Valuation, from the filing
| Public float | $794.43B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $294.56 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 13.9× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 4.4× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 2.2× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
13.9× earnings today, against a median of 9.8× across 10 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $794.43B | 13.9× | |
| 2024-06-30 | $573.44B | 9.8× | |
| 2023-06-30 | $421.03B | 8.5× | |
| 2022-06-30 | $327.59B | 8.7× | |
| 2021-06-30 | $461.14B | 9.5× | |
| 2020-06-30 | $383.95B | 13.2× | |
| 2019-06-30 | $354.99B | 9.7× | |
| 2018-06-30 | $347.96B | 10.7× | |
| 2017-06-30 | $319.70B | 13.1× | |
| 2016-06-30 | $223.14B | 9.0× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the National Commercial Banks filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Revenue YoY growth | 2.8% | 14th | |
| Effective tax rate | 21.4% | 64th | |
| SBC / revenue | 2.0% | 38th | |
| Net margin | 31.3% | 44th |
JPMORGAN CHASE & CO (JPM) reported revenue of $57.35B and net income of $21.16B for the fiscal year ended 2026-06-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from JPMORGAN CHASE & CO’s SEC filings, each linked to the filing it came from. It is classified by the SEC under National Commercial Banks.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $57.35B | $49.84B | $45.80B | $46.43B | $44.91B | $45.31B | $42.77B | $42.65B | $50.20B | $41.93B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $21.16B | $16.49B | $13.02B | $14.39B | $14.99B | $14.64B | $14.00B | $12.90B | $18.15B | $13.42B |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 2.69B | shares 2.72B | Unavailable | shares 2.77B | shares 2.79B | shares 2.82B | Unavailable | shares 2.87B | shares 2.89B | shares 2.91B |
| Pretax income | $27.52B | $20.48B | $17.16B | $18.74B | $18.28B | $18.41B | $17.38B | $16.98B | $23.44B | $17.29B |
| Income tax expense | $6.36B | $3.98B | $4.14B | $4.35B | $3.30B | $3.76B | $3.37B | $4.08B | $5.29B | $3.87B |
| Diluted EPS | $7.70 | $5.94 | Unavailable | $5.07 | $5.24 | $5.07 | Unavailable | $4.37 | $6.12 | $4.44 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total assets | $5.02T | $4.90T | $4.42T | $4.56T | $4.55T | $4.36T | $4.00T | $4.21T | $4.14T | $4.09T |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $4.64T | $4.54T | $4.06T | $4.20T | $4.20T | $4.01T | $3.66T | $3.86T | $3.80T | $3.75T |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $374.60B | $364.04B | $362.44B | $360.21B | $356.92B | $351.42B | $344.76B | $345.84B | $340.55B | $336.64B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | $52.71B | $52.71B | $52.73B | $52.72B | $52.75B | $52.62B | $52.56B | $52.71B | $52.62B | $52.64B |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$25.28B | -$211.76B | $119.72B | -$45.21B | $29.55B | -$251.84B | $147.76B | -$74.08B | $38.47B | -$154.16B |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | $6.39B | -$217.77B | $46.88B | -$21.31B | -$173.06B | -$118.08B | $17.62B | -$43.40B | -$94.24B | -$43.38B |
| Financing cash flow | $18.80B | $400.68B | -$123.56B | -$47.77B | $122.80B | $318.06B | -$115.70B | $10.75B | $27.24B | $141.17B |
| Net change in cash | -$2.33B | -$31.20B | $39.90B | -$116.89B | -$5.58B | -$43.41B | $35.06B | -$96.56B | -$31.30B | -$62.04B |
| Stock-based compensation | $1.17B | $1.17B | $692.00M | $910.00M | $959.00M | $1.05B | $773.00M | $849.00M | $944.00M | $938.00M |
| Common dividends paid | $4.34B | $4.37B | $4.42B | $4.18B | $4.20B | $3.82B | $3.86B | $3.66B | $3.78B | $3.49B |
| Common share repurchases | $6.79B | $8.32B | $8.26B | $8.29B | $7.51B | $7.53B | $4.30B | $6.36B | $5.34B | $2.83B |
| Depreciation & amortization | $2.32B | $2.36B | $2.31B | $2.27B | $2.21B | $2.03B | $1.96B | $1.97B | $2.00B | $2.00B |
Derived
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 2.0% | 2.4% | 1.5% | 2.0% | 2.1% | 2.3% | 1.8% | 2.0% | 1.9% | 2.2% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | 27.7% | 10.0% | 7.1% | 8.8% | -10.5% | 8.1% | 10.9% | 7.0% | 21.5% | 9.3% |
| Net margin | 36.9% | 33.1% | 28.4% | 31.0% | 33.4% | 32.3% | 32.7% | 30.2% | 36.2% | 32.0% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 23.1% | 19.5% | 24.1% | 23.2% | 18.0% | 20.5% | 19.4% | 24.0% | 22.6% | 22.4% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open JPM in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.