JPMorgan achieved a notable NII expansion to $25.4 billion in 2026Q1, while maintaining a disciplined efficiency ratio of 36.5% despite significant technology investments.
JPMorgan Chase & Co. (JPM) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 101.36B | 95.44B | 92.58B | 89.27B | 66.71B | 52.31B | 54.56B | 57.24B | 55.06B | 50.1B | 46.08B | 43.51B | 43.63B | 43.32B | 44.91B | 47.69B | 51B | 51.15B | 38.78B | 26.41B | 21.24B | 19.55B | 16.53B | 12.34B | 12.18B | 10.8B | 9.51B | 10.29B | 8.57B | 8.25B | 8.33B |
| NII Growth % | 31.25% | 3.09% | 3.71% | 33.81% | 27.53% | -4.13% | -4.69% | 3.97% | 9.9% | 8.71% | 5.91% | -0.28% | 0.73% | -3.54% | -5.83% | -6.49% | -0.3% | 31.91% | 46.86% | 24.31% | 8.63% | 18.32% | 33.96% | 1.31% | 12.74% | 13.56% | -7.52% | 20.07% | 3.79% | -0.94% | 2.56% |
| Net Interest Margin % | 1.99% | 2.16% | 2.31% | 2.3% | 1.82% | 1.4% | 1.61% | 2.13% | 2.1% | 1.98% | 1.85% | 1.85% | 1.7% | 1.79% | 1.9% | 2.1% | 2.41% | 2.52% | 1.78% | 1.69% | 1.57% | 1.63% | 1.43% | 1.6% | 1.6% | 1.56% | 1.33% | 2.53% | 2.34% | 2.26% | 2.48% |
| Interest Income | 200.49B | 193.34B | 193.93B | 170.59B | 92.81B | 57.86B | 64.52B | 84.04B | 76.1B | 63.97B | 55.9B | 50.97B | 51.53B | 52.67B | 55.95B | 61.29B | 63.78B | 66.35B | 73.02B | 71.39B | 59.11B | 45.08B | 30.46B | 23.44B | 25.94B | 32.18B | 36.64B | 31.21B | 22.29B | 21.85B | 19.9B |
| Interest Expense | 99.13B | 97.9B | 101.35B | 81.32B | 26.1B | 5.55B | 9.96B | 26.8B | 21.04B | 13.87B | 9.82B | 7.46B | 7.9B | 9.35B | 11.04B | 13.6B | 12.78B | 15.2B | 34.24B | 44.98B | 37.87B | 25.52B | 13.93B | 11.11B | 13.76B | 21.38B | 27.13B | 20.92B | 13.72B | 13.6B | 11.57B |
| Loan Loss Provision | 13.31B | 14.24B | 10.65B | 9.28B | 6.33B | -9.22B | 17.41B | 5.58B | 4.87B | 5.29B | 5.36B | 3.83B | 3.14B | 225M | 3.38B | 7.57B | 16.64B | 32.02B | 20.98B | 6.86B | 3.27B | 3.48B | 2.54B | 1.54B | 4.33B | 3.19B | 1.38B | 1.45B | 1.34B | 804M | 897M |
| Non-Interest Income | 90.87B | 86.4B | 76.86B | 65.69B | 61.02B | 69.37B | 65.32B | 58.48B | 53.72B | 50.61B | 50.49B | 50.03B | 51.48B | 54.05B | 52.12B | 49.55B | 51.69B | 49.28B | 28.47B | 44.97B | 40.76B | 34.69B | 25.84B | 20.92B | 17.44B | 18.25B | 23.42B | 20.64B | 10.09B | 8.55B | 7.54B |
| Non-Interest Income % | 47.27% | 47.51% | 45.36% | 42.39% | 47.77% | 57.01% | 54.49% | 50.53% | 49.39% | 50.25% | 52.28% | 53.49% | 54.12% | 55.51% | 53.72% | 50.95% | 50.34% | 49.07% | 42.34% | 63% | 65.74% | 63.95% | 61% | 62.9% | 58.88% | 62.82% | 71.12% | 66.75% | 54.08% | 50.9% | 47.52% |
| Total Net Revenue | 192.23B | 181.85B | 169.44B | 154.95B | 127.73B | 121.69B | 119.88B | 115.72B | 108.78B | 100.7B | 96.57B | 93.54B | 95.11B | 97.37B | 97.03B | 97.23B | 102.69B | 100.43B | 67.25B | 71.37B | 62B | 54.25B | 42.37B | 33.26B | 29.61B | 29.05B | 32.93B | 30.93B | 18.66B | 16.81B | 15.88B |
| Revenue Growth % | 9.44% | 7.32% | 9.35% | 21.32% | 4.97% | 1.5% | 3.6% | 6.38% | 8.02% | 4.28% | 3.23% | -1.65% | -2.32% | 0.35% | -0.21% | -5.32% | 2.25% | 49.34% | -5.77% | 15.12% | 14.29% | 28.03% | 27.41% | 12.3% | 1.94% | -11.79% | 6.48% | 65.79% | 10.99% | 5.88% | 6.12% |
| Non-Interest Expense | 102.41B | 95.01B | 83.7B | 84.06B | 75.23B | 71.34B | 66.66B | 65.27B | 63.15B | 59.52B | 56.67B | 59.01B | 61.27B | 70.47B | 64.73B | 62.91B | 61.2B | 52.35B | 43.5B | 41.7B | 38.84B | 38.93B | 33.97B | 21.69B | 22.76B | 23.3B | 22.82B | 18B | 11.38B | 10.09B | 11.17B |
| Efficiency Ratio | 53.27% | 52.25% | 49.4% | 54.25% | 58.9% | 58.63% | 55.6% | 56.4% | 58.05% | 59.1% | 58.69% | 63.09% | 64.42% | 72.37% | 66.71% | 64.7% | 59.59% | 52.13% | 64.68% | 58.43% | 62.65% | 71.76% | 80.18% | 65.22% | 76.87% | 80.2% | 69.3% | 58.18% | 61.02% | 60.05% | 70.34% |
| Operating Income | 76.52B | 72.59B | 75.08B | 61.61B | 46.17B | 59.56B | 35.81B | 44.87B | 40.76B | 35.9B | 34.54B | 30.7B | 30.7B | 26.68B | 28.92B | 26.75B | 24.86B | 16.07B | 2.77B | 22.8B | 19.89B | 11.84B | 5.86B | 10.03B | 2.52B | 2.57B | 8.73B | 11.49B | 5.93B | 5.91B | 3.81B |
| Operating Margin % | 39.8% | 39.92% | 44.31% | 39.76% | 36.14% | 48.95% | 29.87% | 38.77% | 37.47% | 35.65% | 35.76% | 32.82% | 32.28% | 27.4% | 29.8% | 27.51% | 24.21% | 16% | 4.12% | 31.95% | 32.07% | 21.82% | 13.82% | 30.15% | 8.51% | 8.83% | 26.52% | 37.15% | 31.79% | 35.16% | 24.01% |
| Operating Income Growth % | - | -3.31% | 21.86% | 33.46% | -22.49% | 66.3% | -20.17% | 10.06% | 13.55% | 3.95% | 12.49% | 0.01% | 15.09% | -7.75% | 8.11% | 7.6% | 54.72% | 479.41% | -87.84% | 14.68% | 67.97% | 102.17% | -41.6% | 298.09% | -1.83% | -70.62% | -23.99% | 93.74% | 0.34% | 55.08% | -20.8% |
| Pretax Income | 76.52B | 72.59B | 75.08B | 61.61B | 46.17B | 59.56B | 35.81B | 44.87B | 40.76B | 35.9B | 34.54B | 30.7B | 30.7B | 26.68B | 28.92B | 26.75B | 24.86B | 16.07B | 2.77B | 22.8B | 19.89B | 11.84B | 5.86B | 10.03B | 2.52B | 2.57B | 8.73B | 11.49B | 5.93B | 5.91B | 3.81B |
| Pretax Margin % | 39.8% | 39.92% | 44.31% | 39.76% | 36.14% | 48.95% | 29.87% | 38.77% | 37.47% | 35.65% | 35.76% | 32.82% | 32.28% | 27.4% | 29.8% | 27.51% | 24.21% | 16% | 4.12% | 31.95% | 32.07% | 21.82% | 13.82% | 30.15% | 8.51% | 8.83% | 26.52% | 37.15% | 31.79% | 35.16% | 24.01% |
| Income Tax | 17.3B | 15.55B | 16.61B | 12.06B | 8.49B | 11.23B | 6.68B | 8.44B | 8.29B | 11.46B | 9.8B | 6.26B | 8.95B | 8.79B | 7.63B | 7.77B | 7.49B | 4.42B | -926M | 7.44B | 6.24B | 3.58B | 1.6B | 3.31B | 856M | 847M | 3.01B | 3.99B | 2.15B | 2.2B | 1.35B |
| Effective Tax Rate % | 22.61% | 21.42% | 22.12% | 19.57% | 18.39% | 18.85% | 18.66% | 18.8% | 20.34% | 31.92% | 28.38% | 20.39% | 29.17% | 32.95% | 26.4% | 29.06% | 30.13% | 27.48% | -33.39% | 32.62% | 31.36% | 30.28% | 27.25% | 33% | 33.98% | 33.01% | 34.42% | 34.71% | 36.22% | 37.26% | 35.42% |
| Net Income | 59.22B | 57.05B | 58.47B | 49.55B | 37.68B | 48.33B | 29.13B | 36.43B | 32.47B | 24.44B | 24.73B | 24.44B | 21.75B | 17.89B | 20.53B | 18.2B | 16.41B | 10.03B | 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 |
| Net Margin % | 30.8% | 31.37% | 34.51% | 31.98% | 29.5% | 39.72% | 24.3% | 31.48% | 29.85% | 24.27% | 25.61% | 26.13% | 22.86% | 18.37% | 21.16% | 18.71% | 15.98% | 9.98% | 8.33% | 21.53% | 23.3% | 15.64% | 10.54% | 20.2% | 5.62% | 5.83% | 17.39% | 24.25% | 20.27% | 22.06% | 15.5% |
| Net Income Growth % | 4.75% | -2.43% | 18% | 31.52% | -22.05% | 65.92% | -20.04% | 12.19% | 32.87% | -1.18% | 1.19% | 12.4% | 21.58% | -12.88% | 12.82% | 10.92% | 63.65% | 78.86% | -63.52% | 6.38% | 70.27% | 89.95% | -33.53% | 304.03% | -1.83% | -70.42% | -23.65% | 98.33% | 2% | 50.67% | -16.83% |
| Net Income (Continuing) | 59.22B | 57.05B | 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 | 11.65B | 3.7B | 15.37B | 13.65B | 8.25B | 4.26B | 6.72B | 1.66B | 1.72B | 5.73B | 7.5B | 3.78B | 3.71B | 2.46B |
| EPS (Diluted) | 22.07 | 20.05 | 19.75 | 16.23 | 12.09 | 15.36 | 8.88 | 10.72 | 9.00 | 6.31 | 6.19 | 6.00 | 5.29 | 4.34 | 5.20 | 4.48 | 3.96 | 2.26 | 1.37 | 4.33 | 4.04 | 2.38 | 1.55 | 3.24 | 0.80 | 0.80 | 2.86 | 6.01 | 2.83 | 2.67 | 1.65 |
| EPS Growth % | 8.82% | 1.52% | 21.69% | 34.24% | -21.29% | 72.97% | -17.16% | 19.11% | 42.63% | 1.94% | 3.17% | 13.42% | 21.89% | -16.54% | 16.07% | 13.13% | 75.22% | 64.96% | -68.36% | 7.18% | 69.75% | 53.55% | -52.16% | 305% | 0% | -72.03% | -52.41% | 112.37% | 5.99% | 61.82% | -18.32% |
| EPS (Basic) | - | 20.09 | 19.79 | 16.25 | 12.10 | 15.39 | 8.89 | 10.75 | 9.04 | 6.35 | 6.24 | 6.05 | 5.33 | 4.38 | 5.22 | 4.50 | 3.98 | 2.27 | 1.41 | 4.38 | 4.16 | 2.43 | 1.59 | 3.32 | 0.81 | 0.83 | 2.99 | 6.12 | 2.90 | 2.77 | 1.71 |
| Diluted Shares Outstanding | 2.68B | 2.79B | 2.88B | 2.94B | 2.97B | 3.03B | 3.09B | 3.23B | 3.41B | 3.58B | 3.65B | 3.78B | 3.8B | 3.81B | 3.82B | 3.92B | 3.98B | 3.88B | 3.6B | 3.45B | 3.57B | 3.56B | 2.85B | 2.06B | 2.01B | 2.02B | 1.97B | 1.25B | 1.3B | 1.32B | 1.36B |
Quick answers to the most common questions about buying JPM stock.
For fiscal year 2025, JPMorgan Chase & Co. (JPM) reported total revenue of $181.85B. This represents a 1045.5% increase compared to $15.88B in 1996.
JPMorgan Chase & Co. (JPM) is profitable, generating $57.05B in net income for the fiscal year ending 2025 with a net profit margin of 31.4%.
JPMorgan Chase & Co. (JPM) reported an operating income of $72.59B, resulting in an operating profit margin of 39.9%. This margin reflects the operational efficiency of the business before interest and taxes.
JPMorgan Chase & Co. (JPM) generated $167.61B in gross profit for the year, representing a gross profit margin of 92.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Credit Provisioning Volatility
Metrics are mathematically derived from official filings.
Resilient Net Interest Income Growth
According to quarterly financial disclosures, JPM achieved a notable NII expansion to $25.4 billion in 2026Q1, representing a 9.0% growth rate that suggests the bank is successfully navigating the current interest rate environment while maintaining its core deposit-gathering capabilities despite broader industry-wide funding cost pressures.
The recent acceleration in NII suggests that the bank's asset-sensitive balance sheet is effectively capturing yield improvements. Investors should monitor whether this trajectory persists as deposit betas potentially normalize, as the current growth appears to be supported by both volume expansion and favorable repricing dynamics.
Efficiency Ratio Reflects Scale Advantages
As reported in recent regulatory filings, JPM maintained an efficiency ratio of 36.5% in 2026Q1, a metric that underscores the bank's ability to leverage its massive technology infrastructure to manage non-interest expenses even as it continues to invest heavily in digital transformation and competitive market positioning.
The bank's ability to keep its efficiency ratio within a tight range despite significant capital expenditure suggests that its scale-tech flywheel is functioning as intended. This operational leverage may provide a defensive buffer against future revenue volatility, provided that the massive technology spend translates into tangible productivity gains.
Provisioning Trends Indicate Prudent Management
Based on the latest income statement data, JPM recorded a provision expense of $2.5 billion in 2026Q1, which appears to reflect a disciplined approach to credit risk management amidst a macroeconomic environment that warrants continued vigilance regarding consumer and commercial loan portfolio performance across all segments.
The fluctuation in provision expenses suggests that management is proactively adjusting for potential credit deterioration in line with CECL requirements. Analysts should interpret these provisions as a signal of the bank's conservative risk appetite rather than an immediate indicator of underlying asset quality degradation.
Diversified Fee Income Quality Improves
Financial statements indicate that non-interest income reached $24.5 billion in 2026Q1, with the fee percentage rising to 33.2%, suggesting that the bank's strategic focus on wealth management and transactional services is successfully diversifying revenue streams away from pure interest-rate dependency and toward more stable, recurring sources.
The growth in fee-based revenue appears to be a direct result of the bank's expanded footprint in asset and wealth management. This shift may enhance the quality of earnings by providing a counter-cyclical hedge against potential interest rate volatility that could otherwise compress net interest margins.