JPMorgan Chase (JPM) Reports Record Q3 2025 Results
Key Points
- Net income: $14.4 billion, up 12% year over year.
- EPS: $5.07 (vs. $4.37 a year ago), up 16%.
- Revenue (managed): $47.1 billion, up 9%.
- Return on common equity (ROE): 17%; ROTCE: 20%.
- Net interest income: $24.1 billion, up 2%; noninterest revenue: $23.0 billion, up 16%.
- CET1 ratio: 14.8% (Standardized), 14.9% (Advanced).
- Book value per share: $124.96 (+9% YoY); tangible book value per share: $105.70 (+10%).
Quarter Highlights
- Managed revenue: $47.1 billion, +9% YoY, led by strong Markets (+25%) and Investment Banking (+16%) performance.
- Net interest income (ex-Markets): $23.4 billion, flat YoY, as higher revolving balances offset margin compression.
- Credit costs: $3.4 billion, including $2.6 billion of net charge-offs and an $810 million reserve build.
- Expenses: $24.3 billion, up 8% YoY, mainly from higher compensation, marketing, and brokerage expenses.
- Average loans: $1.4 trillion (+7% YoY); average deposits: $2.4 trillion (+6% YoY).
- Overhead ratio: 52%.
- Book value growth: +9% YoY.
Segment Performance
Consumer & Community Banking (CCB)
- Net income: $5.0 billion (+24% YoY).
- Revenue: $19.5 billion (+9%), led by higher deposit margin and asset management fees.
- Card Services & Auto: Revenue up 12% on higher revolving balances.
- Provision for credit losses: $2.5 billion; net reserve build $575 million.
- Active mobile customers: +7% YoY; card sales volume +9%.
Commercial & Investment Bank (CIB)
- Net income: $6.9 billion (+21% YoY).
- Revenue: $19.9 billion (+17% YoY).
- Investment banking fees: $2.6 billion (+16%), reflecting higher ECM and M&A activity.
- Markets revenue: $8.9 billion (+25%); Fixed Income +21%, Equities +33%.
- Payments revenue: $4.9 billion (+13%).
Asset & Wealth Management (AWM)
- Net income: $1.7 billion (+23% YoY).
- Revenue: $6.1 billion (+12%) on strong management fees and inflows.
- Assets under management: $4.6 trillion (+18% YoY); client assets $6.8 trillion (+20%).
Corporate
- Net income: $825 million (-54% YoY).
- Revenue: $1.7 billion (-45% YoY), impacted by lower interest income from deposit pricing adjustments.
CEO Statement and Outlook
“The Firm reported strong results in the third quarter, generating net income of $14.4 billion and delivering an ROTCE of 20%,” said Jamie Dimon, Chairman and CEO.
“Each line of business performed well — CIB saw record Markets revenue, CCB continued strong customer growth, and AWM achieved record assets. While the U.S. economy remains resilient, we continue to operate in a complex environment marked by geopolitical uncertainty, tariffs, and inflation pressures. We are preparing the Firm for a wide range of scenarios.”
Financial Summary
| Metric | Q3 2025 | Q3 2024 |
|---|---|---|
| Net Revenue (Managed) | $47.1 B | $43.3 B |
| Net Income | $14.4 B | $12.9 B |
| EPS (Diluted) | $5.07 | $4.37 |
| ROE | 17% | 16% |
| ROTCE | 20% | 19% |
| CET1 Ratio (Standardized) | 14.8% | 14.3% |
| CET1 Ratio (Advanced) | 14.9% | 14.3% |
| Book Value per Share | $124.96 | $115.15 |
| Tangible Book Value per Share | $105.70 | $96.00 |
| Overhead Ratio | 52% | 53% |
Capital Return
- Dividend: $1.50 per share; total payout $4.1 billion.
- Share repurchases: $8.0 billion during the quarter.
- Net payout ratio (LTM): 73%.
- CET1 capital: $287 billion.
- Supplementary leverage ratio: 5.8%.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with $4.6 trillion in assets and $360 billion in stockholders’ equity as of September 30, 2025. The Firm is a leader in investment banking, consumer and commercial banking, financial transaction processing, and asset management. Under the J.P. Morgan and Chase brands, it serves millions of U.S. consumers and the world’s most prominent corporate, institutional, and government clients. Headquartered in New York, JPMorgan Chase & Co. employs more than 300,000 people worldwide.