Historical source-based research. Compilation date and financial period are different dates.

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

Company profiles show eligible dated valuation ratios using the September 17, 2026 price snapshot and selected annual accounting denominators. Capitalization-based measures use estimates and are identified as such. These are not live, TTM or forward values. A historical-multiple series and EV/EBITDA are not available. Sector medians describe a selected sample; they do not establish fair value or expected returns.

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

Methodology protocol ↗SMS research updates ↗