Short answer
JPMorgan Chase & Co (JPM) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $182.4B (+2.8% year over year) and net income of $57.0B.
- Top risk flagged: Regulatory/legal risk from allowance for loan losses under U.S. GAAP, involving judgment on macroeconomic forecasts including U.S. unemployment and GDP for $1,035.8B loan portfolio
FY2025 key financial metrics · XBRL
- Revenue
- $182.4B
- +2.8% YoY
- Net income
- $57.0B
- −2.4% YoY
- EPS (diluted)
- $20.02
- +1.4% YoY
- ROE
- 15.7%
- −1.2 pp YoY
- Operating cash flow
- −$147.8B
- −251.8% YoY
Source: XBRL data from the JPMorgan Chase & Co (JPM) FY2025 10-K on SEC EDGAR. USD.
JPMorgan Chase & Co FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: diversified financial services including investment banking, consumer and small business banking, commercial banking, transaction processing, and asset management
- Emphasis on regulatory developments in capital and liquidity requirements, with U.S. Basel III amendments proposed in July 2023 and delayed EU/U.K. Basel III implementations starting 2025-2027
- Strategic focus on enhanced regulatory compliance, highlighted by ongoing stress testing adjustments and a March 2024 OCC consent order on trading venue surveillance
- Assets $4.4 trillion and stockholders' equity $362.4 billion as of December 31, 2025, with U.S. branch presence in 48 states plus D.C.
- Noteworthy regulatory proposals in 2025-2026 include new Federal Reserve stress testing transparency rules and U.S. debit card interchange fee cap adjustments impacting revenue streams
Risk Factors
- Regulatory/legal risk from allowance for loan losses under U.S. GAAP, involving judgment on macroeconomic forecasts including U.S. unemployment and GDP for $1,035.8B loan portfolio
- Macroeconomic exposure to U.S. market with loan portfolios totaling $1.5T net of $25.8B allowance, sensitive to U.S. unemployment, GDP, corporate credit spreads, and real estate prices
- Operational risk in internal controls over financial reporting, with risk that controls may become inadequate or compliance deteriorates despite no material weaknesses as of Dec 31, 2025
- Competitive risk from fair value measurement of $54.7B Level 3 financial instruments using complex models with unobservable inputs like interest rate volatility and credit spreads
- Financial risk from concentrated deposits of $2.56T and significant long-term debt of $435.2B, with $164.6B treasury stock repurchased potentially impacting capital structure
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