JPMorgan Chase (JPM) Q4 2025 earnings

JPMorgan Chase On Tuesday, it published fourth-quarter results that beat expectations on better-than-expected revenue from the bank’s trading operations.

Here is what the company said:

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

The company said earnings fell 7% to $13.03 billion, or $4.63 per share, due to a previously announced reserve of $2.2 billion associated with the acquisition of the Apple Card loan portfolio from Goldman Sachs. Excluding 60 cents per share from that deal, adjusted earnings of $5.23 beat analysts’ expectations.

Companywide revenue rose 7% to $46.77 billion as net interest income also rose 7% to $25.1 billion, roughly in line with NII analyst expectations.

Equity trading revenue rose 40% to $2.9 billion, about $350 million more than analysts expected, as the company pointed to strength across all of its operations, especially in its business serving hedge funds. Fixed income trading revenues rose 7% to $5.4 billion, about $110 million more than expected.

Banks have enjoyed a Goldilocks-type environment over the past few quarters, with a rebound in trading on Wall Street and investment banking, lower interest rates, stable consumer credit, and deregulation boosting the sector. High inventory levels have also supported banks’ wealth management departments.

the KBW Bank Index It rose 29% last year, the second year in a row that the big bank index has outpaced its gains Standard & Poor’s 500.

So analysts will be keen to know how much momentum is expected to continue from 2025 to 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 about the strength of deal-making on Wall Street.

JPMorgan Chase CEO Jamie Dimon will likely be asked about President Donald Trump’s demand for the industry to cap credit card rates at 10%, as well as questions about the independence of the Federal Reserve.

bank of America, Citigroup and Wells Fargo The results are scheduled to be announced on Wednesday, with Goldman Sachs and Morgan Stanley Thursday report.

This story is evolving. Please check back for updates.