JPM · Q2 FY2026
JPMORGAN CHASE & CO Q2 FY2026 earnings analysis
By SageNoodle ResearchNeutral
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $57.35B | $44.91B (yr ago) | Beat |
| EPS | $7.70 diluted | $5.24 diluted (yr ago) | Beat |
| Free Cash Flow | Not meaningful for a bank | Not meaningful (yr ago) | Miss |
| Gross Margin | Not meaningful for a bank | Not meaningful (yr ago) | Miss |
| Operating Margin | 48.0% pre-tax margin | 40.7% pre-tax margin (yr ago) | Beat |
What changed
Reported revenue increased 27.7% year over year to $57.35 billion and diluted EPS rose 46.9% to $7.70, but the quarter included $5.6 billion of gains related to Visa stock and other equity investments. Underlying indicators were still constructive: managed net interest income grew 10.0%, Commercial & Investment Bank revenue rose 27.0%, and total nonperforming assets declined 6.0%.
Impact on the investment thesis
There was no prior SageNoodle fair value to revise; we establish fair value at $340 per share. The strong operating quarter supports a premium valuation, but the one-time gains and a lower CET1 ratio keep the print from justifying a value above the current $353.56 price.