JPM: FY25 Deep Dive
$57B net income on 20% ROTCE. Capital return stepped to $48B (+43%). Net charge-offs rose 14% — credit normalization showing but absorbable on these earnings.
Key Takeaways
JPMorgan Chase closed fiscal 2025 (calendar year ended December 31, 2025) at $182.4 billion of total net revenue — net interest income of $95.4 billion plus non-interest revenue of $87.0 billion — and $57.0 billion of net income, both the highest in JPMorgan history. Return on tangible common equity came in at 20%, the third consecutive year above the company's 17% through-the-cycle target. Capital return stepped up materially to $48.2 billion — $31.6 billion in buybacks (+68% YoY) plus $16.6 billion in dividends — a 43% year-over-year expansion that reflects both the earnings base and the CET1 ratio of 14.6% (roughly 200bp above regulatory minimum). Net interest margin compressed 13 basis points to 2.50% as deposit cost pressure and asset yield mix caught up with the easing rate path; net charge-offs rose to $9.85 billion (up 14% YoY) as credit normalization continued, driven by consumer cards (3.31% retained charge-off rate). Sell-side coverage in the tracked analyst set shows 2 Buy / 2 Hold, median price target $333 in a narrow $310-$350 range.
Main business structure
JPMorgan reorganized its business segments in 2024 — the prior standalone Commercial Banking (CB) segment was merged into a consolidated Commercial & Investment Bank (CIB). FY25 is the first full year reported under the three-segment structure:
| Segment | FY25 Net Revenue ($M) | % of Total |
|---|---|---|
| Consumer & Community Banking (CCB) | 76,029 | 41.7% |
| Commercial & Investment Bank (CIB) | 78,454 | 43.0% |
| Asset & Wealth Management (AWM) | 24,073 | 13.2% |
| Corporate (net) | 3,891 | 2.1% |
| Total Net Revenue | 182,447 | 100% |
CCB is the largest single US consumer bank — branch network, credit cards (Chase is the #1 US card issuer by balances following the Capital One / Discover closure on April 30), home lending, auto finance, and the Chase online / mobile platform.
CIB is the post-2024 consolidated franchise combining legacy Investment Bank (trading + banking fees) with Commercial Banking (middle-market + commercial real estate). FY25 is the first clean comparable year under this structure; prior-year data is restated in the 10-K for comparability.
AWM is the asset management business ($3.5T+ AUM) plus the private bank / wealth management franchise. Fee-based, capital-light; the highest ROE segment.
Geographic mix. US ~75% of net revenue; international ~25%, concentrated in CIB (capital markets + global payments + cross-border wholesale). Retail and consumer operations are overwhelmingly US-based.
Customer concentration. As a globally diversified bank with tens of millions of customers, no single customer drives 10% concentration. Top-10 deposit concentration is material but well below disclosed thresholds.
Scale anchors. Total deposits $2.56 trillion (up $153B YoY). Total loans $1.49 trillion (up $145B YoY, approximately 11% growth). 5,200+ branches across the US. Chase online platform with 80M+ active digital users. AWM AUM growing organically in the high single digits supplemented by markets. Investment bank ranks #1 globally in advisory fees and top-3 in DCM / ECM.
Key core metrics (3-year trend)
1. Net income and ROTCE (the through-cycle yardsticks)
| FY23 | FY24 | FY25 | |
|---|---|---|---|
| Net income ($B) | 49.6 | 58.5 | 57.0 |
| ROTCE | 21% | 22% | 20% |
Third consecutive year of 20%+ ROTCE — well above the company's stated 17% through-the-cycle target. FY25's modest step-down (vs FY24) reflects NIM compression and the credit normalization; absolute earnings remain in the top quartile of JPM's history.
2. Loan growth and deposit growth
| FY23 | FY24 | FY25 | |
|---|---|---|---|
| Loans period-end ($B) | 1,324 | 1,348 | 1,493 |
| Deposits period-end ($B) | 2,401 | 2,406 | 2,559 |
| Loan growth YoY | — | +2% | +11% |
| Deposit growth YoY | — | +0% | +6% |
FY25 loan growth of +11% is well above the long-run credit-cycle trend for US mega-banks. Corporate lending, cards, and wholesale real estate all contributed. Deposit growth +6% reflects the deposit-retention advantage a G-SIB of JPM's size holds during cyclical repricing.
3. Net charge-off rate trajectory
| FY23 | FY24 | FY25 | |
|---|---|---|---|
| NCO ($B) | 6.2 | 8.6 | 9.9 |
| YoY change | — | +39% | +14% |
| Consumer NCO rate | 1.05% | 1.31% | 1.37% |
| Card NCO rate | 2.59% | 3.31% | 3.31% |
NCO rate has normalized over three years — from sub-cycle lows in FY22-FY23 toward the 1.30-1.60% long-run consumer range. FY25 shows the pace of normalization decelerating (+14% NCO growth vs +39% in FY24) — the cycle is roughly 70-80% through its normalization per the 10-K language.
4. Capital return pace
| FY23 | FY24 | FY25 | |
|---|---|---|---|
| Dividends ($B) | 13.5 | 14.8 | 16.6 |
| Buybacks ($B) | 9.8 | 18.8 | 31.6 |
| Total return ($B) | 23.3 | 33.6 | 48.2 |
Capital return more than doubled in two years as excess CET1 (14.6% at year-end, roughly 200bp above minimum) got deployed into repurchases. The FY25 buyback pace of $31.6B is the largest in JPM history and among the largest in US corporate buyback leagues.
Market evaluation
Sell-side coverage (as of late April 2026). 4 analysts in the tracked coverage set (JPM has broader coverage outside this set, but the tracked events in the 60-day window are 4):
| Rating | Count |
|---|---|
| Buy / Outperform | 2 |
| Hold | 2 |
| Sell | 0 |
Price targets. Median $333, range $310 (low: Jefferies) to $350 (Evercore ISI's prior pre-April PT mark). The spread of $40 is narrow by mega-cap standards.
Recent analyst activity (Feb 23 through April 24, 2026):
- Jefferies (David Chiaverini): initiated coverage Hold at $310 on March 26
- Evercore ISI (Glenn Schorr): cut $350 → $320 on April 6, then raised $320 → $340 on April 17 (post-Q1 FY26 earnings) — net -$10 over the window. Rating maintained Outperform throughout.
- Truist Securities (John McDonald): raised $323 → $332 on April 15 (Hold maintained)
No rating changes in the window. The Evercore round-trip on price target across early-to-mid April reflects the sensitivity of mega-bank PTs to Q1 NIM and credit commentary.
Buy-side positioning. JPM is a consensus core US financials holding. The CEO succession question (Jamie Dimon has been CEO since 2006) is a structural issue the Street manages more than debates — the succession plan has been public but the timing remains unnamed. Short interest below 1% of float.
FY25 corporate structure: peak earnings, quiet succession
FY25 is the third consecutive year of $50B+ net income for JPMorgan — a scale of earnings unprecedented in US banking history. The bank's earning power is the structural story; everything else sits subordinate to it. Two features worth flagging explicitly. First, the capital return expansion: the $48.2B FY25 total return versus $23.3B FY23 reflects both earnings expansion and a deliberate reduction of excess CET1 — but the 14.6% year-end CET1 is still 150-200bp above the minimum requirement, suggesting further buyback capacity remains. Second, the credit cycle: NCOs have normalized toward long-run levels over the three-year trajectory (FY22 trough of $2.9B → FY25 $9.9B), and the 10-K language flags that consumer card NCO rates have flattened at 3.31% for the past year — consistent with a normalization that has largely completed rather than one still accelerating. The CEO succession question — structurally the largest governance topic at any US mega-bank — remains unresolved in FY25; Dimon continues in role, succession planning is disclosed but dates are not, and the Street has not priced a change.