JPMorgan Chase Reports $16.5 Billion Net Income in Q1 2026, 13% Increase Year-Over-Year

JPMorgan Chase & Co. reported a net income of $16.5 billion for the first quarter of 2026, a 13% increase compared to $14.6 billion in the first quarter of 2025. Diluted earnings per share rose to $5.94, up from $5.07 in the prior year. The firm's return on common equity (ROE) was 19%, and return on tangible common equity (ROTCE) reached 23%. Total net revenue for the quarter was $49.8 billion, a 10% increase from $45.3 billion in the same period last year.

The increase in total net revenue was driven by a 9% increase in net interest income (NII) to $25.4 billion, reflecting higher Markets net interest income, higher deposit balances, and higher revolving balances in Card Services, partially offset by the impact of lower rates. NII excluding Markets was $23.3 billion, up 3%. Noninterest revenue also contributed, increasing by 11% to $24.5 billion, driven by higher asset management fees in AWM and CCB, higher investment banking fees, higher Markets noninterest revenue, higher auto operating lease income, and higher Payments fees. These increases were partially offset by the absence of the $588 million First Republic-related gain recorded in the prior year.

However, noninterest expense increased by 14% to $26.9 billion, primarily due to higher compensation expense, including higher revenue-related compensation and growth in the number of employees, as well as higher brokerage expense and distribution fees, continued investments in marketing, and higher auto lease depreciation. The increase also reflected the absence of an FDIC special assessment accrual release recorded in the prior year. The provision for credit losses was $2.5 billion, compared to $3.3 billion in the prior year. Net charge-offs were $2.3 billion, down $16 million. The net addition to the allowance for credit losses was $191 million, which included a net addition of $327 million in wholesale and a net reduction of $139 million in consumer.

Key balance sheet metrics at the end of the quarter included total assets of $4.9 trillion, up from $4.4 trillion at the end of 2025. Trading assets increased to $1.1 trillion, while investment securities, net of allowance for credit losses, rose to $821.2 billion. Loans increased to $1.5 trillion, and deposits grew to $2.7 trillion. The Firm's Common Equity Tier 1 (CET1) capital ratio – Standardized was 14.3%, and the Tier 1 leverage ratio was 6.6%. On January 7, 2026, JPMorgan Chase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio, with an expected closing date approximately 24 months thereafter.

Looking ahead, JPMorgan Chase anticipates net interest income for the full year 2026 to be approximately $103 billion and net interest income excluding Markets to be approximately $95 billion, market dependent. Adjusted expense is expected to be approximately $105 billion, market dependent. The net charge-off rate in Card Services is projected to be approximately 3.4%. On April 13, 2026, Visa commenced an exchange offer expiring on May 8, 2026 for any and all outstanding shares of Visa Class B-1 common stock and Visa Class B-2 common stock. The Firm has tendered its 18.6 million Visa B-2 shares, and that tender is pending Visa’s acceptance.