JPMorgan Chase & Co (JPM)
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JPMorgan Chase reported net income of $21,155 million for the quarter ended June 30, 2026, up 41 percent year over year. The bank itself then subtracts $4.2 billion after tax: gains on Visa shares and equity investments that will not repeat in this form. That leaves $16.9 billion. We take the record apart item by item, with the filing reference alongside each one.
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AI Rating
ThreatenedJPMorgan Chase verkauft keine KI-Produkte, benennt aber im Geschäftsbericht 2025 einen eigenen Risikofaktor zu fortgeschrittenen Technologien und darin konkret die Verdrängung der direkten Kundenbeziehung durch autonom handelnde KI-Agenten sowie den Verlust von Marktanteilen an schneller adaptierende Wettbewerber.
View the full file — quotes, sources, reviewed filings
„replacement or disintermediation of direct customer relationships if AI agents autonomously manage or intermediate financial decisions and product selection or other services for customers."
Ersetzung oder Verdrängung direkter Kundenbeziehungen, wenn KI-Agenten Finanzentscheidungen und die Produktauswahl oder andere Leistungen für Kunden eigenständig steuern oder vermitteln.
„If JPMorganChase does not keep pace with rapidly changing technological advances, including the adoption of generative AI, it risks losing clients and market share to competitors, which could negatively impact revenues, operating costs and its competitive position."
Hält JPMorganChase mit dem raschen technologischen Wandel — einschließlich der Einführung generativer KI — nicht Schritt, riskiert das Institut den Verlust von Kunden und Marktanteilen an Wettbewerber, was Erträge, Betriebskosten und die Wettbewerbsposition beeinträchtigen könnte.
„competitive disadvantage if competitors are able to deploy AI more quickly or effectively, potentially gaining advantages in cost efficiency, client and customer experience, or product innovation, which could result in a loss of market share to competitors"
Wettbewerbsnachteil, falls Wettbewerber KI schneller oder wirksamer einsetzen können und dadurch Vorteile bei Kosteneffizienz, Kundenerlebnis oder Produktinnovation erlangen, was zu einem Verlust von Marktanteilen an Wettbewerber führen könnte
Filings Reviewed: 10-K 2026-02-13 · 10-Q 2026-05-01 · 10-Q 2025-11-04 · 10-Q 2025-08-05 · 10-K 2025-02-14 · 8-K 2026-07-14
Rated on July 29, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 4.93 | 54.50 | 67,007 | 8.20 | 20.90 | 147,758 | 147,758 |
| 2025: Q1 | 5.18 | 12.50 | 68,907 | 4.00 | 21.30 | -251,839 | -251,839 |
| 2025: Q2 | 5.36 | -14.40 | 69,914 | 3.10 | 21.40 | 29,547 | 29,547 |
| 2025: Q3 | 5.15 | 14.50 | 71,903 | 3.20 | 20.00 | -45,214 | -45,214 |
| 2025: Q4 | 4.66 | -5.40 | 69,609 | 3.90 | 18.70 | 368,373 | 368,373 |
| 2026: Q1 | 5.90 | 13.90 | 73,661 | 6.90 | 22.40 | -211,761 | -211,761 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Four segments that all make money: in 2025 the Commercial & Investment Bank earned $27,761 million, Consumer & Community Banking $18,245 million and Asset & Wealth Management $6,522 million in net income. In the quarter ended June 30, 2026 every segment set a revenue record; assets under management reached $5.1 trillion, up 18 percent, and JPMorgan ranked first in global investment banking fees with 9.3 percent wallet share (Form 8-K of July 14, 2026).
As of June 30, 2026 the Standardized CET1 ratio stood at 14.1 percent against an 11.5 percent requirement, CET1 capital at $303 billion and total loss-absorbing capacity at $590 billion. Liquidity sources totaled roughly $1.5 trillion as of March 31, 2026. Book value per share rose from $104.45 (2023) to $133.01 (June 30, 2026) — 27 percent in two and a half years (10-K 2025, 10-Q for the period ended March 31, 2026, Form 8-K of July 14, 2026).
From the $21,155 million of quarterly net income the bank itself subtracts $4.2 billion after tax — a $4.6 billion net gain on Visa shares previously carried at a nominal basis, and $1.0 billion from equity-investment revaluations. That is $1.56 per share and 6 percentage points of return on tangible common equity. 2024 already contained a $7.9 billion Visa gain (Form 8-K of July 14, 2026, 10-K 2025).
Net interest income excluding Markets stood at $92,591 million in 2025 against $92,419 million a year earlier — essentially unchanged; noninterest revenue excluding Markets fell 2 percent. In the quarter ended June 30, 2026 net interest income excluding Markets grew 4 percent while Markets revenue rose 35 percent and Equity Markets alone 86 percent. Growth is therefore coming from the most volatile part (10-K 2025, Form 8-K of July 14, 2026).
Net charge-offs rose from $6,209 million (2023) to $8,638 million (2024) to $9,849 million (2025), the charge-off rate from 0.52 percent to 0.74 percent, and nonperforming assets from $7,597 million to $10,359 million. In Card Services the bank expects a rate of approximately 3.4 percent for 2026 after 3.31 percent in 2025. Levels remain historically low; the direction has held for three years (10-K 2025).
On June 25, 2026 Doug Petno and Troy Rohrbaugh were elected Co-Presidents and Marianne Lake announced her retirement after more than 25 years. The compensation committee approved $100 million of retention awards whose vesting requires a three-year average return on tangible common equity of 12 percent — against 23 percent most recently excluding significant items. Orderly succession planning, but the question of who succeeds Jamie Dimon is open (Form 8-K of June 25, 2026).
JPMorgan Chase is the largest U.S. bank and has delivered 17 to 18 percent return on equity for three straight years: $57,048 million of net income in 2025, book value per share up from $104.45 to $133.01, a Standardized CET1 ratio of 14.1 percent against an 11.5 percent requirement and roughly $1.5 trillion of liquidity sources. The record for the quarter ended June 30, 2026 is still no benchmark: $4.2 billion after tax came from Visa shares and equity revaluations, net interest income excluding Markets grew just 4 percent, and loan losses are rising for the third year running. Not investment advice.
- Hook: ranking of the 100 largest U.S. stocks by market capitalization (as of July 28, 2026); JPMorgan Chase ranked 12th and had no analysis on file.
- Data basis: annual figures from the Annual Report on Form 10-K for 2025 (filed February 13, 2026), figures as of March 31, 2026 from the Quarterly Report on Form 10-Q (filed May 1, 2026), figures for the quarter ended June 30, 2026 from the earnings release on Form 8-K dated July 14, 2026 (Item 2.02, Exhibit 99.1). Every filing dated on or after May 1, 2026 was reviewed; the 10-Q for the quarter ended June 30, 2026 was not yet on file as of July 29, 2026. Valuation metrics as of July 29, 2026.
- Metric note: for banks the Altman Z-score, price/sales, enterprise value and price to free cash flow carry no meaning — operating cash flow is driven by trading inventories and customer deposits, not by money earned. These measures are named in the article and not used.
- Cyclicality note: banking is cyclical. Rate levels, trading volumes and credit losses all move with the economy; neither the record quarter ended June 30, 2026 nor the 2025 credit year is a basis for extrapolation. That is why 2023 through 2025 appear in full in the article.
- Do not confuse: JPMorgan Chase & Co. (JPM) is not Morgan Stanley (MS) — two separate firms. Within the group the "J.P. Morgan" brand is used for corporate and wealth businesses and "Chase" for consumer banking. Older time series run under "Chase Manhattan Corp" or "Chemical Banking Corp".
- Analyses are evergreen; a daily share price is not a reason to buy.
About the Company
JPMorgan Chase & Co. ist eine Bank- und Finanzholding mit Geschäft in den USA, dem übrigen Nordamerika, Europa, dem Nahen Osten, Afrika, dem asiatisch-pazifischen Raum, Lateinamerika und der Karibik.
| Employees | 320,079 |
|---|---|
| Headquarters | New York, NY |
| Website | jpmorganchase.com |
| IPO Date | 6. Oct 1978 |
| Next Earnings | 14. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| James Dimon | Chairman & CEO | 1956 |
| Douglas B. Petno | CEO of the Commercial & Investment Bank and Co-President | 1966 |
| Troy Larry Rohrbaugh | CEO of Consumer & Community Banking and Co-President | 1970 |
| Jeremy Barnum | Executive VP & CFO | 1973 |
| Mary Callahan Erdoes | Chief Executive Officer of Asset & Wealth Management and Executive VP | 1967 |
| Daniel Eduardo Pinto | Vice Chairman | 1963 |
| Todd Anthony Combs M.B.A. | Head Strategic Investment Group of Security & Resiliency Initiative | 1971 |
| Eugene Davy | Co-Founder & Head of Investment Banking of EMEA | – |
| Jennifer A. Piepszak | Chief Operating Officer | 1971 |
| Elena A. Korablina | MD, Firmwide Controller & Principal Accounting Officer | 1974 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 28, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.