JPMorgan Chase vs Nestlé: Revenue, Profit and Business Model
JPMorgan Chase reported $182.4B of revenue in FY2025 and $57B of net income. Nestlé reported ~$107.9B of revenue in FY2025 and ~$10.8B 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
Nestlé
- Latest revenue
- ~$107.9B (FY2025)
- Net income
- ~$10.8B
- Net margin
- 10.0%
- Revenue growth
- +0.7% 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.
Nestlé
Nestlé's sales have shrunk in Swiss franc terms since 2022, from ~$113 billion (CHF 94.4 billion) to ~$107 billion (CHF 89.5 billion) in 2025, largely because of a strong franc and disposals, even as organic growth stayed positive (3.5% in 2025). Net profit fell to ~$10.8 billion (CHF 9.0 billion) in 2025 and the underlying trading operating profit (UTOP) margin was 16.1%, while free cash flow reached ~$11 billion (CHF 9.2 billion). In the first half of 2026, sales were ~$51.7 billion (CHF 43.1 billion) with 3.6% organic growth and 1.5% real internal growth (RIG). Net profit dropped 31.4% to ~$4.2 billion (CHF 3.5 billion), but the UTOP margin recovered to 16.4% and free cash flow rose to ~$4.08 billion (CHF 3.4 billion).
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 |
Nestlé
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$107.9B | ~$10.8B | 10.0% | -2.0% | Source |
| FY2024 | ~$110.1B | ~$13.1B | 11.9% | -1.7% | Source |
| FY2023 | ~$112B | ~$13.5B | 12.0% | -1.5% | Source |
| FY2022 | ~$113.7B | ~$11.1B | 9.8% | +8.4% | Source |
| FY2021 | ~$105B | ~$20.3B | 19.3% | — | 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.
Nestlé
- Powdered and Liquid Beverages28.1%
Largest 2025 annual report category, including coffee and beverage brands such as Nescafé and Nespresso.
- PetCare20.6%
Purina-led pet care portfolio and one of Nestlé's key global growth engines.
- Nutrition and Health Science16.0%
Infant, medical, and health-science nutrition products.
- Prepared Dishes and Cooking Aids11.3%
Includes cooking aids, prepared meals, and brands such as Maggi.
- Milk Products and Ice Cream10.8%
Dairy and ice cream products, with portfolio changes under review.
- Confectionery9.7%
Chocolate and confectionery brands such as KitKat in most markets.
- Water3.5%
Water brands including premium and regional water products.
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.
Nestlé
How it makes money
Nestlé makes money by manufacturing and selling branded food and drinks through supermarkets, convenience stores, e-commerce, pet specialty, pharmacies, hospitals and out-of-home channels in roughly 185 countries.
Growth strategy
Under Philipp Navratil, Nestlé is pursuing what it calls RIG-led growth: driving volume rather than price increases. It is putting more money behind four core businesses (Coffee, Petcare, Nutrition, Food & Snacks) and growth platforms that it says make up about 30% of sales. It is also reshaping the portfolio.
Competitive advantage
Nestlé's edge is the combination of global brands with local manufacturing and distribution. It runs a large worldwide factory and R&D network, holds leading positions in instant coffee and pet food, and can invest more in marketing and innovation than most rivals. Its Fuel for Growth cost programme is targeting ~$2.4 billion (CHF 2 billion) of savings by end-2026 to fund that brand investment.
Questions about JPMorgan Chase vs Nestlé
Which company has higher revenue — JPMorgan Chase & Co. or Nestlé S.A.?
JPMorgan Chase & Co. reported $182.4B (FY2025), while Nestlé S.A. reported ~$107.9B (FY2025). By last reported revenue, JPMorgan Chase & Co. is the larger business, with Nestlé S.A. reporting a smaller revenue base.
What is the market cap of JPMorgan Chase & Co. vs Nestlé S.A.?
JPMorgan Chase & Co.'s market capitalisation stands at $941.7B, while Nestlé S.A.'s is $295.1B. JPMorgan Chase & Co. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Nestlé S.A..
Which is more financially efficient — JPMorgan Chase & Co. or Nestlé S.A.?
JPMorgan Chase & Co. generates $573k / employee in revenue per employee, while Nestlé S.A. generates $399k / 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 Nestlé S.A. make money?
JPMorgan Chase & Co. and Nestlé S.A. 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. Nestlé S.A.: Nestlé makes money by manufacturing and selling branded food and drinks through supermarkets, convenience stores, e-commerce, pet specialty, pharmacies, hospitals and out-of-home channels in roughly 185 countries.
Which company is valued higher relative to revenue — JPMorgan Chase & Co. or Nestlé S.A.?
On a price-to-sales (P/S) basis, JPMorgan Chase & Co. trades at 5.2x P/S and Nestlé S.A. at 2.7x P/S. JPMorgan Chase & Co. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Nestlé S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is JPMorgan Chase & Co. bigger than Nestlé S.A.?
By last reported revenue, JPMorgan Chase & Co. ($182.4B (FY2025)) is the larger company compared to Nestlé S.A. (~$107.9B (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 Nestlé overview