JPMorgan Chase Q2 2026 Earnings: Record Trading Revenue Drives Beat, Guidance Raised
JPMorgan's adjusted Q2 2026 profit beat expectations, powered by record trading revenue and rising interest income, and the bank raised its full-year guidance.
| Q2 2026 | Reported | Expected | Surprise |
|---|---|---|---|
| EPS | $6.14 | $5.91 | +4.0% |
| Revenue | $52.42B | $50.69B | +3.4% |
Key takeaways
- Adjusted profit (which excludes one-time investment gains) came in well ahead of Wall Street forecasts, driven largely by a historic quarter for the bank’s trading desks.
- Reported net income was $21.2 billion, up 41% from a year earlier and the highest quarterly profit in the bank’s history — but that figure includes a one-time $4.6 billion gain from JPMorgan’s stake in Visa plus other investment gains, which is why the adjusted per-share figure used for comparisons strips those out.
- Trading was the standout: equities trading revenue jumped 86% year-over-year to $6.0 billion, and combined with fixed-income trading, total markets revenue hit $12.1 billion, a new quarterly record for the bank.
- Net interest income — the profit banks make from the gap between what they earn on loans and pay on deposits — rose 10% to $25.6 billion, and every major business line posted record revenue for the quarter.
- JPMorgan raised its full-year outlook for net interest income to about $105.5 billion, up from the roughly $103 billion it had guided to three months earlier, signaling management expects the lending business to keep strengthening through the rest of 2026.
- The TTM net profit margin of about 33% and return on equity near 18% reflect a bank converting a large share of revenue into profit and generating strong returns on shareholders’ capital — a sign of financial strength, though both figures are flattered this period by the one-time Visa stake gain.
- CEO Jamie Dimon struck a cautiously upbeat tone, saying the economy is ‘close to as good as it gets,’ while also warning that risks — geopolitical tension, persistent inflation, rising government debt, and stretched asset prices — are ‘shifting below the surface like tectonic plates.’
- The bank’s payments unit also had its best quarter ever, with revenue up 12% year-over-year, marking a sixth straight record quarter for that business.
Q2 2026 in context
| Metric | Jun 2026 | Jun 2025 | Change |
|---|---|---|---|
| Revenue | $57.3B | $44.9B | +27.7% |
| Net income | $21.2B | $15.0B | +41.2% |
| Diluted EPS | $7.70 | $5.24 | +46.9% |
| Net margin | 36.9% | 33.4% | +3.5 pts |
Figures for the quarter ended Jun 2026 and the quarter ended Jun 2025, as reported to the SEC.
Each company's quarter ending in calendar Q2 '26, as reported to the SEC. A peer that reported no revenue figure for that quarter is left out.
How the stock took it
JPMorgan Chase & Co. closed at $334.53 on Jul 13, 2026, the last session before the report, and at $346.91 on Jul 15, 2026, the first session after it — +3.7% across the report.
| Earlier report | Close before | Close after | Change |
|---|---|---|---|
| May 1, 2026 | $313.23 | $307.65 | -1.8% |
| Nov 4, 2025 | $309.35 | $311.68 | +0.8% |
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · Yahoo Finance · The Motley Fool · JPMorgan newsroom