10-K · February 13, 2026
JPMorgan Chase positions itself as a global leader in banking and markets with a diversified business model across Consumer & Community Banking (CCB), Commercial & Investment Bank (CIB) and Asset & Wealth Management…
Earnings analysis · 10-Q
JPM earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
The provided 10-Q excerpt is largely procedural and does not include the consolidated income statement, balance sheet, cash-flow statement, segment results, or MD&A needed to assess quarterly operating trends. Capital…
Read full summary
The provided 10-Q excerpt is largely procedural and does not include the consolidated income statement, balance sheet, cash-flow statement, segment results, or MD&A needed to assess quarterly operating trends. Capital deployment was significant: JPMorgan repurchased 52,344,480 shares for $16.088 billion year to date and had $48.943 billion remaining under its $50 billion authorization at September 30, 2026. Controls were deemed effective, but the filing preserves the possibility of future control deficiencies and provides no substantive update to the prior risk-factor disclosures.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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New $50B buyback authorization
The Board authorized a new $50 billion common-share repurchase program effective July 1, 2026. The program had $48.943 billion remaining authorization at September 30, 2026.
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$16.1B of year-to-date repurchases
JPMorgan repurchased 52,344,480 shares during the nine months ended September 30, 2026, for an aggregate purchase price of $16.088 billion, excluding excise tax and commissions.
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Controls remained effective
The filing states that disclosure controls and procedures were effective as of September 30, 2026, and that no change in internal control over financial reporting materially affected or was reasonably likely to materially affect controls during the three months ended September 30, 2026.
What to watch
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Potential future control deficiencies
The filing notes that internal control systems have inherent limitations and may not prevent or detect all misstatements. It also states that deficiencies or lapses may occur and could result in significant deficiencies or material weaknesses in the future; the relevant disclosure cites Rule 13a-15(f).
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No detailed risk-factor update
The filing does not provide updated risk-factor language; it directs readers to pages 9–31 of JPMorgan's 2025 Form 10-K. This limits visibility into whether material risks have changed since the prior annual report.
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Uneven quarterly buyback activity
The firm repurchased 3,089,479 shares in the third quarter at an average price of $342.33 per share, while September repurchases were zero shares. The uneven pace of repurchases may create timing risk around capital deployment and share prices.
Management's outlook
No quantitative revenue or EPS guidance is included in the provided 10-Q excerpt. The filing refers to prior disclosures and does not provide a revised outlook.
Earlier filings 3
10-Q · November 4, 2025
JPMorgan Chase reported a strong Q3: total net revenue of $46.427 billion (up 9% YoY) and diluted EPS of $5.07 (up 16% YoY), producing net income of $14.393 billion (up 12% YoY). Revenue strength was driven by Markets…
10-Q · May 1, 2025
JPMorgan reported solid 1Q25 results with total net revenue of $45.31 billion (up 8% YoY) and diluted EPS of $5.07 (up 14% YoY). Revenue strength was driven by a 17% increase in noninterest revenue and 21% growth in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.