Jane Street posts $39.6B trading revenue

Jane Street generated a record $39.6 billion in net trading revenue in 2025, according to documents seen by Reuters and people familiar with the results. (reuters.com) (bloomberg.com) That total put the private trading firm ahead of high-speed rivals including Citadel Securities and Hudson River Trading, and ahead of JPMorgan Chase on trading revenue. Reuters reported Jane Street declined to comment. (reuters.com) (jpmorganchase.com) The biggest burst came late in the year: Jane Street took in $15.5 billion in the fourth quarter, Bloomberg reported. The firm had about 3,500 employees, making the revenue per employee unusually high even by trading-industry standards. (bloomberg.com) (reuters.com) Jane Street’s core business is market making, which means it stands ready to buy from one investor and sell to another across stocks, exchange-traded funds, bonds, options, currencies and commodities. Firms in that business make money on tiny price gaps repeated at enormous scale. (reuters.com) Reuters and Bloomberg both said 2025 volatility helped drive the surge. Fast-moving prices create more client demand and more opportunities for firms that can quote, hedge and move risk quickly across markets. (reuters.com) (bloomberg.com) Part of the profit also came from private-company holdings marked at higher valuations, according to Reuters. Bloomberg separately reported Jane Street’s gains were helped by its bet on Anthropic, one of the biggest artificial intelligence startups. (reuters.com) (bloomberg.com) The comparison with banks is striking because Jane Street is not a deposit-taking institution and does not run the broad consumer and corporate businesses that banks do. JPMorgan’s 2025 annual report shows the bank generated $185.6 billion of total revenue, but its trading operation alone was smaller than Jane Street’s reported haul. (jpmorganchase.com) (reuters.com) The result also adds to a shift that has been building for years as private market makers take share from traditional banks in electronic trading. Citadel Securities and Hudson River Trading also posted record revenue in 2025, but both were far below Jane Street’s level, Reuters reported. (reuters.com) Jane Street’s 2025 numbers show how much money a trading firm can generate when volatile markets, automated execution and well-timed private investments all line up in the same year. (reuters.com) (bloomberg.com)