JPMorgan Q4 2025 net income $13.0B ($4.63 a share) after $2.2B Apple Card reserve

JPMorgan reported fourth-quarter 2025 net income of $13.0 billion, or $4.63 per diluted share. Excluding a $2.2 billion credit reserve set up for the Apple card portfolio purchase commitment, earnings were $14.7 billion, or $5.23 a share. Reported revenue was $45.8 billion, and managed revenue was $46.8 billion.

• Net income $13.0B, $4.63 per diluted share
• Excluding the Apple reserve: $14.7B, $5.23 per share
• Reported revenue $45.8B; managed revenue $46.8B
• Markets revenue up 17% year on year; Investment Banking fees down 5%
• Full-year 2025 ROE 17%, ROTCE 20%