JPMorgan Crushes Earnings (Again)—But Revenue Slips: Wall Street’s Favorite Contradiction

JPMorgan Chase & Co. (JPM) just delivered another quarter of earnings that left analysts scrambling to upgrade their spreadsheets—even as revenue took a haircut. Because nothing says 'healthy markets' like profits divorced from fundamentals, right?

Beating the Street—Again

The banking giant topped estimates despite shrinking top-line numbers. Because when you're too big to fail, you're also too big to care about pesky things like revenue consistency.

The Jamie Dimon Effect

Another quarter, another masterclass in financial ju-jitsu from Wall Street's favorite CEO. The man could probably beat earnings forecasts during a nuclear winter.

So raise a glass to the eternal mystery of megabank accounting—where the numbers always work out (for someone).

TLDR

• JPMorgan posted Q2 adjusted earnings of $4.96 per share, topping analyst forecasts of $4.48

• Revenue dropped 10.5% year-over-year to $44.91 billion, beating estimates of $44.06 billion

• GAAP net income fell to $14.99 billion from $18.15 billion in the prior year

• Shares are up 21.34% YTD and 39.33% over the past year, outperforming the S&P 500

• Analysts maintain a “buy” rating with a $300 price target, about 4.8% above Monday’s close

JPMorgan Chase & Co. (NYSE: JPM) beat Wall Street’s second-quarter profit expectations despite a notable revenue decline, with results offering a mixed picture for investors. Shares traded at $286.23, down 0.86% after the release, but are up 21.34% year-to-date.

The bank reported adjusted EPS of $4.96, surpassing consensus estimates of $4.48, with forecasts ranging between $4.22 and $4.85. However, on a GAAP basis, earnings came in at $5.24 per share, lower than last year’s $6.12. Quarterly net income dropped to $14.99 billion, compared to $18.15 billion a year earlier.

JPMorgan Chase & Co. (JPM)

Revenue also declined, down 10.5% to $44.91 billion from $50.20 billion last year, though that figure exceeded expectations of $44.06 billion. The drop reflects a tough comparison to last year’s unusually strong results and some normalization in interest rate income.

Forecasts and Guidance

Despite the year-over-year declines, JPMorgan raised its 2025 guidance, signaling continued confidence in its performance outlook. Over the last three months, analysts have slightly raised earnings expectations by 1.2%. However, four analysts lowered estimates in the past 30 days, reflecting some concern over margin pressures and macroeconomic trends.

The median 12-month price target among Wall Street analysts sits at $300, roughly 4.8% above current levels. The consensus rating remains “buy”, with 15 buy or strong buy calls, 9 holds, and just 2 sells.

Strong Long-Term Performance

Even with the Q2 declines, JPMorgan continues to outperform the broader market. Over the last 12 months, shares have returned 39.33%, compared to the S&P 500’s 11.28%. On a five-year basis, the bank has delivered a 228.22% return, more than doubling the index’s 94.22%.

CEO Jamie Dimon reiterated in his annual letter that JPMorgan is pushing ahead with monetizing its digital ecosystem, including potential new fees on fintechs for data access. These initiatives could provide incremental top-line support in future quarters.

With a solid earnings beat, improving guidance, and a dominant market position, JPMorgan looks well-positioned even as regulatory and macro headwinds loom. Investors will be watching upcoming quarters closely to see whether management can maintain momentum in a less favorable interest rate environment.