JPM · 10-Q · 2026Q3 · Full report
Significant Investment Gains
JPMORGAN CHASE & CO · 2026-11-03 · Importance 52 · Surprise 42 · In source text
JPMorgan Chase recognized a $4.509 billion initial gain on the Visa share exchange in the first nine months of 2026; no such gain was recorded in the third quarter. Second-quarter 2026 results also included $1.0 billion of gains on certain equity investments, from a measurement-alternative markup and initial gains on transition of certain investments to recurring fair value. These items materially contributed to reported noninterest revenue for the periods in which they were recognized.
Key facts
- In the second quarter of 2026, Corporate recorded a $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments. source
- Second-quarter 2026 results included $1.0 billion of gains on certain equity investments: $763 million in Corporate and $263 million in CIB. source
- JPMorgan Chase & Co.'s cumulative upward carrying value changes for equity securities without readily determinable fair values were $2.3 billion from January 1, 2018 through September 30, 2026. source
- JPMorgan Chase & Co.'s cumulative downward carrying value changes and impairment for equity securities without readily determinable fair values were $1.5 billion from January 1, 2018 through September 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +1.5% | In the second quarter of 2026, Corporate recorded a $4.6 billion net gain related to Visa shares and $763 million of gains on certain… |