JPMorgan Chase (JPM) Q4 FY2025 earnings: revenue $45.8 billion, up 7.1% on the year

JPMorgan Chase & Co. (JPM) reported revenue of $45.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 7.1% on the same quarter a year earlier. Net income was $13.0 billion, down 7.0% on the year, and diluted earnings per share $4.63. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue

$45.8 billion

+7.1% on the year · -1.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

n/a

Q1 FY2024Q4 FY2025

Net income

$13.0 billion

-7.0% on the year · -9.5% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$4.63

-3.9% on the year · -8.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Net income down, excluding item higher: Reported net income was $13.0 billion, down 7%, with diluted EPS of $4.63. Excluding the Apple reserve item, net income was $14.7 billion and EPS was $5.23.
CIB revenue up 10% on Markets: CIB net revenue was $19.4 billion, up 10%, and net income was $7.3 billion, up 10%. Markets revenue rose 17%, and Equity Markets revenue rose 40%.
Credit costs rose on reserve build: Credit costs were $4.7 billion, up from $3.4 billion in the prior quarter and $2.6 billion a year earlier. The net reserve build was $2.1 billion.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	45,798	46,427	42,768	-1.4%	+7.1%
Pre-tax income	17,160	18,743	17,375	-8.4%	-1.2%
Income tax	4,135	4,350	3,370	-4.9%	+22.7%
Effective tax rate	24.1%	23.2%	19.4%
Net income	13,025	14,393	14,005	-9.5%	-7.0%
Net margin	28.4%	31.0%	32.7%
Diluted EPS	$4.63	$5.07	$4.82	-8.7%	-3.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	119,724	-45,214	147,758		-19.0%
Cash from investing	46,882	-21,311	17,620		+166.1%
Cash from financing	-123,557	-47,773	-115,705
Depreciation and amortisation	2,312	2,269	1,965	+1.9%	+17.7%
Share-based compensation	692	910	773	-24.0%	-10.5%
Buybacks	8,264	8,293	4,301	-0.3%	+92.1%
Dividends paid	4,417	4,180	3,858	+5.7%	+14.5%
Dividend per share	n/a	$1.50	n/a
Diluted shares, weighted	2,782m	2,768m	2,879m	+0.5%	-3.4%
Shares outstanding at period end	2,696m	2,722m	2,798m	-1.0%	-3.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	362,438	360,212	344,758	+0.6%	+5.1%
Deposits	2,559,320	2,548,476	2,406,032	+0.4%	+6.4%
Repurchase agreements	442,396	567,574	296,835	-22.1%	+49.0%
Trading liabilities	216,019	242,262	192,883	-10.8%	+12.0%
Debt	942,378	1,064,132	751,146	-11.4%	+25.5%
Other liabilities	n/a	n/a	11,160
Total liabilities and equity	4,424,900	4,560,205	4,002,814	-3.0%	+10.5%
Goodwill	52,731	52,717	52,565	+0.0%	+0.3%
Intangible assets	1,300	1,400	1,700	-7.1%	-23.5%
Securities held for sale or to maturity	777,332	783,945	681,320	-0.8%	+14.1%
Loans	1,467,664	1,409,511	1,323,643	+4.1%	+10.9%
Resale agreements	336,426	425,815	295,001	-21.0%	+14.0%
Securities borrowed	286,191	248,368	219,546	+15.2%	+30.4%
Cash and equivalents	343,338	303,436	469,317	+13.2%	-26.8%
Other assets	1,159,918	1,335,013	959,722	-13.1%	+20.9%
Total assets	4,424,900	4,560,205	4,002,814	-3.0%	+10.5%

Questions

What was JPMorgan Chase's revenue in Q4 FY2025?

JPMorgan Chase (JPM) reported revenue of $45.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 7.1% on the same quarter a year earlier.

How much did JPMorgan Chase earn in Q4 FY2025?

Net income for Q4 FY2025 was $13.0 billion, down 7.0% on the year, and diluted earnings per share $4.63.

When did JPMorgan Chase report Q4 FY2025 results?

JPMorgan Chase filed its 10-K for the year that ended with the quarter on 13 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	29,257	30,717	30,715	32,716	34,547	38,349	41,307	39,874	38,574	41,934	50,200	42,654	42,768	45,310	44,912	46,427	45,798	49,836	57,347	50,172
Interest expense	1,418	1,624	3,518	8,093	12,862	16,293	19,865	21,830	23,333	24,356	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	12,657	10,063	10,865	12,001	13,237	15,967	17,586	16,733	11,326	17,293	23,435	16,978	17,375	18,408	18,284	18,743	17,160	20,479	27,516	20,134
Tax rate	18%	18%	20%	19%	17%	21%	18%	21%	18%	22%	23%	24%	19%	20%	18%	23%	24%	19%	23%	24%
Net income	10,399	8,282	8,649	9,737	11,008	12,622	14,472	13,151	9,307	13,419	18,149	12,898	14,005	14,643	14,987	14,393	13,025	16,494	21,155	15,305
Net margin	36%	27%	28%	30%	32%	33%	35%	33%	24%	32%	36%	30%	33%	32%	33%	31%	28%	33%	37%	31%
Diluted EPS	$3.34	$2.63	$2.76	$3.12	$3.58	$4.10	$4.75	$4.33	$3.05	$4.44	$6.12	$4.37	$4.82	$5.07	$5.24	$5.07	$4.63	$5.94	$7.70	$5.57
Operating cash flow	85,095	-41,917	66,018	-18,204	101,222	-111,241	18,865	45,119	60,231	-154,158	38,469	-74,081	147,758	-251,839	29,547	-45,214	119,724	-211,761	-25,283	33,161
Buybacks	2,122	2,455	707	0.0	0.0	2,690	2,477	2,382	2,275	2,832	5,336	6,361	4,301	7,528	7,506	8,293	8,264	8,325	6,788	1,109
Dividends paid	3,386	3,430	3,344	3,412	3,376	3,374	3,277	3,386	3,426	3,493	3,777	3,655	3,858	3,823	4,205	4,180	4,417	4,374	4,342	4,322
Shares outstanding	2,944m	2,937m	2,933m	2,933m	2,934m	2,922m	2,906m	2,891m	2,877m	2,872m	2,845m	2,815m	2,798m	2,779m	2,750m	2,722m	2,696m	2,680m	2,658m	2,656m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 13 February 2026: the filing.