NEW YORK, May 2, 2026, 18:06 (EDT)
JPMorgan Chase & Co. dropped its first-quarter Form 10-Q on Friday, breaking out the numbers behind the big headline: $31.4 billion set aside for credit losses, with reserve growth slowing and expenses ticking up. The SEC accepted the quarterly filing at 4:18 p.m. on May 1, covering results through March 31.
That’s relevant right now as JPMorgan Chase stock faces scrutiny beyond just its profit numbers. Investors are parsing whether trading revenue, deal fees, and loan growth will be enough to offset rising costs, potential credit hiccups, and stiffer capital requirements at the country’s biggest lender.
JPMorgan posted a first-quarter net income of $16.5 billion, a 13% gain from last year, with diluted EPS reaching $5.94. Net revenue came in at $49.8 billion, up 10%. Noninterest expenses jumped 14% to $26.9 billion.
Shares ended Friday at $312.47, down $0.75 from the prior close and putting the bank’s market cap near $864.8 billion. The filing arrived after U.S. markets had wrapped for the week.
Net interest income climbed 9% to $25.4 billion as JPMorgan Chase reported, driven by an uptick in markets-linked interest income, increased deposit levels, and a rise in revolving card balances. The boost was partially tempered by lower rates, according to the filing.
Credit metrics showed some improvement, but issues lingered. JPMorgan’s credit loss provisions landed at $2.5 billion, a drop from $3.3 billion this time last year. Net charge-offs totaled $2.3 billion. For consumers, the provision stood at $2.1 billion—card services made up the bulk of that. On the wholesale side, credit costs shifted with exposure quality.
Still, the risks are piling up. Nonperforming assets jumped 10% to $10.0 billion. The bank’s full-year forecast for card net charge-offs sits around 3.4%. JPMorgan also flagged that planned changes to U.S. Basel III rules and the systemic-bank surcharge could push up the required common equity tier 1 capital by roughly 4% versus the requirements set for 2028. Common equity tier 1, or CET1, is a key gauge of a bank’s loss-absorbing capital.
The bank’s business mix left some breathing room. Consumer & Community Banking turned in a 32% return on equity. Investment banking fees jumped 28% versus last year; markets revenue climbed 20%. Asset & Wealth Management counted $4.8 trillion managed, marking a 16% gain.
Jamie Dimon, the chief executive, noted in the April earnings statement that the U.S. economy has stayed “resilient”—with strong consumers and businesses bolstering it—though he flagged “significant” risks. Among them: geopolitical flare-ups, swings in energy prices, trade questions, hefty fiscal deficits, and high asset valuations. SEC
RBC Capital Markets banking analyst Gerard Cassidy pointed to robust net interest income, noninterest income, and a smaller credit-loss provision as the main factors behind the earnings beat. CFO Jeremy Barnum, speaking to analysts, said consumer and small business health held up—even with higher gas prices and choppy markets.
Peers are sending mixed signals. JPMorgan’s markets revenue soared by 20%, mirroring Goldman Sachs’ strong showing. Reuters pointed out that heavyweights like JPMorgan and Bank of America provide a snapshot of consumer spending, borrowing trends, and business activity. Wells Fargo turned in a higher first-quarter profit, too.
Capital stayed on the firm’s side. JPMorgan reported $291 billion in CET1 capital, with standardized and advanced CET1 ratios coming in at 14.3% and 14.1%. Liquidity sources topped out near $1.5 trillion, spanning high-quality liquid assets as well as unencumbered marketable securities.
JPMorgan scooped up 27.5 million common shares during the first quarter, shelling out $8.33 billion, according to the filing. That leaves $25.10 billion left in buyback capacity from its $50 billion program. What’s less clear: whether JPMorgan can keep the capital flowing if cost pressures persist, trading activity slows, or credit losses tick higher.
