JPMORGAN CHASE & CO (JPM) Revenue, Margins & Financial Statements
JPMORGAN CHASE & CO (JPM) reported $182.45B in revenue over the most recent fiscal year on record, up 2.8% year over year. Growth has been slowing, a +7.7% compound annual rate over the last 7 years on record. Sales are growing but profit is not, worth checking why costs are outrunning revenue. Share count fell 3.6% over the past year via buybacks.
JPMORGAN CHASE & CO's revenue for the fiscal year ended Dec 2025 was $182.45B, an increase of +2.8% compared to the prior year. Is growth accelerating, stable, slowing, or contracting? See the quarterly beat/miss history →
| Fiscal Year Ended | Revenue Growth |
|---|---|
| Dec 2025 | +2.8% |
| Dec 2024 | +12.3% |
| Dec 2023 | +22.9% |
| Dec 2022 | +5.8% |
| Dec 2021 | +1.4% |
| Dec 2020 | +3.7% |
| Dec 2019 | +6.4% |
"Accelerating" / "Slowing" means each of the last 3 years' growth rates moved consistently in that direction, not a subjective call.
Sales are growing but profit is not, worth checking why costs are outrunning revenue.
EPS +1.4% year over year. A rough breakdown of what drove it (approximate, since EPS is roughly net income divided by share count):
Accounting profit is not the same as cash in the bank. Here's how JPM converts revenue into real cash.
How JPM deployed cash in the most recent year, across its actual cash-flow-statement uses.
Objective, rule-based checks against the figures above, not a subjective rating.
| Fiscal Year Ended | Revenue Growth | Margin Change | FCF Growth |
|---|---|---|---|
| Dec 2025 | +2.8% | — | — |
| Dec 2024 | +12.3% | — | — |
| Dec 2023 | +22.9% | — | — |
| Dec 2022 | +5.8% | — | — |
| Dec 2021 | +1.4% | — | — |
| Dec 2020 | +3.7% | — | — |
| Dec 2019 | +6.4% | — | — |
Is JPM's revenue growing?
JPMORGAN CHASE & CO's revenue growth has been slowing, at +2.8% in the most recent year on record. Over the last 7 years, revenue has compounded at roughly +7.7% annually.
Is JPM's profit growing faster than its revenue?
Sales are growing but profit is not, worth checking why costs are outrunning revenue.
Are JPM's profit margins improving or declining?
Operating margin has been roughly stable recently. It is currently in the middle of the last — years.
Is JPM diluting shareholders or buying back stock?
JPM reduced its share count by +3.6% over the past year, consistent with active buybacks.
What are the biggest financial red flags for JPM right now?
Operating cash flow covers only -259% of net income, profit isn't fully backed by cash.
Every line item as reported, with the annual/quarterly toggle and ratio table.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $182.45B | $177.56B | $158.10B | $128.69B | $121.65B |
| Interest Expense | — | — | $81.32B | $26.10B | $5.55B |
| Pretax Income | $72.59B | $75.08B | $61.61B | $46.17B | $59.56B |
| Income Tax Expense | $15.55B | $16.61B | $12.06B | $8.49B | $11.23B |
| Net Income | $57.05B | $58.47B | $49.55B | $37.68B | $48.33B |
| EPS (Basic) | $20.05 | $19.79 | $16.25 | $12.10 | $15.39 |
| EPS (Diluted) | $20.02 | $19.75 | $16.23 | $12.09 | $15.36 |
| Weighted Avg Shares (Basic) | 2.78B | 2.87B | 2.94B | 2.97B | 3.02B |
| Weighted Avg Shares (Diluted) | 2.78B | 2.88B | 2.94B | 2.97B | 3.03B |
Sourced from SEC filings (10-K / 10-Q). Figures not separately reported by the company are shown as —, not estimated. Quarterly "derived Q4" values are calculated as the full fiscal year total minus the three reported quarters.
Computed from the annual figures above, most recent first.
| Ratio | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Margin | 31.3% | 32.9% | 31.3% | 29.3% | 39.7% | 24.3% | 31.5% | 29.9% |
| Return on Equity | 15.7% | 17.0% | 15.1% | 12.9% | 16.4% | 10.4% | 13.9% | 12.7% |
| Current Ratio | — | — | — | — | — | — | — | — |
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Free Cash Flow | — | — | — | — | — | — | — | — |