JPMorgan misses Q3 profit estimates, raises 2026 NII outlook

Investing+2 · 4 hours ago
JPMorgan misses Q3 profit estimates, raises 2026 NII outlook
  • Q3 EPS of $5.57 missed the $5.85 LSEG consensus, the first profit miss since Q4 2023 according to LSEG data.
  • Estimate sources differ: Seeking Alpha cites $5.94 EPS and $51.2B revenue consensus, with reported revenue of $50.9B.
  • Investment banking fees fell 8% Q/Q but rose 14% Y/Y; fixed-income trading revenue declined 4%; equities trading surged 49%.
  • Management raised 2026 NII guidance to about $106.2B total and $97.2B excluding markets, from prior $105.5B and $96.5B.
  • Preliminary 2027 NII excluding markets is forecast at about $107B.
  • JPMorgan cut share buybacks, citing organic growth returns above repurchase returns, and flagged rising expenses with 2026 adjusted expenses near $108.6B.
  • Shares wavered between small gains and losses on the day, up 0.3% in early trading.

Quotes

“Investment banking fees each rose at a mid-teens rate, helped by strong levels of client activity, although activity did moderate somewhat during the quarter”— Jamie Dimon
“The franchise still looks healthy, but the quarter's quality was a step below what investors have come to expect”— David Wagner

Sources