JPM: JPMorgan Stock Slides as Profit, Revenue Take a Double-Digit Hit. What Happened?

Investors aren’t losing sleep over it — last year’s quarter was lifted by a juicy gain on Visa shares. Things are back to normal now.

📅 Quarterly Earnings Are Out

• JPMorgan Chase JPM posted a 17% drop in profit for the second quarter, with net income landing at $14.9 billion, or $5.24 a share — down from a year ago when the bank enjoyed a massive $7.9 billion windfall on its Visa stake.
• Even after removing a $774 million income tax benefit that boosted per-share results by 28 cents, the bank still topped Wall Street’s profit estimates for the second quarter of 2025. And that officially kicks off the earnings parade — happy season to those who celebrate!
• Revenue fell 10% to $45.68 billion, also distorted by last year’s Visa gains. Without that big one-off, the numbers look more like a return to normal for the biggest bank in America.

👋 Dimon Being Dimon

• “The US economy remained resilient in the quarter,” said CEO Jamie Dimon in Tuesday’s release, striking his usual mix of optimism and realism.
• He noted that the finalization of tax reform and potential deregulation are tailwinds for the economy — but quickly pointed to significant risks that could cloud the horizon.
• Among those: lingering tariff and trade uncertainty, worsening geopolitical conditions, high fiscal deficits, and elevated asset prices — a mix that has Wall Street a bit antsy (but not too much — the Nasdaq just hit a record high).

🍹 Investors Take It in Stride

• Shares of JPMorgan dipped 0.5% in premarket trading Tuesday, showing that investors were mostly unfazed by the headline decline.
• Last year’s quarter was going to be a tough comparison anyway given the Visa gain, and markets appear to be looking past the double-digit slide in profit and revenue.
• This said, for the nation’s largest bank by assets, “normal” doesn’t mean trouble — but the macro backdrop will likely keep Dimon’s trademark caution very much in play for the rest of the year.