- Credit costs totaled $3.4 billion, including net charge-offs of $2.6 billion and a net reserve build of $810 million.
- Expenses rose 8% year-over-year to $24.3 billion, reflecting higher volume and revenue-related costs.
- JPMorgan Chase reported net income of $14.4 billion and EPS of $5.07 for Q3 2025, with a return on tangible common equity (ROTCE) of 20%.
- Net interest income (NII) growth was offset by lower interest rates despite balance sheet growth and mix benefits.
- The CET1 capital ratio ended at 14.8%, down 30 basis points from the prior quarter due to increased risk-weighted assets (RWA) from wholesale lending and markets activities.
- Total revenue increased 9% year-over-year to $47.1 billion, driven by higher markets revenue and fees across asset management, investment banking, and payments.
- Wholesale charge-offs were slightly elevated due to fraud-related losses in secured lending facilities, but overall credit performance remains in line with expectations.
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- Adjusted EBITDA grew 5%, exceeding the top end of the outlook, with margins improving 200 basis points sequentially.
- Adjusted EPS was $1.36, meeting expectations despite higher depreciation and amortization expenses.
- Banking EBITDA margin contracted 70 basis points due to an $8 million bad debt charge; Capital Markets margin contracted 50 basis points due to acquisition-related dilution.
- Banking revenue grew 6%, above the high end of guidance, driven by commercial excellence and strong client retention.
- Capital Markets revenue grew 5%, slightly below expectations due to temporary slowdown in loan syndication activity.
- FIS delivered 5% revenue growth in Q2 2025, accelerating from 4% in Q1, driven primarily by momentum in the Banking segment.
- Free cash flow was $292 million with a cash conversion rate of 52% in Q2, and 61% year-to-date, improving from 53% prior year.
- Leverage increased modestly to 3x, or 2.9x excluding currency impacts, with a long-term target of 2.8x.
- Recurring revenue represented 81% of total revenue, growing 6% overall with 7% growth in Banking recurring revenue.
- Adjusted compensation and related costs of $662 million essentially flat to Q1 2025; technology, occupancy, and facility costs up 7% from Q1 2025.
- Adjusted diluted earnings per share of $2.24 for Q2 2025 is in line with prior quarter's $2.23 and Q2 2024 EPS of $2.26.
- Adjusted net revenue of $1.76 billion is flat to Q2 2024 and down marginally from Q1 2025.
- Adjusted operating expenses of just over $1.1 billion, up 1% from Q1 2025 and 3.7% from Q2 2024.
- Average equity AUM down 5% and overall average AUM down 2% from Q1 2025; effective fee rate lowered to 39.6 basis points due to mix shift and flows into lower-priced products.
- Net outflows of $14.9 billion driven by U.S. equities, timing of client redemptions, and rebalancing activity coinciding with equity market snapback.
- Positive net flows in fixed income, multi-asset, alternatives, and $2.5 billion net flows into ETF products.
- Returned over $395 million to stockholders in first half of 2025, including $286 million in dividends and $109 million in share buybacks during Q2.
- Adjusted operating income was $378 million, flat from prior quarter, driven by lower compensation expenses offset by Western outflows and lower average AUM.
- Assets under management ended the quarter at $1.61 trillion, increased from the prior quarter due to positive markets and strengthening flows, partially offset by long-term outflows at Western Asset Management.
- Equity net outflows were $645 million, impacted by market volatility affecting growth strategies; positive net flows into large cap value, international, and emerging market strategies.
- Fixed income net outflows improved to $1.3 billion; excluding Western, fixed income net inflows were $3.5 billion, driven by Franklin Templeton Fixed Income and Brandywine Global.
- Institutional pipeline of 1 but unfunded mandates rose by net $4 billion to a record $24.4 billion, including $14.8 billion in new wins across all asset classes and multiple regions.
- Long-term net outflows totaled $9.3 billion, an improvement from the prior quarter's $26.2 billion outflows; excluding Western Asset Management, long-term net inflows were $7.8 billion this quarter.
- Multi-asset and alternatives generated combined $4.3 billion in positive net flows; multi-asset flows have been positive for 16 consecutive quarters.
- Over half of mutual fund AUM outperformed peer median across 3-, 5-, and 10-year periods; mutual fund investment performance increased in 3-, 5-, and 10-year periods but declined in 1-year period due to a large yield fund.
- Western net outflows moderated to the lowest since September 2024; money market balances grew with cash management net inflows for 4 of the last 5 quarters, increasing cash management AUM to $72 billion.
- Capital ratio ended the quarter at 26.6%, up from 24.4% at year-end, supported by strong earnings and no stock repurchases.
- Delinquencies declined to 1%, reflecting high-quality portfolio and strong loss mitigation capabilities.
- Net income was $198 million, including $269 million in pretax operating income.
- Operating expenses increased by only 6% while revenues grew 13% year-over-year in Servicing.
- Operating ROTCE was 17.2%, up from 16.8% last quarter, within the guidance range of 16% to 20%.
- Originations generated $64 million in pretax income despite elevated rates.
- Servicing generated $332 million in pretax income, up 15% year-over-year.
- Adjusted net income from continuing operations increased to $152.8 million or $0.81 per share in Q3 2025.
- Adjusted return on assets was 1.13% for the quarter.
- Credit quality remained stable with net charge-offs at 26 basis points annualized and stable non-performing assets.
- Deposits increased by $3.4 billion, with core customer deposits up $3.1 billion largely due to the Industry acquisition.
- Loans grew by $1.3 billion, including $1 billion from Industry acquisition and $300 million organic growth.
- Net interest margin improved by 6 basis points to 3.46%, driven by higher securities yields and lower funding costs.
- Net interest revenue increased 12% to $46 million driven by balance sheet growth and net interest margin improvement.
- Total adjusted revenue grew 9% quarter-over-quarter to $517 million.
- Adjusted net revenues for Q2 2025 were $405 million with an 18.1% operating margin and adjusted EPS of $2.95, all higher compared to the same period last year.
- Advisory revenues were $206 million during the quarter, up 12% year-over-year, driven by a broad set of products and higher average fees.
- Compensation ratio was 62% for Q2 and 62.2% for the first half, improved from prior periods due to increased net revenues.
- Corporate financing revenues were $35 million, down 31% from the year ago period, completing 26 financings raising $10 billion for clients.
- Equity brokerage revenues were $58 million, up 12% year-over-year, with 2.9 billion shares traded for over 1,200 clients.
- Fixed income revenues were $54 million, up 21% from Q1 and 37% from the year ago period, driven by depository client activity.
- GAAP results included a $5 million restructuring charge related to headcount reductions and vacated office space from the Aviditi Advisors acquisition.
- Municipal financing revenues were $42 million, up 66% year-over-year, exceeding market issuance growth of 15%.
- Net revenues for the first half of 2025 totaled $789 million, operating income was $142 million with an 18% margin, and diluted EPS was $7.04.
- Non-compensation expenses excluding reimbursed deal costs were $69 million for Q2, up 6% year-over-year, driven by legal and professional fees.
- Adjusted EBITDA rose 32.1% to $114 million, with an improved margin of 15%, up 139 basis points.
- Adjusted EPS increased by 40.9% to $0.31 from $0.22, demonstrating strong operating leverage.
- Capital Markets revenues surged 37.9%, reflecting a 135% increase in total debt volumes compared to 38% industry growth, and investment sales volumes rose 26% versus 11% industry growth.
- Cash and cash equivalents ended at $195.8 million with net leverage of 1.4x; cash generated by the business was $133.9 million.
- Introduced adjusted free cash flow metric showing $228 million for the 12 months ended June 2025, a 121.4% year-over-year improvement.
- Leasing revenues increased 13.8%, led by double-digit growth in retail volumes and improving office activity in key gateway markets.
- Management services, servicing and other revenues grew 13.6%, driven by 30% growth in Valuation and Advisory and improvements in servicing and asset management.
- Newmark delivered strong revenue growth of 19.9% in Q2 2025, with total revenues reaching $759.1 million compared to $633.4 million a year earlier.
- The company repurchased approximately 10.8 million shares for $125.5 million at $11.58 per share, reducing fully diluted weighted average share count by 1.2% to 252.6 million.
- Allowance for credit losses ended at $156.2 million or 2.14% of total loans, down 24 basis points from prior quarter.
- Net interest income grew to $68.2 million, up $383,000 sequentially, with NIM expanding 6 basis points to 2.43%.
- Noninterest expense declined $1.6 million to $41.9 million due to lower FDIC assessments and disciplined cost management.
- Noninterest income decreased to $2.5 million from $6.4 million, impacted by $3.6 million loan loss sales and $2 million loss on sale of investments.
- Nonperforming loans declined from $226.4 million to $118.6 million, a $108 million improvement quarter-over-quarter.
- Pre-provision net revenue was $28.8 million, down from prior quarter, but adjusted PP&R was $32.3 million reflecting core franchise strength.
- Reported a net loss of $67.5 million or $2.22 per share, slightly improved from $69.8 million loss or $2.30 per share last quarter.
- Tangible common equity to tangible assets ratio stood at 10.39%, with Tier 1 leverage ratio at 10.4% and CET1 at 13.58%.
- Brokered funding was reduced by approximately $127 million, improving liquidity.
- Core deposit balances increased by approximately $195 million in the quarter, driven in part by a municipal bond offering.
- Loan balances decreased slightly to just under $3 billion due to payoffs and refinancing, but new loans were originated at higher interest rates.
- Net interest income and overall earnings improved compared to prior periods.
- No provision for credit losses was recorded due to strong credit quality.
- The loan portfolio yield improved to 5.59% in Q2 from 5.52% in Q1, partially offset by a 4 basis point increase in deposit costs.
- West Bancorporation reported net income of $8 million in Q2 2035, up from $7.8 million in Q1 2035 and $5.2 million in Q2 2024.
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