A financial holding company and one of the world's largest banks, JPMorganChase serves everyday consumers and small businesses through its Chase brand, while J.P. Morgan handles investment banking, markets, and wealth management for corporations and institutions. Its roots trace back to 1799, when Aaron Burr chartered a New York "water company" as a clever way to start a bank, and the modern firm took shape through mergers of J.P. Morgan & Co. and Chase Manhattan. The name "Chase" honors Salmon P. Chase, a Treasury Secretary and Supreme Court chief justice.
JPMorgan Q2 2026 net income rose 41% to $21.2B, lifted by a $4.6B one-off Visa gain and broad revenue growth.
A $4.6B one-off Visa gain reshaped the quarter. Total net rose 28% to $57.3B and rose 47% to $7.70, while grew 10% on higher Markets activity and deposit balances. The core business accelerated even without the gain, but the result overstates the run rate.
Key takeaways
rose 41% to $21.2B, driven by a $4.6B non-cash, one-off net gain on Visa shares and $1.0B in gains on certain equity investments, which together added more than $5.6B to noninterest .
grew 10% to $25.5B, as higher , deposit balances, and revolving card balances more than offset the effect of lower rates and deposit .
Noninterest expense increased 15% to $27.3B, primarily from higher -related compensation, investments in marketing and technology, and brokerage expense tied to the rise in Markets activity.
Section summaries
Management's Discussion and Analysis
JPMorganChase Q2 2026 net income surged 41% to $21.2B, driven by a $4.6B Visa gain and broad-based revenue growth.
⌄
Total net rose 28% to $57.3B, boosted by a $4.6B net gain on Visa shares and $1.0B in gains on certain equity investments.
The fell 12% to $2.5B, with of $2.4B and a $149M net mainly in wholesale, down from a $439M build a year earlier.
The led growth with a 27% increase, as Markets revenue rose 35% and investment banking fees rose 30%, while revenue grew 19% on higher asset management fees.
Management raised the full-year 2026 outlook to approximately $105.5B and adjusted expense to approximately $107.5B, and lowered the net charge-off rate guide to approximately 3.2%.
What changed
The Q1 2026 watch on the net charge-off rate against the ~3.4% 2026 guide was partly answered: the Q2 rate was not disclosed, but management lowered the full-year guide to ~3.2%, suggesting improvement from the 3.47% Q1 print.
The Q1 2026 watch on whether the decline in the would continue was confirmed: the provision fell 12% to $2.5B, with the net shrinking to $149M from $439M a year ago.
The Q1 2026 watch on against the ~$25.75B quarterly pace implied by the ~$103B 2026 outlook was exceeded: reached $25.5B, and management raised the full-year outlook to ~$105.5B.
The Q1 2026 watch on full-year adjusted expense against the ~$105B guide intensified: Q2 expense rose 15% to $27.3B, and management raised the full-year adjusted expense outlook to ~$107.5B.
The FY 2025 10-K flag on the trajectory was not updated in this filing's excerpts, leaving the post-Apple Card transaction capital position as an open item.
What to watch
Q3 2026 after the $149M Q2 wholesale , to see if credit costs remain contained as the charge-off guide was lowered.
Q3 2026 against the raised ~$105.5B full-year outlook, as deposit and lower rates continue to offset volume-driven growth.
Q3 2026 adjusted expense against the raised ~$107.5B guide, as Q2 expense growth of 15% was driven by compensation, marketing, and technology investments.
net charge-off rate in Q3 against the newly lowered ~3.2% 2026 guide, after the Q1 rate of 3.47% prompted the revision.
() grew 10% to $25.5B, driven by higher NII, deposit balances, and revolving card balances, partially offset by lower rates.
Noninterest expense increased 15% to $27.3B, primarily due to higher -related compensation, investments in marketing and technology, and brokerage expense.
The was $2.5B, down 12% , with of $2.4B and a net allowance build of $149M, mainly in wholesale.
The delivered a 27% increase, with revenue up 35% and investment banking fees up 30%, while revenue grew 19% on higher asset management fees.
Full-year 2026 outlook expects of approximately $105.5B, adjusted expense of approximately $107.5B, and a net charge-off rate of approximately 3.2%.
Quantitative and Qualitative Disclosures About Market Risk
Refer to the Market Risk Management section of Management’s discussion and analysis and pages 133-142 of JPMorganChase’s 2025 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.
⌄
Refer to the Market Risk Management section of Management’s discussion and analysis and pages 133-142 of JPMorganChase’s 2025 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.
Refer to the discussion of the Firm’s material legal proceedings in Note 24 of this Form 10-Q for information that updates the disclosures set forth under Part I, Item 3: Legal Proceedings, in JPMorganChase’s 2025 Form 10-K.
⌄
Refer to the discussion of the Firm’s material legal proceedings in Note 24 of this Form 10-Q for information that updates the disclosures set forth under Part I, Item 3: Legal Proceedings, in JPMorganChase’s 2025 Form 10-K.
Refer to Part I, Item 1A: Risk Factors on pages 9–31 of JPMorganChase’s 2025 Form 10-K and Forward-Looking Statements on page 92 of this Form 10-Q for a discussion of certain risk factors affecting the Firm. Supervision and regulation Refer to the Supervision and regulation sect…
⌄
Refer to Part I, Item 1A: Risk Factors on pages 9–31 of JPMorganChase’s 2025 Form 10-K and Forward-Looking Statements on page 92 of this Form 10-Q for a discussion of certain risk factors affecting the Firm.
Supervision and regulation
Refer to the Supervision and regulation section on pages 2-6 of JPMorganChase’s 2025 Form 10-K for information on Supervision and Regulation.