JPMorgan Chase (JPM) Q3 FY25 earnings call

Earnings call· Sep 2025 (Q3 FY25)· Financials· Oct 14, 2025

Source: earnings call transcript

JPMorgan Chase delivered strong Q3 FY25 results, with robust revenue growth across its CIB, AWM, and CCB segments, driven by active markets and strong client engagement. While credit performance remains largely in line with expectations, the firm acknowledges macroeconomic uncertainties and potential labor market deterioration. Management provided an initial 2026 NII outlook and highlighted ongoing expense discipline, despite anticipating higher labor inflation and continued investments.

You’re reading a preview. Opening the full call uses 1 concall credit.

JPM operating KPIs by quarter

JPM operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	This call Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Return on tangible common equity (ROTCE)	21% The firm reported net income of $14 billion, EPS of $4.81 on revenue of $43.7 billion, with an ROTCE of 21%. Source: earnings call transcript	21% The firm reported net income of $14.6 billion, EPS of $5.07 on revenue of $46 billion with an ROTCE of 21%. Source: earnings call transcript	—	20% So with that, turning to this quarter's results, the firm reported net income of $14.4 billion and EPS of $5.07 with an ROTCE of 20%. Source: earnings call transcript	18% This quarter, the firm reported net income of $13 billion and EPS of $4.63 with an ROTCE of 18%. Source: earnings call transcript	23% This quarter, the firm reported net income of $16.5 billion and EPS of $5.94 with an ROTC of 23%. Source: earnings call transcript	23% Including the significant items noted on the page, the firm delivered net income of $16.9 billion, EPS of $6.14 and an ROTCE of 23%. Source: earnings call transcript	20% The firm delivered net income of $15.3 billion, EPS of $5.57 and an ROTCE of 20%. Source: earnings call transcript	-3 pt
Common equity tier 1 ratio (CET1)	15.7% We ended the quarter with a CET1 ratio of 15.7%, up 40 basis points versus the prior quarter, as net income and lower RWA were largely offset by both OCI losses and capital distributions, which included $4 billion of net common share repurchases this quarter. Source: earnings call transcript	15.4% We ended the quarter with a CET1 ratio of 15.4%, down 30 basis points versus the prior quarter, as net income and OCI gains were more than offset by capital distributions and higher RWA. Source: earnings call transcript	15% We ended the quarter with a CET1 ratio of 15%, down 40 basis points versus the prior quarter as net income was more than offset by capital distributions and higher RWA. Source: earnings call transcript	14.8% And in terms of the balance sheet, we ended the quarter with a CET1 ratio of 14.8%, down 30 basis points versus the prior quarter. Source: earnings call transcript	14.5% And in terms of the balance sheet, we ended the quarter with a standardized CET1 ratio of 14.5%, down 30 basis points versus the prior quarter, as net income was more than offset by capital distributions and higher RWA. Source: earnings call transcript	14.3% And in terms of the balance sheet, we ended the quarter with a standardized CET1 ratio of 14.3%, down 30 basis points versus the prior quarter as net income was more than offset by capital distributions and higher RWA. Source: earnings call transcript	14.1% And in terms of the balance sheet, we ended the quarter with a standardized CET1 ratio of 14.1%, down 20 basis points versus the prior quarter as net income was more than offset by higher RWA and capital distributions. Source: earnings call transcript	13.9% In terms of the balance sheet, we ended the quarter with a standardized CET1 ratio of 13.9%, down 30 basis points versus the prior quarter as net income was more than offset by OCI losses, higher RWA and capital distributions. Source: earnings call transcript	-0.2 pt
Long-term net inflows Asset & Wealth Management	$76B Long-term net inflows were $76 billion for the quarter, positive across all asset classes. Source: earnings call transcript	$54B Long-term net inflows were $54 billion for the quarter, primarily driven by equity and fixed income. Source: earnings call transcript	$31B Long-term net inflows were $31 billion for the quarter led by fixed income and equities. Source: earnings call transcript	$72B Long-term net inflows were $72 billion for the quarter, led by fixed income and equities. Source: earnings call transcript	$52B Long-term net inflows were $52 billion for the quarter and $209 billion for the full year, positive across all channels, regions and asset classes. Source: earnings call transcript	$54B Long-term net inflows were $54 billion with continued strength across fixed income, equity and multi-asset. Source: earnings call transcript	$50B Long-term net inflows were $50 billion with continued strength across fixed income and equity. Source: earnings call transcript	$51B Long-term net inflows were $51 billion, largely driven by continued strength in fixed income. Source: earnings call transcript	+2%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.