Financials · NYSE: JPM
JPMorgan Chase: how the business works
JPMorgan Chase runs Chase bank accounts and cards, the J.P. Morgan investment bank and a money manager, with total net revenue of $182.4 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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JPMorgan Chase & Co. · New York, New York
Updated for Q3 FY2026 · checked
- Total net revenue, FY2025
- $182.4B
- Net income to common stockholders, FY2025
- $55.7B
- Deposits, Sep 30, 2026
- $2,780.8B
- Total loans, Sep 30, 2026
- $1,584.6B
- Employees, Sep 30, 2026
- 322,964
The short version
JPMorgan Chase in 5 points
1 · What it sells
JPMorgan Chase takes deposits, makes loans, runs investment banking and trading, and manages money, with total net revenue of $182.4 billion in FY2025.
2 · Who pays it
JPMorgan Chase does not split revenue by payer; on its managed basis, FY2025 net revenue was 42% from companies and investors, 41% from consumers and small businesses, 13% from wealth clients and 4% from Corporate.
3 · What it keeps from $100
Of every $100 that came in during FY2025, JPMorgan Chase paid $34.9 in interest and kept $20.3 as net income, after a $2.2 billion Apple Card provision; pre-provision profit (revenue minus operating costs) was $86.8 billion, and Q2 FY2026 included a $4.6 billion Visa share gain.
4 · Where the operating profit comes from
On JPMorgan Chase's managed basis, the Commercial & Investment Bank earned $27.8 billion of FY2025 net income, Consumer & Community Banking $18.2 billion, Asset & Wealth Management $6.5 billion and Corporate $4.5 billion.
5 · The one thing to watch
JPMorgan Chase bought back $1,057 million of its shares in Q3 FY2026, down from $8,315 million in Q3 FY2025, and its Standardized CET1 ratio was an estimated 13.9% against an 11.5% requirement.
Sources: From JPMorgan Chase's FY2025 10-K, its Q4 FY2025 and Q3 FY2026 financial supplements and its Jun 24, 2026 8-K · checked
See the full receipt and the management scorecard below
Sources (4)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Earnings release financial supplement, Q4 2025 (Form 8-K, Ex. 99.2)
- Earnings release financial supplement, Q3 2026 (Form 8-K, Ex. 99.2)
- Form 8-K, Item 8.01 (Ex. 99): planned dividend increase to $1.65, new $50 billion repurchase program, stress capital buffer
01Where $100 of a bank's money goes · FY2025
Where does $100 of JPMorgan Chase's money go?
JPMorgan Chase · FY2025
Receipt for every $100
| Interest paid to depositors and lenders | $34.9 |
|---|---|
| Employees | $19.4 |
| Technology, offices, marketing and other costs | $14.7 |
| Provision for credit losses | $5.1 |
| Income tax | $5.5 |
| Kept as net income | $20.3 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Of every $100 that came in (interest income of $193,341 million plus noninterest revenue of $87,004 million = $280,345 million): each line = line ÷ $280,345 million × 100. Net income includes $1,367 million that went to preferred stockholders and participating securities.
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02The business in one line
What does JPMorgan Chase do?
JPMorgan Chase takes deposits, lends and invests that money, and charges fees for banking, trading and managing money; its biggest costs are interest paid to depositors and staff pay.
- In FY2025 it earned $193.3 billion of interest and $87.0 billion of fees, trading and other noninterest revenue.
- Of every $100 that came in, $34.9 went as interest to depositors and lenders, $19.4 to employees, and $20.3 was kept as net income.
03Who pays it
Who pays JPMorgan Chase?
Companies, governments and investors
42%
of revenue
Commercial & Investment Bank: advisory and underwriting fees, trading, payments and loan interest
Consumers and small businesses
41%
of revenue
Consumer & Community Banking: interest on cards, home and car loans, the margin on deposits, and fees
Institutions and wealthy individuals
13%
of revenue
Asset & Wealth Management: fees on money managed and advice
Corporate (not a customer group)
4%
of revenue
JPMorgan's own treasury and investment portfolio, including one-off gains such as those on Visa shares
- Companies, governments and investors42%
- Consumers and small businesses41%
- Institutions and wealthy individuals13%
- Corporate (not a customer group)4%
How spread out the customers are
JPMorgan Chase does not report revenue by customer. These shares are its FY2025 segment net revenue on its managed basis, which adds tax-equivalent adjustments and totals $185.6 billion.
04Why it makes money
Why does JPMorgan Chase make money?
It earns the gap between interest on loans and investments and interest on deposits, plus fees
Deposits are the bank's main source of money, and about a quarter of them paid no interest at the end of FY2025. JPMorgan lends and invests that money at higher rates. Fees from trading, advice, payments and money management come on top.
Net yield on interest-earning assets (managed basis)
1.6%2.5%
FY2021 to FY2025
- Collect deposits from people and companies
- Lend and invest the money
- Earn interest, plus fees on other services
- Pay depositors, staff and loan losses
- Keep the rest as capital and profit
↺ Step 5 feeds back into step 1.
05Business segments · FY2025
Which businesses make up JPMorgan Chase?
Commercial & Investment Bank
42%Deal advice, trading, payments and company loans; FY2025 net income $27.8 billion (managed basis).
Revenue $78.5B
Consumer & Community Banking
41%Chase accounts, cards, home and car loans; FY2025 net income $18.2 billion.
Revenue $76.0B
Asset & Wealth Management
13%Funds and wealth management; FY2025 net income $6.5 billion.
Revenue $24.1B
Corporate
4%Treasury and the investment portfolio; FY2025 net income $4.5 billion, down from $10.6 billion in FY2024, which included the Visa share gain.
Revenue $7.0B
How the mix changed
- Commercial & Investment Bank
- Consumer & Community Banking
- Asset & Wealth Management
- Corporate
Revenue by segment, FY2024 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has JPMorgan Chase done?
Net interest income
$95.4BFY2025
Net interest income rose every year, from $52.3 billion in FY2021 to $95.4 billion in FY2025, and was $27.0 billion in Q3 FY2026.
* FY2021: reserve release; FY2023: First Republic; FY2024: Visa share gain; FY2025: Apple Card provision; Q4 FY2025: Apple Card provision; Q2 FY2026: Visa Class C gain; Q3 FY2026: securities losses.
US$ · interest earned minus interest paid
See the yearly numbers
See the quarterly numbers
Net income
$55.7BFY2025
Pre-provision profit, before credit losses and tax, rose from $50.3 billion in FY2021 to $86.8 billion in FY2025.
* FY2021: reserve release; FY2023: First Republic; FY2024: Visa share gain; FY2025: Apple Card provision.
US$ · after the provision for credit losses and tax
See the yearly numbers
See the quarterly numbers
Net interest margin
2.5%FY2025
On JPMorgan's managed basis, the net yield on interest-earning assets rose from 1.64% in FY2021 to 2.70% in FY2023, then fell to 2.50% in FY2025.
% · net interest income as a share of the assets that earn interest, as reported by the company
See the numbers
Loans written off (net charge-offs)
0.74%FY2025
Net charge-offs rose from 0.30% of average retained loans in FY2021 to 0.74% in FY2025, and were 0.59% in Q3 FY2026.
* FY2021: reserve release; FY2023: First Republic; FY2024: Visa share gain; FY2025: Apple Card provision; Q4 FY2025: Apple Card provision; Q2 FY2026: Visa Class C gain; Q3 FY2026: securities losses.
% of average loans · loans written off as unlikely to be repaid, minus amounts later recovered, as reported
See the yearly numbers
See the quarterly numbers
See all yearly numbers
Diluted EPS per common share, based on net income applicable to common stockholders.
Net interest income = interest earned on loans and securities minus interest paid to depositors and lenders. Revenue (net of interest expense) = net interest income + noninterest income (fees and other income). Provision for credit losses = money set aside for loans that may not be repaid. Net income is the amount for common stockholders. Fiscal years are the company's own (December 31).
- Net interest margin is JPMorgan's net yield on average interest-earning assets on its managed basis, which adds tax-equivalent adjustments. Markets assets earn a low yield, so JPMorgan also reports the margin excluding Markets: 3.75% in FY2025.
- Loans are loans retained (held for investment) and the allowance is the allowance for loan losses: the totals JPMorgan's own allowance ratio divides. Total loans, including loans held for sale and at fair value, were $1,493.4 billion at Dec 31, 2025, and JPMorgan states loans at 58% of deposits.
- The allowance for lending-related commitments ($5,610 million at Sep 30, 2026), which includes the Apple Card commitment, sits outside the loan allowance.
- CET1 is on the Basel III Standardized approach. FY2021 to FY2024 include a transition benefit for the CECL accounting standard. At Dec 31, 2025 the Advanced approach was the more binding one (14.1%).
- The net charge-off rate is on average retained loans, as JPMorgan reports it. The efficiency ratio is JPMorgan's stated overhead ratio. ROTCE is JPMorgan's own (non-GAAP) measure.
Learn: What is net interest income and margin? NII and NIM at real US banks · How to read a US earnings release: Nvidia's Q2 fiscal 2027 · What a margin means: dollars kept per $100
Sources (5)
07Who runs it
Who runs JPMorgan Chase, and did they deliver?
James (Jamie) Dimon
Chairman and Chief Executive Officer · since 2005
CEO since December 2005 and Chairman since December 2006. He received 1,822,400,666 votes for and 98,992,842 against at the May 19, 2026 annual meeting.
Doug Petno
Co-President and CEO, Commercial & Investment Bank · since 2026
Elected Co-President on Jun 25, 2026, and became sole CEO of the Commercial & Investment Bank; previously its Co-CEO from January 2025.
Troy Rohrbaugh
Co-President and CEO, Consumer & Community Banking · since 2026
Elected Co-President on Jun 25, 2026, and moved to run Consumer & Community Banking; previously Co-CEO of the Commercial & Investment Bank from January 2024.
Jeremy Barnum
Chief Financial Officer · since 2021
CFO since May 2021.
Mary Erdoes
CEO, Asset & Wealth Management
Received a one-time $20 million retention award in June 2026.
Marianne Lake
CEO, Consumer & Community Banking (retiring)
Decided to retire after more than 25 years at the firm, as the Jun 25, 2026 8-K states.
What they said, and what happened
3 delivered · 1 too early to tell
Said on Feb 14, 2025
JPMorgan said in its FY2024 10-K that it expected FY2025 net interest income of about $94 billion.
DeliveredWhat happened
FY2025 net interest income was $95.4 billion as reported, or $95.9 billion on JPMorgan's managed basis.
Said on Feb 14, 2025
JPMorgan said in its FY2024 10-K that it expected FY2025 adjusted expense of about $95 billion.
DeliveredWhat happened
Noninterest expense was $95.6 billion; leaving out $361 million of legal expense, as adjusted expense does, gives $95.3 billion (Cityfort calculation from the FY2025 10-K).
Said on Feb 14, 2025
JPMorgan said in its FY2024 10-K that it expected a FY2025 card net charge-off rate of about 3.6%.
DeliveredWhat happened
The card net charge-off rate was 3.31% in FY2025, below the 3.6% it expected.
Said on Feb 13, 2026
JPMorgan said in its FY2025 10-K that it expected FY2026 net interest income of about $103 billion and adjusted expense of about $105 billion.
Too early to tellWhat happened
On Oct 13, 2026 it raised these to about $106.2 billion and about $108.6 billion. Managed net interest income was $78.2 billion in the first nine months of FY2026.
Sources (8)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 8-K, Item 5.07: results of the May 19, 2026 annual meeting
- Form 8-K, Item 5.02: Doug Petno and Troy Rohrbaugh elected Co-Presidents; Marianne Lake to retire
- Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Earnings release financial supplement, Q4 2025 (Form 8-K, Ex. 99.2)
- Earnings presentation, Q3 2026 (Form 8-K Item 7.01, Ex. 99.1)
- Earnings release financial supplement, Q3 2026 (Form 8-K, Ex. 99.2)
08What could go wrong
What could go wrong for JPMorgan Chase?
- Other
Loan losses
Net charge-offs rose from $2,865 million in FY2021 to $9,849 million in FY2025. The card net charge-off rate was 3.31% in FY2025 and 2.90% in Q3 FY2026.
Watch The card net charge-off rate and the provision for credit losses each quarter.
- Pricing
Interest rates
Interest paid rose from $5.6 billion in FY2021 to $97.9 billion in FY2025 as rates rose. The 10-K names changes in interest rates and credit spreads as a risk.
Watch Net interest income against JPMorgan's dated outlook.
- Regulation
Capital rules and payouts
Regulators set JPMorgan's Standardized CET1 requirement, including buffers, at 11.5%; its ratio was an estimated 13.9% at Sep 30, 2026. The 10-K says regulators can limit dividends and buybacks.
Watch The CET1 ratio and share repurchases each quarter.
- Legal
Legal and regulatory cases
JPMorgan estimates reasonably possible losses above its reserves at $0 to about $1.3 billion at Sep 30, 2026. Cases include interchange, cash sweep, fair-access matters and Russia-related suits.
Watch The litigation note in each 10-Q.
- Other
One-off gains and trading swings
Visa share gains added $7.9 billion to FY2024 revenue and $4.6 billion in Q2 FY2026. Markets revenue was $10.3 billion of Q3 FY2026 revenue.
Watch Corporate segment income and Markets revenue each quarter.
- Cash and liquidity
Deposit mix
Noninterest-bearing deposits fell from 30.0% of deposits in FY2021 to 24.2% in FY2025 (Cityfort calculation from the FY2022 and FY2025 10-Ks).
Watch Noninterest-bearing deposits in each 10-Q.
- Governance
Leadership succession
Jamie Dimon has been CEO since December 2005. In June 2026 the board named two Co-Presidents as part of its succession planning, and the head of consumer banking is retiring.
Watch 8-K filings on executive changes.
- Execution
Apple Card deal
JPMorgan agreed on Dec 30, 2025 to buy the Apple Card portfolio, expecting to close about 24 months later. It booked a $2.2 billion provision for the commitment in Q4 FY2025.
Watch Updates on the Apple Card transaction in each 10-Q.
Sources (9)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Earnings release financial supplement, Q4 2025 (Form 8-K, Ex. 99.2)
- Earnings release financial supplement, Q3 2026 (Form 8-K, Ex. 99.2)
- Form 8-K, Item 8.01 (Ex. 99): planned dividend increase to $1.65, new $50 billion repurchase program, stress capital buffer
- Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026)
- Earnings release, Q3 2026 (Form 8-K, Ex. 99.1)
- Form 10-K, fiscal year 2022 (ended Dec 31, 2022)
- Form 8-K, Item 5.02: Doug Petno and Troy Rohrbaugh elected Co-Presidents; Marianne Lake to retire
09Both sides
What do supporters and critics point to?
What supporters point to
- Net interest income rose every year, from $52.3 billion in FY2021 to $95.4 billion in FY2025.
- Return on common equity was 17% in FY2025 and 20% in the first nine months of FY2026.
- Deposits reached $2,780.8 billion at Sep 30, 2026, up from $2,559.3 billion at Dec 31, 2025.
- The efficiency ratio fell from 59% in FY2021 to 52% in FY2025.
- Net charge-offs were 0.59% of average retained loans in Q3 FY2026, down from 0.76% a year earlier.
What critics point to
- Net charge-offs rose from $2,865 million in FY2021 to $9,849 million in FY2025.
- Noninterest-bearing deposits fell from 30.0% of deposits in FY2021 to 24.2% in FY2025.
- Visa share gains added $7.9 billion in FY2024 and $4.6 billion in Q2 FY2026, gains that do not repeat each year.
- Share repurchases fell to $1,057 million in Q3 FY2026 from $8,315 million in Q3 FY2025.
- JPMorgan estimates reasonably possible legal losses above its reserves of up to about $1.3 billion at Sep 30, 2026.
10What to watch next
What should you watch next at JPMorgan Chase?
Next event
Q4 FY2026 results
Date not announced yet.
Net interest income against the outlook
JPMorgan said on Oct 13, 2026 that it expects about $106.2 billion for FY2026; managed net interest income was $78.2 billion in the first nine months.
Share repurchases and CET1
Repurchases were $1,057 million in Q3 FY2026, and the Standardized CET1 ratio was an estimated 13.9% at Sep 30, 2026.
Card net charge-offs
The card rate was 2.90% in Q3 FY2026; JPMorgan said on Oct 13, 2026 that it expects about 3.2% for FY2026.
Apple Card
The purchase is expected to close about 24 months after Dec 30, 2025.
11Key facts
Key facts about JPMorgan Chase
- What does JPMorgan Chase do?
- JPMorgan Chase is a US bank holding company that runs Chase consumer banking, the J.P. Morgan commercial and investment bank, and an asset and wealth manager; it had $4,424.9 billion of total assets at Dec 31, 2025.
- How does JPMorgan Chase make money?
- JPMorgan Chase earned $95.4 billion of net interest income (interest earned minus interest paid) and $87.0 billion of noninterest revenue, mostly fees and trading, in FY2025.
- Is JPMorgan Chase profitable?
- JPMorgan Chase reported net income of $57.0 billion in FY2025; $55.7 billion of it was applicable to common stockholders, down from $56.9 billion in FY2024.
- What is JPMorgan Chase's revenue by segment?
- On its managed basis, JPMorgan Chase's FY2025 net revenue of $185.6 billion came 42% from the Commercial & Investment Bank, 41% from Consumer & Community Banking, 13% from Asset & Wealth Management and 4% from Corporate.
- Who are JPMorgan Chase's customers?
- JPMorgan Chase serves consumers and small businesses through Chase, companies, governments and investors through its Commercial & Investment Bank, and institutions and wealthy individuals through Asset & Wealth Management; its FY2025 10-K names no single large customer.
- How big is JPMorgan Chase's Chase consumer bank?
- JPMorgan Chase's Consumer & Community Banking segment, which uses the Chase brand, earned $76.0 billion of managed net revenue and $18.2 billion of net income in FY2025 from deposits, cards, home loans and car loans.
- What does JPMorgan Chase's Commercial & Investment Bank earn?
- JPMorgan Chase's Commercial & Investment Bank earned $78.5 billion of managed net revenue and $27.8 billion of net income in FY2025; in Q3 FY2026 its Markets revenue was $10.3 billion and Payments revenue $5.6 billion.
- How big is JPMorgan Chase's Asset & Wealth Management business?
- JPMorgan Chase's Asset & Wealth Management segment earned $24.1 billion of managed net revenue in FY2025 and had $5.2 trillion of assets under management at Sep 30, 2026.
- How much in deposits and loans does JPMorgan Chase have?
- JPMorgan Chase held $2,780.8 billion of deposits and $1,584.6 billion of total loans at Sep 30, 2026, up from $2,559.3 billion and $1,493.4 billion at Dec 31, 2025.
- Who owns JPMorgan Chase?
- JPMorgan Chase has one class of common stock with one vote per share; its directors and executive officers owned about 0.32% in February 2026, Vanguard Capital Management reported 7.06% in a Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more filed Apr 30, 2026, and the 2026 proxy lists BlackRock at 7.15%, based on a Schedule 13G dated Feb 7, 2024.
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Earnings release financial supplement, Q4 2025 (Form 8-K, Ex. 99.2)
- Earnings release, Q3 2026 (Form 8-K, Ex. 99.1)
- Earnings release financial supplement, Q3 2026 (Form 8-K, Ex. 99.2)
- 2026 proxy statement (DEF 14A)
- Schedule 13G: Vanguard Capital Management, 7.06% of common stock (as of Mar 31, 2026)
Terms on this page
- Allowance for credit losses
- CET1 ratio
- Earnings per share (EPS)
- Efficiency ratio
- Market cap
- Net charge-offs
- Net interest income and margin
- P/E ratio
- Stock buyback
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does JPMorgan Chase sell?
Consumer & Community Banking (Chase)
Checking and savings accounts, credit cards, home loans and car loans for people and small businesses, through branches in 48 states and Washington, D.C., and the Chase app.
Commercial & Investment Bank (J.P. Morgan)
Advice on deals and raising money, trading of bonds, currencies and stocks for investors, payment services, and loans to companies.
Asset & Wealth Management
Investment funds and wealth management for institutions and wealthy individuals, with $5.2 trillion of assets under management at Sep 30, 2026.
Think of it like this
Like a shop that buys money from savers and rents it to borrowers at a higher price.
What it does
- Does: Takes deposits and makes loans
- Does: Issues Chase credit cards
- Does: Trades stocks, bonds and currencies for clients
- Does: Manages investments for a fee
What it does not do
- Does not: Own the Apple Card program yet: the purchase had not closed by Sep 30, 2026
- Does not: Lend out all its deposits: total loans were 58% of deposits at the end of FY2025
- Does not: Earn only from interest: noninterest revenue was $87.0 billion in FY2025
13How the money flows
13How the money flows · FY2025
How does money flow through JPMorgan Chase?
Money in
- Interest earned on loans, securities and other assets$193.3B
- Fees, trading and other noninterest revenue$87.0B
The company
JPMorgan Chase
$280.3B came in
Money out
- Interest paid to depositors and lenders$97.9B
- Employees$54.5B
- Technology, offices, marketing and other costs$41.2B
- Provision for credit losses$14.2B
- Income tax$15.5B
- Net income$57.0B
- People and companies held $2,559.3 billion of deposits with JPMorgan at the end of FY2025.
- It lends and invests that money, earning $193.3 billion of interest in FY2025.
- It also earned $87.0 billion from fees, trading and other services.
- It paid $97.9 billion of interest to depositors and lenders, then staff, other costs, loan losses and tax.
- What was left, $57.0 billion, is net income.
14What it needs to run
14What it needs to run
What does JPMorgan Chase need to run?
Deposits
$2,559.3 billion at Dec 31, 2025: the main money it lends and invests.
Capital
Common stockholders' equity of $342.4 billion at Dec 31, 2025; regulators set minimum capital ratios for the bank.
People
318,512 employees at Dec 31, 2025 in 66 countries, 58% of them in the US; pay cost $54.5 billion in FY2025.
Technology
Technology, communications and equipment cost $11.0 billion in FY2025.
Banking licenses
JPMorgan Chase Bank, N.A. runs US branches in 48 states and Washington, D.C., supervised as a bank; the parent is supervised by the Federal Reserve.
15Where growth could come from
15Where growth could come from
Where could JPMorgan Chase's growth come from?
JPMorgan Chase said in its Q3 2026 earnings presentation (Oct 13, 2026) that it expects FY2026 net interest income of about $106.2 billion, about $97.2 billion excluding Markets, and adjusted expense of about $108.6 billion, all market dependent, and a Card Services net charge-off rate of about 3.2%. It gave a preliminary central case of about $107 billion of FY2027 net interest income excluding Markets.
Markets trading
Working+15% in Q3 FY2026
Markets revenue was $10.3 billion in Q3 FY2026: equity markets rose 49% to $5.0 billion, and fixed income fell 4% to $5.4 billion.
Status: Working, on track against what the company said.
Payments
Working+14% in Q3 FY2026
Payments revenue in the Commercial & Investment Bank was $5.6 billion in Q3 FY2026, and investment banking fees were $3.0 billion, up 14%.
Status: Working, on track against what the company said.
Asset & Wealth Management
Working+14.7% in 9M FY2026
Revenue was $20.1 billion in the nine months to Sep 30, 2026, up from $17.6 billion a year earlier (Cityfort calculation from the Q3 FY2026 financial supplement). Assets under management were $5.2 trillion, up 13%.
Status: Working, on track against what the company said.
Chase customers and cards
WorkingMore than 650,000 checking accounts, Q3 FY2026
Chase added more than 650,000 net new checking accounts in Q3 FY2026, and card sales volume grew 10%.
Status: Working, on track against what the company said.
Loans
Working+10% average loans, Q3 FY2026
Average loans grew 10% and average deposits 8% from Q3 FY2025.
Status: Working, on track against what the company said.
Apple Card
NewCommitment signed Dec 30, 2025
Chase is to become the issuer of Apple Card. JPMorgan expects the purchase to close about 24 months after Dec 30, 2025, and booked a $2.2 billion provision for it in Q4 FY2025.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
16The company's own measures (non-GAAP)
16The company's own measures · FY2025 and Q3 FY2026
What do JPMorgan Chase's own measures show?
Official (GAAP): Return on average common equity, FY2025
17.0%
Company's own measure: Return on average tangible common equity (ROTCE), FY2025
20%
Leaves goodwill and other intangible assets out of equity, as JPMorgan defines it.
Official (GAAP): Book value per share, Sep 30, 2026
$132.30
Company's own measure: Tangible book value per share, Sep 30, 2026
$112.64
Common equity minus goodwill and other intangible assets (plus certain deferred tax liabilities), per share.
Official (GAAP): Total net revenue, FY2025
$182.4B
Company's own measure: Total net revenue, managed basis, FY2025
$185.6B
Adds $3,134 million of tax-equivalent adjustments, so tax-exempt income is shown as if taxed; the segment figures on this page use this basis.
Official (GAAP): Net interest income, FY2025
$95.4B
Company's own measure: Net interest income excluding Markets, FY2025
$92.6B
Managed net interest income ($95,868 million) minus the $3,277 million earned in the Markets trading business.
Official (GAAP): Net income, Q3 FY2026
$15.3B
Company's own measure: Net income excluding a significant item, Q3 FY2026
$15.8B
Leaves out the effect of $658 million of net investment securities losses, as JPMorgan states it.
Official (GAAP): Diluted EPS, Q3 FY2026
$5.57
Company's own measure: Diluted EPS excluding a significant item, Q3 FY2026
$5.75
The same exclusion; the securities losses cut EPS by $0.18.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
17Financial strength: capital, loan losses, deposits
17Financial strength · FY2025
How strong is JPMorgan Chase's balance sheet?
- Loans made$1.41T
- Deposits taken$2.56T
- of which pay no interest$620.4B
Loans were 55.0% of deposits at the end of FY2025 (Cityfort calculation from the reported totals: loans ÷ deposits).
Noninterest-bearing deposits, such as many checking accounts, were 24.2% of deposits (Cityfort calculation: noninterest-bearing deposits ÷ total deposits).
- CET1 capital ratio
- 14.6%
- common equity capital as a share of risk-weighted assets (Basel III Standardized approach); regulators set a minimum
- Allowance for credit losses
- $25.8B
- money set aside for expected loan losses: 1.83% of loans
- Net charge-offs
- $9.8B
- loans written off, minus recoveries: 0.74% of average loans
- Efficiency ratio
- 52.0%
- $ of noninterest expense per $100 of revenue (net interest income + noninterest income)
- Return on assets
- 1.29%
- net income as % of average total assets
- Return on equity
- 17.0%
- net income as % of average common equity
- Return on tangible common equity
- 20.0%
- the company's own measure (non-GAAP): equity without goodwill and other intangibles
Figures at the end of FY2025, consolidated, as reported by the company in its 10-K and earnings release; see the dates on each source.
Learn: What are net charge-offs? Loans written off, with real US companies · What is the allowance for credit losses? Loss reserves at US banks · What is the CET1 ratio? A bank's core capital, with real US companies · What is a bank efficiency ratio? Costs vs revenue, with real US banks · How to read a 10-K in 10 minutes
18Who owns it
18Who owns it · ownership as of Mar 20, 2026
Who owns JPMorgan Chase?
- Officers and directors (as a group), shares
- 0.3%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did JPMorgan Chase's insiders report trading?
JPMorgan Chase's insiders made 120 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 43 sales (410,453 shares) in the open market or privately (codes P and S).
43 of the 43 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 93 other share transactions (M: 35, A: 26, F: 22, G: 10).
They also report 61 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
- G
- a bona fide gift
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 136 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of JPMorgan Chase's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
19What it does with profit
19What it does with profit
What does JPMorgan Chase do with its profit?
Dividend per share
$5.80FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Sep 30, 2026
9M FY2026: 52.3 million shares repurchased for $16,088 million, against $23,378 million in 9M FY2025. Q3 FY2026 alone: $1,057 million, against $8,315 million in Q3 FY2025.
$16.1B
20Governance signals
20Governance signals
What do JPMorgan Chase's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 1965
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy says directors, executive officers, BlackRock and Vanguard were customers of the bank in 2025, with loans and other services on substantially the same terms as for unrelated customers.
- Credit rating
- Moody's, S&P and Fitch (as stated in the Q3 FY2026 10-Q, at Sep 30, 2026) A1 (Moody's) / A (S&P) / AA- (Fitch) for the parent company; Aa2 / AA- / AA for JPMorgan Chase Bank, N.A. (Stable (all three)), Sep 30, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
regulatory · Nov 3, 2026
Fair access to banking reviews and lawsuit
After an August 2025 Executive Order on fair banking, JPMorgan is responding to government requests about its policies and services to customers. In October 2026 the OCC, a federal bank regulator, reported on its review of nine banks including JPMorgan, and the CFPB announced its intent to address any customer harm from practices the report identified. Separately, President Donald J. Trump, in his personal capacity, and affiliated companies sued JPMorgan Chase Bank, N.A. and its CEO in Florida state court in January 2026. The case was moved to federal court in New York in October 2026, and the defendants have filed a motion to dismiss.
regulatory · Nov 3, 2026
Other legal matters
The 10-Q also describes the Amrapali matter in India, cash sweep class actions, foreign exchange, interchange (including a new merchant class action in October 2026), LIBOR and Russia-related cases; Russian courts have stayed enforcement of one $439 million judgment against JPMorgan's unprotected assets in Russia pending an appeal. JPMorgan estimates reasonably possible losses above its reserves at $0 to about $1.3 billion at Sep 30, 2026.
other · Jun 25, 2026
Co-Presidents named, with retention awards
On Jun 25, 2026 the board named Doug Petno and Troy Rohrbaugh Co-Presidents as part of its succession planning. They received one-time retention awards of $30 million each, and Mary Erdoes and Jennifer Piepszak $20 million each, vesting after three years if average ROTCE for 2026 to 2028 reaches 12%.
other · Dec 8, 2025
Director resignation
Director Todd A. Combs resigned from the board on Dec 7, 2025; the 8-K says the resignation was not the result of any disagreement with the company.
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 8-K, Item 5.07: results of the May 19, 2026 annual meeting
- 2026 proxy statement (DEF 14A)
- Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026)
- Form 8-K, Item 5.02: Doug Petno and Troy Rohrbaugh elected Co-Presidents; Marianne Lake to retire
- Form 8-K, Item 5.02: director Todd A. Combs resigns
21What the market paid
21What the market paid · price as of Nov 5, 2026
What did the market pay for JPMorgan Chase on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: JPMorgan Chase's common shares closed at $337.34, from Nasdaq's historical price table for JPM; the shares are listed on the NYSE. Market value of about $895.8 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q) = $337.34 × 2,655.6 million shares at Sep 30, 2026. P/E is price ÷ earnings per share: 14.2 on diluted EPS of $23.84 for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q3 FY2026 financial supplement). Price-to-book is 2.55, on book value of $132.30 a share at Sep 30, 2026. Dividend yield is 1.96%: $1.65 × 4 = $6.60 a year ÷ the price.
- Share price
- $337.34
- Market value (market cap)
- $895.8B
- P/E
- 14.2×
- P/B
- 2.6×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
4.4×
$895.8B market value ÷ $203.2B revenue (four quarters to Sep 30, 2026) = 4.4×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases. Source: JPM historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; JPM is listed on the NYSE); Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026); Earnings release financial supplement, Q3 2026 (Form 8-K, Ex. 99.2) and 1 more
How price ratios work
Shares used for the market value: 2,655.61 million ($337.34 × 2,655.61 million shares ≈ $895.8B). Source: Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026); 2026 proxy statement (DEF 14A)
Source: JPM historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; JPM is listed on the NYSE); Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026); Earnings release financial supplement, Q3 2026 (Form 8-K, Ex. 99.2)
Sources (5)
- JPM historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; JPM is listed on the NYSE)
- Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026)
- Earnings release financial supplement, Q3 2026 (Form 8-K, Ex. 99.2)
- Earnings release financial supplement, Q4 2025 (Form 8-K, Ex. 99.2)
- 2026 proxy statement (DEF 14A)
22How it got here
22How it got here
How did JPMorgan Chase get here?
1968
Milestone
Incorporated in Delaware
JPMorgan Chase & Co. was incorporated in Delaware in 1968, as its 10-K states.
2021
Milestone
Reserves released
The FY2021 provision for credit losses was a net release of $9,256 million, after reserves built in 2020.
2023
Business-model change
First Republic acquired
JPMorgan acquired First Republic Bank in May 2023 and booked a bargain purchase gain of about $2.8 billion; FY2023 costs included a $2.9 billion FDIC special assessment.
2024
Business-model change
Commercial & Investment Bank formed
In Q2 2024 JPMorgan combined its Corporate & Investment Bank with Commercial Banking into one segment.
2024
Milestone
Visa share gain
FY2024 revenue included a $7.9 billion net gain on Visa shares, and costs a $1.0 billion gift of Visa shares to the JPMorgan Chase Foundation.
2025
Business-model change
Apple Card commitment
On Dec 30, 2025 JPMorgan agreed to buy the Apple Card portfolio; Chase is to become the card's issuer.
2026
Milestone
Visa Class C gain
Q2 FY2026 revenue included a $4.6 billion net gain on Visa Class C shares, plus $1.0 billion of gains on other equity investments.
2026
Milestone
Co-Presidents named
Doug Petno and Troy Rohrbaugh became Co-Presidents on Jun 25, 2026, running the investment and consumer banks.
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026)
- Earnings release financial supplement, Q3 2026 (Form 8-K, Ex. 99.2)
- Form 8-K, Item 5.02: Doug Petno and Troy Rohrbaugh elected Co-Presidents; Marianne Lake to retire
23Sources and changes
Where every number on this page comes from
Sources (17 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 13, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 14, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 16, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2023
- S5Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026) · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
- S6Earnings release, Q3 2026 (Form 8-K, Ex. 99.1) · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 13, 2026
- S7Earnings release financial supplement, Q3 2026 (Form 8-K, Ex. 99.2) · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 13, 2026
- S8Earnings release financial supplement, Q4 2025 (Form 8-K, Ex. 99.2) · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 13, 2026
- S9Earnings presentation, Q3 2026 (Form 8-K Item 7.01, Ex. 99.1) · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 13, 2026
- S102026 proxy statement (DEF 14A) · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 6, 2026
- S11Schedule 13G: Vanguard Capital Management, 7.06% of common stock (as of Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S12Schedule 13G/A (Amendment No. 10): The Vanguard Group, 0% of common stock (as of Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S13Form 8-K, Item 8.01 (Ex. 99): planned dividend increase to $1.65, new $50 billion repurchase program, stress capital buffer · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 24, 2026
- S14Form 8-K, Item 5.02: Doug Petno and Troy Rohrbaugh elected Co-Presidents; Marianne Lake to retire · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 25, 2026
- S15Form 8-K, Item 5.02: director Todd A. Combs resigns · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 8, 2025
- S16Form 8-K, Item 5.07: results of the May 19, 2026 annual meeting · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · May 21, 2026
- S17JPM historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; JPM is listed on the NYSE) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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