How did JPMorgan's 3Q25 earnings compare with prior periods?

Net income was $14.4B and diluted EPS was $5.07, compared with $14.4B less $0.6B in 2Q25 (a net loss of $0.6B for the quarter-over-quarter change is shown in the slides as a sequential decrease of $0.6B) and $1.5B higher than 3Q24. Year over year, EPS rose $0.70, and ROTCE was 20% versus 19% a year earlier.

What drove revenue growth, and where was there pressure?

Managed revenue rose 9% YoY to $47.1B. Growth came from noninterest revenue (up 16%, led by asset management fees in AWM and CCB, investment banking fees, auto operating lease income and Payments fees) and Markets revenue (up 25%). NII grew only 2%, and NII excluding Markets was flat, as lower rates and deposit margin compression offset higher card revolving balances and wholesale deposit balances.

Is credit quality deteriorating?

Net charge-offs increased to $2.6B (up $506mm YoY), driven mainly by Wholesale and Card Services, and the Firm built $810mm in reserves, including $608mm in Consumer and $205mm in Wholesale. Management attributed part of the Wholesale charge-offs to borrower-related collateral irregularities in certain secured lending facilities. Card Services NCO rate improved to 3.15% from 3.24% a year earlier, and management's full-year 2025 Card NCO outlook is about 3.3%.

What is the outlook for 2025 and 2026?

For FY25, management implies NII of about $95.8B (about $92.2B excluding Markets), with adjusted expense of about $95.9B, contingent on market conditions for the 4Q outlook. The preliminary 2026 central case calls for NII excluding Markets of about $95B, driven by balance sheet growth and mix, partly offset by lower rates.

How strong is the capital and liquidity position?

The Standardized CET1 ratio was 14.8% (Advanced 14.9%), with CET1 capital of $287B, and total loss-absorbing capacity was $568B. The ratio declined from 15.1% in 2Q25 mainly due to lending-driven RWA growth and market risk. The Firm SLR was 5.8%, the Firm LCR was 110% (Bank LCR 117%), and total excess HQLA was $241B. Book value per share was $124.96 at September 30, 2025.

JPMORGAN CHASE & CO 8-K: Regulation FD

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 furnished slides (Exhibit 99) for its 3Q25 earnings presentation on October 14, 2025, reporting net income of $14.4B^a and diluted EPS of $5.07, up 12% year over year.

Managed revenue rose 9% to $47.1B^b, with net interest income (NII) of $24.1B up 2% and noninterest revenue (NIR) of $23.0B up 16%. Markets revenue of $8.9B grew 25%, and NIR excluding Markets rose 16% on higher asset management fees, investment banking fees and Payments fees. Expense increased 8% to $24.3B, and the managed overhead ratio held at 52%.

ROTCE was 20% and ROE was 17%. Credit costs were $3.4B^c, including $2.6B of net charge-offs (up $506mm year over year, driven mainly by Wholesale and Card Services) and an $810mm reserve build. The capital position remained strong, with a Standardized CET1 ratio of 14.8% (down from 15.1% in 2Q25 as RWA grew to $1.9T), and the Firm returned capital through a $4.1B common dividend ($1.50 per share) and $8.0B of net share repurchases.

Management reiterated 2025 guidance of roughly $95.8B^d NII and roughly $95.9B adjusted expense, and gave a preliminary 2026 central case of about $95B NII excluding Markets. For investors, the quarter combines strong earnings growth and capital returns with a few watch items: Consumer NCO trends in Card Services (Card NCO rate of 3.15% versus a full-year 2025 outlook of about 3.3%), margin pressure from lower rates and deposit margin compression, and a rising expense base. The Firm's Standardized CET1 ratio declined quarter over quarter, and the Firm LCR fell to 110% from 113%.

02—Key points

Key Highlights

Net income of $14.4B (up 12% YoY) and diluted EPS of $5.07 (up $0.70 YoY); ROTCE of 20% and ROE of 17%.
Managed revenue of $47.1B (up 9% YoY): NII of $24.1B (up 2%) and NIR of $23.0B (up 16%), with Markets revenue of $8.9B (up 25%).
NII excluding Markets was flat YoY at $23.4B, pressured by lower rates and deposit margin compression, partly offset by higher Card revolving balances and wholesale deposits.
Expense rose 8% YoY to $24.3B; managed overhead ratio held at 52%, and adjusted overhead ratio was 51%.
Credit costs of $3.4B included $2.6B of net charge-offs (up $506mm YoY) and an $810mm net reserve build; Card Services NCO rate was 3.15%.
Standardized CET1 ratio of 14.8% (down from 15.1% in 2Q25) on RWA growth to $1.935T; Firm SLR of 5.8% and Firm LCR of 110%.
Capital returned via $4.1B in common dividends ($1.50/share) and $8.0B of net share repurchases; tangible book value per share rose to $105.70 from $103.40 in 2Q25.

03—Questions

Frequently Asked Questions

How did JPMorgan's 3Q25 earnings compare with prior periods?
Net income was $14.4B and diluted EPS was $5.07, compared with $14.4B less $0.6B in 2Q25 (a net loss of $0.6B for the quarter-over-quarter change is shown in the slides as a sequential decrease of $0.6B) and $1.5B higher than 3Q24. Year over year, EPS rose $0.70, and ROTCE was 20% versus 19% a year earlier.
What drove revenue growth, and where was there pressure?
Managed revenue rose 9% YoY to $47.1B. Growth came from noninterest revenue (up 16%, led by asset management fees in AWM and CCB, investment banking fees, auto operating lease income and Payments fees) and Markets revenue (up 25%). NII grew only 2%, and NII excluding Markets was flat, as lower rates and deposit margin compression offset higher card revolving balances and wholesale deposit balances.
Is credit quality deteriorating?
Net charge-offs increased to $2.6B (up $506mm YoY), driven mainly by Wholesale and Card Services, and the Firm built $810mm in reserves, including $608mm in Consumer and $205mm in Wholesale. Management attributed part of the Wholesale charge-offs to borrower-related collateral irregularities in certain secured lending facilities. Card Services NCO rate improved to 3.15% from 3.24% a year earlier, and management's full-year 2025 Card NCO outlook is about 3.3%.
What is the outlook for 2025 and 2026?
For FY25, management implies NII of about $95.8B (about $92.2B excluding Markets), with adjusted expense of about $95.9B, contingent on market conditions for the 4Q outlook. The preliminary 2026 central case calls for NII excluding Markets of about $95B, driven by balance sheet growth and mix, partly offset by lower rates.
How strong is the capital and liquidity position?
The Standardized CET1 ratio was 14.8% (Advanced 14.9%), with CET1 capital of $287B, and total loss-absorbing capacity was $568B. The ratio declined from 15.1% in 2Q25 mainly due to lending-driven RWA growth and market risk. The Firm SLR was 5.8%, the Firm LCR was 110% (Bank LCR 117%), and total excess HQLA was $241B. Book value per share was $124.96 at September 30, 2025.

04—Continue

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