Global financial services giant JPMorgan Chase (NYSE: JPM) fell short of the market’s revenue expectations in Q3 2026, but sales rose 6.5% year on year to $50.17 billion. Its GAAP profit of $5.57 per share was 5.8% below analysts’ consensus estimates.
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JPMorgan Chase (JPM) Q3 2026 Highlights:
- Net Interest Income: $27.04 billion vs analyst estimates of $26.85 billion (12.8% year-on-year growth, 0.7% beat)
- Revenue: $50.17 billion vs analyst estimates of $51.68 billion (6.5% year-on-year growth, 2.9% miss)
- EPS (GAAP): $5.57 vs analyst expectations of $5.91 (5.8% miss)
- Tangible Book Value per Share: $112.64 vs analyst estimates of $115.30 (7.7% year-on-year growth, 2.3% miss)
- Market Capitalization: $888.6 billion
Company Overview
Tracing its roots back to 1799 when its earliest predecessor was founded by Aaron Burr, JPMorgan Chase (NYSE: JPM) is a leading financial services company offering investment banking, consumer banking, commercial banking, and asset management services globally.
Sales Growth
From lending activities to service fees, most banks build their revenue model around two income sources. Interest rate spreads between loans and deposits create the first stream, with the second coming from charges on everything from basic bank accounts to complex investment banking transactions. Over the last five years, JPMorgan Chase grew its revenue at a decent 10.9% compounded annual growth rate. Its growth was slightly above the average banking company and shows its offerings resonate with customers.
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. JPMorgan Chase’s recent performance shows its demand has slowed as its annualized revenue growth of 7.8% over the last two years was below its five-year trend. We’re wary when companies in the sector see decelerations in revenue growth, as it could signal changing consumer tastes aided by low switching costs. 
Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, JPMorgan Chase’s revenue grew by 6.5% year on year to $50.17 billion, missing Wall Street’s estimates.
Net interest income made up 51.3% of the company’s total revenue during the last five years, meaning JPMorgan Chase’s growth drivers strike a balance between lending and non-lending activities.
Our experience and research show the market cares primarily about a bank’s net interest income growth as non-interest income is considered a lower-quality and non-recurring revenue source.
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Tangible Book Value Per Share (TBVPS)
Banks are balance sheet-driven businesses because they generate earnings primarily through borrowing and lending. They’re also valued based on their balance sheet strength and ability to compound book value (another name for shareholders’ equity) over time.
Because of this, tangible book value per share (TBVPS) emerges as the critical performance benchmark. By excluding intangible assets with uncertain liquidation values, this metric captures real, liquid net worth per share. Other (and more commonly known) per-share metrics like EPS can sometimes be murky due to M&A or accounting rules allowing for loan losses to be spread out.
JPMorgan Chase’s TBVPS grew at an incredible 10.3% annual clip over the last five years. However, TBVPS growth has recently decelerated a bit to 8.7% annual growth over the last two years (from $95.36 to $112.64 per share).
Over the next 12 months, Consensus estimates call for JPMorgan Chase’s TBVPS to grow by 11% to $125.06, mediocre growth rate.
Key Takeaways from JPMorgan Chase’s Q3 Results
It was good to see JPMorgan Chase narrowly top analysts’ net interest income expectations this quarter. On the other hand, its revenue missed and its EPS fell short of Wall Street’s estimates. Overall, this was a weaker quarter. The stock traded down 3.9% to $321.32 immediately following the results.
JPMorgan Chase didn’t show its best hand this quarter, but does that create an opportunity to buy the stock right now? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here (it’s free).
