NYSE: JPM · Diversified Banks
JPMorgan Chase
JPMorgan Chase is a New York-based financial services firm with $4.4 trillion of assets, $362.4 billion of stockholders’ equity and 318,512 employees in 66 countries at the end of 2025. Under the Chase and J.P. Morgan brands it serves millions of U.S. consumers and small businesses and many of the world’s largest corporate, institutional and government clients. It reports three businesses: Consumer & Community Banking ($76.0 billion of 2025 net revenue), Commercial & Investment Bank ($78.5 billion; ranked #1 in global investment banking fees per Dealogic) and Asset & Wealth Management ($24.1 billion). 2025 total net revenue was $182,447 million and net income $57,048 million, slightly below 2024, which included a $7.9 billion gain on Visa shares. Net income rose to $37.6 billion in the first half of 2026, and in June 2026 Doug Petno and Troy Rohrbaugh became Co-Presidents as part of succession planning.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 26, 2026 13:16 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-1310-Q (quarter ended 2026-09-30) · filed 2026-11-03Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 8.7%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 31.3%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 16.1%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 8.2%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- -2.59x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 14.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.00
Higher than 50% of 44 financial companies
Average yearly growth over the years shown
Higher than 91% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 69% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 27% of 45 financial companies
Equity ÷ total assets
Higher than 5% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$344.52close on 2026-11-04
Market cap$928.89B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 14.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.7%
At FY2025 year-end: 16.1x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.5x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 0.0%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Net income$14.39B → $15.31B (vs. a year earlier)↑ +6.3%$14.39B → $15.31B (vs. a year earlier)
- Diluted EPS$5.07 → $5.57 (vs. a year earlier)↑ +9.9%$5.07 → $5.57 (vs. a year earlier)
- Cash$309.81B → $326.27B (vs. previous quarter-end)↑ +5.3%$309.81B → $326.27B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 13, 2026.
Key changes
Board authorized a share repurchase program of up to $50B. Source sentence
(a) The Firm’s Board of Directors authorized a new common share repurchase program of up to $50 billion, effective July 1, 2026, which replaced the previous program that commenced in the third quarter of 2025 and authorized repurchases of up to $50 billion.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- JPMORGAN CHASE & CO
- Headquarters
- NEW YORK, NY
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: JPM
- Industry
- Diversified Banks
- CIK
- 19617
Workforce (as of FY2025 year-end)
Employees
318,512
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 13 days after quarter end (Jan 13, 2026). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 13–14 days after quarter end over the last 4 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 13, 2026 (+13 days) | Nov 3, 2026 10-Q (+34 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 14, 2026 (+14 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 14, 2026 (+14 days) | May 1, 2026 10-Q (+31 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 13, 2026 (+13 days) | Feb 13, 2026 10-K (+44 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Consumer & Community Banking
Chase consumer banking and cards
Deposits, credit cards, mortgages, auto loans and small-business banking.
Commercial & Investment Bank
Investment banking and markets
Advisory, debt and equity underwriting (#1 in global IB fees), fixed income and equity markets.
Commercial & Investment Bank
Payments and securities services
Treasury, payments and custody services for corporations and institutions.
Asset & Wealth Management
J.P. Morgan Asset & Wealth Management
Asset management and Global Private Bank for institutions and wealthy clients.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Investment banking
Global investment banking fees
U.S. share
—
Not disclosedWorldwide share
#1, 8.4% wallet share
Company-disclosedRanked #1 for global investment banking fees in 2025 per Dealogic, with 8.4% wallet share.
07
Recent strategic focusSite analysis
Recent developments.
Investment banking and markets
Investment banking fees up 7% and markets revenue up 19% in 2025.
Source: Form 10-K (FY2025)
Succession planning
June 25, 2026: Doug Petno and Troy Rohrbaugh elected Co-Presidents; Petno sole CEO of CIB, Rohrbaugh CEO of CCB; CCB CEO Marianne Lake to retire.
Source: Form 8-K (2026-06-25) — Item 5.02 Co-Presidents elected; CCB CEO retirement
First half 2026
Total net revenue $107.2B versus $90.2B; net income $37.6B versus $29.6B; basic EPS $13.65 versus $10.32.
Source: Form 10-Q (quarter ended 2026-06-30)
M&A spend (6-year total)
$12.28B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$182.45B
As reported in the 10-K
Revenue CAGR (5 years)
+8.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($182,447M ÷ $119,951M) ^ (1÷5) − 1 = 8.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
16.1%▲favorable
6-year average: 14.9%
As reported in the 10-K
- ▲
Revenue grew +8.7% a year over 5 years (strong growth)
From $119.95B in FY2020 to $182.45B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
ROE averaged 14.9% over 6 years (latest: 16.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Consumer & Community Banking: deposits, cards, mortgages, auto
- Commercial & Investment Bank: investment banking, markets, payments, commercial lending
- Asset & Wealth Management
06 · what it draws on
Key resources
- 318,512 employees in 66 countries
- $4.4 trillion of assets
- Chase and J.P. Morgan brands
02 · why customers buy
Value propositions
- A broad range of banking, card, markets and asset and wealth management services; competes on quality and variety of products, execution and price.
04 · how it keeps them
Customer relationships
- Deposit, card, lending and advisory relationships.
03 · how it reaches them
Channels
- Chase branches in 48 states and Washington, D.C., digital banking, and corporate and investment bank coverage teams.
01 · who it serves
Customer segments
- Millions of U.S. consumers and small businesses
- Corporations, institutions and governments worldwide
- Wealthy individuals and institutional investors
09 · where money goes
Cost structure
FY2025, share of revenue ($182.45B)
- Interest expense53.7%
- Operating expenses (as reported)52.4%
Revenue here is reported net of interest expense, so these lines overlap and add up to more than 100%.
Depreciation & amortization (inside the costs above): $8.82B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- CCB $76.0B (2025, managed basis)
- CIB $78.5B
- AWM $24.1B
- Corporate $7.0B
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Takes deposits and lends to consumers, businesses and institutions, earning net interest income, and earns fees from card services, investment banking, markets trading, payments and securities services, and asset and wealth management.
01 what it draws on
Inputs & resources
- 318,512 employees in 66 countries
- $4.4 trillion of assets
- Chase and J.P. Morgan brands
02 what it does
Activities
- Consumer & Community Banking: deposits, cards, mortgages, auto
- Commercial & Investment Bank: investment banking, markets, payments, commercial lending
- Asset & Wealth Management
03 who it serves
Customers
- Millions of U.S. consumers and small businesses
- Corporations, institutions and governments worldwide
- Wealthy individuals and institutional investors
04 how money comes in
How it earns
- CCB $76.0B (2025, managed basis)
- CIB $78.5B
- AWM $24.1B
- Corporate $7.0B
How the business makes money
- Return on common equity 17% and TBVPS $107.56 in 2025.
- 2025 included a $588M First Republic-related gain; 2024 included a $7.9B net gain on Visa shares.
- Provision for credit losses $14.2B in 2025 versus $10.7B in 2024.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
JPMorgan is supervised by the Federal Reserve and other agencies; interchange caps and sanctions rules shape parts of its revenue.
Regulated prices & reimbursement
Debit interchange cap
The Federal Reserve proposed in October 2023 to lower the maximum debit interchange fee that large issuers, including the Firm, can receive.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Government funding & tax credits
Tax-credit investments
Recognized $1.1B of income tax credits from investments in tax-credit programs in 2025.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Sanctions and AML rules
Subject to economic sanctions programs administered by the U.S.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Environmental rules
Climate transition rules
Evolving regulation and carbon taxes may raise compliance and operating costs.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Commercial & Investment Bank
78,454 (42%)Consumer & Community Banking
76,029 (41%)Asset & Wealth Management
24,073 (13%)Corporate
7,025 (4%)
Source: Form 10-K (FY2025) Segment net revenue on a managed (FTE) basis; segments sum to more than reported total net revenue of $182,447M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Consumers, small businesses, corporations, institutions and governments.
Named by the company
No single customer is material.
Suppliers
Technology vendors, card networks and other service providers.
Named by the company
No material supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K lists competitor types — banks, brokers, investment banks, hedge funds, asset managers, card companies, fintechs and others — without naming firms.
Competitors named in the 10-K
Peer group the company chose
Primary financial services peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Compensation peers from the 2026 proxy statement.
- American Expresssite ↗
- Bank of Americasite ↗
- Citigroupsite ↗
- Goldman Sachssite ↗
- Morgan Stanleysite ↗
- Wells Fargosite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
| Line item | FY2020In next year’s 10-K | FY2021In next year’s 10-K | FY2022In next year’s 10-K | FY2023In next year’s 10-K | FY2024In next year’s 10-K | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 119,951 | 121,649 | 128,695 | 158,104 | 177,556 | 182,447 |
| Pretax income | 35,815 | 59,562 | 46,166 | 61,612 | 75,081 | 72,595 |
| Net income (attributable) | 29,131 | 48,334 | 37,676 | 49,552 | 58,471 | 57,048 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 1.4% | 5.8% | 22.9% | 12.3% | 2.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 24.3% | 39.7% | 29.3% | 31.3% | 32.9% | 31.3% |
| Balance sheet ($M) | ||||||
| Total assets | 3,384,757 | 3,743,567 | 3,665,743 | 3,875,393 | 4,002,814 | 4,424,900 |
| Total equity | 279,354 | 294,127 | 292,332 | 327,878 | 344,758 | 362,438 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 45,208 | 53,594 | 44,027 | 44,712 | 52,893 | 64,776 |
| Equity ratio | 8.3% | 7.9% | 8.0% | 8.5% | 8.6% | 8.2% |
| ROE | 10.4% | 16.9% | 12.8% | 16.0% | 17.4% | 16.1% |
| Cash flow ($M) | ||||||
| Operating CF | -79,910 | 78,084 | 107,119 | 12,974 | -42,012 | -147,782 |
| Investing CF | -261,912 | -129,344 | -137,819 | 67,643 | -163,403 | -265,565 |
| Financing CF | 596,645 | 275,993 | -126,257 | -25,571 | 63,447 | 269,533 |
| Cash and equivalents | 527,609 | 740,834 | 567,234 | 624,151 | 469,317 | 343,338 |
| Per share & other | ||||||
| EPS ($) | 8.88 | 15.36 | 12.09 | 16.23 | 19.75 | 20.02 |
| BVPS ($) | 81.76 | 88.07 | 90.30 | 104.45 | 116.07 | 126.99 |
| Dividend per share ($) | 3.60 | 3.80 | 4.00 | 4.10 | 4.80 | 5.80 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 40.5% | 24.7% | 33.1% | 25.3% | 24.3% | 29.0% |
| P/E (x) | 14.3 | 10.3 | 11.1 | 10.5 | 12.1 | 16.1 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.55 | 1.80 | 1.49 | 1.63 | 2.07 | 2.54 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | — | $15.31B+6.3% | $5.57 |
| 2026-06-30 | — | $21.16B+41.2% | $7.70 |
| 2026-03-31 | — | $16.49B+12.6% | $5.94 |
| 2025-12-31 † | — | $13.03B-7.0% | — |
| 2025-09-30 | — | $14.39B | $5.07 |
| 2025-06-30 | — | $14.99B | $5.24 |
| 2025-03-31 | — | $14.64B | $5.07 |
| 2024-12-31 † | — | $14.01B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit a bank, so these are the usual yardsticks instead.
- CET1 capital ratio
- 14.6%
- Assets under management
- $4.8 trillion
Standardized, 2025
Up 18% in 2025
As stated by the company: Form 10-K (FY2025)
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 10.4% | 16.9% | 12.8% | 16.0% | 17.4% | 16.1% |
| Net interest income ÷ average assetsSpread earned on the balance sheet; a stand-in for net interest margin, which uses earning assets. | — | 1.5% | 1.8% | 2.4% | 2.4% | 2.3% |
| Noninterest expense ÷ revenueThe efficiency ratio. Lower means less cost for each dollar of revenue. | 55.6% | 58.6% | 59.2% | 55.1% | 51.7% | 52.4% |
| Credit provision ÷ average loansCredit cost: what the year set aside for expected loan losses. Negative means a net release. | — | -0.9% | 0.6% | 0.8% | 0.8% | 1.0% |
| Credit allowance ÷ loansThe reserve held against loan losses at year-end. | 2.9% | 1.6% | 1.8% | 1.8% | 1.9% | 1.8% |
| Loans ÷ depositsHow much of the deposit base is lent out. | 44.8% | 41.0% | 46.6% | 53.4% | 54.0% | 55.0% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 8.3% | 7.9% | 8.0% | 8.5% | 8.6% | 8.2% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 74.1%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 25.9%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 361 of 416
- Beta (adjusted)
- 1.00
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 87% of covered companies have more
above 1 = swings more than the market
- 1,970.6M shares reported by 5,128 13F filers ÷ 2,658.2M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-06 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Scale and leadership
$4.4T of assets; ranked #1 for global investment banking fees with 8.4% wallet share in 2025.
Evidence: Form 10-K (FY2025)
2. High profitability
Net income of $57.0B in 2025 and $58.5B in 2024; return on common equity 17%.
Evidence: Form 10-K (FY2025)
3. Rising dividends and book value
Dividends declared per share rose from $3.60 (2020) to $5.80 (2025); book value per share from $81.76 to $126.99.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Higher credit costs
Provision for credit losses rose to $14.2B in 2025 from $10.7B.
Evidence: Form 10-K (FY2025)
2. Rising expenses
Noninterest expense rose to $95.6B in 2025 from $87.2B in 2023.
Evidence: Form 10-K (FY2025)
3. Litigation and regulatory exposure
Reasonably possible losses beyond reserves estimated at up to about $1.3B (June 2026), across many proceedings.
Evidence: Form 10-Q (quarter ended 2026-06-30) — Litigation note
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
16.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.80%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
29%
Dividends per share ÷ diluted EPS
1. Earnings power
Net income above $49B in each of 2023–2025.
- What has to hold
- Credit losses stay manageable.
- The other side
- Results depend on rates and markets.
Evidence: Form 10-K (FY2025)
2. Dividend growth
Quarterly dividend of $1.50 declared December 2025.
- What has to hold
- Capital remains ample.
- The other side
- Regulatory capital rules may change.
Evidence: Form 10-K (FY2025)
Banks do not report operating income or capex; revenue is total net revenue. Book value per share excludes preferred stock.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Net income | -22.1% in FY2022 ($48.33B → $37.68B) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income ranged from $29.1B (2020) to $58.5B (2024).
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
JPMorgan faces many lawsuits and investigations; it estimates reasonably possible losses beyond reserves at $0 to about $1.3 billion (June 30, 2026). Key matters include card interchange antitrust litigation, cash sweep class actions and remaining FX-related suits; U.S. dollar LIBOR claims ended with summary judgment for the banks in September 2025.
4 open matters (1 flagged as major) · 1 settled or closed
Interchange litigation
PendingAntitrustMajorMerchants v. Visa, Mastercard and banks
Merchant class actions allege Visa, Mastercard and banks including JPMorgan conspired to set interchange fees; in June 2024 the court denied preliminary approval of a settlement of the injunctive class action.
Source: Form 10-Q (quarter ended 2026-06-30) — Litigation note
Cash sweep related matters
PendingClass actionBrokerage clients v. JPMorgan
Putative class actions over interest rates paid to non-managed brokerage clients in the cash sweep program.
Source: Form 10-Q (quarter ended 2026-06-30) — Litigation note
FX-related civil litigation
PendingClass actionPlaintiffs v. JPMorgan and other banks
Some FX-related individual and putative class actions remain outside the U.S. (U.K., Israel, Netherlands, Brazil); the U.K. Supreme Court denied opt-out class certification in December 2025, and an Israeli settlement in principle awaits approval.
Source: Form 10-Q (quarter ended 2026-06-30) — Litigation note
India Enforcement Directorate fine
On appealEnforcement / sanctionEnforcement Directorate v. J.P. Morgan India
In August 2021 India’s ED fined J.P. Morgan India about $31.5M; the firm is appealing.
- Amounts
- ≈$31.5 million
Source: Form 10-Q (quarter ended 2026-06-30) — Litigation note
U.S. dollar LIBOR litigation
ResolvedAntitrustPlaintiffs v. JPMorgan and other banks
In September 2025 the S.D.N.Y. granted summary judgment for defendants on all remaining U.S. dollar LIBOR claims.
Source: Form 10-Q (quarter ended 2026-06-30) — Litigation note
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-06-30) — Litigation note, reviewed 2026-10-26. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Credit cycle
- Company disclosure (summarized from the 10-K)
- Economic weakness could raise card, consumer and wholesale loan losses.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2FX & interest rates
Interest rate changes
- Company disclosure (summarized from the 10-K)
- Lower rates reduced Corporate net interest income in 2025; NII depends on rates and deposit behavior.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Law & regulation
Bank regulation and capital
- Company disclosure (summarized from the 10-K)
- Extensive supervision and capital requirements limit returns of capital.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Litigation
- Company disclosure (summarized from the 10-K)
- Many lawsuits and investigations, including interchange antitrust, cash sweep class actions and FX-related claims.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 5Information security
Cyber and operational risk
- Company disclosure (summarized from the 10-K)
- A cyberattack or technology failure could disrupt services to millions of customers.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 6Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with banks, brokers, investment banks, asset managers, card companies, fintechs and others.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
The following terms which are used in the risk factors set forth below have these meanings:
“governmental authorities” means governmental and regulatory agencies, legislative and judicial bodies and other governmental entities and authorities in the countries, states, municipalities, territories, regions and other jurisdictions in which JPMorganChase does business.
JPMorganChase must comply with applicable law in all of the jurisdictions around the world where it does business. Read more
Like other financial services firms, JPMorganChase is subject to extensive supervision and regulation that significantly affects the way that it conducts its business and structures its operations. The supervisory and regulatory framework also imposes requirements for JPMorganChase to implement and maintain compliance programs, and the complexity of these programs can increase its risks of non-compliance. In addition, entering into or acquiring a new business or expanding current business could increase the scope of applicable law or supervision and regulation to which JPMorganChase is subject.
These types of changes could increase JPMorganChase’s costs or reduce its revenues. Read more
In addition, any failure by JPMorganChase to comply with applicable law or meet supervisory expectations could result in:
Furthermore, regulators or governmental authorities could adopt new interpretations of applicable law or supervisory expectations, and in certain circumstances, JPMorganChase could be required to demonstrate that prior conduct complies with these new interpretations. This situation could increase the risks associated with non-compliance and result in the imposition of penalties or enforcement actions. In addition, the business or operations of financial services firms such as JPMorganChase may be negatively affected by executive orders or other executive branch actions that seek to regulate those businesses or operations.
Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
Various factors could influence the scope of applicable law and supervision for a firm that provides financial services, such as the size of the firm, the businesses in which it engages and its jurisdiction of organization. Read more
For example:
A highly-regulated financial services firm such as JPMorganChase can be vulnerable to competition from firms that are less regulated or unregulated. Read more
In addition, differences in regulatory implementation between the U.S. and other countries could adversely affect JPMorganChase’s businesses. For example, a national financial services regulator may impose requirements
No longer in the text (4)
• Liquidity risks, including the risk that JPMorganChase’s liquidity could be impaired by market-wide illiquidity or disruption, unforeseen liquidity or capital requirements, the inability to sell assets, default by a significant market participant, unanticipated outflows of cash or collateral, or lack of market or customer confidence in JPMorganChase; the dependence of JPMorgan Chase & Co. on the cash flows of its subsidiaries; and the potential adverse effects that any downgrade in any of JPMorganChase’s credit ratings may have on its liquidity and cost of funding.
effectiveness of JPMorganChase’s existing business strategies with respect to its operations, clients and customers.
• Conduct risks, including the negative impact that can result from the actions or misconduct of employees, including any failure of employees to conduct themselves in accordance with JPMorganChase’s expectations, policies and practices.
JPMorganChase is a financial services firm with operations worldwide. Read more
JPMorganChase must comply with the laws, rules and regulations that apply to its operations in all of the jurisdictions around the world in which it does business, and financial services firms such as JPMorganChase are subject to extensive and constantly-evolving regulation and supervision.
139 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 13, 2026 ↗ with the 10-K filed Feb 14, 2025 ↗.
25
What to watch going forwardSite analysis
- Credit costs in cards and wholesale lending.
- Net interest income as rates change.
- Capital return and regulatory capital changes.
- Leadership succession after the June 2026 Co-President appointments.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 26, 2026 13:16 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-13Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent JPMorgan Chase’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.