JP Morgan Chase & Co. (JPM) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's fourth 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 now 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, and good morning, everyone. This quarter, the firm reported net income of $13 billion and EPS of $4.63, with an ROTCE of 18%. These results included the previously announced reserve build of $2.2 billion in CCB related to the forward purchase commitment of the Apple Card portfolio. Revenue of $46.8 billion was up 7% year-on-year on higher markets revenue as well as higher asset management fees and auto lease income. The increase in NIIX markets was primarily driven by higher farm-wide deposit balances and revolving balances in card, largely offset by the impact of lower rates. Expenses of $24 billion were up 5% year-on-year, predominantly driven by higher volume and revenue-related expenses and compensation growth, including from office hiring, partially offset by the release of an FDIC special assessment accrual. Turning to the full-year results, I'll remind you that there were a few significant items in 2025 which are listed in the footnote. Excluding those items, the firm reported full-year net income of $57.5 billion, EPS of $20.18, revenue of $185 billion, with an ROTCE of 20%. And in terms of the balance sheet, we ended the quarter with a standardized CG1 ratio of 14.5%, down 30 basis points versus the ...