Goldman Sachs vs JPMorgan Chase: Revenue, Profit and Business Model
Goldman Sachs reported $58.3B of revenue in FY2025 and $17.2B of net income. JPMorgan Chase reported $182.4B of revenue in FY2025 and $57B of net income.
Latest financial snapshot
Goldman Sachs
- Latest revenue
- $58.3B (FY2025)
- Net income
- $17.2B
- Net margin
- 29.5%
- Revenue growth
- +7.3% a year, FY2016–FY2025
JPMorgan Chase
- Latest revenue
- $182.4B (FY2025)
- Net income
- $57B
- Net margin
- 31.3%
- Revenue growth
- +7.3% a year, FY2016–FY2025
Financial summary
Goldman Sachs
Goldman's revenue history shows the cycle: $36.5 billion in 2019, a record $59.3 billion in 2021, $46.3 billion in 2023, $53.5 billion in 2024, and $58.28 billion in 2025. Net earnings were $17.18 billion in 2025 (EPS $51.32, ROE 15.0%). Momentum continued in 2026: first-half net revenues reached $37.57 billion and net earnings $12.26 billion, with record Q2 results, record assets under supervision of $4.04 trillion, and the quarterly dividend raised 11% to $5.00 per share for 3Q26.
JPMorgan Chase
JPMorgan's revenue grew from $128.7 billion in FY2022 to $158.1 billion in FY2023, helped by higher rates and First Republic, then to $177.6 billion in FY2024 and $182.4 billion in FY2025. Net income was $58.5 billion in FY2024 and $57.0 billion in FY2025. 2026 has been stronger: first-quarter net income was $16.5 billion on $50.5 billion of revenue, and second-quarter reported net income was $21.2 billion ($7.70 per share) on about $57 billion of revenue, including a $4.6 billion gain on Visa shares. Excluding significant items, 2Q26 net income was $16.9 billion with a 23% return on tangible common equity. Management raised full-year 2026 net interest income guidance to about $105.5 billion.
Revenue and profit by year
Goldman Sachs
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $58.3B | $17.2B | 29.5% | +8.9% | Source |
| FY2024 | $53.5B | $14.3B | 26.7% | +15.7% | Source |
| FY2023 | $46.3B | $8.5B | 18.4% | -2.3% | Source |
| FY2022 | $47.4B | $11.3B | 23.8% | -20.2% | Source |
| FY2021 | $59.3B | $21.6B | 36.5% | +33.2% | Source |
| FY2020 | $44.6B | $9.5B | 21.2% | +21.9% | Source |
| FY2019 | $36.5B | $8.5B | 23.2% | -0.2% | Source |
| FY2018 | $36.6B | $10.5B | 28.6% | +11.9% | Source |
| FY2017 | $32.7B | $4.3B | 13.1% | +6.3% | Source |
| FY2016 | $30.8B | $7.4B | 24.0% | — | Source |
JPMorgan Chase
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $182.4B | $57B | 31.3% | +2.8% | Source |
| FY2024 | $177.6B | $58.5B | 32.9% | +12.3% | Source |
| FY2023 | $158.1B | $49.6B | 31.3% | +22.9% | Source |
| FY2022 | $128.7B | $37.7B | 29.3% | +5.8% | Source |
| FY2021 | $121.6B | $48.3B | 39.7% | +1.4% | Source |
| FY2020 | $120B | $29.1B | 24.3% | +3.7% | Source |
| FY2019 | $115.7B | $36.4B | 31.5% | +6.4% | Source |
| FY2018 | $108.8B | $32.5B | 29.9% | +8.0% | Source |
| FY2017 | $100.7B | $24.4B | 24.3% | +4.3% | Source |
| FY2016 | $96.6B | $24.7B | 25.6% | — | Source |
Where the revenue comes from
Goldman Sachs
- Global Banking & Markets~71%
M&A advisory, equity and debt underwriting, equities and FICC trading, and financing. Record $41.45B of FY2025 net revenues.
- Asset & Wealth Management and Platform Solutions~29%
Management, incentive, and wealth advisory fees, private-markets and principal investment returns, plus the remaining consumer card business. About $16.8B combined in FY2025.
JPMorgan Chase
- Consumer & Community Banking
~41% of managed revenue
CCB generated $76.029 billion in FY2025 managed-basis total net revenue from deposits, cards, lending, branches, and consumer payments.
- Commercial & Investment Bank
~42% of managed revenue
CIB generated $78.454 billion in FY2025 managed-basis total net revenue from investment banking, markets, payments, commercial banking, and securities services.
- Asset & Wealth Management
~13% of managed revenue
AWM generated $24.073 billion in FY2025 managed-basis total net revenue from asset management fees, private banking, lending, deposits, and advisory.
- Corporate
~4% of managed revenue
Corporate generated $7.025 billion in FY2025 managed-basis total net revenue from treasury, investments, and corporate activities.
Business model and strategy
Goldman Sachs
How it makes money
Goldman operates two main segments. Global Banking & Markets earns advisory fees on mergers, equity and debt underwriting fees, and trading and financing revenue from hedge funds, asset managers, and corporates across equities and FICC.
Growth strategy
After unwinding most of its consumer push, Goldman is concentrating on two engines. In Global Banking & Markets it aims to stay first in M&A advisory and lead the biggest equity deals; in Q2 2026 investment banking fees rose 55% to $3.40 billion.
Competitive advantage
Goldman's edge is its position at the top of M&A advisory league tables, deep institutional trading relationships, and a brand that boards and governments hire for complex transactions. Those relationships feed other businesses: an IPO or merger mandate often leads to financing, hedging, and wealth management for the founders and executives involved.
JPMorgan Chase
How it makes money
JPMorgan Chase makes money in two ways: net interest income (the spread between what it earns on loans and securities and what it pays on deposits and funding) and fee-based noninterest revenue from investment banking, trading, card and payment fees, and asset management. In FY2025 managed revenue of $185.6 billion came from three main segments.
Growth strategy
JPMorgan's growth plan is mostly organic. It keeps opening Chase branches in U.S. markets where it is underrepresented, expands its digital bank in Europe (Chase UK launched in 2021), adds bankers and advisers in commercial banking and wealth management, and invests heavily in technology and AI.
Competitive advantage
JPMorgan's edge is scale across businesses that reinforce each other. A deposit base of about $2.4 trillion (average, 2Q26) funds lending at low cost, the Chase brand feeds card and wealth relationships, and the Commercial & Investment Bank ranks at or near the top of global investment-banking fee tables.
Questions about Goldman Sachs vs JPMorgan Chase
Which company has higher revenue — The Goldman Sachs Group, Inc. or JPMorgan Chase & Co.?
The Goldman Sachs Group, Inc. reported $58.3B (FY2025), while JPMorgan Chase & Co. reported $182.4B (FY2025). By last reported revenue, JPMorgan Chase & Co. is the larger business, with The Goldman Sachs Group, Inc. reporting a smaller revenue base.
What is the market cap of The Goldman Sachs Group, Inc. vs JPMorgan Chase & Co.?
The Goldman Sachs Group, Inc.'s market capitalisation stands at $280.0B, while JPMorgan Chase & Co.'s is $941.7B. JPMorgan Chase & Co. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Goldman Sachs Group, Inc..
Which is more financially efficient — The Goldman Sachs Group, Inc. or JPMorgan Chase & Co.?
The Goldman Sachs Group, Inc. generates $1.23M / employee in revenue per employee, while JPMorgan Chase & Co. generates $573k / employee. The Goldman Sachs Group, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do The Goldman Sachs Group, Inc. and JPMorgan Chase & Co. make money?
The Goldman Sachs Group, Inc. and JPMorgan Chase & Co. generate revenue in fundamentally different ways. The Goldman Sachs Group, Inc.: Goldman operates two main segments. JPMorgan Chase & Co.: JPMorgan Chase makes money in two ways: net interest income (the spread between what it earns on loans and securities and what it pays on deposits and funding) and fee-based noninterest revenue from investment banking, trading, card and payment fees, and asset management.
Which company is valued higher relative to revenue — The Goldman Sachs Group, Inc. or JPMorgan Chase & Co.?
On a price-to-sales (P/S) basis, The Goldman Sachs Group, Inc. trades at 4.8x P/S and JPMorgan Chase & Co. at 5.2x P/S. JPMorgan Chase & Co. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Goldman Sachs Group, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is The Goldman Sachs Group, Inc. bigger than JPMorgan Chase & Co.?
By last reported revenue, JPMorgan Chase & Co. ($182.4B (FY2025)) is the larger company compared to The Goldman Sachs Group, Inc. ($58.3B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Goldman Sachs vs JPMorgan Chase overview