Company profile
SEC EDGAR ↗- Industry
- National Commercial Banks
- Listed
- NYSE: JPM
- Incorporated
- DE
- Headquarters
- New York, NY
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $182.4B
- Net income
- $57.0B
- Total assets
- $4.42T
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $182.4B | $57.0B | $4.42T |
| FY2024 | $177.6B | $58.5B | $4.00T |
| FY2023 | $158.1B | $49.6B | $3.88T |
| FY2022 | $128.7B | $37.7B | $3.67T |
| FY2021 | $121.6B | $48.3B | $3.74T |
| FY2020 | $120.0B | $29.1B | $3.38T |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Adjacency Expansion · Growth & Portfolio
JPMorgan Built Its $4 Trillion Empire by Saying Yes to Regulators' Fire Sales
JPMorgan Chase now sits on $4 trillion in assets. The story it tells is visionary expansion. The truth is messier: regulators kept handing it distressed balance sheets at fire-sale prices, and it kept saying yes.
8 min
The Adjacency Expansion · Growth & Portfolio
JPMorgan Bought Three Fintechs to Defend Itself. Only the Quiet Ones Worked.
JPMorgan's fintech deals are read as a bank fighting off disruption. Two of them - WePay and Nutmeg - bought real capability and doubled assets. The third, Frank, paid $175 million for fewer than 300,000 real customers and ended in an 85-month prison sentence.
8 min
The Adjacency Expansion · Growth & Portfolio
JPMorgan's Fortress Buys One Thing: the Freedom to Move When Rivals Are Frozen
The 'fortress balance sheet' gets sold as proof JPMorgan earns more. It doesn't, by much - strip the one-time Visa gain and 2024 ROTCE was 19.9%, not the headline 22%. The real moat is what 340 basis points of excess capital buys: the freedom to act when everyone else is frozen.
8 min
The Crisis Response · Decision Forks
The Government Set Bear Stearns' $2 Price; JPMorgan's Legal Bill Ran Past $19 Billion
The legend says Jamie Dimon swooped in and bought Bear Stearns for $2 a share. The $2 price was the government's idea, the deal more than quintupled in eight days, and the legal bill ran past $19 billion. Dimon's verdict: he'd never do it again.
8 min
The Moat Anatomy · Moat & Competition
JPMorgan's Flywheel: $10 Trillion Moving Daily Funds an $18 Billion Tech Budget
Everyone calls it a 'fortress balance sheet.' That's JPMorgan's own marketing. The real moat is a flywheel: $10 trillion moving daily across deposits, deals, and payments funds an $18B-plus tech budget that no single-line rival can match.
8 min
The Moat Anatomy · Moat & Competition
Scale Makes It Cheap: JPMorgan's $17B Tech Budget Across $10 Trillion in Daily Flows
JPMorgan spends ~$17B a year on technology — a budget it spreads across $4 trillion in assets, the #1 global IB fee share, and ~$10 trillion in daily payment flows. The result is a per-unit cost floor a regional rival simply cannot reach.
7 min