JPMorgan Chase delivered a solid QQ1 2026 with revenue of $73.66 billion and net income of $16.49 billion, translating to earnings per share of $5.95 and ROTCE of 23%. Revenue grew 8.6% year over year and 6.9% quarter over quarter, led by Markets, Asset Management, and Investment Banking fees, plus higher net interest income (NII) driven by balance sheet growth, offset by a tailwind from lower rates. Despite a 14% year-over-year rise in expenses to $26.85 billion, the firm maintained a robust profit trajectory under a diversified portfolio across CCB, CIB, Markets, and AWM.
Key drivers include: (i) a resilient consumer and corporate environment supporting card NII expansion and auto lease income; (ii) CIB posting 19% revenue growth and IB fees up 28% YoY, with M&A and equity underwriting strength; (iii) AWM delivering 11% revenue growth and AUM of $4.8 trillion, with long-term net inflows of $54 billion; and (iv) risk discipline evident in reserve behavior and credit costs, even as Basel III-related capital considerations and G-SIB surcharges loom as potential headwinds. Management reaffirmed a 2026 NII target of roughly $103 billion (NII ex-Markets ~ $95B) with total expenses around $105 billion and a card charge-off rate near 3.4%. The QQ1 results underscore JPM's capacity to generate durable earnings in a high-rate, high-capital-regulation environment while signaling how Basel endgame and regulatory changes may shape the competitive dynamics in US capital markets and credit markets going forward.