JPMorgan Chase (NYSE:JPM) nudged up its guidance for full-year net interest income and introduced guidance for 2026. Q3 earnings reflected strong results across all business lines, but showed particularly robust performance in Markets, fueled by demand for financing, and Asset & Wealth Management on higher client activity.
The company now expects 2025 net interest income, excluding markets, of ~$92.2B vs. its prior guidance of ~$92B. Overall, the bank expects NII of ~$95.8B, market dependent, compared with its previous guidance of ~$94.5B. That compares with the Visible Alpha consensus of $95.1B.
Guidance for 2025 adjusted expense of ~$95.9B, market dependent, was boosted from its prior view of ~$95.5B. Card service net charge-off rate is expected to be ~3.3% vs. the ~3.6% rate it had previously expected.
For full-year 2026, the megabank’s central case expects NII, excluding markets, of ~$95B.
“While there have been some signs of a softening, particularly in job growth, the U.S. economy generally remained resilient,” JPMorganChase (NYSE:JPM) Chairman and CEO Jamie Dimon said. “However, there continues to be a heightened degree of uncertainty stemming from complex geopolitical conditions, tariffs and trade uncertainty, elevated asset prices and the risk of sticky inflation.”
Q3 EPS of $5.07, vs. the average analyst estimate of $4.87, increased from $4.96 in Q2 2025, which excluded a significant item, and $4.37 in Q3 2024.
Adjusted revenue of $47.1B, topping the $45.6B consensus, rose from $45.7B in the prior quarter and $43.3B a year ago.
JPMorganChase (NYSE:JPM) stock slipped slightly, by -0.04%, in premarket trading.
Provision for credit losses was $3.40B, higher than the Visible Alpha consensus of $3.12B, compared with $2.85B in the previous quarter and $3.11B a year ago.
Net interest income (managed) of $24.1B, just missing the Visible Alpha consensus of $24.2B, grew from $23.3B in Q2 and $23.5B in last year’s Q3.
JPMorgan Chase’s (JPM) total loans at Sept. 30, 2025, grew to $1.44T from $1.41T at June 30, 2025. Deposits, at $2.55T, edged down from $2.56T at the end of Q2.
Q2 noninterest expense of $24.3B, vs. the $24.4B Visible Alpha estimate, declined from $23.8B in Q2 and $22.6B in last year’s Q3.
“On the EPS, the surprise came in with a slowing relative momentum to the 8-10%+ beats that we used to see, and JPM is falling slightly on the pre-market session right now (-0.4%)” said Danil Sereda, Investing Group Leader for Beyond the Wall Investing. “I don’t think this weakness will translate to anything materially bad because as Mr. Dimon wrote in the press release, the bank performed well on ‘each business line.’ I assume that the CEO’s notes on the ‘heightened degree of uncertainty stemming from complex geopolitical conditions, tariffs and trade uncertainty’ spooked some speculators and short-termists, but again, there’s nothing to worry about in terms of the bank’s fundamentals, in my opinion.”
Q2 revenue and net income by segment:
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Consumer & Community Banking net revenue of $19.5B increased 3% Q/Q and 9% Y/Y; net income of $5.01B slipped 3% Q/Q and climbed 24% Y/Y.
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Commercial & Investment Banking revenue of $19.9B rose 2% Q/Q and 17% Y/Y; net income of $6.90B grew 4% Q/Q and 21% Y/Y
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Investment Banking fees of $2.6B, up 16% Y/Y, driven by higher fees across all products. Markets & Securities Services revenue of $10.4B increased 24% Y/Y. Markets revenue of $8.9B climbed 25% Y/Y. Fixed Income & Markets revenue of $5.6B jumped 21% Y/Y. Equity Markets revenue of $3.3B surged 33% Y/Y.
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Asset & Wealth Management revenue of $6.07B gained 5% Q/Q and 12% Y/Y; net income of $1.65B jumped 13% Q/Q and 23% Y/Y. Assets under management came to $4.6T, up 18% Y/Y, and client assets of $6.8T, up 20%, driven by continued net inflows and higher market levels.
Conference call at 8:30 AM ET.
Earlier, JPMorgan Chase GAAP EPS of $5.07 beats by $0.26, revenue of $47.1B beats by $1.53B