JPMorgan Chase (NYSE:JPM) reported fourth-quarter results that came in ahead of expectations, with robust performance in its trading and markets businesses helping to offset weaker investment banking fees.

The bank posted adjusted net income of $14.7 billion for the quarter ended December, equivalent to $5.23 per share, comfortably above forecasts of $4.92 per share. However, after accounting for a previously announced $2.2 billion credit reserve tied to its acquisition of the Apple (NASDAQ:AAPL) credit-card portfolio from Goldman Sachs (NYSE:GS), reported profit declined 7% year on year to $13 billion, or $4.63 per share.

Total revenue reached $46.77 billion, exceeding Bloomberg consensus estimates of $46.35 billion.

Major Wall Street banks benefited through 2025 from heightened market volatility, which boosted trading activity, while a rebound in mergers and acquisitions supported advisory revenues. Entering the latest reporting season, the largest U.S. lenders were on track for their strongest year since 2021.

At JPMorgan, markets revenue surged 17% from a year earlier to $8.2 billion, with both fixed income and equities trading delivering better-than-expected results. By contrast, investment banking revenue slipped 2% to $2.6 billion, reflecting lower fees across all product categories.

In a statement, CEO Jamie Dimon said the performance was “the product of strong execution, years of investment a favorable market backdrop and selective deployment of excess capital.”

Dimon added that the broader U.S. economy has remained resilient, supported by solid consumer spending and healthy business activity, and noted that conditions do not appear to be deteriorating despite some softening in the labor market. He said this backdrop could persist “for some time,” helped by ongoing fiscal stimulus, banking deregulation under President Donald Trump and recent interest rate cuts by the Federal Reserve.

“However, as usual, we remain vigilant, and markets seem to underappreciate the potential hazards — including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices,” Dimon said.

Looking ahead, JPMorgan expects net interest income of around $103 billion in fiscal year 2026, above analyst forecasts of $100.38 billion.

JPMorgan shares traded slightly higher in U.S. premarket activity on Tuesday.

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