Compare · BAC and JPM
Bank of America vs. JPMorgan Chase
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Both run consumer banking, credit cards, lending to companies, investment banking and trading under one roof. JPMorgan Chase serves households through Chase; Bank of America's wealth business includes Merrill and the Private Bank. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Both fiscal years end in December, so the periods line up. Why fiscal years differ.
Comparing Bank of America fiscal 2025 (ended Dec 31, 2025) with JPMorgan Chase fiscal 2025 (ended Dec 31, 2025)
Bank of AmericaJPMorgan Chase
Each pair of bars shows both companies on one scale.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| Bank of America (FY2024 to FY2025) | $105.9B | $113.1B | +6.8% |
| JPMorgan Chase (FY2024 to FY2025) | $177.6B | $182.4B | +2.8% |
Bank of America reports total revenue, net of interest expense: net interest income plus noninterest income such as fees and trading. It is counted after the interest paid to depositors and lenders. JPMorgan Chase reports total net revenue: net interest income plus noninterest revenue such as fees and trading. It is counted after the interest paid to depositors and lenders.
Margins
| Company | Revenue | Net income | Net margin |
|---|---|---|---|
| Bank of America FY2025 | $113.1B | $30.5B | 27.0% |
| JPMorgan Chase FY2025 | $182.4B | $57.0B | 31.3% |
Banks don't report an operating income line, so the table shows net margin only.
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Buybacks | Dividends paid |
|---|---|---|---|
| Bank of America FY2025 | $12.6B | $21.4B | $9.6B |
| JPMorgan Chase FY2025 | −$147.8B | $31.6B | $16.6B |
A bank's cash from operations swings with its trading and lending balances, so Ticker Sage doesn't work out free cash flow for banks. How buybacks work · How dividends work.
How each one makes money
Bank of America
It reports four business segments. Consumer Banking covers deposits, credit cards, mortgages and auto loans for individuals and small businesses. Global Wealth & Investment Management covers Merrill and the Private Bank. Global Banking covers lending, treasury services and investment banking for companies. Global Markets covers trading and market-making for institutional clients.
Like other banks, most of its funding comes from customer deposits. Its fiscal year is the calendar year.
JPMorgan Chase
Consumer & Community Banking serves households and small businesses through Chase branches, credit cards, mortgages and auto loans. Commercial & Investment Bank serves companies, governments and institutions with lending, investment banking, markets and payments. Asset & Wealth Management manages money for institutions and individuals. Corporate holds the firm's treasury and investment portfolio.
Its fiscal year is the calendar year.
Main risks each one lists
Bank of America
- Changes in rates affect what it earns on loans and pays on deposits, and the value of its securities.
- Borrowers and trading counterparties may not repay, especially in a weaker economy.
- It depends on deposits and market funding, which can move quickly under stress.
- Capital, liquidity and other banking rules can limit how it uses capital and what it earns.
- Trading and wealth revenue rise and fall with markets.
JPMorgan Chase
- It is heavily regulated, and changing rules and supervisory expectations can raise costs or limit what it does.
- Lawsuits, investigations and enforcement actions could bring large penalties.
- Weak economies, market swings and political or geopolitical shocks could hurt its consumer and wholesale businesses.
- Changes in interest rates and credit spreads affect earnings, liquidity and capital, and borrowers or counterparties may not repay.
- Tighter liquidity, credit-rating downgrades or capital rules could limit its funding and payouts to shareholders.
How they differ
- Size. JPMorgan Chase reported $182.4B of revenue for fiscal 2025, and Bank of America $113.1B for fiscal 2025.
- Growth. Bank of America's revenue grew 6.8% in its latest year and JPMorgan Chase's 2.8%.
- Margins. JPMorgan Chase kept 31.3% of revenue as net income and Bank of America 27.0%.
- Segments. Bank of America reports Consumer Banking, Global Wealth & Investment Management, Global Banking and Global Markets. JPMorgan Chase reports Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management.
- Where the money goes. Both spent more on buybacks than on dividends in the latest year: JPMorgan Chase $31.6B and $16.6B, Bank of America $21.4B and $9.6B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- Bank of America Form 10-K for fiscal 2025, filed Feb 25, 2026
- JPMorgan Chase Form 10-K for fiscal 2025, filed Feb 13, 2026
Bank of America company file → · JPMorgan Chase company file →
Common questions
Which is bigger by revenue, JPMorgan Chase or Bank of America?
JPMorgan Chase reported $182.4B of revenue for fiscal 2025 and Bank of America $113.1B for fiscal 2025.
Why is there no free cash flow figure for these banks?
A bank's cash from operations moves with its trading assets, loans held for sale and other balances, so cash from operations minus capital spending doesn't describe the business the way it does elsewhere. Ticker Sage leaves free cash flow out for banks and shows the cash each one returned to shareholders.
How do their profit margins compare?
In the latest fiscal year JPMorgan Chase's net margin was 31.3% and Bank of America's was 27.0%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.