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Buy Day today: Good (62) Broad market participation · no major macro event
JPM

JPMorgan Chase & Co

Financial Services · Banks - Diversified · listed since 1978

349.30$ +0.1% vs. previous close Closing price · As of: Sep 17, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Quality confirmed Guidance updated openly

Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.

Why this colour

The substance is documented and it is not thin: a Standardized CET1 ratio of 14.1 percent against an 11.5 percent requirement, $303 billion of CET1 capital, $590 billion of total loss-absorbing capacity, roughly $1.5 trillion of liquidity sources and a Stress Capital Buffer locked in through September 2027. All four segments make money, return on equity has been 17 to 18 percent three years running, book value per share is up 27 percent in two and a half years, and legal expense has fallen from $1.4 billion to $361 million. There is no going concern issue, no negative equity, no accounting or governance break here — hence green. That expressly does not mean the latest quarter is a benchmark: a fifth of reported profit came from Visa shares and equity revaluations, core lending has been flat for two years, growth is coming from trading, and loan losses have risen for three years. The stock is also not cheap at roughly 2.7 times book with the price near its 52-week high — that is a price argument, and it does not set this rating. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

JPMorgan Chase is the largest U.S. bank and has delivered 17 to 18 percent return on equity for three straight years: $57,048 million of net income in 2025, book value per share up from $104.45 to $133.01, a Standardized CET1 ratio of 14.1 percent against an 11.5 percent requirement and roughly $1.5 trillion of liquidity sources. The record for the quarter ended June 30, 2026 is still no benchmark: $4.2 billion after tax came from Visa shares and equity revaluations, net interest income excluding Markets grew just 4 percent, and loan losses are rising for the third year running. Not investment advice.

Franchise and business model

Four segments that all make money: in 2025 the Commercial & Investment Bank earned $27,761 million, Consumer & Community Banking $18,245 million and Asset & Wealth Management $6,522 million in net income. In the quarter ended June 30, 2026 every segment set a revenue record; assets under management reached $5.1 trillion, up 18 percent, and JPMorgan ranked first in global investment banking fees with 9.3 percent wallet share (Form 8-K of July 14, 2026).

Capital, balance sheet and liquidity

As of June 30, 2026 the Standardized CET1 ratio stood at 14.1 percent against an 11.5 percent requirement, CET1 capital at $303 billion and total loss-absorbing capacity at $590 billion. Liquidity sources totaled roughly $1.5 trillion as of March 31, 2026. Book value per share rose from $104.45 (2023) to $133.01 (June 30, 2026) — 27 percent in two and a half years (10-K 2025, 10-Q for the period ended March 31, 2026, Form 8-K of July 14, 2026).

Earnings quality of the record quarter

From the $21,155 million of quarterly net income the bank itself subtracts $4.2 billion after tax — a $4.6 billion net gain on Visa shares previously carried at a nominal basis, and $1.0 billion from equity-investment revaluations. That is $1.56 per share and 6 percentage points of return on tangible common equity. 2024 already contained a $7.9 billion Visa gain (Form 8-K of July 14, 2026, 10-K 2025).

Core business excluding trading

Net interest income excluding Markets stood at $92,591 million in 2025 against $92,419 million a year earlier — essentially unchanged; noninterest revenue excluding Markets fell 2 percent. In the quarter ended June 30, 2026 net interest income excluding Markets grew 4 percent while Markets revenue rose 35 percent and Equity Markets alone 86 percent. Growth is therefore coming from the most volatile part (10-K 2025, Form 8-K of July 14, 2026).

Credit costs

Net charge-offs rose from $6,209 million (2023) to $8,638 million (2024) to $9,849 million (2025), the charge-off rate from 0.52 percent to 0.74 percent, and nonperforming assets from $7,597 million to $10,359 million. In Card Services the bank expects a rate of approximately 3.4 percent for 2026 after 3.31 percent in 2025. Levels remain historically low; the direction has held for three years (10-K 2025).

Leadership and succession

On June 25, 2026 Doug Petno and Troy Rohrbaugh were elected Co-Presidents and Marianne Lake announced her retirement after more than 25 years. The compensation committee approved $100 million of retention awards whose vesting requires a three-year average return on tangible common equity of 12 percent — against 23 percent most recently excluding significant items. Orderly succession planning, but the question of who succeeds Jamie Dimon is open (Form 8-K of June 25, 2026).

Worth Noting

Hook: ranking of the 100 largest U.S. stocks by market capitalization (as of July 28, 2026); JPMorgan Chase ranked 12th and had no analysis on file.

Data basis: annual figures from the Annual Report on Form 10-K for 2025 (filed February 13, 2026), figures as of March 31, 2026 from the Quarterly Report on Form 10-Q (filed May 1, 2026), figures for the quarter ended June 30, 2026 from the earnings release on Form 8-K dated July 14, 2026 (Item 2.02, Exhibit 99.1). Every filing dated on or after May 1, 2026 was reviewed; the 10-Q for the quarter ended June 30, 2026 was not yet on file as of July 29, 2026. Valuation metrics as of July 29, 2026.

Metric note: for banks the Altman Z-score, price/sales, enterprise value and price to free cash flow carry no meaning — operating cash flow is driven by trading inventories and customer deposits, not by money earned. These measures are named in the article and not used.

Cyclicality note: banking is cyclical. Rate levels, trading volumes and credit losses all move with the economy; neither the record quarter ended June 30, 2026 nor the 2025 credit year is a basis for extrapolation. That is why 2023 through 2025 appear in full in the article.

Do not confuse: JPMorgan Chase & Co. (JPM) is not Morgan Stanley (MS) — two separate firms. Within the group the "J.P. Morgan" brand is used for corporate and wealth businesses and "Chase" for consumer banking. Older time series run under "Chase Manhattan Corp" or "Chemical Banking Corp".

Analyses are evergreen; a daily share price is not a reason to buy.

Read the Full Deep Dive JPMorgan Chase Stock: $21.2 Billion in Quarterly Profit — and Why $4.2 Billion of It Happens Only Once JPMorgan Chase reported net income of $21,155 million for the quarter ended June 30, 2026, up 41 percent year over year. The bank itself then subtracts $4.2 billion after tax: gains on Visa shares and equity investments that will not repeat in this form. That leaves $16.9 billion. We take the record apart item by item, with the filing reference alongside each one. Read the analysis →

Stock Watch

This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at JPM since then.

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Price history

Chart

Interactive price chart (TradingView).

52-week range: 282.80 $ to 365.20 $ · Last price: 349.30 $ (As of: September 17, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 940.2$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 2,658m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 99.5%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 1.0

Performance

Perf. 1M ?Price performance over the last month. 11.00%
Perf. 3M ?Price performance over the last 3 months. 17.10%
Perf. 6M ?Price performance over the last 6 months. 1.00%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 4.70%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -2.4%
Perf. 1Y ?Price performance over the last 12 months. 14.19%
Perf. 3Y ?Price performance over the last 3 years. 150.75%
Perf. 5Y ?Price performance over the last 5 years. 151.05%
Perf. 10Y ?Price performance over the last 10 years. 590.19%
Perf. Since Inception ?Price performance since the first available trading day (03/17/1980) — with a complete history, that is since the IPO. 35,478.53%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 356.00$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 352.90$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 320.30$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 43.9
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 14.1%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 22.2%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. 16.6
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 14.2
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. 1.7
P/B ?Price-to-book ratio: market value relative to book equity. 2.8
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. –
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 0.0
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 10.9

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 100.0%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 43.7%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 34.9%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 16.5%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 1.4%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 7.4%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 4.1
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 1.82
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 5 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 12.70%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 17.20%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 3.31%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 3.73%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 5.50%

Dividend

Dividend Yield ?Annual dividend divided by the current price: what percentage of your investment comes back as a payout each year. 1.68%
Dividend Per Share (TTM) ?Sum of dividends paid per share over the last 12 months. 6.00$
Payout Ratio ?Share of profit paid out as dividends. Over 100% means the company is paying out more than it earns — not sustainable long-term. 27.6%
Years Without a Cut ?How many years in a row the dividend hasn't been cut — a measure of reliability. 15Years
Increase Streak ?How many years in a row the dividend has been raised — the gold standard for dividend payers. 15Years

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 3
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. 55
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. 63
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. C (50 out of 100)

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Banks - Diversified

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
JPMorgan Chase & Co JPM 940.2 16.6 0.0 100.0 43.7 3.3 14.2
Bank of America Corp BAC 409.2 14.6 0.0 100.0 36.0 -0.5 15.6
Mitsubishi UFJ Financial Group Inc MUFG 265.2 17.4 0.0 100.0 45.6 14.6 53.5
Wells Fargo & Company WFC 265.0 13.3 0.0 100.0 29.5 -1.5 7.6
Citigroup Inc. C 227.4 16.1 0.0 100.0 34.1 -1.4 33.2
Sumitomo Mitsui Financial Group Inc SMFG 169.3 17.1 0.0 100.0 40.9 12.1 63.6
The Bank of New York Mellon Corporation BNY 105.7 19.0 0.0 100.0 37.7 2.3 45.6
Bank of N.T. Butterfield & Son Ltd NTB 2.3 – 0.0 100.0 42.7 -2.0 37.2
Forbright, Inc. FRBT 0.9 13.9 0.0 100.0 18.2 134.9 –
Median of companies shown 227.4 16.4 0.0 100.0 37.7 2.3 35.2

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2016 · Revenue: 106,387 $M 2016 · Operating income: 34,536 $M 2016 · Net income: 24,733 $M 2017 · Revenue: 114,579 $M 2017 · Operating income: 35,900 $M 2017 · Net income: 24,441 $M 2018 · Revenue: 129,824 $M 2018 · Operating income: 40,764 $M 2018 · Net income: 32,474 $M 2019 · Revenue: 142,515 $M 2019 · Operating income: 44,866 $M 2019 · Net income: 36,431 $M 2020 · Revenue: 129,843 $M 2020 · Operating income: 35,815 $M 2020 · Net income: 29,131 $M 2021 · Revenue: 127,238 $M 2021 · Operating income: 59,562 $M 2021 · Net income: 48,334 $M 2022 · Revenue: 153,824 $M 2022 · Operating income: 46,166 $M 2022 · Net income: 37,676 $M 2023 · Revenue: 236,273 $M 2023 · Operating income: 61,612 $M 2023 · Net income: 49,552 $M 2024 · Revenue: 270,789 $M 2024 · Operating income: 75,081 $M 2024 · Net income: 58,471 $M 2025 · Revenue: 279,745 $M 2025 · Operating income: 72,595 $M 2025 · Net income: 57,048 $M
2016201720182019202020212022202320242025
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2016 106,387 34,536 24,733 6.78 21,884 254,190 2,490,972
2017 114,579 35,900 24,441 6.83 -10,827 255,693 2,533,600
2018 129,824 40,764 32,474 9.51 15,614 256,515 2,622,532
2019 142,515 44,866 36,431 11.28 4,092 261,330 2,687,379
2020 129,843 35,815 29,131 9.44 -79,910 279,354 3,384,757
2021 127,238 59,562 48,334 15.97 78,084 294,127 3,743,567
2022 153,824 46,166 37,676 12.69 107,119 292,332 3,665,743
2023 236,273 61,612 49,552 16.84 12,974 327,878 3,875,393
2024 270,789 75,081 58,471 20.31 -42,012 344,758 4,002,814
2025 279,745 72,595 57,048 20.42 -147,782 362,438 4,424,900

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 67,007.0 $M Q4 2025: Q1 · 68,907.0 $M Q1 2025: Q2 · 69,914.0 $M Q2 2025: Q3 · 71,903.0 $M Q3 2025: Q4 · 69,609.0 $M Q4 2026: Q1 · 73,661.0 $M Q1

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 4.93 54.50 67,007 8.20 20.90 147,758 147,758
2025: Q1 5.18 12.50 68,907 4.00 21.30 -251,839 -251,839
2025: Q2 5.36 -14.40 69,914 3.10 21.40 29,547 29,547
2025: Q3 5.15 14.50 71,903 3.20 20.00 -45,214 -45,214
2025: Q4 4.66 -5.40 69,609 3.90 18.70 368,373 368,373
2026: Q1 5.90 13.90 73,661 6.90 22.40 -211,761 -211,761
2026: Q2 7.70 43.70 – – – -25,283 -25,283

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 3 of our scanner strategies — each hit links to the scanner.

Best Hits

Research

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings 25
Price Target (average) 376.14$
Distance to price 7.7% The price target sits 7.7% above the current price.

Distribution of Recommendations

Strong Buy 8
Buy 7
Hold 9
Sell 1
Strong Sell 0

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
12/31/2026 24.16 23.50 – 25.10 207,888 22.5% 11
12/31/2027 24.99 23.92 – 25.69 213,419 3.4% 13

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

Valuation

What is priced in?

Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.

A simplified model calculation — not a forecast and not a recommendation.

AI classification

AI Rating

Threatened

JPMorgan Chase verkauft keine KI-Produkte, benennt aber im Geschäftsbericht 2025 einen eigenen Risikofaktor zu fortgeschrittenen Technologien und darin konkret die Verdrängung der direkten Kundenbeziehung durch autonom handelnde KI-Agenten sowie den Verlust von Marktanteilen an schneller adaptierende Wettbewerber.

View the full file — quotes, sources, reviewed filings
„replacement or disintermediation of direct customer relationships if AI agents autonomously manage or intermediate financial decisions and product selection or other services for customers."

Ersetzung oder Verdrängung direkter Kundenbeziehungen, wenn KI-Agenten Finanzentscheidungen und die Produktauswahl oder andere Leistungen für Kunden eigenständig steuern oder vermitteln.

10-K · 2026-02-13 · View SEC filing

„If JPMorganChase does not keep pace with rapidly changing technological advances, including the adoption of generative AI, it risks losing clients and market share to competitors, which could negatively impact revenues, operating costs and its competitive position."

Hält JPMorganChase mit dem raschen technologischen Wandel — einschließlich der Einführung generativer KI — nicht Schritt, riskiert das Institut den Verlust von Kunden und Marktanteilen an Wettbewerber, was Erträge, Betriebskosten und die Wettbewerbsposition beeinträchtigen könnte.

10-K · 2026-02-13 · View SEC filing

„competitive disadvantage if competitors are able to deploy AI more quickly or effectively, potentially gaining advantages in cost efficiency, client and customer experience, or product innovation, which could result in a loss of market share to competitors"

Wettbewerbsnachteil, falls Wettbewerber KI schneller oder wirksamer einsetzen können und dadurch Vorteile bei Kosteneffizienz, Kundenerlebnis oder Produktinnovation erlangen, was zu einem Verlust von Marktanteilen an Wettbewerber führen könnte

10-K · 2026-02-13 · View SEC filing

Filings Reviewed: 10-K 2026-02-13 · 10-Q 2026-05-01 · 10-Q 2025-11-04 · 10-Q 2025-08-05 · 10-K 2025-02-14 · 8-K 2026-07-14

Rated on July 29, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

Between 2024-Q1 and 2026-Q2, JPMorgan met or beat its numerical guidance without exception: net interest income and expense guidance were raised repeatedly, the card charge-off rate was cut twice, the pledge made in late 2024 to stop excess capital from growing was delivered, and the breakdown of non-bank financial institution lending floated in 2025-Q3 arrived one quarter later. What matters for the verdict is how the changes were communicated: every increase and every cut was named and explained in the very call in which it happened, the larger 2024 buybacks with the Visa proceeds and a six-month capital study, the smaller deposit expectation with the savings rate, equity markets and yield-seeking, the higher 2026 expense outlook with 6.5 billion dollars of revenue outperformance in the first half. The framing of the return target and the efficiency ratio as outputs is not new either: as early as 2024-Q2 the CFO called the 17 percent 'not a promise, not a guarantee'. Essentially one point stays open: across four quarters, the question of how much is spent on AI went unanswered by a number.

Unremarkable Guidance updated openly 10 calls reviewed, 2024-Q1 through 2026-Q2 · As of August 2, 2026

Four quarters, no number on AI spend

From 2025-Q3 through 2026-Q2, analysts asked in every single call about the size of AI and technology spending and the efficiency gains expected from it. In 2025-Q3 the CFO pointed to 'old-fashioned expense discipline' instead of measurable AI savings. In 2025-Q4 Mike Mayo asked twice in concrete terms, once about the 2026 technology budget and once about prior-year AI spending, and both times received no number but the statement that competitively sensitive detail would not be given, coupled with a request for trust. In 2026-Q1 and 2026-Q2 Dimon twice answered with the same argument: the benefit of AI accrues to the customer, not to the firm's margin. In fairness, the technology budget as a whole is known, Mayo himself cited 17 to 18 billion dollars on the call, and Dimon and the CFO explicitly pointed to the annual Company Update as the venue for detail. In 2026-Q2 a substantive answer did come: AI compute spending was trivial in the first half, is forecast to accelerate meaningfully in the second, stays trivial for the full year, was budgeted, and is not a driver of the raised expense outlook. Even so, no hard annual AI figure appeared in any of the four calls.

Deposit scenario halved in the open

For 2026, the consumer bank showed 6 percent deposit growth as the central case of a scenario slide at the May 2025 investor day; in 2025-Q2 the CFO built the number up step by step when asked, but in the same breath called it an 'all else being equal' figure, pointed to the counter-scenario with lower rates and closed by saying all else is never equal. Precisely those conditions turned: in 2025-Q3 deposits were flat for the quarter, the inflection point was 'pushed out a little bit' and explained with a lower savings rate, strong equity markets and rates above the forwards. In 2025-Q4 the expectation for 2026 was said to be clearly below the 6 percent scenario, in 2026-Q1 it became low to mid single digit and in 2026-Q2 low single digit, there explicitly confirmed as unchanged. Every step down was named openly in the relevant call and explained, and the drivers stayed the same across all four calls. About half of the original magnitude survived, but no promise was broken, a scenario was adjusted to the macro picture.

Buybacks raised, every step explained

In 2024-Q1, Jamie Dimon cited a buyback pace of 2 billion dollars per quarter and said he personally did not want to buy back much more 'at these current prices'. Net repurchases did rise to 4.9 billion (2024-Q2), 6 billion (2024-Q3) and 7.1 billion dollars (2025-Q1). The statement does not qualify as a commitment, however: asked exactly that question in 2024-Q2, the CFO said the firm does not want to be in the business of guiding on buybacks and reserves the right to change at any time, as its quarterly filing also states. He explained the 4.9 billion in the same call specifically as the proceeds of the Visa exchange offer being redeployed into JPMorgan stock rather than held as a highly correlated outside position. The step up in 2024-Q4 was explained openly with a six-month study and the goal of stopping the capital surplus from growing. The valuation argument was not quietly dropped either, it was voiced again in 2025-Q2, this time as 'almost three times tangible book'. What remains is a stance that changed as the price rose, with a stated reason at every step.

Return target unchanged and beaten

The 17 percent return on tangible common equity target stayed unchanged across all ten calls, and actual returns were consistently above it: 20 percent adjusted in 2024 and 2025, 23 percent in 2026-Q1 and 2026-Q2. The phrasing often read as a softening, that the target is an output, is not new in 2025-Q4: as early as 2024-Q2 the CFO told Mike Mayo, who asked about raising it, that the number has a range around it, is 'not a promise, not a guarantee' and can fluctuate, and tied it to a reasonable outcome on Basel III. The 2025-Q4 rationale is also shareholder-friendly rather than evasive: capital is deployed below a 17 percent marginal return because the alternative, buying back stock at almost three times tangible book, implies a much lower return. The firm has likewise called the efficiency ratio an output for years. The frequently cited 15 percent US retail deposit share was never a dated target: in 2024-Q3 it served as a benchmark showing that only a quarter of the 125 largest markets reach that share, paired with 30 to 40 basis points of share gain per year; in 2026-Q2 it was explicitly confirmed as unchanged. None of these targets was cut or withdrawn.

Over-earning thesis revised on record

From 2024-Q1 through 2024-Q3 the core message was that JPMorgan was structurally over-earning on net interest income, with an unsustainably high deposit margin. In 2024-Q2 management did say it was 'definitely too early' to end that narrative, but in the same passage the CFO named the reason for the milder outlook: two expected rate cuts instead of six. In 2024-Q4 the revision then appeared explicitly in the prepared remarks, saying normalisation was still expected 'although to a lesser extent than we previously thought'. The direct analyst question drew no dodge but a rationale: the gap between the policy rate and the rate paid on deposits remains elevated by historical standards, and whether that holds through the cycle is unclear. Dimon added that the firm had moved closer to normalised net interest income and credit, and the CFO noted that net interest income ex Markets was down year-on-year. From 2025 the term disappears but the substance does not: 2025-Q1 and 2025-Q2 report margin compression, 2025-Q4 a higher deposit margin again. Net interest income ex Markets was practically flat at roughly 91.5 billion (2024) and roughly 92 billion dollars (2025) despite a sharply larger balance sheet; only for 2026 is 96.5 billion expected.

Management promises

  • 2024-Q1 — Net interest income ex Markets of roughly 89 billion dollars for full-year 2024. The outlook was raised in two steps, to roughly 91 billion in 2024-Q2 and roughly 91.5 billion dollars in 2024-Q3, and no later call conceded a miss. Beaten, not missed. kept
  • 2024-Q4 — The capital surplus is not to grow further; excess capital will be returned or deployed. The CET1 ratio fell from 15.7 percent (2024-Q4) via 15.0 (2025-Q2) and 14.5 (2025-Q4) to 14.1 percent (2026-Q2), driven by higher buybacks, dividend increases from 1.25 to 1.65 dollars per quarter and growing risk-weighted assets. Clearly delivered. kept
  • 2025-Q1 — 2025 card net charge-off rate of roughly 3.6 percent, confirmed despite elevated recession concerns. In 2025-Q3 the expectation was cut to roughly 3.3 percent on better delinquency trends, and in 2026-Q2 the 2026 outlook was cut from 3.4 to 3.2 percent. Guided conservatively and revised twice in shareholders' favor. kept
  • 2025-Q2 — 6 percent consumer deposit growth for 2026 as the central case of the investor day scenarios, derived in detail when asked. The CFO explicitly called the number an 'all else being equal' figure in the same call, pointed to the counter-scenario with lower rates and concluded that all else is never equal. When rates, the savings rate and equity markets moved differently, the expectation was lowered openly and with reasons in 2025-Q3, 2025-Q4 and 2026-Q1; in 2026-Q2 it stood at low single digit and was confirmed as unchanged. Fiscal 2026 is still running, so no miss can be established, and it was never a firm commitment. open
  • 2025-Q3 — Pledge to break down non-bank financial institution lending by category and risk structure, after concrete questions on it had gone unanswered. As early as 2025-Q4 a dedicated slide followed with a reconciliation from the regulatory definition (330 billion) to the firm's narrower definition (160 billion dollars), plus categories, structural features and loss history since 2018. In 2026-Q1 the private credit exposure was additionally quantified at roughly 50 billion dollars. Delivered within one quarter. kept
  • 2025-Q4 — 2026 adjusted expense of roughly 105 billion dollars. The number was revenue-dependent from the outset: when it was first given, Dimon said the expected revenue upside was in it and that if revenue did not come through, the number would be smaller. That is exactly how 2025 played out, when the outlook rose from 95 via 95.5 to 95.9 billion dollars on the stronger revenue environment. Of the increase to 107.5 billion in 2026-Q2, 1.5 billion is revenue-related expense already booked against 6.5 billion dollars of revenue outperformance in the first half, and 1 billion is planned for the second half. The fiscal year is still running, so no breach can be established. open

Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q1 through 2026-Q2.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

5 of 10 Solid growth
  • Revenue grows by more than 15% a year over three years 22.1%
  • More than 10% revenue growth is expected for the coming year 3.7%
  • Share count grows by less than 3% a year -2.0%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -49.5%
  • Gross margin at 40% or higher and without meaningful erosion 59.9%
  • Goodwill from acquisitions does not grow faster than revenue 1.2%
  • Net debt below twice EBITDA 350,554 m net cash
  • Operating cash flow covers the profits of the last three years -341,891 m
  • Return on capital at 15% or higher, or up versus two years ago 1.7%
  • Insiders hold at least 10% or are net buyers 0.4%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

7/10

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 11.3%
  • Exp. sales growth 3Y > 5% -12.7%
  • EBIT growth 10Y > 5% 8.6%
  • Exp. EBIT growth 3Y > 5% 10.6%
  • Net debt < 4x EBIT -4.8x
  • EBIT positive, 10Y straight 10
  • Max. EBIT decline < 50% 22.5%
  • Return on equity > 15% 19.1%
  • ROCE > 15% 1.7%
  • Expected return > 10% -6.8%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Sep 10, 2026 Leopold Robin Head of Human Resources Sell 2,500 352.81 882,027
Aug 11, 2026 Leopold Robin Head of Human Resources Sell 2,500 361.41 903,518
Jul 27, 2026 Friedman Stacey General Counsel Other 166 0.00 –
Jul 24, 2026 Petno Douglas B Co-President; CEO CIB Other 864 0.00 –

View all insider transactions →

The company

About the Company

JPMorgan Chase & Co. ist eine Bank- und Finanzholding mit Geschäft in den USA, dem übrigen Nordamerika, Europa, dem Nahen Osten, Afrika, dem asiatisch-pazifischen Raum, Lateinamerika und der Karibik.

Employees
320,560
Headquarters
New York, NY
Address
270 Park Avenue, 10017 New York, United States
Phone
212 270 6000
IPO Date
10/06/1978
ISIN
US46625H1005
Stock Split
3:2 on 06/12/2000
Stock Split
2:1 on 06/15/1998
Stock Split
3:2 on 04/16/1984

Management

Management
Name Title Birth Year
James Dimon Chairman & CEO 1956
Douglas B. Petno CEO of the Commercial & Investment Bank and Co-President 1966
Troy Larry Rohrbaugh CEO of Consumer & Community Banking and Co-President 1970
Jeremy Barnum Executive VP & CFO 1973
Mary Callahan Erdoes Chief Executive Officer of Asset & Wealth Management and Executive VP 1967
Daniel Eduardo Pinto Vice Chairman 1963
Todd Anthony Combs M.B.A. Head Strategic Investment Group of Security & Resiliency Initiative 1971
Jennifer A. Piepszak Chief Operating Officer 1971
Elena A. Korablina MD, Firmwide Controller & Principal Accounting Officer 1974
Lori Ann Beer Global Chief Information Officer 1968

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Filings

Company Filings (8-K)

An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).

  • 07/23/2026 JPMORGAN CHASE & CO (JPM): Other Events; Financial Statements and Exhibits SEC ↗
  • 07/23/2026 JPMORGAN CHASE & CO (JPM): Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year SEC ↗
  • 07/14/2026 JPMORGAN CHASE & CO (JPM): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
  • 07/14/2026 JPMORGAN CHASE & CO (JPM): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗

Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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