10-QPeriod: Q3 FY2025

JPMORGAN CHASE & CO Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 4, 2025For Securities:JPMJPM-PCJPM-PDJPM-PKJPM-PLJPM-PMJPM-PJAMJBVYLD

Summary

JPMorgan Chase & Co. reported a strong third quarter of 2025, with net income up 12% year-over-year to $14.4 billion and diluted earnings per share of $5.07. Total net revenue saw a significant 9% increase to $46.4 billion, driven by robust performance in both net interest income (up 2% to $24.0 billion) and noninterest revenue (up 17% to $22.5 billion). The Commercial & Investment Bank segment was a standout performer, with total net revenue up 17% driven by strong Markets revenue (up 25%) and investment banking fees (up 16%). The Consumer & Community Banking segment also showed solid growth, with net revenue up 9%, supported by higher net interest income and card services volume. Asset & Wealth Management reported a 12% increase in total net revenue, boosted by higher assets under management, up 18%. The firm's capital position remains strong, with a Common Equity Tier 1 (CET1) ratio of 14.8% under the Standardized approach, well above regulatory requirements. The provision for credit losses increased by 9% to $3.4 billion, reflecting higher net charge-offs, particularly in Card Services and Wholesale, and a net addition to the allowance for credit losses. Despite this increase, the overall credit quality metrics, such as the allowance for loan losses to total retained loans ratio (1.88%), remain stable.

Financial Highlights

32 data points
Beta

Net Income

$14.39B

EPS (Diluted)

$5.07

Total Assets

$4.56T

Cash & Equivalents

$303.44B

Free Cash Flow

-$45.21B

Financial Statements
Beta
Net Income$14.39B
EPS (Basic)$5.08
EPS (Diluted)$5.07
Shares Outstanding (Basic)2.76B
Shares Outstanding (Diluted)2.77B

Key Highlights

  • 1Net income increased by 12% year-over-year to $14.4 billion.
  • 2Total net revenue grew by 9% to $46.4 billion, driven by strong noninterest revenue (up 17%).
  • 3The Commercial & Investment Bank segment saw a 17% increase in net revenue, with Markets revenue up 25%.
  • 4Consumer & Community Banking net revenue increased by 9%, supported by credit card and deposit growth.
  • 5Asset & Wealth Management reported a 12% increase in net revenue, with assets under management up 18%.
  • 6Common Equity Tier 1 (CET1) capital ratio remained strong at 14.8% (Standardized approach).
  • 7Provision for credit losses increased by 9% to $3.4 billion, reflecting higher net charge-offs.

Frequently Asked Questions

The significant 17% increase in noninterest revenue was predominantly driven by higher Markets noninterest revenue in the Commercial & Investment Bank segment, as well as increases in asset management fees in Asset & Wealth Management, investment banking fees, auto operating lease income, and Payments fees.

The provision for credit losses increased by 9% to $3.4 billion, compared to $3.1 billion in the prior year. This increase was driven by higher net charge-offs, predominantly in Card Services and Wholesale, and a net addition to the allowance for credit losses.

JPMorgan Chase & Co. maintains a strong capital position. As of September 30, 2025, the Common Equity Tier 1 (CET1) capital ratio was 14.8% under the Standardized approach and 14.9% under the Advanced approach, both of which are well above regulatory requirements. The Tier 1 capital ratio was 15.8% (Standardized) and 15.9% (Advanced), and the Total capital ratio was 17.7% (Standardized) and 17.0% (Advanced).

All three reportable business segments showed year-over-year growth. The Commercial & Investment Bank saw a 17% increase in net revenue, Consumer & Community Banking had a 9% increase, and Asset & Wealth Management reported a 12% increase in net revenue.