JPMorgan’s Equity Markets Revenue Jumps 49% to $4.954 Billion
Key Facts
JPMorgan’s Equity Markets revenue jumped to $4.954 billion in the third quarter of 2026, up 49% from the same period a year earlier, according to the bank’s quarterly earnings supplement. The bank said in its earnings release that Markets revenue reached $10.3 billion, up 15% year over year. It attributed the increase primarily to higher Equity Markets revenue. Growth in the equities unit came despite lower revenue in Fixed Income Markets. The divergence highlights the extent to which the quarter’s Markets revenue growth depended on equities, with other units making varying contributions.
The bank said Equity Markets revenue was $5.0 billion, up 49%, driven by strong performance across products, particularly in Prime and derivatives. Growth was not limited to one product, as the bank described performance as strong across products. The figures show that Equity Markets gained while Fixed Income revenue contracted, making equities the biggest driver of the overall rise in Markets revenue. Fixed Income Markets revenue was $5.4 billion, down 4% from a year earlier. The bank attributed the decline to lower revenue in commodities, rates, credit and public finance.
Higher revenue in currencies and emerging markets offset much of the impact of declines in other Fixed Income businesses, according to the bank’s release. That means performance in the Fixed Income unit did not weaken evenly across all its businesses. Across Markets and Securities Services combined, revenue was $11.8 billion, up 13% year over year. That total includes Markets revenue of $10.3 billion alongside growth in securities-related services. Securities Services revenue rose to $1.6 billion, up 14% from the year-earlier period.
The bank said growth in Securities Services fees was supported by higher market levels and client activity. It also cited higher deposits and an increase in their average margin, both of which supported the unit’s revenue in the quarter. More broadly, revenue in the Corporate & Investment Bank rose to $22.7 billion, up 14% year over year. The division’s drivers also included investment banking fees, which reached $3.0 billion, up 14%. The bank attributed the increase mainly to higher advisory fees.
In the bank’s overall results, managed revenue rose to $50.9 billion, up 8% year over year, while net interest income climbed 13% to $27.1 billion. Net income was $15.3 billion in the third quarter, compared with $14.4 billion a year earlier, while earnings per share rose to $5.57 from $5.07. Still, the results fell short of analysts’ expectations, the Associated Press reported. The bank’s stock rose 0.2% in midday trading on Oct. 13, according to the news agency. The results included net losses of $658 million on investment securities.
Excluding Markets revenue, revenue not tied to the unit was $15.9 billion, up 7%, according to the earnings release. Growth in that revenue rose to 12% excluding the $658 million in losses on investment securities. In the Corporate & Investment Bank, noninterest expense increased to $10.8 billion, up 11%. The bank said higher brokerage costs and compensation were the main drivers of the increase. On the outlook, Chief Financial Officer Jeremy Barnum said the central case for 2027 net interest income, excluding Markets, was about $107 billion, and that the bank would update its estimate in the following quarter.
Chief Executive Jamie Dimon said the 2027 interest income estimate carries a greater-than-usual degree of uncertainty because of global developments. He added that “the U.S. economy has continued to benefit from strong business investment and consumer spending.” Dimon also cited a large fiscal deficit, persistent inflation, higher interest rates and geopolitical risks. These are among the factors the bank pointed to when discussing the uncertainty surrounding its interest income estimate. The bank is expected to review its central estimate for net interest income in the following quarter.