JPMorgan $JPM Chase on Tuesday reported second-quarter net income of $21.2 billion, or $7.70 per share, the highest quarterly profit in the bank's history, driven by a surge in stock-trading revenue and a $4.6 billion gain on its Visa $V Inc. stake.
Excluding those gains and $1.0 billion in gains on certain equity investments, net income was $16.9 billion, or $6.14 per share, with a return on tangible common equity of 23%, the company said. Total managed revenue rose 27% from a year earlier to $58.0 billion, with every line of business posting record revenue.
Equity Markets revenue jumped 86% year over year to $6.0 billion; combined with a 6% gain in Fixed Income, total Markets revenue reached $12.1 billion for the quarter, according to Bloomberg, topping the bank's prior quarterly trading record established at the start of 2026. Investment banking fees jumped 30% to $3.3 billion, the highest level since 2021, driven by strength across all products, with equity underwriting fees standing out.
Consumer and Community Banking revenue grew 8% to $20.3 billion, while the Asset and Wealth Management division posted revenue of $6.9 billion, up 19%, with assets under management reaching $5.1 trillion. The bank said nearly 44,000 first-time investors in its wealth management business set a new record in the quarter.
JPMorgan also revised its full-year net interest income outlook upward to roughly $105.5 billion, compared with the $103 billion guidance the bank had issued three months earlier, according to Bloomberg. For the quarter, net interest income came in at $25.6 billion, up 10%.
CEO Jamie Dimon said in a statement that the results reflected "a particularly favorable environment with an elevated level of market activity, as well as rigorous execution." He cited AI-related capital expenditure and government fiscal stimulus as tailwinds that have translated into broader business investment and job creation, and characterized the U.S. economy as displaying "notable resiliency."
At the same time, Dimon flagged an array of threats — among them geopolitical instability, persistent inflation, swelling sovereign debt loads, and stretched asset valuations — warning they were "shifting below the surface like tectonic plates," and said JPMorgan was positioning itself for a broad spectrum of outcomes.
Shares of JPMorgan were down more than 2% in Tuesday premarket trading.