Saturday 31 October 2026 Export JPM’s income statement to Excel — free account

JPMorgan Chase & Co.

JPMorgan Chase & Co.’s revenue for fiscal 2025 (year ended December 2025) was $280.3 billion, up 0.52% from fiscal 2024. In the quarter to September 2026, revenue grew 5.97%, EPS grew 12.5%, free cash flow fell 185.6% and total debt rose 7.71%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for ten consecutive years, revenue growth for three.

337.04 6.54 −1.90%

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Market cap: $913.3B
P/E: 14.0×
Fwd P/E: 13.5×
Dividend yield: 1.82%
F-score: 3/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Insider Decisions trades per month

Total sells 126.35

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	8	9	1	8	8	1	—	1	1	—

Insider Ownership 1.07%

Capital & Financial Ratios $m

Market Cap 913,300.00

Revenue 301,924.00

Net Income 65,067.00

Free Cash Flow (162,534.00)

Net Debt (1,421,314.00)

Current Ratio 0.85

Debt/Equity 1.24

P/E ratio 14.05

Fwd P/E 13.50

P/S ratio 2.99

P/B ratio 2.57

Past 5Y EPS Growth 17.65%

This Y EPS Growth 23.44%

Next Y EPS Growth 3.47%

Next Y revenue growth (25.77%)

Next 5Y EPS Growth 11.08%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 74.44%

10-year low 10-year high

P/S against its own 10 years 66.87%

10-year low 10-year high

P/B against its own 10 years 96.44%

10-year low 10-year high

Dividends

Payout Ratio 0.26

Annual Dividend Rate 6.15

Annual Dividend Yield 1.82%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	6.15	1.50 1.50 1.50 1.65
2025	5.55	1.25 1.40 1.40 1.50
2024	4.60	1.05 1.15 1.15 1.25
2023	5.10	1.00 1.00 1.00 1.05 1.05
2022	4.00	1.00 1.00 1.00 1.00
2021	3.70	0.90 0.90 0.90 1.00
2020	3.60	0.90 0.90 0.90 0.90
2019	3.30	0.80 0.80 0.80 0.90
2018	2.48	0.56 0.56 0.56 0.80
2017	2.04	0.48 0.50 0.50 0.56
2016	1.84	0.44 0.44 0.48 0.48

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,440,910	1,402,102	1,482,637	1,881,474
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	2,849,559	2,826,968	3,061,900	3,604,840

	2023	2024	2025	Q'26
Payables	2,690,995	2,686,704	2,876,114	3,158,147
ST’ Debt	—	—	—	—
Other	180,428	192,883	216,019	297,911
	3,132,670	3,229,315	3,599,305	4,230,789

Compound Annual Growth %

	10y	5y	3y
Sales	10.75%	16.63%	21.89%
Cash Flow	0.00%	0.00%	0.00%
Earnings	9.41%	15.23%	15.76%
Book Value	3.89%	5.35%	7.43%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 5.94 Actual 5.75

4.74 5.13 5.53 5.93 6.32

Q4 FY25 Beat +0.31

Q1 FY26 Beat +0.45

Q2 FY26 Beat +0.55

Q3 FY26 Miss −0.19

Q4 FY26 — Jan 12

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q4 FY25	4.92	5.23	Beat by 0.31
Q1 FY26	5.49	5.94	Beat by 0.45
Q2 FY26	5.59	6.14	Beat by 0.55
Q3 FY26	5.94	5.75	Miss by 0.19
Q4 FY26	5.96	—	Reports 12 January 2027

EPS $

	Mar	Jun	Sep	Dec	Year
’26	5.94	7.70	5.70	—	—
’25	5.07	5.24	5.07	4.63	20.02
’24	4.44	6.12	4.37	4.81	19.75
’23	4.10	4.75	4.33	3.04	16.23
’22	2.63	2.76	3.12	3.57	12.09
’21	4.50	3.78	3.74	3.33	15.36
’20	0.78	1.38	2.92	3.79	8.88

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	73,661	82,460	76,192	—	—
’25	68,890	69,944	71,900	69,611	280,345
’24	66,290	75,967	69,665	66,984	278,906
’23	54,642	61,172	61,704	61,907	239,425
’22	32,341	34,233	40,809	47,409	154,792
’21	33,648	31,832	31,047	30,675	127,202
’20	33,008	35,334	30,942	30,627	129,911

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(211,761)	(25,283)	—	—	—
’25	(251,839)	29,547	(45,214)	119,724	(147,782)
’24	(154,158)	38,469	(74,081)	147,758	(42,012)
’23	(111,241)	18,865	45,119	60,231	12,974
’22	(41,917)	66,018	(18,204)	101,222	107,119
’21	(43,872)	13,530	23,331	85,095	78,084
’20	(120,089)	82,919	(14,688)	(28,052)	(79,910)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(211,761)	(25,283)	—	—	—
’25	(251,839)	29,547	(45,214)	119,724	(147,782)
’24	(154,158)	38,469	(74,081)	147,758	(42,012)
’23	(111,241)	18,865	45,119	60,231	12,974
’22	(41,917)	66,018	(18,204)	101,222	107,119
’21	(43,872)	13,530	23,331	85,095	78,084
’20	(120,089)	82,919	(14,688)	(28,052)	(79,910)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	52.50	81.64	91.11	95.94	76.91	123.77	101.28	123.11	164.30	202.16		+16.2%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	87.39	108.46	119.33	140.08	141.10	172.96	169.81	170.69	254.31	330.86		+15.9%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	243,355	252,539	256,105	256,981	255,351	271,025	293,723	309,926	317,233	318,512		+3.0%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.44	0.45	0.51	0.55	0.51	0.47	0.53	0.77	0.88	0.88		+8.1%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	106,387	114,579	129,824	142,515	129,911	127,202	154,792	239,425	278,906	280,345		+11.4%	208,099	217,006	226,790	(6.8%)
	Gross margin, %	90.77	87.89	83.79	81.20	92.33	95.63	83.14	66.03	63.66	65.08		(25.7) pt	Powerpack JPMorgan Chase & Co.’s next three years, line by line Analysts expect revenue to shrink 6.8% a year to 2028 — slower than the 11.4% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	34,536	35,900	40,764	44,866	35,815	59,562	46,166	61,612	75,081	72,595		+8.6%
	EBT margin, %	32.46	31.33	31.40	31.48	27.57	46.82	29.82	25.73	26.92	25.89		(6.6) pt
	Net income	24,733	24,441	32,474	36,431	29,131	48,334	37,676	49,552	58,471	57,048		+9.7%
	Depreciation	5,478	6,179	7,791	8,368	8,614	7,932	7,051	7,512	7,938	8,821		+5.4%
Per share, $
Per share, $	Revenue	29.08	32.26	38.22	44.24	42.15	42.10	52.19	81.48	97.05	100.97		+14.8%
	Earnings	6.24	6.35	9.04	10.75	8.89	15.39	12.10	16.25	19.79	20.05		+13.8%
	Cash flow	5.98	(3.05)	4.60	1.27	(25.92)	25.84	36.12	4.42	(14.62)	(53.23)		n/m
	Capex	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00		n/m
	Free cash flow	5.98	(3.05)	4.60	1.27	(25.92)	25.84	36.12	4.42	(14.62)	(53.23)		n/m
	Book value	69.47	71.99	75.53	81.12	90.63	97.34	98.57	111.58	119.96	130.54		+7.3%
	Shares, m	3,659	3,552	3,396	3,222	3,082	3,022	2,966	2,939	2,874	2,777		(3.0%)
Valuation, ×
Valuation, ×	P/E	13.96	17.03	10.81	12.97	14.26	10.30	11.15	10.60	12.12	16.07		12.9
	P/S	3.00	3.35	2.55	3.15	3.02	3.76	2.59	2.11	2.47	3.19		2.9
	P/B	1.40	1.67	1.44	1.92	1.57	1.85	1.51	1.68	2.12	2.61		1.8
	EV/Sales	(3.55)	(3.00)	(3.08)	(1.00)	(5.03)	(5.16)	(4.13)	(2.27)	(1.12)	(0.54)		(2.9)
	EV/FCF	(17.24)	31.78	(25.65)	(34.68)	8.18	(8.41)	(5.97)	(41.88)	7.42	1.03		(8.5)
Cash, $m
Cash, $m	Operating cash flow	21,884	(10,827)	15,614	4,092	(79,910)	78,084	107,119	12,974	(42,012)	(147,782)		n/m
	Capex	—	—	—	—	—	—	—	—	—	—		—
	Free cash flow	21,884	(10,827)	15,614	4,092	(79,910)	78,084	107,119	12,974	(42,012)	(147,782)		n/m
Balance, $m
Balance, $m	Working capital	22,561	28,646	(5,341)	(176,877)	(404,093)	(537,680)	(487,201)	(283,111)	(402,347)	(537,405)		n/m
	Total debt	295,245	284,080	282,031	291,498	281,685	301,005	295,865	391,825	401,418	435,206		+4.4%
	Net debt	(696,487)	(727,490)	(732,064)	(590,977)	(1,045,334)	(1,135,102)	(1,040,760)	(1,049,085)	(1,000,684)	(1,047,431)		+4.6%
	Shareholders’ equity	254,190	255,693	256,515	261,330	279,354	294,127	292,332	327,878	344,758	362,438		+4.0%
Returns, %
Returns, %	ROA	0.94	0.90	1.19	1.30	0.90	1.30	0.97	1.27	1.44	1.32		+0.4 pt
	ROIC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00		0.0 pt
	ROE	10.16	9.86	13.35	14.91	11.34	18.29	13.69	16.89	18.19	16.69		+6.5 pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 14 Oct 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
JPM JPMorgan Chase & Co.	$913.3B	14.0×	13.5×	+5.97% (above 0%: growing)	+12.48% (above 0%: growing)	−185.57% (below 0%: shrinking)	65.85%	0.00%
BAC Bank of America Corporation	$354.0B	11.6×	11.4×	−0.94% (below 0%: shrinking)	−8.97% (below 0%: shrinking)	+418.04% (above 0%: growing)	62.72%	0.00%	Compare
HSBC HSBC Holdings plc	$296.8B	12.0×	—	−18.77% (below 0%: shrinking)	−24.07% (below 0%: shrinking)	+75.40% (above 0%: growing)	100.00%	0.00%	Compare
WFC Wells Fargo & Company	$254.6B	11.5×	11.4×	+4.25% (above 0%: growing)	+17.18% (above 0%: growing)	+160.40% (above 0%: growing)	65.75%	0.00%	Compare
MUFG Mitsubishi UFJ Financial Group, Inc.	$247.0B	16.8×	—	+21.62% (above 0%: growing)	+32.35% (above 0%: growing)	−145.30% (below 0%: shrinking)	61.56%	0.00%	Compare
C Citigroup Inc.	$211.0B	11.9×	10.8×	+4.08% (above 0%: growing)	+52.35% (above 0%: growing)	+33.24% (above 0%: growing)	52.26%	0.00%	Compare
SAN Banco Santander, S.A.	$170.9B	9.0×	9.4×	+4.44% (above 0%: growing)	+8.00% (above 0%: growing)	−105.65% (below 0%: shrinking)	100.00%	0.00%	Compare
SMFG Sumitomo Mitsui Financial Group Inc	$155.8B	9.1×	—	+17.73% (above 0%: growing)	+85.19% (above 0%: growing)	−63.80% (below 0%: shrinking)	58.44%	0.00%	Compare
UBS UBS Group AG	$147.4B	15.5×	13.8×	−40.29% (below 0%: shrinking)	+21.33% (above 0%: growing)	−53.01% (below 0%: shrinking)	100.00%	0.00%	Compare
Median of peers	$229.0B	11.7×	11.4×	+4.17%	+19.26%	−9.89%	64.24%	0.00%

All 15 Banks Diversified stocks →

Business profile

Updated 26 October 2026

JPMorgan Chase & Co. is a U.S.-based financial holding company that provides banking, lending, payments, investment-banking, trading, asset-management and wealth-management services. It operates under the J.P. Morgan and Chase brands. Jamie Dimon is chief executive, and the company is headquartered in New York City.

The company has three reportable businesses. Consumer & Community Banking, or CCB, provides consumer and small-business banking, card services, auto and wealth-management services. The Commercial & Investment Bank, or CIB, serves companies, institutions and governments with commercial banking, investment banking, markets, securities services and related financing. Asset & Wealth Management, or AWM, manages investments and provides wealth-management services.

Read the full business profile →

From the latest earnings call

Updated 25 October 2026

On the Q2 2026 call, Jeremy Barnum said investment-banking activity was expected to remain healthy, while acknowledging that large deals and pull-forward contributed to the quarter.
Jeremy Barnum said JPMorgan raised its full-year 2026 outlook for net interest income excluding Markets to about $96.5 billion, citing deposit balances and rates.

Read the Earnings & Analysis →

Analyst rating changes each firm’s latest, last six months

Firm	Date	Action	Rating	Target
Freedom Broker	Oct 19, 2026	Upgrade	Hold → Buy	365.00 → 370.00
UBS	Oct 6, 2026	Target cut	—	400.00 → 395.00
BofA	Oct 6, 2026	Target cut	—	420.00 → 400.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 73.74%

Held by the ten largest 35.49%

Holder	Shares	Stake	Change
Vanguard	253.15m	9.52%	−3.80m
BlackRock	206.29m	7.76%	−1.93m
State Street	125.21m	4.71%	+932.63k
Bank of America	69.67m	2.62%	+4.01m
Morgan Stanley	67.09m	2.52%	−1.45m
Geode Capital Management	61.71m	2.32%	−843.02k
Capital Group	55.80m	2.10%	−581.12k
UBS	37.64m	1.42%	−169.35k
Norges Bank	36.12m	1.36%	+36.12m
Northern Trust	30.68m	1.15%	−543.80k

13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 6 April 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	40.63m	246.83m	289.18
2024	37.68m	226.83m	210.58
2023	35.96m	104.59m	145.96
2022	35.61m	38.22m	111.64
2021	85.16m	131.26m	127.73

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement