JPMorgan Chase & Co. (JPM) Cash Flow Statement
Where JPM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$147.78B
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$147.78B −52.8% margin
- Returned to shareholders
- $51.22B
- Change in cash
- −$125.98B cash at year-end $343.34B
Cash from operations
−$147.78B
Investments (net)
−$80.70B
Acquisitions & other
−$184.86B
Dividends
−$16.62B
Share buybacks (net)
−$34.59B
Net borrowing (repayment)
+$22.08B
Shares issued
+$3.00B
Other financing
+$295.67B
Currency & other
+$17.84B
Change in cash
−$125.98B
Drawn to scale: where the cash came from and how it was used. Hover for values.
JPM operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
JPM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $21.88B2016 | −$147.78B2025 | — | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $21.88B2016 | −$147.78B2025 | — | |
| Free cash flow margin | 20.6%2016 | −52.8%2025 | −73.4 pts | |
| Operating cash flow / net income | 0.882016 | −2.592025 | −3.48 | |
| Stock-based compensation | $1.94B2016 | $3.12B2023 | +7.0%/yr | |
| Dividends paid | $8.48B2016 | $16.62B2025 | +7.8%/yr | |
| Share buybacks (net) | $9.08B2016 | $34.59B2025 | +16.0%/yr | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JPM cash flow by activity
OperatingInvestingFinancingChange in cash
JPM net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
JPM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $57.05B | $58.47B | $49.55B | $37.68B | $48.33B | $29.13B | $36.43B | $32.47B | $24.44B | $24.73B |
| Depreciation & amortization | $8.82B | $7.94B | $7.51B | $7.05B | $7.93B | $8.61B | $8.37B | $7.79B | $6.18B | $5.48B |
| Stock-based compensation | — | — | $3.12B | $2.79B | $2.93B | $2.45B | $2.26B | $2.32B | $2.07B | $1.94B |
| Change in working capital | −$218.80B | −$114.22B | −$56.17B | −$22.97B | −$12.40B | −$18.01B | −$53.92B | −$23.64B | −$57.63B | −$17.40B |
| Other non-cash items | $5.15B | $5.80B | $8.96B | $82.57B | $31.29B | −$102.09B | $10.95B | −$3.34B | $14.11B | $7.13B |
| Cash from operating activities | −$147.78B | −$42.01B | $12.97B | $107.12B | $78.08B | −$79.91B | $4.09B | $15.61B | −$10.83B | $21.88B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$1.29B | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$80.70B | −$163.40B | $67.64B | $3.08B | −$26.50B | −$204.31B | $4.72B | −$111.42B | −$9.72B | −$112.12B |
| Acquisitions & other investing | −$184.86B | $0 | $1.29B | −$140.90B | −$102.84B | −$57.60B | −$56.78B | −$88.00B | $37.97B | $22.92B |
| Cash from investing activities | −$265.56B | −$163.40B | $67.64B | −$137.82B | −$129.34B | −$261.91B | −$52.06B | −$199.42B | $28.25B | −$89.20B |
| Financing activities | ||||||||||
| Dividends paid | −$16.62B | −$14.78B | −$13.46B | −$13.56B | −$12.86B | −$12.69B | −$12.34B | −$10.11B | −$8.99B | −$8.48B |
| Share repurchases & issuance (net) | −$34.59B | −$28.68B | −$9.82B | −$10.60B | −$20.98B | −$7.95B | −$28.08B | −$21.68B | −$16.67B | −$9.08B |
| Net borrowing (repayment) | $22.08B | $20.75B | $8.60B | $32.36B | $14.45B | $9.60B | −$35.74B | $37.24B | −$17.01B | $24.67B |
| Shares issued | $3.00B | $2.50B | $0 | $0 | $7.35B | $4.50B | $5.00B | $1.70B | $0 | $0 |
| Other financing | $295.67B | $83.66B | −$10.89B | −$134.46B | $288.03B | $603.18B | $104.14B | $27.01B | $57.31B | $91.16B |
| Cash from financing activities | $269.53B | $63.45B | −$25.57B | −$126.26B | $275.99B | $596.64B | $32.99B | $34.16B | $14.64B | $98.27B |
| Summary | ||||||||||
| Net change in cash | −$125.98B | −$154.83B | $56.92B | −$173.60B | $213.22B | $263.98B | −$15.16B | −$152.51B | $40.15B | $29.47B |
| Cash at end of period | $343.34B | $469.32B | $624.15B | $567.23B | $740.83B | $527.61B | $263.63B | $278.79B | $431.30B | $391.15B |
| Free cash flow | −$147.78B | −$42.01B | $12.97B | $107.12B | $78.08B | −$79.91B | $4.09B | $15.61B | −$10.83B | $21.88B |
| Free cash flow margin | −52.8% | −15.5% | 5.5% | 69.6% | 61.4% | −61.5% | 2.9% | 12.0% | −9.4% | 20.6% |
| Capex / revenue | 0.0% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | −2.59 | −0.72 | 0.26 | 2.84 | 1.62 | −2.74 | 0.11 | 0.48 | −0.44 | 0.88 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $21.16B | $16.49B | $13.03B | $14.39B | $14.99B | $14.64B | $14.01B | $12.90B | $18.15B | $13.42B | $9.31B | $13.15B |
| Depreciation & amortization | $2.32B | $2.36B | $2.31B | $2.27B | $2.21B | $2.03B | $1.97B | $1.97B | $2.00B | $2.00B | $3.34B | $2.02B |
| Stock-based compensation | — | — | — | — | — | — | — | −$1.88B | $944.0M | $938.0M | $631.0M | $782.0M |
| Change in working capital | −$55.25B | −$234.26B | $109.82B | −$71.67B | $12.57B | −$269.52B | $121.29B | −$89.28B | $23.37B | −$169.60B | $39.80B | −$16.27B |
| Other non-cash items | $6.50B | $3.64B | −$5.43B | $9.79B | −$223.0M | $1.01B | $10.50B | $2.22B | −$6.00B | −$916.0M | $7.16B | $45.44B |
| Cash from operating activities | −$25.28B | −$211.76B | $119.72B | −$45.21B | $29.55B | −$251.84B | $147.76B | −$74.08B | $38.47B | −$154.16B | $60.23B | $45.12B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | $15.23B | −$48.93B | $8.25B | −$21.31B | −$173.06B | −$118.08B | $17.62B | −$43.41B | −$94.24B | −$43.38B | $79.88B | −$17.79B |
| Acquisitions & other investing | −$8.84B | −$168.84B | $38.64B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.55B |
| Cash from investing activities | $6.39B | −$217.77B | $46.88B | −$21.31B | −$173.06B | −$118.08B | $17.62B | −$43.41B | −$94.24B | −$43.38B | $79.88B | −$12.24B |
| Financing activities | ||||||||||||
| Dividends paid | −$4.34B | −$4.37B | −$4.42B | −$4.18B | −$4.21B | −$3.82B | −$3.86B | −$3.65B | −$3.78B | −$3.49B | −$3.43B | −$3.39B |
| Share repurchases & issuance (net) | −$6.79B | −$8.32B | −$8.26B | −$8.29B | −$7.51B | −$10.53B | −$5.90B | −$8.61B | −$11.34B | −$2.83B | −$2.27B | −$2.38B |
| Net borrowing (repayment) | $11.07B | $21.40B | $1.52B | $6.73B | $1.55B | $12.29B | $3.83B | $7.23B | — | — | — | $16.72B |
| Shares issued | $3.00B | $0 | $0 | $0 | $0 | $3.00B | $0 | $0 | $0 | $2.50B | $0 | $0 |
| Other financing | $15.86B | $391.98B | −$112.39B | −$42.03B | $132.97B | $317.12B | −$109.77B | $15.79B | $42.35B | $144.99B | −$30.20B | −$15.27B |
| Cash from financing activities | $18.80B | $400.68B | −$123.56B | −$47.77B | $122.80B | $318.06B | −$115.70B | $10.75B | $27.24B | $141.17B | −$35.90B | −$4.32B |
| Summary | ||||||||||||
| Net change in cash | −$2.33B | −$31.20B | $39.90B | −$116.89B | −$5.58B | −$43.41B | $35.06B | −$96.56B | −$31.30B | −$62.03B | $112.78B | −$55.87B |
| Cash at end of period | $309.81B | $312.14B | $343.34B | $303.44B | $420.33B | $425.90B | $469.32B | $434.26B | $530.82B | $562.12B | $624.15B | $495.12B |
| Free cash flow | −$25.28B | −$211.76B | $119.72B | −$45.21B | $29.55B | −$251.84B | $147.76B | −$74.08B | $38.47B | −$154.16B | $60.23B | $45.12B |
| Free cash flow margin | −30.7% | −287.5% | 172.0% | −62.9% | 42.3% | −365.5% | 220.5% | −106.3% | 56.7% | −232.6% | 97.3% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Operating cash flow / net income | −1.20 | −12.84 | 9.19 | −3.14 | 1.97 | −17.20 | 10.55 | −5.74 | 2.12 | −11.49 | 6.47 | 3.43 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
JPM cash generation
In fiscal 2025 (ended December 31, 2025), JPMorgan Chase generated -$147.8 billion of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$147.8 billion, −52.8% of revenue. It returned $51.2 billion to shareholders through dividends ($16.6 billion) and net share buybacks ($34.6 billion). Cash and equivalents fell by $126.0 billion over the year.
Related: JPM income statement, JPM balance sheet, JPM dividend history. See the JPM stock overview for the latest quote and news.
JPM cash flow FAQ
What is JPMorgan Chase's free cash flow?
JPMorgan Chase's free cash flow was -$147.8 billion in fiscal 2025: -$147.8 billion of operating cash flow minus $0 of capital expenditures It was -$42.0 billion a year earlier..
How much cash does JPMorgan Chase generate from operations?
JPMorgan Chase generated -$147.8 billion of cash from operating activities in fiscal 2025, −2.59 times its net income of $57.0 billion.
How much stock does JPMorgan Chase buy back?
JPMorgan Chase spent $34.6 billion on net share repurchases in fiscal 2025.
How much does JPMorgan Chase pay in dividends?
JPMorgan Chase paid $16.6 billion in dividends in fiscal 2025.