On Tuesday, JPMorgan Chase & Co. (NYSE:JPM) kicked off the earnings season with its fourth-quarter 2025 report. It clocked a net income of $13.0 billion, or $4.63 per share, down 7% year over year (Y/Y).
The adjusted earnings per share were $5.23, beating the $4.92 analyst estimate. 60 cents difference pertains to the $2.2 billion credit reserve established for the forward purchase commitment of the Apple credit card (NASDAQ:AAPL) portfolio.
Earnings Details
Managed net revenue of $46.8 billion, topped expectations of $46.02 billion.
Net interest income (excluding Markets) reached $23.9 billion, up 4% Y/Y, driven by higher deposit balances and increased revolving balances in Card Services, partly offset by lower interest rates.
Also, noninterest revenue (excluding Markets) rose 7% Y/Y to $14.7 billion, fueled by higher asset management fees in AWM and CCB, increased auto operating lease income, and higher Payments fees.
Markets revenue grew 17% Y/Y to $8.2 billion.
The firm posted a return on equity (ROE) of 17% and a return on tangible common equity (ROTCE) of 20% for fiscal year 2025 and 15% and 18% respectively, for the fourth quarter.
Cash and marketable securities totaled $1.5 trillion. Average loans increased 9% Y/Y and 3% sequentially, while average deposits rose 6% Y/Y and 2% sequentially.
The provision for credit losses was $4.7 billion. Net charge-offs were $2.5 billion, up $150 million, predominantly driven by Wholesale. The …