JPMorgan Chase shares moved 3% lower Tuesday, even after the bank delivered fourth-quarter results that came in ahead of Wall Street expectations.

On the surface, the numbers looked good. JPMorgan reported adjusted earnings of $5.23 per share, topping the $5 consensus estimate, on revenue of $46.77 billion, also above forecasts. The issue wasn’t actually revenue strength… it was a one-time charge that dragged down reported profit.

Net income fell 7% year over year to $13.03 billion after the bank recorded a preannounced $2.2 billion reserve tied to its takeover of Apple’s credit card loan portfolio from Goldman Sachs. That charge knocked roughly 60 cents per share off earnings.

Excluding that hit, much of the quarter showed momentum.

Trading was the massive bright spot. Equities trading revenue grew 40% to $2.9 billion, coming in about $350 million above estimates as volatile markets and hedge fund activity boosted results. Fixed income trading also exceeded expectations, rising 7% to $5.4 billion.

Those gains helped lift companywide revenue by 7% year over year. Net interest income climbed to $25.1 billion, also up 7%, and landed largely in line with analyst forecasts.

Investment banking, however, lagged. Fees declined 5% to $2.3 billion, missing expectations by roughly $210 million. While equity markets remain elevated and IPO activity improved in 2025, advisory and underwriting revenue has yet to fully recover from last year’s slowdown.

CEO Jamie Dimon described the U.S. economy as resilient but cautioned that risks remain.

Labor markets have softened, Dimon said, but conditions do not appear to be deteriorating. Consumers continue to spend, and businesses remain generally healthy. At the same time, he warned that markets may be underestimating risks tied to geopolitics, inflation, and elevated asset prices.

Looking ahead, JPMorgan expects full-year 2026 net interest income of approximately $103 billion, with adjusted expenses around $105 billion, both dependent on market conditions.

For shareholders, nothing here was shocking. Trading continues to be the workhorse. Investment banking is improving, but it’s not back to firing on all cylinders yet.

At the time of publishing this article, Stocks.News holds positions in Apple as mentioned in the article.