Jamie Dimon has never been crypto’s biggest fan. He famously called Bitcoin a fraud, a pet rock, and several other things unfit for a family publication. So it is worth pausing to appreciate the moment: JPMorgan Chase, the largest bank in the United States by assets, now holds 8.3 million shares of BlackRock’s IBIT Bitcoin ETF and has filed for tokenized money market funds on Ethereum. The bank reports Q2 2026 earnings on July 14, and the numbers will tell two stories at once.
The number that actually matters on July 14
For most analysts, the headline figure will be earnings per share. Projections put Q2 2026 EPS somewhere between $5.44 and $5.61, up from a range of $4.96 to $5.24 in the same quarter last year. That is a solid jump, and it would continue the momentum from Q1 2026, when JPMorgan posted net income of $16.5 billion and EPS of $5.94, beating expectations on revenue of $49.8 billion, a 10% increase year-over-year.
But the number professionals will actually be watching is net interest income, or NII. In plain terms, NII is the spread between what a bank earns on loans and what it pays on deposits. Management has guided full-year 2026 NII to approximately $103 billion, or $95 billion when you strip out revenue from the markets division. In Q1 alone, JPMorgan reported NII of $25.4 billion. Investors will be checking Q2’s figure against that run rate to see whether the full-year target still holds.
