The House of Dimon reported earnings that missed estimates on Tuesday. That’s not something you see every day. Or every quarter.

Even if you strip out a second consecutive loss on investment securities, EPS was short of the mark, at $5.75. Consensus was looking for something closer to $5.90.

Last quarter, JPMorgan took a $395 million loss on sales of agency MBS as part of what it called a “repositioning” exercise in Treasury and CIO, where the bank holds its GSE debt and USTs. The same line in the Q3 income statement showed a $658 million loss.

JPMorgan also fell short on the top-line, where revenue of $50.17 billion counted as a marginal miss to the $51.23 billion consensus.

Although equities trading revenue surged nearly 50% from the same period a year ago, FICC was a miss, as revenue fell 4% to $5.4 billion.

The figure above’s a reminder: Q2 was a veritable stock-trading bonanza on Wall Street. The good times continued in Q3, albeit at an attenuated pace. FICC was expected to be weak across the Street, so I’m not sure the miss there actually constitutes a “surprise.”

In IB, revenue of $3.10 billion was down from Q2, but up a respectable 15% YoY thanks entirely to advisory fees, which rose more than 20% versus Q2 and by a third versus Q3 of 2025.

As for underwriting, revenue slipped in both equity and debt versus Q2. But, as the figure below shows, Q3 still counted as the best quarter in years if you exclude the prior period.

For context, no one expected a repeat of Q2 for big banks’ capital markets businesses. It’s not about the QoQ deceleration, but rather what to expect going forward.

Elsewhere in the release, managed NII rose to $27.145 billion, better than expected. The current-quarter, ex-Markets guide, $28 billion, likewise topped estimates and the first-pass forecast for 2027 tips a full-year increase to $107 billion.

All in all, this was a decent enough quarter. If you have the context, there were no real surprises. In the color accompanying the release, Dimon served up the usual: A summary of geostrategic, macro-market risk factors, followed by an assurance that JPMorgan’s prepared, come hell or high water.

“The US economy continued to be fueled by strong business investment and ongoing consumer spending [but] large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface,” he said. “These forces may be manageable, but we remain prepared for a wide range of outcomes.”