JPMorgan continues to prioritize shareholder returns, executing over $12 billion in combined dividends and buybacks in recent periods while managing a $312.1 billion liquidity position.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 140.94B | 100.87B | -42.01B | 12.97B | 107.12B | 78.08B | -79.91B | 4.09B | 15.61B | -10.83B | 21.88B | 73.47B | 36.59B | 107.95B | 25.08B | 95.93B | -3.75B | 121.9B | 23.93B | -110.56B | -49.58B | -30.24B | -15.15B | 14.6B | -25.13B | -3.11B | -13.68B | 50M | 3.59B | 5.46B | -983M |
| Operating CF Growth % | 181% | 340.09% | -423.82% | -87.89% | 37.18% | 197.71% | -2052.83% | -73.79% | 244.21% | -149.47% | -70.21% | 100.77% | -66.1% | 330.45% | -73.86% | 2656.82% | -103.08% | 409.39% | 121.64% | -123% | -63.97% | -99.62% | -203.74% | 158.09% | -708.95% | 77.28% | -27452% | -98.61% | -34.22% | 655.54% | -176.12% |
| Net Income | 58.9B | 56.78B | 58.47B | 49.55B | 37.68B | 48.33B | 29.13B | 36.43B | 32.47B | 24.44B | 24.73B | 24.44B | 21.75B | 17.89B | 21.28B | 18.98B | 17.37B | 11.73B | 5.61B | 15.37B | 14.44B | 8.48B | 4.47B | 6.72B | 1.66B | 1.69B | 5.73B | 7.5B | 3.78B | 3.71B | 2.46B |
| Depreciation & Amortization | 9.15B | 8.82B | 7.94B | 7.51B | 7.05B | 7.93B | 8.61B | 8.37B | 7.79B | 6.18B | 5.48B | 4.94B | 4.76B | 5.31B | 5.15B | 5.11B | 4.96B | 4.36B | 4.53B | 3.82B | 3.58B | 4.32B | 3.83B | 3.1B | 3.43B | 2.89B | 2.54B | 1.95B | 1.17B | 951M | 869M |
| Deferred Taxes | 5.21B | 5.61B | 2B | -4.53B | -2.74B | 3.75B | -3.57B | 1.27B | 1.72B | 2.31B | 4.65B | 1.33B | 4.36B | 8.14B | 1.13B | 1.69B | -968M | -3.62B | -2.64B | 1.31B | -1.81B | -1.79B | -827M | 1.43B | 1.64B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 18.82B | 15.79B | 3.79B | 16.61B | 32.44B | -17.83B | 31.23B | 11.94B | -2.74B | 13.87B | 0 | 0 | 7.26B | -4.93B | -3.16B | 13.67B | 22.98B | 48.56B | 8.8B | 5.25B | -2.34B | -4.05B | 6.54B | 180M | 5.04B | 7.07B | 168M | 2.23B | 1.41B | 638M | 1.77B |
| Working Capital Changes | 49.13B | 13.87B | -114.22B | -56.17B | 32.69B | 35.9B | -145.31B | -53.92B | -23.64B | -57.63B | -17.4B | 41.01B | -3.72B | 79.34B | -1.86B | 53.81B | -51.35B | 58.42B | 5B | -138.33B | -65.82B | -38.76B | -30.46B | 3.17B | -36.9B | -14.76B | -22.12B | -11.62B | -2.77B | 164M | -6.08B |
| Cash from Investing | -613.91B | -514.21B | -163.4B | 67.64B | -137.82B | -129.34B | -261.91B | -52.06B | -199.42B | 28.25B | -89.2B | 106.98B | -165.64B | -150.5B | -119.83B | -170.75B | 54B | 29.36B | -283.67B | -74.19B | -99.63B | -12.94B | -29.73B | 12.42B | -23.34B | 12.32B | -986M | -20.5B | -14.56B | -18.66B | -26.11B |
| Purchase of Investments | -643.84B | -578.58B | -357.42B | -119.64B | -159.93B | -360.54B | -409.55B | -255.58B | -104.46B | -107.66B | -124.1B | -77.01B | -131.85B | -154.48B | -189.63B | -202.31B | -179.49B | -346.37B | -248.6B | -122.51B | -201.53B | -81.75B | -173.75B | -312.91B | -246.67B | -182.92B | -119.66B | -124.94B | -201.71B | -115.65B | -73.59B |
| Sale/Maturity of Investments | 227.29B | 233.5B | 242.49B | 215.23B | 172.4B | 263.72B | 228.79B | 125.8B | 86.41B | 150.88B | 120.76B | 122.99B | 133.24B | 163.13B | 194.59B | 155.49B | 211.35B | 201.76B | 141.23B | 129.61B | 148.68B | 113.99B | 179.73B | 326.29B | 224.56B | 200.27B | 114.13B | 136.16B | 199.91B | 106.25B | 53.76B |
| Net Investment Activity | -416.55B | -345.08B | -114.93B | 95.59B | 12.47B | -96.82B | -180.75B | -129.77B | -18.05B | 43.22B | -3.34B | 45.98B | 1.4B | 8.65B | 4.96B | -46.82B | 31.86B | -144.61B | -107.37B | 7.1B | -52.85B | 32.24B | 5.99B | 13.37B | -22.11B | 17.35B | -5.53B | 11.22B | -1.8B | -9.4B | -19.82B |
| Acquisitions | 0 | 0 | -2.36B | -9.92B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 843M | -149M | 88M | 102M | -4.91B | -97M | 2.13B | -70M | 185M | -1.04B | 13.86B | -669M | -72M | -1.68B | -2.19B | -3.14B | 0 | 0 | 0 |
| Other Investing | -197.36B | -169.14B | -46.11B | -18.03B | -150.29B | -32.52B | -81.16B | 77.71B | -181.37B | -14.97B | -85.86B | 61B | -167.87B | -159B | -124.88B | -124.03B | 27.05B | 174.06B | -196.05B | -81.22B | -46.96B | -44.14B | -49.65B | -286M | -1.17B | -3.36B | 6.74B | -28.58B | -11.78B | -4.11B | -6.29B |
| Cash from Financing | 352.15B | 269.53B | 63.45B | -25.57B | -126.26B | 275.99B | 596.64B | 32.99B | 34.16B | 14.64B | 98.27B | -187.51B | 118.23B | 28.32B | 87.71B | 107.71B | -49.22B | -153.08B | 247B | 182.99B | 152.75B | 45.07B | 59.6B | -26.25B | 44.64B | -10.68B | 20.05B | 20.82B | 12.32B | 14.28B | 26.89B |
| Dividends Paid | -17.18B | -16.63B | -14.78B | -13.46B | -13.56B | -12.86B | -12.69B | -12.34B | -10.11B | -8.99B | -8.48B | -7.87B | -6.99B | -6.06B | -5.19B | -3.9B | -1.49B | -3.42B | -5.91B | -5.05B | -4.85B | -4.88B | -3.93B | -2.87B | -2.78B | -2.7B | -2.28B | -2.13B | -1.28B | -1.21B | -1.19B |
| Share Repurchases | -32.39B | -34.59B | -28.68B | -9.82B | -10.6B | -20.98B | -7.95B | -28.08B | -21.68B | -16.67B | -9.08B | -5.62B | -4.76B | -6.59B | -1.65B | -8.86B | -3.35B | 0 | 0 | -8.18B | -4.08B | -3.61B | -1.41B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 3B | 2.5B | 0 | 0 | 7.35B | 4.5B | 5B | 1.7B | 1.26B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.76B | 11.5B | 0 | 1.66B | 682M | 848M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -32.39B | -31.59B | -26.18B | -9.82B | -10.6B | -13.63B | -3.45B | -23.08B | -19.98B | -15.41B | -9.08B | -5.62B | -4.76B | -6.59B | -1.65B | -8.86B | -3.35B | 5.76B | 11.5B | -8.18B | -2.42B | -2.93B | -560M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Other Financing | 227.05B | 150.75B | 83.66B | -10.89B | -126B | 267.23B | 634.71B | 105.49B | 50.42B | 49.31B | 104.17B | -134.45B | 98.65B | 11.26B | 94.21B | 140.47B | 6.35B | -46.1B | 192.38B | 0 | 124.9B | 33.42B | 59.12B | 21.98B | 11.1B | 14.19B | -8.13B | 19.52B | 18.4B | 12.37B | 9.79B |
| Net Change in Cash | -113.76B | -125.98B | -154.83B | 56.92B | -173.6B | 213.22B | 263.98B | -15.16B | -152.51B | 40.15B | 29.47B | -7.34B | -11.94B | -13.95B | -5.88B | 32.03B | 1.36B | -689M | -13.25B | -268M | 3.74B | 1.5B | 14.9B | 1.05B | -3.38B | -1.37B | 5.28B | 421M | 1.36B | 1.1B | -14.79B |
| Exchange Rate Effect | 7.05B | 17.84B | -12.87B | 1.87B | -16.64B | -11.51B | 9.15B | -182M | -2.86B | 8.09B | -1.48B | -276M | -1.13B | 272M | 1.16B | -851M | 328M | 238M | -507M | 424M | 199M | -387M | 185M | 282M | 453M | 100M | -110M | 48M | 8M | 17M | 10M |
| Cash at Beginning | 343.34B | 469.32B | 624.15B | 567.23B | 740.83B | 527.61B | 263.63B | 278.79B | 431.3B | 391.15B | 361.68B | 27.83B | 39.77B | 53.72B | 59.6B | 27.57B | 26.21B | 26.89B | 40.14B | 40.41B | 36.67B | 35.17B | 20.27B | 19.22B | 22.6B | 23.97B | 18.69B | 18.27B | 15.7B | 14.61B | 9.08B |
| Cash at End | 312.14B | 343.34B | 469.32B | 624.15B | 567.23B | 740.83B | 527.61B | 263.63B | 278.79B | 431.3B | 391.15B | 20.49B | 27.83B | 39.77B | 53.72B | 59.6B | 27.57B | 26.21B | 26.89B | 40.14B | 40.41B | 36.67B | 35.17B | 20.27B | 19.22B | 22.6B | 23.97B | 18.69B | 17.07B | 15.7B | 876M |
| Interest Paid | 96.26B | 96.44B | 99.64B | 77.11B | 23.14B | 5.14B | 13.08B | 29.92B | 21.15B | 14.15B | 9.51B | 7.22B | 8.19B | 9.57B | 11.16B | 13.72B | 12.4B | 16.88B | 37.27B | 43.47B | 36.41B | 24.58B | 13.38B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 4.58B | 5.31B | 11.71B | 9.91B | 4.36B | 18.74B | 8.14B | 6.22B | 3.54B | 4.33B | 2.4B | 9.42B | 1.39B | 3.5B | 2.05B | 8.15B | 9.75B | 5.43B | 2.28B | 7.47B | 5.56B | 4.76B | 1.48B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 140.94B | 100.87B | -42.01B | 12.97B | 107.12B | 78.08B | -79.91B | 4.09B | 15.61B | -10.83B | 21.88B | 73.47B | 36.59B | 107.95B | 25.08B | 95.93B | -3.75B | 122.8B | 41.55B | -110.56B | -49.58B | -30.24B | -15.15B | 14.6B | -25.13B | -3.11B | -13.68B | 50M | 2.61B | 308M | -983M |
| FCF Growth % | 200.9% | 340.09% | -423.82% | -87.89% | 37.18% | 197.71% | -2052.83% | -73.79% | 244.21% | -149.47% | -70.21% | 100.77% | -66.1% | 330.45% | -73.86% | 2656.82% | -103.06% | 195.53% | 137.58% | -123% | -63.97% | -99.62% | -203.74% | 158.09% | -708.95% | 77.28% | -27452% | -98.08% | 747.73% | 131.33% | -176.12% |
Operating Cash Flow Volatility
Based on reported financial statements, JPM consistently generated quarterly net income exceeding $12 billion over the last ten periods, providing a robust foundation for organic capital growth and supporting the bank's ability to maintain its fortress balance sheet despite periodic fluctuations in broader operating cash flow metrics.
The bank's ability to generate substantial net income remains the primary engine for its capital adequacy, allowing for consistent reinvestment while meeting regulatory requirements. This internal capital generation appears to provide a significant buffer against potential credit volatility, ensuring that the bank remains well-positioned to absorb shocks without compromising its strategic initiatives.
As indicated by the quarterly cash flow data, JPM frequently engages in significant investment activity, with purchase volumes reaching as high as $316.6 billion in 2025Q4, suggesting a dynamic approach to managing the bank's liquidity and interest rate risk profile through active securities portfolio adjustments.
The high turnover in investment securities implies that management is actively positioning the balance sheet to optimize yield and duration in response to shifting market conditions. Investors should monitor whether these large-scale purchases and sales are primarily driven by tactical hedging or a broader strategic shift in the bank's asset-liability management.
According to recent SEC filings, JPM has demonstrated a consistent commitment to shareholder returns, with quarterly dividend payments and share buybacks totaling over $12 billion in several recent periods, reflecting a disciplined capital allocation framework that balances growth investments with direct returns to equity holders.
The consistency of these capital returns suggests that management views the current level of earnings as sustainable and sufficient to cover both regulatory capital needs and shareholder distributions. This approach appears to signal confidence in the bank's long-term earnings power, even as it navigates potential increases in capital requirements.
Based on reported figures, JPM's quarterly loan loss provisions have ranged from $1.9 billion to $4.7 billion, indicating a proactive approach to credit risk management that aligns with the bank's conservative philosophy regarding potential future losses in its diverse consumer and commercial loan portfolios.
The variability in provisioning levels suggests that the bank is sensitive to macroeconomic forecasts and is adjusting its reserves to reflect changing credit environments. This disciplined provisioning appears to be a key component of the bank's risk management strategy, helping to mitigate the impact of potential credit cycle downturns on overall profitability.
Quick answers to the most common questions about buying JPM stock.
JPMorgan Chase & Co. (JPM) generated $100.87B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
JPMorgan Chase & Co. (JPM) generated $100.87B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
JPMorgan Chase & Co. (JPM) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, JPMorgan Chase & Co. (JPM) returned $16.63B to shareholders via cash dividends and spent $34.59B on share repurchases. This shows the company's commitment to returning capital to its equity investors.