JPMorgan Chase
Financials
What the filings say
JPMorgan Chase's annual statements as filed with the SEC, read backwards: from the reported figures to what the business did, to whether it will persist. Every number links to the filing it came from.
FY2025 · period ending 2025-12-31
$182.4B
Revenue
—
Gross margin
—
Operating margin
16.1%
Return on equity
Bank income statement: no cost of revenue; revenue is net interest income plus noninterest income. Margin ratios are not meaningful here.
Changes in the reported figures
Revenue increased 2.8% between FY2024 and FY2025.
| Measure | FY2024 · 2024-12-31 | FY2025 · 2025-12-31 | Change |
|---|---|---|---|
| Revenue | $177.6B | $182.4B | $4.9B |
| Operating margin | — | — | Not available |
| Net income | $58.5B | $57.0B | −$1.4B |
| Operating cash flow | −$42.0B | −$147.8B | −$105.8B |
| Capital expenditures | — | — | Not available |
Calculated from the filing snapshot; changes in accounting, acquisitions, or reporting scope can affect comparisons. Currency: USD. Bank income statement: no cost of revenue; revenue is net interest income plus noninterest income. Margin ratios are not meaningful here.
The lens
A company-specific financial interpretation is still pending. The comparison above establishes the reported changes; the revenue mix, cost classification, and capital requirements need to be reconciled before attributing those changes to strategy.
Where it sits among the set
Different business models and fiscal years; these positions are not a like-for-like performance ranking.
The shape of a revenue dollar
Return on equity, taken apart
ROE is net margin times asset turnover times leverage. The three shaded rows multiply to the row below them, so a change in ROE can be traced to pricing and cost (margin), to how hard the asset base works (turnover), or to how much of it is financed by debt (leverage). Averages use the prior year-end balance, so the first year on file has no ratio.
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Revenue | $121.6B | $128.7B | $158.1B | $177.6B | $182.4B |
| Revenue growth | 1.4% | 5.8% | 22.9% | 12.3% | 2.8% |
| Net income | $48.3B | $37.7B | $49.6B | $58.5B | $57.0B |
| Net margin | 39.7% | 29.3% | 31.3% | 32.9% | 31.3% |
| × Asset turnover | 0.03× | 0.03× | 0.04× | 0.05× | 0.04× |
| × Leverage (assets / equity) | 12.43× | 12.63× | 12.16× | 11.71× | 11.92× |
| = Return on equity | 16.9% | 12.8% | 16.0% | 17.4% | 16.1% |
| Return on assets | 1.4% | 1.0% | 1.3% | 1.5% | 1.4% |
| Operating cash flow / net income | 1.62× | 2.84× | 0.26× | -0.72× | -2.59× |
Operating cash flow over net income above 1× means earnings are arriving as cash; well below 1× for several years is the first place to look for earnings that are not. Capex over revenue is how much of each sales dollar goes back into the asset base.
Filing sources and accounting concepts
Provenance
Pulled from the SEC’s XBRL company-facts API. Each line below is the standardized concept that fed it; when a company changed concepts across years (a revenue standard change, a capex relabel), every alias used is listed. Missing concepts are blank, never zero. Values are as reported in the most recently filed annual report covering each period, so restated comparatives win.
| Fiscal year | Period end | Form | Filed | Filing |
|---|---|---|---|---|
| FY2025 | 2025-12-31 | 10-K | 2026-02-13 | 0001628280-26-008131 |
| FY2024 | 2024-12-31 | 10-K | 2026-02-13 | 0001628280-26-008131 |
| FY2023 | 2023-12-31 | 10-K | 2026-02-13 | 0001628280-26-008131 |
| FY2022 | 2022-12-31 | 10-K | 2025-02-14 | 0000019617-25-000270 |
| FY2021 | 2021-12-31 | 10-K | 2024-02-16 | 0000019617-24-000225 |
- revenue
- Revenues
- net income
- NetIncomeLoss
- total assets
- Assets
- total equity
- StockholdersEquity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
- operating cash flow
- NetCashProvidedByUsedInOperatingActivities
JPMORGAN CHASE & CO · CIK 0000019617 · us-gaap · snapshot 2026-10-08