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JPMorgan Chase & Co. Business quality: High
NYSE: JPM · Diversified banking · United States · Latest fiscal year ended 31 December 2025

JPMorganChase lends, takes deposits, trades for clients, advises on and underwrites deals, processes payments and manages money. Four segments carry it: the Commercial & Investment Bank (US$78.5 billion of managed revenue), Consumer & Community Banking (US$76.0 billion), Asset & Wealth Management (US$24.1 billion) and Corporate. 318,512 people worked there at year end. Total assets were US$4.42 trillion against US$342.4 billion of common equity.

Analysis last updated 3 November 2026 · All figures come from JPMorgan Chase & Co.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, signed February 13, 2026, with the FY2024 Form 10-K used for comparison and the 2026 Proxy Statement used only for governance, ownership and compensation. The multiples use the closing price of US$322.22 at December 31, 2025 — the last trading day of the fiscal year — and 2,697,032,375 shares outstanding at January 31, 2026, both supplied to the analysis; the price is not updated to any later date. Several measures used for industrial companies do not exist for a bank and are left out rather than estimated: gross and operating margin, capital expenditure, free cash flow, owner earnings, EBITDA and net-debt multiples, interest coverage (interest is the raw material) and enterprise-value multiples. Long-term debt is operating funding for a bank, not a capital structure choice, so no debt or net-cash ratio is shown. Return on equity is the company’s own reported figure on average common equity; the company and its incentive plan use return on tangible common equity, which was 19.96% in FY2025 against 16.81% on all common equity, the difference being US$55.3 billion of goodwill and intangibles that predate the years covered here.
Revenue FY25
$182.4B
+3% YoY
Revenue CAGR 2y
+7.4%
FY23 to FY25
Return on tangible equity
19.96%
Company measure; 16.81% on all common equity
Net income
$57.0B
Free cash flow is not calculable for a bank
Return on common equity
17%
Company figure; 19.96% on tangible common equity
CET1 ratio
14.6%
Standardised; 14.1% on the binding advanced measure

The business in one page

The year earned US$57.0 billion, 2.43% less than FY2024, and the fall is the provision and the comparison with an absent gain: removing the one-off items the filing names, revenue grew 7.19% and expense 7.03%. Return on common equity was 17%, after 18% and 17% — a one-point range over three years — and return on tangible common equity, the measure the company and its incentive plan use, was 19.96%.

Where the growth came from matters more than the total. Net interest income outside Markets was flat at US$92.6 billion while the assets behind it grew 2.56%, and the net yield on them fell nine basis points to 3.75%: average noninterest-bearing deposits fell US$34.4 billion. Almost all the reported US$2.9 billion of net interest income growth is Markets, whose balance sheet grew 20.83% while its revenue per dollar of assets slipped from 2.84% to 2.62% in two years. Card Services grew on 10.4 million new accounts at a net yield of 10.26%, and assets under management reached US$4.79 trillion with the fee rate falling from 0.382% to 0.351%.

The provision was US$14.2 billion against US$9.8 billion of net charge-offs, so US$4.4 billion is reserve built ahead of losses — including US$2.2 billion for the Apple Card portfolio the Firm does not yet own. The allowance is US$31.2 billion and the company’s own adverse scenario would add about US$10.7 billion, 14.74% of pretax income. Meanwhile the Firm distributed 83.35% of earnings, buying back US$31.6 billion of stock at 2.57 times tangible book against 1.65 times two years earlier, and risk-weighted assets grew 12.76% against CET1 capital at 4.70%.

Figures for 3 fiscal years, taken from the Key Metrics tables of each annual report. When a later filing restates a figure, we use the figure reported for that year's own filing.

Key metrics

MetricFY2023FY2024FY2025
Revenue $158.1B$177.6B$182.4B
Net margin (GAAP) 31.3%32.9%31.3%
Dividends + buybacks $21.8B$32.4B$47.1B
Shareholders’ equity $300.5B$324.7B$342.4B
Effective tax rate 19.6%22.1%21.4%
Return on common equity (company figure) 17.0%18.0%17.0%
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