Q4: 2026-01-13 Earnings Summary
EPS of $4.63 misses by $0.23
| Revenue of $45.80B (7.08% Y/Y) misses by $447.49M
JPMorgan Chase & Co. (JPM) Q4 2025 Earnings Call January 13, 2026 8:30 AM EST
Company Participants
Jeremy Barnum – Executive VP & CFO
James Dimon – Chairman & CEO
Conference Call Participants
Glenn Schorr – Evercore ISI Institutional Equities, Research Division
Kenneth Usdin – Bernstein Autonomous LLP
John McDonald – Truist Securities, Inc., Research Division
Betsy Graseck – Morgan Stanley, Research Division
L. Erika Penala – UBS Investment Bank, Research Division
Gerard Cassidy – RBC Capital Markets, Research Division
Michael Mayo – Wells Fargo Securities, LLC, Research Division
Ebrahim Poonawala – BofA Securities, Research Division
James Mitchell – Seaport Research Partners
Christopher McGratty – Keefe, Bruyette, & Woods, Inc., Research Division
Presentation
Operator
Good morning, ladies and gentlemen. Welcome to JPMorgan Chase’s Fourth Quarter 2025 Earnings Call. This call is being recorded. [Operator Instructions] We will now go live to the presentation. The presentation is available on JPMorgan Chase’s website. Please refer to the disclaimer in the back concerning forward-looking statements. Please stand by.
At this time, I would now like to turn the call over to JPMorgan Chase’s Chairman and CEO, Jamie Dimon; and Chief Financial Officer, Jeremy Barnum. Mr. Barnum, please go ahead.
Jeremy Barnum
Executive VP & CFO
Thank you and good morning, everyone. This quarter, the firm reported net income of $13 billion and EPS of $4.63 with an ROTCE of 18%. These results included the previously announced reserve build of $2.2 billion in CCB related to the forward purchase commitment of the Apple Card portfolio. Revenue of $46.8 billion was up 7% year-on-year on higher markets revenue as well as higher asset management fees and auto lease income. The increase in NII ex Markets was primarily driven by higher volume and revenue-related expenses and compensation growth, including front office hiring, partially offset by the release of an FDIC special assessment accrual.
Turning
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