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JPM

JPMorgan Chase & Co.

JPM

JPMorgan Chase & Co. • NYSE
$313.08 ▲ 1.77% (+5.44)
Market Cap $852.29 B
52w High $322.25
52w Low $202.16
Dividend Yield 5.55%
P/E 15.51
Volume 4.32M
Outstanding Shares 2.72B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $71.9B ▲ $24.281B ▲ $14.393B ▼ 20.018% ▼ $5.09 ▼ $20.743B ▲
Q2-2025 $69.914B ▲ $23.739B ▲ $14.987B ▲ 21.436% ▲ $5.25 ▲ $20.494B ▲
Q1-2025 $68.907B ▲ $23.597B ▲ $14.643B ▲ 21.25% ▲ $5.08 ▲ $20.438B ▲
Q4-2024 $67.007B ▼ $22.762B ▲ $14.005B ▲ 20.901% ▲ $4.82 ▲ $19.34B ▲
Q3-2024 $69.667B $22.565B $12.898B 18.514% $4.38 $18.945B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $729.251B ▼ $4.56T ▲ $4.2T ▲ $360.212B ▲
Q2-2025 $890.916B ▲ $4.552T ▲ $4.196T ▲ $356.924B ▲
Q1-2025 $813.883B ▼ $4.358T ▲ $4.006T ▲ $351.42B ▲
Q4-2024 $866.007B ▲ $4.003T ▼ $3.658T ▼ $344.758B ▼
Q3-2024 $757.724B $4.21T $3.864T $345.836B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $14.325B ▼ $38.073B ▲ $-104.598B ▲ $-47.773B ▼ $-116.891B ▼ $38.073B ▲
Q2-2025 $14.987B ▲ $29.547B ▲ $-173.06B ▼ $122.804B ▼ $-5.576B ▲ $29.547B ▲
Q1-2025 $14.643B ▲ $-251.839B ▼ $-118.076B ▼ $318.059B ▲ $-43.414B ▼ $-251.839B ▼
Q4-2024 $14.005B ▲ $147.758B ▲ $17.62B ▲ $-115.705B ▼ $35.057B ▲ $147.758B ▲
Q3-2024 $12.898B $-74.081B $-43.405B $10.746B $-96.559B $-74.081B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Asset and Wealth Management Segment
Asset and Wealth Management Segment
 $5.78Bn ▲$5.73Bn ▼$5.76Bn ▲$6.07Bn ▲
Commercial And Investment Bank
Commercial And Investment Bank
 $0 ▲$19.67Bn ▲$19.54Bn ▼$19.88Bn ▲
Consumer Community Banking
Consumer Community Banking
 $18.36Bn ▲$18.31Bn ▼$18.85Bn ▲$19.47Bn ▲
Segment Reconciling Items
Segment Reconciling Items
 $0 ▲$-700.00M ▼$-770.00M ▼$-690.00M ▲
Segment Reporting Reconciling Item Corporate Nonsegment
Segment Reporting Reconciling Item Corporate Nonsegment
 $0 ▲$2.30Bn ▲$1.54Bn ▼$1.70Bn ▲

Five-Year Company Overview

Income Statement

Income Statement JPMorgan’s earnings profile looks very strong and has improved meaningfully over the past few years. Revenue has grown sharply, especially in the last couple of years, helped by higher interest income and solid performance across its major businesses. Profitability has scaled with that growth, with operating and net income rising significantly faster than earlier in the decade. This suggests the bank is not just getting bigger, but also using its size more efficiently. The one thing to keep in mind is that, as a large global bank, results are still tied to the credit cycle, interest rates, and market conditions, so today’s strong profits can become more volatile in a weaker economy.

Balance Sheet

Balance Sheet The balance sheet fits the bank’s “fortress” narrative: very large, broadly diversified, and supported by a solid equity base. Assets and equity have both grown over time, which is what you’d hope to see as the business expands. Debt levels have risen as well, but that’s normal for a bank that funds loans and trading activities; what matters is the overall mix of funding and capital, which here looks consistent with a systemically important institution. Cash and liquid resources remain sizable, even though the headline cash balance has moved around year to year. Overall, the structure points to a bank built to handle stress, though it still faces the usual banking risks tied to credit quality, funding markets, and regulation.

Cash Flow

Cash Flow Reported cash flows are very volatile, swinging from large inflows to large outflows over the period. For an industrial company this would be worrying, but for a bank it mostly reflects shifts in loans and deposits rather than day‑to‑day profitability. When JPMorgan grows its loan book or trading positions, operating cash flow can look heavily negative even if earnings are strong. Capital spending is not a major line item in the traditional sense, since most investment is in people, technology, and balance sheet rather than physical assets. The key takeaway is that the cash flow statement for a bank needs to be read differently: the volatility is more about balance sheet repositioning and interest‑rate conditions than about core health of the franchise.

Competitive Edge

Competitive Edge JPMorgan sits at the very top tier of global banks, with a combination of scale, brand, and breadth of services that few rivals can match. It serves everyone from everyday consumers to governments and large multinationals, which gives it multiple engines of earnings and some protection when one part of the business slows. Its size allows it to spend heavily on technology and compliance, spreading those costs over a huge revenue base, which smaller competitors struggle to replicate. The long history and strong brand create trust, particularly in volatile markets, while high regulatory and capital requirements make it difficult for new full‑scale competitors to emerge. The flip side of this strength is that JPMorgan is deeply tied into the global financial system, so it is unavoidably exposed to regulatory scrutiny, political pressure, and global economic shocks.

Innovation and R&D

Innovation and R&D JPMorgan is behaving less like a traditional bank and more like a technology‑driven financial platform. It commits very large budgets to technology, focusing on artificial intelligence, data analytics, digital banking, and modern infrastructure like cloud computing. AI tools are being embedded across trading, risk management, and wealth advisory, aiming to improve decision‑making and customer experience. The bank is also an early mover in blockchain‑based payments with JPM Coin, and is actively exploring areas such as quantum computing for complex financial problems. Partnerships and acquisitions in fintech extend its capabilities further. The opportunity here is a more efficient, more personalized, and more defensible business; the risk is execution—integrating advanced tech into a tightly regulated environment without missteps or cyber issues is challenging.

Summary

Overall, JPMorgan looks like a highly profitable, well‑capitalized global bank with a durable competitive position and a clear technology‑heavy strategy for the future. Earnings and efficiency have improved meaningfully in recent years, even as the balance sheet has grown and remained robust. Cash flows appear choppy but are largely a function of how banking activity is reported rather than a sign of weak fundamentals. The company’s scale, diversification, and brand underpin its leadership, while its aggressive investment in AI, digital platforms, and new payment technologies aims to keep it ahead of both traditional peers and fintech challengers. The main uncertainties center on the usual banking sensitivities—economic downturns, credit losses, interest‑rate swings, regulation—and on the complexity of executing such an ambitious innovation agenda within a systemically important institution.

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