JPMorgan kicked off big bank earnings in the US on Tuesday with a set of results that — drumroll — beat estimates on most key line items.

Jamie Dimon described the US economy as “resilient.” Although the labor market’s “softened,” it doesn’t “appear to be worsening” and consumers “continue to spend,” he said.

Recall that in October, the bank guided for $25 billion in Q4 NII and $95.8 billion for the full-year. Actual managed net interest income during 2025’s final quarter was $25.11 billion. All told, NII was $95.87 billion last year.

JPMorgan now sees 2026 NII at $103 billion, ahead of estimates. The ex-markets forecast, at $95 billion for 2026, was unchanged from the tentative outlook the bank offered in October.

On the trading front, both FICC and equities revenue beat estimates, with the latter coming in at $2.86 billion versus $2.70 billion expected and the former at $5.38 billion against $5.27 billion seen.

Those numbers were down from the prior quarter, but up from Q4 of 2024. The YoY increase in the equities trading haul was an impressive 40%.

The figure above shows you the breakdown. Overall markets and securities services revenue was $9.70 billion, up 17% YoY.

In IB — and you’ll note that dealmaking finally made a comeback across the Street last year after a prolonged period of fits and starts — total revenue of $2.55 billion came up a little short. Analysts wanted something closer to $2.70 billion.

Don’t blame advisory: Fees there were the second-highest in four years at $1.033 billion (although because the best quarter over that period was Q4 of 2024, they still posted a YoY decline).

The issue appears to have been debt underwriting, where revenue was “just” $898 million, a two-year low and only the second quarter under a billion since 2023. (Debt underwriting tends to slow in Q4.)

Running quickly through the rest of the numbers, charge-offs were below estimates at $2.51 billion (against $2.56 billion seen), the overall provision for credit losses was $4.66 billion, marginally lower than expected and deposits of $2.56 trillion were a slight miss (consensus saw $2.58 trillion).

On the top line, revenue of $46.77 billion was a beat (consensus was $46.35 billion) and adjusted EPS beat by a quarter at $5.23.

The credit reserve for the Apple Card takeover was $2.2 billion. Dimon said he’s “excited” to help Americans realize their dream of owning the latest colorway in Steve Jobs’s 17-year-old invention. “Apple Card is one example of patient and thoughtful deployment of our excess capital into attractive opportunities,” he remarked, in what some might construe as a good-natured jab at Goldman’s aborted consumer foray.

Dimon was uncharacteristically upbeat about the near- and even medium-term outlook for the US economy. Favorable conditions “could persist for some time, particularly with ongoing fiscal stimulus, the benefits of deregulation and the Fed’s recent monetary policy,” he said.

“As usual, we remain vigilant,” Dimon declared, delivering the usual boast dressed up as a commitment to prudence, before cautioning that markets may be “underappreciat[ing] the potential hazards, including complex geopolitical conditions, the risk of sticky inflation and elevated asset prices.”