JPMorgan’s Jamie Dimon Says US Economy Resilient, Consumers Are Spending

Key Takeaways:

• Net income totaled $13.0 billion in Q4 2025, or $4.63 per share, representing a 7% drop year over year.
• Adjusted EPS of $5.23 surpassed analyst estimates of $4.92.
• Managed net revenue rose to $46.8 billion, topping the forecast of $46.02 billion.
• Loan and deposit balances grew steadily, reflecting robust consumer and institutional demand.
• Return on Equity (ROE) for 2025 stood at 17%, underscoring the bank’s solid financial footing.

JPMorgan’s Q4 Performance

JPMorgan Chase & Co. kicked off the new year by reporting its fourth-quarter 2025 earnings, showcasing a strong finish despite a modest year-over-year dip in net income. Jamie Dimon, the bank’s Chief Executive Officer, pointed to economic resilience even as the bank’s overall net income landed at $13.0 billion—or $4.63 per share—down 7% from the previous year.

Earnings Above Expectations

While net income declined, adjusted earnings per share (EPS) reached $5.23, outpacing the $4.92 that analysts had anticipated. The 60-cent difference arises from a $2.2 billion credit reserve established for the forward purchase commitment of the Apple credit card portfolio. This proactive measure highlights the bank’s prudence in managing potential risks while continuing day-to-day operations.

Breaking Down Revenue

• Managed Net Revenue: $46.8 billion, beating the predicted $46.02 billion.
• Markets Revenue: $8.2 billion, a 17% year-over-year rise.

Within these figures, Net Interest Income (excluding Markets) increased by 4% year over year to $23.9 billion. Meanwhile, Noninterest Revenue (excluding Markets) saw a 7% boost, hitting $14.7 billion. Both trends reflect steady growth in various lines of business, including asset management fees and payments-related revenue.

Strength in Balance Sheet

Amid the results, the bank announced a return on equity (ROE) of 17% for the fiscal year 2025, dipping slightly to 15% in the fourth quarter. Return on tangible common equity (ROTCE) stood at 20% for the full year and 18% for the fourth quarter. Notably, JPMorgan’s cash and marketable securities tallied $1.5 trillion, illustrating a powerful liquidity position even as the global financial landscape continues to evolve.

Credit and Loan Metrics

The bank’s provision for credit losses stood at $4.7 billion, indicating vigilance against changing economic conditions. Net charge-offs, a critical indicator of actual losses, were reported at $2.5 billion, up by $150 million—principally in Wholesale. Meanwhile, average loans grew 9% year over year and 3% sequentially, underscoring sustained demand from customers. Average deposits likewise rose by 6% on a year-over-year basis and 2% from the prior quarter.

Resilient Outlook

Despite shifts in interest rates and broader market uncertainties, CEO Jamie Dimon underscored that consumers continue to spend, bolstering the bank’s performance in multiple sectors. From credit card usage to rising deposit balances, JPMorgan appears poised to navigate economic fluctuations and maintain its position as a leading financial institution.

Dimon’s optimism about consumer behavior aligns with the latest financial statements, reflecting a steady and flexible business strategy. As 2026 unfolds, JPMorgan’s Q4 earnings and balanced approach to risk management may serve as an indicator of broader economic health and a benchmark for other financial institutions.