JPMorgan Chase
JPM on NYSE. JPMorganChase sells banking, loans, and investment services to people, businesses, and governments. Market value $883.5bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 16 cents. Above 10 is good.
What you pay for each dollar of net assets: $2.35.
Profit per $100 you pay: $7.39.
Quality score: 92 of 100. Price score: 62 of 100. Our list needs 70 on quality and 60 on price.
$331.28 a share, 19% above its 1-year low
Over the past year the price has ranged from $279.10 to $366.50.
Expected to report results Tuesday 13 Oct, before the market opens.
Dividend: 1.9% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $121.6bn | $128.7bn | $158.1bn | $177.6bn | $182.4bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 2.93bn | 2.89bn | 2.82bn | 2.72bn | 2.66bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 8.8% a year
- Buying back its own sharesYes, 9% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $57.3 billion last quarter, up 28% on a year ago.
- Profit: $21.2 billion, up 41% on a year ago.
- 4% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $42.7bn |
| December 2024 | $42.8bn |
| March 2025 | $45.3bn |
| June 2025 | $44.9bn |
| September 2025 | $46.4bn |
| December 2025 | $45.8bn |
| March 2026 | $49.8bn |
| June 2026 | $57.3bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $12.9bn |
| December 2024 | $14.0bn |
| March 2025 | $14.6bn |
| June 2025 | $15.0bn |
| September 2025 | $14.4bn |
| December 2025 | $13.0bn |
| March 2026 | $16.5bn |
| June 2026 | $21.2bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 13 October 2026
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
41 long-term investors we follow own it, unchanged from 41 last quarter. 5,127 funds in all.
- Sanders CapitalLew Sanders
- Value
- $1.3bn
- Share of fund
- 1.3%
- Cullen Capital ManagementJames Cullen
- Value
- $265m
- Share of fund
- 2.6%
- Pzena Investment ManagementRichard Pzena
- Value
- $109m
- Share of fund
- 0.3%
- First Manhattan Co.First Manhattan partners
- Value
- $96m
- Share of fund
- 0.2%
- Markel GroupTom Gayner
- Value
- $83m
- Share of fund
- 0.6%
- GAMCO InvestorsMario Gabelli
- Value
- $53m
- Share of fund
- 0.5%
- Cambiar InvestorsBrian Barish
- Value
- $52m
- Share of fund
- 2.3%
- Brandes Investment PartnersCharles Brandes
- Value
- $48m
- Share of fund
- 0.3%
- Matrix Asset AdvisorsDavid Katz
- Value
- $43m
- Share of fund
- 3.5%
- Dodge & CoxDodge & Cox investment committee
- Value
- $38m
- Share of fund
- <0.1%
- Hosking PartnersJeremy Hosking
- Value
- $33m
- Share of fund
- 1.1%
- Boyar Asset ManagementMark Boyar
- Value
- $16m
- Share of fund
- 9.0%
- Patient Capital ManagementSamantha McLemore
- Value
- $10m
- Share of fund
- 0.3%
- Aristotle Capital ManagementHoward Gleicher
- Value
- $4m
- Share of fund
- <0.1%
- GoodHaven Capital ManagementLarry Pitkowsky
- Value
- $3m
- Share of fund
- 0.8%
- Brave Warrior AdvisorsGlenn Greenberg
- Value
- $2m
- Share of fund
- <0.1%
- Cooke & BielerCooke & Bieler partners
- Value
- $612,762
- Share of fund
- <0.1%
- Heartland AdvisorsBill Nasgovitz
- Value
- $420,619
- Share of fund
- <0.1%
- Eagle Capital ManagementBoykin Curry
- Value
- $363,009
- Share of fund
- <0.1%
- Auxier Asset ManagementJeff Auxier
- Value
- $328,312
- Share of fund
- <0.1%
Largest holders overall
- BlackRock$67.5bn
- Vanguard Capital Management$52.9bnCut
- State Street$41.0bn
- Bank of America$22.8bnAdded
- Morgan Stanley$22.0bnCut
- Vanguard Portfolio Management$21.5bn
- Geode Capital Management$20.1bn
- Norges Bank$11.8bnNew
- Northern Trust$10.0bn
- Capital Research Global Investors$9.1bn
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor7.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.1% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 11 sold $126m, $126m of it under preset trading plans.
- Leopold RobinHead of Human ResourcesSoldunder a preset trading plan
- Date
- 10 September 2026
- Shares
- 2,500
- Price
- $352.81
- Value
- $882,027
- Leopold RobinHead of Human ResourcesSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 2,500
- Price
- $361.41
- Value
- $903,518
- Friedman StaceyGeneral CounselSoldunder a preset trading plan
- Date
- 22 June 2026
- Shares
- 5,467
- Price
- $330.73
- Value
- $2m
- Friedman StaceyGeneral CounselSoldunder a preset trading plan
- Date
- 20 May 2026
- Shares
- 5,468
- Price
- $300.27
- Value
- $2m
- Erdoes Mary E.CEO Asset & Wealth ManagementSoldunder a preset trading plan
- Date
- 15 May 2026
- Shares
- 6,648
- Price
- $298.36
- Value
- $2m
- Lake MarianneCEO CCBSoldunder a preset trading plan
- Date
- 15 May 2026
- Shares
- 6,427
- Price
- $298.36
- Value
- $2m
- Petno Douglas BCo-CEO CIBSoldunder a preset trading plan
- Date
- 15 May 2026
- Shares
- 5,659
- Price
- $300.05
- Value
- $2m
- Beer Lori AChief Information OfficerSoldunder a preset trading plan
- Date
- 15 May 2026
- Shares
- 3,165
- Price
- $300.05
- Value
- $949,658
- Barnum JeremyChief Financial OfficerSoldunder a preset trading plan
- Date
- 5 May 2026
- Shares
- 3,022
- Price
- $309.41
- Value
- $935,037
- BACON ASHLEYChief Risk OfficerSoldunder a preset trading plan
- Date
- 5 May 2026
- Shares
- 4,070
- Price
- $309.42
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 September 2026 | Leopold Robin Head of Human Resources | Sold under a preset trading plan | 2,500 | $352.81 | $882,027 |
| 11 August 2026 | Leopold Robin Head of Human Resources | Sold under a preset trading plan | 2,500 | $361.41 | $903,518 |
| 22 June 2026 | Friedman Stacey General Counsel | Sold under a preset trading plan | 5,467 | $330.73 | $2m |
| 20 May 2026 | Friedman Stacey General Counsel | Sold under a preset trading plan | 5,468 | $300.27 | $2m |
| 15 May 2026 | Erdoes Mary E. CEO Asset & Wealth Management | Sold under a preset trading plan | 6,648 | $298.36 | $2m |
| 15 May 2026 | Lake Marianne CEO CCB | Sold under a preset trading plan | 6,427 | $298.36 | $2m |
| 15 May 2026 | Petno Douglas B Co-CEO CIB | Sold under a preset trading plan | 5,659 | $300.05 | $2m |
| 15 May 2026 | Beer Lori A Chief Information Officer | Sold under a preset trading plan | 3,165 | $300.05 | $949,658 |
| 5 May 2026 | Barnum Jeremy Chief Financial Officer | Sold under a preset trading plan | 3,022 | $309.41 | $935,037 |
| 5 May 2026 | BACON ASHLEY Chief Risk Officer | Sold under a preset trading plan | 4,070 | $309.42 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 16 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.