JPMorgan Chase (NYSE: JPM) Live Earnings Coverage: Stock Flat After Upbeat Earnings

JPMorgan (NYSE: JPM) shares are down .5% in premarket trading after reporting earnings that generally topped Wall Street’s expectations. Revenue came in above estimates while earnings of $5.24 were also above estimates provided to S&P Capital IQ. 

Comparisons to last year are difficult as the company reported a large gain on corporate tax benefit of $774 million. 

JPMorgan Q2’25 Earnings Highlights

• Adj. EPS: $5.24 (Down 17% YoY)
• Managed Revenue: $45.7B (Est. $44.44B) ✅; DOWN -10% YoY
• Net Income: $15.0B ✅; DOWN -17% YoY

Q2’25 Outlook:
• Revenue: $45.0B ±2%.
– The outlook reflects ongoing economic resilience, but potential risks from tariffs, trade uncertainty, and geopolitical conditions remain.
– Continued focus on client support and strategic investments in technology and services.

Q2 Segment Performance:
• Consumer & Community Banking (CCB) Revenue: $18.8B✅; UP +6% YoY
• Commercial & Investment Bank (CIB) Revenue: $19.5B ✅; UP +9% YoY
• Asset & Wealth Management (AWM) Revenue: $5.8B  ✅; UP +10% YoY
• Corporate Revenue: $1.5B ✅; DOWN -85% YoY

Other Key Q2 Metrics:
• Adj. Operating Income: $22.1B  ✅; DOWN -10% YoY
• Adj. Operating Expenses: $23.8B ✅; UP +1% YoY
• Book Value per Share: $122.51; UP +10% YoY
• Tangible Book Value per Share: $103.40; UP +11% YoY
• CET1 Ratio: 15.0%
• Total Loss-Absorbing Capacity: $560B
• Average Loans: $1.4T; UP +5% YoY
• Average Deposits: $1.5T; UP +6% YoY
• Credit Costs: $2.8B; UP +14% YoY
• Net Charge-Offs: $2.4B; UP +8% YoY

CEO Commentary:
– Jamie Dimon: “We reported another quarter of strong results, generating net income of $15.0 billion or net income of $14.2 billion excluding a significant item. Each of the lines of business performed well. In the CIB, Markets revenue rose to $8.9 billion, and we supported clients as they navigated volatile market conditions at the beginning of the quarter. Meanwhile, IB activity started slow but gained momentum as market sentiment improved, and IB fees were up 7% for the quarter. In CCB, we added approximately 500,000 net new checking accounts, which drove sequential growth in checking account balances. In Card, we launched a refreshed Sapphire Reserve along with a new Sapphire Reserve for Business, with positive early reactions and strong new card acquisitions. Finally, in AWM, asset management fees rose 10%, and we saw continued client asset net inflows of $80 billion, with client assets crossing over $6.4 trillion.”

Strategic Updates:
– Announced an increase in the common dividend for the second time this year, resulting in a 20% cumulative increase compared with the fourth quarter of 2024.
– Repurchased $7 billion of common stock, maintaining a strong capital position with a CET1 ratio of 15.0%.

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