Jamie Dimon has seen decades of market cycles, and on Tuesday’s JPMorgan earnings call seemed to warn Wall Street about the bank’s historic run—while celebrating another blowout quarter.
“It’s getting close to as good as it gets,” Dimon told Wall Street analysts after announcing results for the second quarter of 2026. “We just don’t know how long it’s going to last.”
It was Dimon’s second warning of the day. Ahead of the call, in remarks tied to the bank’s earnings results, he said risk is “shifting below the surface like tectonic plates”, citing geopolitical wars, sticky inflation and global fiscal deficits, in particular.
But the results underpinning those warnings were the best JPMorgan has ever posted, including second-quarter net income of $21.2 billion, or $7.70 a share, lifted by a $4.6 billion gain on its Visa stake. Core profit, stripping out one-time items, was still $16.9 billion, or $6.14 a share, well above Wall Street’s $5.80 estimate.
Rival Goldman Sachs beat even bigger, netting $6.63 billion and diluted earnings per share of $20.98—up 92% year over year—exceeding the $14.54 analysts expected. Its revenue of $20.34 billion jumped 39% higher than a year ago as well. Both banks played a role in SpaceX’s historic IPO, but Goldman CEO David Solomon told CNBC that SpaceX was “immaterial” to the bank’s earnings showing.
