JPMorgan (JPM) Q4 2025 (USD) EPS 4.63 (exp. 4.97), Revenue 45.8bln (exp. 46.11bln)

• Results included USD 2.2bln credit reserve established for forward purchase of AAPL credit card portfolio
• Credit loss provisions for credit losses USD 4.66bln
• FICC revenue 5.38bln (exp. 5.27bln)
• IB Revenue 2.55bln (exp. 2.665bln)
• Equity sales and Trading 2.86bln (exp. 2.7bln)

CEO COMMENTARY:

• "The US economy has remained resilient. While labour markets have softened, conditions do not appear to be worsening. Meanwhile, consumers continue to spend, and businesses generally remain healthy."
• "These conditions could persist for some time, particularly with ongoing fiscal stimulus, the benefits of deregulation and the Fed’s recent monetary policy. However, as usual, we remain vigilant, and markets seem to underappreciate the potential hazards—including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices.”

GUIDANCE:

• Affirms FY26 NII (ex-markets) USD 95bln (prev. 95bln).
• Sees 2026 NII about USD 103bln (exp. 100.38bln).