New York, NY · Founded 1968 · 318,512 employees
JPMorgan Chase generated $182.4B in revenue for fiscal year 2025, a +2.8% year-over-year change. Net income reached $57.0B.
JPMorgan is firing on all cylinders with record income, but the growth is increasingly dependent on volatile markets and short-term funding. Behind the scenes, modeling uncertainty around the Apple Card deal and looming regulatory shifts create a genuine risk that future buybacks and dividends could be cut to protect the capital base. Quick take (2-3 lines): JPMorgan posted a strong Q1: $16.5B net income, ROTCE 23%, TBVPS +8% and record liquidity (~$1.5T). However, earnings are increasingly tied to Markets activity and secured funding volumes have expanded rapidly, while regulatory capital revisions and the Apple Card forward purchase create measurable capital and modeling uncertainty.
| Fiscal Year | Revenue | YoY Growth | Gross Margin | Op. Margin | Net Income | EPS |
|---|---|---|---|---|---|---|
| FY2025 | $182.4B | +2.8% | 0.0% | 0.0% | $57.0B | $20.02 |
| FY2024 | $177.6B | +12.3% | 0.0% | 0.0% | $58.5B | $19.75 |
| FY2023 | $158.1B | +22.9% | 0.0% | 44.9% | $49.6B | $16.23 |
| FY2022 | $128.7B | +5.8% | 0.0% | 40.8% | $37.7B | $12.09 |
| FY2021 | $121.6B | +1.8% | 0.0% | 0.0% | $48.3B | $15.36 |
| FY2020 | $119.5B | +3.4% | 0.0% | 44.2% | $29.1B | $8.88 |
| FY2019 | $115.6B | +6.1% | 0.0% | 43.4% | $36.4B | $10.72 |
| FY2018 | $109.0B | — | 0.0% | 41.9% | $32.5B | $9.00 |
| Fiscal Year | Operating Cash Flow | Capital Expenditures | Free Cash Flow | Investing | Financing |
|---|---|---|---|---|---|
| FY2025 | $-147.8B | $0 | $0 | $-265.6B | $269.5B |
| FY2024 | $-42.0B | $0 | $0 | $-163.4B | $63.4B |
| FY2023 | $13.0B | $0 | $0 | $67.6B | $-25.6B |
| FY2022 | $107.1B | $0 | $0 | $-137.8B | $-126.3B |
| FY2021 | $78.1B | $0 | $0 | $-129.3B | $276.0B |
| FY2020 | $-79.9B | $0 | $0 | $-261.9B | $596.6B |
| FY2019 | $6.0B | $0 | $0 | $-54.0B | $33.0B |
| FY2018 | $14.2B | $0 | $0 | $-198.0B | $34.2B |
| Fiscal Year | Total Assets | Total Liabilities | Total Equity | Cash | Total Debt |
|---|---|---|---|---|---|
| FY2025 | $4.4T | $4.1T | $362.4B | $21.7B | $500.0B |
| FY2024 | $4.0T | $3.7T | $344.8B | $0 | $454.3B |
| FY2023 | $3.9T | $3.5T | $327.9B | $29.1B | $436.5B |
| FY2022 | $3.7T | $3.4T | $292.3B | $27.7B | $0 |
| FY2021 | $3.7T | $3.4T | $294.1B | $26.4B | $354.6B |
| FY2020 | $3.4T | $3.1T | $279.4B | $24.9B | $326.9B |
| FY2019 | $2.7T | $2.4T | $261.3B | $21.7B | $0 |
| FY2018 | $2.6T | $2.4T | $256.5B | $22.3B | $337.1B |
JPMorgan Chase generated $182.4B in revenue for fiscal year 2025. That represents a +2.8% change from $177.6B in fiscal year 2024.
Yes, JPMorgan Chase is profitable. The company reported net income of $57.0B in fiscal year 2025, representing a net profit margin of 31.3%. In the prior fiscal year 2024, net income was $58.5B.
JPMorgan Chase employs approximately 318,512 people worldwide. The company is headquartered in New York, NY and was founded in 1968.
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