JPM Q4 2025 Earnings — Income Statement Breakdown
For its Q4 2025 period (ending 2025-12-31), JPM reported revenue of $69.6B, gross profit of $41.1B (59.1% gross margin), operating income of $17.2B, and net income of $13.0B (18.6% net margin). The flow of revenue into costs and profit is visualized below.
What changed
JPM was profitable; revenue grew 49.9% quarter over quarter, and EPS beat consensus by $0.36.
| Comparison | Revenue | Net income | Net margin |
|---|---|---|---|
| Year over year | Not available | Not available | Not available |
| Quarter over quarter | +49.9% | −9.9% | −12.4 pp |
EPS was $5.23 versus $4.87 expected.
JPM Q4 2025 Income Statement
| Line item | Amount (USD) | % of revenue |
|---|---|---|
| Revenue | $69.6B | 100% |
| Cost of Revenue | −$28.5B | 40.9% |
| Gross Profit | $41.1B | 59.1% |
| Research & Development | — | 0.0% |
| Selling, General & Administrative | −$14.6B | 21.0% |
| Other Operating Expenses | −$9.4B | 13.5% |
| Operating Income | $17.2B | 24.7% |
| Interest Expense | −$23.8B | 34.2% |
| Income Tax Expense | −$4.1B | 5.9% |
| Net Income | $13.0B | 18.6% |
Source: original SEC filing (filed 2026-01-13). Accession 0001628280-26-001902. Data normalized by EarningsFyi.