JPMorgan beat estimates on more or less every key line in Q1 results released Tuesday.

Starting with net interest income, managed NII in Q1 was $25.48 billion, easily ahead of consensus, up from the prior quarter and up 9% YoY. Noninterest expense rose 14%.

Although the bank said overall net interest income will likely be lower for all of 2026 than previously tipped — $103 billion versus $104.5 billion — the full-year ex-markets NII guide, at $95 billion, was unchanged from the bank’s previous projection.

Expenses for the full year are still seen at $105 billion.

I suppose investors could balk at the juxtaposition between a lower overall NII outlook and the unchanged full-year expense guide, but it’s hard to argue with the rest of the numbers Jamie Dimon put up on Tuesday.

FICC revenue of $7.08 billion rose more than 20% and, in contrast to Goldman’s FICC miss, beat estimates handily (consensus wanted $6.65 billion).

In equities, sales and trading revenue rose 17% to $4.48 billion against $4.31 billion seen.

Overall Markets revenue was $11.6 billion, up 20% versus Q1 of last year and, as Dimon was keen to point out, a record.

IB was strong too. Revenue there was $3.14 billion, up 38% YoY and comfortably ahead of the expected $2.73 billion.

As the figure shows, IB fees were the highest since 2021, which is to say since the go-go “stimmy” days. Advisory was particularly strong.

Running quickly through the rest of the numbers, overall loans were $1.5 trillion, in line, while deposits of $2.68 trillion exceeded the $2.58 trillion estimate.

Net charge-offs were $2.32 billion, lower than expected, while comp cost of $15.34 billion was $300 million to the high side. EPS of $5.94 beat by 50 cents and adjusted revenue of $50.54 billion was more than a billion ahead of estimates.

Dimon said what Dimon always says: The risks are myriad but if anybody can navigate them, it’s him.