JPMorgan Chase & Co. (JPM) financials
NYSE · Financial Services · Banks - Diversified · 322,964 employees · CEO Jamie Dimon
- Price
- $337.04 -1.90%
- Market cap
- $896B
- Enterprise value
- $1.8T
- Last report
- Q3 '26 filed 2026-10-13
- Next report
- 2027-01-14
Revenue (TTM)$302B+8.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)28.2%+2.0 pp vs a year agoOperating income $85.3B
Net income (TTM)$66B+13.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$117B+2.0% vs a year agoCapex $0
Diluted EPS (TTM)$23.84+18.1% vs a year agoSum of the last 4 quarters
Net cash$1.47T+239.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $896B EV $1.8T
- Revenue
- $302B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- 21.9% Net income / revenue, TTM
- P/E
- 14.1×
- P/S
- 3.0× Price / sales, TTM
- EV / EBITDA
- 19.6× TTM
- Free cash flow
- -$117B Trailing 12 months
- Net income
- $66B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2027-01-14
- Dividend
- $6.15 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 6.0% year on yearQ3 '26 revenue $76.2B, against an average of 8.0% over the four quarters before.
- Operating margin 28.2% (TTM), +2.0 pp on a year agoOperating income grew 17.1% while revenue grew 8.7%.
- Capex 0.0% of revenue (a year ago 0.0%)$0 invested in the last 4 quarters (– on a year earlier). Free cash flow -$117B = -177.8% of net income.
- Diluted share count down 3.1% in a year2.68B diluted shares in Q3 '26, 2.77B a year earlier.
- Net cash $1.47TCash + short-term investments $2.7T, debt incl. leases $1.23T; a year ago net cash $433B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $76.2B | $71.9B | +6.0% |
| Gross margin | 62.2% | 59.8% | +2.4 pp |
| Operating income | $20.1B | $18.7B | +7.4% |
| Operating margin | 26.4% | 26.1% | +0.4 pp |
| Net income | $15.3B | $14.4B | +6.3% |
| Diluted EPS | $5.57 | $5.07 | +9.9% |
| Operating cash flow | $0 | -$45.2B | +100.0% |
| Capex | $0 | $0 | – |
| Free cash flow | $0 | -$45.2B | +100.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Commercial And Investment Bank | $19.4B | – | 42.3% | $78.5B | – | |
| Consumer & Community Banking | $19.4B | +5.6% | 42.4% | $76B | +6.3% | |
| Asset and Wealth Management Segment | $6.52B | +12.8% | 14.2% | $24.1B | +11.6% | |
| Segment Reporting, Reconciling Item, Corporate Nonsegment | $1.48B | – | 3.2% | $7.03B | – | |
| Segment Reconciling Items | -$969M | – | -2.1% | -$3.13B | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$117B
- Capex
- $0
- Buybacks
- -$23.4B
- Dividends
- -$13.1B
- Acquisitions
- $0
- Net debt issued
- $34B
- Stock-based compensation
- $0
- Free cash flow
- -$117B
- Returned to shareholders / FCF
- -31.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 14.1× | 12.0× | 10.3× – 16.1× |
| EV / EBITDA | 19.6× | 9.8× | 4.2× – 18.3× |
| EV / Sales | 6.0× | 3.2× | 2.2× – 5.3× |
| Price / FCF | -7.6× | 16.1× 3 of 5 years | 3.7× – 38.5× |
| Price / Book | 2.4× | 1.8× | 1.4× – 2.5× |
| FCF yield | -13.1% | 4.6% | -16.5% – 26.9% |
| Return on invested capital | 3.3% | 4.8% | 4.2% – 5.6% |
| Return on equity | 17.9% | 15.4% | 12.9% – 17.0% |
Analysts
Consensus target $373.36 (+10.8%)
range $312.00 – $425.00 · rating Buy
Strong buy1
Buy31
Hold27
Sell2
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 439 figures JPMorgan Chase & Co. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities | $384B | $304B | +26.6% | $317B | $281B | +12.9% |
| Accounts Payable and Other Accrued Liabilities | $130B2025-12-31 | $128B | +2.1% | $130B | $128B | +2.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7.69B | -$7.24B | -6.2% | -$4.29B | -$12.5B | +65.6% |
| Additional Paid in Capital, Common Stock | $90.6B | $90.6B | 0.0% | $91.1B | $90.9B | +0.2% |
| Affordable Housing Tax Credits and Other Tax Benefits, Amount | $1.74B | $1.44B | +20.7% | $6.1B | $6.38B | -4.4% |
| Amortization Method Qualified Affordable Housing Project Investments | $33.2B | $31.8B | +4.3% | $33.9B | $32B | +5.9% |
| Amortization Method Qualified Affordable Housing Project Investments, Amortization | $1.52B | $1.05B | +45.0% | $4.55B | $5.02B | -9.3% |
| Amortization of Intangible Assets | – | – | – | $292M | $339M | -13.9% |
| Assets | $5.02T | $4.55T | +10.2% | $4.42T | $4T | +10.5% |
| Beneficial Interest Liability | $29.5B | $27.7B | +6.4% | $28B | $27.3B | +2.3% |
| Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization | $187B2025-12-31 | $153B | +21.9% | $187B | $153B | +21.9% |
| Brokerage Commissions Revenue | $1.15B | $948M | +21.6% | $3.73B | $3.12B | +19.5% |
| Business Combination, Bargain Purchase, Gain Recognized, Amount | $02025-12-31 | $0 | – | $0 | $103M | -100.0% |
| Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net | – | – | – | $0 | $0 | – |
| Cash and Due from Banks | $24.7B | $23.8B | +4.0% | $21.7B | $23.4B | -7.0% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -$200M | $300M | -166.7% | -$926M | -$1.6B | +42.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $310B | $420B | -26.3% | $343B | $469B | -26.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$2.33B | -$5.58B | +58.2% | -$126B | -$155B | +18.6% |
| Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $1.08B | $361M | +200.0% | -$2.86B | $827M | -446.2% |
| Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | -$771M | $95M | -911.6% | $4.74B | $177M | +2,580.2% |
| Collateral Already Posted, Aggregate Fair Value | $25.1B | $17.1B | +47.2% | $20.6B | $15.2B | +35.2% |
| Common Stock, Dividends, Per Share, Declared | $1.50 | $1.40 | +7.1% | $5.80 | $4.80 | +20.8% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 9B | 9B | 0.0% | 9B | 9B | 0.0% |
| Common Stock, Shares, Issued | 4.1B | 4.1B | 0.0% | 4.1B | 4.1B | 0.0% |
| Common Stock, Shares, Outstanding | 2.7B2025-12-31 | 2.8B | -3.6% | 2.7B | 2.8B | -3.6% |
| Common Stock, Value, Issued | $4.11B | $4.11B | 0.0% | $4.11B | $4.11B | 0.0% |
| Communications and Information Technology | $3.11B | $2.7B | +14.9% | $11B | $9.83B | +12.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $20.2B | $16.9B | +19.6% | $65.2B | $56.5B | +15.5% |
| Continuing Involvement with Transferred Financial Assets, Principal Amount Outstanding | $329B | $283B | +16.3% | $307B | $266B | +15.2% |
| Contract with Customer, Refund Liability, Current | $16B2025-12-31 | $14.4B | +11.1% | $16B | $14.4B | +11.1% |
| Contractually Specified Servicing Fees, Amount | $404M | $412M | -1.9% | $1.64B | $1.61B | +1.8% |
| Credit Derivative, Maximum Exposure, Undiscounted | $717B | $722B | -0.7% | $628B | $561B | +11.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $3.11B | $7.09B | -56.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4.27B | $4.75B | -10.2% |
| Current Income Tax Expense (Benefit) | – | – | – | $9.94B | $14.6B | -32.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2.56B | $2.76B | -7.3% |
| Debt Securities, Available-for-Sale, Accrued Interest Writeoff | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $1.43B | $1.96B | -26.8% | $3.31B | $1.12B | +197.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $4.07B | $5.17B | -21.2% | $3.34B | $5.31B | -37.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $14.4B | $9.13B | +57.6% | $16B | $9.34B | +71.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $676M | $723M | -6.5% | $876M | $689M | +27.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $32B | $24.3B | +31.8% | $16B | $26.8B | -40.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $233M | $1.27B | -81.7% | $219M | $482M | -54.6% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $539B | $488B | +10.6% | $507B | $412B | +22.9% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | $133B | $139B | -4.1% | $135B | $135B | +0.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | $132B | $135B | -2.5% | $134B | $130B | +2.6% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | $96.5B | $68.3B | +41.2% | $63.5B | $52B | +22.0% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | $96.1B | $68.4B | +40.5% | $63.9B | $51.8B | +23.5% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | $280B | $243B | +15.2% | $258B | $191B | +35.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | $279B | $245B | +14.0% | $260B | $191B | +36.4% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $29.1B | $37B | -21.3% | $49.6B | $34.3B | +44.8% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $29.1B | $37B | -21.2% | $49.7B | $34.2B | +45.2% |
| Debt Securities, Available-for-sale, Realized Gain | $224M | $94M | +138.3% | $674M | $593M | +13.7% |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | -$395M | -$54M | -631.5% | -$57M | -$1.02B | +94.4% |
| Debt Securities, Available-for-sale, Realized Loss | $619M | $148M | +318.2% | $731M | $1.61B | -54.7% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $46.4B | $33.4B | +38.9% | $32B | $36.1B | -11.2% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $909M | $2B | -54.5% | $1.1B | $1.17B | -6.5% |
| Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 10 | 4.8% | 4.9% | -0.2% | 4.7% | 5.0% | -5.4% |
| Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 5 Through 10 | 4.1% | 4.6% | -11.2% | 4.1% | 4.7% | -11.9% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30
Data as of 2026-11-01