JPMorgan Chase 8-K
PositiveNew guidanceEarnings
Markets, Payments and Securities Services drove record revenue; 2026 outlook calls for higher net interest income and expenses.
Filed 2026-02-23 16:39 ET
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
2025 results and 2026 outlook. JPMorganChase’s company update highlighted record 2025 revenue and net income, with Markets, Payments and Securities Services cited among the drivers. The firm expects higher 2026 net interest income and expenses, while describing its outlook as cautiously optimistic amid economic and geopolitical risks.
Key Figures
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Revenue | $186B | $180.6B | — |
| Net income, reported | $57B | $58.5B | — |
- Excluding 2024 Visa-related items, net income was $57B vs $53.0B, up 8% Y/Y; EPS increased 12% on that comparison.
- 2025 ROTCE was 20%; adjusted overhead ratio was 51%, down 1 percentage point Y/Y.
- The firm reported $1.5T in cash and marketable securities, $449B in available borrowing capacity, a 14.6% standardized CET1 ratio and $2.6T in deposits.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Net interest income ex. Markets | FY2026 | ≈$95B | — | — |
| Firmwide net interest income | FY2026 | ≈$104.5B | — | — |
| Adjusted expense | FY2026 | ≈$105B; ≈$9B / ≈9% Y/Y growth | — | — |
| Card net charge-off rate | FY2026 | ≈3.4% | — | — |
| Retail deposit growth | FY2026 | Low-to-mid-single digit | — | — |
| Net interest revenue ex. Markets | FY2026 | Growth expected | — | — |
Investor Takeaways
- Track 2026 net interest income and adjusted expense against the outlook; management cited rate and margin pressure alongside balance-sheet growth and mix.
- Retail deposit growth is expected to resume as customer growth continues and yield-seeking behavior eases.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3