JPMorganChase (JPM) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $14.4 billion, up 12% year-over-year, with EPS of $5.07, and ROTCE at 20%.

• Reported revenue reached $46.4 billion, managed revenue $47.1 billion, both up 9% year-over-year.

• ROE was 17%.

• All business segments delivered strong performance, with notable growth in investment banking, markets, and asset management.

• Average loans grew 7% year-over-year to $1.4 trillion, and average deposits rose 6% to $2.5 trillion.

Financial highlights

• Net interest income was $24.1 billion, up 2% year-over-year; noninterest revenue was $23.0 billion, up 16%.

• Noninterest expense rose 8% to $24.3 billion, mainly due to higher compensation, marketing, and technology investments.

• Credit costs totaled $3.4 billion, with net charge-offs of $2.6 billion and a net reserve build of $810 million.

• Book value per share was $124.96, up 9% year-over-year; tangible book value per share was $105.70, up 10%.

• CET1 capital ratio was 14.8% (Standardized), 14.9% (Advanced); liquidity coverage ratio at 110%.

Outlook and guidance

• Q4 2025 net interest income expected at ~$25 billion; NII excluding Markets at ~$23.5 billion.

• Full-year adjusted expense guidance is $95.9 billion, with 2026 NII ex Markets preliminarily projected at ~$95 billion.

• 2025 Card Services net charge-off rate expected at ~3.3%.

• Expense growth for 2026 likely above consensus, reflecting labor inflation and ongoing investments.

• Management highlighted ongoing macroeconomic uncertainty, including geopolitical risks, tariffs, asset prices, and inflation.