What is Jpmorgan Chase's earnings per share (EPS)?

Jpmorgan Chase (JPM) reported diluted earnings per share of $20.02 for fiscal year 2025. This represents a 1.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Jpmorgan Chase Financials

JPM

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Jpmorgan Chase (JPM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI JPM FY2025 2026-05-01

Thin asset returns become sizable shareholder earnings because a very large leveraged balance sheet does most of the work.

Operating cash flow swung from $107.1B in FY2022 to -$147.8B in FY2025 even though net income remained strongly positive. With assets reaching $4.42T and liabilities rising alongside them, that disconnect says reported cash flow is being driven mainly by balance-sheet reshuffling, so this business is better understood through ROA, ROE, and capital growth than through industrial-style cash conversion.

Return on assets was only 1.3% in FY2025, yet return on equity was 15.7%, showing how modest asset-level profitability is amplified once the company operates with a very large liability base. That means even small shifts in asset returns can materially change shareholder-level results without dramatic changes in reported revenue.

Cash and equivalents fell from $624.2B in FY2023 to $343.3B in FY2025 while total assets still climbed, so the balance sheet became less cash-heavy rather than simply bigger. Equity still rose over the same span despite large buybacks and dividends, which indicates earnings were replenishing capital even as the firm returned cash and kept expanding.

Financial Health Signals

Financial Profile 15/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Jpmorgan Chase's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Jpmorgan Chase's revenue grew a modest 2.8% year-over-year to $182.4B. This slow but positive growth earns a score of 46/100.

Leverage

Jpmorgan Chase has elevated debt relative to equity (D/E of 11.21), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Returns

Jpmorgan Chase's ROE of 15.7% shows moderate profitability relative to equity, earning a score of 47/100. This is down from 17.0% the prior year.

Piotroski F-Score Weak

2/9

Jpmorgan Chase passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

-2.59x

For every $1 of reported earnings, Jpmorgan Chase generates $-2.59 in operating cash flow (-$147.8B OCF vs $57.0B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$182.4B

YoY+2.8%

5Y CAGR+8.7%

10Y CAGR+6.9%

Jpmorgan Chase generated $182.4B in revenue in fiscal year 2025. This represents an increase of 2.8% from the prior year.

EBITDA

N/A

Net Income

$57.0B

YoY-2.6%

5Y CAGR+14.4%

10Y CAGR+8.8%

Jpmorgan Chase reported $57.0B in net income in fiscal year 2025. This represents a decrease of 2.6% from the prior year.

EPS (Diluted)

$20.02

YoY+1.4%

5Y CAGR+17.7%

10Y CAGR+12.8%

Jpmorgan Chase earned $20.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$343.3B

YoY-26.8%

5Y CAGR-8.2%

10Y CAGR-0.5%

Jpmorgan Chase held $343.3B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$5.80

YoY+20.8%

5Y CAGR+10.0%

10Y CAGR+12.9%

Jpmorgan Chase paid $5.80 per share in dividends in fiscal year 2025. This represents an increase of 20.8% from the prior year.

Shares Outstanding

2.70B

YoY-3.5%

5Y CAGR-2.4%

10Y CAGR-3.0%

Jpmorgan Chase had 2.70B shares outstanding in fiscal year 2025. This represents a decrease of 3.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

31.2%

YoY-1.7pp

5Y CAGR+7.0pp

10Y CAGR+5.1pp

Jpmorgan Chase's net profit margin was 31.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.7 percentage points from the prior year.

Return on Equity

15.7%

YoY-1.2pp

5Y CAGR+5.3pp

10Y CAGR+5.9pp

Jpmorgan Chase's ROE was 15.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$31.6B

YoY+67.8%

5Y CAGR+37.1%

10Y CAGR+18.9%

Jpmorgan Chase spent $31.6B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 67.8% from the prior year.

Capital Expenditures

N/A

JPM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$182.4B+2.8%	$177.6B+12.3%	$158.1B+22.9%	$128.7B+5.8%	$121.6B+1.4%	$120.0B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$54.5B+6.1%	$51.4B+10.5%	$46.5B+11.6%	$41.6B+8.0%	$38.6B+10.2%	$35.0B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$97.9B-3.4%	$101.3B+24.6%	$81.3B+211.6%	$26.1B+370.0%	$5.6B-44.2%	$10.0B
Income Tax	$15.5B-6.4%	$16.6B+37.7%	$12.1B+42.0%	$8.5B-24.4%	$11.2B+68.0%	$6.7B
Net Income	$57.0B-2.6%	$58.5B+17.9%	$49.6B+31.6%	$37.7B-21.9%	$48.3B+65.8%	$29.1B
EPS (Diluted)	$20.02+1.4%	$19.75+21.7%	$16.23+34.2%	$12.09-21.3%	$15.36+73.0%	$8.88

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$49.8B+8.8%	$45.8B-1.4%	$46.4B+3.4%	$44.9B-0.9%	$45.3B+5.9%	$42.8B+0.3%	$42.7B-15.0%	$50.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$15.3B+16.9%	$13.1B-3.3%	$13.6B-1.1%	$13.7B-2.7%	$14.1B+13.0%	$12.5B-2.7%	$12.8B-1.0%	$13.0B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$23.8B+0.1%	$23.8B-6.5%	$25.5B+1.8%	$25.0B+6.2%	$23.6B-2.6%	$24.2B-10.3%	$27.0B+4.8%	$25.8B
Income Tax	$4.0B-3.6%	$4.1B-4.9%	$4.3B+31.9%	$3.3B-12.4%	$3.8B+11.7%	$3.4B-17.4%	$4.1B-22.8%	$5.3B
Net Income	$16.5B+27.1%	$13.0B-9.8%	$14.4B-4.0%	$15.0B+2.3%	$14.6B+4.3%	$14.0B+8.8%	$12.9B-28.9%	$18.1B
EPS (Diluted)	$5.94	N/A	$5.07-3.2%	$5.24+3.4%	$5.07	N/A	$4.37-28.6%	$6.12

JPM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$4.4T+10.5%	$4.0T+3.3%	$3.9T+5.7%	$3.7T-2.1%	$3.7T+10.6%	$3.4T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$343.3B-26.8%	$469.3B-24.8%	$624.2B+10.0%	$567.2B-23.4%	$740.8B+40.4%	$527.6B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$52.7B+0.3%	$52.6B-0.1%	$52.6B+1.9%	$51.7B+2.7%	$50.3B+2.2%	$49.2B
Total Liabilities	$4.1T+11.1%	$3.7T+3.1%	$3.5T+5.2%	$3.4T-2.2%	$3.4T+11.1%	$3.1T
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$362.4B+5.1%	$344.8B+5.1%	$327.9B+12.2%	$292.3B-0.6%	$294.1B+5.3%	$279.4B
Retained Earnings	$416.1B+10.6%	$376.2B+13.0%	$332.9B+12.3%	$296.5B+8.9%	$272.3B+14.9%	$237.0B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$4.9T+10.7%	$4.4T-3.0%	$4.6T+0.2%	$4.6T+4.5%	$4.4T+8.9%	$4.0T-4.9%	$4.2T+1.6%	$4.1T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$312.1B-9.1%	$343.3B+13.2%	$303.4B-27.8%	$420.3B-1.3%	$425.9B-9.3%	$469.3B+8.1%	$434.3B-18.2%	$530.8B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$52.7B0.0%	$52.7B0.0%	$52.7B-0.1%	$52.7B+0.2%	$52.6B+0.1%	$52.6B-0.3%	$52.7B+0.2%	$52.6B
Total Liabilities	$4.5T+11.7%	$4.1T-3.3%	$4.2T+0.1%	$4.2T+4.7%	$4.0T+9.5%	$3.7T-5.3%	$3.9T+1.6%	$3.8T
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$85.0B	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$364.0B+0.4%	$362.4B+0.6%	$360.2B+0.9%	$356.9B+1.6%	$351.4B+1.9%	$344.8B-0.3%	$345.8B+1.6%	$340.6B
Retained Earnings	$428.2B+2.9%	$416.1B+2.1%	$407.4B+2.5%	$397.4B+2.8%	$386.6B+2.8%	$376.2B+2.8%	$366.0B+2.5%	$356.9B

JPM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$147.8B-251.8%	-$42.0B-423.8%	$13.0B-87.9%	$107.1B+37.2%	$78.1B+197.7%	-$79.9B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$265.6B-62.5%	-$163.4B-341.6%	$67.6B+149.1%	-$137.8B-6.6%	-$129.3B+50.6%	-$261.9B
Financing Cash Flow	$269.5B+324.8%	$63.4B+348.1%	-$25.6B+79.7%	-$126.3B-145.7%	$276.0B-53.7%	$596.6B
Dividends Paid	$16.6B+12.5%	$14.8B+9.8%	$13.5B-0.7%	$13.6B+5.5%	$12.9B+1.3%	$12.7B
Share Buybacks	$31.6B+67.8%	$18.8B+91.7%	$9.8B+210.7%	$3.2B-82.8%	$18.4B+182.5%	$6.5B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$211.8B-276.9%	$119.7B+364.8%	-$45.2B-253.0%	$29.5B+111.7%	-$251.8B-270.4%	$147.8B+299.5%	-$74.1B-292.6%	$38.5B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$217.8B-564.5%	$46.9B+320.0%	-$21.3B+87.7%	-$173.1B-46.6%	-$118.1B-770.1%	$17.6B+140.6%	-$43.4B+53.9%	-$94.2B
Financing Cash Flow	$400.7B+424.3%	-$123.6B-158.6%	-$47.8B-138.9%	$122.8B-61.4%	$318.1B+374.9%	-$115.7B-1176.7%	$10.7B-60.5%	$27.2B
Dividends Paid	$4.4B-1.0%	$4.4B+5.7%	$4.2B-0.6%	$4.2B+10.0%	$3.8B-0.9%	$3.9B+5.6%	$3.7B-3.2%	$3.8B
Share Buybacks	$8.3B+0.7%	$8.3B-0.3%	$8.3B+10.5%	$7.5B-0.3%	$7.5B+75.0%	$4.3B-32.4%	$6.4B+19.2%	$5.3B

JPM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	31.2%-1.7pp	33.0%+1.6pp	31.4%+2.1pp	29.3%-10.4pp	39.7%+15.4pp	24.3%
Return on Equity	15.7%-1.2pp	17.0%+1.8pp	15.1%+2.2pp	12.9%-3.5pp	16.4%+6.0pp	10.4%
Return on Assets	1.3%-0.2pp	1.5%+0.2pp	1.3%+0.3pp	1.0%-0.3pp	1.3%+0.4pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	11.21+0.6	10.61-0.2	10.82-0.7	11.54-0.2	11.73+0.6	11.12
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	33.1%+4.8pp	28.3%-2.7pp	31.0%-2.4pp	33.4%+1.1pp	32.3%-0.5pp	32.8%+2.6pp	30.2%-5.9pp	36.1%
Return on Equity	4.5%+1.0pp	3.6%-0.4pp	4.0%-0.2pp	4.2%+0.0pp	4.2%+0.1pp	4.1%+0.3pp	3.7%-1.6pp	5.3%
Return on Assets	0.3%+0.1pp	0.3%-0.0pp	0.3%0.0pp	0.3%0.0pp	0.3%-0.0pp	0.4%+0.0pp	0.3%-0.1pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	12.46+1.3	11.21-0.5	11.66-0.1	11.75+0.4	11.40+0.8	10.61-0.6	11.170.0	11.17
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Jpmorgan Chase's annual revenue?

Jpmorgan Chase (JPM) reported $182.4B in total revenue for fiscal year 2025. This represents a 2.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Jpmorgan Chase's revenue growing?

Jpmorgan Chase (JPM) revenue grew by 2.8% year-over-year, from $177.6B to $182.4B in fiscal year 2025.

Is Jpmorgan Chase profitable?

Yes, Jpmorgan Chase (JPM) reported a net income of $57.0B in fiscal year 2025, with a net profit margin of 31.2%.

What is Jpmorgan Chase's net profit margin?

Jpmorgan Chase (JPM) had a net profit margin of 31.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Jpmorgan Chase pay dividends?

Yes, Jpmorgan Chase (JPM) paid $5.80 per share in dividends during fiscal year 2025.

What is Jpmorgan Chase's return on equity (ROE)?

Jpmorgan Chase (JPM) has a return on equity of 15.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Jpmorgan Chase's operating cash flow?

Jpmorgan Chase (JPM) generated -$147.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Jpmorgan Chase's total assets?

Jpmorgan Chase (JPM) had $4.4T in total assets as of fiscal year 2025, including both current and long-term assets.

Does Jpmorgan Chase buy back shares?

Yes, Jpmorgan Chase (JPM) spent $31.6B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Jpmorgan Chase have outstanding?

Jpmorgan Chase (JPM) had 2.70B shares outstanding as of fiscal year 2025.

What is Jpmorgan Chase's debt-to-equity ratio?

Jpmorgan Chase (JPM) had a debt-to-equity ratio of 11.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Jpmorgan Chase's return on assets (ROA)?

Jpmorgan Chase (JPM) had a return on assets of 1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Jpmorgan Chase's cash runway?

Based on fiscal year 2025 data, Jpmorgan Chase (JPM) had $343.3B in cash against an annual operating cash burn of $147.8B. This gives an estimated cash runway of approximately 28 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Jpmorgan Chase's Piotroski F-Score?

Jpmorgan Chase (JPM) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Jpmorgan Chase's earnings high quality?

Jpmorgan Chase (JPM) has an earnings quality ratio of -2.59x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Jpmorgan Chase?

Jpmorgan Chase (JPM) scores 15 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.