JPMorgan Chase Q3 2025 earnings: profit up 12% on record trading, higher dealmaking fees
JPMorgan's biggest bank reported higher profit and revenue for the third quarter, powered by strong trading and a rebound in investment banking, while raising its interest-income outlook for the year.
| Q3 2025 | Reported |
|---|---|
| EPS | $5.07 |
| Revenue | $46.43B |
Figures as reported by the company to the SEC for the quarter ended September 30, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Net income rose 12% from a year earlier to $14.4 billion, and total revenue grew 9% to $46.4 billion, with growth coming from both traditional lending and fee-based businesses like trading and dealmaking.
- Net interest income — the money the bank makes from the gap between what it pays on deposits and what it earns on loans — grew a modest 2% to $24.0 billion, while noninterest revenue (fees, trading gains, and other non-lending income) jumped 17% to $22.5 billion, showing markets and advisory work outgrew traditional banking this quarter.
- Trading revenue reached $8.9 billion, which the company said was its highest-ever third quarter, with fixed-income trading up 21% and stock trading up 33%, reflecting active markets during the period.
- Investment banking fees — what the bank earns advising on mergers and helping companies raise money — rose 16% to $2.6 billion, pointing to a pickup in corporate deal activity and stock and bond offerings.
- Return on equity was 17% for the quarter, and return on tangible common equity was 20%, both measures of how efficiently the bank is turning shareholders’ capital into profit.
- The TTM (trailing twelve month) fundamentals show a net profit margin near 33%, meaning roughly a third of every dollar of revenue ultimately became profit, consistent with a business that continued to run efficiently over the past year.
- Earnings per share grew about 19% over the trailing twelve months, a faster pace than revenue growth, suggesting profitability per share improved even as the bank issued and bought back shares.
- The bank raised its full-year forecast for net interest income to $95.8 billion, signaling management expects the lending side of the business to keep growing for the rest of the year.
- CEO Jamie Dimon said the U.S. economy ‘generally remained resilient’ despite some softening in job growth, but cautioned about ‘a heightened degree of uncertainty stemming from complex geopolitical conditions, tariffs and trade uncertainty, elevated asset prices and the risk of sticky inflation.’
Q3 2025 in context
| Metric | Sep 2025 | Sep 2024 | Change |
|---|---|---|---|
| Revenue | $46.4B | $42.7B | +8.8% |
| Net income | $14.4B | $12.9B | +11.6% |
| Diluted EPS | $5.07 | $4.37 | +16.0% |
| Net margin | 31.0% | 30.2% | +0.8 pts |
Figures for the quarter ended Sep 2025 and the quarter ended Sep 2024, as reported to the SEC.
Each company's quarter ending in calendar Q3 '25, as reported to the SEC. A peer that reported no revenue figure for that quarter is left out.
How the stock took it
JPMorgan Chase & Co. closed at $309.35 on Nov 3, 2025, the last session before the report, and at $311.68 on Nov 5, 2025, the first session after it — +0.8% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · earnings call