JPM · 10-Q · 2026Q3 · Full report
Noninterest Revenue Drivers
JPMORGAN CHASE & CO · 2026-11-03 · Importance 53 · Surprise 48 · Matches filing data
Investment banking fees increased 23.8% to $9.026 billion for the first nine months of 2026 from $7.289 billion in 2025, including advisory fees of $3.504 billion versus $2.467 billion. Principal transactions revenue rose 7.5% to $23.510 billion, with equity instrument revenue up to $14.823 billion from $12.009 billion and foreign-exchange revenue up to $4.410 billion from $4.158 billion. Asset management fees increased 16.7% to $17.070 billion, including investment management fees of $16.745 billion versus $14.326 billion. Commissions and other fees grew 19.4% to $7.680 billion, while card income rose 7.2% to $3.966 billion, as interchange and merchant processing income of $29.214 billion was partly offset by $24.322 billion of rewards costs and partner payments.
Key facts
- Year-to-date noninterest revenue was $4.8 billion, compared with $999 million in the prior year. source
- For the nine months ended September 30, 2026, noninterest revenue excluding Markets was $53.825 billion versus $42.537 billion in 2025. source
- For the three months ended September 30, 2026, JPMorganChase reported noninterest revenue of $23.136 billion, compared with $22.461 billion in the 2025 period. source
- For the three months ended September 30, 2026, noninterest revenue excluding Markets was $15.861 billion versus $14.785 billion in 2025. source
- Principal transactions revenue was $6,516 million for the three months ended September 30, 2026, compared with $7,109 million in 2025; nine-month revenue was $23,510 million compared with $21,872 million. source
- Corporate noninterest revenue was a loss of $576 million, compared with revenue of $297 million in the prior year, predominantly driven by investment securities and equity investment results. source
- Total commissions and other fees were $2,584 million for the three months ended September 30, 2026, compared with $2,204 million in 2025; nine-month fees were $7,680 million compared with $6,431 million. source
- Third-quarter 2026 commissions and other fees increased in CIB and AWM, predominantly due to higher brokerage commissions on higher volume and, to a lesser extent, higher custody fees from higher market levels and client activity. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +22.5% | For the nine months ended September 30, 2026, noninterest revenue excluding Markets was $53.825 billion versus $42.537 billion in 2025. |
| revenue | positive | realized | +2.1% | For the three months ended September 30, 2026, noninterest revenue excluding Markets was $15.861 billion versus $14.785 billion in 2025. |