JPMorgan Chase & Co. Revenue in 2025

JPMorgan Chase & Co. reported $182.4B in revenue for fiscal year 2025. This represents a growth of 2.8% compared to the 2024 figure of $177.6B.

Forget revenue for a moment. The number that tells you everything about JPMorgan Chase in 2025 is 21% — the full-year return on tangible common equity. That means for every dollar of shareholder capital tied up in this business, the bank generated 21 cents of profit. Most banks struggle to hit 12-14%. Goldman Sachs, widely considered elite, posted roughly 13% in a mediocre year. JPMorgan did 21% while holding excess capital buffers that most peers would consider wasteful. Now the revenue: $185.6 billion for FY2025, up 3% year-over-year. Net income of $57 billion — the most profitable year in the history of banking. Not American banking. Banking, period. That's $20.02 per share, and the stock responded by pushing market cap to approximately $831 billion by May 2026. Q1 2026 was even more impressive. Revenue hit $50.5 billion (up 10% YoY), net income reached $16.5 billion, and EPS of $5.94 beat consensus by 8.2%. ROTCE jumped to 23% for the quarter. The drivers were everywhere: Markets revenue surged on volatility, Asset Management fees grew with rising asset values, Investment Banking fees recovered, and net interest income held steady. The expense side tells its own story. Q1 2026 expenses climbed 14% to $26.9 billion — driven by technology investment, compensation, and branch expansion. This isn't a bank cutting its way to profitability. It's a bank spending aggressively and still generating 23% returns because the revenue base is so massive that even heavy investment gets absorbed. Net interest income guidance for FY2026 sits at approximately $103 billion. That's just the spread business — the difference between what JPMorgan earns on $4.2 trillion in assets and what it pays on $2.5+ trillion in deposits. Before a single advisory fee, trading gain, or management fee gets counted. The stock trades around $310 per share on NYSE (ticker: JPM), valuing the bank at roughly 4.5x trailing revenue — a premium that reflects the market's belief that this earnings power is structural, not cyclical.