01—Abstract
Summary
Summary of the 8-K filed October 14, 2025. Cited figures are marked; the original filing is the authoritative source.
JPMorgan Chase reported third-quarter 2025 net income of $14.4 billiona, or $5.07 per diluted share, up 12% from $12.9 billion ($4.37 per share) a year earlier, though down 4% sequentially from $15.0 billion in Q2 2025.
Reported net revenue rose 9% year over year to $46.4 billionb, with managed revenue of $47.1 billion. ROTCE was 20% and ROE 17%. Growth was driven by the Commercial & Investment Bank, where Markets revenue rose 25% and Investment Banking fees rose 16%, and by Asset & Wealth Management, where assets under management reached $4.6 trillion, up 18%.
Expenses rose 8% to $24.3 billionc, and the overhead ratio held at 52%. Credit costs increased, with the provision for credit losses at $3.4 billion (up 9% year over year) including $2.6 billion of net charge-offs and an $810 million net reserve build. Card Services net charge-off rate was 3.15%.
The Corporate segment's net income fell 54% year over year to $825 milliond, mainly because lower rates compressed net interest income and the prior-year period included a $7.9 billion Visa gain. Excluding that one-time item, underlying revenue growth was considerably stronger than reported figures suggest. Capital position remained strong.
The Standardized CET1 ratio was an estimated 14.8%, and the Firm paid a $1.50 quarterly dividend (up 7%) and repurchased $8.0 billion of common stock. Book value per share reached $124.96 and tangible book value per share $105.70, both up about 9-10% year over year. Management highlighted continued economic uncertainty from geopolitical conditions, tariffs and sticky inflation, while noting some softening in job growth.
02—Key points
Key Highlights
- Net income of $14.4B ($5.07/diluted share) rose 12% YoY but fell 4% QoQ; EPS was down 3% sequentially.
- Reported net revenue of $46.4B (+9% YoY); managed revenue of $47.1B; Markets revenue of $8.9B (+25% YoY) was a key driver.
- CIB net income rose 21% YoY to $6.9B, with Investment Banking fees up 16% and Equity Markets revenue up 33%.
- Expenses rose 8% YoY to $24.3B, but the overhead ratio stayed at 52%. Provision for credit losses was $3.4B, including an $810M net reserve build.
- Corporate net income fell 54% YoY to $825M, reflecting lower rates and the absence of the prior-year $7.9B Visa gain.
- ROTCE of 20% and ROE of 17%; Standardized CET1 ratio of 14.8% and supplementary leverage ratio of 5.8%.
- Capital returned: $1.50 quarterly dividend (+7%) and $8.0B of net share repurchases; book value per share of $124.96 (+9% YoY).
03—Questions
Frequently Asked Questions
How did JPMorgan's Q3 2025 earnings compare with last year and with the prior quarter?
Net income was $14.4B, up 12% from $12.9B in Q3 2024, and EPS rose 16% to $5.07 from $4.37. Compared with Q2 2025, net income fell 4% from $15.0B and EPS fell 3% from $5.24. Year over year, results benefited from stronger Markets and investment banking activity and asset management fees, while the prior-year period carried a large Visa-related gain.
What drove revenue growth this quarter?
Reported net revenue rose 9% to $46.4B. Noninterest revenue grew 16% excluding Markets, driven by higher asset management fees in AWM and CCB, investment banking fees, and Payments fees. Markets revenue rose 25% to $8.9B. Net interest income was flat year over year at $23.4B excluding Markets, as lower rates and deposit margin compression offset higher card revolving balances.
Is JPMorgan's credit quality deteriorating?
Credit costs rose but remain manageable. The provision was $3.4B, up from $3.1B a year earlier, and net charge-offs were $2.6B, up $506M, mainly in Wholesale and Card Services. The Firm built $810M in reserves, citing loan growth and macroeconomic updates. Card net charge-off rate was 3.15%, down from 3.24% a year earlier. The CIB provision was partly tied to borrower collateral irregularities in certain secured lending facilities.
How strong is the Firm's capital and how is it being returned to shareholders?
The Standardized CET1 ratio was an estimated 14.8%, and the Advanced ratio was 14.9%, both above regulatory minimums, though down from 15.3% a year earlier. The Firm declared a $1.50 quarterly dividend, up 7% from Q2, and repurchased $8.0B of common stock net of issuances. The net payout over the last twelve months was 73%.
What are the main risks management flagged for the outlook?
CEO Jamie Dimon said the U.S. economy remained resilient but showed some softening, particularly in job growth. He cited heightened uncertainty from geopolitical conditions, tariffs and trade, elevated asset prices, and the risk of sticky inflation. The Firm said it prepares for a wide range of scenarios. The release did not provide formal full-year guidance in the excerpt provided.
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