JPMorgan Chase & Co. (JPM) Income Statement
JPM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsJPM revenue and net income
Where JPM's revenue goes
2025Each bar shows an amount and its share of revenue. JPM kept 20.4% of revenue as net income.
JPM profit margins
JPM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.3% | +22.1% | +16.6% | +10.7% |
| Gross profit | +5.6% | +11.4% | +10.3% | +6.4% |
| Operating income | −3.3% | +16.3% | +15.2% | +9.0% |
| Net income | −2.4% | +14.8% | +14.4% | +8.8% |
| EPS (diluted) | −0.1% | +17.8% | +14.3% | +13.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
JPM quarterly EPS vs estimates
JPMorgan Chase beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: January 14, 2027.
JPM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $279.75B | $270.79B | $236.27B | $153.82B | $127.24B | $129.84B | $142.51B | $129.82B | $114.58B | $106.39B |
| Cost of revenue | $112.14B | $112.00B | $90.60B | $32.43B | −$3.67B | $27.37B | $32.38B | $25.91B | $19.16B | $15.18B |
| Gross profit | $167.61B | $158.78B | $145.67B | $121.39B | $130.91B | $102.47B | $110.14B | $103.91B | $95.42B | $91.21B |
| Research & development | — | — | — | — | — | — | — | — | $0 | $0 |
| Sales, general & admin | $60.02B | $56.33B | $51.06B | $45.55B | $41.60B | $37.46B | $37.51B | $36.16B | $34.11B | $33.10B |
| Total operating expenses | $95.01B | $83.70B | $84.06B | $75.23B | $71.34B | $66.66B | $65.27B | $63.15B | $59.52B | $56.67B |
| Operating income | $72.59B | $75.08B | $61.61B | $46.17B | $59.56B | $35.81B | $44.87B | $40.76B | $35.90B | $34.54B |
| Interest income | $193.34B | $193.93B | $170.59B | $92.81B | $57.86B | $64.52B | $84.04B | $77.44B | $64.37B | $55.90B |
| Interest expense | $97.90B | $101.35B | $81.32B | $26.10B | $5.55B | $9.96B | $26.80B | $21.04B | $13.87B | $9.82B |
| Income before taxes | $72.59B | $75.08B | $61.61B | $46.17B | $59.56B | $35.81B | $44.87B | $40.76B | $35.90B | $34.54B |
| Income taxes | $15.55B | $16.61B | $12.06B | $8.49B | $11.23B | $6.68B | $8.44B | $8.29B | $11.46B | $9.80B |
| Net income | $57.05B | $58.47B | $49.55B | $37.68B | $48.33B | $29.13B | $36.43B | $32.47B | $24.44B | $24.73B |
| EBITDA | $81.42B | $83.02B | $69.12B | $53.22B | $67.49B | $44.43B | $53.23B | $48.55B | $42.08B | $40.01B |
| EPS (diluted) | $19.73 | $19.74 | $16.22 | $12.08 | $15.25 | $10.13 | $10.72 | $8.87 | $6.88 | $6.06 |
| Gross margin | 59.9% | 58.6% | 61.7% | 78.9% | 102.9% | 78.9% | 77.3% | 80.0% | 83.3% | 85.7% |
| Operating margin | 26.0% | 27.7% | 26.1% | 30.0% | 46.8% | 27.6% | 31.5% | 31.4% | 31.3% | 32.5% |
| Net margin | 20.4% | 21.6% | 21.0% | 24.5% | 38.0% | 22.4% | 25.6% | 25.0% | 21.3% | 23.2% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $76.19B | $82.46B | $73.66B | $69.61B | $71.90B | $69.91B | $68.91B | $67.01B | $69.67B | $67.83B | $66.26B | $61.93B |
| Cost of revenue | $28.76B | $27.63B | $26.33B | $28.47B | $28.88B | $27.89B | $26.90B | $26.87B | $30.12B | $28.80B | $26.21B | $26.08B |
| Gross profit | $47.43B | $54.83B | $47.33B | $41.14B | $43.02B | $42.02B | $42.01B | $40.14B | $39.54B | $39.04B | $40.05B | $35.85B |
| Research & development | — | — | — | — | $2.84B | — | $2.58B | — | — | — | — | — |
| Sales, general & admin | $21.55B | $21.42B | $21.41B | $14.59B | $15.05B | $14.99B | $15.73B | $13.80B | $14.07B | $14.17B | $14.53B | $13.14B |
| Total operating expenses | $27.30B | $27.32B | $26.85B | $23.98B | $24.28B | $23.74B | $23.60B | $22.76B | $22.57B | $15.60B | $22.76B | $24.52B |
| Operating income | $20.13B | $27.52B | $20.48B | $17.16B | $18.74B | $18.28B | $18.41B | $17.38B | $16.98B | $23.43B | $17.29B | $11.33B |
| Interest income | — | $50.62B | $49.19B | $48.81B | $49.44B | $48.24B | $46.85B | $47.57B | $50.42B | $48.51B | $47.44B | $47.38B |
| Interest expense | $26.02B | $25.11B | $23.82B | $23.81B | $25.47B | $25.03B | $23.58B | $24.22B | $27.01B | $25.77B | $24.36B | $23.33B |
| Income before taxes | $20.13B | $27.52B | $20.48B | $17.16B | $18.74B | $18.28B | $18.41B | $17.38B | $16.98B | $23.43B | $17.29B | $11.33B |
| Income taxes | $4.83B | $6.36B | $3.98B | $4.13B | $4.35B | $3.30B | $3.77B | $3.37B | $4.08B | $5.29B | $3.87B | $2.02B |
| Net income | $15.30B | $21.16B | $16.49B | $13.03B | $14.39B | $14.99B | $14.64B | $14.01B | $12.90B | $18.15B | $13.42B | $9.31B |
| EBITDA | $20.13B | $29.83B | $22.84B | $19.47B | $21.01B | $20.49B | $20.44B | $19.34B | $18.95B | $25.44B | $19.30B | $14.66B |
| EPS (diluted) | $5.75 | $6.14 | $5.94 | $4.63 | $5.07 | $4.96 | $5.07 | $4.81 | $4.37 | $6.12 | $4.44 | $3.04 |
| Gross margin | 62.2% | 66.5% | 64.3% | 59.1% | 59.8% | 60.1% | 61.0% | 59.9% | 56.8% | 57.5% | 60.4% | 57.9% |
| Operating margin | 26.4% | 33.4% | 27.8% | 24.7% | 26.1% | 26.2% | 26.7% | 25.9% | 24.4% | 34.5% | 26.1% | 18.3% |
| Net margin | 20.1% | 25.7% | 22.4% | 18.7% | 20.0% | 21.4% | 21.3% | 20.9% | 18.5% | 26.8% | 20.3% | 15.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in JPM's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
JPM financial results
In fiscal year 2025 (ended December 31, 2025), JPMorgan Chase reported revenue of $279.7 billion, up 3.3% from the year before. It had net income of $57.0 billion (down 2.4%), a net profit margin of 20.4%. Diluted earnings per share came to $19.73. Over five years revenue grew at an average rate of 16.6% a year.
See the JPM stock overview for the latest quote and news, or the JPM chart for price history and technical indicators.
JPM income statement FAQ
What is JPMorgan Chase's annual revenue?
JPMorgan Chase reported total revenue of $279.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.3% from $270.8 billion the previous year.
Is JPMorgan Chase profitable?
Yes. JPMorgan Chase reported net income of $57.0 billion in fiscal 2025, a net profit margin of 20.4%; its operating margin was 26.0%.
What is JPMorgan Chase's gross margin?
JPMorgan Chase's gross margin was 59.9% in fiscal 2025: for every $100 of revenue, JPMorgan Chase kept $60 after the direct cost of its products and services.
How fast is JPMorgan Chase growing?
Revenue grew 16.6% a year on average over the last five fiscal years, from $129.8 billion to $279.7 billion.
What are JPMorgan Chase's earnings per share?
JPMorgan Chase earned $19.73 per diluted share in fiscal 2025, compared with $19.74 a year earlier.
When will JPMorgan Chase report its next earnings?
JPMorgan Chase is expected to report results for the quarter ending December 31, 2026 on January 14, 2027 before the market opens.
When does JPMorgan Chase's fiscal year end?
JPMorgan Chase's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.