JPMorgan Chase kicked off the earnings season with a mixed signal, leaving the stock flat in the premarket trading (currently at around $325). The bank capped a record 2025 with its highest-ever annual revenue of $182 billion, despite a fourth-quarter profit hit from its strategic takeover of the Apple Card portfolio.
JPM stock has retreated to the 38.2% Fibonacci retracement level, weighed down by pre-earnings caution and President Trump’s recent comments on credit rate caps. The decline broke through immediate support around $330—a key level coinciding with the 30-day Exponential Moving Average (EMA30). This breach suggests that a quick return to recent highs is unlikely, potentially setting the stage for a deeper bearish test of the 100-day moving average (EMA100). Source: xStation5
Caution despite many beats
The bank reported Q4 net income of $13 billion, down 7% from the previous year. However, excluding the $2.2 billion provision for the Apple deal, EPS of $5.23 comfortably beat Wall Street's $4.85 forecast. (total EPS: $4.63). CEO Jamie Dimon cited a "resilient" economy but warned of "sticky inflation" and geopolitical hazards.
Shares initially rose 1% after volatility from President Trump’s proposed credit card rate caps, as the bank issued strong 2026 guidance projecting $95 billion in net interest income. Nevertheless, the overall EPS miss and premium-client-driven performance spark caution among investors, in spite of Jamie Dimon’s optimism regarding the U.S. economy, bringing stock’s premarket down to around 0.15-0.2%.
Top Line Results
-
Net Income: $13.03 billion, down 7% y/y.
-
EPS (Earnings Per Share): $4.63, down 4% y/y.
-
Note: EPS was $5.23 excluding significant items.
-
-
Adjusted Revenue: $46.77 billion vs. Estimate $46.35 billion. (BEAT)
-
Managed Net Interest Income: $25.11 billion (+7% y/y) vs. Estimate $24.99 billion. (BEAT)
Trading & Banking Highlights
-
Equities Sales & Trading: $2.86 billion (+40% y/y) vs. Estimate $2.7 billion. (BEAT)
-
FICC Sales & Trading: $5.38 billion (+7.5% y/y) vs. Estimate $5.27 billion. (BEAT)
-
Investment Banking Revenue: $2.55 billion (-1.9% y/y) vs. Estimate $2.65 billion. (MISS)
-
Note: Both Equity and Debt underwriting revenues missed estimates, with Equity underwriting down 16% y/y.
-
Credit & Balance Sheet
-
Provision for Credit Losses: $4.66 billion (includes Apple Card reserves) vs. Estimate $4.68 billion.
-
Net Charge-Offs: $2.51 billion vs. Estimate $2.56 billion. (BETTER THAN FEARED)
-
Assets Under Management: $4.79 trillion vs. Estimate $4.73 trillion.
US CPI inline with expectations
DE40: European equities overbought❓All eyes on US CPI💡
Bitcoin rises to $92k 📈 Will Strategy shares rebound?
MP Materials rebounds 40% amid geopolitcal tensions 📈Are earth metals coming back?
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
