Jp Morgan Chase & Co. · NYSE:JPM
Jp Morgan Chase & — Q4 2025 Earnings Presentation
21 slides from Jp Morgan Chase &'s earnings presentation, Jan 13, 2026
Slide 1: 4Q25 Financial Results
January 13, 2026 4Q25 Financial Results Exhibit 99
Slide 2: Agenda
Agenda Page 1 4Q25 and FY25 Financial Results 1 2 Financial Outlook 10 3 Notes 13
Slide 3: 4Q25 Financial highlights
4Q25 Financial highlights ROTCE1 18% CET1 capital ratios2 Std. 14.5% | Adv. 14.1% Total Loss-Absorbing Capacity2 $564B Std. RWA3 $2.0T Cash and marketable securities4 $1.5T Average loans $1.5T Balance sheet Loans: average loans of $1.5T up 9% YoY and 3% QoQ Deposits: average deposits of $2.6T up
Slide 4: 4Q25 Financial results
4Q25 Financial results1 Note: Totals may not sum due to rounding 1 See note 1 on slide 13 2 Actual numbers for all periods, not over/(under) 3 See note 3 on slide 13 4 Reflects fully taxable-equivalent (“FTE”) adjustments of $969mm in 4Q25 5 See note 2 on slide 13 6 See note 4 on slide 13 FINANCIAL
Slide 5: FY25 Financial results
$ O/(U) FY2025 FY2024 FY2024 Net interest income $95.9 $93.1 $2.8 Noninterest revenue 89.7 87.5 2.2 Managed revenue1 185.6 180.6 5.0 Expense 95.6 91.8 3.8 Credit costs 14.2 10.7 3.5 Net income $57.0 $58.5 ($1.4) Net income applicable to common stockholders $55.7 $56.9 ($1.2) EPS – diluted $20.02 $19
Slide 6: Fortress balance sheet
Fortress balance sheet $B, EXCEPT PER SHARE DATA Note: Totals may not sum due to rounding 1 Estimated for the current period. See note 1 on slide 14 2 Advanced RWA associated with the Apple card expected to reduce from ~$110B to ~$30B once necessary modeling steps are completed which is expected in
Slide 7: Consumer & Community Banking
Consumer & Community Banking1 CIB AWM Corp.CCB Average loans up 1% YoY and QoQ Average deposits up 1% YoY and flat QoQ Active mobile customers up 7% YoY Debit & credit card sales volume up 7% YoY and 4% QoQ Client investment assets up 17% YoY and 3% QoQ KEY DRIVERS / STATISTICS ($B) – DETA
Slide 8: Commercial & Investment Bank
REVENUE BY CLIENT COVERAGE SEGMENT ($MM) KEY DRIVERS / STATISTICS ($B)2 FINANCIAL PERFORMANCE Commercial & Investment Bank1 1 See note 1 on slide 13; For additional footnotes see slide 15 CCB CIB AWM Corp. SELECTED INCOME STATEMENT DATA ($MM) Net income of $7.3B, up 10% YoY; revenue of $19.4B, up
Slide 9: Asset & Wealth Management
FINANCIAL PERFORMANCESELECTED INCOME STATEMENT DATA ($MM) Asset & Wealth Management1 1 See note 1 on slide 13 2 Actual numbers for all periods, not over/(under) CCB CIB AWM Corp. KEY DRIVERS / STATISTICS ($B)2 Net income of $1.8B, up 19% YoY Revenue of $6.5B, up 13% YoY, predominantly driven by
Slide 10: Corporate
Corporate1 1 See note 1 on slide 13 2 See note 3 on slide 14 CCB CIB AWM Corp. SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE Revenue of $1.5B, down $520mm YoY Net interest income of $1.6B, down $462mm YoY, primarily driven by the impact of lower rates Noninterest revenue was a net
Slide 11: Non-Bank Financial Institution (NBFI) Lending
Non-Bank Financial Institution (NBFI) Lending For footnoted information, refer to slide 16 ~$155B 3Q25 Call Report NDFI exposure 3Q25 JPM NBFI exposure 4Q25 JPM NBFI exposure CALL REPORT RECONCILIATION ($B) Other Private equity Mortgage credit Consumer credit Business credit $332B (drawn / undrawn)
Slide 12: Agenda
Agenda Page 1 4Q25 and FY25 Financial Results 1 2 Financial Outlook 10 3 Notes 13
Slide 13: 2026 net interest income outlook
$224 $239 4Q24 4Q25 $91 ($2.0) $4.5 2025 2026 outlook We expect ~$95B of NII ex. Markets for 2026 1 See note 2 on slide 13 2 Outlook is based on implied rate curve as of January 8, 2026 3 Federal Funds target upper bound (“FFTUB”) 4 Interest on reserve balances (“IORB”) Rates / margins2 2 rate cut
Slide 14: 2026 expense outlook
$38 $40 $45 $35 $38 $41 $14 $15 $17 $4 $2 $2 2024 2025 2026 outlook Our 2026 expense outlook is ~$105B CCB CIB AWM Corp. $95.3 Note: Totals may not sum due to rounding 1 See note 4 on slide 13 2 $725mm increase to the FDIC special assessment in 1Q24 and $1.0B donation of Visa shares to pre-fund cont
Slide 15: Outlook
Outlook1 1 See notes 1, 2 and 4 on slide 13 Expect FY2026 net interest income of ~$103B, market dependent Expect FY2026 net interest income excluding Markets of ~$95B, market dependent Expect FY2026 Card Services NCO rate of ~3.4%3 Expect FY2026 adjusted expense of ~$105B, market dependent – Adjuste
Slide 16: Agenda
Agenda Page 1 4Q25 and FY25 Financial Results 1 2 Financial Outlook 10 3 Notes 13
Slide 17: Notes on non-GAAP financial measures
Notes on non-GAAP financial measures 1. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of
Slide 18: Additional notes
Additional notes 1. As of January 1, 2025, the benefit from the Current Expected Credit Losses ("CECL") capital transition provision had been fully phased-out. As of December 31, 2024, CET1 capital and Total Loss-Absorbing Capacity reflected the remaining $720mm CECL benefit. Refer to Note 21 of the
Slide 19: Additional notes on slides 5-6
Additional notes on slides 5-6 Slide 5 – Consumer & Community Banking 3. Actual numbers for all periods, not over/(under) 4. Users of all mobile platforms who have logged in within the past 90 days 5. Excludes Commercial Card 6. See note 5 on slide 13 7. Firmwide mortgage origination volume was $19.
Slide 20: Additional notes on slide
Additional notes on slide 9 1. The $332B includes $226B drawn and $106B undrawn commitments by category. The terms NBFI and NDFI (non-depository financial institutions) are used interchangeably in different contexts 2. Extension of credit that is directly collateralized by the debt asset held by the
Slide 21: Forward-looking statements
Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks an