JPMorgan Q4 2025 Financial Results and Impact of Apple Deal on Earnings
JPMorgan reported its Q4 2025 financial results with revenue of USD 45,798 million, surpassing estimates. Net interest income reached USD 25,100 million, and net income was USD 13,025 million, reflecting a 7% decline. Adjusted EPS was USD 5.23, beating estimates. The decline in net income was partly due to a $2.2 billion credit reserve linked to its new credit card issuer deal with Apple, which reduced earnings per share by 60 cents. Excluding the Apple deal, profits rose to $14.7 billion. Investment banking fees fell 5% year-over-year, contributing to a 3% drop in JPMorgan's shares. CFO Jeremy Barnum warned about the impact of a proposed 10% cap on credit-card interest rates. CEO Jamie Dimon cautioned against undermining Fed independence. US stock markets showed little change as investors digested December's softer-than-expected inflation data and initial Q4 earnings reports, including JPMorgan's results.