JPMorgan Q1 2026 Earnings Beat as NII Forecast Drops
JPMorgan Q1 2026 earnings topped estimates as markets revenue rose and a lower net interest income outlook shifted trader focus toward trading strength.
KEY TAKEAWAYS
- Following the filing, adjusted EPS was $5.94, above pre-earnings consensus of $5.45-$5.49.
- The firm set full-year net interest income guidance at $103 billion, below prior consensus.
- Markets revenue rose 20% year-over-year, concentrating the quarter's outperformance in trading.
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JPMorgan Chase (JPM) reported Q1 2026 earnings that topped Street estimates on April 14, 2026. Gains in trading revenue helped offset pressure from a reduced outlook for core net interest income (NII), which could reshape profit expectations for the year.
Strong Quarter Driven by Markets Revenue
The company said in a press release it posted adjusted earnings per share of $5.94, exceeding the pre-earnings consensus of $5.45–$5.49. Reported revenue was $49.8 billion, or $50.5 billion on a managed basis, above the expected $49.2 billion.
Net interest income rose 9% year over year to $25.5 billion, matching consensus. Markets revenue increased 20%, led by fixed-income trading, which grew 21%, and equities, up 17%. The bank ended the quarter with $4.9 trillion in assets and $364 billion in stockholders’ equity as of March 31, 2026.
Outlook and Management Commentary
JPMorgan set full-year 2026 NII guidance at $103 billion, below prior consensus of $103–$104.5 billion. CEO Jamie Dimon warned of a complex set of risks that could disrupt the economic outlook.
Following the report, consensus estimates for Q2 shifted to about $5.35 per share and revenue near $47.5 billion. Full-year 2026 consensus centers on earnings per share of $21.79 and revenue of roughly $193.3 billion. The results highlight that the quarter’s outperformance was concentrated in markets activity, while the lower interest-income guidance shifts earnings sensitivity toward capital-markets performance.
