JPMorgan Chase Reports Second Quarter 2025 Financial Results with Revenue Decline

**JPMorgan Chase & Co. Reports Second Quarter 2025 Financial Results**

JPMorgan Chase & Co. has released its unaudited consolidated financial highlights for the second quarter of 2025, revealing a mixed performance compared to the same period last year. The company reported total net revenue of $44.91 billion, an 11% decrease from the $50.20 billion reported in the second quarter of 2024. Net income also saw a decline, falling 17% to $14.99 billion from $18.15 billion. Diluted earnings per share were $5.24, compared to $6.12 in the prior year.

The decrease in total net revenue was attributed to a 21% drop in noninterest revenue, primarily due to the absence of a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. Net interest income, however, increased by 2% to $23.21 billion, driven by higher Markets net interest income, higher wholesale deposit balances, higher revolving balances in Card Services, and the impact of investment securities activity including from prior quarters. These factors were predominantly offset by the impact of lower rates and deposit margin compression. Total noninterest expense remained relatively flat at $23.78 billion, with increases in compensation and technology investments offset by the absence of a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the prior year, as well as lower legal expense.

Key operational developments included a 5% increase in firmwide average loans to $1.4 trillion, driven by higher loans in CIB and AWM. Firmwide average deposits also increased by 6% to $2.5 trillion, reflecting net inflows related to client-driven activities in Payments and Securities Services, and growth in balances in new and existing client accounts in AWM, partially offset by a decrease in CCB in existing account balances primarily driven by increased customer spending and migration into higher-yielding investments. The provision for credit losses was $2.85 billion, compared to $3.05 billion in the prior year, with net charge-offs of $2.41 billion. The firm's Common Equity Tier 1 (CET1) capital ratio was 15.1%, and the Tier 1 capital ratio was 16.1%.

Looking ahead, JPMorgan Chase anticipates full-year 2025 net interest income to be approximately $95.5 billion and net interest income excluding Markets to be approximately $92.0 billion, market dependent. Management expects adjusted expense to be approximately $95.5 billion, market dependent. The net charge-off rate in Card Services is projected to be approximately 3.60%. Leadership changes were also announced, with Sanoke Viswanathan leaving the Firm and Marianne Lake assuming oversight of international consumer initiatives.