The firm concluded 2025 with a strong fourth quarter, with each line of business performing well.

Yesterday, JP Morgan reported net revenue of $45.8 billion for the fourth quarter of 2025, up from $42.8 the previous year. Managed net revenue reached $46.8 billion for the fourth quarter, up from $43.8 the previous year. Net income reached $14.7 billion, excluding a significant item, while assets under management (AuM) totalled $4.8 trillion, up 18 per cent year-on-year.

For the asset and wealth management arm, net income was $1.8 billion in Q4 2025, up 19 per cent on the previous year. Net revenue was $6.5 billion, up 13 per cent per cent predominantly driven by growth in management fees on higher average market levels and strong net inflows, as well as higher performance fees. Noninterest expense was $4.1 billion, up 8 per cent, mainly driven by higher compensation, primarily due to higher revenue related compensation and continued growth in private banking advisor teams, as well as higher distribution fees, partially offset by lower legal expense.

Assets under management were $4.8 trillion, up 18 per cent, and client assets were $7.1 trillion, up 20 per cent, driven by higher market levels and continued net inflows, the firm said in a statement.

“The firm concluded the year with a strong fourth quarter, generating net income of $14.7 billion excluding a significant item,” Jamie Dimon, chairman and CEO, said. “Each line of business performed well. In the commercial and investment bank (CIB), revenue rose 10 per cent. Markets continued to benefit from demand for financing and robust client activity, pushing revenue up 17 per cent. Additionally, payments revenue reached a record $5.1 billion due to ongoing deposit and fee growth.”

“In consumer and community banking (CCB), revenue rose 6 per cent, and the franchise continued to acquire new customers at a robust pace. This year, we opened 1.7 million net new checking [cheque] accounts and 10.4 million new credit card accounts, and we also grew wealth management households to over three  million. Looking ahead, we are excited to become the new issuer of the Apple Card,” Dimon continued.

“Finally, in assets and wealth management (AWM), revenue rose 13 per cent in the quarter to a record $6.5 billion. More impressively, client asset net inflows totalled $553 billion for the year, helping drive client assets to over $7 trillion,” Dimon said. “These results were the product of strong execution, years of investment, a favourable market backdrop and selective deployment of excess capital. Looking ahead, we remain committed to investing our capital to drive future growth, and the Apple Card is one example of patient and thoughtful deployment of our excess capital into attractive opportunities.”

Dimon highlighted that the US economy had 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 US Federal Reserve recent monetary policy,” he said. “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.”