Quick Summary 

Dimon used his annual letter to tout another year of record financial results, while warning that investors may be underestimating the risks building across the global economy. These risks include the U.S.-Iran conflict entering its second month, trade negotiations that exacerbate geopolitical tensions, the convergence of surging oil prices and inflation, and elevated asset prices.

Touting 2025 JPM Results 

The largest U.S. bank said 2025 revenue rose to a record $185.6 billion, while net income reached $57 billion and return on tangible common equity (ROTCE) was 20%. JPM also lifted its quarterly dividend twice during the year, to $1.50 a share from $1.25, as it continued to note the strength of its balance sheet. 

The letter also highlighted JPMorgan's significant role in the US and global economies. Dimon said the bank extended credit and raised capital totaling $3.3 trillion in 2025, moves nearly $12 trillion a day across more than 120 currencies and 160 countries, and safeguards more than $41 trillion in assets. 

Risks

Beyond the numbers, Dimon warned about "some scenarios that would result in a recession, which generally reduces inflation, and other scenarios that would lead to a recession with inflation (stagflation—where inflationary forces overcome deflationary ones)."

He said the "skunk at the party" could emerge this year and "would be inflation slowly going up, as opposed to slowly going down," adding, "This alone could cause interest rates to rise and asset prices to drop. Interest rates are like gravity to almost all asset prices. Falling asset prices at one point can change sentiment rapidly and cause a flight to cash."