Sentiment · FY2026 Q2
JPMorgan reported Q1 revenue of $50.5 billion, up 10% year-on-year, with EPS of $5.94 and an ROTCE of 23%. Growth was led by the CIB, where revenue of $23.4 billion rose 19% on fixed income up 21%, equities up 17%, and investment banking fees up 28% driven by M&A and equity underwriting. CCB revenue of $19.6 billion grew 7% with consumer spend continuing above last year's pace, while expenses of $26.9 billion climbed 14% on higher revenue-related compensation and front office growth. Management reiterated the full-year 2026 outlook across the board: NII ex Markets of about $95 billion, total NII of about $103 billion, adjusted expenses of about $105 billion, and a Card net charge-off rate of approximately 3.4%. The principal negative was regulatory, with the Basel III endgame and G-SIB reproposals pointing to a 5.2% surcharge in 2028, 70 basis points above the current 4.5%, and roughly $20 billion of incremental G-SIB capital.
Demand | Competitive Dynamics | Credit | Regulation Policy | Macroeconomic | Capital Allocation | Margin | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 3 | 1 | 2 | 4 | 4 | 2 | |
| 2025Q1 | 6 | 3 | 4 | 4 | 10 | 1 | 2 | |
| 2025Q2 | 10 | 9 | 3 | 4 | 2 | 4 | 4 | 3 |
| 2025Q3 | 4 | 4 | 6 | 3 | 2 | 2 | 3 | 1 |
| 2025Q4 | 6 | 4 | 3 | 7 | 1 | 2 | 3 | 3 |
| 2026Q1 | 5 | 5 | 7 | 4 | 3 | 5 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 6 | 10 | 4 | 6 | 5 |
| Competitive Dynamics | 3 | 3 | 9 | 4 | 4 | 5 |
| Credit | 1 | 4 | 3 | 6 | 3 | 7 |
| Regulation Policy | 2 | 4 | 4 | 3 | 7 | 4 |
| Macroeconomic | 4 | 10 | 2 | 2 | 1 | 3 |
| Capital Allocation | 4 | 1 | 4 | 2 | 2 | 5 |
| Margin | 2 | 2 | 4 | 3 | 3 | 2 |
| Innovation & R&D | 3 | 1 | 3 | 3 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ebrahim Poonawala | Bank of America | 13 (15%) |
| Jim Mitchell | Seaport Research Partners | 13 (8%) |
| Erika Najarian | UBS |
| 13 (31%) |
| John McDonald | Truist Securities | 13 (8%) |
| Gerard Cassidy | RBC Capital Markets | 13 (8%) |
| Mike Mayo | Wells Fargo | 11 (36%) |
| Ken Usdin | Autonomous Research | 10 (0%) |
| Betsy Graseck | Morgan Stanley | 9 (11%) |
| Matt O'Connor | Deutsche Bank | 8 (25%) |
| Glenn Schorr | Evercore ISI | 8 (25%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 | 13 (31%) |
| Bank of America | 1 | 13 (15%) |
| Seaport Research Partners | 1 | 13 (8%) |
| RBC Capital Markets | 1 | 13 (8%) |
| Truist Securities | 1 | 13 (8%) |
| Morgan Stanley | 2 | 12 (8%) |
| Wells Fargo | 1 | 11 (36%) |
| Autonomous Research | 1 | 10 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $67.01B | +8.2% | $4.81 | +58.2% | 25.9% | 20.9% |
| FY2025 Q1 | $68.91B | +4.0% | $5.07 | +14.2% | 26.7% | 21.3% |
| FY2025 Q2 | $69.91B | +3.1% | $5.24 | -14.4% | 26.2% | 21.4% |
| FY2025 Q3 | $71.90B | +3.2% | $5.07 | +16.0% | 26.1% | 20.0% |
| FY2025 Q4 | $69.61B | +3.9% | $4.63 | -3.7% | 24.7% | 18.7% |
| FY2026 Q1 | $73.66B | +6.9% | $5.94 | +17.2% | 27.8% | 22.4% |
| FY2026 Q2 | $82.46B | +17.9% | $6.14 | +17.2% | 33.4% | 25.7% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What JPM and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“JPMorgan Payments and Worldpay are signed, launching later this year.”
Klarna says JPMorgan Payments is a signed distribution partner launching later in the year, a read-through for JPMorgan's merchant-acquiring platform adding Klarna.
“In September of that same year, we opportunistically sold the loan via a special purpose entity to JPMorgan.”
SoFi described opportunistically selling a senior secured loan to JPMorgan via a special-purpose entity in September 2024, with JPMorgan as the loan buyer.
“a competitor in the annual report, JPMorgan put out that they are planning to reduce some of the friction on brokerage cash”
An analyst notes JPMorgan signaled plans to reduce friction on brokerage cash, framing a competitive dynamic in wealth cash management that Morgan Stanley is also navigating.
“investors have been rather focused on an announcement that JPMorgan has made in rolling out a product to reduce the friction around brokerage cash.”
An analyst notes JPMorgan is rolling out a product to reduce friction around brokerage cash, a competitive dynamic for Schwab's sweep-cash economics.
“So we've talked about is that what we've moved toward, as we have this new agreement with Chase, is very much industry standard.”
Southwest references a new loyalty/co-brand card agreement with Chase (JPMorgan) that standardizes its air-traffic-liability accounting; read-through on the Chase co-brand relationship.
“So we have JPMorgan that continues to ramp.”
JPMorgan continues ramping on ICE's mortgage servicing platform, a customer read-through on the bank's mortgage operations.
“we also have our financial services business performing well with the addition of Chase and other marquee clients.”
Assurant added Chase (JPMorgan) as a financial-services client, contributing to growth in that segment.
“Our discussions with Visa, Chase and American Express are going well, and we still expect to have new deals in place later this year.”
Marriott is renegotiating co-branded credit card deals with Chase (JPMorgan), supporting Chase's card-issuing partnership with Marriott Bonvoy.
“We just signed JPMorgan and BVNK agreements, to speed the addition of blockchain rails to our global settlement network.”
Corpay signed an agreement with JPMorgan to add blockchain settlement rails to its cross-border global settlement network, positioning JPMorgan as a fiat-tokenization/blockchain partner.
“And we're working with Chase. They're a great partner and run a really sophisticated program, which is required by United given the size and magnitude of our co-brand portfolio.”
Management praises the Chase co-brand relationship while noting the contract expiration is approaching — constructive backdrop for renewal negotiations with JPMorgan.
“While we continue to work under a long-term co-brand contract with our partners from Chase, we're making changes to what we can control today. In due course, we expect to have a new contract optimized for all stakeholders to the current market dynamics.”
United signals it wants a renegotiated co-brand card contract with Chase — the existing JPMorgan co-brand economics may be reset when the deal expires.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
JPM JPMorgan Chase & Co. | 6 | +6.9% | |
| BAC Bank of America | 7 | +7.0% | |
| C Citigroup | 8 | +7.0% | |
| WFC Wells Fargo | 6 | +7.3% |