JPM · 10-Q · 2026Q2 · Full report

Interest Rate Environment

JPMORGAN CHASE & CO · 2026-08-06 · Importance 54 · Surprise 40 · In source text

Lower interest rates partially offset JPMorganChase’s second-quarter 2026 net interest income growth. Net interest income increased to $25.5 billion, up 10% year over year, driven by higher Markets net interest income, deposits, Card Services revolving balances and wholesale loans. Average interest-earning assets were $4.3 trillion, while the yield declined 29 basis points to 4.75%; net yield excluding Markets declined 6 basis points to 3.65%. Management’s full-year 2026 net interest income outlook is approximately $105.5 billion, including approximately $96.5 billion excluding Markets, and remains market dependent.

Key facts

• The Firm’s average interest-earning assets were $4.3 trillion for the three months ended June 30, 2026, up $442 billion, with a yield of 4.75% (down 29 bps) and net yield on these assets on an FTE basis of 2.40% (down 3 bps) source
• Interest income — three months ended June 30, 2026: Total interest income $50,624 million; Interest income on Loans $24,541 million; Taxable securities $7,206 million; Trading assets - debt instruments $7,445 million; Federal funds sold and securities purchased under resale agreements $4,220 million. source
• Interest expense — three months ended June 30, 2026: Total interest expense $25,113 million; Interest-bearing deposits $10,761 million; Federal funds purchased and securities loaned or sold under repurchase agreements $6,676 million; Long-term debt $4,468 million. source
• Net yield on average interest-earning assets – managed basis for the three months ended June 30, 2026: 2.40%. source
• Net yield on average interest-earning assets excluding Markets for the three months ended June 30, 2026: 3.65%. source

Impact estimates