01—Abstract
Summary
Summary of the 10-Q filed November 4, 2025. Cited figures are marked; the original filing is the authoritative source.
JPMorgan Chase & Co. reported a strong third quarter of 2025, with net income up 12% year-over-year to $14.4 billiona and diluted earnings per share of $5.07.
Total net revenue saw a significant 9% increase to $46.4 billionb, 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%c 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 billiond, 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.
02—Key points
Key Highlights
- Net income increased by 12% year-over-year to $14.4 billion.
- Total net revenue grew by 9% to $46.4 billion, driven by strong noninterest revenue (up 17%).
- The Commercial & Investment Bank segment saw a 17% increase in net revenue, with Markets revenue up 25%.
- Consumer & Community Banking net revenue increased by 9%, supported by credit card and deposit growth.
- Asset & Wealth Management reported a 12% increase in net revenue, with assets under management up 18%.
- Common Equity Tier 1 (CET1) capital ratio remained strong at 14.8% (Standardized approach).
- Provision for credit losses increased by 9% to $3.4 billion, reflecting higher net charge-offs.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 4, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Net Income | $14.39B$12.90B | +11.6% |
| EPS (Basic) | $5.08$4.38 | +16.0% |
| EPS (Diluted) | $5.07$4.37 | +16.0% |
| Shares Outstanding (Basic) | 2.76B2.86B | −3.4% |
| Shares Outstanding (Diluted) | 2.77B2.87B | −3.4% |
05—Questions
Frequently Asked Questions
What was the primary driver of the increase in noninterest revenue?
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.
How did the provision for credit losses change compared to the prior year?
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.
What is the firm's current capital position?
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).
What was the performance of the key business segments?
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.
06—Continue