JPMorgan Chase Caps 2025 With Strong Fourth Quarter Despite Investment-Banking Fee Slump

JPMorgan Chase & Co. closed out 2025 with a robust fourth quarter, buoyed by strength in trading and payments businesses, even as investment-banking fees declined and credit costs rose late in the year.

The nation’s largest bank by assets reported fourth quarter net income of $13.0 billion, or $4.63 a share, according to its earnings release Tuesday. Excluding a $2.2 billion reserve tied to the forward purchase commitment for the Apple credit-card portfolio, net income was $14.7 billion, or $5.23 a share. Firmwide reported revenue totaled $45.8 billion, while managed revenue reached $46.8 billion, up 7% from a year earlier.

For the full year, JPMorgan posted net income of $57.0 billion, or $20.02 a share, underscoring the bank’s ability to generate earnings across market cycles despite a shifting interest-rate and credit environment.

Chairman and Chief Executive Jamie Dimon said the firm “concluded the year with a strong fourth quarter,” pointing to durable client activity and continued investments across the franchise. He noted that while parts of the economy showed signs of moderation, consumers and businesses remained resilient.

The Commercial & Investment Bank delivered one of the quarter’s strongest performances, with revenue rising 10% from a year earlier. That growth was driven primarily by markets activity and banking and payments, offsetting weaker results in traditional dealmaking. Investment-banking fees fell 5% from a year earlier and declined 11% from the third quarter, reflecting softer advisory and underwriting volumes.

Trading results were a standout. Fourth-quarter markets revenue totaled $8.2 billion, up 17% from a year earlier, as both fixed-income and equity markets benefited from higher client activity and volatility. The gains helped cushion the impact of the pullback in investment-banking fees.

In Consumer & Community Banking, revenue increased 6% year over year, supported by higher card and deposit balances, but net income declined 19% to $3.6 billion, largely due to higher credit costs and normalization in consumer spending patterns. Net charge-offs rose modestly during the quarter, primarily in wholesale portfolios.

Firmwide, JPMorgan recorded a credit-loss provision of $4.7 billion, driven in part by the Apple Card-related reserve. Excluding that item, credit performance remained broadly consistent with management’s expectations.

The Asset & Wealth Management division continued to expand, reporting revenue growth of 13% and ending the quarter with $4.8 trillion in assets under management, up 18% from a year earlier. The firm’s payments business posted record quarterly revenue of $5.1 billion, highlighting the growing contribution of fee-based businesses.

JPMorgan returned substantial capital to shareholders during the quarter, including $7.9 billion in share repurchases and $4.1 billion in common dividends. Tangible book value per share rose 11% from the prior year, and the firm ended 2025 with a Basel III CET1 capital ratio of 14.5%.

Looking ahead, Mr. Dimon said the bank remains focused on disciplined growth and long-term investments, while closely monitoring economic conditions and credit trends entering 2026.