JPM · 8-K · 20261013PR065616
Net Interest Income Guidance
JPMORGAN CHASE & CO · 2026-10-13 · Importance 75 · Surprise 60 · No source text
JPMorgan projected fourth-quarter 2026 net interest income excluding Markets of approximately $25.5 billion. The implied full-year 2026 net interest income excluding Markets was approximately $97.2 billion, while total net interest income was approximately $106.2 billion. The preliminary 2027 central case showed approximately $107 billion of net interest income excluding Markets. The outlook attributes growth to balance-sheet expansion and higher rates and assumes a Card Services net charge-off rate of approximately 3.2% for 2026.
Key facts
- 3Q26YTD Net interest income excluding Markets was $71.7B with a 4Q outlook of ~$25.5B and FY26 implied ~$97.2B source
- 3Q26YTD Net interest income was $78.2B with a 4Q outlook of ~$28B and FY26 implied ~$106.2B source
- NII excluding Markets for 3Q26 was $24.7B, up 6% YoY, driven by higher deposit balances, higher balances in Card Services and higher wholesale loan balances, partially offset by the impact of lower rates source
- Corporate net interest income was $669mm, down $737mm YoY source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +2.6% | NII excluding Markets for 3Q26 was $24.7B, up 6% YoY, driven by higher deposit balances, higher balances in Card Services and higher… |
| revenue | positive | probable | — | 3Q26YTD Net interest income excluding Markets was $71.7B with a 4Q outlook of ~$25.5B and FY26 implied ~$97.2B |
| revenue | positive | probable | — | 3Q26YTD Net interest income was $78.2B with a 4Q outlook of ~$28B and FY26 implied ~$106.2B |