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Sep 30, 2025
JPMorgan Q3 2025 Earnings Report
JPMorgan reported strong results in Q3 2025 driven by broad-based growth across business segments and record Markets revenue.
Key Takeaways
JPMorgan delivered solid Q3 2025 results with net income of $14.4B and revenue of $47.1B, supported by strong performance in Corporate & Investment Bank and record Markets revenue. Expenses rose modestly, while ROTCE reached 20%.
Net income rose to $14.4B, a 12% YoY increase.
Revenue reached $47.1B, driven by strength in Markets and Payments.
EPS came in at $5.07 with ROTCE at 20%.
Credit costs increased to $3.4B due to higher charge-offs in Card Services and Wholesale.
Revenue by Segment
Forward Guidance
JPMorgan reaffirmed its FY25 outlook, projecting strong net interest income and steady expense levels, while cautioning on credit trends.
Positive Outlook
- FY25 net interest income projected at ~$95.8B.
- Adjusted expense guidance held at ~$95.9B.
- NII excluding Markets expected to be ~$92.2B.
- Positive trends in card revolving balances and client activity.
- Strong momentum in asset management inflows.
Challenges Ahead
- Card Services charge-off rate expected to remain elevated at ~3.3%.
- Deposit margin compression continues to weigh on NII.
- Moderation in deposit growth across segments.
- Uncertainty in macroeconomic factors impacting reserve builds.
- LCR metrics slightly down QoQ, indicating marginal liquidity tightening.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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