JPMorgan Chase (JPM) reported Q2 2026 earnings on July 14, 2026: net income of $21.2 billion, up 41% from a year earlier, and diluted earnings per share of $7.70 on reported net revenue of $57.3 billion, up 28% [1]. The headline was inflated by two items, a $4.6 billion net gain on Visa shares and $1.0 billion of gains on certain equity investments; excluding them, net income was $16.9 billion, or $6.14 per share, still a record run rate [1]. The stock rose 2.5% to $342.89 on the day of the report and closed at $346.91 on July 15, 2026 [2]. This JPMorgan Chase Q2 2026 earnings recap covers the numbers, the segments, the market reaction, and what the bank's valuation now assumes.
JPMorgan Chase Q2 2026 earnings: what the bank reported
Managed net revenue was $58.0 billion, up 27%. Net interest income rose 10%, and net interest income excluding Markets was $23.7 billion, up 4%, helped by higher deposit balances, higher revolving card balances, and higher wholesale loan balances, partly offset by lower rates [1]. Noninterest expense was $27.3 billion, up 15%, for a managed overhead ratio of 47%. Credit costs were $2.5 billion, consisting of $2.4 billion of net charge-offs and a $149 million net reserve build. Average loans were $1.5 trillion, up 10% year over year, and average deposits rose 7% [1]. Return on equity was 24% and return on tangible common equity (ROTCE) was 29%, or 23% excluding the significant items [1].
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Net revenue (reported) | $57.3 billion | $44.9 billion | Up 28% |
| Noninterest expense | $27.3 billion | $23.8 billion | Up 15% |
| Provision for credit losses | $2.5 billion | $2.8 billion | Down 12% |
| Net income | $21.2 billion | $15.0 billion | Up 41% |
| Diluted EPS | $7.70 | $5.24 | Up 47% |
| ROTCE | 29% | 21% | Up 8 points |
Segment results
Every line of business posted record revenue. Consumer and Community Banking earned $5.3 billion, up 3%, on revenue of $20.3 billion, up 8%; the card net charge-off rate was 3.34% and debit and credit card sales volume rose 10% [1]. The Commercial and Investment Bank earned $9.7 billion, up 46%, on revenue of $24.9 billion, up 27%, with investment banking fees of $3.3 billion, up 30%, and Markets revenue of $12.1 billion, up 35%; Equity Markets revenue rose 86% to $6.0 billion while Fixed Income rose 6% to $6.1 billion [1]. Asset and Wealth Management earned $2.0 billion, up 33%, on revenue of $6.9 billion, up 19%, with assets under management of $5.1 trillion, up 18%, and $50 billion of long-term net inflows [1]. Corporate contributed $4.2 billion of net income, mostly the Visa and equity gains [1].
Capital, book value, and shareholder returns
The bank ended the quarter with a Standardized CET1 ratio of 14.1%, book value per share of $133.01, up 9%, and tangible book value per share of $113.35, up 10% [1]. It paid a common dividend of $1.50 per share, or $4.0 billion in total, and repurchased $6.2 billion of stock net, for a net payout ratio of 73% over the last twelve months [1]. Total assets were $5.0 trillion and stockholders' equity was $375 billion as of June 30, 2026 [1]. With capital ratios well above requirements and earnings of this size, the bank has ample room to keep returning capital while funding loan growth.
How JPM stock reacted to Q2 2026 earnings
Bank stocks had already rallied into the season. DataPorium's stock market data shows JPM closing at $296.58 on June 1, at $334.53 on July 13, and at $342.89 on July 14 after the report, a one-day gain of 2.5% on volume of about 14.5 million shares. The stock added to the move on July 15 and closed at $346.91, about 17% above the June 1 level as of July 15, 2026 [2]. The measured reaction fits a beat driven partly by one-time gains and by capital markets activity that may not repeat every quarter.
JPMorgan Chase valuation after the report
At $346.91, JPM trades at about 2.6 times book value and 3.1 times tangible book value per share [1][2]. Annualizing the $6.14 of EPS that excludes the significant items gives $24.56, so the stock is at about 14 times that run rate, and the $1.50 quarterly dividend equals a yield of about 1.7%. The $4.0 billion dividend at $1.50 per share implies roughly 2.67 billion shares, which at $346.91 gives a market value near $925 billion [1][2]. A price above three times tangible book is only justified if ROTCE stays well above 20%; the bank delivered 23% excluding gains this quarter, but that figure benefited from an unusually active quarter in trading and underwriting.
- Support for the multiple: record revenue in every segment, 14.1% CET1, 73% net payout [1].
- Risks to the multiple: Markets revenue up 35% and Equity Markets up 86% are unlikely to recur at that pace; card net charge-offs of 3.34% bear watching [1].
- Rate sensitivity: net interest income excluding Markets grew only 4%, and lower policy rates would pressure it further [1].
What to watch next
The third-quarter report is scheduled for October 13, 2026, according to DataPorium's markets calendar [3]. Investors may consider focusing on the trajectory of net interest income as rates move, on whether investment banking fees keep rising from the highest level since 2021 that management cited, on consumer credit trends in the card book, and on the pace of buybacks now that the Visa gain has added to capital. A normalization of trading revenue would not change the franchise, but it would change the earnings base on which the multiple rests.
JPMorgan Chase's Q2 2026 earnings set records in every business, yet the stock's three times tangible book value depends on returns staying above 20% after one-time gains fade.
Key takeaways
- Q2 2026 net income was $21.2 billion, or $7.70 per share; excluding a $4.6 billion Visa gain and $1.0 billion of equity gains it was $16.9 billion, or $6.14 [1].
- Reported revenue rose 28% to $57.3 billion, with Markets revenue up 35% and investment banking fees up 30% [1].
- CET1 was 14.1%, tangible book value per share rose 10% to $113.35, and the bank returned $10.2 billion through dividends and buybacks [1].
- JPM rose 2.5% to $342.89 on July 14 and closed at $346.91 on July 15, 2026, about 3.1 times tangible book value [2].
- The Q3 2026 report is due on October 13, 2026 [3].
Frequently asked questions
What were JPMorgan Chase's Q2 2026 earnings per share?
Diluted EPS was $7.70, including $1.27 from a net gain on Visa shares and $0.29 from gains on certain equity investments; excluding those items EPS was $6.14 [1].
How much revenue did JPMorgan Chase report in Q2 2026?
Reported net revenue was $57.3 billion, up 28% from a year earlier, and managed net revenue was $58.0 billion, up 27% [1].
How did JPM stock react to the Q2 2026 report?
JPM closed at $342.89 on July 14, 2026, up 2.5% from the prior day, and at $346.91 on July 15 [2].
What is JPMorgan Chase's price to tangible book value after Q2 2026?
With tangible book value per share of $113.35 and a July 15 close of $346.91, the stock trades at about 3.1 times tangible book value [1][2].
