JP Morgan Chase & Co. (JPM) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

quarter 2025 earnings call. This call is being recorded. Your line will be muted for the duration of the call. We will now go live to the presentation. The presentation is available on JPMorgan Chase's website. Please refer to the disclaimer in the back concerning forward-looking statements. Please stand by. At this time, I would like to turn the call over to JPMorgan Chase's Chairman and CEO, Jamie Dimon, and Chief Financial Officer, Jeremy Barnum. Mr. Barnum, please go ahead. Thank you very much, and good morning, everyone. This quarter, the firm reported net income of $15 billion, EPS of $5.24 on revenue of $45.7 billion, and an ROTCE of 21%. These results included an income tax benefit of $774 million, which we describe in more detail in the earnings press release. On the next page, we have some more detail. The firm reported revenue of $45.7 billion, down $5.3 billion, or 10% year-on-year. And IIX Markets was down $185 million, or 1%, driven by the impact of lower rates and deposit margin compression, predominantly offset by higher wholesale deposits, higher revolving balances in card, as well as the impact of securities activity, including from prior orders. And IRX Markets was down $6.3 billion, or 31%, and excluding the net gain related to Visa shares and net investment securities losses in the prior year was up $1 billion, or 8%, driven by higher asset management fees, higher auto lease income, higher investment banking fees, and higher payments fees. And markets revenue was up $1.1 billion, or 15%. Expenses of $23.8 billion were up $66 million, and excluding last year's Visa stock contribution to the firm's foundation, was up $1.1 billion, or 5%, primarily driven by compensation, higher brokerage and distribution fees, as well as higher auto lease depreciat...