JPMorgan $JPM Chase reported third-quarter net income of $15.3 billion, or $5.57 per share, missing analyst expectations in results released Tuesday.
Analysts had expected $5.75 per share, according to Bloomberg. The reported figure was dragged down by $658 million of net investment securities losses; excluding that item, earnings per share would have been $5.75, the company said.
Net income rose 6% from $14.4 billion, or $5.07 per share, in the third quarter of 2025. Managed revenue reached $50.9 billion, up 8% year over year.
The headline figure disappointed despite broad strength across business lines. In the Commercial & Investment Bank, net income rose 20% to $8.2 billion. Investment banking fees climbed 14% from a year earlier to $3 billion, though fees from equity and debt underwriting fell short of expectations, according to Bloomberg. Total markets revenue rose 15% to $10.3 billion, while analysts had expected $10.5 billion, according to Bloomberg.
Fixed-income trading revenue dropped 4% year over year, marking the first time that business had declined in over two years, according to Bloomberg. Equity markets revenue surged 49% to $4.95 billion, the strongest third-quarter performance that business has ever produced, according to Bloomberg.
In Consumer & Community Banking, net income rose 13% to $5.7 billion. Net interest income excluding markets came to $24.7 billion, a 6% gain, while average loans were up 10% compared with the same period a year ago, the company said.
Asset & Wealth Management posted net income of $1.8 billion, up 11%, with assets under management reaching $5.2 trillion, up 13%.
Total quarterly expenses reached $27.3 billion, climbing 12% and coming in ahead of what analysts had projected, according to Bloomberg. JPMorgan stock fell in premarket trading Tuesday.
Chairman and Chief Executive Officer Jamie Dimon said in a statement that each line of business performed well and highlighted $263 billion of client asset net inflows in Asset & Wealth Management. On the economic outlook, Dimon cautioned that "large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface."
JPMorgan's release came on the same morning as Goldman Sachs $GS Group, Wells Fargo $WFC, and Citigroup $C, while Bank of America $BAC and Morgan Stanley $MS were set to follow on Wednesday, according to CNBC.