JPMorgan Chase & Co.: 2Q26 EPS PREVIEW: Markets activity remains on track with momentum into 2H26

Research evidence excerpt

JPMorgan Chase & Co.: 2Q26 EPS PREVIEW: Markets activity remains on track with momentum into 2H26

Equity Research

U.S. Large-Cap Banks

25 June 2026

JPMorgan Chase & Co.

2Q26 EPS PREVIEW: Markets

activity remains on track with

JPM OVERWEIGHTmomentum into 2H26

Unchanged

Relative to 1Q26, results should reflect slightly higher NII (day U.S. Large-Cap Banks POSITIVE

count), seasonally lower trading revs and IB fees, lower Unchanged

expenses, and continued benign credit trends. Still, we Price Target USDUnchanged391.00

expect it to reiterate its outlook for 2026, which should point Price (23-Jun-26) USD 334.14

to a high-teens ROTCE despite much higher expenses. Potential Upside/Downside +17.0% Source: Bloomberg, Barclays Research

Market Cap (USD mn) 895331

Expected Results Shares Outstanding (mn) 2679.51

Free Float (%) 98.73

Expected results: We expect JPM to report 2Q26 operating EPS of $5.60 (+$0.02, capital 52 Wk Avg Daily Volume (mn) 9.3

markets trending better) compared to consensus at $5.45, given solid activity in trading and Dividend Yield (%) 1.80

IB. Reported results should benefit from a $4.5bn gain ($1.30/shr) tied to Visa. This could be Return on Equity TTM (%) 17.03

mitigated by charitable contributions and security losses. NII should be slightly higher in the Current BVPS (USD) 128.38

quarter, as modest NIM contraction is offset by balance sheet growth and the impact of an Source: Bloomberg

additional day. In addition, results should be impacted by seasonally lower trading activity (up

low teens y-o-y) while asset quality trends remain relatively stable. Looking out, we expect JPM Price Performance Exchange-NYSE

to reiterate its 2026 NII guidance, after tweaking its expense guidance at a recent conference. 52 Week range USD 338.09-272.11