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- **Strong Q3 Performance**: $14.4B net income, 9% YoY revenue growth driven by markets and fees. Expense control maintained with 8% YoY increase.
- **Credit Resilience**: Consumer credit metrics stable, Wholesale charge-offs elevated due to fraud but overall credit trends stable.
- **2026 Outlook**: NII ex-Markets guidance of $95B, expense growth ~4% driven by labor inflation. AI productivity efforts to constrain growth.
- **Strategic Focus**: Deposit growth acceleration, NBFI lending risk management, and regulatory advocacy for capital efficiency.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Net income of $14.4 billion, EPS of $5.07, and ROTCE of 20%. Revenue of $47.1 billion grew 9% YoY, driven by higher markets revenue and fees across asset management, investment banking, and payments. NII growth was offset by lower rates.
- **Expenses**: $24.3 billion (+8% YoY) due to volume and revenue-related costs. Credit costs were $3.4 billion, with net charge-offs of $2.6 billion and a $810 million reserve build.
- **Balance Sheet**: CET1 ratio of 14.8% (down 30bps QoQ) due to higher RWA from wholesale lending and markets activity.
- **Outlook**: 2025 card NCO rate expected at 3.3%. 2026 NII ex-Markets guidance of $95 billion, with expense growth driven by labor inflation and AI productivity efforts.

**【Q&A Highlights】**
- **Deposit Growth**: CCB net new checking accounts up 400,000 Q3, but macro factors (savings rate, equity flows) delay balance growth. 2026 deposit growth assumptions pushed out slightly.
- **Credit Risks**: Wholesale charge-offs elevated due to fraud cases (e.g., Tricolor). Consumer credit metrics stable, with delinquencies better than expected.
- **AI & Expenses**: Emphasize expense discipline over measurable AI savings. 2026 expense growth expected at ~4%, driven by labor inflation and revenue-related costs.
- **Regulatory Environment**: Support for Basel III reforms to reduce capital inefficiencies. Concerns over NBFI lending risks and regulatory scrutiny of private credit underwriting.
- **Mortgage Market**: Advocacy for reducing regulatory burdens to lower mortgage spreads, enabling banks to play a larger role in residential lending.


JPMorgan Chase & Co. (JPM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

JPM

JPM fundamentals

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