JPMorganChase (JPM) Q4 2025 earnings summary

Executive summary

• Q4 net income was $13.0B ($4.63/share); excluding a $2.2B Apple Card reserve, net income was $14.7B ($5.23/share), with ROTCE of 18–20%.

• Full-year net income was $57.0B ($20.02/share), with revenue of $185.6B, up 3% year-over-year.

• Q4 revenue was $46.8B, up 7% year-over-year, driven by higher markets revenue, asset management fees, and auto lease income.

• Expenses rose 5% year-over-year to $24.0B, mainly due to higher volume, compensation, and front office hiring.

• Significant $2.2B reserve build for the Apple Card portfolio impacted results.

Financial highlights

• Q4 ROTCE was 18%; full-year ROTCE reached 20%; Q4 ROE 15%, full-year ROE 17%.

• CET1 capital ratio ended at 14.5% (Standardized), 14.1% (Advanced); tangible book value per share at $107.56.

• Q4 average loans $1.5T, up 9% YoY; average deposits $2.6T, up 6% YoY.

• Q4 expense $24.0B, up 5% YoY; managed overhead ratio 51%.

• Common dividend of $4.1B ($1.50/share) and $7.9B in net stock repurchases in Q4.

Outlook and guidance

• FY26 net interest income expected at $103B; NII ex-Markets ~$95B, both market dependent.

• FY26 adjusted expense projected at ~$105B, reflecting continued investment and optimism about revenue opportunities.

• Card net charge-off rate for FY26 expected at ~3.4% on favorable delinquency trends.

• Modest deposit growth anticipated in 2026, with inflection in balance per account expected in H2.

• Management remains committed to investing capital for future growth, citing the Apple Card as a key opportunity.