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JPMorgan Chase (JPM) FY2025 results: revenue $182.4 billion, up 2.8% on the year

JPMorgan Chase & Co. (JPM) reported revenue of $182.4 billion for fiscal 2025, the year ended 31 December 2025, up 2.8% on the year before. Net income was $57.0 billion, down 2.4%, and diluted earnings per share $20.02. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue
$182.4 billion
+2.8% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$57.0 billion
-2.4% on the year
FY2018FY2025
Diluted EPS
$20.02
+1.4% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • 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.
  • Consumers and businesses still spending: Management said consumers continue to spend and businesses generally remain healthy.
  • Apple reserve lowered CET1 ratio: The Apple reserve and associated risk-weighted assets lowered the CET1 ratio by about 25 basis points under the Standardized approach and about 90 basis points under the Advanced approach.
Read the Q4 FY2025 earnings call summary

From this 10-K

JPMorgan Chase is a financial holding company, incorporated in Delaware in 1968, running a retail bank, an investment bank and an asset manager under one roof. It serves customers under the J.P. Morgan and Chase brands: millions of them predominantly in the United States, alongside corporate, institutional and government clients globally. Its main banking subsidiary has branches in 48 states and Washington, D.C.

JPMorgan Chase & Co., the 10-K for 2025

JPMorgan Chase is a financial holding company, incorporated in Delaware in 1968, running a retail bank, an investment bank and an asset manager under one roof. It serves customers under the J.P. Morgan and Chase brands: millions of them predominantly in the United States, alongside corporate, institutional and government clients globally. Its main banking subsidiary has branches in 48 states and Washington, D.C.

The three businesses

The firm reports in three segments, with whatever is left over in Corporate. Consumer & Community Banking is the consumer side. Commercial & Investment Bank and Asset & Wealth Management are the wholesale side. Corporate holds Treasury and the Chief Investment Office, which manage the firm's own liquidity, funding, capital and its exposure to interest rates and currencies, plus the central staff functions.

Consumer & Community Banking

This is the branch, the cash machine, the app and the phone line. It sells to consumers and small businesses, and it splits three ways. Banking & Wealth Management covers deposits, investment and lending products, cash management and payments. Home Lending originates and services mortgages, and holds portfolios of residential mortgages and home equity loans. Card Services & Auto issues credit cards and sells payment products, travel services, merchant offers and lifestyle benefits, and separately originates and services car loans and leases.

The scale of it: 86.6 million consumer customers and 7.4 million small business customers at the end of 2025, served through 5,083 branches, and 6,049 client advisors. In January 2026 the firm announced that Chase will become the issuer of the Apple Card, having committed in December 2025 to buy the portfolio, with closing expected in about 24 months.

Commercial & Investment Bank

Two halves. Banking & Payments advises companies on strategy and structure, raises money for them in the equity and debt markets, and originates and syndicates loans; it also runs the plumbing that moves a company's money around the world, covering liquidity and account solutions, commerce, clearing, trade and working capital. Markets & Securities Services holds the trading business, which makes markets in cash and derivative instruments and sells risk management, lending, prime brokerage, clearing and research, and Securities Services, which holds other people's assets in custody and provides fund services, liquidity and trading services and data products. The company describes Securities Services as a leading global custodian.

Asset & Wealth Management

Asset Management sells investment management across equities, fixed income, alternatives and money market funds, to institutions and to retail investors. The Global Private Bank serves high net worth clients with retirement products, brokerage, custody, estate planning, lending, deposits and investment management. Most of the client money in this segment sits in actively managed portfolios. The company describes the segment as a global leader in investment and wealth management.

What sits underneath all of it

The firm is subject to extensive and comprehensive regulation under United States federal and state law, and under the laws of the countries outside it where the firm does business. The Federal Reserve supervises the group as a whole. The Office of the Comptroller of the Currency, and on some matters the FDIC, supervise the national bank. The SEC and FINRA supervise the US broker-dealers, and the CFTC the futures and swaps activity. In Europe, J.P. Morgan Securities plc holds a UK banking licence and answers to the Prudential Regulation Authority and the Financial Conduct Authority, and J.P. Morgan SE is a German credit institution supervised jointly by the European Central Bank, the German regulator and the German central bank.

Two consequences matter. The Bank Holding Company Act limits what a holding company may do at all, and the Federal Reserve can narrow that further, or require a sale of the deposit-taking business, if the firm stops meeting the conditions. And the Federal Reserve sets capital, liquidity and leverage requirements, tests them each year through its Comprehensive Capital Analysis and Review, and uses the result to set the firm's Stress Capital Buffer for the following year.

From JPMorgan Chase's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue182,447177,556158,104+2.8%
Interest expensen/an/a81,321
Pre-tax income72,59575,08161,612-3.3%
Income tax15,54716,61012,060-6.4%
Effective tax rate21.4%22.1%19.6%
Net income57,04858,47149,552-2.4%
Net margin31.3%32.9%31.3%
Diluted EPS$20.02$19.75$16.23+1.4%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow-147,782-42,01212,974
Cash from investing-265,565-163,40367,643
Cash from financing269,53363,447-25,571+324.8%
Depreciation and amortisation8,8217,9387,512+11.1%
Share-based compensation3,6143,5043,117+3.1%
Buybacks31,59118,8309,824+67.8%
Dividends paid16,62514,78313,463+12.5%
Dividend per share$5.80$4.80$4.10+20.8%
Diluted shares, weighted2,782m2,879m2,943m-3.4%
Shares outstanding at period end2,696m2,798m2,877m-3.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity362,438344,758327,878+5.1%
Deposits2,559,3202,406,0322,400,688+6.4%
Repurchase agreements442,396296,835216,535+49.0%
Trading liabilities216,019192,883180,428+12.0%
Debt942,378751,146653,072+25.5%
Other liabilitiesn/a11,16096,792
Total liabilities and equity4,424,9004,002,8143,875,393+10.5%
Goodwill52,73152,56552,634+0.3%
Intangible assets1,3001,7002,000-23.5%
Securities held for sale or to maturity777,332681,320571,552+14.1%
Loans1,467,6641,323,6431,301,286+10.9%
Resale agreements336,426295,001276,152+14.0%
Securities borrowed286,191219,546200,436+30.4%
Cash and equivalents343,338469,317624,151-26.8%
Other assets1,159,918959,722847,182+20.9%
Total assets4,424,9004,002,8143,875,393+10.5%

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