Q4 2025 JPMorgan Chase & Co Earnings Call Transcript
Key Points
- JPMorgan Chase & Co (JPM) reported a strong net income of $13 billion for the quarter, with an EPS of $4.63 and an ROTCE of 18%.
- Revenue increased by 7% year-on-year to $46.8 billion, driven by higher markets revenue, asset management fees, and auto lease income.
- The Consumer & Community Banking (CCB) segment showed resilience with net income of $3.6 billion, and revenue up 6% year-on-year.
- Asset and Wealth Management (AWM) reported a 13% increase in revenue year-on-year, with strong net inflows across all channels and asset classes.
- The Corporate & Investment Bank (CIB) segment reported a 10% increase in revenue year-on-year, driven by higher revenues in markets, payments, and security services.
- Expenses rose by 5% year-on-year to $24 billion, driven by higher volume and revenue-related expenses and compensation growth.
- The CET1 ratio decreased by 30 basis points to 14.5% due to capital distributions and higher risk-weighted assets (RWA).
- The acquisition of the Apple card portfolio contributed significantly to the increase in RWA, adding $23 billion to standardized RWA.
- Investment Banking fees were down 5% year-on-year, reflecting a strong prior year comparison and deal timing shifts to 2026.
- Concerns were raised about potential regulatory impacts on credit card APRs, which could negatively affect the credit card business.
Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's fourth quarter 2025 earnings call. This call is being recorded. Your line will be muted for the duration of the call. We will now go live to the presentation. The presentation is available on JPMorgan Chase's website. Please refer to the disclaimer in the back concerning forward-looking statements. Please stand by.
At this time I would now like to turn the call over to JPMorgan Chase's Chairman and CEO, Jamie Dimon, and Chief Financial Officer, Jeremy Barnum. Mr. Barnum, please go ahead.
Thank you and good morning, everyone. This quarter, the firm reported net income of $13 billion and EPS of $4.63 with an ROTCE of 18%. These results included the previously announced reserve bill of $2.2 billion in CCB related to the forward purchase commitment of the Apple card portfolio.
Revenue of $46.8 billion was up 7% year on year on higher markets revenue as well as higher asset management fees and auto lease income. The
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