Company file · JPM
JPMorgan Chase
Just over half of JPMorgan's revenue is interest earned minus interest paid
Net interest income was $95.4B of $182.4B in total net revenue in 2025. Net income was $57.0B, down 2.4% on 2024; the provision for credit losses rose 33.1% to $14.2B.
Key facts
JPMorgan Chase (NYSE: JPM) reported total net revenue of $182.4B for fiscal 2025, the year ended Dec 31, 2025, up 2.8% from fiscal 2024. Net income was $57.0B, down 2.4%. In its latest 10-Q, for the quarter ended Jun 30, 2026, net revenue was $57.3B, up 27.7% from the same quarter a year earlier, and net income was $21.2B. The largest piece by business segment (managed basis) was Commercial & Investment Bank, at 42% of fiscal 2025 total net revenue. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026).
Source: 10-K FY2025, filed Feb 13, 2026
Source: 10-Q filed May 1, 2026 · 10-Q filed Aug 6, 2026
How it makes money
By business segment (managed basis), FY2025
- LineAmountSharevs FY2024
- Commercial & Investment Bank$78.5B42%+11.9%
- Consumer & Community Banking$76.0B41%+6.3%
- Asset & Wealth Management$24.1B13%+11.6%
- Corporate$7.0B4%−59.6%
Source: 10-K FY2025, XBRL breakdown
Net interest income, what it earns on loans and securities minus what it pays on deposits and borrowings, was $95.4B, or 52% of 2025 net revenue. The rest, $87.0B, was noninterest revenue such as fees, card income and trading.
Source: 10-K FY2025
What changed last quarter
The bull case and the bear case
The bull case
- Deposits grew 6.4% in 2025 to $2.56T. 10-K, FY2025
- Net revenue in the quarter ended Jun 30, 2026 was $57.3B, up 27.7%; net income rose 41.2% to $21.2B. 10-Q, quarter ended Jun 30, 2026
- Commercial & Investment Bank revenue grew 11.9% in 2025 to $78.5B. 10-K, FY2025
- Diluted shares fell from 2.94B in 2023 to 2.78B in 2025. 10-K, FY2025
The bear case
- Net income fell 2.4% in 2025 to $57.0B. 10-K, FY2025
- The provision for credit losses rose 33.1% in 2025 to $14.2B, from $9.3B in 2023. 10-K, FY2025
- With 52% of revenue from net interest income, results are sensitive to interest rates; the 10-K lists rate and credit-spread changes among its risks. 10-K, Item 1A
- The 10-K also stresses heavy regulation, legal proceedings and cyber attacks as risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
JPMorgan Chase is a bank holding company. It takes deposits and lends to households and businesses through Chase, runs investment banking, trading and payments businesses, and manages money for institutions and individuals.
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.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in JPMorgan Chase's latest 10-K. Read the original for the full list.
- RegulationIt is heavily regulated, and changing rules and supervisory expectations can raise costs or limit what it does.
- LegalLawsuits, investigations and enforcement actions could bring large penalties.
- Economy and marketsWeak economies, market swings and political or geopolitical shocks could hurt its consumer and wholesale businesses.
- Interest rates and creditChanges in interest rates and credit spreads affect earnings, liquidity and capital, and borrowers or counterparties may not repay.
- Liquidity and capitalTighter liquidity, credit-rating downgrades or capital rules could limit its funding and payouts to shareholders.
- Operations and cyberSystem failures, cyber attacks and problems at vendors or other connected firms could disrupt operations.
- Technology and AIAI and other new technologies may change competition and bring new risks.
- ConductEmployee misconduct could lead to lawsuits, regulatory action and reputational harm.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total net revenue | $158.1B | $177.6B | $182.4B |
| Net income | $49.6B | $58.5B | $57.0B |
| Net interest income | $89.3B | $92.6B | $95.4B |
| Noninterest revenue | $68.8B | $85.0B | $87.0B |
| Provision for credit losses | $9.3B | $10.7B | $14.2B |
| Deposits (year end) | $2.40T | $2.41T | $2.56T |
| Total assets (year end) | $3.88T | $4.00T | $4.42T |
| Shareholders' equity (year end) | $327.9B | $344.8B | $362.4B |
| Diluted shares | 2.94B | 2.88B | 2.78B |
- 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.
- Net income: Profit after all costs, credit-loss provisions and taxes.
- Net interest income: Interest earned on loans and securities minus interest paid on deposits and borrowings.
- Noninterest revenue: Fees, commissions, trading and other revenue that isn't interest.
- Provision for credit losses: Amount set aside in the year for loans and other credit that may not be repaid.
- Deposits: Money customers keep at the bank, a liability on its balance sheet.
- Total assets: Everything on the balance sheet: loans, securities, cash, trading assets and more.
- Shareholders' equity: Book value, including preferred stock.
- Diluted shares: Weighted average diluted common shares for the year.
About these numbers
- Banks don't report revenue the way other companies do. Total net revenue here is net interest income plus noninterest revenue.
- Segment revenue is on JPMorgan's “managed basis”, which counts some tax-exempt income as if it were taxable. The segments plus Corporate therefore add up to a little more than reported net revenue; the reconciling item isn't shown.
- Corporate (treasury, the investment portfolio and other central items) isn't a customer-facing business and its revenue can move sharply from quarter to quarter, so it is left out of the last-quarter changes; it is included in the annual segment chart.
What we left out
- Operating cash flow: for a bank it mostly reflects trading and lending flows (2025's figure was negative) and says little about the business, so we leave it out.
- Total debt: borrowing is a normal part of how a bank funds itself, alongside deposits, so a debt total isn't comparable with other companies' and isn't shown.
- Cash: a bank's cash is mostly balances held with central banks for liquidity, not a cushion in the usual sense, so it isn't shown.
Recent filings
Latest filings
- Oct 204:15 PM ET
8-K
JPMorgan Chase files an 8-K on other events
JPMorgan Chase filed a Form 8-K on Oct 20, 2026 at 4:15 PM ET under Item 8.01 (Other Events).
- Oct 156:47 PM ET
Form 4
JPMorgan Chase director Stephen B. Burke reports a gift of 30,000 shares
The filing reports 30,000 shares given as a gift (code G).
- Oct 139:38 AM ET
8-K
JPMorgan Chase files an 8-K on investor materials (Reg FD)
JPMorgan Chase filed a Form 8-K on Oct 13, 2026 at 9:38 AM ET under Item 7.01 (Regulation FD Disclosure).
- Oct 136:30 AM ET
8-K
JPMorgan Chase files an 8-K on quarterly results
JPMorgan Chase filed a Form 8-K on Oct 13, 2026 at 6:30 AM ET under Item 2.02 (Results of Operations and Financial Condition).
- Oct 14:16 PM ET
Form 4
JPMorgan Chase director Phebe N. Novakovic reports an award of about 121 shares
The filing reports about 121 shares in a grant or award (code A).
Common questions about JPMorgan Chase
How does JPMorgan Chase make money?
JPMorgan Chase's total net revenue was $182.4B in fiscal 2025. Net interest income, what it earns on loans and securities minus what it pays on deposits and borrowings, was $95.4B, or 52% of 2025 net revenue. The rest, $87.0B, was noninterest revenue such as fees, card income and trading. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
What was JPMorgan Chase's revenue in fiscal 2025?
$182.4B of total net revenue for the fiscal year ended Dec 31, 2025, up 2.8% from $177.6B in fiscal 2024. Fiscal 2023 was $158.1B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
Is JPMorgan Chase profitable?
JPMorgan Chase reported net income of $57.0B for fiscal 2025, down 2.4% from $58.5B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $21.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
What did JPMorgan Chase report in its latest quarterly filing?
Net revenue was $57.3B in the quarter ended Jun 30, 2026, up 27.7% from $44.9B a year earlier. Net income was $21.2B, up 41.2% from $15.0B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026.
What are the main risks JPMorgan Chase lists?
JPMorgan Chase's 10-K for fiscal 2025, filed Feb 13, 2026, lists its risk factors in Item 1A. We group them into 8 areas: Regulation; legal; economy and markets; interest rates and credit; liquidity and capital; operations and cyber; technology and AI; conduct. The first: It is heavily regulated, and changing rules and supervisory expectations can raise costs or limit what it does. Source: 10-K, Item 1A Risk Factors.
Where do these JPMorgan Chase numbers come from?
From JPMorgan Chase's own SEC filings: the 10-K for fiscal 2025 (filed Feb 13, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in JPM
- The editor holds no position in JPMorgan Chase (JPM). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell JPM from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold JPM, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| JPMorgan ChaseJPM | FY2025 | $182.4B | +2.8% | $57.0B |
| Berkshire HathawayBRK.B | FY2025 | $371.4B | +0.0% | $67.0B |
| VisaV | FY2025 | $40.0B | +11.3% | $20.1B |
| MastercardMA | FY2025 | $32.8B | +16.4% | $15.0B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.