JPMorgan Chase (JPM) issued fresh guidance for 2026 on Tuesday, with its view for overall net interest income better than consensus and its expectation for expenses in line.
Q4 earnings benefited from market gains, particularly in equity markets. Asset & Wealth Management performed strongly, with assets under management climbing 18% Y/Y. However, its provision for loan losses increased more than Wall Street expected.
The company now expects 2026 net interest income, excluding markets, of ~$95B vs. $92.6B reported for 2025. Overall, the bank expects NII of ~$103B, market dependent, compared with the Visible Alpha consensus of $100B.
Guidance for 2025 adjusted expense of ~$105B, market dependent, compares with the Visible Alpha consensus of $105B. Card service net charge-off rate is expected to be ~3.4%.
Q4 adjusted EPS of $5.23, beating the average analyst estimate of $4.86, increased from $5.07 in Q3 2025, which excluded a significant item, and $4.81 in Q4 2024.
Adjusted revenue of $46.8B, topping the $46.3B consensus, fell from $47.1B in the prior quarter and climbed from $43.7B a year ago.
“Each line of business performed well,” Chairman and CEO Jamie Dimon said. “In the CIB (Commercial and Investment Bank), revenue rose 10%. Markets continued to benefit from demand for financing and robust client activity, pushing revenue up 17%.”
JPMorgan (JPM) stock rose 0.6% in premarket trading.
Provision for credit losses was $4.66B, higher than the Visible Alpha consensus of $3.86B, compared with $3.40B in the previous quarter and $2.63B a year ago.
Net interest income (managed) of $25.0B, matching the Visible Alpha consensus, grew from $24.1B in Q3 and $23.4B in the prior year’s Q4.
JPMorgan Chase’s (JPM) total loans at Dec. 31, 2025, grew to $1.49T from $1.44T at Sept. 30, 2025. Deposits, at $2.56T, edged up from $2.55T at the end of Q3.
Q2 noninterest expense of $24.0B vs. $24.7B Visible Alpha estimate, $24.3B in Q3 and $22.8B in the previous Q4.
Q2 revenue and net income by segment:
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Consumer & Community Banking net revenue of $19.4B was essentially flat Q/Q and increased 6% Y/Y; net income of $3.64B fell 27% Q/Q and 19% Y/Y. In Q4, Banking & Wealth Management net revenue of $10.9B slipped 2% Q/Q and rose 7% Y/Y, predominantly from higher net interest income on higher deposit margin and higher asset management fees.
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Commercial & Investment Banking revenue of $19.4B dipped 3% Q/Q and rose 10% Y/Y; net income of $7.27B increased 5% Q/Q and 10% Y/Y
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Investment Banking revenue of $2.6B fell 2% Y/Y, while Investment Banking fees of $2.3B slipped 5% on lower fees across all products. Markets & Securities Services revenue of $9.72B rose 17% Y/Y. Markets revenue of $8.2B increased 17% Y/Y. Fixed Income & Markets revenue of $5.4B rose 7% Y/Y. Equity Markets revenue of $2.9B jumped 40% Y/Y.
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Asset & Wealth Management revenue of $6.52B grew 7% Q/Q and 13% Y/Y; net income of $1.81B gained 9% Q/Q and 19% Y/Y. AUM came to $4.8T, up 18% Y/Y, and client assets of $7.1T grew 20%, driven by higher market levels and continued inflows.
Conference call at 8:30 AM ET.
Earlier, JPMorgan Chase Non-GAAP EPS of $5.23 beats by $0.37, revenue of $46.77B beats by $520M