JPM · 10-Q · 2026Q2 · Full report
Noninterest Revenue Drivers
JPMORGAN CHASE & CO · 2026-08-06 · Importance 59 · Surprise 48 · No source text
Investment banking fees increased 28% to $3.208 billion in the second quarter of 2026 from $2.499 billion, and increased 30% to $6.066 billion for the first six months. Principal transactions revenue rose 26% to $9.007 billion in the second quarter and 15% to $16.994 billion for the six months, with equity revenue increasing to $5.984 billion and $10.043 billion, respectively. Asset management fees increased 18% to $5.658 billion in the second quarter and 18% to $11.173 billion for the six months, while commissions and other fees increased 19% to $2.614 billion and 21% to $5.096 billion. Other income included a $4.509 billion initial gain from the Visa share exchange and $1.026 billion of gains on certain equity investments in the second quarter and first six months of 2026.
Key facts
- Corporate included a $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments in the period (three months ended June 30, 2026). source
- Initial gain on the Visa share exchange recognized May 11, 2026: $4,509 million recorded in other income. source
- Noninterest revenue for the three months ended June 30, 2026: $31,836 million, versus $21,703 million in the prior-year period source
- Other income for the three months ended June 30, 2026 included operating lease income of $1.2 billion (Q2 2026) and $901 million (Q2 2025) source
- Total noninterest revenue (reported) for the three months ended June 30, 2026: $31,836 million. source
- Commissions and other fees were $2,614 million for the three months ended June 30, 2026 and $2,194 million for the three months ended June 30, 2025. source
- Gains on certain equity investments in the second quarter of 2026: $1.0 billion total, consisting of $763 million in Corporate and $263 million in CIB source
- Lending- and deposit-related fees were $2,511 million for the three months ended June 30, 2026 and $2,248 million for the three months ended June 30, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +17.7% | Noninterest revenue for the three months ended June 30, 2026: $31,836 million, versus $21,703 million in the prior-year period |
| revenue | positive | realized | +7.9% | Initial gain on the Visa share exchange recognized May 11, 2026: $4,509 million recorded in other income. |
| net_income | positive | realized | +1.3% | Corporate included a $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments in the period… |
| revenue | positive | realized | +0.5% | Other income for the three months ended June 30, 2026 included operating lease income of $1.2 billion (Q2 2026) and $901 million (Q2 2025) |
| revenue | positive | realized | — | Total noninterest revenue (reported) for the three months ended June 30, 2026: $31,836 million. |