JPMorgan Chase

JPMorgan Chase is the largest bank in the United States, with $5.1 trillion of assets and $372 billion of stockholders' equity at September 30, 2026. It has three business segments. Consumer & Community Banking serves households and small businesses under the Chase brand with deposits, credit cards, auto loans, mortgages and wealth management. The Commercial & Investment Bank gives companies, governments and investors advisory, loans, payments, trading and securities services.

Asset & Wealth Management managed $5.2 trillion of client assets at September 30, 2026. Corporate holds the investment portfolio and treasury. In Q3 2026, managed revenue was $50.9 billion and net income was $15.3 billion. JPMorgan had the largest share of U.S. retail deposits for the sixth year in a row and the largest share of global investment banking fees in 2026.

JPMorgan trades at a premium because investors pay for its high and steady returns. Return on tangible common equity was 20% in Q3 2026, and it was 20% or more in most recent quarters. Its low-cost deposits, its scale in payments and its top share of investment banking fees give it more stable earnings than most banks. Investors also expect it to put its excess capital to work at high returns.

The price assumes that these returns hold over a full credit cycle, not only in a strong economy. For the premium to be earned, three things must be true. Return on tangible common equity must stay near 20% when markets and deal activity are less strong, because Q2 and Q3 2026 had high trading and fee revenue. Card losses must stay near the 2026 guidance of about 3.2%, and the Apple card portfolio must add profit after it moves to JPMorgan.

Net interest income must hold near the preliminary 2027 central case of about $107 billion excluding Markets as rates change. The Q4 2026 report on January 14, 2027 gives the 2027 guidance and the first test. The new stress capital rules in 2027 give a second test. A leadership change after Jamie Dimon also matters, and the board named two Co-Presidents in June 2026.

If returns fall toward 15% in a weaker economy, the premium can get smaller within one to two years.

1. Jan 14, 2027Pending

   Q4 2026 results and 2027 guidanceReturn on tangible common equity near 20%, card losses near 3.2% and 2027 net interest income guidance near the preliminary $107 billion excluding Markets pass; lower guidance or a large reserve build fail.
2. 2027 · est.Pending

   New stress capital bufferA stress capital buffer at or below the current 2.5% under the new 2027 models passes; a higher buffer that cuts buybacks fails.

Every passed and failed checkpoint across all picks

• October 13, 2026JPMorgan reported Q3 2026 results. Net income was $15.3 billion, or $5.57 per share, and $5.75 per share without $658 million of investment securities losses. Managed revenue grew 8% to $50.9 billion, and Markets revenue grew 15%. Expense grew 12% to $27.3 billion. Return on tangible common equity was 20%. JPMorgan bought back only $664 million of net stock because it wants to use the capital for growth. The CET1 ratio was 14.0% under the Standardized approach.
• July 14, 2026JPMorgan reported Q2 2026 results. Net income was $21.2 billion, or $7.70 per share, including a $4.6 billion net gain on Visa shares and $1.0 billion of gains on other equity investments. Without these items, EPS was $6.14. Markets revenue grew 35% and investment banking fees grew 30%.
• June 25, 2026The board named Doug Petno and Troy Rohrbaugh Co-Presidents of the firm, as part of its plan for the next CEO. Petno became sole CEO of the Commercial & Investment Bank, and Rohrbaugh became CEO of Consumer & Community Banking. Marianne Lake decided to retire.

Last earnings

October 13, 2026 (8-K on sec.gov)

Next earnings

January 14, 2027, as the company confirmed.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 3, 2026 · jpm-20260930
• 8-KOther company newsFiled October 20, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled October 13, 2026 · jpm-20261013
• 8-KEarnings releaseFiled October 13, 2026 · jpm-20261013
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · jpm-20260630
• 8-KOther company newsFiled July 23, 2026 · Read it on sec.gov
• 8-KChange to shareholder rights or bylawsFiled July 23, 2026 · jpm-20260721
• 8-KInvestor disclosureFiled July 14, 2026 · jpm-20260714
• 8-KEarnings releaseFiled July 14, 2026 · jpm-20260714
• 8-KChange of directors or officersFiled June 25, 2026 · jpm-20260624

Every filing on SEC EDGAR (CIK 19617)

• Credit losses can rise quickly in a recession. Card Services had a net charge-off rate of 2.91% in Q3 2026, and JPMorgan expects about 3.2% for 2026. The firm built reserves of $539 million in Q3 2026, mostly for wholesale loans.
• Recent earnings had help from very strong trading and deal activity. Markets revenue grew 35% in Q2 2026 and 15% in Q3 2026. If client activity falls back, revenue and returns can fall.
• Expense grew 12% in Q3 2026, faster than revenue, because of pay, technology and marketing. If revenue growth slows and expense keeps growing, returns fall.
• The board must choose the next CEO after Jamie Dimon. In June 2026, it named two Co-Presidents and gave retention awards to senior leaders. A difficult change can affect strategy and staff.
• Capital rules can change. The Federal Reserve plans new stress test models in 2027, and JPMorgan said that some parts of the proposed capital rules still need changes. Higher requirements can limit buybacks.

JPMorgan funds itself mainly with deposits, which were $2.78 trillion at September 30, 2026, up 9% from December 31, 2025. Loans were $1.58 trillion, so the loans-to-deposits ratio was 57%. Read more

Dividend yield

1.8% (last 12 months, at today’s price of $342.08)

Paid per share

$6.15 in the last 12 months (4 payments)

Current annual rate

$6.60 ($1.65 × 4 a year)

Payout ratio

28% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 6, 2026, $1.65 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 10.7% a year. Over the last 10 years, the dividend grew by about 12.8% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.