JPM · 10-Q · 2026Q3 · Full report
Guidance / Outlook
JPMORGAN CHASE & CO · 2026-11-03 · Importance 75 · Surprise 60 · In source text
On October 13, 2026, management provided fourth-quarter and full-year 2026 outlook. For the fourth quarter, it expects net interest income of approximately $28 billion, including approximately $25.5 billion excluding Markets, and adjusted expense of approximately $27.5 billion; both estimates are market dependent. For full-year 2026, it expects net interest income of approximately $106.2 billion, including approximately $97.2 billion excluding Markets, and adjusted expense of approximately $108.6 billion, also market dependent. Management expects a Card Services net charge-off rate of approximately 3.2% for full-year 2026.
Key facts
- For fourth-quarter 2026, management expects net interest income of approximately $28 billion and net interest income excluding Markets of approximately $25.5 billion, market dependent. source
- For fourth-quarter 2026, management expects adjusted expense of approximately $27.5 billion, market dependent. source
- For full-year 2026, management expects net interest income of approximately $106.2 billion and net interest income excluding Markets of approximately $97.2 billion, market dependent. source
- For full-year 2026, management expects adjusted expense of approximately $108.6 billion, market dependent. source
- Over the next 12 months, the Firm expects approximately $2.6 billion after-tax of net cash flow hedge losses recorded in AOCI at September 30, 2026 to be recognized in income. source
- For full-year 2026, management expects the Card Services net charge-off rate to be approximately 3.2%. source
- Chase Europe launched in Germany in May 2026. source
- For terminated cash flow hedges, the maximum period over which derivative results recorded in AOCI will be recognized in earnings is approximately ten years. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | negative | committed | -4.4% | Over the next 12 months, the Firm expects approximately $2.6 billion after-tax of net cash flow hedge losses recorded in AOCI at September… |
| revenue | unclear | committed | — | For full-year 2026, management expects net interest income of approximately $106.2 billion and net interest income excluding Markets of… |
| operating_income | negative | committed | — | For full-year 2026, management expects adjusted expense of approximately $108.6 billion, market dependent. |