JPMorgan Chase & Co. has a record US$4.6 trillion of assets under management, an 18% increase from 2024, driven by increased inflows and market all-time highs.
The investment behemoth reported net income of US$13 billion for the fourth quarter (Q4) of 2025 — a result heavily influenced by a multi-billion dollar reserve build linked to its new partnership with Apple.
Full-year earnings reached $57 billion, a record for the firm despite a 7% slip in Q4 earnings compared to the prior-year period.
And the primary headwind in Q4 was a $2.2 billion credit reserve established for the forward purchase commitment of the Apple credit card portfolio.
Quarterly metrics
Managed revenue for the fourth quarter stood at $46.8 billion, representing a slight 1% dip from the $47.1 billion reported in Q3.
However, net interest income showed momentum, rising to $25.1 billion in Q4 up from $24.1 billion from the previous quarter.
This growth was partially attributed to higher revolving balances in Card Services and higher deposit balances, although results were mitigated by the impact of lower rates.
Credit costs saw a substantial jump as the provision for credit losses hit $4.7 billion in the final quarter.
This was a marked increase from the $3.4 billion provision recorded in the previous three-month period.
The net reserve build for Q4 was $2.1 billion, compared to an $810 million build seen in the third quarter.
Highlights
The Commercial & Investment Bank remained a growth engine, with net income rising to $7.3 billion in Q4, up from $6.9 billion in Q3.
Markets revenue reached $8.2 billion, driven by a 40% year-on-year surge in Equity Markets.
In the Consumer & Community Banking segment, net income fell to $3.6 billion from the $5 billion achieved in the previous quarter.
Despite the impact of the Apple Card reserve on CCB, the franchise opened 1.7 million net new checking accounts and 10.4 million new credit card accounts across 2025.
Asset & Wealth Management reported net income of $1.8 billion, with assets under management reaching $4.8 trillion.
This represents an increase from the $4.6 trillion in assets under management in Q3 and up 18% compared to 2024.
Outlook
"The U.S. economy has remained resilient," JPMorgan CEO Jamie Dimon said.
“However, as usual, we remain vigilant, and markets seem to underappreciate the potential hazards — including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices.”
The firm maintained its capital strength with a Basel III common equity Tier 1 (CET1) ratio of 14.5%.
Credit and capital raised for clients in 2025 reached $3.3 trillion, including $2.9 trillion for corporations and non-U.S. government entities, as well as $280 billion for consumers.
