Jeremy Barnum
Chief Financial Officer
Replay available
JP Morgan Chase & Co. (JPM) Q4 2025 Earnings Call
JP Morgan Chase & Co. (NYSE: JPM) Q4 2025 earnings conference call, held 2026-01-13. Replay captured from the company's public earnings webcast.
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Investor webinar replay
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Replay transcript excerpt
WEBVTT 00:00:00.368 -- 00:00:06.135 Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's fourth quarter 2025 earnings 00:00:06.135 -- 00:00:10.900 call. This call is being recorded. Your line will be muted for the duration of the call. 00:00:10.900 -- 00:00:16.146 We will now go live to the presentation. The presentation is available on JPMorgan 00:00:16.146 -- 00:00:20.712 Chase's website. Please refer to the disclaimer in the back concerning forward-looking 00:00:20.712 -- 00:00:26.045 statements. Please stand by. At this time, I would now like to turn the call 00:00:26.045 -- 00:00:31.191 over to JPMorgan Chase's Chairman and CEO, Jamie Dimon, and Chief Financial Officer, 00:00:31.191 -- 00:00:35.574 Jeremy Barnum. Mr. Barnum, please go ahead. 00:00:35.997 -- 00:00:40.543 Thank you, and good morning, everyone. This quarter, the firm reported net income of 00:00:40.543 -- 00:00:45.088 $13 billion and EPS of $4.63, 00:00:45.088 -- 00:00:50.224 with an ROTCE of 18%. These results included the 00:00:50.224 -- 00:00:55.570 previously announced reserve build of $2.2 billion in CCB related to the forward purchase 00:00:55.570 -- 00:00:58.873 commitment of the Apple Card portfolio. 00:00:58.873 -- 00:01:04.259 Revenue of $46.8 billion was up 7% year-on-year on higher markets revenue 00:01:04.259 -- 00:01:08.263 as well as higher asset management fees and auto lease income. 00:01:08.263 -- 00:01:13.468 The increase in NIIX markets was primarily driven by higher farm-wide deposit balances 00:01:13.468 -- 00:01:18.736 and revolving balances in card, largely offset by the impact of lower rates. 00:01:18.736 -- 00:01:23.984 Expenses of $24 billion were up 5% year-on-year, predominantly driven by higher 00:01:23.984 -- 00:01:29.213 volume and revenue-related expenses...