Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during the America Business Forum in Miami, Florida, US, on Thursday, Nov. 6, 2025.
Eva Marie Uzcategui | Bloomberg | Getty Images
JPMorgan Chase on Tuesday posted fourth-quarter results that topped expectations on better-than-expected revenue from the bank’s trading operations.
Here’s what the company reported:
- Adjusted earnings: $5.23 a share vs. $5 consensus estimate from LSEG
- Revenue: $46.77 billion vs. $46.201 billion expected
The company said profit fell 7% to $13.03 billion, or $4.63 per share, because of a pre-announced $2.2 billion reserve tied to its takeover of the Apple Card loan portfolio from Goldman Sachs. Excluding the 60 cent per share hit from that transaction, adjusted earnings of $5.23 topped analysts’ expectations.
Banks have enjoyed a Goldilocks-type environment for the last few quarters, with a rebound in Wall Street trading and investment banking, falling interest rates, stable consumer credit and deregulation providing a lift for the sector. High stock levels have also buoyed banks’ wealth management divisions.
The KBW Bank Index climbed 29% last year, the second year in a row that the big bank benchmark exceeded the gains of the S&P 500.
So analysts will be keen to hear how much momentum from 2025 is expected to carry over into this year. Of particular concern is whether there are any cracks in spending amid signs that the labor market may be weakening, as well as guidance around the strength of Wall Street dealmaking.
JPMorgan Chase CEO Jamie Dimon will likely be asked about President Donald Trump’s demand for the industry to cap credit card rates at 10%, as well as questions over the independence of the Federal Reserve.
Bank of America, Citigroup and Wells Fargo are scheduled to report results Wednesday, with Goldman Sachs and Morgan Stanley reporting Thursday.
This story is developing. Please check back for updates.
