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
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 CET1 capital ratios2 Std. RWA3 $2.0T ROTCE1 14.5% | Adv. 14.1% Std. Cash and marketable securities4 $1.5T 18% Total Loss-Absorbing Capacity $564B Average loans $1.5T 2 4Q25 net income of $13.0B and EPS of $4.63 – Excluding a significant item5, 4Q25 net income of $14.7B, E
Slide 4: 4Q25 Financial results
4Q25 Financial results1 $B, EXCEPT PER SHARE DATA FINANCIAL PERFORMANCE $ O/(U) Net income of $13.0B, down 7% YoY Revenue of $46.8B, up 7% YoY; NII of $25.1B, up 7% YoY; 4Q25 3Q25 4Q24 NIR of $21.7B, up 7% YoY Net interest income $25.1 $1.0 $1.6 NII ex. Markets of $23.9B, up 4% YoY, reflecting
Slide 5: FY25 Financial results
FY25 Financial results1,2 $B, EXCEPT PER SHARE DATA FINANCIAL PERFORMANCE Net income of $57.0B, down 2% YoY $ O/(U) Revenue of $185.6B, up 3% YoY; NII of $95.9B, up 3% YoY; NIR of FY2025 FY2024 FY2024 $89.7B, up 2% YoY Net interest income $95.9 $93.1 $2.8 NII ex. Markets of $92.6B, flat YoY, d
Slide 6: Fortress balance sheet
Fortress balance sheet $B, EXCEPT PER SHARE DATA STANDARDIZED CET1 RATIO1 4Q25 3Q25 4Q24 1 Risk-based capital metrics CET1 capital $288 $287 $276 66 bps Basel III Standardized RWA 1,984 1,936 1,757 14.8% CET1 capital ratio – Standardized 14.5% 14.8% 15.7% (62 bps) 10 bps 14.5% (36 bps) (7 bps) Basel
Slide 7: Consumer & Community Banking
CCB CIB AWM Corp. Consumer & Community Banking1 SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE $ O/(U) Net income of $3.6B6, down 19% YoY 4Q25 3Q25 4Q24 Revenue of $19.4B, up 6% YoY, predominantly driven by higher net interest 2 income in Card Services on higher revolving balances an
Slide 8: Commercial & Investment Bank
CCB CIB AWM Corp. Commercial & Investment Bank1 SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE $ O/(U) Net income of $7.3B, up 10% YoY; revenue of $19.4B, up 10% YoY 4Q25 3Q25 4Q24 Banking & Payments revenue Revenue $19,375 ($503) $1,777 IB revenue of $2.6B, down 2% YoY; IB fees do
Slide 9: Asset & Wealth Management
CCB CIB AWM Corp. Asset & Wealth Management1 SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE Net income of $1.8B, up 19% YoY $ O/(U) Revenue of $6.5B, up 13% YoY, predominantly driven by growth in 4Q25 3Q25 4Q24 management fees on higher average market levels and strong net inflows, a
Slide 10: Corporate
CCB CIB AWM Corp. Corporate1 SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE Revenue of $1.5B, down $520mm YoY $ O/(U) Net interest income of $1.6B, down $462mm YoY, primarily driven by 4Q25 3Q25 4Q24 the impact of lower rates Noninterest revenue was a net loss of $88mm, down $58mm
Slide 11: Non-Bank Financial Institution (NBFI) Lending
Non-Bank Financial Institution (NBFI) Lending CALL REPORT RECONCILIATION ($B) $332B Business credit $28 / $8 Consumer credit $28 / $15 Mortgage credit $62 / $2 Lending to private equity funds not Certain SPVs, incl. ~$160B collateralized by debt ~$155B those with loans Private equity $50 / $32 asset
Slide 12: Agenda
Agenda Page 1 4Q25 and FY25 Financial Results 1 2 Financial Outlook 10 3 Notes 13
Slide 13: We expect ~$95B of NII ex. Markets for 2026
We expect ~$95B of NII ex. Markets for 2026 NET INTEREST INCOME EX. MARKETS1 ($B) AVERAGE LOANS ($B) Card Services Firmwide $4.5 ~$95 $92.6 Transactor O/S $1,461 Revolving ($2.0) $1,339 $239 $224 4Q: $24 Rates / margins2 Balance sheet growth / mix 2 rate cuts (3.25% Card revolve growth FFTUB3 at
Slide 14: Our 2026 expense outlook is ~$105B
Our 2026 expense outlook is ~$105B ADJUSTED EXPENSE1 ($B) Bankers, Advisors and Branches $89.3B $96.0B ~$105 ex. FDIC SA ex. FDIC SA3 Consistent investment for $2 and Foundation future growth contribution2 $95.3 $91.1 $2 $17 2026 YoY adjusted expense drivers Volume- and revenue-related Corp. $4 $15
Slide 15: Outlook
Outlook1 Expect FY2026 net interest income of ~$103B, market dependent 1 Expect FY2026 net interest income excluding Markets of ~$95B, market dependent ~$105B, market dependent 2 Expect FY2026 adjusted expense of – Adjusted expense excludes Firmwide legal expense 3 Expect FY2026 Card Services NCO ra
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 9
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