JPMorgan Chase vs L'Oreal: Revenue, Profit and Business Model
JPMorgan Chase reported $182.4B of revenue in FY2025 and $57B of net income. L'Oreal reported ~$49.8B of revenue in FY2025 and ~$6.9B of net income.
Latest financial snapshot
JPMorgan Chase
- Latest revenue
- $182.4B (FY2025)
- Net income
- $57B
- Net margin
- 31.3%
- Revenue growth
- +7.3% a year, FY2016–FY2025
L'Oreal
- Latest revenue
- ~$49.8B (FY2025)
- Net income
- ~$6.9B
- Net margin
- 13.9%
- Revenue growth
- +8.1% a year, FY2021–FY2025
Financial summary
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.
L'Oreal
L'Oréal's 2025 sales reached ~$49.8 billion (€44.05 billion), up 4.0% like-for-like and 1.3% as reported because of currency headwinds. Gross profit was ~$37 billion (€32.74 billion) (74.3% of sales), operating profit ~$10 billion (€8.89 billion) (20.2%) and net profit after non-controlling interests ~$6.93 billion (€6.13 billion). Net cash flow rose 7.8% to ~$8.14 billion (€7.2 billion). Growth sped up in 2026: first-quarter sales were ~$13.7 billion (€12.15 billion) (+7.6% like-for-like), and first-half sales were ~$26.9 billion (€23.77 billion), up 6.8% like-for-like and 5.8% reported. First-half operating profit rose 6.8% to ~$5.72 billion (€5.06 billion), a record 21.3% margin, and net profit excluding non-recurring items rose 4.7% to ~$4.47 billion (€3.96 billion). On 28 September 2026 L'Oréal's market value was about $232 billion (€205 billion), with the share near €380.
Revenue and profit by year
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 |
L'Oreal
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$49.8B | ~$6.9B | 13.9% | +1.3% | Source |
| FY2024 | ~$49.1B | ~$7.2B | 14.7% | +5.6% | Source |
| FY2023 | ~$46.5B | ~$7B | 15.0% | +7.6% | Source |
| FY2022 | ~$43.2B | ~$6.4B | 14.9% | +18.5% | Source |
| FY2021 | ~$36.5B | ~$5.2B | 14.2% | — | Source |
Where the revenue comes from
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.
L'Oreal
- Consumer Products36.5%
~$18.2 billion (€16.09 billion) of 2025 sales. Mass-market brands L'Oréal Paris, Maybelline New York, Garnier, NYX Professional Makeup and Essie, sold through supermarkets, drugstores, mass retailers and e-commerce.
- L'Oréal Luxe35.4%
~$17.6 billion (€15.60 billion) of 2025 sales. Prestige brands including Lancôme, YSL Beauty, Giorgio Armani Beauty, Kiehl's, Aesop, Prada and Valentino, sold through department stores, Sephora-type specialists, travel retail and boutiques. Creed and the Kering licences joined from April 2026.
- Dermatological Beauty16.4%
~$8.14 billion (€7.20 billion) of 2025 sales. CeraVe, La Roche-Posay, Vichy and SkinCeuticals, sold mainly through pharmacies, health channels and online with dermatologist recommendation.
- Professional Products11.7%
~$5.83 billion (€5.16 billion) of 2025 sales. Salon brands Kérastase, L'Oréal Professionnel, Redken and Matrix, sold to hair salons and through their online channels.
Business model and strategy
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.
L'Oreal
How it makes money
L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online.
Growth strategy
L'Oréal grows through innovation, acquisitions, licences and new markets. Recent deals include Aesop (2023, about $2.5 billion), a roughly 20% stake in Galderma, and Kering Beauté (2026, ~$4.52 billion (€4 billion)), which brought Creed plus 50-year licences for Bottega Veneta, Balenciaga and Gucci.
Competitive advantage
L'Oréal's edge comes from three things competitors rarely combine: a portfolio covering mass, luxury, dermatological and salon beauty; a research organisation of roughly 4,000 people that files about 500 patents a year; and distribution in about 150 countries across every channel. Because beauty is its only business, capital and talent are not split with food or household goods, unlike Unilever or Procter & Gamble.
Questions about JPMorgan Chase vs L'Oreal
Which company has higher revenue — JPMorgan Chase & Co. or L'Oréal SA?
JPMorgan Chase & Co. reported $182.4B (FY2025), while L'Oréal SA reported ~$49.8B (FY2025). By last reported revenue, JPMorgan Chase & Co. is the larger business, with L'Oréal SA reporting a smaller revenue base.
What is the market cap of JPMorgan Chase & Co. vs L'Oréal SA?
JPMorgan Chase & Co.'s market capitalisation stands at $941.7B, while L'Oréal SA's is $204.9B. JPMorgan Chase & Co. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to L'Oréal SA.
Which is more financially efficient — JPMorgan Chase & Co. or L'Oréal SA?
JPMorgan Chase & Co. generates $573k / employee in revenue per employee, while L'Oréal SA generates $524k / employee. JPMorgan Chase & Co. 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 JPMorgan Chase & Co. and L'Oréal SA make money?
JPMorgan Chase & Co. and L'Oréal SA generate revenue in fundamentally different ways. 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. L'Oréal SA: L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online.
Which company is valued higher relative to revenue — JPMorgan Chase & Co. or L'Oréal SA?
On a price-to-sales (P/S) basis, JPMorgan Chase & Co. trades at 5.2x P/S and L'Oréal SA at 4.1x P/S. JPMorgan Chase & Co. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to L'Oréal SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is JPMorgan Chase & Co. bigger than L'Oréal SA?
By last reported revenue, JPMorgan Chase & Co. ($182.4B (FY2025)) is the larger company compared to L'Oréal SA (~$49.8B (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 JPMorgan Chase vs L'Oreal overview