JPMorgan Chase 4Q25 net income falls 7% to $13.0B on $2.2B Apple card reserve
JPMorgan Chase reported fourth-quarter 2025 net income of $13.0B, down 7% from a year earlier, and diluted EPS of $4.63, while managed revenue rose 7% to $46.8B. Results include a $2.2B credit reserve for the forward purchase commitment of the Apple credit card portfolio; the filing says excluding this item, net income would have been $14.7B and EPS $5.23.
Key points
- 4Q25 net income $13.0B, down 7% YoY; diluted EPS $4.63; managed revenue $46.8B, up 7% YoY
- $2.2B reserve for the Apple credit card forward purchase commitment; after tax, $1.7B, or $0.60 per share
- FY2025 net income $57.0B, down 2% YoY; diluted EPS $20.02
- 2026 outlook: net interest income of ~$103B, net interest income ex. Markets of ~$95B, adjusted expense of ~$105B, all market dependent
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:16 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 13, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.