JPMorgan Chase (JPM)
The largest bank in the United States by assets, and in Q2 2026 it reported the highest quarterly profit in its history. Much of that came from things that will not repeat.
The business
JPMorgan runs consumer and community banking, a commercial and investment bank, and asset and wealth management. Q2 2026 reported net income was $21.2bn, up 41% — but $4.6bn of that was a one-off gain on Visa shares and $1.0bn came from other equity investments.
Excluding those, net income was $16.9bn and earnings per share $6.14, with return on tangible common equity of 23% rather than the reported 29%.
The numbers that matter
All figures as reported on the dates shown. Nothing on this page updates with the share price — the live valuation sits in the app.
| Measure | Latest reported | |
|---|---|---|
| Q2 2026 reported net income | $21.2bn | +41%, record quarter |
| Excluding one-off gains | $16.9bn | +13% |
| Reported ROTCE | 29% | 23% excluding one-offs |
| Equity markets revenue | $6.0bn | +86% |
| Investment banking fees | $3.3bn | +30%, highest since 2021 |
| Credit costs | $2.5bn | $2.4bn net charge-offs |
| CET1 ratio | 14.1% | standardized |
The moat
Scale, and it is a genuine moat in banking. A deposit base of $2.7bn average deposits funds lending cheaply; regulatory capital requirements deter new entrants; and technology spending is amortised across a customer base no small bank can match.
The limit is that the most profitable parts in any given quarter are often the most cyclical. Equity markets revenue rose 86% in Q2 2026 and investment banking fees 30% — both reflect favourable conditions rather than a durable advantage.
What to check before you value it
Reported profit versus profit excluding one-offs
Reported net income was $21.2bn. Excluding the Visa gain and other equity gains it was $16.9bn. A 41% rise becomes 13%. Always check which number is being quoted.
Return on tangible common equity
ROTCE was 29% reported and 23% excluding significant items. For banks this matters more than profit, because it accounts for the capital needed to produce it.
How much came from trading
Equity markets revenue rose 86% to $6.0bn and total markets revenue reached $12.1bn. Trading income is real but it is not a rate of return you can extend into a forecast.
Credit quality
Credit costs were $2.5bn with $2.4bn of net charge-offs and a $149m reserve build. The card net charge-off outlook was lowered to about 3.2%. Credit is where a weakening economy shows first.
Recent filings
Dated announcements only. Figures below were reported on the dates shown and are not updated as the share price moves.
How Oak Growth scores it
Oak Growth runs a discounted cash flow on JPMorgan Chase and publishes the assumptions behind it — the discount rate, the growth rate and the terminal value — alongside a margin of safety against the live price. It also scores the company on the four pillars: moat, management, economics and value, in that order, because price comes last. The live figures sit in the app rather than on this page, so nothing here goes stale.
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Did JPMorgan really make record profits in Q2 2026?
Reported net income was $21.2bn, the highest quarterly figure in the bank's history. However $4.6bn came from a one-off gain on Visa shares and $1.0bn from other equity investments. Excluding those, net income was $16.9bn — still strong, but a 13% rise rather than 41%.
What is ROTCE and why does it matter?
Return on tangible common equity measures profit against shareholder capital excluding intangibles. Banks are capital-constrained, so this shows how efficiently capital is turned into earnings. JPMorgan reported 29% including one-off gains and 23% excluding them.
Why did JPMorgan's trading revenue rise so much?
Equity markets revenue rose 86% year on year to $6.0bn and investment banking fees rose 30% to $3.3bn, the highest since 2021. Management attributed this to elevated market activity. Trading income depends on conditions rather than on a durable advantage.
Is JPMorgan's dividend rising?
The board indicated an increase in the quarterly dividend to $1.65 per share effective from the third quarter of 2026, following the annual regulatory capital assessment.