JPMorgan Chase (JPM) reported earnings Tuesday morning that capped off a record year for the firm while reporting a hit to net income resulting from its deal to take over the Apple Card portfolio from Goldman Sachs, which it announced last week.

Net income for the firm came in at $13 billion, including the $2.2 billion in credit losses it planned for as a result of the deal. Excluding these costs, JPMorgan said its net income would've tallied $14.7 billion in the quarter.

Earnings per share, excluding these costs, came in at $5.23, higher than the $4.85 that Wall Street was expecting. Including costs from its Apple Card deal, JPMorgan reported earnings per share of $4.63 in the quarter.

JPMorgan stock rose about 1% following the release.

In a statement, CEO Jamie Dimon said the US economy has been "resilient," adding that, "consumers continue to spend, and businesses generally remain healthy."

Dimon cautioned, however, that, "markets seem to underappreciate the potential hazards—including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices."

JPMorgan's net income from interest earned on checking and savings accounts, credit cards and auto loans rose 7% in the final quarter of 2025 to $25 billion. Its core Wall Street fee revenues from equities, fixed income and currency and commodity trading rose 15% from the fourth quarter of 2024 while dealmaking revenue fell 2%.

For 2025, the nation's largest bank had its second best years ever. Its full-year net income fell 2% to $57 billion from a record 2024 while its annual net revenue climbed to $182 billion, the bank's highest ever.

Despite a lower than anticipated fourth quarter than the Street expected, JPMorgan's profits for 2025 were still notable, exceeding 2024 after excluding a one-time gain in Visa shares the bank recognized two summers ago.

Its investment banking fees fell 4% from a year ago to $2.32 billion while client trading rose 8% to $8.24 billion.

The bank landed a number of high-profile deals this year including leading advisory roles in the leveraged buyout deal for Electronic Arts and acting as lead bookrunner in the year's largest IPO for medical supply company Medline Inc. (MDLN). 2025 marked its thirteenth straight year as number one in worldwide investment banking revenue, according to Dealogic.

The bank’s crucial lending revenue measure, net interest income, also rose to a new high in 2025.

Without including the bank's less predictable trading revenue, JPMorgan's said currently it expects to earn $95 billion in net interest income in 2026, $3 billion higher than what it projected for 2025.

Earnings from the nation's largest bank gives investors their first look at how banks and their customers held up through the final quarter of what was a great year for Wall Street banks.

That cheer was cut short abruptly over the weekend when when President Trump called for major credit card lenders to cap interest rates by 10% for a year. It still isn't clear how the President will impose such a cap, the move sent shares of JPMorgan, Citigroup and other big card lenders lower on Monday.

Through Monday JPMorgan's stock was up 35% for the last 12-months.

The country's other largest banks Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) are all expected to report results on Wednesday morning.

David Hollerith covers the financial sector, ranging from the country's biggest banks to regional lenders, private equity firms, and the cryptocurrency space.

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