JPMorgan Chase & Co. Q4 Earnings Call Highlights

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• Potential credit card APR caps would reduce access to credit broadly, especially for lower-FICO borrowers, and would be bad for JPMorgan

  80% confidence

• The firm expects the 2026 card net charge-off rate to be approximately 3.4%, citing favorable delinquency trends and consumer resilience

  80% confidence

• JPMorgan reported Q4 net income of $13 billion and earnings per share of $4.63, with return on tangible common equity of 18%

  80% confidence

• An undifferentiated APR cap would be very dramatic in its impact

  80% confidence

• The elevated advanced RWA level is expected to be temporary and reduce to approximately $30 billion in the near term

  80% confidence

• Real estate is a very small number as an expense driver

  80% confidence

• 2026 adjusted expense is expected to be about $105 billion

  80% confidence

• JPMorgan reported about $160 billion of NBFI exposure as of Q4, with loss history since 2018 including only one charge-off related to apparent fraud

  80% confidence

• The Apple Card transaction is economically compelling and characterized as a win-win-win

  80% confidence

• For 2026, NII ex-Markets is expected to be about $95 billion and total NII about $103 billion

  80% confidence

• Consumers and small businesses remain resilient, with no current deterioration despite weak consumer sentiment

  80% confidence

• The firm is making investments aligned with the greatest opportunities across businesses while the operating environment is becoming more competitive

  80% confidence

• The firm's stablecoin advocacy is focused on preventing the creation of a parallel banking system that functions like banking without prudential safeguards

  80% confidence

• JPMorgan is not going to try to meet some expense target at the risk of being left behind competitively

  80% confidence

• Wholesale credit trends show nothing concerning, with downgrades slightly exceeding upgrades and small parameter updates increasing assumed loss given default

  80% confidence

• The Apple Card commitment contributed about $23 billion of standardized RWA and about $110 billion on an advanced basis

  80% confidence

• Revenue totaled $46.8 billion, up 7% year over year, attributed to higher markets revenue, higher asset management fees, and auto lease income

  80% confidence

• The quarter included the previously announced reserve build of $2.2 billion in CCB related to the forward purchase commitment of the Apple Card portfolio

  80% confidence