JPMorgan Chase reduced common share repurchases to $1.057 billion in Q3 2026, down 84.2% from Q2 and 87.3% from a year earlier. All 3.09 million shares were acquired in July; none were repurchased in August or September. The slowdown came as a new $50 billion authorization took effect, but CEO Jamie Dimon linked the lower pace to priorities for deploying capital into the franchise and clients—not to a lack of authorization. Meanwhile, reported net revenue increased 8.1% to $50.2 billion and net income rose 6.3% to $15.3 billion. 202 1
JPMorgan Chase & Co. (NYSE: JPM) · Q3 ended September 30, 2026 · Earnings released October 13, 2026 · Form 10-Q filed November 3, 2026 · USD
Key figures: Q3 2026 versus Q3 2025
Metric | Q3 2026 | Q3 2025 | YoY |
|---|---|---|---|
Net revenue, reported ($m) | 50,172 | 46,427 | +8.1% |
Noninterest expense ($m) | 27,295 | 24,281 | +12.4% |
Provision for credit losses ($m) | 2,743 | 3,403 | −19.4% |
Net income, reported ($m) | 15,305 | 14,393 | +6.3% |
Diluted EPS ($) | 5.57 | 5.07 | +9.9% |
Return on equity (ROE) | 17% | 17% | Unchanged |
Return on tangible common equity (ROTCE) | 20% | 20% | Unchanged |
Common share repurchases, gross ($m) | 1,057 | 8,315 | −87.3% |
Source: JPMorgan's Q3 2026 earnings release and Form 10-Q. Percentage changes are calculated from reported values. ROTCE is a non-GAAP measure defined by the bank. Gross repurchases exclude excise tax and commissions. 1 202
Revenue and earnings improved year over year even as buybacks contracted. Expenses grew faster than revenue, while the provision for credit losses declined. The quarter included $658 million in net investment securities losses in Corporate; excluding this significant item, JPMorgan reported net income of approximately $15.8 billion and diluted EPS of $5.75. Those adjusted figures should not be confused with reported GAAP net income of $15.305 billion and EPS of $5.57. 1
Repurchases stopped after July
The 10-Q's Item 2 repurchase schedule confirms that JPMorgan bought 3,089,479 shares in July at an average $342.33 each, for an aggregate $1.057 billion. There were no common share repurchases under the program in August or September. Quarterly gross purchases fell by $5.646 billion from Q2 2026; the year-earlier Q3 total was $8.315 billion. 202
Period | Shares repurchased | Gross cost ($m) | Average price ($) |
|---|---|---|---|
Q1 2026 | 27,508,883 | 8,328 | 302.75 |
Q2 2026 | 21,746,118 | 6,703 | 308.21 |
Q3 2026 | 3,089,479 | 1,057 | 342.33 |
January–September 2026 | 52,344,480 | 16,088 | 307.36 |
Source: Form 10-Q, Part II, Item 2, pp. 202–203. The average prices and aggregate costs exclude excise tax and commissions; 9M average is the reported weighted average. 202
Approximately 93.4% of the nine-month dollar value was repurchased in the first half. July's $342.33 average price was above the Q1 and Q2 quarterly averages, but neither the filing nor the earnings release attributes the August–September pause specifically to the share price. The bank's earnings release separately shows $664 million in net common stock repurchases, a different measure from the $1.057 billion gross program purchases in the 10-Q. The two figures should not be presented as interchangeable. 1 202
Why management reduced the buyback pace
In the October 13 earnings release, CEO Jamie Dimon explained that investing in the business and supporting clients rank first in JPMorgan's capital allocation hierarchy. He explicitly said the bank had reduced share repurchases in the quarter and believed it could deploy the retained capital over time at attractive shareholder returns. This provides management's strategic rationale for the lower quarterly repurchase pace, although it does not identify a separate reason for buying no shares in August or September. 1
The 10-Q adds that repurchases are discretionary, without fixed price targets or timetables. Decisions can reflect market conditions, regulatory considerations, capital needs, organic capital generation and investment opportunities. Consequently, an authorization represents capacity to repurchase—not a commitment to spend it on any particular schedule. 202
New $50 billion authorization superseded the previous program
JPMorgan announced the new $50 billion common share repurchase authorization on June 24, 2026, effective July 1. At June 30, $18.392 billion remained under the old program, which was canceled when the new authorization became effective. The programs were not additive. After July's repurchases, the new program had $48.943 billion remaining at September 30, unchanged through August and September. 202
The decision matters more than the headline authorization size: JPMorgan entered Q4 with ample approved capacity but had deliberately slowed execution while prioritizing other uses of capital. The outstanding authorization is not evidence that a similar amount of cash will be spent in the near term.
What investors should watch next
Q4 execution: whether repurchases resume and how much of the $48.943 billion authorization is used.
Capital allocation: whether investments in organic growth continue to take priority over buybacks, as described by management.
Purchase prices: whether the average price of any future buybacks remains above the $307.36 nine-month average.
Capital strength and distributions: the interaction of capital ratios, credit costs, dividends and repurchase capacity.
Sources
JPMorgan Chase Q3 2026 Form 10-Q, SEC EDGAR — financial highlights pp. 3–5, capital actions pp. 49–50 and Item 2 repurchase schedule pp. 202–203 (filed November 3, 2026).
JPMorgan Chase Q3 2026 earnings release, Exhibit 99.1, SEC EDGAR — reported results, non-GAAP reconciliation context, CEO commentary and net repurchases (October 13, 2026).
Original Clarifo source snapshot — Q3 2026 10-Q repurchase excerpt — preserved from the initial Workspace draft.
JPMorgan Chase: authorization announcement, June 24, 2026 — original program announcement.
Produced by Clarifo Research using public company filings and earnings materials. AI assisted with analysis and drafting; cited figures were reviewed against the original sources. Calculated growth rates and interpretations are identified as such. This is not investment advice.