JPMorgan Chase & Co. (NYSE:JPM) reported third-quarter 2025 net income of $14.4 billion, or $5.07 per share, up 12% year over year, beating the $4.84 analyst estimate as sales of $47.12 billion topped expectations of $45.39 billion.
Managed revenue rose 9% to $47.12 billion, while reported revenue totaled $46.4 billion.
Net interest income increased 2% to $24.1 billion, and noninterest revenue climbed 16% to $23.0 billion. Noninterest expense advanced 8% to $24.3 billion, driven by higher compensation, marketing, and distribution costs.
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The firm posted a return on equity (ROE) of 17% and a return on tangible common equity (ROTCE) of 20%.
Chairman and CEO Jamie Dimon said, “While there have been some signs of a softening, particularly in job growth, the U.S. economy generally remained resilient. However, there continues to be a heightened degree of uncertainty stemming from complex geopolitical conditions, tariffs and trade uncertainty, elevated asset prices and the risk of sticky inflation.”
The bank maintained a strong balance sheet, ending the quarter with a Common Equity Tier 1 ratio of 14.8% under the Standardized approach and 14.9% under the Advanced approach.
Total loss-absorbing capacity stood at $568 billion, standardized risk-weighted assets were $1.9 trillion, and the supplementary leverage ratio was 5.8%. Cash and marketable securities totaled $1.5 trillion, while average loans and deposits each reached $1.4 trillion.
Credit costs were $3.4 billion, including $2.6 billion of net charge-offs and an $810 million reserve build, driven mainly by Wholesale and Card Services. Book value per share increased 9% to $124.96, and tangible book value per share rose 10% to $105.70.
Segment Performance
In Consumer & Community Banking, net income rose 24% to $5.0 billion on 9% revenue growth to $19.5 billion, led by stronger deposit margin income and asset management fees. Card Services and Auto revenue climbed 12% to $7.2 billion, with debit and credit card sales volume up 9% and active mobile customers up 7%.
The Commercial & Investment Bank earned $6.9 billion, up 21% from a year earlier. Revenue increased 17% to $19.9 billion, led by Markets and Securities Services, which grew 24% to $10.4 billion. Fixed Income Markets revenue rose 21%, and Equity Markets surged 33%. Investment Banking fees increased 16% to $2.6 billion, maintaining JPMorgan’s global ranking as No. 1 with an 8.7% wallet share.
Asset & Wealth Management reported net income of $1.7 billion, up 23%, on revenue of $6.1 billion, up 12%. Assets under management reached $4.6 trillion, an 18% increase, while client assets totaled $6.8 trillion, up 20%.
The firm returned $12.1 billion to shareholders, including a $4.1 billion common dividend, or $1.50 per share, and $8.0 billion in share repurchases.
Outlook
Looking ahead, JPMorgan expects fourth-quarter net interest income, excluding Markets, of about $23.5 billion, bringing the full-year 2025 total to roughly $92.2 billion. Total net interest income is projected at $25 billion for the quarter and $95.8 billion for the year.
Adjusted noninterest expense is expected at $24.5 billion in the fourth quarter and $95.9 billion for the full year. The firm also projects a Card Services net charge-off rate near 3.3% for 2025.
Price Action: JPM shares were trading higher by 0.66% to $310.00 at the last check on Tuesday.
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