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JPMorgan Chase & Co. operates as a bank and financial holding company in the United States, rest of North America, Europe, the Middle East, Africa, the Asia Pacific, Latin America, and the Caribbean. It operates in three segments: Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management. The company offers deposit, investment and lending products, and cash management; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, payment solutions, travel services, merchant offers, lifestyle benefits, auto loans, and leases to consumers and small businesses through bank branches, ATMs, and digital and telephone banking. It also provides investment banking, market-making, financing, custody, and securities products and services; corporate strategy and structure advisory, equity and debt market capital-raising, and loan origination and syndication services; cash and derivative instruments, risk management solutions, prime brokerage, clearing, and research; and fund services, liquidity and trading services, and data solutions products for large corporations, financial institutions, merchants, start-ups, small and midsized companies, local governments, municipalities, nonprofits, and commercial real estate clients. In addition, the company offers multi-asset investment management solutions in equities, fixed income, alternatives, and money market funds to institutional clients and retail investors; retirement products and services, estate planning, lending, deposits, and investment management products to high-net-worth clients; and financial transaction processing. JPMorgan Chase & Co. was founded in 1799 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $181.8B | - | $57.0B | $-147.8B | 16.7% | 7.3% | -2.4% |
| 2024 | $169.4B | - | $58.5B | $-42.0B | 18.0% | 9.3% | 18.0% |
| 2023 | $155.0B | - | $49.6B | $13.0B | 16.5% | 21.3% | 31.5% |
| 2022 | $127.7B | - | $37.7B | $107.1B | 14.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 127,727 | 154,952 | 169,439 | 181,847 |
| Operating Revenue | - | 127,727 | 154,952 | 169,439 | 181,847 |
| Selling General And Administration | - | 45,547 | 51,056 | 56,331 | 60,018 |
| Interest Income | - | 92,807 | 170,588 | 193,933 | 193,341 |
| Interest Expense | - | 26,097 | 81,321 | 101,350 | 97,898 |
| Net Interest Income | - | 66,710 | 89,267 | 92,583 | 95,443 |
| Pretax Income | - | 46,166 | 61,612 | 75,081 | 72,595 |
| Tax Provision | - | 8,490 | 12,060 | 16,610 | 15,547 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 119.23 | -447.27 | 1,294.40 | 220.59 |
| Net Income Continuous Operations | - | 37,676 | 49,552 | 58,471 | 57,048 |
| Net Income From Continuing And Discontinued Operation | - | 37,676 | 49,552 | 58,471 | 57,048 |
| Net Income From Continuing Operation Net Minority Interest | - | 37,676 | 49,552 | 58,471 | 57,048 |
| Net Income | - | 37,676 | 49,552 | 58,471 | 57,048 |
| Net Income Common Stockholders | - | 35,892 | 47,760 | 56,868 | 55,681 |
| Net Income Including Noncontrolling Interests | - | 37,676 | 49,552 | 58,471 | 57,048 |
| Normalized Income | - | 37,147.23 | 51,386.73 | 53,914.40 | 56,238.59 |
| Diluted NI Availto Com Stockholders | - | 35,892 | 47,760 | 56,868 | 55,681 |
| Basic Average Shares | - | 2,965.80 | 2,938.60 | 2,873.90 | 2,776.50 |
| Diluted Average Shares | - | 2,970 | 2,943.10 | 2,879 | 2,781.50 |
| Reconciled Depreciation | - | 7,051 | 7,512 | 7,938 | 8,821 |
| Total Unusual Items | - | 648 | -2,282 | 5,851 | 1,030 |
| Total Unusual Items Excluding Goodwill | - | 648 | -2,282 | 5,851 | 1,030 |
| Preferred Stock Dividends | - | 1,595 | 1,501 | 1,259 | 1,099 |
| Special Income Charges | - | 648 | -2,282 | 5,851 | 1,030 |
| Other Special Charges | - | -648 | 4,336 | -6,525 | -402 |
| Restructuring And Mergern Acquisition | - | 0 | -2,054 | 674 | -628 |
| Gain On Sale Of Security | - | -2,434 | -3,218 | -1,045 | -29 |
| General And Administrative Expense | - | 41,636 | 46,465 | 51,357 | 54,487 |
| Salaries And Wages | - | 41,636 | 46,465 | 51,357 | 54,487 |
| Selling And Marketing Expense | - | 3,911 | 4,591 | 4,974 | 5,531 |
| Otherunder Preferred Stock Dividend | - | 189 | 291 | 344 | 268 |
| Occupancy And Equipment | - | 14,054 | 13,836 | 14,857 | 16,490 |
| Professional Expense And Contract Services Expense | - | 10,174 | 10,235 | 11,057 | 12,356 |
| Other Non Interest Expense | - | 6,099 | 6,649 | 7,310 | 7,178 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| JPMorgan Chase & Co.this co. | JPM | $833.0B | 14.96↓ discount | 2.30 | 15.4% | - |
| Berkshire Hathaway Inc. | BRK-B | $1.0T | 15.42 | 1.44 | 9.3% | - |
| Visa Inc. | V | $608.9B | 30.67 | 16.06 | 52.4% | 23.65 |
| Mastercard Incorporated | MA | $425.7B | 28.44 | 55.02 | 193.5% | 21.22 |
| Bank of America Corporation | BAC | $384.4B |
| - |
| - |
| - |
| - |
| - |
| 12.60 |
| 1.39 |
| 11.0% |
| - |
| Morgan Stanley | MS | $344.3B | 20.42 | 3.38 | 16.5% | - |
| The Goldman Sachs Group, Inc. | GS | $322.3B | 19.77 | 2.58 | 13.0% | - |
| Wells Fargo & Company | WFC | $249.8B | 11.71 | 1.52 | 13.0% | - |
| Citigroup Inc. | C | $230.5B | 17.70 | 1.09 | 6.1% | - |
| Peer Median | - | 18.74 | 2.05 | 13.0% | 22.44 | |