JPM · US
JPM.US JPMorgan: latest print still Q2 — IR set Q3 for Oct 13
JPMorgan Chase Largest US bank by mcap. No new 8-K P&L in this window; financials still Q2 SEC frames. IR (2026-09-17) set the Q3 call for **2026-10-13** 08:30 ET (~07:00 ET print). Watch NIM, credit costs, IB wallet, buybacks.
Cite a section with a deep link, e.g. /en/r/jpm-us-research#thesis
Snapshot
- Price
- USD 349.67
- Market cap
- USD 929.5B
- 2026-Q2 net revenue
- USD 57.3B
- PE TTM
- 15
As-of 2026-09-27 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
JPMorgan Chase (JPM) Largest US bank by mcap. Mix of NII, CIB fees/trading, and wealth. Edge is the balance sheet, USD clearing, and IB wallet. Watch NIM, credit costs, IB wallet, buybacks.
Business
Model: NII + CIB/markets + cards/wealth. Flagships: CIB, Chase consumer, AWM. Edge: GSIB clearing, USD funding, wallet share. Strategy: capital return, payments/wealth attach. Entity: JPMorgan Chase & Co. BHC.
Value chain
USD-finance midstream: depositors/wholesale funding upstream; corporates, institutions, consumers downstream. Granular retail, concentrated wholesale counterparties. Risks: USD liquidity, market infrastructure, capital/CCAR.
Corporate events
No new 8-K P&L in this window. The table only records the named Q3 calendar and the still-current Q2 print.
Corporate events
| Date | Phase | Event | Meaning |
|---|---|---|---|
| 2026-Q2 | 财报 | 最新正式打印仍为 Q2（SEC companyfacts 单季 frame） | 收入/净利图不停在未披露的 Q3 |
| 2026-10-13 | 日历 | Q3 FY26 出数 / 电话会（07:00 ET print / 08:30 ET call） | JPMorganChase IR, 2026-09-17 |
Valuation
Banks price off PB, CET1 and credit costs more than software PE. Gtimg TTM PE/PB only on the latest quarter; earlier multiples null without a sourced history.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| TTM PE | 15.0 | 腾讯财经行情；历史季为 null |
| PB | 2.63 | 腾讯财经行情；银行主锚之一 |
| 股息率 | N/A | 未接入分红公告同源序列 |
| 现价 / 市值 | 349.67 / $929.49B | 2026-09-18 16:05:15 |
Valuation · ~3y
Interactive chart available in the reader.
~3y quarterly closes (Sina US daily resampled to quarter-end; gaps are null):
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Net revenue RevenuesNetOfInterestExpense and net income NetIncomeLoss from SEC companyfacts CYyyyyQn frames (single-quarter). Banks have no gross margin; the margin chart is quarterly NI / net revenue.
Net revenue · last 8Q
Interactive chart available in the reader.
Net margin · last 8Q (NI / net revenue)
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
For banks, CET1, LCR and credit costs matter more than industrial net cash. OCF is noisy. Defer to 10-Q capital and ACL; auditor opinion on the latest 10-K.
Financial health
| Item | Read-through | Note |
|---|---|---|
| 财务健康总评 | 银行口径：看资本与信贷成本 | 非工业净现金框架 |
| 经营现金流 | 见最新 10-Q | 银行 OCF 含交易/营运资金，波动大 |
| 资本 / 有息负债 | CET1 与批发融资见 10-Q | GSIB/区域行资本规则不同 |
| 流动性 | LCR / 现金及准备金见 10-Q | 存款搬家与市场流动性 |
| 审计意见 | 以最新 10-K 为准 | 持续经营强调事项如有会在年报披露 |
Operations
Volume: avg loans/deposits, IB wallet; price: NIM; cost: credit provisions and efficiency ratio.
Key financial points
| Item | Value | As-of | Basis |
|---|---|---|---|
| 最新单季净营收 | $57.35B | 2026-Q2 | SEC RevenuesNetOfInterestExpense CYyyyyQn |
| 最新单季净利润 | $21.16B | 2026-Q2 | SEC NetIncomeLoss CYyyyyQn |
| 近四季度净营收合计 | $198.52B | LTM | 单季加总，未年化调整 |
| 现价 / 市值 | 349.67 / $929.49B | 2026-09-18 16:05:15 | 腾讯财经 gtimg |
| TTM PE / PB | 14.98 / 2.63 | 最新季一点 | 无历史同源序列则仅最新点 |
Competition
No sourced quarterly deposit/IB-wallet share series — share charts stay null. Qualitative peers:
Peer comparison
| Company | Position | Quality (qual.) | Strength | Weakness |
|---|---|---|---|---|
| JPMorgan | 全能旗舰 | 高 | 清算+IB 钱包 | GSIB 资本约束 |
| Bank of America | 消费+批发 | 中高 | 存款特许权 | IB 弱于 JPM |
| Goldman Sachs | 批发投行 | 中 | 机构客户 | 零售存款弱 |
| Morgan Stanley | 财富+IB | 中高 | 财富管理 | 资产负债表小于 JPM |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Jamie Dimon | 2005 | 24m 无实际控制人变更；长期在任 |
| CFO | Jeremy Barnum | 2021 | 稳定 |
| 董事长 | Jamie Dimon | 2006 | 两职合一 |
Stability: Stable franchise; key-person risk concentrated in a long-tenured CEO.
Outlook
Near-term: Q3 FY26 print scheduled 2026-10-13 (07:00 ET print / 08:30 ET call). This pack does not pre-fill an undisclosed P&L. Medium-term: the tracking items above.
Scenarios
| Case | Condition | Read-through |
|---|---|---|
| Bull | NIM / credit / fees beat last 4Q | Upside revision |
| Base | Rates and credit near recent trend | Hold / track |
| Bear | Credit or IB/wealth fees deteriorate | Reassess |
Risks
Risks
| Risk | Level | Note |
|---|---|---|
| 信贷成本上行 | 高 | 企业/信用卡/商业地产恶化会直接吃利润 |
| GSIB 资本与回购约束 | 中 | 附加资本提高会压低 ROE 与回购 |
| 市场与投行收入波动 | 中 | 发行/并购/交易量随风险偏好起伏 |
| 利率与存款搬家 | 中 | NIM 对政策利率与存款成本敏感 |
| 营运与合规事件 | 低 | 系统重要性机构的营运/制裁合规尾部风险 |
Tracking
Check the next 10-Q / earnings release for:
- Q3 FY26 print scheduled 2026-10-13 (07:00 ET print / 08:30 ET call; JPMorganChase IR, 2026-09-17) — pack financials still stop at Q2 SEC frames; do not extrapolate
- Quarterly NII and NIM (10-Q)
- Net charge-offs / ACL coverage
- CIB fees and trading YoY
- CET1 and buybacks/dividends
References
SEC companyfacts CIK 0000019617 — https://data.sec.gov/api/xbrl/companyfacts/CIK0000019617.json
Tencent Finance quotes (gtimg, 2026-09-18 16:05:15)
Sina US daily bars — https://finance.sina.com.cn/usstock/
CompaniesMarketCap bank ranking — https://companiesmarketcap.com/banks/largest-banks-by-market-cap/
JPMorganChase IR, 2026-09-17 — https://www.jpmorganchase.com/ir/news/2026/jpmc-to-host-third-quarter-2026-earnings-call
Not investment advice. Filings over quotes; PE/PB are point-in-time, not a historical multiple curve.
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