Skip to content
AnalystLens

JPMORGAN CHASE & CO 8-K Report, Financial Results (Jan 13, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 13, 2026
Period End
January 13, 2026
In the record · 2016–202610-K1110-Q328-K336

JPM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 336 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jan ’23Jan ’23
  2. Leadership change8-K · Jan ’25Jan ’25

01—Abstract

Summary

Summary of the 8-K filed January 13, 2026. Cited figures are marked; the original filing is the authoritative source.

JPMorgan Chase reported fourth-quarter 2025 net income of $13.0 billiona, or $4.63 per diluted share, down 7% from $14.0 billion ($4.81 per share) a year earlier.

Results include a $2.2 billionb credit reserve established for the forward purchase commitment on the Apple credit card portfolio, which reduced EPS by $0.60. Excluding that item, net income was $14.7 billion ($5.23 per share). Reported revenue was $45.8 billion, up 7% year over year, with net interest income up 7% and noninterest revenue up 7%.

Noninterest expense rose 5% to $24.0 billionc, and the provision for credit losses was $4.7 billion, up sharply from $2.6 billion a year earlier. Full-year 2025 net income was $57.0 billion ($20.02 per share), with ROE of 17% and ROTCE of 20%. Underlying business momentum was strong.

Markets revenue rose 17% to $8.2 billiond, with Equity Markets up 40%, while Investment Banking fees fell 5% year over year. Asset & Wealth Management revenue rose 13% to a record $6.5 billion on $4.8 trillion of assets under management, and Payments revenue reached a record $5.1 billion. Consumer & Community Banking revenue rose 6%, but its net income fell 19% because of the Apple reserve and higher credit costs in Card Services.

Management also announced that JPMorgan will become the new issuer of the Apple Card. Capital and shareholder returns remained substantial. The firm paid a $1.50 quarterly dividend, repurchased $7.9 billion of common stock net of issuance, and returned 82% of LTM earnings.

Book value per share rose 9% to $126.99 and tangible book value per share rose 11% to $107.56. The Apple commitment lowered the Standardized CET1 ratio by about 25 basis points to an estimated 14.5%, and the Advanced ratio by about 90 basis points to 14.1%. CEO Jamie Dimon cautioned that markets may underappreciate geopolitical, inflation and asset price risks.

02—Key points

Key Highlights

  1. Q4 2025 reported net income of $13.0B ($4.63/share), down 7% YoY; excluding a $2.2B Apple card reserve, net income was $14.7B ($5.23/share)
  2. Q4 reported revenue of $45.8B (up 7% YoY); Markets revenue up 17% to $8.2B, with Equity Markets up 40%
  3. Provision for credit losses rose to $4.7B from $2.6B a year earlier, driven by the $2.2B Apple reserve build
  4. AWM record revenue of $6.5B (up 13%) on $4.8T AUM; full-year 2025 client asset net inflows of $553B
  5. Capital returns: $4.1B dividends and $7.9B net buybacks in Q4; LTM net payout of 82%
  6. Standardized CET1 ratio of 14.5% (down ~25 bps from the Apple commitment); Advanced ratio 14.1% (down ~90 bps)
  7. Book value per share $126.99 (up 9%) and TBVPS $107.56 (up 11%); FY2025 ROTCE of 20%

03—Questions

Frequently Asked Questions

  1. Why did reported earnings decline in the fourth quarter?

    The main driver was a $2.2 billion credit reserve established for the forward purchase commitment on the Apple credit card portfolio, which reduced EPS by $0.60. Credit costs also rose: the provision for credit losses was $4.7 billion versus $2.6 billion a year earlier. Revenue growth and expense control partly offset these effects.

  2. What is the Apple Card transaction and how does it affect the balance sheet?

    JPMorgan agreed on December 30, 2025 to become the new issuer of the Apple Card and will acquire the portfolio under a forward purchase commitment. The filing estimates about $104 billion of associated total credit exposure, including roughly $23 billion of drawn loans, with closing expected in about 24 months. The commitment added about $23 billion of standardized and about $110 billion of advanced risk-weighted assets.

  3. How strong is the firm's capital position after the Apple-related charge?

    Capital remains well above typical requirements. The estimated Standardized CET1 ratio is 14.5% and the Advanced ratio is 14.1%, both reduced by the Apple commitment. The supplementary leverage ratio is 5.8%, and Basel III CET1 capital is $288 billion. Management also cited the firm's ability to deploy excess capital, including into the Apple Card.

  4. Which business lines drove growth in the quarter?

    Markets revenue rose 17% to $8.2 billion, led by Equity Markets (up 40%) and Fixed Income Markets (up 7%). Asset & Wealth Management revenue rose 13% to a record $6.5 billion on higher fees and inflows. Payments revenue reached a record $5.1 billion. Investment Banking fees declined 5% year over year, and Corporate net income fell 63%.

  5. What were the full-year 2025 results?

    Full-year 2025 net income was $57.0 billion, or $20.02 per diluted share, versus $58.5 billion ($19.75 per share) in 2024. Full-year reported revenue was $182.4 billion, up 3%, and ROE was 17% with ROTCE of 20%. The full-year figures include the Apple reserve, and 2024 results included a $7.9 billion Visa share gain.

04—Continue

← View all 8-K filings