JPMorgan Chase
JPMorgan Chase & Co.
20 quarters tracked through Q1 2026
Key takeaways
- 01
The largest card book, running orderly.
JPMorgan's card receivables reached $205.9B in Q1 2026 with a net charge-off rate of 4.40% — down from 5.14% in Q3 2025. The scale leader is also among the cleanest credit performers.
- 02
Provision is falling, not building.
Card provision of $2.05B was down from $2.63B a year earlier. Where Capital One pre-positioned with a 44% provision spike, JPMorgan is letting reserves ease as losses improve — the opposite signal.
- 03
Earnings power is the story.
Card-segment net income of $4.98B on revenue of $19.57B, with $4.83B of fee income. JPMorgan's card franchise is a profit engine operating without credit stress.
- 04
The anti-Capital One.
Same prime-heavy card market, opposite Q1 2026 posture: JPM lets reserves run off into improving credit; COF built reserves against losses that haven't appeared.
Q1 2026 · Editorial brief · By the numbers
4.40%
Net charge-off rate
Down 74 bps from Q3 2025; among the lowest of the big banks.
$205.9B
Card receivables
The largest card book in the launch universe.
$4.98B
Card-segment net income
A profit engine; provision easing alongside.
$2.05B
Provision for credit losses
Down from $2.63B a year ago — the anti-COF signal.
Q1 2026 · Editorial brief
Scale Without Drama
JPMorgan Chase runs the biggest card book in Cardintel's coverage — $205.9B in receivables — and in Q1 2026 it ran it without drama. Net charge-off rate fell to 4.40%, provision eased to $2.05B from $2.63B a year earlier, and card-segment net income came in at $4.98B. In a quarter where Capital One spent reserves pre-positioning for losses that haven't materialized, JPMorgan did the reverse: let reserves ease into genuinely improving credit.
Same prime card market, opposite posture. COF braced. JPMorgan exhaled.
What the headline numbers say
JPMorgan's card net charge-off rate improved to 4.40% in Q1 2026 from 4.79% in Q4 2025 and a 5.14% local peak in Q3 2025. Card receivables grew to $205.9B. Card-segment revenue reached $19.57B with fee income of $4.83B and net income of $4.98B.
The provision line is the tell. At $2.05B, it is below the $2.63B JPMorgan booked in Q1 2025 and well below the $2.79B of a year before that. A bank that expected credit to worsen would be building reserve, not releasing it. JPMorgan is releasing.
What we'll be watching
The clean read invites one question — can it last?
1 · Provision direction
Continued easing confirms management's confidence. Any reversal to reserve-building would be the first sign JPM sees the cycle turning back.
2 · Growth-vs-losses
The book is growing while credit improves — the healthy combination. Watch that newer vintages don't quietly lift the NCO rate the way they may be doing at Wells Fargo.
JPMorgan's Q1 2026 is the benchmark for what a large prime card book looks like on the right side of the cycle. The contrast with Capital One is the most instructive pairing in the universe.
By the editors. Cardintel.
Cardintel
Issuer brief · Q1 2026
JPMorgan Chase
Scale Without Drama
24 pages · cardintel.co
Full report
Download the 24-page Q1 2026 brief
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Credit quality
Net charge-off rate
4.40%
-38 bps
Q1 2026, annualized
30+ day delinquency rate
0.44%
+3 bps
Q1 2026
Net interest margin
—
card segment NIM — sparse
Return on assets
—
consolidated, Q1 2026, annualized
Scale & earnings
Card receivables (EOP)
$205.9B
-4.5%
end of Q1 2026
Card net revenue
$19.6B
+0.5%
Q1 2026, card segment
Provision for credit losses
$2.1B
-19.2%
Q1 2026, card segment
Net charge-offs ($)
$2.3B
-7.5%
Q1 2026
Financial summary
P&L, balance sheet, and key drivers
Standardized issuer-summary format used across all coverage. Switch tabs to compare JPMorgan Chase against a peer; change the table quarter independently of the page anchor.
| Metric | JPMorgan Chase Q1 2026 | Prior Q Q4 2025 | Prior Y Q1 2025 | QoQ | YoY |
|---|---|---|---|---|---|
| Card net revenue | $19.6B | — | $18.3B | — | +6.9% |
| Provision for credit losses | $2.1B | — | $2.6B | — | −22.0% |
| Fee income (non-interest) | $4.8B | — | $4.2B | — | +15.8% |
| Net interest incomeSprint 8 — split out of card net revenue | — | — | — | — | — |
| Noninterest expenseSprint 8 — segment expense extraction | — | — | — | — | — |
| Pretax income | $6.5B | — | $5.8B | — | +12.2% |
| Net income | $5.0B | — | — | — | — |
Generated commentary
JPMorgan Chase's P&L in Q1 2026: provision for credit losses fell 19.2% to $2.1B vs Q3 2025; fee income (non-interest) rose 4.6% to $4.8B vs Q3 2025; pretax income fell 1.5% to $6.5B vs Q3 2025. Period-over-period changes flagged below; sparse rows compare against the metric's last reported period rather than the calendar prior quarter.
$ in cents (formatted as $B / $M / $). Rows marked “pending” are tracked and will populate as the corresponding ingestion lands. Source: SEC EDGAR 10-K / 10-Q segment data and FFIEC Call Reports.
Net charge-off rate — 5-year history
Net charge-off rate for JPMorgan Chase (solid) vs. the bank peer median (dashed) and 90th percentile (dotted). Use the controls above to overlay individual peers or a macroeconomic series on the right axis. Source: SEC 10-K/10-Q filings and FFIEC Call Reports; macro series via FRED.
Source: SEC EDGAR 10-Q filings + FFIEC Call Reports. Updated June 4, 2026.Methodology