JPMorgan Chase reported its highest quarterly profit on record on 14 July 2026, with equities trading revenue reaching $6.03 billion in Q2 2026, representing an 86% increase year-over-year. The bank also recorded record total revenue for the quarter, and results exceeded profit expectations by the widest margin in five years, according to reporting cited on 15 July 2026 [Brief - 2026-07-15]. The announcement coincided with broader bank earnings activity, including Citigroup reporting Q2 equities trading revenue of $2.3 billion, a 45% year-over-year increase [Brief - 2026-07-15]. JPM shares fell following the JPMorgan announcement despite the record figures [Brief - 2026-07-15].
On a trailing twelve-month basis, JPMorgan Chase recorded revenue of approximately $182.4 billion and net income of $58.9 billion, reflecting a net margin of 32.3%. Revenue grew 4.9% year-over-year, while EPS grew 17.2% year-over-year. The company held $312.1 billion in cash against total debt of $337.977 billion. The P/E ratio stood at 16.33, with a market capitalisation of approximately $919.7 billion [SEC 10-Q - JPM - 2014-09-30].
Insider activity over the past 30 days consisted of five transactions with a net direction of selling, totalling a net disposal value of approximately $1.81 million [SEC Form 4 - JPM - 2026-07]. On the institutional side, Millennium reduced its JPM position by 11%, while AQR Capital added 16% to its position, and Soros Fund Management substantially increased its position during the most recent reporting period [SEC 13F - Millennium - Q2 2026; SEC 13F - AQR Capital - Q2 2026; SEC 13F - Soros Fund Mgmt - Q2 2026]. These diverging moves among institutional holders represent the material position changes that prompted this report.
The macroeconomic backdrop included a 10-year US Treasury yield of 4.57% and a 2-year yield of 4.16%, producing a normal yield curve spread of 41 basis points [FRED DGS10; FRED DGS2]. Separately, geopolitical tensions centred on the Strait of Hormuz contributed to elevated oil prices in mid-July 2026, with Brent crude rising above $86 per barrel following reported Iranian attacks on UAE tankers and US military strikes against Iranian targets [Brief - 2026-07-14; Brief - 2026-07-13].