At a glance
JPMorgan Chase & Co is worth $905.33B, about 17 times its fiscal 2025 earnings. Revenue grew 2.8% to $182.45B in fiscal 2025, with 31.3% kept as profit; over 5 years it has grown 8.7% a year. It pays a 1.81% dividend yield, raised every year for at least 9 years, and returned $153.11B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +11.6% over the past year with dividends reinvested and +17.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.5% in the 2020 crash (S&P 500: 33.7%) and 37.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 14 months after the lows.
The business in plain English
JPMorgan Chase is a US financial services firm with $4.4 trillion in assets as of December 31, 2025. Under the Chase and J.P. Morgan brands, it serves millions of customers, mostly in the US. It also serves many of the world's most prominent corporations, institutions and governments. Its main bank, JPMorgan Chase Bank, N.A., has branches in 48 states and Washington, D.C. Its main overseas subsidiaries are in the UK and Germany.
A bank earns money in two main ways. Net interest income is the gap between the interest it collects on loans and investments and the interest it pays on deposits and borrowings. Noninterest income covers fees and other revenue from activities such as investment banking, trading and asset management. In fiscal 2025, JPMorgan Chase's revenue was $182.4 billion. Of that, $95.4 billion was net interest income and $87.0 billion was noninterest income.
The firm reports three main segments. The Commercial & Investment Bank serves corporate, institutional and government clients and produced 43% of fiscal 2025 revenue. Consumer & Community Banking, its consumer business, produced 41.7%. Asset & Wealth Management added 13.2%, and other activities sit in a unit called Corporate. By region, North America brought in 76.6% of revenue, Europe/Middle East/Africa 13.4%, Asia-Pacific 7.7% and Latin America/Caribbean 2.3%.
Price history
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JPM +11.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Commercial & Investment Bank | $78.45B | 43% |
| Consumer & Community Banking | $76.03B | 41.7% |
| Asset & Wealth Management | $24.07B | 13.2% |
By geography
| North America | $139.69B | 76.6% |
| Europe/Middle East/Africa | $24.48B | 13.4% |
| Asia-Pacific | $14.06B | 7.7% |
| Latin America/Caribbean | $4.21B | 2.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $57.35B, up 27.7% from a year earlier, and net income was $21.16B (+41.2%).
- For fiscal 2025, revenue was $182.45B (+2.8% year over year; +8.7% a year from FY2020 to FY2025) with a 31.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.7% good |
|---|---|
| Return on equity | 15.7% good |
| Net income / revenue | 31.3% good |
| Deposits | $2.71T |
| Loans | $1.52T |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $119.95B | $29.13B | — |
| FY2021 | $121.65B | $48.33B | — |
| FY2022 | $128.69B | $37.68B | — |
| FY2023 | $158.10B | $49.55B | — |
| FY2024 | $177.56B | $58.47B | — |
| FY2025 | $182.45B | $57.05B | — |
Valuation snapshot
| Market value | $905.33B |
|---|---|
| P/E ratio | 17 |
| Dividend yield | 1.81% |
Rank among 1514 US companies
Market value at each year end
JPMorgan Chase’s market value went from $308.77B at the end of 2016 to $905.33B on Nov 2, 2026, about 2.9 times as much; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $905.33B | +3.2% |
| 2025 | $877.17B | +30.0% |
| 2024 | $674.87B | +37.2% |
| 2023 | $491.76B | +25.0% |
| 2022 | $393.34B | -15.9% |
| 2021 | $467.97B | +20.8% |
| 2020 | $387.34B | -11.4% |
| 2019 | $437.23B | +34.7% |
| 2018 | $324.63B | -12.5% |
| 2017 | $371.05B | +20.2% |
| 2016 | $308.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| JPM price data to Nov 2, 2026 | +7.7% | +11.6% | +36.9% | +17.7% | +20.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.7% |
| 2025 | +37.3% |
| 2024 | +44.3% |
| 2023 | +30.6% |
| 2022 | -12.6% |
| 2021 | +27.7% |
| 2020 | -5.5% |
| 2019 | +47.3% |
| 2018 | -6.7% |
| 2017 | +26.7% |
| 2016 | +34.6% |
| 2015 | +8.4% |
| 2014 | +9.9% |
| 2013 | +36.7% |
| 2012 | +36.2% |
| 2011 | -20.0% |
| 2010 | +2.4% |
| 2009 | +34.2% |
| 2008 | -25.1% |
| 2007 | -6.9% |
| 2006 | +25.6% |
| 2005 | +5.7% |
| 2004 | +10.0% |
| 2003 | +60.3% |
| 2002 | -30.7% |
| 2001 | -17.4% |
| 2000 | -10.1% |
| 1999 | +11.7% |
| 1998 | +32.8% |
| 1997 | +25.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 64.9% over that stretch · deepest drop along the way 67.7%, back to its old high 46.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.5% over that stretch · deepest drop along the way 42.5%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.9% over that stretch · deepest drop along the way 37.9%, back to its old high 14 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (24 read): 0 open-market purchases and 8 sales ($11.8M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 15, 2026 | Mary E. Erdoes CEO Asset & Wealth Management | sell (plan) | $2.0M |
| May 15, 2026 | Marianne Lake CEO CCB | sell (plan) | $1.9M |
| Jun 22, 2026 | Stacey Friedman General Counsel | sell (plan) | $1.8M |
| May 15, 2026 | Douglas B Petno Co-CEO CIB | sell (plan) | $1.7M |
| May 20, 2026 | Stacey Friedman General Counsel | sell (plan) | $1.6M |
Who owns it
ETFs with the most weight in JPM
| IYG iShares U.S. Financial Services ETF | 11.37% |
| XLF Financial Select Sector SPDR Fund | 9.88% |
| IYF iShares U.S. Financials ETF | 9.79% |
| VFH Vanguard Financials ETF | 8.97% |
| FNCL Fidelity MSCI Financials Index ETF | 8.73% |
| KBWB Invesco KBW Bank ETF | 8.45% |
| FTXO First Trust Nasdaq Bank ETF | 8.29% |
| DFNL Davis Select Financial ETF | 5.77% |
What could go wrong
- Shareholders absorb losses if the bank fails. If the firm failed, regulators would oversee a wind-down called resolution, and holders of its stock and debt would absorb the losses. Tougher reviews of its resolution plan could also raise costs or force restructuring.
- Capital rules could limit dividends and buybacks. Regulators set how much capital, a loss-absorbing cushion, the firm must hold, partly through annual Federal Reserve stress tests, and those rules keep evolving. Falling short could restrict dividends, buybacks and business activity.
- Interest rate swings hit its largest income source. Net interest income was $95.4 billion of $182.4 billion in 2025 revenue. Shifts in interest rates and credit spreads (the extra yield on riskier debt) could reduce earnings, liquidity and capital.
- A weak economy means bigger loan losses. Downturns hurt consumer and business borrowers alike, and collateral backing loans can lose value. The firm set aside $14.2 billion for expected credit losses in 2025, and a recession could push that higher.
- Lawsuits, investigations and regulatory penalties. The firm faces civil lawsuits, government investigations and enforcement actions. Resolving them can bring significant penalties and reputational harm, and employee misconduct can trigger new cases.
- Cyber attacks and system failures. The firm relies on its operating systems and is closely linked to clients, vendors and other financial firms. A successful cyber attack or outage could disrupt services, expose personal data and lead to losses and lawsuits.
Recent events
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Bylaws or fiscal year changed
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Other company announcement
For income and retirement investors
JPMorgan Chase has raised its regular dividend for at least nine straight years through fiscal 2025, and the true streak may be longer. Dividends per share rose from $3.60 in 2020 to $5.80 in 2025, about 10% a year. The 2025 dividend was about 29% of earnings. Share buybacks were even larger: $81.8 billion from 2021 through 2025, against $71.3 billion of dividends. The share count fell about 10% between September 2021 and June 2026. The dividend yield, the yearly payout divided by the share price, was 1.82% as of October 30, 2026. Regulatory capital rules can limit how much a bank pays out.
The stock has fallen hard in downturns. It dropped 67.7% in the 2008 financial crisis and did not regain its October 2008 peak until January 2013. It fell 42.5% in the 2020 COVID crash and recovered by January 2021. It fell 37.9% in the 2022 bear market and recovered by December 2023. Single stocks carry more risk than diversified funds.
Questions investors ask
How does JPMorgan Chase make money?
Mostly by lending money and charging fees. In fiscal 2025, JPMorgan Chase earned $95.4 billion of net interest income. That is the gap between the interest it collects on loans and investments and the interest it pays on deposits and borrowings. It also earned $87.0 billion of noninterest income, such as fees. Of its $182.4 billion in revenue, the Commercial & Investment Bank produced 43%, Consumer & Community Banking 41.7% and Asset & Wealth Management 13.2%.
Does JPMorgan Chase raise its dividend every year?
It has for at least nine straight years. JPMorgan Chase's SEC filings show a higher regular dividend in each fiscal year through 2025, and the true streak may be longer. Dividends per share rose from $3.60 in 2020 to $5.80 in 2025, about 10% a year. The 2025 dividend was about 29% of earnings. Increases are not guaranteed, and regulatory capital requirements can limit what a bank pays out.
How much did JPMorgan stock fall in the 2008 financial crisis?
About 68% at the worst point. The share price fell 67.7% from a peak on October 2, 2008 to a low on March 9, 2009. It did not regain that peak until January 10, 2013. Later drops were shorter. The stock fell 42.5% in the 2020 COVID crash and recovered by January 7, 2021. It fell 37.9% in the 2022 bear market and recovered by December 12, 2023.
Who regulates JPMorgan Chase?
Many agencies in the US and abroad. The Federal Reserve supervises the whole company as a bank holding company and runs its annual stress tests. The Office of the Comptroller of the Currency, and for certain matters the FDIC, oversee its main bank. The SEC and FINRA oversee its US broker-dealers, and the CFTC covers certain futures and swaps activities. In Europe, UK regulators and the European Central Bank, among others, supervise its main UK and German subsidiaries.
How big is JPMorgan Chase?
Very large. As of June 30, 2026, it had about $5.0 trillion in total assets, $2.71 trillion in deposits and $1.52 trillion in loans. Its stock market value was about $896 billion as of October 30, 2026. On that date the shares traded at 16.8 times fiscal 2025 earnings, a measure called the price-to-earnings (P/E) ratio. In fiscal 2025 it earned $57.0 billion. That was a 15.7% return on equity, which measures profit against the shareholders' money in the business.