JPMorgan Chase Q4 2025 Earnings Fall on Apple Card Charge
JPMorgan Chase Q4 2025 earnings fell after a $2.2 billion Apple Card reserve while revenue and NII rose, shifting focus to fees and NII.
KEY TAKEAWAYS
- $13.0 billion net income, down 7.0%, after a $2.2 billion reserve tied to the Apple Card purchase.
- Net revenue rose to $46.8 billion and net interest income to $25.1 billion, beating estimates.
- Investment-banking fees fell 5.0% while CIB revenue rose 10.0%, signaling uneven capital-markets momentum.
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JPMorgan Chase & Co. reported a decline in fourth-quarter 2025 net income after taking a one-time reserve related to its agreement to acquire the Apple Card portfolio from Goldman Sachs and facing weaker investment-banking fees, even as revenue exceeded forecasts, the company said on Jan. 13.
Fourth-Quarter Results and Revenue Drivers
The company’s 8-K filing showed net income of $13.0 billion for the quarter, down 7.0% from $14.0 billion a year earlier, with diluted earnings per share of $4.63 compared with $4.81. Excluding the $2.2 billion reserve tied to the Apple Card forward-purchase commitment, JPMorgan reported adjusted net income of $14.7 billion and adjusted EPS of $5.23, with a return on equity of 15.0%.
Net revenue rose 7.0% year-over-year to $46.8 billion, beating estimates. Net interest income increased 7.0% to $25.1 billion; excluding Markets, it was $23.9 billion, up 4.0%. Noninterest revenue grew 7.0% to $21.7 billion, with Markets revenue rising 17.0% to $8.2 billion.
Credit, Business Segments, and Apple Card Impact
The provision for credit losses totaled $4.7 billion, with net charge-offs of $2.5 billion, up $150 million year-over-year due to Wholesale, and a net reserve build of $2.1 billion.
The Corporate & Investment Bank earned $7.3 billion in net income with a 19.0% return on equity. Its revenue rose 10.0% year-over-year despite a 5.0% decline in investment-banking fees. Consumer & Community Banking posted net income of $3.6 billion with a 25.0% return on equity and revenue up 6.0%. Asset & Wealth Management reported net income of $307 million with revenue up 13.0%.
JPMorgan recorded a $2.2 billion reserve related to its forward-purchase commitment to acquire the Apple Card portfolio from Goldman Sachs, which reduced the quarter’s results. Chairman and CEO Jamie Dimon said, "Looking ahead, we are excited to become the new issuer of the Apple Card."
For the full year, the company reported net income of $57.0 billion and EPS of $20.02. Management highlighted ongoing capital investment and execution across businesses. Dimon described the U.S. economy as resilient, noting steady consumer spending and generally healthy businesses.
