10-Q · November 4, 2025
JPMorgan Chase reported a strong Q3: total net revenue of $46.427 billion (up 9% YoY) and diluted EPS of $5.07 (up 16% YoY), producing net income of $14.393 billion (up 12% YoY). Revenue strength was driven by Markets…
Earnings analysis · 10-K
JPM earnings analysis
Filed February 13, 2026 · Our reading of the company's report
The latest report
JPMorgan Chase positions itself as a global leader in banking and markets with a diversified business model across Consumer & Community Banking (CCB), Commercial & Investment Bank (CIB) and Asset & Wealth Management…
Read full summary
JPMorgan Chase positions itself as a global leader in banking and markets with a diversified business model across Consumer & Community Banking (CCB), Commercial & Investment Bank (CIB) and Asset & Wealth Management (AWM). The Form 10-K highlights the Firm’s scale — "$4.4 trillion in assets and $362.4 billion in stockholders’ equity as of December 31, 2025" — and emphasizes ongoing regulatory and stress-testing timelines that could materially affect capital requirements. The filing discloses regulatory developments (Basel III implementation in EU/U.K., Federal Reserve stress‑test rulemakings) and refers investors to MD&A and notes for segment and capital details.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Segment
- Consumer & Community Banking (CCB)
- Segment
- Commercial & Investment Bank (CIB)
- Segment
- Asset & Wealth Management (AWM)
- Segment
- Corporate
What stood out
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Scale of the franchise
The filing states the Firm had "$4.4 trillion in assets and $362.4 billion in stockholders’ equity as of December 31, 2025."
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Explicit multi‑segment model
Management reports three reportable business segments — "Consumer & Community Banking (CCB), Commercial & Investment Bank (CIB) and Asset & Wealth Management (AWM)" — with remaining activities in Corporate (Form 10‑K).
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Market leadership claim
The Form 10‑K describes JPMorganChase as "a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management."
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Stress‑test / CCAR timetable disclosed
The filing notes the Firm "is required to file its annual CCAR submission on April 6, 2026," and that the Federal Reserve will notify the Firm of its indicative SCB by "June 30, 2026" with a final SCB by "August 31, 2026" (effective "October 1, 2026").
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Basel III regional implementation dates clarified
The Form 10‑K states the EU rules became effective beginning "January 1, 2025" (market risk delayed until "January 1, 2027") and that the PRA intends to delay U.K. implementation to "January 1, 2027."
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Recent debt capital markets activity (8‑K)
An 8‑K disclosed that the Firm closed public offerings totaling "$6,000,000,000" on January 22, 2026 (consisting of $400,000,000 floating rate notes due 2032, $2,600,000,000 fixed‑to‑floating notes due 2032 and $3,000,000,000 fixed‑to‑floating notes due 2037).
What to watch
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Uncertainty from potential U.S. risk‑based capital rule changes
The Form 10‑K notes a July 2023 proposal would have "significantly revised risk‑based capital requirements for banks with assets of $100 billion or more," and that the Federal Reserve’s Vice Chair for Supervision indicated regulators may issue an updated proposal in early 2026 — timing and content remain uncertain.
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Stress test / SCB regime changes and timing risk
The filing explains the Federal Reserve issued proposals in October 2025 to revise supervisory stress testing and that the Federal Reserve released the final 2026 supervisory stress test scenarios in February 2026 while announcing SCB requirements "will remain at current levels through September 30, 2027" but new requirements will be calculated in 2027, creating model and timing uncertainty.
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OCC proposal to amend heightened standards
The Form 10‑K states that in December 2025 the OCC "issued a proposed rulemaking to amend its heightened standards guidelines" including "raising the asset threshold at which the guidelines apply," which could change supervisory expectations if finalized.
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FDIC assessment / deposit insurance reserve changes
The filing notes the FDIC restoration plan sought to bring the reserve ratio up to the required "1.35% by September 30, 2028" with a longer‑term target of "2%," and that on November 28, 2025 the FDIC announced the designated reserve ratio would remain unchanged at "2% for 2026."
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Ongoing supervisory remediation
JPMorganChase "remains subject to a consent order entered into in March 2024 with the OCC" relating to inventorying trading venues and confirming completeness of data fed to trade surveillance platforms, indicating continuing supervisory oversight and potential operational remediation costs.
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Evolving consumer/data and fiduciary rules
The Form 10‑K highlights rule activity including the CFPB’s October 2024 final rule for data providers (currently subject to a preliminary injunction) and the April 2024 DOL fiduciary rule (effective date stayed), both of which the filing says have "uncertain" potential impacts on the Firm’s businesses.
Management's outlook
This Form 10‑K does not provide explicit numeric annual revenue or EPS guidance; numeric outlook is typically provided in quarterly earnings press releases / calls (the Firm’s January 13, 2026 8‑K/earnings release likewise "did not provide explicit forward guidance").
Earlier filings 2
10-Q · May 1, 2025
JPMorgan reported solid 1Q25 results with total net revenue of $45.31 billion (up 8% YoY) and diluted EPS of $5.07 (up 14% YoY). Revenue strength was driven by a 17% increase in noninterest revenue and 21% growth in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.