JPMorgan Chase & Co Earnings - Q4 2025 Analysis & Highlights
JPMorgan Chase & Co's Q4 2025 earnings call, held on January 13, 2026, covered key financial results including net income and EPS, business segment performance, capital allocation, industry trends such as NBFI lending, the competitive landscape, macroeconomic factors, growth opportunities including AI and payments, and financial guidance for 2026.
Key Financial Results
The firm reported net income of $13 billion and EPS of $4.63, with an ROTCE of 18%.
Revenue of $46.8 billion was up 7% year-on-year.
Full year net income, excluding significant items, was $57.5 billion, EPS was $20.18, and revenue was $185 billion, with an ROTCE of 20%.
Business Segment Results
CCB reported net income of $3.6 billion, or $5.3 billion excluding the Apple Card portfolio reserve build.
CCB revenue was $19.4 billion, up 6% year-on-year.
CIB reported net income of $7.3 billion.
CIB revenue was $19.4 billion, up 10% year-on-year.
AWM reported net income of $1.8 billion with a pre-tax margin of 38%.
AWM revenue was $6.5 billion, up 13% year-on-year.
Corporate reported net income of $307 million and revenue of $1.5 billion.
Capital Allocation
The standardized CET1 ratio ended the quarter at 14.5%, down 30 basis points versus the prior quarter, due to capital distributions and higher RWA.
Industry Trends and Dynamics
Consumers and small businesses remain resilient.
The company is mindful of the risks in NBFI lending, given its growth and novel elements.
The drivers of NBFI growth are well-understood in terms of market dynamics and regulatory pressures.
The company has been quite involved in the whole blockchain technology space for some time.
Competitive Landscape
The environment is only getting more competitive, making investments critical to secure the company's position against traditional and nontraditional competitors.
The card ecosystem is an exceptionally competitive ecosystem.
Macroeconomic Environment
Despite weak consumer sentiment, trends in the company's data are largely consistent with historical norms, and they are not currently seeing deterioration.
Geopolitical is an enormous amount of risk.
The deficits in the United States and around the world are quite large.
Growth Opportunities and Strategies
The company had strong growth in its franchise with 1.7 million net new checking accounts, 10.4 million new card accounts, and record households in wealth management.
The company expects strong client engagement and deal activity in 2026, supported by constructive market dynamics, which is reflected in their pipeline.
Long-term net inflows were $52 billion for the quarter and $209 billion for the full year, positive across all channels, regions and asset classes.
The company saw record client asset net inflows of $553 billion for the year.
The company is plugging in a little bit more to the crypto ecosystem, and they have an agreement with Coinbase.
The company is opening rural branches which they think will be good.
The company is building better payment systems.
The company is adding better personalization in consumer banking, credit card.
The company is adding AI across the company.
Financial Guidance and Outlook
The company continues to expect NII ex. Markets to be about $95 billion for 2026.
Total NII is expected to be about $103 billion for the year.
2026 adjusted expense is expected to be about $105 billion.
The 2026 Card net charge-off rate is expected to be approximately 3.4%.
