JPMorgan Chase third-quarter revenue misses estimates as trading segments lag

JPMorgan Chase (JPM) reported third-quarter 2026 adjusted revenue of $50.91 billion, a figure that fell short of the $51.37 billion estimate. Earnings per share came in at $5.57, below the expected $5.94. While managed net interest income of $27.15 billion and total deposits of $2.78 trillion both exceeded forecasts, several trading and banking segments missed market expectations.

FICC sales and trading revenue of $5.37 billion underperformed the $6 billion forecast. Investment banking revenue was $3.10 billion, also below the $3.27 billion estimate. In contrast, equities sales and trading revenue outperformed at $4.95 billion against the $4.47 billion estimate. The bank recorded net charge-offs of $2.20 billion, lower than the projected $2.48 billion, alongside a credit loss provision of $2.74 billion. Additionally, the firm logged $658 million in net investment securities losses in corporate.

Balance sheet metrics showed mixed results relative to estimates. Loans reached $1.58 trillion, surpassing the $1.56 trillion estimate, while cash and due from banks totaled $21.26 billion, below the $25.96 billion estimate. The return on equity was 17%, under the 17.8% estimate, and the standardized CET1 ratio stood at 13.9%. CEO Jamie Dimon noted that the firm reduced share repurchases this quarter, citing robust growth in the card business and strong performance across each line of business.