JPMorgan Chase delivered a rare miss on both the top and bottom lines for the third quarter of 2026, reporting earnings per share of $5.57 against a $5.90 consensus estimate and managed net revenue of $50.91 billion versus the $51.22 billion analysts had expected, according to CNBC. Shares were down about 3.5% in premarket trading following the release.
The headline numbers
The shortfall was logged, with slight variation, by a second outlet. Newsquawk put JPMorgan's EPS at $5.57 against a $5.93 expectation and revenue at $50.2 billion versus a $51.23 billion forecast, figures that differ modestly from CNBC's but point to the same conclusion: both earnings and revenue landed below Wall Street's bar. A regulatory filing cited by StockTitan put total managed net revenue at $50,907 million for the quarter, broadly consistent with CNBC's figure.
CNBC also reported that the miss was not simply a function of one-time items. Even excluding $658 million in net securities losses, EPS would have come in at $5.75, still short of the $5.90 consensus of analysts surveyed by LSEG. Interpretation: that detail suggests the shortfall was not attributable to a single securities charge alone.
Where the pressure showed up
CEO Jamie Dimon's written remarks offered limited explanation for the shortfall, according to CNBC, with Dimon saying the bank "reported another quarter of strong results." In the firm's Wall Street division, he noted that trading and investment banking activity "did moderate somewhat during the quarter." Dimon also flagged a pullback in capital returns, saying that "in line with our hierarchy, we reduced share repurchases this quarter," after describing a capital hierarchy that places investing in the franchise and supporting clients at the top. Figures in the regulatory filing cited by StockTitan show third-quarter Commercial & Investment Bank revenue of $5,366 million in Fixed Income Markets and $4,954 million in Equity Markets, with investment banking fees of $3,005 million and total Markets & Securities Services revenue of $11,776 million.
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- CNBC Top News: Bank earnings October 2026: Live updates · accessed Oct 13, 2026
- StockTitan: JPMorgan Chase Q3 2026 earnings reach $15.3B · accessed Oct 13, 2026
- Newsquawk: JPMorgan Chase & Co. (JPM) Q3 2026 (USD): EPS 5.57 (exp. 5.93), Revenue 50.2bln (exp. 51.23bln) · accessed Oct 13, 2026
- JPMorgan Chase: JPMorganChase to Host Third-Quarter 2026 Earnings Call · accessed Oct 12, 2026
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