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JPMorgan Chase & Co

JPM
10-KFiled:February 13, 2026

Summary

Full summary

The Print

JPMorgan Chase reported total net revenue of $182.4B for 2025, up from $177.6B in 2024, while net income declined to $57.0B from $58.5B and diluted EPS rose to $20.02 from $19.75.

Total net revenue increased to $182.4B in 2025 from $177.6B in 2024, with net interest income of $95.4B and noninterest revenue of $87.0B. Net income decreased to $57.0B from $58.5B, while diluted EPS increased to $20.02 from $19.75. The filing does not state a cause for the firmwide net income movement.

  • Total net revenue of $182.4B in 2025 versus $177.6B in 2024, with net interest income of $95.4B and noninterest revenue of $87.0B.
  • Net income of $57.0B in 2025 versus $58.5B in 2024; diluted EPS of $20.02 versus $19.75.
  • Total assets increased to $4,424.9B at December 31, 2025 from $4,002.8B at December 31, 2024.
  • Common stock repurchases totaled $31.6B in 2025, up from $18.8B in 2024, under a new $50B repurchase program authorized July 1, 2025.

Results That Matter

  • Net Interest Income
    Current period
    $95.4B
    Prior period
    $92.6B
    Change
    —
    Prior period from XBRL
  • Non-Interest Income
    Current period
    $87.0B
    Prior period
    $85.0B
    Change
    —
    Prior period from XBRL
  • Total net revenue
    Current period
    $182.4B
    Prior period
    $177.6B
    Change
    +2.8%
    Total net revenue increased to $182.4B in 2025 from $177.6B in 2024, comprising net interest income of $95.4B and noninterest revenue of $87.0B.
  • Net income
    Current period
    $57.0B
    Prior period
    $58.5B
    Change
    −2.4%
    Net income decreased to $57.0B in 2025 from $58.5B in 2024.
  • Diluted earnings per share
    Current period
    $20.0
    Prior period
    $19.8
    Change
    +1.4%
    Diluted EPS increased to $20.02 in 2025 from $19.75 in 2024.
  • Basic earnings per share
    Current period
    $20.1
    Prior period
    $19.8
    Change
    +1.3%
    Basic EPS increased to $20.05 in 2025 from $19.79 in 2024.

Earnings Quality & Cash Conversion

Corporate net income was $4.5B in 2025, compared with $10.6B in 2024. The filing states that the prior year included a $7.9B net gain related to Visa shares recorded in the second quarter of 2024 and a $1.0B contribution of Visa shares to the JPMorgan Chase Foundation, while the current period included a $588M First Republic-related gain recorded in the first quarter of 2025 and a $774M income tax benefit recorded in the second quarter of 2025. The filing does not define an adjusted or core earnings total.

Value Drivers & Capital Allocation

“On December 9, 2025, the Firm announced that its Board of Directors had declared a quarterly common stock dividend of $1.50 per share, payable on January 31, 2026.”

— Filing statement

Return on equity was 15.7% (prior 17.0%) (period net income / period-end equity, not annualized); return on assets 1.3% (prior 1.5%) (period net income / period-end assets, not annualized).

Forward Signals

cautious

The filing does not provide quantitative earnings or revenue guidance. It states that the Firm's current SCB requirement is 2.5% and will remain in effect through September 30, 2027, based on the current rules, and that the Firm's Standardized CET1 capital ratio requirement, including regulatory buffers, was 11.5% as of December 31, 2025.

Known trends

  • The Firm expects that it will be subject to heightened regulatory scrutiny and pervasive investigations and enforcement actions by governmental authorities, as well as criticism or litigation from clients or customers who claim that they have been harmed by actions taken by JPMorganChase in order to comply with applicable law.
  • The Firm expects that resolutions of investigations and enforcement actions will result in the imposition of significant penalties.

Subsequent events

  • On December 9, 2025, the Firm announced that its Board of Directors had declared a quarterly common stock dividend of $1.50 per share, payable on January 31, 2026.
  • The eSLR final rule, with an effective date of April 1, 2026, allows for early adoption, which the Firm has elected, effective January 1, 2026.

Risks

5 source-verified filing excerpts. Selected excerpts are not a complete risk inventory.

Filing excerpt 1

EvidenceJPMorganChase has in the past and could in the future be required to modify its business and operations in response to changes in applicable law, regulatory decisions or supervisory expectations

Filing excerpt 2

Evidencethe extent of JPMorganChase’s exposure to legal matters is unpredictable and could, in some cases, exceed the amount of reserves that JPMorganChase has established for those matters

Filing excerpt 3

EvidenceJPMorganChase has experienced security breaches due to cyber attacks in the past, and future breaches are inevitable.

Filing excerpt 4

EvidenceJPMorganChase’s ability to distribute capital to shareholders, and to support its business activities could be limited if it does not satisfy applicable regulatory capital requirements.

Filing excerpt 5

EvidenceJPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.

Balance Sheet & Liquidity

Leverage: This filing's standardized financial data reports no debt balance under a concept whose scope can be verified. That is an unestablished scope, not zero debt and not a net cash position; no total debt, net debt or debt-to-equity figure is stated.

Liquidity: The Firm had approximately $1.5 trillion and $1.4 trillion of available cash and securities as of December 31, 2025 and 2024, respectively. The Firm also had available borrowing capacity at the Federal Home Loan Banks and the discount window at the Federal Reserve Banks of approximately $449 billion and $413 billion as of December 31, 2025 and 2024, respectively.

Cash flow: Cash flow — operating $-147.8B, investing $-265.6B, financing $269.5B.

Working capital: Not disclosed—the Firm's balance sheet is unclassified, with no current-asset/current-liability split.

Maturities & covenants

  • The Firm's current SCB requirement is 2.5% and will remain in effect through September 30, 2027, based on the current rules.
  • The Firm's Standardized CET1 capital ratio requirement, including regulatory buffers, was 11.5% as of December 31, 2025.

Notable Footnotes

ItemImpact
Apple Card transaction impact on risk-weighted assets and capital ratiosIncludes approximately $23 billion under the Standardized approach and approximately $110 billion under the Advanced approach related to the Apple Card transaction; Advanced RWA is expected to reduce to approximately $30 billion once the necessary modeling steps are completed. Includes decreases of approximately 25 basis points under the Standardized approach and approximately 90 basis points under the Advanced approach related to the Apple Card transaction.
Investment securities transfer from available-for-sale to held-to-maturityDuring the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.
FDIC special assessment accrual adjustmentsIncluded FDIC special assessment accrual releases of $763 million and an accrual increase of $725 million for the years ended December 31, 2025 and 2024, respectively, which are adjustments to the initial $2.9 billion estimate recorded in the fourth quarter of 2023.

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AI-generated. Informational only, not investment advice. May be incomplete or contain errors. The authoritative source is always the original SEC filing.