JPMorgan Chase & Co. (JPM) — Company Research

Last Updated: 27 September 2026

JPMorgan Chase earned a record $21.2bn in the quarter to 30 June 2026, helped by a $4.6bn gain on Visa shares and the strongest markets revenue in its history. Excluding those items it still earned $16.9bn, and management raised its full-year net interest income guidance. Since then the board has raised the quarterly dividend to $1.65, named two co-presidents seen as leading candidates to succeed Jamie Dimon, and signed a $20bn asset-management partnership with the Qatar Investment Authority. Expenses are also rising, and capital rules are still being rewritten. This report sets out what JPMorgan's SEC filings and earnings releases show: revenue, earnings, capital, debt, insider dealing and scheduled events. Every valuation figure is shown as a calculation, and bank-specific measures replace those that do not apply to a bank.

1. Company Snapshot

Field	Value
Company	JPMorgan Chase & Co., headquartered in New York
Ticker / exchange	JPM, New York Stock Exchange
CEO / Leadership	Jamie Dimon (Chairman and Chief Executive Officer); Jeremy Barnum (Chief Financial Officer); Doug Petno and Troy Rohrbaugh (Co-Presidents since 25 June 2026)
Employees	320,560 at 30 June 2026, up from 318,512 at 31 December 2025
Revenue (FY2025)	Total net revenue $182,447m reported, up 2.8%; $185,581m on a managed basis
Net income (FY2025)	$57,048m; GAAP diluted EPS $20.02; $57.5bn and $20.18 per share excluding significant items
Revenue (trailing twelve months to 30 June 2026)	$199,408m reported
Market cap	~$911.9bn (2,658.2m shares at 30 June 2026 × $343.06 close on 25 September 2026)
Capital	Standardized CET1 ratio 14.1% at 30 June 2026, against an 11.5% requirement
Dividend	$1.65 a quarter from the 31 October 2026 payment ($6.60 annualised), raised from $1.50
Most recent reported period	Q2 2026 (quarter ended 30 June 2026), reported 14 July 2026

Live price action for JPM and other US bank stocks can be followed on the ChartsView Live Charts page.

2. Bull Case and Bear Case

Bull Case

• Earnings power at record levels: Q2 2026 net income was $16.9bn excluding significant items, with a 23% return on tangible common equity on that basis. First-half 2026 GAAP net income was $37.6bn, against $29.6bn a year earlier.
• Guidance raised mid-year: in July management raised FY2026 net interest income guidance to about $105.5bn from about $104.5bn in February, and cut its Card Services net charge-off guidance to about 3.2% from about 3.4%.
• Surplus capital and rising payouts: CET1 was 14.1% against an 11.5% requirement. A $50bn buyback authorisation took effect on 1 July 2026, and the dividend was raised by 10% to $1.65 a quarter on 15 September.
• Fee businesses are strong: Q2 2026 investment banking fees rose 30% and markets revenue 35%. Co-President Doug Petno said on 15 September that Q3 investment banking fees and markets revenue should rise by a mid-to-high teens percentage.
• Scale and diversification: the four segments span consumer banking, investment banking and markets, and $5.1tn of client assets under management. The Qatar Investment Authority partnership signed on 21 September adds a $15bn equity mandate and a $5bn private-markets initiative.

Bear Case

• Record quarter flattered by one-offs: Q2 2026 GAAP EPS of $7.70 included $1.56 per share of gains on Visa shares and equity investments. Markets revenue at a record may not repeat, and Petno himself said the cycle felt "too good".
• Expenses are rising faster than guided: adjusted expense guidance for FY2026 rose to about $107.5bn from about $105bn in February. Q2 expense was up 15%, and technology spending is budgeted at about $19.8bn this year.
• Consumer credit costs remain elevated: the Card Services net charge-off rate was 3.34% in Q2 2026, and JPMorgan booked a $2.2bn reserve in Q4 2025 for the Apple Card portfolio it has agreed to take over.
• Succession is unresolved: Jamie Dimon has named no successor. Marianne Lake, long seen as a candidate, is retiring, and the board awarded $100m of retention grants to four senior executives in June.
• Valued well above book: the shares trade at ~2.6x book value and ~3.0x tangible book value. Jamie Dimon sold about $40m of shares in April 2026.

3. Business Segments

JPMorgan reports three business segments plus Corporate. The table uses FY2025 net revenue on a managed basis, which adds back tax-equivalent adjustments; total managed revenue was $185,581m against $182,447m reported.

Segment	% of revenue	What it is
Commercial & Investment Bank	42.3% ($78,454m; net income $27,761m)	Investment banking, markets and securities services, payments, and lending to corporate, commercial and institutional clients
Consumer & Community Banking	41.0% ($76,029m; net income $18,245m)	Chase retail branches and deposits, credit cards, mortgages, auto loans and small-business banking
Asset & Wealth Management	13.0% ($24,073m; net income $6,522m)	Investment management for institutions and individuals, private banking and J.P. Morgan Wealth Management
Corporate	3.8% ($7,025m; net income $4,520m)	Treasury and chief investment office, which manage the firm's liquidity, investment securities and interest-rate risk

4. Business Model and Moat

How it makes money. Close to half of revenue is net interest income: the difference between what JPMorgan earns on loans and securities and what it pays on deposits and other funding. The rest is fees and trading revenue from investment banking, markets, card interchange, asset management and payments. In Q2 2026 net interest income was $25.6bn and noninterest revenue $32.4bn.

Where the durable advantage sits. Scale gives JPMorgan a low cost of deposits, a technology budget of about $19.8bn a year and leading positions across consumer banking, investment banking and markets. Its capital surplus lets it absorb losses and buy assets when others cannot, as with First Republic in 2023 and the Apple Card portfolio agreed in January 2026.

Where the model is fragile. Earnings depend on the economy, interest rates and capital markets. Falling rates cut net interest income, recessions raise credit losses, and trading revenue swings with volatility. As a global systemically important bank, JPMorgan also carries an extra capital surcharge, so rule changes on Basel III and the GSIB surcharge directly affect how much it can return to shareholders.

5. Financial Health

All figures come from JPMorgan's quarterly earnings releases, financial supplements and Form 10-K and 10-Q filings, cross-checked against its SEC XBRL data. Revenue is total net revenue as reported, which is revenue after interest expense. Adjusted EPS is JPMorgan's EPS excluding significant items where it disclosed a full-year figure.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	121,649	+1.4%	$15.36	$15.36†	$3.80	$301,005m
FY2022	128,695	+5.8%	$12.09	$12.09†	$4.00	$295,865m
FY2023	158,104	+22.9%	$16.23	$16.23†	$4.10	$391,825m
FY2024	177,556	+12.3%	$19.75	$18.22	$4.80	$401,418m
FY2025	182,447	+2.8%	$20.02	$20.18	$5.80	$435,206m

† JPMorgan did not publish a full-year EPS figure excluding significant items for FY2021 to FY2023, so GAAP EPS is repeated. FY2024 excludes items including the gain on Visa shares; FY2025 excludes the $2.2bn Apple Card reserve and a 2Q25 tax benefit, among others. ‡ Long-term debt includes current maturities, as JPMorgan presents it. It was $460,523m at 30 June 2026. Short-term borrowings were a further $72,430m at that date. FY2023 includes First Republic, acquired on 1 May 2023.

Capital and balance sheet: stockholders' equity was $374,598m at 30 June 2026. Book value per share was $133.01 and tangible book value per share $113.35. The standardized CET1 ratio was 14.1%, the supplementary leverage ratio 5.5% and total loss-absorbing capacity $590bn. The allowance for credit losses was $31.5bn. Cash flow measures used for industrial companies do not describe a bank: operating cash flow was −$147,782m in FY2025 and −$237,044m in the first half of 2026 because it includes changes in trading assets and loans held for sale. Depreciation and amortisation was $8,821m in FY2025.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q2 2026	57,347	$6.14	$7.70
Q1 2026	49,836	$5.94†	$5.94
Q4 2025	45,798	$5.23	$4.63
Q3 2025	46,427	$5.07†	$5.07
Q2 2025	44,912	$4.96	$5.24
Q1 2025	45,310	$5.07†	$5.07
FY2025 total	182,447	$20.18	$20.02

† No significant items were disclosed for the quarter, so GAAP EPS is repeated.

Q2 2026 net income was $21.2bn (+41%). Excluding the $4.6bn Visa gain and $1.0bn of equity investment gains it was $16.9bn. Net interest income rose 10% to $25.6bn, investment banking fees rose 30% to $3.3bn and markets revenue rose 35% to $12.1bn. Credit costs were $2.5bn, including $2.4bn of net charge-offs. Expense was $27.3bn (+15%). For FY2026 management guided net interest income of about $105.5bn, net interest income excluding markets of about $96.5bn and adjusted expense of about $107.5bn.

6. Valuation Metrics

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$911.9bn (2,658.2m shares at 30 June 2026 × $343.06 close on 25 September 2026)
Trailing P/E (GAAP)	~14.7x (price $343.06 / trailing twelve-month GAAP diluted EPS $23.34, the sum of Q3 2025 to Q2 2026). Excluding significant items, trailing EPS was $22.38 and the multiple ~15.3x
P/E (forward)	~14.2x (price $343.06 / $24.16, being H1 2026 EPS excluding significant items of $12.08 annualised). JPMorgan does not guide EPS and ChartsView does not use consensus estimates, so this is a simple run-rate figure
P/S (TTM)	~4.6x (market cap $911.9bn / trailing total net revenue $199.41bn)
Enterprise value	~$1,135bn, shown for completeness only (market cap $911.9bn + long-term debt $460.5bn + short-term borrowings $72.4bn − cash and deposits with banks $309.8bn, per the 30 June 2026 balance sheet). For a bank, debt is operating funding, so EV is not a meaningful measure
EV/EBITDA (TTM)	n/m — banks do not report EBITDA because interest expense is a core operating cost; price/book and P/E are used instead
P/FCF	n/m — operating cash flow was −$147.8bn in FY2025 and −$237.0bn in H1 2026 because it includes trading-asset and loan flows, so free cash flow does not measure a bank's earnings
Price/book	~2.58x (price $343.06 / book value per share $133.01 at 30 June 2026)
Price/tangible book	~3.03x (price $343.06 / tangible book value per share $113.35 at 30 June 2026)
Dividend yield	~1.9% ($6.60 annualised from the $1.65 quarterly dividend / $343.06)
52-week high	$366.50 intraday (13 August 2026)
52-week low	$279.10 intraday (12 March 2026)
Short interest (% of float)	~0.91% of float, being 23.99m shares short at the 15 September 2026 settlement date (MarketBeat); Fintel's earlier reading was 26.54m shares, 1.00%
Days to cover	~3.6 days at the 15 September 2026 settlement date (MarketBeat)

Return on tangible common equity was 29% in Q2 2026 as reported and 23% excluding significant items, against a through-the-cycle target of 17%. That return is the main driver of the premium to tangible book value.

7. What Are They Building

Technology and AI. JPMorgan budgeted about $19.8bn of technology expense for 2026, up about 10%, and said at its 23 February 2026 Company Update that roughly a quarter of the increase is tied directly to AI. On the Q2 call Jamie Dimon said AI had reduced staffing needs by 30% to 40% in some specific areas.

Branches and international consumer banking. The plan for 2026 is to open more than 160 branches in over 30 states and renovate about 600. A two-storey flagship on Chicago's Magnificent Mile combining Chase and J.P. Morgan Private Client opened on 17 August 2026. Chase launched in Germany on 20 May 2026 with a savings account and plans a full product range by 2028; Chase UK has more than 3 million customers.

Cards and payments. JPMorgan agreed on 7 January 2026 to take over the Apple Card portfolio from Goldman Sachs, with the transfer expected about 24 months after signing. Payments revenue was $5.3bn in Q2 2026, up 12%. JPMorgan now charges data aggregators for access to customer account data under updated contracts.

Blockchain and deposit tokens. Kinexys, JPMorgan's blockchain unit, has processed more than $3tn since launch and averages more than $5bn a day. Its dollar deposit token, JPMD, is live for institutional clients on the Base network and is being brought to the Canton Network during 2026.

Asset management. On 21 September 2026 the Qatar Investment Authority and J.P. Morgan Asset Management signed a memorandum of understanding for a $20bn partnership: a $15bn public equities mandate and a $5bn US middle-market private markets initiative.

8. Competitive Landscape

Market capitalisations are at the 25 September 2026 close (companiesmarketcap). Metrics come from each bank's own full-year 2025 results release.

Peer	Market cap (September 2026)	Key 2025 metric
Bank of America (BAC)	~$396.5bn	2025 revenue $113.1bn; net income $30.5bn, EPS $3.81 (Bank of America Q4 2025 release)
Morgan Stanley (MS)	~$308.3bn	2025 net revenues $70.6bn; net income $16.9bn, EPS $10.21 (Morgan Stanley Q4 2025 release)
Goldman Sachs (GS)	~$272.4bn	2025 net revenues $58.28bn; net earnings $17.18bn, EPS $51.32 (Goldman Sachs Q4 2025 release)
Wells Fargo (WFC)	~$250.9bn	2025 net income $21.3bn, EPS $6.26 (Wells Fargo Q4 2025 release)
Citigroup (C)	~$225.2bn	2025 revenue $85.2bn; net income $14.3bn (Citigroup Q4 2025 release)

JPMorgan's market value is larger than Bank of America and Morgan Stanley combined. Bank of America and Wells Fargo are the closest comparisons in US consumer banking; Goldman Sachs and Morgan Stanley compete with the Commercial & Investment Bank in advisory and markets and with Asset & Wealth Management. Citigroup competes in global transaction banking and cards.

9. Insider Activity

Chairman and Chief Executive Jamie Dimon sold 130,488 shares at about $306.56 on 15 April 2026, about $40.0m, and still holds 1,680,625 shares directly plus shares held through trusts. Other executive sales in 2026 were smaller and mostly under Rule 10b5-1 plans. No open-market purchases by executives were found; a director's acquisition in June was a deferred-fee credit. The table is compiled from SEC Form 4 filings.

Name	Date	Type	Shares	Price	Value	Plan Type
Robin Leopold (Head of Human Resources)	10 Sep 2026	Sale	2,500	$352.81	~$0.88m	Rule 10b5-1
Robin Leopold (Head of Human Resources)	11 Aug 2026	Sale	2,500	$361.41	~$0.90m	Rule 10b5-1
Stephen B. Burke (Director)	30 Jun 2026	Deferred fee credit	172	$327.33	~$0.06m	Not a plan trade; director retainer
Stacey Friedman (General Counsel)	22 Jun 2026	Sale	5,467	$330.73	~$1.81m	Rule 10b5-1
Mary Erdoes (CEO, Asset & Wealth Management)	15 May 2026	Sale	6,648	$298.36	~$1.98m	Rule 10b5-1 (per rendered filing)
Jeremy Barnum (CFO)	05 May 2026	Sale	3,022	$309.41	~$0.94m	Rule 10b5-1 (per rendered filing)
Jamie Dimon (Chairman and CEO)	15 Apr 2026	Sale	130,488	$306.56	~$40.0m	Not confirmed
Mary Erdoes (CEO, Asset & Wealth Management)	15 Apr 2026	Sale	12,345	$306.57	~$3.78m	Rule 10b5-1 (per rendered filing)

On 24 June 2026 the board granted retention awards of restricted stock units worth $30m each to Doug Petno and Troy Rohrbaugh and $20m each to Mary Erdoes and Chief Operating Officer Jennifer Piepszak. They vest after three years if average return on tangible common equity over 2026 to 2028 is at least 12%.

10. Key Risks

• Consumer and wholesale credit: the Card Services net charge-off rate was 3.34% in Q2 2026, and JPMorgan added to wholesale reserves in both quarters of 2026. Petno has pointed to weakness among companies that depend on lower-income consumers. A recession would raise charge-offs across cards, commercial real estate and corporate lending.
• Capital rules: re-proposed Basel III endgame, GSIB surcharge and standardized-approach rules were issued on 19 March 2026 and final rules have not been published. Dimon has said the re-proposals reduced the most severe consequences but that parts still need to be addressed.
• Interest-rate sensitivity: at 31 December 2025, JPMorgan estimated that a 100 basis point parallel fall in rates would reduce net interest income by about $2.4bn over twelve months. Net interest income is roughly half of revenue.
• Normalisation of markets and one-off gains: Q2 2026 included a $4.6bn Visa gain and record markets revenue. Trading and investment banking revenue can fall quickly when volatility or deal activity drops.
• Leadership succession: Jamie Dimon is 70 and has named no successor. The June 2026 reshuffle, Marianne Lake's retirement and $100m of retention awards show the board is managing the risk of losing senior executives.
• Rising costs: adjusted expense guidance rose by about $2.5bn during 2026, and Q2 expense grew 15%. If revenue normalises while technology and branch spending keep rising, returns would fall.

11. Recent Developments

• 25 Sep 2026 — Fed reported to plan higher oversight thresholds. Reuters reported that the Federal Reserve plans to raise the asset thresholds that trigger stricter supervision, with a proposal expected later this year. The change mainly affects regional banks rather than JPMorgan's GSIB requirements.
• 21 Sep 2026 — $20bn Qatar Investment Authority partnership. J.P. Morgan Asset Management and QIA signed a memorandum of understanding covering a $15bn public equities mandate and a $5bn US middle-market private markets initiative.
• 17 Sep 2026 — Q3 results date set. JPMorgan said it will report Q3 2026 results on 13 October 2026, with a conference call at 8:30am ET.
• 15 Sep 2026 — Dividend raised to $1.65. The board raised the quarterly dividend from $1.50, payable on 31 October 2026 to holders of record on 6 October. At the Barclays conference the same day, Co-President Doug Petno said Q3 investment banking fees and markets revenue should rise by a mid-to-high teens percentage.
• 17 Aug 2026 — Chicago flagship opened. Chase opened a two-storey branch on the Magnificent Mile combining retail banking and J.P. Morgan Private Client.
• 06 Aug 2026 — Q2 2026 Form 10-Q filed. The filing showed long-term debt of $460.5bn, an allowance for credit losses of $31.5bn and 320,560 employees at 30 June 2026.
• 14 Jul 2026 — Q2 2026 results and raised guidance. Net income was $21.2bn (GAAP EPS $7.70), or $16.9bn ($6.14) excluding the Visa and equity investment gains. FY2026 net interest income guidance was raised to about $105.5bn.

12. Key Dates to Watch

• 06 Oct 2026 — record date for the $1.65 quarterly dividend.
• 13 Oct 2026 — Q3 2026 results, released at about 7:00am ET, with a conference call at 8:30am ET.
• 31 Oct 2026 — payment of the $1.65 quarterly dividend.
• Expected Jan 2027 — Q4 and FY2026 results; Q4 2025 results were released on 13 January 2026.
• Expected Feb 2027 — annual Company Update for investors; the 2026 update was held on 23 February 2026.
• TBC — final Basel III endgame, GSIB surcharge and standardized-approach capital rules from US regulators.
• 30 Sep 2027 — the 2.5% stress capital buffer stays in force until this date, when requirements recalculated in 2027 take effect.

Macro releases that drive bank earnings, such as inflation, jobs data and Federal Reserve decisions, are listed on the ChartsView Economic Calendar. Reader discussion of these dates continues in the Forum.

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