JPMorgan Chase & Company
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.73%.
Did JPM Beat Earnings? Q4 2025 Results
JPMorgan Chase delivered a mixed fourth quarter, with reported earnings of $4.63 per diluted share falling short of the $4.82 consensus estimate by 3.94%, while revenue of $45.80 billion declined 31.6% year-over-year, as a $2.20 billion credit reserve established for the forward purchase commitment of the Apple Card portfolio weighed heavily on results. Strip out that reserve charge, however, and the picture brightens considerably; adjusted EPS of $5.23 cleared the consensus, underpinned by a standout performance in Capital Markets, where equity revenues surged 40% and overall CIB segment revenue climbed 10% to $19.38 billion. Asset and Wealth Management added further luster, with record revenue of $6.52 billion and AUM reaching $4.80 trillion on $553.00 billion in annual net inflows. CEO Jamie Dimon acknowledged a resilient U.S. economy but cautioned that markets may be underpricing geopolitical risks and sticky inflation, framing the Apple Card commitment as a deliberate, long-term capital deployment rather than a stumble.
- Markets revenue surged 17% driven by demand for financing and robust client activity
- Equity Markets revenue up 40% driven by higher revenue across products, particularly in Prime
- Payments revenue reached record $5.1 billion due to ongoing deposit and fee growth
- AWM revenue rose 13% to a record $6.5 billion driven by higher management fees and strong net inflows
- Net interest income up 7% driven by higher deposit balances and higher revolving balances in Card Services
- Asset management fees up 17% YoY driven by higher average market levels
- $553 billion in client asset net inflows for the year driving client assets over $7 trillion
- 1.7 million net new checking accounts and 10.4 million new credit card accounts opened in 2025
“The Firm concluded the year with a strong fourth quarter, generating net income of $14.7 billion excluding a significant item.”
JPMorgan Chase CEO, on the earnings call
Forward Guidance & Outlook
CEO Jamie Dimon indicated the U.S. economy has remained resilient with consumers continuing to spend and businesses remaining generally healthy, though labor markets have softened. He noted these conditions could persist due to ongoing fiscal stimulus, deregulation benefits, and recent Fed monetary policy. However, he cautioned that markets seem to underappreciate potential hazards including complex geopolitical conditions, the risk of sticky inflation, and elevated asset prices. The firm is committed to investing capital for future growth, with the Apple Card acquisition highlighted as an example of patient and thoughtful capital deployment. Earnings-at-Risk analysis shows a $2.1 billion impact from a +100 bps parallel rate shift and a $(2.4) billion impact from a -100 bps shift.
JPM YoY Financials
JPM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.