JPMorgan Chase & Co.
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+ FollowMarket Cap$943.48B
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Earnings Call Q3 2026
October 13, 2026 - AI Summary
Headline results (good): strong profitability + solid revenue growth
- Net income: $15.3B, EPS $5.57, ROTCE 20%
- Revenue: $50.9B (+8% YoY); $658M net investment securities losses (Corporate)
- Excluding those securities losses: revenue +9% YoY, driven by Markets, higher deposit balances, and higher AWM/asset management fees
- Expenses: $27.3B (+12% YoY), driven by higher volume/revenue-linked expense, front-office hiring, and wage inflation
- Credit: $2.7B credit costs; net charge-offs $2.2B and net reserve build $539M (suggesting provisioning still offsetting some deterioration)
Balance sheet & capital (mixed/surprising): CET1 down sequentially due to OCI/RWA/capital actions
- Standardized CET1: 13.9%, down 30 bps vs prior quarter
- Drivers: OCI losses, higher RWA, and capital distributions
- RWA increased ~+$52B (standardized), mainly from lending growth across banking/markets/AWM and higher energy prices + market volatility
- Surprise to watch: despite strong earnings, CET1 fell—investors should focus on OCI + RWA movement and how it interacts with future capital return.
Business performance highlights (good): CCB steady, CIB strong, AWM strong inflows
- Consumer & Community Banking (CCB): $5.7B net income, revenue $21.2B (+9% YoY)
- Debit & credit spend +10% YoY; supported by consumer demand
- Deposits +4% YoY; retained #1 retail deposit share (FDIC data)
- Client investment assets crossed $1.4T (+15% YoY) driven by performance + flows
- Corporate & Investment Bank (CIB): $8.2B net income, revenue $22.7B (+14% YoY)
- IB fees +14% YoY (advisory strong)
- But caution: activity slowed somewhat recently due to “evolving market conditions”; outlook constructive but timing uncertain
- Markets: Fixed income -4% YoY (commodities/rates/credit), Equities +49% YoY (prime/derivatives strength)
- Asset & Wealth Management (AWM): net income $1.8B, revenue $6.9B (+14% YoY)
- Long-term net inflows $51B; fixed income inflow strength
- AUM $5.2T (+13% YoY); client assets $7.9T (+15% YoY)
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$259.18
26.4% downside
Current Fair Value
26.4% downsideOvervalued by 26.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $943.48 Billion |
|---|---|
| Enterprise Value | $1.85 Trillion |
| Annual dividend | $6.15 |
| Dividend yield | 1.82% |
| Earnings per Share | $20.05 |
| Beta | 1.02 |
| Outstanding Shares | 2,678,600,000 |
Return
| Return on Equity | 17.72% |
|---|---|
| Return on Assets | 1.30% |
| Return on Invested Capital | 6.89% |
Valuation & Multiples
| P/E Ratio | 14.11 |
|---|---|
| PEG | 222.74 |
| Price to Sales | 3.14 |
| Price to Book Ratio | 2.53 |
| Enterprise Value to Revenue | 6.13 |
| Enterprise Value to EBIT | 21.72 |
| Enterprise Value to Net Income | 28 |
| Total Debt to Enterprise | 0.67 |
| Debt to Equity | 3.32 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 13, 2026
EPS Estimate
$5.93
Consensus analyst estimateRevenue Estimate
$51.23 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 12, 2027
EPS Estimate
$5.97
Consensus analyst estimateRevenue Estimate
$50.93 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 9.62, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 9.6239▲ 874.80% |
|---|---|
| Total Calls | 5,850▼ 99.98% |
| Total Puts | 56,300▼ 99.78% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.30%▼ 67.03% |
|---|---|
| Total Invested | $39.55B▼ 93.91% |
| Investors Holding | 2,432▼ 2881.00% |
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