JPMorgan Chase reported record second-quarter 2026 net income of $21.2 billion, or $7.70 per share, powered by a $4.6 billion gain on its Visa stake and the strongest markets revenue in the bank's history. The New York-based lender said in its earnings release that managed revenue rose 27% year-on-year to $58.0 billion, the highest quarterly total it has ever recorded. Chair and chief executive Jamie Dimon presented the numbers as evidence that the country's largest bank continues to operate at scale across virtually every business line.
Stripping out significant items, notably the Visa-related gain and other one-off adjustments, net income was $16.9 billion and earnings per share came in at $6.14. Return on tangible common equity, a headline profitability gauge, stood at 23% on the same underlying basis, comfortably above the mid-teens level the firm has previously described as its through-the-cycle target. The clean underlying result underlines the extent to which the group's earnings power has continued to compound over recent quarters.
MARKETS AND LENDING DRIVE THE BEAT
Trading was the standout line for the quarter, with the corporate and investment bank producing what management described as record markets revenue as clients repositioned around volatile rates, equities and commodities. Investment banking activity also contributed, though the group did not break out a specific fee figure in its headline commentary. Management pointed to a broad-based lift across product areas and geographies as the underlying feature of the trading performance.
Net interest income of $25.6 billion was up 10% on the prior year, reflecting continued loan growth, disciplined deposit pricing and the benefit of higher-yielding securities in the investment portfolio. The lender said the strength in interest earnings was broad-based across the consumer and community banking, commercial and investment banking, and asset and wealth management franchises. Credit metrics remained benign, with reserve builds modest given the balance sheet's scale, and costs were flagged as elevated on a headline basis but framed as investment in growth.
GUIDANCE RAISED FOR FULL YEAR
Dimon used the earnings statement to lift the group's full-year 2026 net interest income guidance to about $105.5 billion, up from prior expectations, citing better-than-expected balance sheet trends and the resilience of card and wholesale lending. The revision underlines the extent to which higher-for-longer rates continue to feed the largest US bank's earnings power. It also gives investors a clearer benchmark for the remaining two quarters of the year against which subsequent results can be measured.
Dimon repeated his standard warnings on geopolitics and the fiscal outlook, but the tone of the release was confident, describing the quarter as evidence of the franchise operating at scale across virtually every business line. Shareholders will look for further colour on capital return plans, following recent stress-test results that gave large US banks additional headroom to distribute earnings. Management has signalled its ongoing preference for a disciplined mix of dividends and buybacks in returning excess capital.
The report kicks off the second-quarter reporting season for the biggest US lenders, with Citigroup, Wells Fargo and Bank of America also scheduled to release results the same day. Investors are watching whether the strength in trading, investment banking and net interest income seen at JPMorgan is echoed across the peer group, or whether the largest bank is once again pulling ahead. The combination of a record top line, a raised interest income guide and a $4.6 billion Visa gain leaves JPMorgan setting a high bar for its rivals as the reporting cycle unfolds.