JPMorgan earnings miss forecasts on Apple Card costs, Dimon warns markets 'underappreciate' risks

Core Insights - JPMorgan Chase reported a net income of $13 billion for the quarter, impacted by a $2.2 billion provision for credit losses related to the acquisition of the Apple Card portfolio from Goldman Sachs [1] - The bank's earnings per share, excluding the Apple Card costs, was $5.23, surpassing Wall Street's expectation of $4.85 [2] - For the full year 2025, JPMorgan's net income decreased by 2% to $57 billion, while annual net revenue reached a record high of $182 billion [3] Financial Performance - The bank's net income from interest earned rose by 7% to $25 billion in the final quarter of 2025 [2] - Core Wall Street fee revenues increased by 15% from the previous year, while dealmaking revenue saw a decline of 2% [2] - Investment banking fees fell by 4% to $2.32 billion, while client trading revenue rose by 8% to $8.24 billion [4] Strategic Developments - JPMorgan secured significant advisory roles in high-profile deals, including the leveraged buyout of Electronic Arts and the largest IPO of the year for Medline Inc. [4] - The bank maintained its position as the number one in worldwide investment banking revenue for the thirteenth consecutive year [4] Future Outlook - JPMorgan anticipates earning $95 billion in net interest income for 2026, which is $3 billion higher than its projection for 2025 [5]