JPMorgan Chase & Co.
- Growing?
- Yes: revenue up 8% on a year earlier (quarter ended Sep 2026); earnings per share up 18% over the last four quarters.
- Expensive?
- Price-to-book (P/B) 2.6×. P/B above the peer median of 1.3x: pricier than its peers.
- Analysts?
- 58% of 26 say buy; average 12-month target $373, 9% above today's price.
- Risky?
- About average for a large company: its price swung 23% over the past year (the S&P 500's 14%), and it fell as much as 40% since Nov 2021.
JPMorgan Chase & Co. is a global financial services firm providing consumer & community banking, commercial banking, investment banking, markets & securities services, and asset & wealth management, with revenue primarily from net interest income (interest spread on loans vs. deposits) and noninterest income (fees, commissions, trading/market-making, and asset-management fees).
More about JPMorgan Chase
Market Position
It is one of the largest U.S. banks by assets and a leading global player in investment banking and capital markets, differentiated by broad scale across deposits, payments, and markets businesses and a large multi-brand distribution footprint (notably Chase for consumer banking).
Key Segments
Major operating businesses commonly described include Consumer & Community Banking (CCB), Commercial Banking (CB), Corporate & Investment Bank (CIB), and Asset & Wealth Management (AWM).
How has the stock done?
Over the past month JPM rose 2.5%; the bank ETF (KBE) rose 4.5% and the S&P 500 fell 2.7%.
Over the past six months JPM rose 12.4%; the bank ETF (KBE) rose 5.6% and the S&P 500 rose 2.6%.
Over the past year JPM rose 7.0%; the bank ETF (KBE) rose 14.2% and the S&P 500 rose 10.8%.
Over five years JPM rose 105.5%; the bank ETF (KBE) rose 15.3% and the S&P 500 rose 62.0%.
From Nov 8, 2021 to Oct 11, 2022, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.8% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Oct 13, 2026 | ended Sep 2026 | $50.2B (+8% vs a year earlier) | $5.75 vs $5.94 (missed) | +0.3% | +0.3% |
| Jul 14, 2026 | ended Jun 2026 | $57.3B (+28% vs a year earlier) | $6.14 vs $5.80 (beat) | +3.7% | +3.2% |
| Apr 14, 2026 | ended Mar 2026 | $49.8B (+10% vs a year earlier) | $5.94 vs $5.51 (beat) | −2.5% | −0.2% |
| Jan 13, 2026 | ended Dec 2025 | $45.8B (+7% vs a year earlier) | $4.63 vs $4.82 (missed) | −5.1% | −6.9% |
| Oct 14, 2025 | ended Sep 2025 | $46.4B (+9% vs a year earlier) | — | −0.7% | −3.5% |
| Jul 15, 2025 | ended Jun 2025 | $44.9B (−11% vs a year earlier) | — | −1.0% | +0.9% |
| Apr 11, 2025 | ended Mar 2025 | $45.3B (+8% vs a year earlier) | — | +3.4% | +0.8% |
| Jan 15, 2025 | ended Dec 2024 | $42.8B (+11% vs a year earlier) | — | +2.7% | +7.5% |
| Oct 11, 2024 | ended Sep 2024 | $42.7B (+7% vs a year earlier) | — | +4.1% | +5.9% |
| Jul 12, 2024 | ended Jun 2024 | $50.2B (+22% vs a year earlier) | — | +1.3% | +1.1% |
| Apr 12, 2024 | ended Mar 2024 | $41.9B (+9% vs a year earlier) | — | −6.4% | −4.9% |
| Jan 12, 2024 | ended Dec 2023 | $38.6B (+12% vs a year earlier) | — | −1.4% | −0.1% |
| Oct 13, 2023 | ended Sep 2023 | $39.9B (+22% vs a year earlier) | — | +1.4% | −2.0% |
| Jul 14, 2023 | ended Jun 2023 | $41.3B (+34% vs a year earlier) | — | +3.0% | +4.1% |
| Apr 14, 2023 | ended Mar 2023 | $38.3B (+25% vs a year earlier) | — | +8.4% | +9.0% |
| Jan 13, 2023 | ended Dec 2022 | $34.5B (+18% vs a year earlier) | — | +0.9% | −1.6% |
| Oct 14, 2022 | ended Sep 2022 | $32.7B (+10% vs a year earlier) | — | +5.9% | +11.8% |
| Jul 14, 2022 | ended Jun 2022 | $30.7B (+1% vs a year earlier) | — | +0.9% | +3.0% |
| Apr 13, 2022 | ended Mar 2022 | $30.7B (−5% vs a year earlier) | — | −4.1% | −0.7% |
| Jan 14, 2022 | ended Dec 2021 | $29.3B (0% vs a year earlier) | — | −10.1% | −13.8% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
How the bank makes money
Net interest income was 52% of revenue in FY2025, non-interest income 48%; credit-loss provisions took 7.8% of revenue.
Show the data
| Quarter ended | Net interest income | Non-interest income | Efficiency ratio | Credit-loss provision |
|---|---|---|---|---|
| Dec 2023 | $24.1B | $14.5B | 63.5% | $2.8B |
| Mar 2024 | $23.1B | $18.9B | 54.3% | $1.9B |
| Jun 2024 | $22.7B | $27.5B | 47.2% | $3.1B |
| Sep 2024 | $23.4B | $19.2B | 52.9% | $3.1B |
| Dec 2024 | $23.4B | $19.4B | 53.2% | $2.6B |
| Mar 2025 | $23.3B | $22.0B | 52.1% | $3.3B |
| Jun 2025 | $23.2B | $21.7B | 52.9% | $2.8B |
| Sep 2025 | $24.0B | $22.5B | 52.3% | $3.4B |
| Dec 2025 | $25.0B | $20.8B | 52.4% | $4.7B |
| Mar 2026 | $25.4B | $24.5B | 53.9% | $2.5B |
| Jun 2026 | $25.5B | $31.8B | 47.6% | $2.5B |
| Sep 2026 | $27.0B | $23.1B | 54.4% | $2.7B |
Fiscal year: StockFit. Quarters: JPMorgan Chase & Co.'s SEC filings; revenue there is net interest income plus non-interest income.
How well it is run
Return on equity of 15.7% with an efficiency ratio of 52.4% in FY2025: strong returns from an efficiently run bank.
In FY2025 the bank earned $15.7 for every $100 of shareholders' equity it had at year end (Dec 31, 2025). 12% or more is strong for a bank; below 8% is weak.
It cost $52.4 in staff, offices and technology to bring in each $100 of revenue. Lower is better: below 55% is efficient, above 65% is costly.
Of every $100 of revenue, $7.8 was set aside for loans that may not be repaid. Below 5% is low; above 12% means many loans are expected to go bad.
How safe is the balance sheet?
Deposits were $2.78T at the end of Sep 2026, up 9.1% from a year earlier. Losses on its bonds not yet counted in earnings were $39.5B, 10.6% of shareholders' equity.
Show the data
| Quarter ended | Deposits | vs a year earlier | Bond losses | Equity | Share of equity |
|---|---|---|---|---|---|
| Dec 2023 | $2.40T | — | $32.8B | $327.9B | 10.0% |
| Mar 2024 | $2.43T | — | $34.1B | $336.6B | 10.1% |
| Jun 2024 | $2.40T | — | $33.9B | $340.6B | 9.9% |
| Sep 2024 | $2.43T | — | $24.0B | $345.8B | 6.9% |
| Dec 2024 | $2.41T | +0.2% | $32.0B | $344.8B | 9.3% |
| Mar 2025 | $2.50T | +2.8% | $27.7B | $351.4B | 7.9% |
| Jun 2025 | $2.56T | +6.9% | $26.6B | $356.9B | 7.4% |
| Sep 2025 | $2.55T | +4.8% | $22.7B | $360.2B | 6.3% |
| Dec 2025 | $2.56T | +6.4% | $20.4B | $362.4B | 5.6% |
| Mar 2026 | $2.68T | +7.2% | $22.3B | $364.0B | 6.1% |
| Jun 2026 | $2.71T | +5.9% | $22.3B | $374.6B | 6.0% |
| Sep 2026 | $2.78T | +9.1% | $39.5B | $372.4B | 10.6% |
A bank lends and buys bonds with its deposits. When interest rates rise, bonds bought earlier lose value; the loss reaches earnings only if the bank sells them, for example to pay depositors who leave. Silicon Valley Bank failed in March 2023 after such losses grew close to its whole equity and depositors withdrew at once. Bond losses: available-for-sale (before tax) plus held-to-maturity, from JPMorgan Chase & Co.'s SEC filings.
Customers and suppliers
In its latest annual report JPMorgan Chase buys from Morningstar, Nomura, Fixed Income Clearing.
Suppliers
JPMJPMorgan ChaseNamed in other companies’ filings
Infleqtion INFQco-develops with it · Collaborate on quantum algorithmsShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Morningstar | supplier | “An overall Morningstar rating is derived from a weighted average of the performance associated with a fund’s three-, five and ten- year (if applicable) Morningstar Rating metrics....All ratings, the assigned peer categories and the asset values used to derive these rankings are sourced from the applicable fund rating provider.” |
| Nomura | supplier | “The percentage of AUM is based on star ratings at the share class level for U.S.-domiciled funds, and at a “primary share class” level to represent the star rating of all other funds, except for Japan, for which Nomura provides ratings at the fund level.” |
| Fixed Income Clearing | supplier | “The Firm acts as a sponsoring member to clear eligible overnight and term resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules.” |
| Infleqtion (10-K filed Mar 31, 2026) | co-develops with it | “We have also collaborated with the J.P. Morgan Chase Global Technology Applied Research Team on quantum algorithm efforts.” |
Only the companies JPMorgan Chase names in its 10-K filed Feb 13, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names JPMorgan Chase. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/B of 2.6x, above the peer median of 1.3x.
P/B above the peer median of 1.3x: pricier than its peers.
Show the data
| Company | Price-to-book (P/B) |
|---|---|
| JPM · JPMorgan Chase & Co. | 2.6× |
| WFC · Wells Fargo & Company | 1.6× |
| BAC · Bank of America Corporation | 1.3× |
| C · Citigroup Inc. | 1.1× |
| RY · Royal Bank of Canada | — |
| TD · The Toronto-Dominion Bank | — |
Banks are compared on price-to-book: what the market pays for each $1 of the bank's net worth. Their earnings swing with credit costs, so P/E alone can mislead.
What analysts expect
The average analyst price target is $373, 9% above the current price; 58% of 26 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.
Buy or Strong Buy: 15 analysts (58%). Sell or Strong Sell: 0.
Over the past year the average of the analysts' latest price targets went from $320.64 to $377.83 (+18%), while JPM went from $309.48 to $342.82 (+11%). In the past three months targets were raised 7 times and cut twice. No firm upgraded or downgraded it over the year.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 2, 2026 | UBS | Target raised | Buy | $400.00, was $395.00 |
| Oct 15, 2026 | Citigroup | Target cut | Neutral | $350.00, was $360.00 |
| Oct 14, 2026 | Truist Securities | Target raised | Hold | $361.00, was $352.00 |
| Oct 14, 2026 | Barclays | Target raised | Overweight | $425.00, was $420.00 |
| Oct 14, 2026 | RBC Capital | Target kept | Outperform | $370.00 |
| Oct 14, 2026 | Morgan Stanley | Target raised | Equal-Weight | $377.00, was $370.00 |
| Oct 14, 2026 | Baird | Target raised | Neutral | $312.00, was $305.00 |
| Oct 5, 2026 | UBS | Target cut | Buy | $395.00, was $400.00 |
| Sep 28, 2026 | HSBC | Target raised | Hold | $377.00, was $369.00 |
| Aug 14, 2026 | Wells Fargo | Target raised | Overweight | $390.00, was $375.00 |
| Aug 3, 2026 | UBS | Target raised | Buy | $400.00, was $384.00 |
| Jul 20, 2026 | Citigroup | Target raised | Neutral | $360.00, was $325.00 |
| Jul 17, 2026 | Evercore ISI Group | Target raised | Outperform | $368.00, was $360.00 |
| Jul 16, 2026 | B of A Securities | Target raised | Buy | $420.00, was $408.00 |
| Jul 15, 2026 | Baird | Target raised | Neutral | $305.00, was $295.00 |
| Jul 15, 2026 | RBC Capital | Target raised | Outperform | $370.00, was $330.00 |
| Jul 15, 2026 | Wells Fargo | Target raised | Overweight | $375.00, was $360.00 |
| Jul 15, 2026 | Truist Securities | Target raised | Hold | $352.00, was $344.00 |
| Jul 15, 2026 | Barclays | Target raised | Overweight | $420.00, was $391.00 |
| Jul 15, 2026 | Keefe, Bruyette & Woods | Target raised | Outperform | $384.00, was $370.00 |
| Jul 7, 2026 | B of A Securities | Target raised | Buy | $408.00, was $362.00 |
| Jul 7, 2026 | UBS | Target raised | Buy | $384.00, was $375.00 |
| Jul 6, 2026 | Evercore ISI Group | Target raised | Outperform | $360.00, was $340.00 |
| Jul 6, 2026 | Wells Fargo | Target raised | Overweight | $360.00, was $350.00 |
| Jun 29, 2026 | Morgan Stanley | Target raised | Equal-Weight | $362.00, was $336.00 |
| Jun 26, 2026 | Truist Securities | Target raised | Hold | $344.00, was $332.00 |
| Apr 17, 2026 | Evercore ISI Group | Target raised | Outperform | $340.00, was $320.00 |
| Apr 15, 2026 | Jefferies | Target raised | Hold | $320.00, was $310.00 |
| Apr 15, 2026 | Truist Securities | Target raised | Hold | $332.00, was $323.00 |
| Apr 14, 2026 | Piper Sandler | Target raised | Overweight | $345.00, was $325.00 |
| Apr 6, 2026 | Evercore ISI Group | Target cut | Outperform | $320.00, was $350.00 |
| Mar 30, 2026 | Piper Sandler | Target cut | Overweight | $325.00, was $345.00 |
| Mar 26, 2026 | Truist Securities | Target cut | Hold | $323.00, was $330.00 |
| Mar 26, 2026 | Jefferies | Began coverage | Hold | $310.00 |
| Feb 25, 2026 | Truist Securities | Target cut | Hold | $330.00, was $334.00 |
| Feb 17, 2026 | Wells Fargo | Target cut | Overweight | $350.00, was $360.00 |
| Jan 22, 2026 | Freedom Broker | Target raised | Hold | $320.00, was $310.00 |
| Jan 14, 2026 | CICC | Began coverage | Outperform | $355.00 |
| Jan 6, 2026 | Truist Securities | Target raised | Hold | $331.00, was $330.00 |
| Jan 5, 2026 | Barclays | Target raised | Overweight | $391.00, was $342.00 |
| Dec 18, 2025 | Truist Securities | Target raised | Hold | $330.00, was $319.00 |
| Dec 17, 2025 | Keefe, Bruyette & Woods | Target raised | Outperform | $363.00, was $354.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $4.82 | $4.63 | −3.9% |
| Mar ’26 | $5.51 | $5.94 | +7.8% |
| Jun ’26 | $5.80 | $6.14 | +5.9% |
| Sep ’26 | $5.94 | $5.75 | −3.2% |
The day after each of these reports the stock moved −5.1% (Dec 2025, missed); −2.5% (Mar 2026, beat); +3.7% (Jun 2026, beat); +0.3% (Sep 2026, missed).
For the quarter ending Dec 2026 (JPMorgan Chase reports on Jan 14, 2027), analysts expect adjusted earnings of $5.86 a share, 27% more than the $4.63 of a year earlier, and revenue of $51.1B, up 12% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $25.57 a share, 7% more than the year before's estimate of $23.91, and revenue of $217.3B, up 5% on the year before's estimate.
Adjusted. Dec 2025: $4.63; range $5.65 to $6.40; 12 analysts
Dec 2025: $45.8B; range $49.5B to $52.5B; 11 analysts
Adjusted. The year to Dec 2026: $23.91 expected; range $24.05 to $27.14; 15 analysts
The year to Dec 2026: $207.8B expected; range $211.5B to $225.2B; 15 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026, results Jan 14, 2027 | EPS (adjusted) | $5.86 | $5.65 to $6.40 | 12 | $4.63 (Dec 2025) | +27% |
| Quarter ending Dec 2026, results Jan 14, 2027 | Revenue | $51.1B | $49.5B to $52.5B | 11 | $45.8B (Dec 2025) | +12% |
| Quarter ending Mar 2027 | EPS (adjusted) | $6.24 | $6.05 to $6.41 | 7 | $5.94 (Mar 2026) | +5% |
| Quarter ending Mar 2027 | Revenue | $54.2B | $52.4B to $55.7B | 6 | $49.8B (Mar 2026) | +9% |
| Year ending Dec 2026 | EPS (adjusted) | $23.91 | $23.30 to $25.54 | 13 | — | — |
| Year ending Dec 2026 | Revenue | $207.8B | $203.9B to $209.9B | 14 | $182.4B (year to Dec 2025) | +14% |
| Year ending Dec 2027 | EPS (adjusted) | $25.57 | $24.05 to $27.14 | 15 | $23.91 (expected, year to Dec 2026) | +7% |
| Year ending Dec 2027 | Revenue | $217.3B | $211.5B to $225.2B | 15 | $207.8B (expected, year to Dec 2026) | +5% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Who holds it
In the filings of 8 members of Congress and 9 funds whose copy leaves JPM out (not traded on the exchange): Laurel Lee, Katherine Clark, Nan Shan Life Insurance, Tom Kean Jr., Fisher Asset Management, WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST and 11 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 21 held JPM at the end of their latest quarter (for most, Q2 2026). Over that quarter 10 added shares, 7 cut, 2 bought new and 2 held the same. The largest of them is Norges Bank, 36.12M shares worth $11.8B at Jun 30, 2026, 2.1% more than at Dec 31, 2025.
2 of them new holders
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Norges Bank | Q2 2026 vs Q4 2025 | 36.12M | $11.8B | +753,646 | +2.1% | Aug 12, 2026 |
| Fisher Asset Management | Q3 2026 | 17.75M | $5.9B | +321,856 | +1.8% | Nov 6, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 8.02M | $2.6B | +1.50M | +23% | Aug 14, 2026 |
| National Pension Service | Q3 2026 | 5.56M | $1.8B | +12,589 | +0.2% | Nov 12, 2026 |
| Viking Global Investors | Q2 2026 | 2.90M | $949M | +195,368 | +7.2% | Aug 14, 2026 |
| Korea Investment | Q2 2026 | 1.63M | $535M | −123,270 | −7.0% | Aug 12, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 967,890 | $320M | +112,539 | +13% | Nov 3, 2026 |
| Renaissance Technologies | Q3 2026 | 721,344 | $239M | +335,666 | +87% | Nov 12, 2026 |
| WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST | Q3 2026 | 450,000 | $149M | +450,000 | New | Nov 12, 2026 |
| Markel Group | Q3 2026 | 252,550 | $83.6M | 0 | 0.0% | Oct 30, 2026 |
| Nan Shan Life Insurance | Q2 2026 | 198,905 | $65.1M | +34,552 | +21% | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 197,188 | $64.5M | +150,164 | +319% | Aug 14, 2026 |
| Soros Fund Management | Q2 2026 | 118,358 | $38.7M | 0 | 0.0% | Aug 14, 2026 |
| Dodge & Cox | Q2 2026 | 117,130 | $38.3M | −1,325 | −1.1% | Aug 13, 2026 |
| Giverny Capital | Q3 2026 | 47,204 | $15.6M | −672 | −1.4% | Nov 12, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 35,855 | $11.7M | −452,449 | −93% | Aug 14, 2026 |
| Patient Capital Management | Q3 2026 | 29,359 | $9.7M | −1 | 0.0% | Nov 12, 2026 |
| Bridgewater Associates | Q2 2026 | 23,548 | $7.7M | +23,548 | New | Aug 14, 2026 |
| Temasek Holdings (Private) | Q3 2026 | 9,682 | $3.2M | −19,906 | −67% | Oct 28, 2026 |
| Gardner Russo & Quinn | Q3 2026 | 8,610 | $2.8M | −16,109 | −65% | Nov 12, 2026 |
| Harris Associates L P | Q2 2026 | 6,215 | $2.0M | +400 | +6.9% | Aug 14, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of JPM at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.