JPMorgan Chase (NYSE:JPM) Posts Better-Than-Expected Sales In Q3

October 14, 2025 at 07:22 AM EDT

JPM Cover Image

Global financial services giant JPMorgan Chase (NYSE: JPM) reported Q3 CY2025 results topping the market’s revenue expectations, with sales up 10.5% year on year to $47.12 billion. Its GAAP profit of $5.07 per share was 5.4% above analysts’ consensus estimates.

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JPMorgan Chase (JPM) Q3 CY2025 Highlights:

Net Interest Income: $23.97 billion vs analyst estimates of $24.15 billion (2.4% year-on-year growth, 0.8% miss)
Revenue: $47.12 billion vs analyst estimates of $45.28 billion (10.5% year-on-year growth, 4.1% beat)
Efficiency Ratio: 52% vs analyst estimates of 53.6% (156 basis point beat)
EPS (GAAP): $5.07 vs analyst estimates of $4.81 (5.4% beat)
Tangible Book Value per Share: $105.70 vs analyst estimates of $104.57 (10.8% year-on-year growth, 1.1% beat)
Market Capitalization: $846.8 billion

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

Two primary revenue streams drive bank earnings. While net interest income, which is earned by charging higher rates on loans than paid on deposits, forms the foundation, fee-based services across banking, credit, wealth management, and trading operations provide additional income. Thankfully, JPMorgan Chase’s 8.7% annualized revenue growth over the last five years was solid. Its growth beat the average banking company and shows its offerings resonate with customers, a helpful starting point for our analysis.

We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. JPMorgan Chase’s annualized revenue growth of 8.1% over the last two years aligns with its five-year trend, suggesting its demand was predictably strong. JPMorgan Chase Year-On-Year Revenue Growth 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 reported year-on-year revenue growth of 10.5%, and its $47.12 billion of revenue exceeded Wall Street’s estimates by 4.1%.

Net interest income made up 50.7% 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.

JPMorgan Chase Quarterly Net Interest Income as % of Revenue

Our experience and research show the market cares primarily about a bank’s net interest income growth as non-interest income is considered a lower-quality and non-recurring revenue source.

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Tangible Book Value Per Share (TBVPS)

The balance sheet drives banking profitability since earnings flow from the spread between borrowing and lending rates. As such, valuations for these companies concentrate on capital strength and sustainable equity accumulation potential.

When analyzing banks, tangible book value per share (TBVPS) takes precedence over many other metrics. This measure isolates genuine per-share value by removing intangible assets of debatable liquidation worth. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.

JPMorgan Chase’s TBVPS grew at an incredible 10.9% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 14.2% annually over the last two years from $81.00 to $105.70 per share.

JPMorgan Chase Quarterly Tangible Book Value per Share

Over the next 12 months, Consensus estimates call for JPMorgan Chase’s TBVPS to grow by 4.5% to $110.45, paltry growth rate.

Key Takeaways from JPMorgan Chase’s Q3 Results

We enjoyed seeing JPMorgan Chase beat analysts’ revenue expectations this quarter. We were also happy its tangible book value per share narrowly outperformed Wall Street’s estimates. On the other hand, its net interest income slightly missed. Overall, this print had some key positives. The stock remained flat at $307.16 immediately after reporting.

So should you invest in JPMorgan Chase right now? 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 for active Edge members.

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