# JPMorgan Chase & Co. (JPM) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-27  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/JPM/thesis · /stocks/JPM/memo

## Financial Snapshot

---
ticker: JPM
step: 04
generated: 2026-05-11
source: quick-research
---

### JPMorgan Chase & Co. (JPM) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|--------|--------|--------|--------|------------|
| Total Revenue (managed) | $158.1B | $176.0B | $185.0B | +5.1% |
| Net Interest Income | $89.3B | $92.6B | $94.5B | +2.1% |
| Non-Interest Income | $68.8B | $83.4B | $90.5B | +8.5% |
| Provision for Credit Losses | $9.3B | $10.7B | $9.5B | -11.2% |
| Net Income | $49.6B | $58.5B | $57.5B | -1.7% (ex-items) |
| EPS (diluted) | $16.23 | $19.75 | $20.18 (ex-items) | +2.2% |
| ROTCE | 21% | 22% | 20% | -2 pp |

##### Segment Detail (FY2025)
| Segment | Revenue | YoY |
|---------|---------|-----|
| Commercial & Investment Bank (CIB) | $78.5B | +12% |
| Consumer & Community Banking (CCB) | ~$72B | flat |
| Asset & Wealth Management (AWM) | $24.1B | +12% |

#### Balance Sheet (Q1 2026)

| Metric | Value |
|--------|-------|
| Total Assets | $4.9T |
| Total Deposits | ~$2.5T (incremental $160B from branch effectiveness) |
| Loans (Loans HFI) | ~$1.4T |
| Common Equity | ~$340B |
| CET1 Capital Ratio | 15.1% (well above 11.5% required) |
| Q1 2026 Net Income | $16.5B |

#### Capital Return (FY2025–FY2026)

| Item | Detail |
|------|--------|
| Q3 2025 Dividend Increase | $1.40 → $1.50/quarter (+7%) |
| New Buyback Authorization | $50B (announced July 1, 2025) |
| Expected 2026 Buybacks | $25–30B (analyst estimate) |
| Q4 2025 SCB Reduction | 3.3% → 2.5% (~$30B+ of unlocked capital capacity) |

#### Key Ratios (approximate)
- P/E: ~13x | P/TBV: ~2.4x | Dividend Yield: ~2.2%
- ROTCE: 20% (FY25) | NIM: ~2.6%
- Efficiency Ratio: ~54%
- 2026 Expense Guide: ~$105B (vs. $96B in 2025, +9% — branch buildout + AI)

#### Growth Profile
JPMorgan is in a steady-state mid-single-digit revenue growth mode (+5% in FY25), with deposit growth accelerating (~$160B incremental from branch expansion) and Asset & Wealth Management growing 12%. The most important financial development is the **regulatory capital unlock**: SCB reduced from 3.3% to 2.5% in Q4 2025, freeing ~$30B+ of incremental return-of-capital capacity that funded the $50B buyback authorization plus the 7% dividend hike. Net income declined slightly from the FY24 record ($58.5B) to $57.5B in FY25 (ex-items) on slightly higher credit costs and elevated investment in AI + branch expansion. Q1 2026 ($16.5B net income) implies a $66B+ annualized pace if sustained.

#### Forward Estimates
Consensus FY2026 revenue: ~$190–195B (+3–5%); FY2026 EPS: ~$21.00–22.00. Bull-case scenarios anchor on continued CIB strength (M&A reacceleration, IPO market reopening), AWM organic growth, and AI-driven productivity gains. Bear-case anchors: rising credit losses in commercial real estate / consumer card, NIM compression if the Fed cuts more aggressively, and rising tokenization/stablecoin disruption to deposit franchise economics. Expense ramp to $105B (+9%) in 2026 is the single biggest swing factor for operating leverage.

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/JPM/fundamental

## Navigation

- Overview: /stocks/JPM
- Financials (this page): /stocks/JPM/financials
- Thesis: /stocks/JPM/thesis
- Investment Memo: /stocks/JPM/memo
- Coverage universe: /stocks