JPMorgan Chase (JPM) earnings Q4 2025

JPMorgan Chase on Tuesday posted fourth-quarter results that topped expectations on better-than-expected revenue from the bank’s trading operations.

Here’s what the company reported:

• Adjusted earnings: $5.23 per share vs. $5 consensus estimate from LSEG
• Revenue: $46.77 billion vs. $46.201 billion expected by LSEG

The company said profit fell 7% to $13.03 billion, or $4.63 per share, because of a preannounced $2.2 billion reserve tied to its takeover of the Apple Card loan portfolio from Goldman Sachs. Excluding the 60 cent per share hit from that transaction, adjusted earnings came in at $5.23 and topped analysts’ expectations.

Companywide revenue rose 7% to $46.77 billion as net interest income also climbed by 7% to $25.1 billion, roughly matching analyst expectations for NII, according to StreetAccount.

Equities trading revenue surged 40% to $2.9 billion, about $350 million more than analysts had expected, as the company cited strength across operations, especially in its business catering to hedge funds. Fixed income trading revenue rose 7% to $5.4 billion, about $110 million more than expected, according to StreetAccount.

Investment banking, however, appeared to disappoint, as fees fell 5% to $2.3 billion, roughly $210 million below the StreetAccount estimate.

Shares of the bank were down 3% in morning trading.

Banks have enjoyed a Goldilocks-type environment for the last few quarters, with a rebound in Wall Street trading, falling interest rates, stable consumer credit and deregulation providing a lift for the sector. High stock levels have also buoyed banks’ wealth management divisions.

The KBW Bank Index climbed 29% last year, the second year in a row that the big bank benchmark exceeded the gains of the S&P 500.

In remarks in the earnings release, JPMorgan Chase CEO Jamie Dimon called the U.S. economy resilient.

“While labor markets have softened, conditions do not appear to be worsening. Meanwhile, consumers continue to spend, and businesses generally remain healthy,” Dimon said.

“These conditions could persist for some time, particularly with ongoing fiscal stimulus, the benefits of deregulation and the Fed’s recent monetary policy,” he said. “However, as usual, we remain vigilant, and markets seem to underappreciate the potential hazards—including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices.”

The bank said it expects full-year 2026 net interest income of about $103 billion and adjusted expenses of roughly $105 billion, though both measures are “market dependent.”

Analysts will be keen to hear how much banking momentum from 2025 is expected to carry over into this year. Of particular concern is whether there are any cracks in spending amid signs that the labor market may be weakening, as well as guidance around the strength of Wall Street deal-making.

Bank of America, Citigroup and Wells Fargo are scheduled to report results Wednesday, with Goldman Sachs and Morgan Stanley…