Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during the America Business Forum in Miami, Florida, US, on Thursday, Nov. 6, 2025.
Eva Marie Uzcategui | Bloomberg | Getty Images
JPMorgan Chase on Tuesday posted fourth-quarter results that topped expectations on better-than-expected revenue from the bank’s trading operations.
Here’s what the company reported:
- Adjusted earnings: $5.23 a share vs. $5 consensus estimate from LSEG
- Revenue: $46.77 billion vs. $46.201 billion expected
The company said profit fell 7% to $13.03 billion, or $4.63 per share, because of a pre-announced $2.2 billion reserve tied to its takeover of the Apple Card loan portfolio from Goldman Sachs. Excluding the 60 cent per share hit from that transaction, adjusted earnings of $5.23 topped analysts’ expectations.
Companywide revenue rose 7% to $46.77 billion as net interest income also rose by 7% to $25.1 billion, roughly matching analyst expectations for NII.
Equities trading revenue surged 40% to $2.9 billion, about $350 million more than analysts had expected, as the company cited strength across operations, especially in its business catering to hedge funds. Fixed income trading revenue rose 7% to $5.4 billion, about $110 million more than expected.
Investment banking, however, appeared to disappoint, as fees fees fell 5% to $2.3 billion, roughly $210 million below the StreetAccount estimate.
Shares of the bank climbed less than 1% in premarket trading.
Banks have enjoyed a Goldilocks-type environment for the last few quarters, with a rebound in Wall Street trading, falling interest rates, stable consumer credit and deregulation providing a lift for the sector. High stock levels have also buoyed banks’ wealth management divisions.
In remarks in the earnings release, JPMorgan Chase CEO Jamie Dimon called the U.S. economy resilient.
“While labor markets have softened, conditions do not appear to be worsening. Meanwhile, consumers continue to spend, and businesses generally remain healthy,” Dimon said.
“These conditions could persist for some time, particularly with ongoing fiscal stimulus, the benefits of deregulation and the Fed’s recent monetary policy,” he said. “However, as usual, we remain vigilant, and markets seem to underappreciate the potential hazards—including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices.”
The KBW Bank Index climbed 29% last year, the second year in a row that the big bank benchmark exceeded the gains of the S&P 500.
Analysts will be keen to hear how much momentum from 2025 is expected to carry over into 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 around the strength of Wall Street dealmaking.
Bank of America, Citigroup and Wells Fargo are scheduled to report results Wednesday, with Goldman Sachs and Morgan Stanley reporting Thursday.
This story is developing. Please check back for updates.