tapebrief
JPM · Q1 2026

JPM · Q2 2026 Earnings

Cautious

JPMorgan

Reported July 14, 2026

30-second summary

30-second take: JPMorgan printed $57.35B revenue (+28% YoY, +15% QoQ) and $7.70 GAAP EPS at a 29% ROTCE. Reported results include ~$5.6B of one-off pre-tax gains — a $4.6B net gain on Visa Class C common stock (exchange offer completed May 2026) and $1.0B of equity-investment gains (measurement alternative mark-ups and transitions to recurring fair value). Ex those items, underlying revenue is ~$51.7B — roughly in line with the $51.30B consensus rather than an 11.8% beat, and the EPS beat compresses materially once the ~$5.6B pre-tax is tax-effected out. CIB revenue re-accelerated to +27% YoY and AWM to +19%; CET1 fell another 20bps to 14.1%. No earnings-call transcript is available, so tone shift, Q&A, any NBFI portfolio disclosure, AI spend quantification, and any current-quarter guidance commentary cannot be assessed from the release alone.

Headline numbers

EPS

Q2 FY2026

$7.70

Revenue

Q2 FY2026

$57.35B

+27.6% YoY

+11.8% vs est.

Operating margin

Q2 FY2026

47.6%

Key financials

Q2 FY2026
MetricQ2 FY2026Q2 FY2025YoYQ1 FY2026QoQ
Revenue$57.35B$45.68B+25.5%$50.54B+13.5%
EPS$7.70$5.24+46.9%$5.94+29.6%
Operating margin47.6%——46.8%+80bps

Guidance

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

MetricPeriodPrior guideActualΔResult
RevenueQ2 FY2026—$57.347B+11.8% above estimateBeat
EPS (GAAP)Q2 FY2026—$7.70+32.8% above estimateBeat
Operating MarginQ2 FY2026—47.6%—Beat

New guidance

MetricPeriodGuideYoY
Return on Common Equity (ROE)Q2 FY202624%—
Return on Tangible Common Equity (ROTCE)Q2 FY202629%—
CET1 Capital Ratio (Standardized)Q2 FY202614.1%—
Total DepositsQ2 FY2026$2,713.7B—
Net Interest SpreadQ2 FY20261.93%—
Net Yield on Interest-Earning AssetsQ2 FY20262.40%—

Reaffirmed unchanged this quarter: Total NII (approximately $103 billion), NII (ex-markets) (about $95 billion), Markets and AI contribution to NII (about $8 billion), Adjusted Expenses (about $105 billion), Card Net Charge-Off Rate (approximately 3.4%)

Segment performance

Q2 FY2026
SegmentQ2 FY2026Q2 FY2025YoY
Consumer & Community Banking$20.272B$18.847B+7.6%
Commercial & Investment Bank$24.853B$19.535B+27.2%
Asset & Wealth Management$6.851B$5.76B+18.9%

Capital & returns

Q2 FY2026
SegmentQ2 FY2026Q2 FY2025YoY
Return on Common Equity (ROE)24%18%—
Return on Tangible Common Equity (ROTCE)29%21%—
CET1 Capital Ratio (Standardized)14.1%——
Tier 1 Capital Ratio (Standardized)15.1%——
Total Deposits$2,713.7B$2,562.4 billion—

Other KPIs

Q2 FY2026
SegmentQ2 FY2026Q2 FY2025YoY
Net Interest Spread1.93%——
Net Yield on Interest-Earning Assets2.40%——
Loans-to-Deposits Ratio57%55%—

Management tone

No earnings-call transcript is available for this quarter; tone analysis has been skipped. The prior four-quarter arc — "Notably more upbeat" (Q2 2025) → NBFI "cockroaches" (Q3 2025) → Defensive cost build (Q4 2025) → Regulatory capital fight (Q1 2026) — cannot be extended from the press release alone. Whether Q2's headline beat is being framed by management as a durable step-up (net of the Visa/equity one-offs), or whether NBFI portfolio disclosure, AI spend quantification, or updates to the CET1 buyback posture were addressed, will need to be revisited if a transcript surfaces.

Answers to last quarter's watch list

Whether the FY2026 NII ex-Markets guide of ~$95B holds as rate path evolves — Not addressable from the press release; no current-quarter FY2026 NII commentary is disclosed and no transcript is available. Q2 reported NII of $25.51B (+10% YoY) and 1H26 NII of $50.88B tracks a run-rate consistent with the prior ~$95B ex-Markets framework, but management confirmation is not available. Status: Not resolved
Whether Markets NII tracks to the ~$8B full-year guide under the reversed trajectory — Not addressable without transcript. Status: Not resolved
CET1 trajectory at 14.3% with $20B incremental Basel III + GSIB capital headwind — CET1 fell another 20bps to 14.1%, continuing the trend (14.6% → 14.3% → 14.1%). RWA expansion plus the regulatory drag is doing what Q1 flagged. Board also authorized a new $50B share repurchase program effective July 1, 2026, replacing the prior $50B authorization. Status: Resolved negatively (capital ratio continued to compress as anticipated)
NBFI portfolio disclosure — does the Q1 market-structure framing graduate to an exposure schedule — No NBFI exposure schedule appears in the press release supplement. Absent a transcript, the disclosure gap persists into a fifth quarter. Status: Not resolved
Card NCO formation against the held ~3.4% guide — Not addressable from the press release alone; card loans grew to $249.9B (+7% YoY) and CCB provision was $2.16B, but the reaffirmation or otherwise of the ~3.4% card NCO guide requires transcript commentary. Status: Not resolved
Any AI spend quantification at Investor Day or in Q2 disclosures — No AI spend figure surfaces in the press release. Tech/comms/equipment expense rose to $3.11B (+15% YoY) but is not attributed. Status: Not resolved

What to watch into next quarter

Underlying revenue trajectory ex one-offs — with ~$5.6B of Visa/equity gains inflating 2Q reported revenue, the 3Q print will be the first clean read on whether the CIB and AWM YoY acceleration is durable; a step-down to the ~$51-52B area would be consistent with underlying trend, not a miss

CET1 trajectory at 14.1% — four consecutive quarters of ~20-30bps drawdown despite CET1 dollars growing; watch whether Q3 delivers stabilization (buyback pace under the new $50B authorization, RWA plateau post-Apple Card modeling) or another leg down

CIB revenue growth against the +27% Q2 print — Q4 2025 +10% → Q1 +19% → Q2 +27% is a two-quarter acceleration that sets a difficult comp; watch whether Fixed Income and Equity Markets sustain above 20% YoY or normalize

NBFI portfolio disclosure — the fifth quarter without an exposure schedule; if a transcript surfaces and still no schedule is published, the "cockroaches" framing has now been carried for a full year with zero portfolio-specific quantification

Whether current-quarter guidance is refreshed on the call — with no FY2026 figures in the press release, the transcript (if it surfaces) is the only path to confirming whether the NII/expense/card NCO framework has held

Apple Card transaction progression — $2.2B of Q1 provision was associated with the transaction; the expected ~24-month close from Dec 30, 2025 puts closing in the ~Dec 2027 window, and any RWA/provision cadence updates matter for the CET1 path

Sources

  1. JPMorgan Q2 FY2026 Earnings Release Financial Supplement, SEC Form 8-K Exhibit 99.2 — https://www.sec.gov/Archives/edgar/data/19617/000162828026048078/a2q26erfex992supplement.htm
  2. Consensus estimates via Tradefeeds, as of 2026-07-14

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