What Management Said
Read the full Q4 2025 transcript ↗This quarter, the firm reported net income of $13 billion and EPS of $4.63, with an ROTCE of 18%. Revenue of $46.8 billion was up 7% year on year on higher markets revenue, as well as higher asset management fees and auto lease income. The increase in NII ex-Markets was primarily driven by higher firm-wide deposit balances and revolving balances in card, largely offset by the impact of lower rates. Turning to the full year results, I'll remind you that there were a few significant items in 2025 which are listed in the footnote.
Excluding those items, the firm reported full year net income of $57.5 billion, EPS of $20.18, revenue of $185 billion, with an ROTCE of 20%. Revenue of $19.4 billion was up 6% year on year, predominantly driven by higher NII on higher revolving balances in card and a higher deposit margin in banking and wealth management. For the full year, we had strong growth in our franchise with 1.7 million net new checking accounts, 10.4 million new card accounts, and record households in wealth management across digital and advised channels. Revenue of $19.4 billion was up 10% year on year, driven by higher revenues in markets, payments, and Security Services.
In terms of the outlook, we expect strong client engagement and deal activity in 2026, supported by constructive market dynamics, which is reflected in our pipeline. Markets Fixed Income was up 7% year on year, with strong performance in securitized products, rates, and currencies in emerging markets, largely offset by lower revenue in credit trading. Turning to asset and wealth management, AWM reported net income of $1.8 billion, with pre-tax margin of 38%. Revenue of $6.5 billion was up 13% year on year, predominantly driven by growth in management fees on higher average market levels and strong net inflows, as well as higher performance fees.
- Delivered full-year 2025 results excluding significant items of $57.5 billion net income, $20.18 EPS, $185 billion revenue, and a 20% ROTCE.
- Equities revenue was up 40% year-on-year with robust performance across the franchise, particularly in prime, and CIB revenue rose 10% to $19.4 billion.
- AWM revenue grew 13% year-on-year to $6.5 billion at a 38% pre-tax margin, with record client asset net inflows of $553 billion for the full year.
- Full-year franchise growth was strong with 1.7 million net new checking accounts, 10.4 million new card accounts, and record households in wealth management.
- Debit and credit sales volume was up 7% year-on-year across income groups, with consumers and small businesses remaining resilient.
- Announced an economically compelling co-brand agreement to acquire the Apple Card portfolio, described as a win-win-win.
- Quarterly net income was $13 billion, EPS $4.63, and ROTCE 18%, held down by a previously announced $2.2 billion CCB reserve build tied to the Apple Card forward purchase commitment.
- IB fees were down 5% year-on-year against a strong prior-year compare and the timing of some deals that pushed into 2026.
- The 2026 adjusted expense outlook of about $105 billion represents meaningful dollar and percentage growth (a roughly $9 billion increase that drew heavy analyst questioning).
- CET1 ratio fell 30 basis points to 14.5% as net income was more than offset by capital distributions and higher RWA, with the Apple Card adding about $110 billion of temporarily elevated advanced RWA.
- Potential regulatory price controls on credit card APRs were flagged as a significant risk that could sharply curtail access to credit and hurt the card business.
Guidance Changes
| Metric | Period | Current guidance |
|---|---|---|
| NII ex-Markets | FY2026 | about $95 billion (unchanged) |
| Total NII | FY2026 | about $103 billion (initial full-year guidance) |
| Markets NII | FY2026 | about $8 billion (increasing on lower funding costs from rate cuts, mostly offset in NIR) |
| Adjusted expense | FY2026 | about $105 billion (initial full-year guidance (consensus of ~$100B had looked low)) |
| Card net charge-off rate | FY2026 | approximately 3.4% (initial full-year guidance on favorable delinquency trends) |
Performance Breakdown
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +7% | Higher markets revenue as well as higher asset management fees and auto lease income. |
| Expenses | +5% | Higher volume and revenue-related expenses and compensation growth including front office hiring, partially offset by the release of an FDIC special assessment accrual. |
| CCB revenue | +6% | Higher NII on higher revolving balances in card and a higher deposit margin in banking and wealth management. |
| CIB revenue | +10% | Higher revenues in markets, payments, and Security Services. |
| FICC revenue | +7% | Strong performance in securitized products, rates, and currencies in emerging markets, largely offset by lower revenue in credit trading. |
| Equities revenue | +40% | Robust performance across the franchise, particularly in prime. |
| AWM revenue | +13% | Growth in management fees on higher average market levels and strong net inflows, as well as higher performance fees. |
| IB fees | -5% | A strong prior-year compare and the timing of some deals that were pushed to 2026. |
Earnings Call Themes & Trends
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Stablecoin and digital assets | Engaged via Kinexys and tokenized funds | Broad bank advocacy (ABA/FSF/ICBA) against creating a parallel banking system with deposit-like interest without prudential safeguards, while the firm keeps innovating and added a Coinbase agreement in CCB | Increasing |
| Expense growth and investment | Guided that 2026 consensus of about $100 billion looked a little low | Set about $105 billion for 2026, a roughly $9 billion increase reflecting structural optimism, revenue-related costs, tech, branches, Apple Card, and the SRI initiative | Increasing |
| NBFI and private credit | First introduced the narrower NBFI framing after prior-quarter attention | Reconciled to about $160 billion of core NBFI exposure with heavy credit enhancement and only one charge-off since 2018 (fraud-related) | Stable |
| Consumer deposit growth | Yield-seeking flows abating but not zero | Modest 2026 CCB deposit growth expected, below the prior 6% Investor Day scenario, with the balance-per-account inflection pushed to the second half of 2026 | Stable |
| Credit card regulation | Not a prior focus | New threat of APR price controls flagged; management warns it would cut credit access broadly, especially for lower-FICO borrowers, and would be bad for the firm and the economy | Worsening |
Q&A Summary
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