JPMorgan Q3 2026 earnings: rare miss driven by one-off securities loss

October 13, 2026

JPMorgan's Q3 2026 profit and revenue fell short of Wall Street forecasts, largely due to a one-time securities loss, even as dealmaking and equities trading stayed strong.

Key takeaways

• Adjusted earnings per share of $5.75 came in below the roughly $5.92 analysts expected, and revenue of about $50.2 billion also fell short of the roughly $51.6-52 billion forecast — a rare miss for a bank that has topped estimates in most recent quarters.
• The shortfall was driven largely by a $658 million pre-tax loss on investment securities; excluding that item, underlying business performance was still solid, with net income of roughly $15.3-15.8 billion for the quarter.
• Investment banking fees rose about 14% from a year earlier, led by stronger advisory work on deals, while trading results were mixed: equities trading revenue jumped roughly 49%, but fixed-income trading was weaker than the prior year.
• Credit costs totaled about $2.7 billion, including $2.2 billion of actual loan losses and a roughly $539 million increase in reserves set aside for future losses — a sign the bank is building a modest cushion against potential loan defaults even as consumer and corporate credit has generally held up.
• CEO Jamie Dimon’s written statement struck an upbeat tone, calling it “another quarter of strong results,” though on the earnings call he pointed to shifting economic forces beneath the surface and said the bank is pulling back on share buybacks because it currently sees better returns from reinvesting in the business organically.
• Trailing-twelve-month profitability metrics remain strong in absolute terms — an operating margin above 41% and a net profit margin above 33% — meaning the bank continues to convert a large share of revenue into profit, even though this particular quarter fell short of Wall Street’s expectations.
• Return on equity over the trailing year stood at about 17.8%, a measure of how efficiently JPMorgan is using shareholders’ money to generate profit, underscoring that the quarterly miss was driven by a specific one-off item rather than a broader deterioration in the bank’s core profitability.

How the stock took it

JPMorgan Chase & Co. closed at $334.30 on Oct 12, 2026, the last session before the report, and at $335.28 on Oct 14, 2026, the first session after it — +0.3% across the report.

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.

Fundamentals

Financial history →

Sources: earnings report · reputable coverage · company report