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Home/Markets & Investing/S&P 500 EARNINGS BEAT MISS

JPMorgan’s Profit Surge Driven by Trading Boom and Higher Interest Income

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Hayden Hawthorne

S&P 500 earnings beat miss · Apr 15, 2026

JPMorgan’s Profit Surge Driven by Trading Boom and Higher Interest Income

Source: DojiDoji Data Terminal

JPMorgan’s profit surged in the first quarter of 2026, delivering $5.94 per share — a 17.2% increase from the year-ago period and well above analyst expectations. The $16.5 billion in net income, up 13% year over year, was powered by two dominant forces: a record-breaking performance in trading markets and sustained growth in net interest income.

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Citigroup's first quarter earnings per share of $3.06 exceeded analyst estimates of $2.63 by $0.43. The bank reported first quarter revenue of $24.6B, topping the consensus estimate of $23.51B by $1.09B.

Markets revenue hit $11.6 billion, a 20% rise, with Fixed Income Markets generating $7.1 billion and Equity Markets $4.5 billion. That strength flowed from heightened client activity and gains across commodities, credit, and securitized products. Investment banking followed closely, with revenue up 38% to $3.14 billion and fees rising 28% to $2.88 billion, led by advisory and equity underwriting.

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U.S. Bancorp's Capital Markets Expansion leverages high volatility to drive revenue

U.S. Bancorp's Common Equity Tier 1 capital ratio will decrease by 12 basis points at the closing of its $1 billion acquisition of BTIG, LLC. The bank is adding institutional equity sales and trading, equity capital markets, and electronic trading, and mergers and acquisitions advisory to its existing offerings. This expansion into capital markets is occurring as equity market volatility remains high across asset classes including commodities, bonds and foreign exchange. High volatility aided capital markets revenue growth in the first quarter, with the Zacks Consensus Estimate for those revenues pegged at $428.1 million, a 12.1% increase from the year-ago quarter. This growth is supported by the Federal Reserve keeping interest rates unchanged in the first quarter of 2026, which stabilized funding and deposit costs and supported net interest income growth. Net interest income is estimated at $4.28 billion. The acquisition of BTIG, LLC will have a minimal impact on earnings per share in 2026.

Net interest income climbed 9% to $25.37 billion, fueled by an 11% expansion in average loans to $1.5 trillion and a 7% increase in deposits to $2.6 trillion. Even as rate declines pressured some interest income, higher deposit balances and rising revolving balances in Card Services preserved growth.

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Wholesale Inflation Hits Three-Year High as Energy Costs Surge

Small businesses must decide whether to absorb higher oil prices or pass those costs to their customers. The Producer Price Index (PPI) for March reached +4.0% year over year on final demand, the highest level since February 2023. Diesel fuel prices gained +42% in March, driven by the Iran war and the potential closure of the Strait of Hormuz. This pressure on wholesale costs is reflected in the Small-Business Optimism Index, which fell to 95.8, its lowest print since April of last year.

The Commercial & Investment Bank delivered $9.04 billion in net income, a 30% jump, becoming the primary engine of earnings. Consumer & Community Banking contributed $5 billion, up 12%, supported by a 9% increase in card and debit sales volume to $487.6 billion. Asset & Wealth Management posted $1.78 billion in net income on $7.1 trillion in client assets.

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FB Financial shares drop 4.45% as revenue miss outweighs earnings beat

FB Financial shares fell 4.45% in premarket trading to $53.50 after the company missed revenue expectations. The company reported first-quarter 2026 revenue of $172.34 million, failing to meet the forecast of $175.42 million. This shortfall overshadowed an adjusted earnings per share of $1.12, which surpassed the $1.10 forecast.

Expenses climbed 14% to $26.85 billion, with compensation accounting for $15.34 billion. Credit costs remained contained: the provision for credit losses was $2.51 billion, and net charge-offs held at $2.3 billion. A modest $191 million net reserve build reflected cautious optimism.

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Wholesale Inflation Hits Three-Year High as Diesel Costs Spike

Small businesses must either absorb higher operational costs or pass them to their customers. This pressure stems from a Producer Price Index (PPI) for March that reached +4.0% year over year, the highest level since February 2023. The spike is driven in part by diesel fuel prices, which gained +42% in March. As wholesale prices for final demand increase, the cost of doing business rises for the smaller firms that lack the capacity of larger corporations to absorb these expenses.

JPMorgan returned $12.2 billion to shareholders through $4.1 billion in dividends and $8.1 billion in share repurchases. Management adjusted its full-year 2026 NII forecast down to $103 billion from $104.5 billion, with net interest income excluding Markets expected near $95 billion. The Card Services net charge-off rate is projected at 3.4%.

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First-time homebuyers in Southeast Texas face rising flood and windstorm insurance costs

Monthly mortgage payments for homebuyers in Southeast Texas increase as flood insurance costs have risen over the last decade. This cost is part of a total monthly payment that includes principal, interest, taxes, and insurance. In coastal areas of the region, buyers must also account for windstorm coverage. Tish Cornell of CommonCents Credit Union says the debt-to-income ratio for buyers should remain under 40%.

S&P 500 earnings beat miss

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