Earnings quality
Compare earnings and operating cash flow for earnings quality.
JPMorgan Chase & Co.
Ticker JPM · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-13 · Period end 2025-12-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 8.2%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio8.2%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
JPMORGAN CHASE & CO is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $177.6B | $182.4B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | — | — |
| Income tax | $16.6B | $15.5B |
| Net income | $58.5B | $57.0B |
| Basic EPS | 19.79 | 20.05 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $431.3B | $278.8B |
| Current assets | — | — |
| Non-current assets* | — | — |
| Total assets | $4.0T | $4.4T |
| Current liabilities | — | — |
| Non-current liabilities* | — | — |
| Total liabilities | $3.7T | $4.1T |
| Stockholders’ equity | $344.8B | $362.4B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | -$42.0B | -$147.8B |
| Investing cash flow | -$163.4B | -$265.6B |
| Financing cash flow | $63.4B | $269.5B |
| Cash at end of period | $431.3B | $278.8B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $121.6B | $128.7B | $158.1B | $177.6B | $182.4B | |
| Net income | $48.3B | $37.7B | $49.6B | $58.5B | $57.0B | |
| Total assets | $3.7T | $3.7T | $3.9T | $4.0T | $4.4T | |
| Stockholders’ equity | $294.1B | $292.3B | $327.9B | $344.8B | $362.4B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from $177.6B to $182.4B (▲ +2.8%). Operating profit went from — to — (—).
Operating cash flow was -$147.8B (prior -$42.0B), with cash on the balance sheet at $278.8B versus $431.3B.
Liquidity & leverage
Cash moved from $431.3B to $278.8B; current liabilities —.
Capital buffer
Stockholders’ equity moved from $344.8B to $362.4B.
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Source: SEC EDGAR 0001628280-26-008131
(JPMORGAN CHASE & CO), period end 2025-12-31.