JPMorgan Q2 2026: $4.6B Visa Gain Powers 41% Profit Jump
JPMorganChase reported $21.2 billion of net income for the second quarter of 2026, up 41% — the largest quarterly profit in the firm's history, with revenue at a record in every line of business. But roughly $4.3 billion of that came from two items the bank will not repeat. A $4.6 billion net gain on a Visa share exchange and $1.0 billion of marks on equity investments together added $5.6 billion before tax. Strip them out and earnings grew closer to 12%, with the efficiency ratio essentially unchanged from a year ago. The more durable signal sits in the margin line: net interest income rose 10%, yet the net yield on earning assets fell, meaning the growth came from a bigger balance sheet rather than better pricing.
1. Consolidated Balance Sheet
The balance sheet crossed $5 trillion, expanding 13% in just six months. That is unusually fast for a bank of this size, and the composition explains why.
1-1. Selected assets
| Item | Dec 31, 2025 ($M) | Jun 30, 2026 ($M) | Change % |
|---|---|---|---|
| Cash and due from banks | 21,742 | 24,720 | +13.7 |
| Deposits with banks | 321,596 | 285,091 | -11.4 |
| Fed funds sold & resale agreements | 336,426 | 446,143 | +32.6 |
| Securities borrowed | 286,191 | 362,487 | +26.7 |
| Trading assets | 802,873 | 1,062,072 | +32.3 |
| Investment securities, net | 777,332 | 804,522 | +3.5 |
| Loans, net of allowance | 1,467,664 | 1,516,310 | +3.3 |
| Accrued interest & accounts receivable | 111,599 | 179,939 | +61.2 |
| Goodwill, MSRs & other intangibles | 64,458 | 64,304 | -0.2 |
| Total assets | 4,424,900 | 5,015,069 | +13.3 |
About three-quarters of the growth is trading and securities financing, not lending. Trading assets, resale agreements and securities borrowed together added roughly $445 billion. The filing attributes this to client-driven market-making in the Commercial & Investment Bank, plus a comparison against seasonally low year-end levels. Accrued interest and receivables jumped 61% for the same reason — prime brokerage activity.
