Stocks JPM Financial statements
Financial statementsJPMORGAN CHASE & CO financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data JPMORGAN CHASE & CO files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 96,569 | 100,705 | 108,783 | 115,720 | 119,951 | 121,649 | 128,695 | 158,104 | 177,556 | 182,447 |
| Selling and marketing | 2,897 | 2,900 | 3,044 | 3,351 | 2,476 | 3,036 | 3,911 | 4,591 | 4,974 | 5,531 |
| Interest expense | 9,818 | 13,874 | 21,041 | 26,795 | 9,960 | 5,553 | 26,097 | 81,321 | ||
| Interest income | 7,304 | 7,382 | 7,248 | 9,291 | 9,027 | 7,523 | 11,347 | 18,726 | 23,144 | 28,032 |
| Pre-tax income | 34,536 | 35,900 | 40,764 | 44,866 | 35,815 | 59,562 | 46,166 | 61,612 | 75,081 | 72,595 |
| Income tax | 9,803 | 11,459 | 8,290 | 8,435 | 6,684 | 11,228 | 8,490 | 12,060 | 16,610 | 15,547 |
| Net income | 24,733 | 24,441 | 32,474 | 36,431 | 29,131 | 48,334 | 37,676 | 49,552 | 58,471 | 57,048 |
| EPS, basic | 6.24 | 6.35 | 9.04 | 10.75 | 8.89 | 15.39 | 12.10 | 16.25 | 19.79 | 20.05 |
| EPS, diluted | 6.19 | 6.31 | 9.00 | 10.72 | 8.88 | 15.36 | 12.09 | 16.23 | 19.75 | 20.02 |
| Shares, basic (weighted) | 3,659 | 3,552 | 3,396 | 3,222 | 3,082 | 3,022 | 2,966 | 2,939 | 2,874 | 2,777 |
| Shares, diluted (weighted) | 3,690 | 3,577 | 3,414 | 3,230 | 3,087 | 3,027 | 2,970 | 2,943 | 2,879 | 2,782 |
| Dividend per share | 1.88 | 2.12 | 2.72 | 3.40 | 3.60 | 3.80 | 4.00 | 4.10 | 4.80 | 5.80 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 391,154 | 431,304 | 278,793 | 263,631 | 527,609 | 740,834 | 567,234 | 624,151 | 469,317 | 343,338 |
| Property, plant and equipment | 14,131 | 14,159 | 14,934 | 25,813 | 27,109 | 27,070 | 27,734 | |||
| Lease right-of-use assets | 8,190 | 8,006 | 7,888 | 7,782 | 8,431 | 8,494 | 8,901 | |||
| Goodwill | 47,288 | 47,507 | 47,471 | 47,823 | 49,248 | 50,315 | 51,662 | 52,634 | 52,565 | 52,731 |
| Intangible assets | 707 | 2,000 | 1,700 | 1,300 | ||||||
| Total assets | 2,490,972 | 2,533,600 | 2,622,532 | 2,686,477 | 3,384,757 | 3,743,567 | 3,665,743 | 3,875,393 | 4,002,814 | 4,424,900 |
| Short-term debt | 34,443 | 51,802 | 69,276 | 40,920 | 45,208 | 53,594 | 44,027 | 44,712 | 52,893 | 64,776 |
| Total liabilities | 2,236,782 | 2,277,907 | 2,366,017 | 2,426,049 | 3,105,403 | 3,449,440 | 3,373,411 | 3,547,515 | 3,658,056 | 4,062,462 |
| Paid-in capital | 91,627 | 90,579 | 89,162 | 88,522 | 88,394 | 88,415 | 89,044 | 90,128 | 90,911 | 91,114 |
| Retained earnings | 162,440 | 177,676 | 199,202 | 223,211 | 236,990 | 272,268 | 296,456 | 332,901 | 376,166 | 416,055 |
| Treasury stock | -28,854 | -42,595 | -60,494 | -83,049 | -88,184 | -105,415 | -107,336 | -116,217 | -134,018 | -164,591 |
| Other comprehensive income | -1,175 | -119 | -1,507 | 1,569 | 7,986 | -84 | -17,341 | -10,443 | -12,456 | -4,290 |
| Shareholders' equity | 254,190 | 255,693 | 256,515 | 261,330 | 279,354 | 294,127 | 292,332 | 327,878 | 344,758 | 362,438 |
| Total equity | 254,190 | 255,693 | 256,515 | 261,330 | 279,354 | 294,127 | 292,332 | 327,878 | 344,758 | 362,438 |
| Total liabilities and equity | 2,490,972 | 2,533,600 | 2,622,532 | 2,687,379 | 3,384,757 | 3,743,567 | 3,665,743 | 3,875,393 | 4,002,814 | 4,424,900 |
| Shares outstanding | 3,561 | 3,425 | 3,276 | 3,084 | 3,049 | 2,944 | 2,934 | 2,877 | 2,798 | 2,696 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 24,733 | 24,441 | 32,474 | 36,431 | 29,131 | 48,334 | 37,676 | 49,552 | 58,471 | 57,048 |
| Depreciation and amortization | 5,478 | 6,179 | 7,791 | 8,368 | 8,614 | 7,932 | 7,051 | 7,512 | 7,938 | 8,821 |
| Stock-based compensation | 1,940 | 2,070 | 2,322 | 2,256 | 2,451 | 2,929 | 2,794 | 3,117 | 3,504 | 3,614 |
| Deferred income tax | 4,651 | 2,312 | 1,721 | 1,270 | -3,573 | 3,748 | -2,738 | -4,534 | 2,004 | 5,611 |
| Cash from operations | 21,884 | -10,827 | 15,614 | 4,092 | -79,910 | 78,084 | 107,119 | 12,974 | -42,012 | -147,782 |
| Acquisitions | 0 | 0 | -9,920 | -2,362 | 0 | |||||
| Purchases of investments | -123,959 | -105,309 | -95,091 | -242,149 | -397,145 | -248,785 | -126,258 | -115,499 | -352,712 | -308,772 |
| Sales and maturities of investments | 65,950 | 56,117 | 37,401 | 52,200 | 57,675 | 50,075 | 39,159 | 53,744 | 38,499 | 37,414 |
| Cash from investing | -89,202 | 28,249 | -199,420 | -52,059 | -261,912 | -129,344 | -137,819 | 67,643 | -163,403 | -265,565 |
| Share buybacks | -9,082 | -15,410 | -19,983 | -24,001 | -6,517 | -18,408 | -3,162 | -9,824 | -18,830 | -31,591 |
| Dividends paid | -8,476 | -8,993 | -10,109 | -12,343 | -12,690 | -12,858 | -13,562 | -13,463 | -14,783 | -16,625 |
| Cash from financing | 98,271 | 14,642 | 34,158 | 32,987 | 596,645 | 275,993 | -126,257 | -25,571 | 63,447 | 269,533 |
| Exchange rate effect | -1,482 | 8,086 | -2,863 | -182 | 9,155 | -11,508 | -16,643 | 1,871 | -12,866 | 17,835 |
| Net change in cash | 29,471 | 40,150 | -152,511 | -15,162 | 263,978 | 213,225 | -173,600 | 56,917 | -154,834 | -125,979 |
| Interest paid | 9,508 | 14,153 | 21,152 | 29,918 | 13,077 | 5,142 | 23,143 | 77,114 | 99,642 | 96,436 |
| Income taxes paid | 2,405 | 4,325 | 3,542 | 6,224 | 8,140 | 18,737 | 4,355 | 9,908 | 11,715 | 5,309 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 42.1% | Pre-tax income / revenue. |
| Net margin | 32.6% | Net income / revenue. |
| Operating cash flow margin | -81.5% | Cash from operations / revenue. |
| Effective tax rate | 22.4% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 17.4% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.3% | Net income / average total assets. |
| Stock-based pay / revenue | 2.0% | Stock-based compensation (from the cash flow statement) / revenue. |
| D&A / revenue | 4.6% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 2.8% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 12.3% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 8.7% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -2.4% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 14.8% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 14.4% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 1.4% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 18.3% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 17.7% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 20.8% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 13.2% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 10.0% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 5.1% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 7.4% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 5.3% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 10.5% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 6.5% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 5.5% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -3.4% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -2.2% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -2.1% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 92.5% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 1.1% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $321.89B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.04x | Revenue / average total assets. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $24.15 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $74.01 | Revenue / diluted weighted shares. |
| Operating cash flow per share | -$60.33 | Cash from operations / diluted weighted shares. |
| Book value per share | $139.04 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $119.47 | Tangible book value / shares outstanding. |
| Cash per share | $114.99 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 26.6% | Dividends paid / net income, when net income is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $911.92B | Share price x shares outstanding. |
| Enterprise value | $602.11B | Market cap + total debt - cash - short-term investments. |
| P/E | 14.0x | Market cap / net income. Only when net income is positive. |
| P/S | 4.57x | Market cap / revenue. |
| P/B | 2.43x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 2.83x | Market cap / tangible book value, when positive. |
| EV/Sales | 3.02x | Enterprise value / revenue. |
| Earnings yield | 7.1% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 1.9% | Dividends paid over the period / market cap. |
| Shareholder yield | 5.4% | (Dividends paid + share buybacks) / market cap. |
| PEG | 0.77x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was JPMORGAN CHASE & CO's revenue in fiscal 2025?
JPMORGAN CHASE & CO reported revenue of $182.45B for fiscal 2025, 2.8% higher than the year before.
Was JPMORGAN CHASE & CO profitable in fiscal 2025?
Yes. Net income was $57.05B, a net margin of 31.3%.