JPMorgan Chase & Co(NYSE:JPM) 
JPMorgan Chase & Co. operates as a financial services company worldwide. It operates in four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment offers deposit and investment products and servi...
Website: http://www.jpmorganchase.com
Founded: 1871
Full Time Employees: 271,025 (Dec 2021)
CEO: Jamie Dimon
Sector: Financial Services
Industry: Banks-Diversified
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At a glance:
- Global Banking Powerhouse with Diversified Revenue Streams: As the largest U.S. bank by assets, JPMorgan Chase boasts a highly diversified business model spanning investment banking, commercial banking, asset management, and consumer & community banking, providing resilience across various economic cycles.
- Consistent Strong Financial Performance and Robust Capital Position: The firm consistently reports strong earnings, healthy net interest income, and maintains a robust capital base, enabling it to navigate market volatility, absorb potential losses, and return capital to shareholders through dividends and buybacks.
- Aggressive Investment in Technology and Digital Innovation: JPMorgan Chase is heavily investing in technology, AI, and digital platforms across all its segments to enhance customer experience, improve operational efficiency, and maintain its competitive edge in the evolving financial landscape.
- Key Economic Bellwether Operating in a Complex Regulatory Landscape: Given its scale and reach, JPMC's performance often serves as an indicator of broader economic health, while it continuously navigates a stringent and evolving global regulatory environment, including capital requirements and compliance.
Bull Thesis:
- Robust Net Interest Income (NII) Growth Potential: JPMorgan Chase is well-positioned to benefit from a higher-for-longer interest rate environment, leveraging its massive, low-cost deposit base and extensive loan portfolio to drive sustained growth in Net Interest Income, enhancing profitability.
- Diversified Business Model and Market Leadership: JPM's comprehensive suite of services across consumer banking, commercial banking, asset & wealth management, and corporate & investment banking provides significant revenue diversification and resilience, with the firm holding leading market positions in multiple segments globally.
- Strong Capital Position and Shareholder Returns: The company maintains a robust capital base, consistently exceeding regulatory requirements, which supports its ability to navigate economic cycles, absorb potential losses, and enables significant capital returns to shareholders through attractive dividends and share buybacks.
- Resilient Credit Quality and Favorable Economic Outlook: Despite economic uncertainties, JPM has demonstrated strong credit risk management, with a healthy loan book and prudent provisioning. A stable or improving economic environment would further bolster asset quality, increase lending demand, and reduce credit loss provisions.
Bear Thesis:
- Peak Net Interest Income (NII) and Margin Compression Risks: Concerns exist that JPM's Net Interest Income may have peaked, with potential for margin compression if interest rates decline, deposit costs rise more rapidly due to competition, or loan growth slows, impacting future profitability.
- Economic Slowdown and Credit Quality Deterioration: A significant economic downturn or recession could lead to increased loan defaults across consumer (e.g., credit cards, auto loans) and commercial portfolios, necessitating higher provisions for credit losses and negatively impacting earnings.
- Regulatory Scrutiny and Geopolitical Headwinds: As a systemically important financial institution, JPM faces ongoing and intense regulatory scrutiny, potential fines, and increased compliance costs. Global geopolitical instability also poses risks to its international operations and market sentiment.
- Volatility in Capital Markets and Fee Income Pressure: JPM's significant reliance on its Corporate & Investment Bank segment means that a slowdown in M&A activity, reduced trading volumes, or increased market volatility could lead to lower fee income and impact overall profitability, given the cyclical nature of these businesses.
Main Competitors:
- Bank of America ($BAC) (Retail banking, commercial banking, investment banking, wealth management, credit cards.), Competes directly across nearly all of JPMorgan Chase's segments, including consumer banking (checking, savings, mortgages, credit cards), commercial banking, global corporate and investment banking, and wealth management services. Both are universal banks vying for market share among individuals, businesses, and institutions.
- Goldman Sachs Group, Inc. ($GS) (Investment banking, global markets (trading), asset management, wealth management, consumer banking (Marcus).), Primarily competes with JPMorgan's Corporate & Investment Bank (CIB) and Asset & Wealth Management divisions. Goldman Sachs is a leading player in M&A advisory, equity and debt underwriting, institutional trading, and high-net-worth wealth management, areas where JPM also has a strong presence. They also have a growing consumer banking arm (Marcus).
- Morgan Stanley ($MS) (Investment banking, wealth management, institutional securities (trading).), A major competitor in investment banking, institutional securities, and particularly in wealth management, where it has significantly expanded its footprint (e.g., E*TRADE). Morgan Stanley directly challenges JPMorgan's CIB and Asset & Wealth Management divisions for institutional clients, corporate advisory mandates, and high-net-worth individuals.
- BlackRock, Inc. ($BLK) (Investment management, ETFs (iShares), technology services (Aladdin).), As the world's largest asset manager, BlackRock competes directly with JPMorgan's Asset & Wealth Management division for institutional and individual investment mandates, offering a wide range of investment products including mutual funds, ETFs, and alternative investments. They also provide technology solutions like Aladdin to financial institutions.
Moat:
JPMorgan Chase & Co. maintains a significant competitive moat through its unparalleled scale, diversified business model spanning consumer, commercial, investment banking, and asset management, and a strong global brand reputation. Its substantial capital base, extensive branch network, and continuous investment in technology and data analytics further solidify its position. Competition is fierce across all segments, coming from other large universal banks (e.g., Bank of America, Citigroup), specialized investment banks (e.g., Goldman Sachs, Morgan Stanley), pure-play asset managers (e.g., BlackRock, Vanguard), and increasingly from agile fintech companies (e.g., PayPal, Stripe, Block) that challenge specific services with innovative digital offerings. JPM's strategy involves leveraging its integrated platform, enhancing digital capabilities, and maintaining robust risk management to defend its market share against both traditional rivals and disruptive newcomers.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2018-03-31 | 2016-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | |||||||||||||||||||
investment banking fees | 2,326,000,000 | 2,612,000,000 | 2,499,000,000 | 2,178,000,000 | 2,421,000,000 | 2,231,000,000 | 2,304,000,000 | 1,954,000,000 | 1,635,000,000 | 1,722,000,000 | 1,513,000,000 | 1,649,000,000 | 1,418,000,000 | 1,674,000,000 | 1,586,000,000 | 2,008,000,000 | 1,736,000,000 | 1,333,000,000 | |
principal transactions | 5,340,000,000 | 7,109,000,000 | 7,149,000,000 | 7,614,000,000 | 5,195,000,000 | 5,988,000,000 | 6,814,000,000 | 6,790,000,000 | 3,725,000,000 | 6,210,000,000 | 6,910,000,000 | 7,615,000,000 | 4,434,000,000 | 5,383,000,000 | 4,990,000,000 | 5,105,000,000 | 3,952,000,000 | 2,679,000,000 | |
lending- and deposit-related fees | 2,364,000,000 | 2,349,000,000 | 2,248,000,000 | 2,132,000,000 | 1,952,000,000 | 1,924,000,000 | 1,828,000,000 | 1,902,000,000 | 1,926,000,000 | 2,039,000,000 | 1,828,000,000 | 1,620,000,000 | 1,655,000,000 | 1,731,000,000 | 1,873,000,000 | 1,839,000,000 | 1,477,000,000 | 1,403,000,000 | |
asset management fees | 5,701,000,000 | 5,120,000,000 | 4,806,000,000 | 4,700,000,000 | 4,874,000,000 | 4,479,000,000 | 4,302,000,000 | 4,146,000,000 | 4,077,000,000 | 3,904,000,000 | 3,774,000,000 | 3,465,000,000 | |||||||
commissions and other fees | 2,108,000,000 | 2,204,000,000 | 2,194,000,000 | 2,033,000,000 | 1,865,000,000 | 1,936,000,000 | 1,924,000,000 | 1,805,000,000 | 1,697,000,000 | 1,705,000,000 | 1,739,000,000 | 1,695,000,000 | |||||||
investment securities gains/ | 3,500,000 | 105,000,000 | |||||||||||||||||
mortgage fees and related income | 357,000,000 | 383,000,000 | 363,000,000 | 278,000,000 | 376,000,000 | 402,000,000 | 348,000,000 | 275,000,000 | 263,000,000 | 414,000,000 | 278,000,000 | 221,000,000 | 98,000,000 | 314,000,000 | 378,000,000 | 460,000,000 | 465,000,000 | 667,000,000 | |
card income | 1,020,000,000 | 1,140,000,000 | 1,344,000,000 | 1,216,000,000 | 1,602,000,000 | 1,345,000,000 | 1,332,000,000 | 1,218,000,000 | 1,247,000,000 | 1,209,000,000 | 1,094,000,000 | 1,234,000,000 | 1,226,000,000 | 1,086,000,000 | 1,133,000,000 | 975,000,000 | 1,275,000,000 | 1,301,000,000 | |
other income | 1,658,000,000 | 1,439,000,000 | 1,154,000,000 | 1,923,000,000 | 1,225,000,000 | 960,000,000 | 9,149,000,000 | 1,128,000,000 | 696,000,000 | 614,000,000 | 3,292,000,000 | 1,007,000,000 | 1,392,000,000 | 900,000,000 | 540,000,000 | 1,490,000,000 | 1,626,000,000 | 801,000,000 | |
noninterest revenue | 20,803,000,000 | 22,461,000,000 | 21,703,000,000 | 22,037,000,000 | 19,418,000,000 | 19,249,000,000 | 27,454,000,000 | 18,852,000,000 | 14,523,000,000 | 17,148,000,000 | 19,528,000,000 | 17,638,000,000 | 14,355,000,000 | 15,198,000,000 | 15,587,000,000 | 16,845,000,000 | 14,595,000,000 | 11,859,000,000 | |
interest income | 48,808,000,000 | 49,439,000,000 | 48,241,000,000 | 46,853,000,000 | 47,566,000,000 | 50,416,000,000 | 48,513,000,000 | 47,438,000,000 | 47,384,000,000 | 44,556,000,000 | 41,644,000,000 | 37,004,000,000 | 33,054,000,000 | 25,611,000,000 | 18,646,000,000 | 15,496,000,000 | 17,695,000,000 | 13,552,000,000 | |
interest expense | 23,813,000,000 | 25,473,000,000 | 25,032,000,000 | 23,580,000,000 | 24,216,000,000 | 27,011,000,000 | 25,767,000,000 | 24,356,000,000 | 23,333,000,000 | 21,830,000,000 | 19,865,000,000 | 16,293,000,000 | 12,862,000,000 | 8,093,000,000 | 3,518,000,000 | 1,624,000,000 | 4,383,000,000 | 2,172,000,000 | |
net interest income | 24,995,000,000 | 23,966,000,000 | 23,209,000,000 | 23,273,000,000 | 23,350,000,000 | 23,405,000,000 | 22,746,000,000 | 23,082,000,000 | 24,051,000,000 | 22,726,000,000 | 21,779,000,000 | 20,711,000,000 | 20,192,000,000 | 17,518,000,000 | 15,128,000,000 | 13,872,000,000 | 13,312,000,000 | 11,380,000,000 | |
total net revenue | 45,798,000,000 | 46,427,000,000 | 44,912,000,000 | 45,310,000,000 | 42,768,000,000 | 42,654,000,000 | 50,200,000,000 | 41,934,000,000 | 38,574,000,000 | 39,874,000,000 | 41,307,000,000 | 38,349,000,000 | 34,547,000,000 | 32,716,000,000 | 30,715,000,000 | 30,717,000,000 | 27,907,000,000 | 23,239,000,000 | |
yoy | 7.08% | 8.85% | -10.53% | 8.05% | 10.87% | 6.97% | 21.53% | 9.35% | 11.66% | 21.88% | 34.48% | 24.85% | 17.23% | 32.17% | |||||
qoq | -1.35% | 3.37% | -0.88% | 5.94% | 0.27% | -15.03% | 19.71% | 8.71% | -3.26% | -3.47% | 7.71% | 11.01% | 5.60% | 6.51% | -0.01% | 20.09% | |||
benefit from credit losses | 2,389,250,000 | 3,403,000,000 | 2,275,000,000 | 1,165,000,000 | 1,824,000,000 | ||||||||||||||
noninterest expense | |||||||||||||||||||
compensation expense | 13,118,000,000 | 13,566,000,000 | 13,710,000,000 | 14,093,000,000 | 12,469,000,000 | 12,817,000,000 | 12,953,000,000 | 13,118,000,000 | 11,847,000,000 | 11,726,000,000 | 11,216,000,000 | 11,676,000,000 | 10,009,000,000 | 10,539,000,000 | 10,301,000,000 | 10,787,000,000 | 8,862,000,000 | 7,660,000,000 | |
occupancy expense | 1,475,000,000 | 1,420,000,000 | 1,264,000,000 | 1,302,000,000 | 1,309,000,000 | 1,258,000,000 | 1,248,000,000 | 1,211,000,000 | 1,208,000,000 | 1,197,000,000 | 1,070,000,000 | 1,115,000,000 | 1,271,000,000 | 1,162,000,000 | 1,129,000,000 | 1,134,000,000 | 888,000,000 | 883,000,000 | |
technology, communications and equipment expense | 2,908,000,000 | 2,839,000,000 | 2,704,000,000 | 2,578,000,000 | 2,516,000,000 | 2,447,000,000 | 2,447,000,000 | 2,421,000,000 | 2,409,000,000 | 2,386,000,000 | 2,267,000,000 | 2,184,000,000 | 2,256,000,000 | 2,366,000,000 | 2,376,000,000 | 2,360,000,000 | 2,054,000,000 | 1,618,000,000 | |
professional and outside services | 3,338,000,000 | 3,173,000,000 | 3,006,000,000 | 2,839,000,000 | 3,007,000,000 | 2,780,000,000 | 2,722,000,000 | 2,548,000,000 | 2,606,000,000 | 2,620,000,000 | 2,561,000,000 | 2,448,000,000 | 2,652,000,000 | 2,481,000,000 | 2,469,000,000 | 2,572,000,000 | 2,121,000,000 | 1,548,000,000 | |
marketing | 1,468,000,000 | 1,480,000,000 | 1,279,000,000 | 1,304,000,000 | 1,335,000,000 | 1,258,000,000 | 1,221,000,000 | 1,160,000,000 | 1,298,000,000 | 1,126,000,000 | 1,122,000,000 | 1,045,000,000 | 1,093,000,000 | 1,017,000,000 | 881,000,000 | 920,000,000 | 800,000,000 | 703,000,000 | |
total noninterest expense | 23,983,000,000 | 24,281,000,000 | 23,779,000,000 | 23,597,000,000 | 22,762,000,000 | 22,565,000,000 | 23,713,000,000 | 22,757,000,000 | 24,486,000,000 | 21,757,000,000 | 20,822,000,000 | 20,107,000,000 | 19,022,000,000 | 19,178,000,000 | 18,749,000,000 | 19,191,000,000 | 16,080,000,000 | 13,837,000,000 | |
income before income tax expense | 17,160,000,000 | 18,743,000,000 | 18,284,000,000 | 18,408,000,000 | 17,375,000,000 | 16,978,000,000 | 23,435,000,000 | 17,293,000,000 | 11,326,000,000 | 16,733,000,000 | 17,586,000,000 | 15,967,000,000 | 13,237,000,000 | 12,001,000,000 | 10,865,000,000 | 10,063,000,000 | 10,662,000,000 | 7,578,000,000 | |
income tax expense | 4,135,000,000 | 4,350,000,000 | 3,297,000,000 | 3,765,000,000 | 3,370,000,000 | 4,080,000,000 | 5,286,000,000 | 3,874,000,000 | 2,019,000,000 | 3,582,000,000 | 3,114,000,000 | 3,345,000,000 | 2,229,000,000 | 2,264,000,000 | 2,216,000,000 | 1,781,000,000 | 1,950,000,000 | 2,058,000,000 | |
net income | 13,025,000,000 | 14,393,000,000 | 14,987,000,000 | 14,643,000,000 | 14,005,000,000 | 12,898,000,000 | 18,149,000,000 | 13,419,000,000 | 9,307,000,000 | 13,151,000,000 | 14,472,000,000 | 12,622,000,000 | 11,008,000,000 | 9,737,000,000 | 8,649,000,000 | 8,282,000,000 | 8,712,000,000 | 5,520,000,000 | |
yoy | -7.00% | 11.59% | -17.42% | 9.12% | 50.48% | -1.92% | 25.41% | 6.31% | -15.45% | 35.06% | 67.33% | 52.40% | 11.77% | 56.68% | |||||
qoq | -9.50% | -3.96% | 2.35% | 4.56% | 8.58% | -28.93% | 35.25% | 44.18% | -29.23% | -9.13% | 14.66% | 14.66% | 13.05% | 12.58% | 4.43% | 57.83% | |||
net income margin % | 28.44% | 31.00% | 33.37% | 32.32% | 32.75% | 30.24% | 36.15% | 32.00% | 24.13% | 32.98% | 35.04% | 32.91% | 31.86% | 29.76% | 28.16% | 26.96% | NaN% | 31.22% | 23.75% |
net income applicable to common stockholders | 12,690,000,000 | 14,043,000,000 | 14,630,000,000 | 14,317,000,000 | 13,669,000,000 | 12,537,000,000 | 17,718,000,000 | 12,942,000,000 | 8,871,000,000 | 12,685,000,000 | 14,011,000,000 | 12,193,000,000 | 10,597,000,000 | 9,255,000,000 | 8,195,000,000 | 7,845,000,000 | 8,238,000,000 | 4,991,000,000 | |
net income per common share data | |||||||||||||||||||
basic earnings per share | 4.64 | 5.08 | 5.25 | 5.08 | 4.82 | 4.38 | 6.13 | 4.45 | 3.05 | 4.33 | 4.76 | 4.11 | 3.57 | 3.13 | 2.77 | 2.64 | 2.38 | 1.36 | |
diluted earnings per share | 4.64 | 5.07 | 5.24 | 5.07 | 4.81 | 4.37 | 6.12 | 4.44 | 3.05 | 4.33 | 4.75 | 4.1 | 3.58 | 3.12 | 2.76 | 2.63 | 2.37 | 1.35 | |
weighted-average basic shares | 2,776.5 | 2,762.4 | 2,788.7 | 2,819.4 | 2,873.9 | 2,860.6 | 2,889.8 | 2,908.3 | 2,938.6 | 2,927.5 | 2,943.8 | 2,968.5 | 2,965.8 | 2,961.2 | 2,962.2 | 2,977 | 3,021.5 | 3,458.3 | 3,669.9 |
weighted-average diluted shares | 2,781.5 | 2,767.6 | 2,793.7 | 2,824.3 | 2,879 | 2,865.9 | 2,894.9 | 2,912.8 | 2,943.1 | 2,932.1 | 2,948.3 | 2,972.7 | 2,970 | 2,965.4 | 2,966.3 | 2,981 | 3,026.6 | 3,479.5 | 3,696.9 |
investment securities losses | -54,000,000 | -37,000,000 | -92,000,000 | -16,000,000 | -547,000,000 | -366,000,000 | -743,000,000 | -669,000,000 | -900,000,000 | -868,000,000 | -376,500,000 | -959,000,000 | -153,000,000 | ||||||
provision for credit losses | 2,849,000,000 | 3,305,000,000 | 2,631,000,000 | 3,111,000,000 | 3,052,000,000 | 1,884,000,000 | 2,762,000,000 | 1,384,000,000 | 2,899,000,000 | 2,288,000,000 | 1,537,000,000 | 1,101,000,000 | 1,463,000,000 | ||||||
other expense | 1,816,000,000 | 1,481,000,000 | 2,126,000,000 | 2,005,000,000 | 3,122,000,000 | 2,299,000,000 | 5,118,000,000 | 2,702,000,000 | 2,586,000,000 | 1,741,000,000 | 1,613,000,000 | 1,593,000,000 | 1,418,000,000 | ||||||
asset management, administration and commissions | 5,006,000,000 | 5,069,000,000 | 5,240,000,000 | 5,362,000,000 | 4,309,000,000 | 3,624,000,000 | |||||||||||||
investment securities gains | -394,000,000 | ||||||||||||||||||
cash dividends declared per common share | 0.56 | 0.44 | |||||||||||||||||
securities gains | 51,000,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2018-03-31 | 2016-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||
cash and due from banks | 21,742,000,000 | 21,821,000,000 | 23,759,000,000 | 22,066,000,000 | 22,896,000,000 | 27,265,000,000 | 22,750,000,000 | 29,066,000,000 | 24,921,000,000 | 26,064,000,000 | 25,098,000,000 | 27,697,000,000 | 24,654,000,000 | 27,215,000,000 | 26,165,000,000 | 26,438,000,000 | 24,834,000,000 | 18,212,000,000 |
deposits with banks | 321,596,000,000 | 281,615,000,000 | 396,568,000,000 | 403,837,000,000 | 411,364,000,000 | 503,554,000,000 | 539,366,000,000 | 595,085,000,000 | 486,448,000,000 | 469,059,000,000 | 520,902,000,000 | 539,537,000,000 | 619,533,000,000 | 642,045,000,000 | 728,367,000,000 | 714,396,000,000 | 389,978,000,000 | 360,196,000,000 |
federal funds sold and securities purchased under resale agreements | 336,426,000,000 | 425,815,000,000 | 470,589,000,000 | 429,506,000,000 | 390,821,000,000 | 392,763,000,000 | 330,559,000,000 | 276,152,000,000 | 350,059,000,000 | 325,628,000,000 | 317,111,000,000 | 315,592,000,000 | 301,878,000,000 | 322,156,000,000 | 301,875,000,000 | 261,698,000,000 | 247,608,000,000 | 223,220,000,000 |
securities borrowed | 286,191,000,000 | 248,368,000,000 | 223,976,000,000 | 238,702,000,000 | 252,434,000,000 | 199,062,000,000 | 198,336,000,000 | 200,436,000,000 | 188,279,000,000 | 163,563,000,000 | 195,917,000,000 | 185,369,000,000 | 193,216,000,000 | 202,393,000,000 | 224,852,000,000 | 206,071,000,000 | 116,132,000,000 | 102,937,000,000 |
trading assets | 802,873,000,000 | 952,777,000,000 | 889,856,000,000 | 875,203,000,000 | 787,489,000,000 | 733,882,000,000 | 754,409,000,000 | 540,607,000,000 | 601,993,000,000 | 636,996,000,000 | 578,892,000,000 | 453,799,000,000 | 506,487,000,000 | 465,577,000,000 | 511,528,000,000 | 433,575,000,000 | 412,282,000,000 | 366,153,000,000 |
available-for-sale securities | 507,198,000,000 | 490,499,000,000 | 485,380,000,000 | 399,363,000,000 | 334,548,000,000 | 266,252,000,000 | 236,152,000,000 | 201,704,000,000 | 197,119,000,000 | 203,262,000,000 | 197,248,000,000 | 205,857,000,000 | 188,140,000,000 | 222,069,000,000 | 312,875,000,000 | 308,525,000,000 | ||
held-to-maturity securities | 270,134,000,000 | 293,446,000,000 | 260,559,000,000 | 265,084,000,000 | 299,954,000,000 | 323,746,000,000 | 334,527,000,000 | 369,848,000,000 | 388,261,000,000 | 408,941,000,000 | 412,827,000,000 | 425,305,000,000 | 430,106,000,000 | 441,649,000,000 | 366,585,000,000 | |||
investment securities, net of allowance for credit losses | 777,332,000,000 | 783,945,000,000 | 745,939,000,000 | 664,447,000,000 | 634,502,000,000 | 589,998,000,000 | 570,679,000,000 | 571,552,000,000 | 585,380,000,000 | 612,203,000,000 | 610,075,000,000 | 631,162,000,000 | 618,246,000,000 | 663,718,000,000 | 679,460,000,000 | 672,232,000,000 | ||
loans | 1,493,429,000,000 | 1,435,246,000,000 | 1,411,992,000,000 | 1,355,695,000,000 | 1,340,011,000,000 | 1,320,700,000,000 | 1,309,616,000,000 | 1,323,706,000,000 | 1,310,059,000,000 | 1,300,069,000,000 | 1,128,896,000,000 | 1,135,647,000,000 | 1,112,633,000,000 | 1,104,155,000,000 | 1,073,285,000,000 | 1,077,714,000,000 | 934,424,000,000 | 847,313,000,000 |
allowance for loan losses | -25,765,000,000 | -25,735,000,000 | -24,953,000,000 | -25,208,000,000 | -23,949,000,000 | -22,991,000,000 | -22,351,000,000 | -22,420,000,000 | -21,946,000,000 | -21,980,000,000 | -20,053,000,000 | -19,726,000,000 | -18,185,000,000 | -17,750,000,000 | -17,192,000,000 | -16,386,000,000 | -13,375,000,000 | -13,994,000,000 |
loans, net of allowance for loan losses | 1,467,664,000,000 | 1,409,511,000,000 | 1,387,039,000,000 | 1,330,487,000,000 | 1,316,062,000,000 | 1,297,709,000,000 | 1,287,265,000,000 | 1,301,286,000,000 | 1,288,113,000,000 | 1,278,089,000,000 | 1,108,843,000,000 | 1,115,921,000,000 | 1,094,448,000,000 | 1,086,405,000,000 | 1,056,093,000,000 | 1,061,328,000,000 | 921,049,000,000 | 833,319,000,000 |
accrued interest and accounts receivable | 111,599,000,000 | 141,876,000,000 | 124,463,000,000 | 117,845,000,000 | 122,565,000,000 | 135,692,000,000 | 129,823,000,000 | 107,363,000,000 | 127,752,000,000 | 111,561,000,000 | 115,316,000,000 | 125,189,000,000 | 143,905,000,000 | 145,442,000,000 | 152,207,000,000 | 102,570,000,000 | 72,659,000,000 | 57,649,000,000 |
premises and equipment | 36,244,000,000 | 35,063,000,000 | 33,562,000,000 | 32,811,000,000 | 31,525,000,000 | 30,582,000,000 | 30,279,000,000 | 30,157,000,000 | 29,677,000,000 | 29,493,000,000 | 28,266,000,000 | 27,734,000,000 | 27,199,000,000 | 26,770,000,000 | 26,916,000,000 | 27,070,000,000 | 14,382,000,000 | 14,195,000,000 |
goodwill, msrs and other intangible assets | 64,458,000,000 | 64,442,000,000 | 64,465,000,000 | 64,525,000,000 | 64,455,000,000 | 64,525,000,000 | 64,374,000,000 | 64,381,000,000 | 64,910,000,000 | 64,238,000,000 | 62,090,000,000 | 60,859,000,000 | 60,806,000,000 | 59,360,000,000 | 58,485,000,000 | 56,691,000,000 | 54,533,000,000 | |
other assets | 198,775,000,000 | 194,972,000,000 | 192,266,000,000 | 178,427,000,000 | 175,935,000,000 | 167,971,000,000 | 162,887,000,000 | 159,308,000,000 | 150,801,000,000 | 151,346,000,000 | 181,795,000,000 | 182,884,000,000 | 183,512,000,000 | 200,233,000,000 | 188,739,000,000 | 181,498,000,000 | 118,140,000,000 | 108,696,000,000 |
total assets | 4,424,900,000,000 | 4,560,205,000,000 | 4,552,482,000,000 | 4,357,856,000,000 | 4,210,048,000,000 | 4,143,003,000,000 | 4,090,727,000,000 | 3,875,393,000,000 | 3,898,333,000,000 | 3,868,240,000,000 | 3,744,305,000,000 | 3,665,743,000,000 | 3,773,884,000,000 | 3,841,314,000,000 | 3,954,687,000,000 | 3,743,567,000,000 | 2,609,785,000,000 | 2,423,808,000,000 |
selected consolidated balance sheets data | ||||||||||||||||||
december 31, | 2,025,000,000 | 2,022,000,000 | 2,021,000,000 | |||||||||||||||
liabilities | ||||||||||||||||||
deposits | 2,559,320,000,000 | 2,548,476,000,000 | 2,562,380,000,000 | 2,495,877,000,000 | 2,430,772,000,000 | 2,396,530,000,000 | 2,428,409,000,000 | 2,379,526,000,000 | 2,398,962,000,000 | 2,377,253,000,000 | 2,340,179,000,000 | 2,408,615,000,000 | 2,471,544,000,000 | 2,561,207,000,000 | 2,462,303,000,000 | 1,486,961,000,000 | 1,321,816,000,000 | |
federal funds purchased and securities loaned or sold under repurchase agreements | 442,396,000,000 | 567,574,000,000 | 595,340,000,000 | 533,046,000,000 | 389,337,000,000 | 400,832,000,000 | 325,670,000,000 | 268,750,000,000 | 266,272,000,000 | 246,396,000,000 | 202,613,000,000 | 239,939,000,000 | 222,719,000,000 | 223,858,000,000 | 194,340,000,000 | 179,091,000,000 | 160,999,000,000 | |
short-term borrowings | 64,776,000,000 | 69,355,000,000 | 65,293,000,000 | 64,980,000,000 | 50,638,000,000 | 47,308,000,000 | 46,268,000,000 | 45,470,000,000 | 41,022,000,000 | 42,241,000,000 | 44,027,000,000 | 47,866,000,000 | 58,422,000,000 | 57,586,000,000 | 53,594,000,000 | 62,667,000,000 | ||
trading liabilities | 216,019,000,000 | 242,262,000,000 | 221,402,000,000 | 187,103,000,000 | 243,258,000,000 | 240,836,000,000 | 228,327,000,000 | 207,457,000,000 | 178,809,000,000 | 189,864,000,000 | 177,976,000,000 | 189,878,000,000 | 190,308,000,000 | 202,083,000,000 | 164,693,000,000 | 136,537,000,000 | 147,282,000,000 | |
accounts payable and other liabilities | 316,794,000,000 | 316,896,000,000 | 303,641,000,000 | 293,538,000,000 | 314,356,000,000 | 295,813,000,000 | 301,469,000,000 | 292,070,000,000 | 286,934,000,000 | 275,077,000,000 | 300,141,000,000 | 300,016,000,000 | 313,326,000,000 | 320,671,000,000 | 262,755,000,000 | 192,295,000,000 | 176,934,000,000 | |
beneficial interests issued by consolidated variable interest entities | 27,951,000,000 | 12,610,000,000 | 10,750,000,000 | 38,673,000,000 | ||||||||||||||
long-term debt | 435,206,000,000 | 427,203,000,000 | 419,802,000,000 | 407,224,000,000 | 410,157,000,000 | 394,028,000,000 | 395,872,000,000 | 362,793,000,000 | 364,078,000,000 | 295,489,000,000 | 295,865,000,000 | 287,473,000,000 | 288,212,000,000 | 293,239,000,000 | 301,005,000,000 | 274,449,000,000 | 290,754,000,000 | |
total liabilities | 4,062,462,000,000 | 4,199,993,000,000 | 4,195,558,000,000 | 4,006,436,000,000 | 3,864,212,000,000 | 3,802,451,000,000 | 3,754,090,000,000 | 3,580,962,000,000 | 3,555,724,000,000 | 3,441,223,000,000 | 3,373,411,000,000 | 3,485,866,000,000 | 3,555,171,000,000 | 3,668,788,000,000 | 3,449,440,000,000 | 2,353,584,000,000 | 2,173,651,000,000 | |
stockholders’ equity | 362,438,000,000 | 292,332,000,000 | 294,127,000,000 | |||||||||||||||
total liabilities and stockholders’ equity | 4,424,900,000,000 | 4,560,205,000,000 | 4,552,482,000,000 | 4,357,856,000,000 | 4,210,048,000,000 | 4,143,003,000,000 | 4,090,727,000,000 | 3,898,333,000,000 | 3,868,240,000,000 | 3,744,305,000,000 | 3,665,743,000,000 | 3,773,884,000,000 | 3,841,314,000,000 | 3,954,687,000,000 | 3,743,567,000,000 | 2,609,785,000,000 | 2,423,808,000,000 | |
beneficial interests issued by consolidated vies | 28,227,000,000 | 27,700,000,000 | 24,668,000,000 | 25,694,000,000 | 27,104,000,000 | 28,075,000,000 | 24,896,000,000 | 19,647,000,000 | 14,903,000,000 | 12,079,000,000 | 10,640,000,000 | 10,144,000,000 | 21,584,000,000 | |||||
commitments and contingencies | ||||||||||||||||||
preferred stock | 20,045,000,000 | 20,045,000,000 | 20,045,000,000 | 21,650,000,000 | 23,900,000,000 | 29,900,000,000 | 27,404,000,000 | 27,404,000,000 | 27,404,000,000 | 32,838,000,000 | 32,838,000,000 | 32,838,000,000 | 26,068,000,000 | 26,068,000,000 | ||||
common stock | 4,105,000,000 | 4,105,000,000 | 4,105,000,000 | 4,105,000,000 | 4,105,000,000 | 4,105,000,000 | 4,105,000,000 | 4,105,000,000 | 4,105,000,000 | 4,105,000,000 | 4,105,000,000 | 4,105,000,000 | 4,105,000,000 | 4,105,000,000 | ||||
additional paid-in capital | 90,865,000,000 | 90,576,000,000 | 90,223,000,000 | 90,638,000,000 | 90,328,000,000 | 89,903,000,000 | 89,899,000,000 | 89,578,000,000 | 89,155,000,000 | 88,865,000,000 | 88,614,000,000 | 88,260,000,000 | 89,211,000,000 | 91,782,000,000 | ||||
retained earnings | 407,401,000,000 | 397,424,000,000 | 386,616,000,000 | 365,966,000,000 | 356,924,000,000 | 342,414,000,000 | 327,044,000,000 | 317,359,000,000 | 306,208,000,000 | 288,776,000,000 | 282,445,000,000 | 277,177,000,000 | 183,855,000,000 | 149,730,000,000 | ||||
accumulated other comprehensive losses | -5,878,000,000 | -7,243,000,000 | -9,111,000,000 | -6,784,000,000 | -11,338,000,000 | -11,639,000,000 | -17,104,000,000 | -14,290,000,000 | -14,418,000,000 | -19,134,000,000 | ||||||||
treasury stock | -156,326,000,000 | -147,983,000,000 | -140,458,000,000 | -129,739,000,000 | -123,367,000,000 | -118,046,000,000 | -113,977,000,000 | -111,640,000,000 | -109,372,000,000 | -107,432,000,000 | -107,490,000,000 | -106,914,000,000 | -45,954,000,000 | -22,289,000,000 | ||||
total stockholders’ equity | 360,212,000,000 | 356,924,000,000 | 351,420,000,000 | 345,836,000,000 | 340,552,000,000 | 336,637,000,000 | 317,371,000,000 | 312,516,000,000 | 303,082,000,000 | 288,018,000,000 | 286,143,000,000 | 285,899,000,000 | 256,201,000,000 | 250,157,000,000 | ||||
58 | ||||||||||||||||||
accumulated other comprehensive income | -14,369,000,000 | -9,567,000,000 | 782,000,000 | |||||||||||||||
held-to-maturity securities, net of allowance for credit losses | 363,707,000,000 | |||||||||||||||||
investment securities | 238,188,000,000 | |||||||||||||||||
accumulated other comprehensive loss | -1,063,000,000 | |||||||||||||||||
shares held in restricted stock units | -21,000,000 | |||||||||||||||||
securities | 285,323,000,000 | |||||||||||||||||
goodwill | 47,310,000,000 | |||||||||||||||||
mortgage servicing rights | 5,658,000,000 | |||||||||||||||||
other intangible assets | 940,000,000 | |||||||||||||||||
commercial paper | 17,490,000,000 | |||||||||||||||||
other borrowed funds | 19,703,000,000 | |||||||||||||||||
shares held in rsu trust, at cost | -21,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2016-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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item 3. | |||||||||||||||
item 4. | |||||||||||||||
item 1. | |||||||||||||||
item 1a. | |||||||||||||||
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item 6. | |||||||||||||||
operating activities | 18,865,000,000 | -111,241,000,000 | -21,383,000,000 | ||||||||||||
net income | 14,987,000,000 | 14,643,000,000 | 12,898,000,000 | 18,149,000,000 | 13,419,000,000 | 11,008,000,000 | 9,737,000,000 | 8,649,000,000 | 8,282,000,000 | ||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||
provision for credit losses | 2,849,000,000 | 3,305,000,000 | 3,111,000,000 | 3,052,000,000 | 1,884,000,000 | 2,288,000,000 | 1,537,000,000 | 1,101,000,000 | 1,463,000,000 | ||||||
depreciation and amortization | 2,210,000,000 | 2,030,000,000 | 1,967,000,000 | 2,002,000,000 | 2,004,000,000 | 1,671,000,000 | 1,771,000,000 | 1,789,000,000 | 1,820,000,000 | ||||||
deferred tax expense | -942,000,000 | 524,000,000 | -989,000,000 | 717,000,000 | -1,369,000,000 | -1,356,000,000 | -730,000,000 | ||||||||
estimated bargain purchase gain associated with the first republic acquisition | |||||||||||||||
initial gain on the visa share exchange | 0 | ||||||||||||||
other | 379,000,000 | 600,000,000 | 256,000,000 | 787,000,000 | 673,000,000 | 1,359,000,000 | 1,643,000,000 | 972,000,000 | 1,200,000,000 | ||||||
originations and purchases of loans held-for-sale | -64,565,000,000 | -68,533,000,000 | -54,801,000,000 | -56,197,000,000 | -49,575,000,000 | -17,578,000,000 | -28,732,000,000 | -36,595,000,000 | -66,262,000,000 | ||||||
proceeds from sales, securitizations and paydowns of loans held-for-sale | 57,780,000,000 | 62,724,000,000 | 48,378,000,000 | 52,601,000,000 | 47,308,000,000 | 18,289,000,000 | 32,656,000,000 | 41,206,000,000 | 75,558,000,000 | ||||||
net change in: | |||||||||||||||
trading assets | -13,953,000,000 | -231,665,000,000 | -46,637,000,000 | 20,107,000,000 | -211,226,000,000 | 82,557,000,000 | -60,190,000,000 | 37,397,000,000 | -91,213,000,000 | ||||||
securities borrowed | 14,722,000,000 | -19,156,000,000 | -53,277,000,000 | -510,000,000 | 2,099,000,000 | 7,856,000,000 | 8,968,000,000 | 22,358,000,000 | -18,979,000,000 | ||||||
accrued interest and accounts receivable | -6,783,000,000 | -17,070,000,000 | 13,060,000,000 | -5,994,000,000 | -22,557,000,000 | 18,651,000,000 | 1,430,000,000 | 6,668,000,000 | -49,719,000,000 | ||||||
other assets | -12,626,000,000 | 7,578,000,000 | -6,933,000,000 | -3,943,000,000 | 9,406,000,000 | 14,232,000,000 | -2,184,000,000 | -16,249,000,000 | 1,319,000,000 | ||||||
trading liabilities | 40,249,000,000 | -10,486,000,000 | 270,000,000 | 12,161,000,000 | 41,064,000,000 | -23,780,000,000 | 11,304,000,000 | -6,347,000,000 | 29,993,000,000 | ||||||
accounts payable and other liabilities | -9,036,000,000 | 1,276,000,000 | 4,236,000,000 | 1,552,000,000 | 11,611,000,000 | -17,347,000,000 | 4,985,000,000 | 6,238,000,000 | 64,738,000,000 | ||||||
other operating adjustments | 4,276,000,000 | 2,391,000,000 | 2,025,000,000 | 3,431,000,000 | 705,000,000 | 1,299,000,000 | 240,000,000 | 187,000,000 | 613,000,000 | ||||||
net cash from operating activities | 29,547,000,000 | -251,839,000,000 | -74,081,000,000 | 38,469,000,000 | -154,158,000,000 | 101,222,000,000 | -18,204,000,000 | 66,018,000,000 | -41,917,000,000 | ||||||
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
free cash flows | 29,547,000,000 | -251,839,000,000 | -74,081,000,000 | 38,469,000,000 | -154,158,000,000 | 101,222,000,000 | -18,204,000,000 | 66,018,000,000 | -41,917,000,000 | ||||||
investing activities | -18,243,000,000 | 23,794,000,000 | -34,581,000,000 | ||||||||||||
federal funds sold and securities purchased under resale agreements | -41,037,000,000 | -134,479,000,000 | 2,160,000,000 | -62,191,000,000 | -54,371,000,000 | -13,537,000,000 | 20,092,000,000 | -20,426,000,000 | -40,407,000,000 | ||||||
held-to-maturity securities: | |||||||||||||||
proceeds from paydowns and maturities | 6,806,000,000 | 11,341,000,000 | 25,554,000,000 | 11,282,000,000 | 35,518,000,000 | 15,084,000,000 | 12,590,000,000 | 11,440,000,000 | 9,512,000,000 | ||||||
purchases | -1,539,000,000 | -1,628,000,000 | -1,324,000,000 | -555,000,000 | -479,000,000 | -4,347,000,000 | -1,839,000,000 | -14,267,000,000 | -13,223,000,000 | ||||||
available-for-sale securities: | |||||||||||||||
proceeds from sales | 29,648,000,000 | 55,847,000,000 | 23,183,000,000 | 32,760,000,000 | 28,451,000,000 | 22,364,000,000 | 26,035,000,000 | 19,246,000,000 | 16,971,000,000 | ||||||
proceeds from sales and securitizations of loans held-for-investment | 13,980,000,000 | 11,960,000,000 | 14,719,000,000 | 15,576,000,000 | 13,498,000,000 | 8,693,000,000 | 14,014,000,000 | 12,198,000,000 | 9,987,000,000 | ||||||
other changes in loans | -67,032,000,000 | -16,134,000,000 | -28,429,000,000 | -25,444,000,000 | 876,000,000 | -32,817,000,000 | -28,349,000,000 | -49,617,000,000 | -18,185,000,000 | ||||||
net cash from the first republic acquisition | 0 | ||||||||||||||
all other investing activities | -2,729,000,000 | -1,971,000,000 | 1,896,000,000 | 276,000,000 | -963,000,000 | -4,429,000,000 | -2,750,000,000 | -1,556,000,000 | -3,197,000,000 | ||||||
net cash from investing activities | -173,060,000,000 | -118,076,000,000 | -43,405,000,000 | -94,239,000,000 | -43,379,000,000 | -51,530,000,000 | 39,522,000,000 | -53,203,000,000 | -72,608,000,000 | ||||||
financing activities | -49,915,000,000 | 64,557,000,000 | 53,584,000,000 | ||||||||||||
deposits | 68,433,000,000 | 85,029,000,000 | 29,478,000,000 | -32,221,000,000 | 25,009,000,000 | -92,559,000,000 | -50,177,000,000 | -93,850,000,000 | 99,691,000,000 | ||||||
federal funds purchased and securities loaned or sold under repurchase agreements | 62,289,000,000 | 236,204,000,000 | -11,552,000,000 | 75,167,000,000 | 109,140,000,000 | -37,455,000,000 | 17,324,000,000 | -1,014,000,000 | 29,600,000,000 | ||||||
short-term borrowings | -45,000,000 | 10,817,000,000 | 3,051,000,000 | 861,000,000 | 1,443,000,000 | -4,171,000,000 | -10,435,000,000 | 1,322,000,000 | 4,300,000,000 | ||||||
beneficial interests issued by consolidated vies | 2,400,000,000 | -2,431,000,000 | -1,631,000,000 | -1,036,000,000 | 2,664,000,000 | 163,000,000 | 1,490,000,000 | 500,000,000 | 52,000,000 | ||||||
proceeds from long-term borrowings | 23,957,000,000 | 29,927,000,000 | 24,846,000,000 | 24,716,000,000 | 29,387,000,000 | 9,498,000,000 | 23,071,000,000 | 25,222,000,000 | 20,651,000,000 | ||||||
payments of long-term borrowings | -22,364,000,000 | -28,457,000,000 | -20,670,000,000 | -25,457,000,000 | -21,253,000,000 | -8,086,000,000 | -11,479,000,000 | -12,897,000,000 | -13,094,000,000 | ||||||
proceeds from issuance of preferred stock | 0 | 3,000,000,000 | 0 | 0 | 2,500,000,000 | ||||||||||
redemption of preferred stock | 0 | -3,000,000,000 | -2,250,000,000 | -5,434,000,000 | 0 | 0 | -2,000,000,000 | ||||||||
treasury stock repurchased | -7,506,000,000 | -7,528,000,000 | -6,361,000,000 | -5,336,000,000 | -2,832,000,000 | 0 | 0 | -707,000,000 | -2,455,000,000 | ||||||
dividends paid | -4,205,000,000 | -3,823,000,000 | -3,655,000,000 | -3,777,000,000 | -3,493,000,000 | -3,376,000,000 | -3,412,000,000 | -3,344,000,000 | -3,430,000,000 | ||||||
all other financing activities | -155,000,000 | -1,679,000,000 | -510,000,000 | 321,000,000 | -1,397,000,000 | -924,000,000 | 735,000,000 | 966,000,000 | -543,000,000 | ||||||
net cash from financing activities | 122,804,000,000 | 318,059,000,000 | 10,746,000,000 | 27,238,000,000 | 141,168,000,000 | -142,344,000,000 | -32,883,000,000 | -83,802,000,000 | 132,772,000,000 | ||||||
effect of exchange rate changes on cash and due from banks and deposits with banks | 15,133,000,000 | 8,442,000,000 | 10,181,000,000 | -2,765,000,000 | -5,666,000,000 | 15,699,000,000 | -13,508,000,000 | -14,285,000,000 | -4,549,000,000 | ||||||
net decrease in cash and due from banks and deposits with banks | -5,576,000,000 | -43,414,000,000 | -96,559,000,000 | -31,297,000,000 | -62,035,000,000 | ||||||||||
cash and due from banks and deposits with banks at the beginning of the period | 0 | 469,317,000,000 | 0 | 0 | 624,151,000,000 | 0 | 0 | 0 | 740,834,000,000 | ||||||
cash and due from banks and deposits with banks at the end of the period | -5,576,000,000 | 425,903,000,000 | -96,559,000,000 | -31,297,000,000 | 562,116,000,000 | -76,953,000,000 | -25,073,000,000 | -85,272,000,000 | 754,532,000,000 | ||||||
cash interest paid | 24,350,000,000 | 23,587,000,000 | 26,268,000,000 | 25,662,000,000 | 22,864,000,000 | 12,068,000,000 | 6,618,000,000 | 3,369,000,000 | 1,088,000,000 | ||||||
cash income taxes paid | 3,034,000,000 | 1,651,000,000 | 1,260,000,000 | 6,025,000,000 | 1,585,000,000 | 4,129,000,000 | -2,874,000,000 | 2,395,000,000 | 705,000,000 | ||||||
deferred tax benefit | 1,366,000,000 | ||||||||||||||
bargain purchase gain associated with the first republic acquisition | -119,000,000 | 16,000,000 | |||||||||||||
net cash provided by/ | |||||||||||||||
effect of exchange rate changes on cash | -1,584,000,000 | 1,656,000,000 | 102,000,000 | ||||||||||||
net increase/(decrease) in cash and due from banks and deposits with banks | -50,877,000,000 | -21,234,000,000 | |||||||||||||
jpmorgan chase & co./2023 form 10-k | |||||||||||||||
explanation and reconciliation of the firm’s use of non-gaap financial measures | |||||||||||||||
net increase in cash and due from banks and deposits with banks | -76,953,000,000 | -25,073,000,000 | -85,272,000,000 | 13,698,000,000 | |||||||||||
net decrease in cash and due from banks | -2,278,000,000 |