| Segment | Net Revenue | % Total | Key Driver |
|---|---|---|---|
| Consumer & Community Banking | $62.4B | ~42% | Deposits, cards, mortgages |
| Commercial & Investment Bank | $71.8B | ~48% | Markets, IB fees, payments |
| Asset & Wealth Management | $21.5B | ~14% | $4T+ AUM, private banking |
| Corporate / Other | ($7.2B) | Eliminations | Treasury offset |
| Total Managed Revenue | ~$148.5B | 100% | Managed Net Revenue basis |
| Metric | Q1 2026A | Q1 2025A | YoY Change | vs Estimate |
|---|---|---|---|---|
| Net Revenue (Managed) | ~$46.0B | $43.0B | +7% | Beat |
| Net Income | ~$14.6B | $14.0B | +4% | Beat |
| EPS (Diluted) | ~$5.07 | $4.44 | +14% | vs $4.62E |
| Return on Tangible Common Equity | ~21% | ~21% | Flat | – |
| CET1 Capital Ratio | ~15.4% | 15.4% | Stable | Well above 11.5% reg. minimum |
| Net Interest Income | ~$23.5B | $23.2B | +1% | Rate-sensitive |
| Provision for Credit Losses | ~$3.3B | $3.0B | +10% | Normalizing |
| Noninterest Expense | ~$23.0B | $22.8B | +1% | Tech investment |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026E | FY2027E | CAGR |
|---|---|---|---|---|---|---|---|
| Total Revenue (GAAP) | $153.8B | $236.3B | $270.8B | $279.7B | ~$285B | ~$295B | +14% |
| Net Interest Income | ~$66.6B | ~$89.3B | ~$92.6B | ~$95.0B | ~$93B | ~$94B | +7% |
| Operating Income | $46.2B | $61.6B | $75.1B | $72.6B | ~$74B | ~$78B | +11% |
| Net Income | $37.7B | $49.6B | $58.5B | $57.0B | ~$58B | ~$62B | +9% |
| EPS (Diluted) | $12.09 | $16.23 | $19.75 | $20.05 | ~$21.50 | ~$23.50 | +14% |
| Net Margin % | 24.5% | 21.0% | 21.6% | 20.4% | ~20% | ~21% | → Stable |
| Return on Equity | ~13% | ~15% | ~17% | ~16% | ~16% | ~17% | ↑ Best-in-class |
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total Assets | $3.88T | $4.00T | $4.42T |
| Total Equity | $327.9B | $344.8B | $362.4B |
| Total Debt | $653.1B | $751.1B | $942.4B |
| Cash & Short-term Investments | $1.23T | $1.37T | $1.48T |
| CET1 Ratio (est.) | ~15.0% | ~15.3% | ~15.4% |
| Debt / Equity | 1.99× | 2.18× | 2.60× |
| Tangible Book Value / Share | ~$83 | ~$95 | ~$107 |
| Year | Dividends | Buybacks | Total Return | Yield equiv. |
|---|---|---|---|---|
| FY2022 | $13.6B | $10.6B | $24.2B | ~3.6% |
| FY2023 | $13.5B | $9.8B | $23.3B | ~2.8% |
| FY2024 | $14.8B | $28.7B | $43.5B | ~5.4% |
| FY2025 | $16.6B | $34.6B | $51.2B | ~6.4% |
| FY2026E | ~$17B | ~$20–30B | ~$37–47B | ~4.6–5.9% |
| Company | Ticker | Market Cap | P/E | P/Book | ROE | Div Yield | CET1 | Consensus |
|---|---|---|---|---|---|---|---|---|
| JPMorgan Chase | JPM | $802B | 14.2× | 2.36× | ~17% | 1.97% | ~15.4% | Buy |
| Bank of America | BAC | ~$345B | ~14× | ~1.3× | ~11% | ~2.5% | ~11.9% | Buy |
| Citigroup | C | ~$130B | ~12× | ~0.7× | ~7% | ~3.3% | ~13.5% | Buy |
| Goldman Sachs | GS | ~$200B | ~14× | ~1.6× | ~12% | ~2.3% | ~14.5% | Buy |
| Morgan Stanley | MS | ~$185B | ~16× | ~1.8× | ~13% | ~3.5% | ~15.5% | Buy |
| Wells Fargo | WFC | ~$235B | ~13× | ~1.4× | ~12% | ~2.8% | ~11.2% | Buy |
JPMorgan Chase is the world's most profitable bank and the definitive benchmark for financial services excellence. Under Jamie Dimon's leadership since 2005, JPM has navigated the 2008 financial crisis, executed the opportunistic acquisition of First Republic in 2023, and delivered record net income of $58.5B in FY2024. The fortress balance sheet — $4.42T in assets, CET1 ratio ~15.4%, and $1.48T in cash and equivalents — provides unmatched resilience across economic cycles.
At 14.2× trailing EPS and 2.36× book, the stock reflects a deserved premium to peers given best-in-class ROE (~17%) and unrivaled franchise breadth. The near-term overhang — NIM sensitivity to rate cuts, credit normalization in cards and CRE, and Basel III uncertainty — explains the Smart Score of 6 and all moving averages in sell territory. These are real but manageable risks for a bank with $50B+ annual earnings power.
We rate JPM a BUY with a $335 price target (~12% upside), based on 15.5× our FY2026E EPS of $21.50. The dividend yield of ~2% plus buyback yield of ~4–5% provides a total shareholder return floor near 6–7% even without price appreciation. Key watch items: Q2 2026 earnings on July 14 (NII guidance, provision trends), and any Basel III endgame clarity.