JPMorgan stock trades lower after Q3 earnings disappoint as markets soften

JPMorgan Chase (JPM) stock slid 3.8% in Tuesday premarket trading after the bank's Q3 earnings and revenue missed Wall Street consensus estimates as its commercial and investment banking results softened markedly from Q2's robust pace.

The U.S.'s largest bank by assets saw its consumer banking unit's earnings and revenue continue to grow. It also benefited from a lower-than-expected provision for credit losses and higher-than-expected net interest income.

Q3 adjusted EPS of $5.57, vs. the average analyst estimate of $5.94, decreased from $6.14 in Q2 and increased from $5.07 in last year’s Q3.

Adjusted revenue of $50.9B, trailing the $51.2B consensus, dropped from $58.0B in the prior quarter and climbed from $47.1B a year ago.

Q3 return on common equity of 17% compared with 24% in the previous quarter and 17% a year ago.

Provision for credit losses was $2.74B, lower than the Visible Alpha consensus of $2.83B, compared with $2.52B in the previous quarter and $3.40B a year ago.

Net interest income (managed) of $27.1B, beating the Visible Alpha consensus of $26.9B, grew/declined from $25.6B in Q2 and $24.1B in Q3 2025.

JPMorgan Chase’s (JPM) total loans at Sept. 30, 2026, grew to $1.58T from $1.54T at June 30, 2026. Deposits, at $2.78T, rose from $2.71T at the end of Q2.

Q3 noninterest expense of $27.3B vs. the $27.3B Visible Alpha estimate was unchanged from Q2 and increased from $24.3B in last year’s Q3.

Q3 revenue and net income by segment:

• Consumer & Community Banking net revenue of $21.2B grew 4% Q/Q and 9% Y/Y; net income of $5.67B advanced 7% Q/Q and 13% Y/Y.

• Commercial & Investment Banking revenue of $22.7B fell 9% Q/Q and increased 14% Y/Y; net income of $8.25B slid 15% Q/Q and jumped 20% Y/Y

• Investment Banking fees of $3.0B rose 14% Y/Y. Markets & Securities Services revenue of $11.8B grew 13% Y/Y. Markets revenue of $10.3B rose 15% Y/Y. Fixed Income & Markets revenue of $5.4B fell 4% Y/Y. Equity Markets of $5.0B drove up 49% Y/Y.

• Asset & Wealth Management revenue of $6.91B increased 1% Q/Q and 14% Y/Y; net income of $1.84B fell 6% Q/Q and rose 11% Y/Y. Assets under management came to $5.2T, up 13%, and client assets of $7.9T climbed 15%, driven by continued net inflows and higher market levels.