JPM · 10-Q · 2026Q1 · Full report

Guidance / Outlook

JPMORGAN CHASE & CO · 2026-05-01 · Importance 75 · Surprise 60 · In source text

On April 14, 2026 the Firm provided full‑year 2026 outlook metrics that are market‑dependent: management expects net interest income of approximately $103 billion and net interest income excluding Markets of approximately $95 billion. Management also expects adjusted expense of approximately $105 billion and expects the Card Services net charge‑off rate to be approximately 3.4% for 2026. The Firm emphasized the outlook is conditioned on global and U.S. economic activity, financial market conditions, geopolitical and regulatory developments and client behavior. These forward‑looking metrics were provided in connection with the quarter ended March 31, 2026 and are flagged as market‑dependent.

Key facts

• Management expects full-year 2026 net interest income of approximately $103 billion and net interest income excluding Markets of approximately $95 billion, market dependent source
• Management expects full-year 2026 adjusted expense of approximately $105 billion, market dependent source
• Management expects the net charge-off rate in Card Services for full-year 2026 to be approximately 3.4% source
• Central case assumption at March 31, 2026: U.S. unemployment rate 4.3% for 2Q26, 4.2% for 4Q26, and 4.0% for 2Q27; YoY growth in U.S. real GDP 2.9% for 2Q26, 1.9% for 4Q26, and 1.9% for 2Q27. source

Impact estimates