JPMorgan Chase vs TotalEnergies: Revenue, Profit and Business Model
JPMorgan Chase reported $182.4B of revenue in FY2025 and $57B of net income. TotalEnergies reported $201.2B of revenue in FY2025 and $13.1B 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
TotalEnergies
- Latest revenue
- $201.2B (FY2025)
- Net income
- $13.1B
- Net margin
- 6.5%
- Revenue growth
- +5.2% 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.
TotalEnergies
TotalEnergies' 2025 results showed how much its earnings still track oil prices. Revenues from sales fell to $182.344 billion (total revenues including excise taxes of $201.2 billion), adjusted net income dropped 15% to $15.6 billion and IFRS net income attributable to shareholders was $13.1 billion. Cash flow slipped only 7% to nearly $28 billion because upstream production grew about 4%. Gearing ended 2025 at 15%, ROACE was 12.6% and the 2025 dividend rose 5.6% to €3.40 per share. In 2026, higher crude prices linked to the Middle East conflict reversed the trend: second-quarter adjusted net income reached $6.0 billion, cash flow $9.8 billion and first-half adjusted net income about $11.4 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 |
TotalEnergies
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $201.2B | $13.1B | 6.5% | -6.2% | Source |
| FY2024 | $214.6B | $15.8B | 7.3% | -9.5% | Source |
| FY2023 | $237.1B | $21.4B | 9.0% | -15.6% | Source |
| FY2022 | $281B | $20.5B | 7.3% | +36.5% | Source |
| FY2021 | $205.9B | $16B | 7.8% | +46.3% | Source |
| FY2020 | $140.7B | -$7.2B | -5.1% | -29.8% | Source |
| FY2019 | $200.3B | $11.3B | 5.6% | -4.3% | Source |
| FY2018 | $209.4B | $11.4B | 5.5% | +40.4% | Source |
| FY2017 | $149.1B | $8.6B | 5.8% | +16.6% | Source |
| FY2016 | $127.9B | $6.2B | 4.8% | — | 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.
TotalEnergies
- Exploration & Production
Not disclosed here
Sales of crude oil and gas from about 2.5 million boe per day of 2025 production.
- Integrated LNG
Not disclosed here
Liquefaction, shipping, trading and sale of LNG and gas under long-term and spot contracts.
- Integrated Power
Not disclosed here
Wholesale and retail electricity from renewables, gas-fired plants and storage, plus retail gas supply.
- Refining & Chemicals
Not disclosed here
Refined fuels, polymers and petrochemicals from integrated industrial platforms.
- Marketing & Services
Not disclosed here
Retail and B2B sales of fuels, lubricants, aviation fuel and EV charging.
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.
TotalEnergies
How it makes money
TotalEnergies makes money across five reporting segments. Exploration & Production sells crude oil and gas from about 2.5 million barrels of oil equivalent per day of output. Integrated LNG liquefies, ships, trades and sells gas from projects in Qatar, the U.S., Nigeria, Australia, Papua New Guinea and elsewhere.
Growth strategy
TotalEnergies' strategy centers on low-cost oil and gas production, LNG integration, disciplined downstream operations, renewable power capacity, electricity customers, and cash returns to shareholders.
Competitive advantage
TotalEnergies has an integrated LNG platform, upstream assets across multiple basins, downstream and marketing positions, and a growing power portfolio. Its advantage is breadth across molecules, refined products, and electrons.
Questions about JPMorgan Chase vs TotalEnergies
Which company has higher revenue — JPMorgan Chase & Co. or TotalEnergies SE?
JPMorgan Chase & Co. reported $182.4B (FY2025), while TotalEnergies SE reported $201.2B (FY2025). By last reported revenue, TotalEnergies SE is the larger business, with JPMorgan Chase & Co. reporting a smaller revenue base.
What is the market cap of JPMorgan Chase & Co. vs TotalEnergies SE?
JPMorgan Chase & Co.'s market capitalisation stands at $941.7B, while TotalEnergies SE's is $205.0B. JPMorgan Chase & Co. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to TotalEnergies SE.
Which is more financially efficient — JPMorgan Chase & Co. or TotalEnergies SE?
JPMorgan Chase & Co. generates $573k / employee in revenue per employee, while TotalEnergies SE generates $2.01M / employee. TotalEnergies SE 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 TotalEnergies SE make money?
JPMorgan Chase & Co. and TotalEnergies SE 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. TotalEnergies SE: TotalEnergies makes money across five reporting segments.
Which company is valued higher relative to revenue — JPMorgan Chase & Co. or TotalEnergies SE?
On a price-to-sales (P/S) basis, JPMorgan Chase & Co. trades at 5.2x P/S and TotalEnergies SE at 1.0x P/S. JPMorgan Chase & Co. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to TotalEnergies SE. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is JPMorgan Chase & Co. bigger than TotalEnergies SE?
By last reported revenue, TotalEnergies SE ($201.2B (FY2025)) is the larger company compared to JPMorgan Chase & Co. ($182.4B (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 TotalEnergies overview