.3% |
| Q2 2026 | $57,347M | $21,155M | 36.9% |
The compounding story is not the Q2 number alone but the slope from FY2021 to FY2025: revenue from $121.6B to $182.4B while net income held above $48B in every year except the reserve-building FY2022. Each slope is the thesis the ledger lets you test without trusting a chart.
The Verdict: Bull vs. Bear
Bull Case
- Net interest income (+9.9%) holds as the higher-for-longer curve sustains asset yields above funding costs, with average loans up 10% and deposits up 7%.
- Capital return ($4.0B dividend + $6.2B net repurchases) compounds EPS while CET1 stands at 14.1%.
- Credit costs fell 11.7% year over year — $2.4 billion of net charge-offs plus a small $149 million reserve build, not a release-driven beat.
- Markets momentum persists: investment banking fees up 28.4% with the top global wallet share.
Bear Case
- $5.6 billion of pre-tax significant items means the 36.9% margin overstates the run rate; ex-items earnings of $16.9B are the base to beat.
- Noninterest expense (+14.9%) is growing faster than net interest income (+9.9%), leaving no operating leverage if Markets cool.
- Other income normalizes from $7.5B toward $1B, removing the Corporate segment's entire contribution.
- Valuation already prices a record quarter, leaving no room for a credit miss.
Our Take: The Q2 report supports the bull thesis on operating momentum but does not yet settle the rate-sensitivity question. The ledger now exists so that question can be answered with numbers, not narratives — next quarter's filing will either confirm the NII durability or break it, and the transaction will show which.
