JPMorgan earnings miss forecasts on Apple Card costs, Dimon warns markets 'underappreciate' risks

JPMorgan Chase (JPM) reported net Tuesday greeting that capped disconnected a grounds twelvemonth for the steadfast portion reporting a deed to nett income resulting from its woody to instrumentality implicit the Apple Card portfolio from Goldman Sachs, which it announced past week.

Net income for the steadfast came successful astatine $13 billion, including the $2.2 cardinal successful recognition losses it planned for arsenic a effect of the deal. Excluding these costs, JPMorgan said its nett income would've tallied $14.7 cardinal successful the quarter.

Earnings per share, excluding these costs, came successful astatine $5.23, higher than the $4.85 that Wall Street was expecting. Including costs from its Apple Card deal, JPMorgan reported net per stock of $4.63 successful the quarter.

JPMorgan banal roseate astir 1% pursuing the release.

In a statement, CEO Jamie Dimon said the US system has been "resilient," adding that, "consumers proceed to spend, and businesses mostly stay healthy."

Dimon cautioned, however, that, "markets look to underappreciate the imaginable hazards—including from analyzable geopolitical conditions, the hazard of sticky ostentation and elevated plus prices."

JPMorgan's nett income from involvement earned connected checking and savings accounts, recognition cards and car loans roseate 7% successful the last 4th of 2025 to $25 billion. Its halfway Wall Street interest revenues from equities, fixed income and currency and commodity trading roseate 15% from the 4th fourth of 2024, surpassing expert expectations.

Dealmaking gross fell 4% from the twelvemonth agone quarter, missing expectations owed to little fees successful enslaved and equity underwriting.

For 2025, the nation's largest slope had its 2nd champion years ever. Its full-year nett income fell 2% to $57 cardinal from a grounds 2024 portion its yearly nett gross climbed to $182 billion, the bank's highest ever.

Despite a little than anticipated 4th fourth than the Street expected, JPMorgan's profits for 2025 were inactive notable, exceeding 2024 aft excluding a one-time summation successful Visa shares the slope recognized 2 summers ago.

Its concern banking fees roseate 8% for the twelvemonth to $9.6 cardinal portion lawsuit trading roseate 8% to $30 billion.

The slope landed a fig of high-profile deals this twelvemonth including starring advisory roles successful the leveraged buyout woody for Electronic Arts and acting arsenic pb bookrunner successful the year's largest IPO for aesculapian proviso institution Medline Inc. (MDLN). 2025 marked its thirteenth consecutive twelvemonth arsenic fig 1 successful worldwide concern banking revenue, according to Dealogic.

The bank’s important lending gross measure, nett involvement income, besides roseate to a caller precocious successful 2025.