JPMorgan Chase & Co. (JPM) Balance Sheet
JPM balance sheet, 2025
December 31, 2025 · U.S. dollars$4.42T assets = $4.06T liabilities + $362.44B equity
Both columns are drawn to the same scale: what JPM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
JPM financial health
Descriptive bands, not a rating. Fiscal 2025.
JPM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.49T2016 | $4.42T2025 | +6.6%/yr | |
| Total liabilities | $2.24T2016 | $4.06T2025 | +6.9%/yr | |
| Shareholders’ equity | $254.19B2016 | $362.44B2025 | +4.0%/yr | |
| Cash & short-term investments | $628.53B2016 | $850.54B2025 | +3.4%/yr | |
| Total debt | $495.35B2016 | $499.98B2025 | +0.1%/yr | |
| Net cash (debt) | $133.17B2016 | $350.55B2025 | +$217.4B | |
| Working capital | −$1.22T2016 | $897.36B2025 | +$2.1T | |
| Book value per share | $69.642016 | $129.732025 | +7.2%/yr | |
| Debt / equity | 1.952016 | 1.382025 | −0.57 | |
| Shares outstanding | 3.65B2016 | 2.79B2025 | −2.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JPM assets
JPM liabilities and equity
JPM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
JPM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $850.54B | $1.66T | $816.64B | $763.93B | $1.03T | $883.56B | $604.00B | $509.19B | $633.53B | $628.53B |
| Cash & equivalents | $343.34B | $469.32B | $624.15B | $567.23B | $740.83B | $527.61B | $263.63B | $278.79B | $431.30B | $389.63B |
| Short-term investments | $507.20B | $1.19T | $192.49B | $196.70B | $290.26B | $355.95B | $340.37B | $230.39B | $202.22B | $238.89B |
| Receivables | $111.60B | $320.77B | $107.36B | $125.19B | $102.57B | $90.50B | $72.86B | $73.20B | $67.73B | $52.33B |
| Inventory | $0 | $0 | −$1.86T | −$1.65T | −$1.74T | −$1.58T | −$1.14T | −$1.25T | −$1.85T | −$1.81T |
| Other current assets | $0 | $0 | $1.86T | $1.65T | $1.74T | $1.58T | $1.14T | $1.25T | $1.85T | $1.81T |
| Total current assets | $962.13B | $1.98T | $924.00B | $889.12B | $1.13T | $974.06B | $676.87B | $582.39B | $701.26B | $680.86B |
| Property, plant & equipment (net) | $36.24B | $32.22B | $30.16B | $27.73B | $27.07B | $27.11B | $25.81B | $14.93B | $14.16B | $14.13B |
| Goodwill & intangible assets | $64.46B | $64.56B | $64.38B | $60.86B | $56.69B | $53.43B | $53.34B | $54.35B | $54.39B | $54.25B |
| Long-term investments | $1.41T | $1.17T | $973.95B | $1.01T | $1.05T | $388.18B | $809.34B | $675.54B | $575.28B | $661.19B |
| Other non-current assets | $1.96T | $749.67B | $1.88T | $1.67T | $1.48T | $1.94T | $1.12T | $1.30T | $1.19T | $1.08T |
| Total assets | $4.42T | $4.00T | $3.88T | $3.67T | $3.74T | $3.38T | $2.69T | $2.62T | $2.53T | $2.49T |
| Liabilities | ||||||||||
| Accounts payable | $186.66B | $153.15B | $161.96B | $188.69B | $169.17B | $140.29B | $118.38B | $114.79B | $102.73B | $109.84B |
| Short-term debt | $64.78B | $361.31B | $261.25B | $246.64B | $247.93B | $260.42B | $224.59B | $251.60B | $210.72B | $200.11B |
| Deferred revenue | — | — | — | — | — | — | — | $102.15B | — | — |
| Total current liabilities | $64.78B | $3.07T | $2.96T | $3.05T | $3.13T | $2.80T | $2.11T | $2.06T | $1.96T | $1.90T |
| Long-term debt | $435.21B | $342.78B | $317.35B | $190.59B | $301.00B | $187.76B | $137.12B | $165.01B | $149.74B | $175.71B |
| Other long-term liabilities | $3.56T | $241.56B | $266.69B | $129.19B | $20.55B | $119.20B | $178.62B | $143.06B | $165.32B | $162.39B |
| Total liabilities | $4.06T | $3.66T | $3.55T | $3.37T | $3.45T | $3.11T | $2.43T | $2.37T | $2.28T | $2.24T |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B |
| Retained earnings (deficit) | $416.06B | $376.17B | $332.90B | $296.46B | $272.27B | $236.99B | $223.21B | $199.20B | $177.68B | $162.44B |
| Treasury stock | — | — | — | — | −$105.42B | −$88.18B | −$83.05B | −$60.49B | −$42.59B | −$28.85B |
| Accumulated other comprehensive income | −$4.29B | −$12.46B | −$10.44B | −$17.34B | −$84.0M | $7.99B | $1.57B | −$1.51B | −$119.0M | −$1.18B |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $362.44B | $344.76B | $327.88B | $292.33B | $294.13B | $279.35B | $261.33B | $256.51B | $255.69B | $254.19B |
| Key figures | ||||||||||
| Total debt | $499.98B | $751.15B | $653.07B | $542.50B | $548.94B | $542.10B | $516.09B | $533.63B | $494.80B | $495.35B |
| Net cash (debt) | $350.55B | $911.58B | $163.56B | $221.43B | $482.15B | $341.46B | $87.91B | −$24.44B | $138.73B | $133.17B |
| Working capital | $897.36B | −$1.09T | −$2.04T | −$2.16T | −$1.99T | −$1.82T | −$1.43T | −$1.48T | −$1.26T | −$1.22T |
| Tangible book value | $297.98B | $280.20B | $263.50B | $231.47B | $237.44B | $225.93B | $207.99B | $202.17B | $201.30B | $199.94B |
| Book value per share | $129.73 | $119.75 | $111.41 | $98.43 | $97.18 | $90.48 | $80.90 | $75.14 | $71.49 | $69.64 |
| Shares outstanding | 2.79B | 2.88B | 2.94B | 2.97B | 3.03B | 3.09B | 3.23B | 3.41B | 3.58B | 3.65B |
| Current ratio | 14.85 | 0.65 | 0.31 | 0.29 | 0.36 | 0.35 | 0.32 | 0.28 | 0.36 | 0.36 |
| Quick ratio | 14.85 | 0.65 | 0.31 | 0.29 | 0.36 | 0.35 | 0.32 | 0.28 | 0.36 | 0.36 |
| Debt / equity | 1.38 | 2.18 | 1.99 | 1.86 | 1.87 | 1.94 | 1.97 | 2.08 | 1.94 | 1.95 |
| Equity / assets | 8.2% | 8.6% | 8.5% | 8.0% | 7.9% | 8.3% | 9.7% | 9.8% | 10.1% | 10.2% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.70T | $2.62T | $1.86T | $1.48T | $1.50T | $1.57T | $1.47T | $1.37T | $1.38T | $787.92B | $787.46B | $816.64B |
| Cash & equivalents | $326.27B | $309.81B | $312.14B | $343.34B | $303.44B | $420.33B | $425.90B | $469.32B | $434.26B | $530.82B | $562.12B | $624.15B |
| Short-term investments | $2.38T | $2.31T | $1.55T | $1.14T | $1.19T | $1.15T | $1.04T | $898.40B | $947.53B | $257.11B | $225.35B | $192.49B |
| Receivables | $494.86B | $542.43B | $426.86B | $397.79B | $390.24B | $348.44B | $356.55B | $320.77B | $375.00B | $135.69B | $129.82B | $107.36B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.99T | $706.48B | −$13.84T | −$1.86T |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.99T | $0 | $13.84T | $1.86T |
| Total current assets | $3.20T | $3.16T | $2.29T | $1.88T | $1.89T | $1.92T | $1.82T | $1.69T | $1.76T | $923.62B | $917.28B | $924.00B |
| Property, plant & equipment (net) | $38.68B | $37.70B | $36.77B | $36.24B | $35.06B | $33.56B | $32.81B | $32.22B | $31.52B | $30.58B | $30.28B | $30.16B |
| Goodwill & intangible assets | $64.87B | $75.90B | $75.87B | $64.46B | $64.44B | $64.47B | $64.53B | $64.56B | $64.45B | $64.53B | $64.37B | $64.38B |
| Long-term investments | $0 | $1.59T | $1.63T | $1.41T | $1.49T | $1.41T | $1.31T | $1.17T | $1.25T | $1.14T | $1.13T | $973.95B |
| Other non-current assets | $1.79T | $149.82B | $870.73B | $1.04T | $1.09T | $1.13T | $1.13T | $1.04T | $1.11T | $1.99T | $1.94T | $1.88T |
| Total assets | $5.09T | $5.02T | $4.90T | $4.42T | $4.56T | $4.55T | $4.36T | $4.00T | $4.21T | $4.14T | $4.09T | $3.88T |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | $186.66B | $316.90B | $303.64B | $293.54B | $153.15B | $314.36B | $13.80B | $301.47B | $161.96B |
| Short-term debt | $774.73B | $777.35B | $784.67B | $508.41B | $636.93B | $660.63B | $598.03B | $349.73B | $439.98B | $448.14B | $371.94B | $261.25B |
| Total current liabilities | $3.85T | $3.77T | $3.71T | $3.58T | $3.43T | $3.44T | $3.28T | $3.21T | $3.11T | $3.05T | $3.29T | $3.12T |
| Long-term debt | $0 | $460.52B | $448.76B | $435.21B | $404.86B | $419.80B | $383.90B | $342.78B | $410.16B | $394.03B | $395.87B | $391.82B |
| Other long-term liabilities | $865.74B | $413.76B | $379.65B | $42.72B | $367.47B | $331.34B | $341.53B | $100.36B | $340.05B | $357.74B | $64.08B | $36.22B |
| Total liabilities | $4.72T | $4.64T | $4.54T | $4.06T | $4.20T | $4.20T | $4.01T | $3.66T | $3.86T | $3.80T | $3.75T | $3.55T |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B | $4.11B |
| Retained earnings (deficit) | $455.59B | $445.02B | $428.21B | $416.06B | $407.40B | $397.42B | $386.62B | $376.17B | $365.97B | $356.92B | $342.41B | $332.90B |
| Accumulated other comprehensive income | −$19.82B | −$7.69B | −$6.69B | −$4.29B | −$5.88B | −$7.24B | −$9.11B | −$12.46B | −$6.78B | −$11.34B | −$11.64B | −$10.44B |
| Total shareholders' equity | $372.37B | $374.60B | $364.04B | $362.44B | $360.21B | $356.92B | $351.42B | $344.76B | $345.84B | $340.55B | $336.64B | $327.88B |
| Key figures | ||||||||||||
| Total debt | $1.23T | $1.24T | $1.23T | $942.38B | $1.06T | $1.08T | $1.01T | $751.15B | $850.13B | $842.17B | $767.81B | $653.07B |
| Net cash (debt) | $1.47T | $1.38T | $630.75B | $537.37B | $433.14B | $486.69B | $460.83B | $616.58B | $531.65B | −$54.24B | $19.65B | $163.56B |
| Working capital | −$655.35B | −$601.21B | −$1.42T | −$1.71T | −$1.54T | −$1.53T | −$1.46T | −$1.53T | −$1.36T | −$2.13T | −$2.38T | −$2.20T |
| Tangible book value | $307.50B | $298.70B | $288.17B | $297.98B | $295.77B | $292.46B | $286.89B | $280.20B | $281.38B | $276.03B | $272.26B | $263.50B |
| Book value per share | $138.79 | $139.04 | $133.83 | $132.25 | $130.15 | $127.76 | $124.43 | $121.29 | $120.67 | $117.64 | $115.57 | $112.32 |
| Shares outstanding | 2.68B | 2.69B | 2.72B | 2.74B | 2.77B | 2.79B | 2.82B | 2.84B | 2.87B | 2.89B | 2.91B | 2.92B |
| Current ratio | 0.83 | 0.84 | 0.62 | 0.52 | 0.55 | 0.56 | 0.56 | 0.53 | 0.56 | 0.30 | 0.28 | 0.30 |
| Quick ratio | 0.83 | 0.84 | 0.62 | 0.52 | 0.55 | 0.56 | 0.56 | 0.53 | 0.56 | 0.30 | 0.28 | 0.30 |
| Debt / equity | 3.32 | 3.30 | 3.39 | 2.60 | 2.95 | 3.03 | 2.86 | 2.18 | 2.46 | 2.47 | 2.28 | 1.99 |
| Equity / assets | 7.3% | 7.5% | 7.4% | 8.2% | 7.9% | 7.8% | 8.1% | 8.6% | 8.2% | 8.2% | 8.2% | 8.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
JPM financial position
At the end of fiscal 2025 (December 31, 2025), JPMorgan Chase had total assets of $4.42 trillion (up 10.5% from a year earlier), total liabilities of $4.06 trillion and shareholders' equity of $362.4 billion. It held $850.5 billion in cash and short-term investments against $500.0 billion of debt, a net cash position of $350.6 billion. Its current ratio was 14.85. In the latest quarter (ended September 30, 2026) total assets were $5.09 trillion and equity $372.4 billion.
Related: JPM income statement, JPM cash flow statement, JPM key metrics. See the JPM stock overview for the latest quote and news.
JPM balance sheet FAQ
What are JPMorgan Chase's total assets?
JPMorgan Chase reported total assets of $4.42 trillion at the end of fiscal 2025 (December 31, 2025), compared with $4.00 trillion a year earlier.
How much debt does JPMorgan Chase have?
JPMorgan Chase had $500.0 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.38.
How much cash does JPMorgan Chase have?
JPMorgan Chase held $850.5 billion in cash and short-term investments at the end of fiscal 2025; with $500.0 billion of debt that is net cash of $350.6 billion.
What is JPMorgan Chase's book value?
JPMorgan Chase's shareholders' equity (book value) was $362.4 billion at the end of fiscal 2025, or $129.73 per share.
What is JPMorgan Chase's current ratio?
JPMorgan Chase had current assets of $962.1 billion and current liabilities of $64.8 billion, a current ratio of 14.85 (it can cover its short-term obligations).
How much goodwill does JPMorgan Chase have?
JPMorgan Chase carried $64.5 billion of goodwill and intangible assets, 1.5% of total assets, at the end of fiscal 2025.