The news: JPMorgan Chase posted strong Q4 2025 earnings, despite profits falling 7% YoY with net income at $13 billion. 

JPMorgan’s payments-related revenues hit a record $5.1 billion.

Missed targets reflect JPMorgan taking control of the Apple Card, for which the bank allocated a one-time $2.2 billion credit reserve.

Consumer financial health: Consumer spending and account openings were up, while delinquency rates fell YoY.

• Debit and credit sales volume crept up 7% YoY. 
• JPMorgan’s 30- and 90-day delinquency rates nudged down YoY to 2.16% and 1.10%, respectively. 
• Net charge-offs slid to 3.14% from 3.30% a year ago.
• And 10.4 million new credit card accounts were opened over the course of fiscal year 2025.

What’s next for Chase’s card strategy: JPMorgan’s acquisition of the $20 billion Apple Card portfolio was a major win for the firm. 

With 12 million cardholders already within the program, JPMorgan has the opportunity to cross-sell those users with more in-house financial products and services, as well as opportunities to expand the portfolio where Goldman Sachs stumbled.

Pushback to Trump: After President Trump called for credit card interest rates to be capped at 10% for one year, JPMorgan C-suite executives fired back warnings.

• Speaking to reporters, CFO Jeremy Barnum insinuated major legal action in response to the White House’s proposal: "If you wind up with weakly supported directives to radically change our business that aren't justified, you have to assume that everything's on the table." 
• He also reiterated the risks for consumers within the earnings call, stating it would be “very bad for consumers, very bad for the economy,” and that the bank would have to “significantly change and cut back” its card portfolio.

Implications for lenders: JPMorgan’s control of the Apple Card gives other issuers a major challenger in the entry- to mid-level card market. 

With no fees and up to 3% cash back, other card products will have to emphasize their own competitive rewards packages or lack of revolving debt risk to compete.

But JPMorgan didn’t offer any hints regarding how the issuer will address the Apple Card’s outsize share of subprime borrowers. If Chase compels Apple to shift the card upstream, buy now, pay later providers stand to pick up these consumers.