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Get filing alertsJPMorgan Chase reports Q2 2026 net income of $21.2B, boosted by $4.6B Visa exchange gain
Filed July 14, 2026 · Period ending July 14, 2026 · ~2 min read
Key Changes
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Q2 2026 net income of $21.2B ($7.70 EPS) includes $4.6B pretax gain from Visa Class B-2 share exchange and $1.0B equity investment gains; excluding these items, net income was $16.9B ($6.14 EPS, 23% ROTCE)
Exhibit 99 view on EDGAR → -
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Tendered 18.6M Visa Class B-2 shares in May 2026 exchange for combination of Class B-3 and Class C stock; Class C shares held at fair value generated $3.4B after-tax gain
Exhibit 99 view on EDGAR → -
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Managed revenue of $58.0B up 27% YoY (15% ex-items); Markets revenue $12.1B up 35% YoY driven by 86% surge in Equity Markets to $6.0B; Investment Banking fees up 30% to $3.3B
Exhibit 99 view on EDGAR → -
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Raised FY2026 adjusted expense guidance to ~$107.5B from prior outlook, citing higher volume- and revenue-related expenses driven by activity levels and revenue outperformance
Exhibit 99 view on EDGAR → -
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Returned $10.2B to shareholders via $4.0B dividend ($1.50/share) and $6.2B net buybacks; CET1 capital $303B with Standardized ratio 14.1%
Exhibit 99 view on EDGAR →
Summary
JPMorgan Chase disclosed second-quarter 2026 results that included $21.2 billion in net income and $7.70 earnings per share, significantly elevated by two one-time gains totaling $5.6 billion pretax. The largest item was a $4.6 billion gain from exchanging 18.6 million Visa Class B-2 shares for a combination of Class B-3 and Class C stock in May 2026, with the Class C shares marked at fair value.
An additional $1.0 billion came from gains on certain equity investments. Stripping out these items, core net income was $16.9 billion with $6.14 EPS and 23% return on tangible common equity — still robust performance driven by strong trading and investment banking activity. The underlying business showed broad strength.
Managed revenue of $58.0 billion rose 15% year-over-year excluding the significant items, with Markets revenue up 35% to $12.1 billion (Equity Markets surged 86% to $6.0 billion) and Investment Banking fees up 30% to $3.3 billion. Net interest income grew 10% to $25.6 billion. The firm raised its full-year 2026 expense guidance to approximately $107.5 billion, citing higher volume- and revenue-related costs tied to the strong activity levels. Capital distribution remained robust with $10.2 billion returned to shareholders through dividends and buybacks, while the CET1 ratio of 14.1% provides ample cushion above regulatory requirements. Retail investors should recognize that the headline earnings benefited materially from non-recurring gains; the core $6.14 EPS and strong trading/banking momentum are the sustainable takeaways.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
JPMorgan Chase held an investor presentation on July 14, 2026 to review Q2 2026 earnings, furnishing presentation slides under Regulation FD.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On July 14, 2026, JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) held an investor presentation to review 2026 second quarter earnings.
JPMorgan Chase disclosed that it held an investor presentation on July 14, 2026 to review second quarter 2026 earnings results. The presentation slides were posted on the company's website and furnished under Item 7.01 Regulation FD Disclosure, meaning they are not formally filed with the SEC but are being made publicly available to ensure fair disclosure to all investors.
Event · Exhibit 99
Added in current filing · view on EDGAR →
2Q26 net income of $21.2B and EPS of $7.70 – Excluding significant items2, 2Q26 net income of $16.9B, EPS of $6.14 and ROTCE of 23%
JPMorgan Chase reported second-quarter 2026 net income of $21.2 billion and diluted earnings per share of $7.70. Excluding significant items — a $4.6 billion net gain related to Visa shares and $1.0 billion of gains on certain equity investments — net income was $16.9 billion, EPS was $6.14, and return on tangible common equity was 23%. The significant items added $4.2 billion after tax to reported net income and $1.56 to reported EPS.
Added in current filing · view on EDGAR →
On April 13, 2026, Visa Inc. commenced an exchange offer for Visa Class B-2 common stock. On May 11, 2026, Visa accepted the Firm’s tender of its 18.6mm Visa Class B-2 common stock in exchange for a combination of Visa Class B-3 common stock and Visa Class C common stock. Visa’s acceptance resulted in a gain for the Firm relating to the Visa Class C common stock, which is held at fair value
JPMorgan Chase tendered 18.6 million shares of Visa Class B-2 common stock in an exchange offer that Visa accepted on May 11, 2026. The firm received a combination of Visa Class B-3 and Class C common stock in exchange. The transaction resulted in a $4.6 billion pretax gain ($3.4 billion after tax) related to the Visa Class C common stock, which is held at fair value. This was the largest single item contributing to the quarter's reported results.
Added in current filing · view on EDGAR →
Managed revenue of $58.0B ... Revenue of $58.0B, up 27% YoY, or up 15% excluding significant items; NII of $25.6B, up 10% YoY; NIR of $32.4B, up 45% YoY, or up 20% excluding significant items
Managed revenue was $58.0 billion, up 27% year-over-year, or up 15% excluding significant items. Net interest income of $25.6 billion rose 10% year-over-year, while noninterest revenue of $32.4 billion increased 45% year-over-year, or 20% excluding significant items. Markets revenue of $12.1 billion was up 35% year-over-year, driven by an 86% increase in Equity Markets revenue to $6.0 billion. Investment Banking fees rose 30% year-over-year to $3.3 billion, with particularly strong equity underwriting performance.
Added in current filing · view on EDGAR →
Common dividend of $4.0B or $1.50 per share ⚫ $6.2B of common stock net repurchases7 ⚫ Net payout LTM of 73%7,8 ... CET1 capital of $303B3 – Standardized CET1 capital ratio of 14.1%3; Advanced CET1 capital ratio of 14.2%3
JPMorgan Chase declared a common dividend of $4.0 billion, or $1.50 per share, and repurchased $6.2 billion of common stock net during the quarter. The last twelve months net payout ratio was 73%. The firm's Basel III Common Equity Tier 1 capital stood at $303 billion, with a Standardized CET1 ratio of 14.1% and an Advanced CET1 ratio of 14.2%. Total Loss-Absorbing Capacity was $590 billion.
Added in current filing · view on EDGAR →
Expect FY2026 adjusted expense2 of ~$107.5B, market dependent – Increase relative to prior outlook primarily due to higher volume- and revenue-related expenses driven by the activity levels and associated revenue outperformance
JPMorgan Chase raised its full-year 2026 adjusted expense guidance to approximately $107.5 billion, market dependent. The increase relative to prior outlook is primarily due to higher volume- and revenue-related expenses driven by the activity levels and associated revenue outperformance. The firm also expects full-year 2026 net interest income of approximately $105.5 billion and Card Services net charge-off rate of approximately 3.2%.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 16, 2026 · How we verify