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JPMorgan Chase's finances, and what holding JPM would have done
JPMorgan Chase's revenue, profit, cash flow and debt from SEC filings, and what holding JPM would have done in the past.
JPMorgan Chase (JPM) was the number 13 US company by market value on 5 November 2026, at about $935 billion, on the companiesmarketcap.com ranking. Its figures come from its SEC filings, read on 5 November 2026. A figure a filing lacks is marked as not reported.
What JPMorgan Chase sells
JPMorgan Chase is the largest US bank. It takes deposits, lends to households and companies, runs a big investment bank and trading business, and manages money and card payments.
The finances
- Revenue: $182 billion in the year to 31 December 2025 (10-K), up 2.8% from $178 billion. The 12 months to 30 September 2026: $203 billion. Growth was slow.
- Net income: $57.0 billion in the year to 31 December 2025 (10-K), against $58.5 billion a year earlier; net margin 31.3%. The 12 months to 30 September 2026: $66.0 billion. About $31 of every $100 of sales stayed as profit, a very high margin.
- Free cash flow: operating cash flow was negative $148 billion (10-K), but capital spending is not reported in this form, so free cash flow is not worked out.
- Cash and debt: $326 billion in cash and $460 billion of debt (10-Q, 30 September 2026). It owed more than it held in cash.
- Share count: 2.78 billion average diluted shares in the year to 31 December 2025 (10-K), down 3.4% from 2.88 billion. Fewer shares, usually from buybacks, make each one a bigger slice.
One thing to notice: Banks are different from other companies. Operating cash flow for a bank moves with loans and trading, so a negative number here ($147.8 billion negative in 2025) says little about its health. It does not report capital spending in this form, so free cash flow is not worked out, and total debt covers its long-term borrowings only.
What holding it would have done
From our free long-term checker, which looks back only:
- Past returns, price only: 1-year +9% (SPY +10%), 3-year +136% (SPY +74%), 5-year +98% (SPY +62%), 10-year +341% (SPY +248%). That 10-year gain is 16.0% a year, against 13.3% for SPY.
- Worst fall: -44.0%, from the close on 2 January 2020 to the low on 23 March 2020 (81 days). Getting back to that high took another 297 days, to 14 January 2021. SPY's worst fall was -34.1%.
- How often holding ended higher: 72% of 1-year holds (worst -39%) and 100% of 5-year holds (worst +5%).
- Monthly buying against a lump sum: over the past 10 years, $100 a month ($12,100 in total) would have grown to $29,819. The same money in on day one would have grown to $53,354; in SPY, monthly buying ends at $24,571 and the lump sum at $42,078.
Price only: no dividends, fees or tax. Daily closes, 10 November 2016 to 3 November 2026. SPY is an S&P 500 fund.
What this does and does not tell you
A company can earn more and still see its shares fall, because the price already reflects what people expect. So the filings and the long test answer different questions, and neither says what comes next.
This is one company over one stretch of history: an in-sample look at the past, not a promise. It is general information, not a call to buy or sell JPM, and it sets no price target.
More
The other 24 are in The 25 biggest US stocks. To check any other stock, use the long-term checker.
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