JPM · 8-K · 20260714PR048086
Net Interest Income Trends
JPMORGAN CHASE & CO · 2026-07-14 · Importance 85 · Surprise 76 · No source text
JPMorgan reported 2Q26 net interest income (NII) of $25.6B and NII excluding Markets of $23.7B, with the quarter driven by higher deposit balances, higher revolving balances in Card Services and higher wholesale loan balances largely offset by the impact of lower rates. Management provided FY2026 guidance for NII of approximately $105.5B (market dependent) and NII excluding Markets of approximately $96.5B, indicating material sensitivity of full-year NII to market/interest rate movements. The firm attributes quarter-to-quarter NII dynamics to deposit and lending mix changes and expects near-term results to remain market dependent. This guidance and quarter metrics imply multi‑billion dollar exposure to rate movements over FY2026 and indicate the firm is actively managing asset/liability positioning across Card Services, wholesale lending and deposit balances.
Key facts
- Firm expects FY2026 net interest income excluding Markets of ~$96.5B, market dependent source
- 2Q26 Net interest income: $25.6B, change vs 1Q26 $0.1B and vs 2Q25 $2.3B source
- NII excluding Markets: $23.7B in 2Q26 source
- Corporate net interest income of $822mm in 2Q26, down $667mm YoY source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +4.6% | 2Q26 Net interest income: $25.6B, change vs 1Q26 $0.1B and vs 2Q25 $2.3B |
| revenue | negative | realized | -1.3% | Corporate net interest income of $822mm in 2Q26, down $667mm YoY |
| revenue | positive | realized | +0.2% | 2Q26 Net interest income: $25.6B, change vs 1Q26 $0.1B and vs 2Q25 $2.3B |
| revenue | positive | committed | — | Firm expects FY2026 net interest income excluding Markets of ~$96.5B, market dependent |
| revenue | positive | realized | — | NII excluding Markets: $23.7B in 2Q26 |