JPMorgan Chase & Co. · 2026 Q2

Consensus vs reported

QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.

2026 Q2 preview

Reported this quarter

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What we learned

1. The largest quarterly profit in US banking history was $4.3 billion smaller than the headline. A $4.6B net gain on the Visa shares added $1.27 and $1.0B of equity-investment gains added $0.29 — $1.56 of the reported $7.70 .
2. The beat came from the markets business, not the bank. Equity Markets revenue rose 86% to $6.0B and total Markets revenue 35% to $12.1B, while Consumer & Community Banking net income grew 3% .
3. A 33% earnings surprise on 28% revenue growth is an arithmetic warning in itself. $7.70 against a $5.80 estimate, on revenue of $57.3B against $44.9B. A bank does not out-earn its own revenue growth by that ratio from lending; the gap is the one-time items and the trading line.
4. Credit gave no signal at all. The card net charge-off rate held at 3.34% and the reserve build was $149 million against 10% loan growth. Whatever Dimon was pointing at, it is not yet in JPMorgan's own book.
5. The company graded its own quarter below the headline before anyone else could. The release led with "net income of $16.9 billion… excluding gains related to Visa and certain equity investments" — the clean figure, published first, in the same document as the record.

Read the full analysis: JPMorgan Q2 2026: Record $21.2B Profit — and Dimon Warns It 'Feels Like 2007' →

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Estimate against reported

Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.

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2026 Q2 across the sector

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