JPMorgan Chase vs Target: Revenue, Profit and Business Model
JPMorgan Chase reported $182.4B of revenue in FY2025 and $57B of net income. Target reported $104.8B of revenue in FY2025 and $3.7B 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
Target
- Latest revenue
- $104.8B (FY2025)
- Net income
- $3.7B
- Net margin
- 3.5%
- Revenue growth
- +4.5% a year, FY2016–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.
Target
Target's revenue fell three years in a row, from $109.1 billion in fiscal 2022 to $104.8 billion in fiscal 2025, while FY2025 net income was $3.705 billion. Fiscal 2026 has reversed the trend so far. Q2 FY2026 net sales rose 5.3% to $26.5 billion, comparable sales grew 3.8% on a 3.6% traffic gain, and digital comparable sales rose 8.7% with same-day delivery up more than 25%. Q2 GAAP EPS was $4.11 versus $2.05 a year earlier, but $1.65 of that came from $994 million of pretax tariff refunds; excluding refunds, EPS grew about 20%. Management now guides to roughly 5% net sales growth for fiscal 2026 and EPS of $9.90 to $10.90.
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 |
Target
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $104.8B | $3.7B | 3.5% | -1.7% | Source |
| FY2024 | $106.6B | $4.1B | 3.8% | -0.8% | Source |
| FY2023 | $107.4B | $4.1B | 3.9% | -1.6% | Source |
| FY2022 | $109.1B | $2.8B | 2.5% | +2.9% | Source |
| FY2021 | $106B | $6.9B | 6.6% | +13.3% | Source |
| FY2020 | $93.6B | $4.4B | 4.7% | +19.8% | Source |
| FY2019 | $78.1B | $3.3B | 4.2% | +3.7% | Source |
| FY2018 | $75.4B | $2.9B | 3.9% | +3.6% | Source |
| FY2017 | $72.7B | $2.9B | 4.0% | +3.5% | Source |
| FY2016 | $70.3B | $2.7B | 3.9% | — | 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.
Target
- Stores and digital merchandise
Primary revenue source
Sales of food, essentials, apparel, beauty, home, electronics, toys and seasonal products through stores and digital channels.
- Owned brands
Strategic margin driver
Target-owned and exclusive brands that support margin and differentiation.
- Same-day services and Shipt
Growth and retention stream
Delivery, pickup, Drive Up and Target Circle 360 services that deepen loyalty.
- Roundel retail media
High-margin supplemental stream
Advertising revenue from brands using Target's retail media network.
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.
Target
How it makes money
Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.
Growth strategy
Target is focusing on merchandising authority, guest experience, technology acceleration, team and community strength, stores-as-hubs, same-day fulfillment, retail media and owned-brand renewal.
Competitive advantage
Target's advantage is the mix of curated merchandise, owned brands, convenient stores, same-day fulfillment and a brand position between discount utility and design-led retail.
Questions about JPMorgan Chase vs Target
Which company has higher revenue — JPMorgan Chase & Co. or Target Corporation?
JPMorgan Chase & Co. reported $182.4B (FY2025), while Target Corporation reported $104.8B (FY2025). By last reported revenue, JPMorgan Chase & Co. is the larger business, with Target Corporation reporting a smaller revenue base.
What is the market cap of JPMorgan Chase & Co. vs Target Corporation?
JPMorgan Chase & Co.'s market capitalisation stands at $941.7B, while Target Corporation's is $72.0B. JPMorgan Chase & Co. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Target Corporation.
Which is more financially efficient — JPMorgan Chase & Co. or Target Corporation?
JPMorgan Chase & Co. generates $573k / employee in revenue per employee, while Target Corporation generates $252k / 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 Target Corporation make money?
JPMorgan Chase & Co. and Target Corporation 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. Target Corporation: Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.
Which company is valued higher relative to revenue — JPMorgan Chase & Co. or Target Corporation?
On a price-to-sales (P/S) basis, JPMorgan Chase & Co. trades at 5.2x P/S and Target Corporation at 0.7x P/S. JPMorgan Chase & Co. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Target Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is JPMorgan Chase & Co. bigger than Target Corporation?
By last reported revenue, JPMorgan Chase & Co. ($182.4B (FY2025)) is the larger company compared to Target Corporation ($104.8B (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 Target overview