JPMorgan Chase & Co. (NYSE: JPM) reported second-quarter 2026 net income of $21.2 billion, or $7.70 per share, the company said in its July 14 earnings release. Managed revenue was $58 billion.
The reported result included significant items that added $4.2 billion, or $1.56 per share, to net income. These consisted of a $4.6 billion net gain related to Visa shares and $1 billion of gains on certain equity investments. Excluding those items, net income was $16.9 billion, or $6.14 per share.
Reported net income rose 41% from a year earlier. Excluding the significant items, it was up 13%. Return on tangible common equity was 29%, or 23% excluding the items.
#Visa Share Gain Lifts Reported Profit to $21.2 Billion
The Visa gain followed an exchange offer that Visa Inc. commenced on April 13, 2026, under which JPMorgan tendered 18.6 million Class B-2 shares in May. The transaction alone added $1.27 to earnings per share, with the equity investment gains contributing a further $0.29.
Managed revenue rose 27%, or 15% excluding significant items. Net interest income was $25.6 billion, up 10%, which the company attributed to higher deposit and revolving card balances, partly offset by lower interest rates.
Noninterest expense was $27.3 billion, up 15%, driven by higher compensation, brokerage, marketing, technology and occupancy costs. Credit costs were $2.5 billion, including $2.4 billion of net charge-offs and a $149 million net reserve build.
Book value per share was $133.01 at June 30, up 9% from a year earlier, and tangible book value per share was $113.35, up 10%.
#Equity Markets Revenue Jumps 86% in the Investment Bank
The Commercial & Investment Bank posted net income of $9.7 billion, up 46%, on revenue of $24.9 billion, up 27%. Markets revenue was $12.1 billion, up 35%.
Equity Markets revenue was $6 billion, up 86%, which the company attributed to activity across products and regions. Fixed Income Markets revenue was $6.1 billion, up 6%.
Investment Banking fees were $3.3 billion, up 30%. The company said the fees reached their highest level since 2021 and cited a #1 ranking for global investment banking fees, with a 9.3% wallet share for the year to date, according to Dealogic.
"Performance was strong across the Firm, and revenue in each line of business hit a new record," Jamie Dimon, Chairman and CEO, said in the earnings release. He said Markets revenue growth reflected elevated client activity and trading performance.
#Consumer Bank and Asset Management Post Higher Revenue
Consumer & Community Banking net income was $5.3 billion, up 3%, on revenue of $20.3 billion, up 8%. Debit and credit card sales volume rose 10%, and the Card Services net charge-off rate was 3.34%.
Asset & Wealth Management net income was $2 billion, up 33%. Assets under management reached $5.1 trillion, up 18%, and the company reported $50 billion of long-term net inflows during the quarter.
JPMorgan returned capital through a $4 billion common dividend, or $1.50 per share, and $6.2 billion of net share repurchases. Its Common Equity Tier 1 ratio was 14.1% on a standardized basis.
#Dimon Points to Resilient Economy and Shifting Risks
Dimon said the U.S. economy showed resilience this year, supported by stronger business investment, AI-driven capital spending and fiscal stimulus. He also pointed to risks including geopolitical tensions, sticky inflation, large global fiscal deficits and elevated asset prices.
Dimon said market sentiment remained constructive for continued activity, though he cautioned that the risks he identified could cause disruptions if they shift or collide. The company does not undertake to update its forward-looking statements.