2Q‘26 Earnings: Strong Fee & Balance Sheet Growth; NII & Expense Guides Raised

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2Q‘26 Earnings: Strong Fee & Balance Sheet Growth; NII & Expense Guides Raised

USA | Large-Cap & Mid-Cap Banks

JPMorgan Chase EquityJulyResearch14, 2026

TARGET CHANGE2Q'26 Earnings: Strong Fee & Balance Sheet

RATING HOLDGrowth; NII & Expense Guides Raised

PRICE $334.53^

JPMorgan delivered a solid quarter and raised its FY26 core NII guidance while

also lifting its expense guidance on stronger revenue expectations. Deposit PRICE TARGET | % TO PT $350.00 ($340.00) | +5%

(avg) growth was better than expected, up 7% Y/Y, including 3% growth in 52W HIGH-LOW $343.45 - $279.10

consumer deposits. Fees came in well above our forecast, driven by 30% Y/Y FLOAT (%) | ADV MM (USD) 101.1% | 3,421.73

growth in IB fees (JEFe 10%), with notable strength in ECM, and over 30% growth MARKET CAP $882.4B

in markets (JEFe 13%). NII ex-markets was roughly in line with expectations. TICKER JPM ^Prior trading day's closing price unless otherwise

noted.

Key trends. EPS of $6.14 beat our ($5.42) and consensus ($5.42) estimates, and core PPNR of

$24.5 bn was above our estimate ($22.8 bn) and modestly below consensus of ($24.9 bn). Strong

FY (Dec) CHANGE TO JEFe JEF vs CONS

deposit growth was accompanied by a modest uptick in IB deposit costs, up 2 bps sequentially.

2026 2027 2026 2027

Loan growth was broad-based and ahead of expectations, and average earning asset growth

likewise beat our forecast, partly offset by a modestly lower-than-expected NIM. Expenses ran EPS* +7% +4% +5% +2%

higher than anticipated but were largely tied to the quarter's strong revenue performance. Credit REV* +3% +2% +4% +1%

quality remained solid, with nonperforming assets declining modestly sequentially and NCOs

holding largely stable. 2026 ($) Q1A Q2A Q3 Q4 FY

REV* 49,836.0 57,347.0 50,789.4 50,708.9208,681.4