JPMorgan Third-Quarter EPS and Revenue Miss Forecasts

JPMorgan Chase (NYSE: JPM ) reported third-quarter financial results on Tuesday. The transcript from the company's third-quarter earnings call has been provided below. This transcript is brought to you APIs. For real-time access to our entire catalog, please visit for a consultation. The full earnings call is available at Summary JPMorgan Chase reported a net income of $15.3 billion and an EPS of $5.57 for Q3 2026, with revenue up 8% year on year to $50.9 billion, driven by Markets revenue, higher deposit balances, and asset management fees. Expenses rose 12% year on year, largely due to higher volume-related expenses, front office hiring, and wage inflation. Credit costs stood at $2.7 billion. The CCB segment reported net income of $5.7 billion with a 9% revenue increase, while CIB saw a 14% revenue increase to $22.7 billion, despite a slowdown in market activity. Asset & Wealth Management reported a 14% revenue increase to $6.9 billion, with net inflows of $51 billion, largely in fixed income. The company expects Q4 NII ex-Markets to be approximately $25.5 billion and total NII to be about $28 billion, with the card net charge-off rate projected to be around 3.2%. JPMorgan Chase is focusing on strategic initiatives like AI and the Security Resiliency Initiative, aiming to redeploy capital at high returns. Concerns were raised about agentic AI and its potential disruption, but the company emphasized its ongoing efforts to protect clients and maintain trust. Management noted a strong consumer base and deposit growth, but acknowledged potential headwinds from high interest rates and economic volatility. Full Transcript OPERATOR Good morning ladies and gentlemen. Welcome to JPMorgan Chase's third quarter 2026 earnings call. This call is being recorded. Your line will be muted for the duration of the call. We will now go live to the presentation. Information concerning forward-looking statements and non-GAAP financial measures included in this presentation can be found in JPMorgan Chase's earnings press release and investor presentation posted on the investor relations website. Please stand by. At this time I would like to turn the call over to JPMorgan Chase's Chairman and CEO Jamie Dimon and Chief Financial Officer Jeremy Barnum. Mr. Barnum, please go ahead. Jeremy Barnum, Chief Financial Officer Thank you very much and good morning everyone. The firm delivered net income of $15.3 billion, EPS of $5.57 and an ROTCE of 20%. These results included $658 million net investment securities losses in Corporate. Revenue of $50.9 billion was up 8% year on year. Excluding the net investment securities losses, revenue was up 9% year on year, largely driven by Markets revenue, higher deposit balances and higher asset management fees in AWM and CCB. Expenses of $27.3 billion were up 12% year on year, largely driven by higher volume- and revenue-related expense as well as front office hiring and wage inflation. And credit costs were $2.7 billion with net charge