Compiled 2026-09-26Data through 2025-12-312 min read
Dated source-based research · No live market data

Research summary

A two-period review of JPM revenue, profitability and cash conversion; reported revenue growth was 2.75%.

Period comparison

FY2025 ended 2025-12-31; the prior observation ended 2024-12-31. Revenue moved from USD 177.556 billion to USD 182.447 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 58.471 billion to USD 57.048 billion. Operating income moved from not available to not available. Net margin moved from 32.93% to 31.27%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD -42.012 billion in the earlier period and USD -147.782 billion in the later period. Selected free cash flow was not available and not available, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

An earnings comparison provides a historical denominator, not a price target. A dated market price is deliberately absent from this static release.

What to monitor

Net interest income, credit provisions, fee income, underwriting results and capital adequacy.

Risks and uncertainties

Credit losses, deposit pricing, reserve assumptions, market liquidity and regulatory capital.

Sources & dates