JPMorgan Chase reported the highest quarterly profit ever by a US bank on Tuesday, with second-quarter net income soaring 41% to $21.2 billion, or $7.70 per share. The results easily surpassed analyst estimates of $5.64 per share and were fueled by a surge in trading revenue and a revival in investment banking activity.
Total revenue climbed 28% to $57 billion (or $58.02 billion according to one source), up 27% from a year earlier. Excluding a one-time $4.6 billion gain from the sale of Visa shares and other special items, adjusted earnings still came in at $6.14 per share, beating the $5.59 consensus.
The bank’s trading desks delivered standout performances, with total markets revenue rising 35% to $12.1 billion. Equity trading revenue nearly doubled to $6 billion, while fixed-income trading generated $6.1 billion, up 6%. Investment banking fees jumped 30% to $3.3 billion, as global dealmaking volumes topped $3 trillion in the first half of 2026. JPMorgan played a key role in landmark transactions, including SpaceX’s record-breaking IPO and Alphabet’s $85 billion equity offering.
CEO Jamie Dimon described the environment as “particularly favorable” and highlighted resilient US economic growth supported by AI investment, fiscal stimulus, and deregulation. However, he also warned of mounting risks. “Several risks are shifting below the surface like tectonic plates, including geopolitical tensions, sticky inflation, large fiscal deficits and elevated asset prices,” Dimon said.
Despite the blowout earnings, JPMorgan shares fell over 2.5% in premarket trading after the bank raised its full-year expense forecast to $107.5 billion from $105 billion. Year-to-date, the stock is up 2.8%, trailing the S&P 500’s 9.6% gain.
