JPMorgan Chase
JPM NYSE Diversified Banks Financials FY2016–FY2025
JPMorgan Chase's revenue rose 2.8% to $182.4 billion in fiscal 2025. Net income was $57.0 billion, down 2.4%. Its return on equity was 16.1%, down from 17.4% a year earlier. Its efficiency ratio was 52.4%, up from 51.7% a year earlier. It paid out $48.2 billion in dividends and buybacks. The diluted share count fell 3.4%.
What JPMorgan Chase does
JPMorgan Chase is a bank and financial services company based in the United States that works around the world under the J.P. Morgan and Chase names. It serves millions of people and small businesses, mostly in the US, as well as large companies, investors and governments. It had $4.4 trillion in assets at the end of 2025.
It reports three business segments. Consumer & Community Banking offers checking and savings accounts, credit cards, mortgages, auto loans and investment accounts through Chase branches, ATMs, phones and online. The Commercial & Investment Bank advises companies on deals, helps them raise money by selling stocks and bonds, lends to them, moves payments for them, trades securities and derivatives for clients and holds investments for safekeeping, a service known as custody. Asset & Wealth Management, with client assets of $7.1 trillion, manages money for investors and wealthy families. The bank earns interest on its loans and investments, and fees for advice, trading, cards and money management. It says it competes with other banks, brokers, investment firms, card companies, private equity firms, insurers, and internet and financial technology companies.
JPMorgan had 318,512 employees at the end of 2025 and 5,083 branches in 48 states and Washington, D.C. Its main bank is JPMorgan Chase Bank, and its main securities firm is J.P. Morgan Securities. As a very large bank, it is closely regulated and must pass yearly stress tests run by the Federal Reserve.
- Legal name
- JPMORGAN CHASE & CO
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 13, 2026
- Accession · CIK
- 0001628280-26-008131
0000019617
Revenue and margins
JPMorgan Chase had $182.4B of revenue in fiscal 2025, up 2.8% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 13.9% a year. Loss periods are shown in red.
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
Dividends, buybacks and share count
JPMorgan Chase returned $48.2B to shareholders in fiscal 2025. The diluted share count fell 3.4%.
Value JPMorgan Chase yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Earnings multiple
Value per share
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Reference multiples: today 14.2x · peers 12.7x · sector 13.7x.
Balance sheet
Loans, deposits and capital at each fiscal year end.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $1.06T | $1.12T | $1.30T | $1.32T | $1.47T |
| Deposits | $2.46T | $2.34T | $2.40T | $2.41T | $2.56T |
| Loans / deposits | 43.1% | 47.7% | 54.2% | 55.0% | 57.4% |
| Total assets | $3.74T | $3.67T | $3.88T | $4.00T | $4.42T |
| Shareholders' equity | $294.1B | $292.3B | $327.9B | $344.8B | $362.4B |
| Goodwill | $50.3B | $51.7B | $52.6B | $52.6B | $52.7B |
| Intangible assets | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Provision / loans | −0.9% | 0.6% | 0.8% | 0.8% | 1.0% |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$55.5M
10 insiders
Of sales under plans
100%
$55.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Robin LeopoldHead of Human Resources | Sold plan | 2,500 | $352.81 | $0.9M | Form 4 |
| Aug 11, 2026 | Robin LeopoldHead of Human Resources | Sold plan | 2,500 | $361.41 | $0.9M | Form 4 |
| Jun 22, 2026 | Stacey FriedmanGeneral Counsel | Sold plan | 5,467 | $330.73 | $1.8M | Form 4 |
| May 20, 2026 | Stacey FriedmanGeneral Counsel | Sold plan | 5,468 | $300.27 | $1.6M | Form 4 |
| May 15, 2026 | Douglas B PetnoCo-CEO CIB | Sold plan | 5,659 | $300.05 | $1.7M | Form 4 |
| May 15, 2026 | Lori A BeerChief Information Officer | Sold plan | 3,165 | $300.05 | $0.9M | Form 4 |
| May 15, 2026 | Marianne LakeCEO Ccb | Sold plan | 6,427 | $298.36 | $1.9M | Form 4 |
| May 15, 2026 | Mary E. ErdoesCEO Asset & Wealth Management | Sold plan | 6,648 | $298.36 | $2.0M | Form 4 |
| May 5, 2026 | Ashley BaconChief Risk Officer | Sold plan | 4,070 | $309.42 | $1.3M | Form 4 |
| May 5, 2026 | Jennifer PiepszakChief Operating Officer | Sold plan | 4,919 | $309.42 | $1.5M | Form 4 |
| May 5, 2026 | Jeremy BarnumChief Financial Officer | Sold plan | 3,022 | $309.41 | $0.9M | Form 4 |
| Apr 15, 2026 | James DimonChairman & CEO, Director | Sold plan | 130,488 | $306.56 | $40.0M | Form 4 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| JPMorgan Chase JPM | $922.3B | 2.8% | — | — | — | 14.2x | — | |
| Bank of America BAC | $388.3B | 6.8% | — | — | — | 11.7x | — | Compare → |
| Citigroup C | $225.9B | 5.6% | — | — | — | 17.3x | — | Compare → |
| Wells Fargo WFC | $267.1B | 1.7% | — | — | — | 12.0x | — | Compare → |
| Goldman Sachs GS | $278.1B | 8.9% | — | — | — | 13.5x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $96.6B | $100.7B | $108.8B | $115.7B | $120.0B | $121.6B | $128.7B | $158.1B | $177.6B | $182.4B |
| Net interest income | $46.1B | $50.1B | $55.1B | $57.2B | $54.6B | $52.3B | $66.7B | $89.3B | $92.6B | $95.4B |
| Noninterest income | $50.5B | $50.6B | $53.7B | $58.5B | $65.4B | $69.3B | $62.0B | $68.8B | $85.0B | $87.0B |
| Noninterest expense | $56.7B | $59.5B | $63.1B | $65.3B | $66.7B | $71.3B | $76.1B | $87.2B | $91.8B | $95.6B |
| Provision for credit losses | $5.4B | $5.3B | $4.9B | $5.6B | $17.5B | −$9.3B | $6.4B | $9.3B | $10.7B | $14.2B |
| Pretax income | $34.5B | $35.9B | $40.8B | $44.9B | $35.8B | $59.6B | $46.2B | $61.6B | $75.1B | $72.6B |
| Income tax | $9.8B | $11.5B | $8.3B | $8.4B | $6.7B | $11.2B | $8.5B | $12.1B | $16.6B | $15.5B |
| Net income | $24.7B | $24.4B | $32.5B | $36.4B | $29.1B | $48.3B | $37.7B | $49.6B | $58.5B | $57.0B |
| Net income to common | $22.8B | $22.6B | $30.7B | $34.6B | $27.4B | $46.5B | $35.9B | $47.8B | $56.9B | $55.7B |
| Diluted EPS | $6.19 | $6.31 | $9.00 | $10.72 | $8.88 | $15.36 | $12.09 | $16.23 | $19.75 | $20.02 |
| Diluted shares | 3.69B | 3.58B | 3.41B | 3.23B | 3.09B | 3.03B | 2.97B | 2.94B | 2.88B | 2.78B |
| Cash flow | ||||||||||
| Stock-based compensation | $1.9B | $2.1B | $2.3B | $2.3B | $2.5B | $2.9B | $2.8B | $3.1B | $3.5B | $3.6B |
| Share buybacks | $9.1B | $15.4B | $20.0B | $24.0B | $6.5B | $18.4B | $3.2B | $9.8B | $18.8B | $31.6B |
| Dividends paid | $8.5B | $9.0B | $10.1B | $12.3B | $12.7B | $12.9B | $13.6B | $13.5B | $14.8B | $16.6B |
| Dividends and buybacks | $17.6B | $24.4B | $30.1B | $36.3B | $19.2B | $31.3B | $16.7B | $23.3B | $33.6B | $48.2B |
| Balance sheet | ||||||||||
| Loans, net | $889.9B | $924.8B | $969.4B | $945.6B | $984.5B | $1.06T | $1.12T | $1.30T | $1.32T | $1.47T |
| Deposits | $1.38T | $1.44T | $1.47T | $1.56T | $2.14T | $2.46T | $2.34T | $2.40T | $2.41T | $2.56T |
| Goodwill | $47.3B | $47.5B | $47.5B | $47.8B | $49.2B | $50.3B | $51.7B | $52.6B | $52.6B | $52.7B |
| Intangible assets | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | $2.49T | $2.53T | $2.62T | $2.69T | $3.38T | $3.74T | $3.67T | $3.88T | $4.00T | $4.42T |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $254.2B | $255.7B | $256.5B | $261.3B | $279.4B | $294.1B | $292.3B | $327.9B | $344.8B | $362.4B |
| Margins | ||||||||||
| Net margin | 25.6% | 24.3% | 29.9% | 31.5% | 24.3% | 39.7% | 29.3% | 31.3% | 32.9% | 31.3% |
| Net interest share of revenue | 47.7% | 49.8% | 50.6% | 49.5% | 45.5% | 43.0% | 51.8% | 56.5% | 52.1% | 52.3% |
| Efficiency ratio | 58.7% | 59.1% | 58.1% | 56.4% | 55.6% | 58.7% | 59.2% | 55.1% | 51.7% | 52.4% |
| Returns | ||||||||||
| Return on equity | 9.9% | 9.6% | 12.7% | 14.1% | 10.8% | 16.9% | 12.9% | 16.0% | 17.4% | 16.1% |
| Return on assets | 1.0% | 1.0% | 1.3% | 1.4% | 1.0% | 1.4% | 1.0% | 1.3% | 1.5% | 1.4% |
| Return on tangible equity | 11.2% | 10.9% | 14.7% | 16.4% | 12.4% | 19.6% | 14.8% | 18.5% | 20.0% | 18.5% |
| Growth | ||||||||||
| Revenue growth | 3.2% | 4.3% | 8.0% | 6.4% | 3.7% | 1.4% | 5.8% | 22.9% | 12.3% | 2.8% |
| Net income growth | 1.2% | −1.2% | 32.9% | 12.2% | −20.0% | 65.9% | −22.1% | 31.5% | 18.0% | −2.4% |
| EPS growth | 3.2% | 1.9% | 42.6% | 19.1% | −17.2% | 73.0% | −21.3% | 34.2% | 21.7% | 1.4% |
| Share count change | −2.2% | −3.1% | −4.6% | −5.4% | −4.4% | −2.0% | −1.9% | −0.9% | −2.2% | −3.4% |
| Financial health | ||||||||||
| Loans / deposits | 64.7% | 64.1% | 65.9% | 60.5% | 45.9% | 43.1% | 47.7% | 54.2% | 55.0% | 57.4% |
| Provision / loans | 0.6% | 0.6% | 0.5% | 0.6% | 1.8% | −0.9% | 0.6% | 0.8% | 0.8% | 1.0% |
| Capital allocation | ||||||||||
| Stock comp / revenue | 2.0% | 2.1% | 2.1% | 2.0% | 2.0% | 2.4% | 2.2% | 2.0% | 2.0% | 2.0% |
Source: SEC EDGAR XBRL filings (CIK 0000019617). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.