Filing Flows › JPMorgan Chase (JPM) › Q4 2025
JPMorgan Chase (JPM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
JPMorgan Chase (JPM) reported revenue of $45.8B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -1% from the quarter before. Operating margin was 37.5%, net earnings $13.0B (28.4% of revenue).
JPMorgan Chase, Q4 2025: revenue $45.8B (+7% year over year), operating margin 37.5%, net earnings $13.0B, operating cash flow $119.7B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $45.8B | -1% | +7% |
| Operating profit | $17.2B | -8% | -1% |
| Net earnings | $13.0B | -10% | -7% |
| Operating cash flow | $119.7B | — | -19% |
What changed
Revenue was $45.8B in Q4 2025, up 7% year over year and down 1% from the previous quarter.
Operating profit was $17.2B, a 37.5% margin (down 3.2 points year over year). Operating profit fell $0.21B even though revenue rose $3.0B versus a year earlier, so costs grew faster than sales. Total costs grew 13% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+13%). Net earnings were $13.0B, down 7% year over year. The effective tax rate was 24.1%.
Operating cash flow was $119.7B (down 19% year over year), 919% of net earnings. Non-cash charges added back $2.3B of depreciation and amortization and $0.69B of share-based compensation. Working capital and other items added $103.7B.
Questions
What was JPMorgan Chase's revenue in the fourth quarter 2025?
JPMorgan Chase (JPM) reported revenue of $45.8B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -1% from the quarter before.
Was JPMorgan Chase profitable in the fourth quarter 2025?
Operating profit was $17.2B (37.5% of revenue) and net earnings $13.0B.
Source: JPMorgan Chase 10-K on SEC EDGAR.