JPMorgan Chase (NYSE: JPM) reported fourth-quarter earnings that exceeded expectations, supported by strong trading and markets performance, but shares fell more than 2% intraday on Tuesday as investment banking revenue declined.
The bank posted adjusted net income of $14.7 billion, or $5.23 per share, for the quarter ended in December, topping analyst estimates of $4.92 per share. Including a previously disclosed $2.2 billion credit reserve related to JPMorgan’s acquisition of the Apple credit card portfolio from Goldman Sachs, net income declined 7% year over year to $13 billion, or $4.63 per share.
Revenue totaled $46.77 billion, exceeding Bloomberg consensus estimates of $46.35 billion.
Markets revenue jumped 17% from a year earlier to $8.2 billion, with both fixed income and equities trading delivering stronger-than-expected results. In contrast, investment banking revenue fell 2% to $2.6 billion, reflecting lower fees across all product categories.
Chief Executive Jamie Dimon said the results reflected strong execution, long-term investments, a favorable market backdrop, and disciplined capital deployment.
For fiscal 2026, JPMorgan projected net interest income of approximately $103 billion, above market expectations of $100.38 billion. Dimon said the U.S. economy remained resilient due to solid consumer spending and healthy business activity, adding that conditions had not materially deteriorated despite some labor market softening. He noted the environment could persist for some time, supported by fiscal stimulus, banking deregulation under President Donald Trump, and recent Federal Reserve rate cuts.
