JPMorgan Chase 8-K
EarningsImpairment / charge
Apple credit card purchase commitment triggered a reserve that weighed on earnings, while Markets, asset management fees and Payments lifted revenue.
Filed 2026-01-13 06:41 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results. JPMorgan Chase reported Q4 net income of $13.0B, down 7% Y/Y, including a $2.2B reserve for its Apple credit card portfolio purchase commitment; excluding the reserve, net income was $14.7B. Revenue grew as Markets, asset management fees and Payments contributed, while the reserve weighed on earnings.
Key Figures
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Revenue, reported GAAP | $45.8B | $42.8B | 7% |
| Revenue, managed non-GAAP | $46.8B | $43.7B | 7% |
| Net income | $13.0B | $14.0B | (7)% |
| Net income excluding Apple reserve, non-GAAP | $14.7B | — | — |
| Diluted EPS | $4.63 | $4.81 | (4)% |
| Diluted EPS excluding Apple reserve, non-GAAP | $5.23 | — | — |
- FY2025 reported revenue was $182.4B, up 3% Y/Y; managed revenue was $185.6B, up 3%. Net income was $57.0B, down 2%, and diluted EPS was $20.02, up 1%.
- The Apple portfolio reserve reduced Q4 EPS by $0.60. The related purchase commitment is expected to close in ≈24 months; forecast total credit exposure at closing is ≈$104B, including ≈$23B of estimated drawn loans. The commitment reduced CET1 ratios by ≈25 bp under the Standardized approach and ≈90 bp under the Advanced approach.
- Capital returns included $7.9B of net common stock repurchases and a $1.50-per-share dividend. The Firm repurchased 26.7M shares, up 44% Y/Y; period-end common shares were down 4% Y/Y.
Guidance
No guidance in this filing.
Investor Takeaways
- The expected Apple portfolio closing in ≈24 months is the next major event to monitor; subsequent results will show the portfolio’s credit performance and its effect on earnings and capital.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3