JPMorgan Beats Q4 Estimates Despite Profit Drop and Apple Card Hit

JPMorgan Chase beat Q4 2025 earnings estimates with strong trading and revenue growth, despite a 7% profit drop due to Apple Card charges. Shares dipped as risks and high expectations tempered investor response.

JPMorgan Chase reported fourth-quarter 2025 results showing adjusted earnings per share of $5.23, surpassing analyst expectations, while net income fell 7% to $13 billion due to a $2.2 billion charge related to acquiring the Apple Card portfolio from Goldman Sachs. Total revenue for the quarter reached up to $46.8 billion, a 7% increase year-over-year, driven by strong trading performance, with markets revenue up 17% and equity trading surging 40%. Net interest income also rose 7% to $25.1 billion, and the payments business posted record revenue. Despite these positive results, investment banking fees declined and the stock price dipped, as much of the good news was already reflected in the share price after a strong year. JPMorgan’s full-year net income dropped to $57 billion from $58.5 billion, though revenue hit a record $182 billion. The company highlighted ongoing risks such as potential credit losses, policy changes, and geopolitical uncertainties, even as consumer activity and loan growth remained robust.