JPMorgan Chase (JPM) reported second-quarter net income of $21.2 billion, or $7.70 per share, the highest quarterly profit in the bank’s history.
The blowout results were fueled by a surge in stock-trading revenue and a $4.6 billion gain on the bank’s Visa (V) stake.
Excluding those one-time gains and $1.0 billion in gains on certain equity investments, net income came in at $16.9 billion, or $6.14 per share.
The nation’s largest bank by assets posted earnings of $6.14 per share on an adjusted basis, topping analyst expectations of $5.59 per share.
Revenue in every line of the bank’s business reached record levels during the quarter, including its markets division, where revenue surged 35% year over year.
Equity markets revenue alone jumped 86% from a year earlier to $6.0 billion, helping push total markets revenue to $12.1 billion, surpassing the bank’s previous quarterly trading record set at the start of 2026.
Investment banking fees climbed 30% to $3.3 billion, the highest level since 2021, with equity underwriting fees standing out as a particular bright spot across the division.
The equity underwriting unit, which handles initial public offerings and follow-on stock sales, saw revenue jump 78% to $829 million during the quarter.
Total managed revenue rose 27% from a year earlier to $58.0 billion, with Consumer and Community Banking revenue growing 8% to $20.3 billion.
The Asset and Wealth Management division posted revenue of $6.9 billion, up 19%, with assets under management reaching $5.1 trillion for the period.
Nearly 44,000 first-time investors joined the bank’s wealth management business during the quarter, setting a new record for the unit.
Net interest income, excluding markets, rose 4% year over year to $23.7 billion, while average loans climbed 10% over the same period.
JPMorgan revised its full-year net interest income outlook upward to roughly $105.5 billion, compared with the $103 billion guidance the bank issued three months earlier.
CEO Jamie Dimon flagged geopolitical instability, persistent inflation, swelling sovereign debt loads, and stretched asset valuations as threats “shifting below the surface like tectonic plates,” warning the bank was preparing for a broad range of outcomes.
When asked about the current banking environment during a Tuesday analyst call, Dimon said: “It’s getting close to as good as it gets.”
Goldman Sachs (GS) and Bank of America (BAC) also posted strong second-quarter results, with Goldman earning $6.6 billion, or $20.98 per share, on $20.3 billion in revenue.
Bank of America’s profit rose to $9.1 billion in the April-June period, representing a 27% increase from a year ago.
Despite the historic results, JPMorgan shares slipped 2.4% before the opening bell following the earnings release.
