5 Revealing Analyst Questions From JPMorgan Chase’s Q3 Earnings Call

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JPMorgan Chase delivered third-quarter results that surpassed Wall Street’s revenue and earnings expectations, underpinned by robust growth in markets-related revenues and continued strength in consumer banking. Management credited higher asset management and investment banking fees, as well as increased payment activity, for powering revenue expansion. CFO Jeremy Barnum noted, “Revenue was up predominantly driven by higher markets revenue as well as higher fees across asset management, investment banking, and payment.” While credit costs increased, largely due to a few isolated incidents in wholesale lending, overall credit performance in both wholesale and consumer businesses remained in line with expectations.

Is now the time to buy JPM? Find out in our full research report (it’s free for active Edge members).

JPMorgan Chase (JPM) Q3 CY2025 Highlights:

  • Revenue: $47.12 billion vs analyst estimates of $45.28 billion (8.8% year-on-year growth, 4.1% beat)
  • Adjusted EPS: $5.07 vs analyst estimates of $4.87 (4% beat)
  • Adjusted Operating Income: $19.44 billion vs analyst estimates of $21.07 billion (41.2% margin, 7.7% miss)
  • Market Capitalization: $823.1 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From JPMorgan Chase’s Q3 Earnings Call

  • John McDonald (Truist Securities) inquired about deposit growth expectations given flat balances this quarter. CFO Jeremy Barnum explained that ongoing account acquisition remains strong but macro factors have delayed average balance inflection points.
  • Glenn Schorr (Evercore ISI) asked about credit fundamentals in wholesale lending, especially differences between public and private markets. Barnum responded that recent charge-offs were isolated and the overall portfolio mix may lead to modestly higher expected losses in the future.
  • Betsy Graseck (Morgan Stanley) questioned commercial loan reserve methodology as the portfolio mix evolves. Barnum said new direct lending deals bring higher day-one reserves, while overall reserve intensity will depend on specific deal characteristics.
  • Ebrahim Poonawala (Bank of America) pressed on expense outlook and AI-driven productivity. Barnum noted that while AI-related efficiencies are expected, the primary focus remains on traditional expense discipline and process improvements.
  • Mike Mayo (Wells Fargo Securities) sought clarity on risks related to non-bank financial institution lending. Barnum and CEO Jamie Dimon emphasized conservative underwriting practices and noted most exposure is highly secured, though they acknowledged areas of potential risk in a downturn.

Catalysts in Upcoming Quarters

In future quarters, the StockStory team will focus on (1) trends in deposit growth and consumer spending resilience, (2) normalization in wholesale and consumer credit quality, especially as labor market conditions evolve, and (3) the impact of ongoing expense discipline and AI-driven productivity initiatives on cost growth. Progress in capital markets activity and continued net inflows in asset and wealth management will also be key markers for tracking execution.

JPMorgan Chase currently trades at $303.25, down from $307.94 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members).

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