JPMorgan Chase’s fourth quarter was marked by a negative market reaction despite meeting Wall Street’s revenue expectations and exceeding non-GAAP profit estimates. Management pointed to higher markets revenue, growth in asset management fees, and increased auto lease income as key drivers, while also acknowledging the impact of a significant reserve build related to the Apple Card portfolio. CFO Jeremy Barnum noted, “Revenue of $46.8 billion was up 7% year on year on higher markets revenue as well as higher asset management fees and auto lease income.” Concerns around expense growth and regulatory issues, particularly in credit cards, were highlighted as reasons for investor caution.

Is now the time to buy JPM? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From JPMorgan Chase’s Q4 Earnings Call

• Glenn Schorr (Evercore): Asked about stablecoin regulation and the risk to bank deposits if loopholes are not closed. CFO Jeremy Barnum highlighted JPMorgan Chase’s involvement in blockchain but warned of risks in creating a parallel, less-regulated system.

• Ken Usdin (Autonomous): Inquired about fee revenue drivers for 2026. Barnum stated optimism in investment banking and wealth management fees but cautioned that 2025 was an exceptionally strong year, so growth will be more balanced.

• John McDonald (Truist Securities): Sought clarity on the Apple Card acquisition and regulatory risks to credit card APRs. Barnum described the co-brand partnership as compelling but warned that price controls could reduce credit availability and pose challenges for the business.

• Mike Mayo (Wells Fargo Securities): Pushed for detail on the $9 billion increase in expense guidance and technology spending. CEO Jamie Dimon emphasized that technology and branch investments are crucial for future growth, but specifics would not be disclosed for competitive reasons.

• Chris McGratty (KBW): Asked about competitive dynamics in consumer deposits as rates fall and sustainability of asset and wealth management growth. Barnum noted the always-competitive environment but expects deposit growth to improve as yield-seeking flows decline, and remains optimistic about ongoing AWM expansion.

Catalysts in Upcoming Quarters

Going forward, the StockStory team will be watching (1) the progress of the Apple Card integration and whether it drives broader modernization in the card business, (2) the pace and impact of technology and AI investments across key divisions, and (3) regulatory developments affecting credit card pricing, capital standards, and stablecoin adoption. Execution in these areas will be critical to sustaining growth and managing expense pressures.

JPMorgan Chase currently trades at $312.61, down from $324.73 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it’s free).

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