JPMorgan Chase Q4 FY25 Markets revenue grew 17%, though earnings were impacted by a large credit reserve.

JPMorgan Chase reported fourth-quarter net income of $13.0 billion ($4.63 per share) on managed revenue of $46.8 billion, a 7% increase year-over-year. Full-year 2025 net income was $57.0 billion ($20.02 per share). The quarterly results were significantly affected by a large credit reserve build related to the acquisition of the Apple Card portfolio.

Key Highlights

• The provision for credit losses increased to $4.7 billion, which included a $2.2 billion credit reserve established for the forward purchase commitment of the Apple credit card portfolio.
• Corporate & Investment Bank (CIB) revenue rose 10% YoY to $19.4 billion, driven by a 17% increase in Markets revenue. This was led by a 40% surge in Equity Markets and a 7% increase in Fixed Income Markets revenue.
• Asset & Wealth Management (AWM) delivered record net revenue of $6.5 billion, up 13% YoY, as Assets Under Management grew 18% to $4.8 trillion on strong net inflows and higher market levels.