Global financial services giant JPMorgan Chase (NYSE: JPM) met Wall Streets revenue expectations in Q4 CY2025, with sales up 6.9% year on year to $46.77 billion. Its non-GAAP profit of $5.23 per share was 7.7% above analysts’ consensus estimates.

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Company Overview

Tracing its roots back to 1799 when its earliest predecessor was founded by Aaron Burr, JPMorgan Chase (NYSE: JPM) is a leading financial services company offering investment banking, consumer banking, commercial banking, and asset management services globally.

Sales Growth

Net interest income and and fee-based revenue are the two pillars supporting bank earnings. The former captures profit from the gap between lending rates and deposit costs, while the latter encompasses charges for banking services, credit products, wealth management, and trading activities. Regrettably, JPMorgan Chase’s revenue grew at a mediocre 8.6% compounded annual growth rate over the last five years. This was below our standard for the banking sector and is a poor baseline for our analysis.

Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. JPMorgan Chase’s recent performance shows its demand has slowed as its annualized revenue growth of 6.9% over the last two years was below its five-year trend. Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.

This quarter, JPMorgan Chase grew its revenue by 6.9% year on year, and its $46.77 billion of revenue was in line with Wall Street’s estimates.

Net interest income made up 50.2% of the company’s total revenue during the last five years, meaning JPMorgan Chase’s growth drivers strike a balance between lending and non-lending activities.

Net interest income commands greater market attention due to its reliability and consistency, whereas non-interest income is often seen as lower-quality revenue that lacks the same dependable characteristics.

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Tangible Book Value Per Share (TBVPS)

Banks operate as balance sheet businesses, with profits generated through borrowing and lending activities. Valuations reflect this reality, emphasizing balance sheet strength and long-term book value compounding ability.

Because of this, tangible book value per share (TBVPS) emerges as the critical performance benchmark. By excluding intangible assets with uncertain liquidation values, this metric captures real, liquid net worth per share. Other (and more commonly known) per-share metrics like EPS can sometimes be murky due to M&A or accounting rules allowing for loan losses to be spread out.

JPMorgan Chase’s TBVPS grew at an incredible 10.5% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 12.5% annually over the last two years from $85.03 to $107.56 per share.

Over the next 12 months, Consensus estimates call for JPMorgan Chase’s TBVPS to grow by 5.6% to $113.59, lousy growth rate.

Key Takeaways from JPMorgan Chase’s Q4 Results

It was good to see JPMorgan Chase beat analysts’ EPS expectations this quarter. We were also happy its tangible book value per share narrowly outperformed Wall Street’s estimates. Overall, this print had some key positives. The stock remained flat at $325.21 immediately following the results.

Should you buy the stock or not? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).