Key facts
- JPMorgan Chase reported second-quarter net income of $21.2 billion, or $7.70 a share.
- Core profit, excluding one-time items, was $16.9 billion, or $6.14 a share.
- Jamie Dimon warned of risks 'shifting below the surface like tectonic plates'.
- The bank recorded a $4.6 billion gain on its Visa stake.
JPMorgan Chase reported an earnings miss for the second quarter of 2026, with CEO Jamie Dimon cautioning about underlying economic risks. Despite the miss, the bank posted strong core profits, benefiting from a $4.6 billion gain on its Visa stake. Dimon described risks as 'shifting below the surface like tectonic plates,' citing geopolitical wars, sticky inflation, and global fiscal deficits.
Core profit, excluding one-time items, was $16.9 billion, or $6.14 a share, which was above Wall Street's estimate of $5.80 a share. However, the headline net income of $21.2 billion, or $7.70 a share, fell short of expectations. Dimon noted that markets were "getting close to as good as it gets" and expressed uncertainty about how long the current favorable conditions would last.
Rival Goldman Sachs reported a larger beat, with diluted earnings per share of $20.98, up 92% year-over-year, and revenue of $20.34 billion, up 39%. Goldman CEO David Solomon stated that SpaceX's IPO was "immaterial" to the bank's earnings. Both banks played a role in SpaceX's IPO.
The earnings reports come as markets are on edge. Oil prices surged, with Brent crude climbing above $87 a barrel, after President Trump announced the U.S. was reinstating a blockade on Iranian shipping through the Strait of Hormuz. However, inflation slowed to 3.5%, offering some relief ahead of a Federal Reserve decision.