JPM US S&P 500DJIARussell 1000 Earnings call · transcribed from the recording
JPMorgan Chase (JPM) · Q3 2026 results and valuation
Share price: $343.39 · 2026-11-11
JPMorgan Chase is a financial holding company that provides investment banking, commercial banking, asset management, and financial services for consumers and small businesses. The firm serves corporate, institutional, and government clients as well as individual consumers in the United States and internationally. Source: 10-K annual report (2026-02-13)
Results Q3 2026 vs Q2 2026 · previous quarter · published 13 Oct 2026 and 14 Jul 2026
Net income down 27.7% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−27.7%
Net income vs Q2 2026
Outlook given
Net income 15.30B vs 21.16B
Revenue −12.5%
Against the same quarter last year (Q3 2025) it is +6.3%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Restrained
Less upbeat than 74% of company calls
Answers to analysts: cautious, in line with the script.
Last call it was different: the answers were less upbeat than the script.
3 · What stood out
Guidance
JPMorgan Chase expects fourth quarter NIIX markets to be approximately 25 and a half billion and fourth quarter total NII to be about 28 billion.
Valuation
Is JPMorgan Chase undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $308.69 a share — the stock trades 11% above it. Today's price assumes 10.9% growth a year.
Current price
$343.39
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+10.9% for 10 yrs
Fair value / share
$308.69
Buy below
$231.52
Price vs fair value
Overvalued 11%
Price vs buy-below price
Overvalued 48%
Read between the lines
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Guidance
On expense, JPMorgan Chase expects the fourth quarter to be about $27.5 billion, with the implied full year increase reflecting higher volume and revenue-related expense driven by continued elevated activity levels.
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Figure
The firm delivered net income of $15.3 billion, EPS of $5.57 and an ROTC of 20%.
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Fading
Variable expense base is disproportionately associated with capital markets
Source quote
“There's a fixed expense base and there's a variable expense base. Now for a company like us anyway producing the types of returns that we're producing. The variable expense base is disproportionately associated with kind of capital markets complex, broadly defined.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Deposit growth of 4% year-on-year was stronger this quarter as we continued to grow our customer base across consumer and business banking, and we retained our number one position in...”
“A few points to highlight, debit and credit spend grew 10% year-on-year with continued momentum across spending categories, including gas and travel, supported by consumer demand.”
“Finally, corporate reported a net loss of $455 million, which included the net investment securities loss, as mentioned earlier, on revenue of $93 million.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 50.17B | 57.35B | −12.5% | 46.43B | +8.1% |
| Operating income | 20.13B | 27.52B | −26.8% | 18.74B | +7.4% |
| Net income | 15.30B | 21.16B | −27.7% | 14.39B | +6.3% |
| EPS | 5.57 | 7.70 | −27.7% | 5.07 | +9.9% |
| P/E today 14.0 | 13.9 | 14.0 | −0.1 | 15.6 | −1.7 |
Topics
Most discussed now
- These results included $658 million net investment securities losses in corporate.
- New One, clearly single issuer concentration is a thing that's gonna get managed.
- New You see a little bit of additional outflow pressure, which results in therefore slightly weaker deposit growth.
- New Yield seeking flows have faded and that continues to be JPMorgan Chase's basic expectation
- This quarter's standardized RWA increase of about $52 billion is predominantly driven by an increase in lending across banking, markets,...
Faded since Q2 2026
- Fading Credit costs were $2.5 billion, with net charge-offs of $2.4 billion and a net reserve build of $149 million.
- Fading JPMorgan Chase was in a moment where coming out of the back of the rate hiking cycle and relatively modest deposit...
- Fading JPMorgan Chase has got the app arsenal, the Apple business at one point, which it has pretty high hopes for if it...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K
JPMorgan Chase reported 3Q26 net income of $15.3 billion, up 6% year over year, and managed revenue of $50.9 billion, up 8% year over year.
- Results of operations · SEC 8-K
JPMorgan Chase & Co. reported third-quarter 2026 net income of $15.3 billion, or $5.57 per share, compared to $14.4 billion, or $5.07 per share, in the third quarter of 2025.
- Other events · SEC 8-K
JPMorgan Chase & Co. filed a Form 8-K on July 23, 2026, regarding various depositary shares and guarantees for fixed-rate notes and ETNs.
- Articles or bylaws amended · SEC 8-K · routine
- Regulation FD disclosure · SEC 8-K
JPMorgan Chase & Co. held an investor presentation on July 14, 2026, to review its second quarter 2026 earnings.
- Results of operations · SEC 8-K
JPMorgan Chase & Co. reported second-quarter 2026 net income of $21.2 billion, or $7.70 per share, compared to $15.0 billion, or $5.24 per share, in the second quarter of 2025.
- Director or officer change · SEC 8-K
JPMorgan Chase & Co. appointed Doug Petno and Troy Rohrbaugh as Co-Presidents and granted them equity-based awards of $30 million each, while Mary Erdoes and Jennifer Piepszak received $20 million each.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-18.
Cash & runway
Cash & equivalents
$24.72B
2026-06-30
Implied runway
—
financial company: operating cash flow reflects client funds and trading, not burn
Dilution
weighted-average basic shares, per quarter. Change: -3.5% YoY, -1.0% QoQ.
| Quarter | Shares |
|---|---|
| Q3 2024 | 2.86B |
| Q1 2025 | 2.82B |
| Q2 2025 | 2.79B |
| Q3 2025 | 2.76B |
| Q1 2026 | 2.72B |
| Q2 2026 | 2.69B |
Shares outstanding: 2.66B (2026-06-30)
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 135 filings; 50 filings parsed.
Sold by insiders
230.2K shares
$70.8M · 19 transactions
Bought by insiders
0 shares
0 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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this year
expected low single-digit growth on consumer
Source quote
“On consumer, we talked about expecting low single-digit growth this year, that expectation is still in effect.”
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full year
NII revision to $96.5 billion
Source quote
“Revising up from $95 billion to $96.5 billion for the full year, and you see our first half actual, so you can infer the second half.”
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the second half of the year
lower amounts of finance, non-interest-bearing assets on the balance sheet
Source quote
“The difference is changes in balance sheet composition, essentially expecting lower amounts of finance, non-interest-bearing assets on the balance sheet in the second half of the year.”
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2027 or 2028
potential slowdown in growth
Source quote
“I do think you might actually see a slowdown in growth, maybe a slowdown in 2027 or 2028.”
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next year
projected AI CapEx
Source quote
“People project, which so do our people, it will be like a little over a trillion next year and maybe a little reduction in the non-AI CapEx.”