JPMorgan Chase & Co.: 2Q26 EPS REVIEW: Robust equities trading and benign credit make it a sweet sixteen

研报英文原文证据摘录

JPMorgan Chase & Co.: 2Q26 EPS REVIEW: Robust equities trading and benign credit make it a sweet sixteen

Equity Research

U.S. Large-Cap Banks

14 July 2026

JPMorgan Chase & Co.

2Q26 EPS REVIEW: Robust equities

trading and benign credit make it

JPM OVERWEIGHTa sweet sixteen

Unchanged

EPS beat as fees (trading, IBD) and provision (NPA, NCO U.S. Large-Cap Banks POSITIVE

lower) were ahead and NII was in-line, although expenses and Unchanged

tax rate were higher than anticipated. It increased its 2026 NII Price Target raised 7% fromUSDUSD420.00391.00

forecast by $2.5bn and its expense outlook by $1.5bn Price (14-Jul-26) USD 342.89

(revenues, activity) and improved its card NCO forecast by Potential Upside/Downside +22.5% Source: Bloomberg, Barclays Research

20bps.

Market Cap (USD mn) 918777

Shares Outstanding (mn) 2679.51

Free Float (%) 99.39

Executive Summary 52 Wk Avg Daily Volume (mn) 9.3

Bottom line: For the sixteenth consecutive quarter, adjusted EPS came in ahead of consensus Dividend Yield (%) 1.75

expectations, driven by better than advertised trading revenues (particularly equities) and Return on Equity TTM (%) 18.43

investment banking fees while its provision for credit losses was lower than expected. Still, Current BVPS (USD) 133.01

expenses and tax rate were higher than anticipated while share repurchase slowed. Net interest Source: Bloomberg

income approximated expectations, although its NIM compressed. For 2026 however, JPM

increased its guidance for net interest income ex. markets to ~$96.5bn (+$1.5bn from ~$95bn Price Performance Exchange-NYSE

prior) and consolidated NII to $105.5bn (+$2.5bn from ~$103bn prior) on improving deposit 52 Week range USD 344.73-279.10

balance trends. It also raised its expense guidance to ~$107.5bn from $105bn, owing to higher