AI Takeaway
JPMorgan Chase delivered record revenue of $182.4B in FY2025, though net income dipped 2.5% to $57.0B as higher costs and provisions offset strong top-line growth, while EPS still rose 1.3% to $20.05 on share buybacks.
Revenue
$182.45B
++2.75% YoY
EPS (Basic)
$20.05
++1.31% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue rose 2.8% year-over-year to $182.4B in FY2025 from $177.6B in FY2024, reflecting continued strength across JPMorgan's diversified franchise including consumer banking, investment banking, and asset & wealth management segments.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Net income fell 2.5% to $57.0B from $58.5B in the prior year, suggesting that expense growth, credit loss provisions, or one-time items outpaced revenue gains, compressing the bottom line even as the top line expanded.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Basic EPS grew 1.3% to $20.05 despite lower net income, as aggressive share buybacks of $31.6B (up 67.8% YoY) reduced the share count and partially offset the earnings decline on a per-share basis.
Source: Source: 10-K Income Statement & Cash Flow Statement (XBRL Financial Data)
2 more insights available
Upgrade to unlockJPMorgan's debt-to-equity ratio stands at approximately 11.2x, which is characteristic of large universal banks but means the firm is highly sensitive to credit market disruptions, rising funding costs, or unexpected asset quality deterioration. A significant adverse credit event could disproportionately impact equity value given the leverage embedded in the balance sheet.
Source: Source: 10-K Balance Sheet (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $5.23 versus the $5.05 analyst consensus — a +3.5% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $182.45B | $177.56B | +2.75% |
Net Income | $57.05B | $58.5B | -2.48% |
EPS (Basic) | $20.05 | $19.79 | +1.31% |
EPS (Diluted) | $20.02 | $19.75 | +1.37% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $4.42T | $4T | +10.54% |
Total Liabilities | $4.06T | $3.66T | +11.06% |
Stockholders' Equity | $362.44B | $344.76B | +5.13% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-147.78B | $-42.01B | -251.76% |
Investing Cash Flow | $-265.56B | $-163.4B | -62.52% |
Financing Cash Flow | $269.53B | $63.45B | +324.82% |
Dividends Paid | $16.63B | $14.78B | +12.46% |
Share Buybacks | $31.59B | $18.83B | +67.77% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 31.3% | — | — |
ROE | 15.7% | — | — |
ROA | 1.3% | — | — |
Debt to Equity | $11.209 | — | — |
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JPMorgan Chase reported FY2025 revenue of $182.4B, up 2.8% year-over-year, while net income declined 2.5% to $57.0B. Despite the earnings dip, basic EPS rose 1.3% to $20.05 as the firm's aggressive $31.6B share buyback program reduced the share count.
The key takeaways from JPMorgan's FY2025 10-K are strong revenue growth to a record $182.4B, a slight net income decline to $57.0B, and a massive $48.2B return of capital to shareholders through dividends and buybacks. The balance sheet expanded 10.5% to $4.42T, reflecting significant business growth, while operating cash flow deteriorated sharply to -$147.8B.
Yes, JPMorgan paid $16.6B in dividends in FY2025, a 12.5% increase from $14.8B in FY2024. Combined with $31.6B in share buybacks (up 67.8% YoY), the firm returned a total of $48.2B to shareholders during the year.
Based on the financial data, key risks include JPMorgan's highly leveraged balance sheet with a debt-to-equity ratio of 11.2x, a sharp deterioration in operating cash flow to -$147.8B, and growing reliance on external financing (financing cash flow surged to +$269.5B). Net income compression despite revenue growth also signals rising cost or credit pressures that could weigh on future profitability.
JPMorgan Chase's total assets reached $4.42T at the end of FY2025, a 10.5% increase from $4.00T at year-end 2024. Total liabilities grew to $4.06T while stockholders' equity stood at $362.4B, making JPMorgan one of the largest financial institutions in the world by assets.