Key Moments
- JPMorgan Chase & Co. posted fourth-quarter net income of $13.03 billion, or $4.63 per share, including a one-time Apple Card charge.
- Excluding a $2.2 billion loan-loss reserve tied to the Apple Card deal, adjusted earnings reached $5.23 per share, beating estimates.
- Revenue rose 7% year-over-year to $45.8 billion, driven by strength in consumer and investment banking.
Quarterly Results Reflect Broad-Based Growth
JPMorgan Chase reported solid fourth-quarter results on Tuesday, supported by strength across its consumer and investment banking divisions.
The bank posted net income of $13.03 billion, or $4.63 per share. However, results included a one-time 60-cent per-share hit tied to its acquisition of the Apple Card portfolio from Goldman Sachs.
As part of the deal, JPMorgan added $2.2 billion in loan-loss reserves to cover potential credit risk from the Apple Card business.
After adjusting for the reserve build, earnings rose to $5.23 per share. This figure exceeded the FactSet consensus estimate of $4.85 per share.
Notably, the bank said some analysts did not update forecasts following the closing of the Apple Card transaction last week.
Revenue Growth Driven by Core Businesses
Total quarterly revenue climbed 7% from a year earlier to $45.8 billion. Meanwhile, adjusted profits increased 9%.
Management credited the gain to resilient consumer activity and steady deal-making in investment banking.
| Metric | Reported Figure | Notes |
|---|---|---|
| Net income | $13.03 billion | Includes Apple Card reserve impact |
| Reported EPS | $4.63 | Reduced by Apple Card charge |
| Adjusted EPS | $5.23 | Above $4.85 consensus estimate |
| Loan-loss reserves | $2.2 billion | Linked to Apple Card portfolio |
| Quarterly revenue | $45.8 billion | Up 7% year-over-year |
CEO Jamie Dimon on Economic Conditions
CEO Jamie Dimon described the economic backdrop as stable, even as labor markets show signs of cooling.
“Labor markets have softened, but conditions are not deteriorating,” Dimon said. “Consumers continue to spend, and businesses remain healthy.”
He added that fiscal stimulus, easing regulation, and recent Fed policy moves could help sustain growth.
Bank Earnings Season Begins
JPMorgan, alongside Bank of New York Mellon, kicked off the latest U.S. bank earnings season.
Investors are now watching bank commentary closely for signals on credit trends, deal activity, and economic momentum.
Policy Developments Add Uncertainty
Meanwhile, political developments may influence sentiment. President Donald Trump said he supports a 10% cap on credit card interest rates.
Separately, Federal Reserve Chair Jerome Powell confirmed that the Justice Department issued subpoenas related to his congressional testimony on Fed building renovations.
According to reports, the move marks a sharp escalation in tensions between the White House and the Federal Reserve.
Analyst Perspective on JPMorgan Stock
Analysts currently rate JPMorgan Chase shares as a Hold.
Some market commentators suggest investors review alternative stock ideas, noting that JPMorgan did not appear on several top analyst buy lists.
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