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Sunday 11 October 2026 Export all JPM data to Excel Powerpack

JPMorgan Chase & Co.

JPM Financial Banks Diversified

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 June 2026, revenue grew 17.9%, EPS grew 46.9%, free cash flow fell 185.6% and total debt rose 9.70%, 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.

332.99 1.57 +0.47%
Market cap
$881.0B
P/E
14.2×
Fwd P/E
14.0×
Dividend yield
1.85%
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

JPMorgan Chase & Co. (JPM) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

JPMorgan Chase recorded revenue of $280.3 billion, operating income of $72.6 billion and net income of $57.0 billion in FY2025. Diluted EPS was $20.02 in FY2025, on weighted average shares of 2.8 billion shares in FY2025.

In Q2 FY2026, revenue was $82.5 billion, gross profit was $57.3 billion and operating income was $27.5 billion. Net income reached $21.2 billion and diluted EPS was $7.70 in Q2 FY2026, with weighted average shares of 2.7 billion shares in Q2 FY2026. Revenue for the TTM to Q2 FY2026 was $297.6 billion, while net income for the TTM to Q2 FY2026 was $65.1 billion.

Growth

Revenue increased 0.52% in FY2025 against FY2024, reaching $280.3 billion in FY2025. Revenue compound annual growth was 21.9% over FY2022–FY2025 and 16.6% over FY2020–FY2025. Net income declined −2.43% in FY2025 against FY2024, while diluted EPS increased 1.37% in FY2025 against FY2024 to $20.02 in FY2025. Diluted EPS compound annual growth was 18.3% over FY2022–FY2025 and 17.7% over FY2020–FY2025.

In Q2 FY2026, revenue increased 11.9% against Q1 FY2026 and 17.9% against Q2 FY2025. Diluted EPS increased 29.6% in Q2 FY2026 against Q1 FY2026 and 46.9% in Q2 FY2026 against Q2 FY2025. Free cash flow was −$25.3 billion in Q2 FY2026; its change from Q1 FY2026 was not meaningful because the earlier value was zero or negative.

Profitability

Gross margin was 65.1% in FY2025, an increase of 1.4 percentage points over FY2024–FY2025, but a change of −27.3 percentage points over FY2020–FY2025. Operating margin was 25.9% in FY2025, down −1.0 percentage point over FY2024–FY2025 and down −1.7 percentage points over FY2020–FY2025. Net margin was 20.3% in FY2025, down −0.6 percentage points over FY2024–FY2025 and down −2.1 percentage points over FY2020–FY2025.

Return on equity was 16.7% and return on assets was 1.32% in FY2025, compared with 18.2% and 1.44%, respectively, in FY2024. In Q2 FY2026, gross margin was 69.5% and operating margin was 33.4%. No industry-median profitability figures are reported.

Balance sheet

Total debt was $435.2 billion in FY2025, while cash and short-term investments were $1.48 trillion in FY2025. Net debt was −$1.05 trillion in FY2025, compared with −$1.00 trillion in FY2024. Shareholders’ equity was $362.4 billion in FY2025, and book value per share was $130.54 in FY2025.

At Q2 FY2026, net debt was −$1.36 trillion. The current ratio was 0.8× in Q2 FY2026, and debt to equity was 1.2× in Q2 FY2026. Working capital was −$537.4 billion in FY2025, following −$402.3 billion in FY2024.

Cash flow & capital return

Operating cash flow was −$147.8 billion and free cash flow was −$147.8 billion in FY2025, following −$42.0 billion for each measure in FY2024. Free cash flow represented −259.0% of net income in FY2025. Capital-expenditure figures are not reported.

Dividends paid were $16.6 billion and net share repurchases were $31.6 billion in FY2025, for capital returned to shareholders of $48.2 billion in FY2025. Capital returned to shareholders totaled $163.1 billion over FY2021–FY2025. Weighted average shares were 2.8 billion shares in FY2025, and the share count changed −9.92% over FY2020–FY2025. Free cash flow was −$162.5 billion in the TTM to Q2 FY2026.

Valuation

Market capitalisation was $910.7 billion as of September 24, 2026. The P/E was 14.5× as of September 24, 2026, higher than the five-year median of 11.1× as of September 24, 2026, over the five fiscal years to FY2025, and higher than the ten-year median of 12.5× as of September 24, 2026, over the ten fiscal years to FY2025.

The P/S was 3.1× as of September 24, 2026, higher than the five-year median of 2.6× as of September 24, 2026, over the five fiscal years to FY2025, and higher than the ten-year median of 3.0× as of September 24, 2026, over the ten fiscal years to FY2025. The P/B was 2.6× as of September 24, 2026, higher than both the five-year median of 1.8× and ten-year median of 1.7× for their respective stated periods. No industry-median valuation figures are reported.

What changed since last quarter

Revenue was $82.5 billion in Q2 FY2026, compared with $73.7 billion in Q1 FY2026; the change was 11.9% in Q2 FY2026 against Q1 FY2026. Operating income was $27.5 billion in Q2 FY2026, compared with $20.5 billion in Q1 FY2026. Net income was $21.2 billion in Q2 FY2026, compared with $16.5 billion in Q1 FY2026, while diluted EPS increased 29.6% in Q2 FY2026 against Q1 FY2026.

Against Q2 FY2025, revenue increased 17.9% and diluted EPS increased 46.9% in Q2 FY2026. Gross margin increased 5.3 percentage points and operating margin increased 7.2 percentage points in Q2 FY2026 against Q2 FY2025. Free cash flow was −$25.3 billion in Q2 FY2026, and its change was −185.6% in Q2 FY2026 against Q2 FY2025. No management explanation for these changes is reported.

Open questions

  • What factors drove the change in revenue and earnings in the latest quarter?
  • What accounts for the negative operating cash flow and free cash flow in the latest annual and trailing periods?
  • What components drove the movement in net debt and working capital?
  • Why did margins change over the periods shown?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.