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JPMorgan Chase
(NYSE:JPM)
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Rating:77Outperform
Price Target:
$404.00
â–²(14.38% Upside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by strong profitability plus a constructive earnings outlook (raised NII guidance and planned dividend increase) and solid technical momentum (price above major moving averages, positive MACD). The main constraints are financial quality-of-earnings concerns from negative/volatile TTM cash flow and increased leverage, along with rising expenses and modest capital ratio pressure noted on the call.
Positive Factors
Strong profitability
JPMorgan’s strong earnings and returns indicate substantial operating scale and pricing power. Sustained profitability provides internal capital generation, supports investment across franchises, and improves resilience through changing credit and market conditions.
Negative Factors
Rising leverage
Faster debt growth than equity reduces balance-sheet flexibility and increases sensitivity to funding and credit stress. Although scale supports the franchise, higher leverage can constrain future capital deployment and amplify losses if conditions deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
JPMorgan’s strong earnings and returns indicate substantial operating scale and pricing power. Sustained profitability provides internal capital generation, supports investment across franchises, and improves resilience through changing credit and market conditions.
Read all positive factors
JPMorgan Chase Key Performance Indicators (KPIs)
Any
Assets Under Management
Reflects the total market value of assets managed on behalf of clients, indicating the scale and influence of the firm's investment management operations.
Reflects the total market value of assets managed on behalf of clients, indicating the scale and influence of the firm's investment management operations.
Data provided by:
The Fly
The FlyJPMorgan Chase (JPM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$965.59B
Dividend Yield1.68%
Average Volume (3M)9.82M
Price to Earnings (P/E)15.4
Beta (1Y)1.05
Revenue Growth8.20%
EPS Growth19.76%
CountryUS
Employees320,560
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)23.26
Shares Outstanding2,658,186,300
10 Day Avg. Volume9,398,337
30 Day Avg. Volume9,821,210
Financial Highlights & Ratios
PEG Ratio10.58
Price to Book (P/B)2.48
Price to Sales (P/S)3.21
P/FCF Ratio8.91
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$377.00Price Target Upside6.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering16
EPS Forecast (FY)24.83
Revenue Forecast (FY)$207.52B
JPMorgan Chase Business Overview & Revenue Model
Company Description
JPMorgan Chase & Co. operates as a bank and financial holding company in the United States, rest of North America, Europe, the Middle East, Africa, the Asia Pacific, Latin America, and the Caribbean. It operates in three segments: Consumer & Commu...
How the Company Makes Money
JPMorgan Chase makes money primarily by earning interest income and collecting fees across its banking, markets, and asset/wealth management franchises, with additional revenue from trading and investing activities.
1) Net interest income (spread...
JPMorgan Chase Earnings Call Summary
Earnings Call Date:Jul 14, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 13, 2026
Earnings Call Sentiment Positive
The call conveyed strong financial performance and momentum across core businesses: sizable net income, double‑digit revenue growth ex‑items, standout CIB and equities results, robust asset & wealth inflows, deposit and consumer resilience, and an increased dividend. Offsets include rising expenses (guidance raised by $2.5B), a large RWA increase that modestly pressured CET1, continued credit costs, and management caution that some markets and IB results may include pull‑forwards and may not be fully repeatable. Management emphasized disciplined risk appetite and investment for growth (branches, AI, talent) while acknowledging regulatory and underwriting watch‑areas.Positive Updates
Strong overall profitability
Net income of $16.9 billion, EPS of $6.14 and ROTCE of 23% for the quarter, reflecting robust profitability across the firm.
Negative Updates
Expense growth and higher expense outlook
Non‑GAAP expenses of $27.3 billion were up 15% YoY; adjusted full‑year expense outlook increased to about $107.5 billion (a $2.5 billion raise), largely driven by volume and revenue‑related costs, front‑office hiring and labor inflation.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong overall profitability
Net income of $16.9 billion, EPS of $6.14 and ROTCE of 23% for the quarter, reflecting robust profitability across the firm.
Read all positive updates
Company Guidance
JPMorgan Chase updated its full‑year 2026 guidance, raising NII ex‑Markets to about $96.5 billion (vs. prior ~$95B) and total NII to roughly $105.5 billion as Markets NII is expected to increase to about $9 billion; adjusted expenses were bumped to about $107.5 billion (up ~$2.5B), the card net charge‑off rate is now guided to ~3.2%, and the board plans a quarterly dividend of $1.65/share effective Q3. Balance‑sheet and capital context: quarter‑end standardized CET1 was 14.1% (down 20 bps q/q) after a standardized RWA increase of ~ $103 billion. Quarterly performance that underpins the outlook included net income $16.9B, EPS $6.14, ROTCE 23%, revenue ex‑significant items +15% YoY, expenses $27.3B, credit costs $2.5B (net charge‑offs $2.4B, net reserve build $149M). Business metrics called out: CCB revenue $20.3B (+8% YoY) with average deposits +3% YoY and >500k net new checking accounts; CIB revenue $24.9B (+27% YoY) with IB fees +30% and equities revenue +86% (FICC +6%); AWM revenue $6.9B (+19% YoY), pre‑tax margin 38%, long‑term net inflows $50B, AUM $5.1T (+18%), and client assets $7.7T (+19%).JPMorgan Chase Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
72
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 297.63B | 279.75B | 270.79B | 236.27B | 153.82B | 127.24B |
| Gross Profit | 186.33B | 167.61B | 158.78B | 145.67B | 121.39B | 130.91B |
| EBITDA | 93.16B | 81.42B | 83.02B | 69.12B | 53.22B | 67.49B |
| Net Income | 65.07B | 57.05B | 58.47B | 49.55B | 37.68B | 48.33B |
Balance Sheet | ||||||
| Total Assets | 5.02T | 4.42T | 4.00T | 3.88T | 3.67T | 3.74T |
| Cash, Cash Equivalents and Short-Term Investments | 2.62T | 1.48T | 1.37T | 1.23T | 1.12T | 1.36T |
| Total Debt | 1.24T | 942.38B | 751.15B | 653.07B | 542.50B | 548.94B |
| Total Liabilities | 4.64T | 4.06T | 3.66T | 3.55T | 3.37T | 3.45T |
| Stockholders Equity | 374.60B | 362.44B | 344.76B | 327.88B | 292.33B | 294.13B |
Cash Flow | ||||||
| Free Cash Flow | 86.11B | 100.87B | -42.01B | 12.97B | 107.12B | 78.08B |
| Operating Cash Flow | 86.11B | 100.87B | -42.01B | 12.97B | 107.12B | 78.08B |
| Investing Cash Flow | -434.45B | -514.21B | -163.40B | 67.64B | -137.82B | -129.34B |
| Financing Cash Flow | 248.15B | 269.53B | 63.45B | -25.57B | -126.26B | 275.99B |
JPMorgan Chase Risk Analysis
JPMorgan Chase disclosed 44 risk factors in its most recent earnings report. JPMorgan Chase reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
JPMorgan Chase Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $965.59B | 15.36 | 17.81% | 1.70% | 8.20% | 19.76% | |
76 Outperform | $449.14B | 14.32 | 11.13% | 1.80% | -1.71% | 27.92% | |
72 Outperform | $341.68B | 17.23 | 18.13% | 1.86% | 17.88% | 40.08% | |
70 Outperform | $264.30B | 12.26 | 12.57% | 2.09% | 4.24% | 18.04% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $302.96B | 15.56 | 16.97% | 1.60% | 8.38% | 42.87% | |
61 Neutral | $230.90B | 14.09 | 8.39% | 1.82% | 3.91% | 37.25% |
* Financial Sector Average
JPM
JPMorgan Chase
357.26
71.26
24.92%
BAC
Bank of America
63.17
15.94
33.75%
C
Citigroup
132.89
42.22
46.56%
MS
Morgan Stanley
214.23
73.38
52.10%
WFC
Wells Fargo
85.94
9.77
12.83%
GS
Goldman Sachs Group
1,021.65
319.83
45.57%
JPMorgan Chase Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
JPMorgan Chase Strengthens Board Independence With Bylaw Change
Positive
Jul 23, 2026
On July 21, 2026, JPMorgan Chase Co. amended Section 2.03 of its By-laws to change how the Lead Independent Director is selected within its board governance framework. Under the new provision, any Lead Independent Director will now be appointed b...
Business Operations and StrategyPrivate Placements and Financing
JPMorgan Chase Raises $9 Billion Through Debt Offerings
Neutral
Jul 23, 2026
On July 23, 2026, JPMorgan Chase Co. completed public offerings totaling $9 billion in debt securities, including $500 million of floating rate notes due 2030, $2.5 billion of fixed-to-floating rate notes due 2030 and $3 billion of fixed-to-float...
Financial DisclosuresRegulatory Filings and Compliance
JPMorgan Chase Q2 2026 Investor Presentation Disclosure
Neutral
Jul 15, 2026
On July 14, 2026, JPMorgan Chase Co. held an investor presentation to review its second quarter 2026 earnings, supported by slide materials posted on the firm’s website for shareholders and analysts. The materials were furnished under a cur...
Business Operations and StrategyExecutive/Board Changes
JPMorgan Names New Co-Presidents in Leadership Transition
Positive
Jun 25, 2026
On June 25, 2026, JPMorgan Chase Co. named Commercial Investment Bank Co-CEOs Doug Petno and Troy Rohrbaugh as Co-Presidents of the firm, effective immediately, while Petno becomes sole CEO of the Commercial Investment Bank and Rohrbaugh takes ...
Business Operations and StrategyRegulatory Filings and Compliance
JPMorgan Highlights Capital Structure and Regulatory Disclosure Focus
Neutral
Jun 24, 2026
On June 24, 2026, JPMorgan Chase Co. announced a press release addressing its common stock and regulatory capital matters, signaling continued attention to capital structure and compliance under the Securities Exchange Act of 1934. The disclosure...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
JPMorgan Releases 2026 Dodd-Frank Stress Test Results
Neutral
Jun 24, 2026
On June 24, 2026, JPMorgan Chase Co. released the results of its company-run 2026 Dodd-Frank Act Stress Test for both the consolidated firm and JPMorgan Chase Bank, National Association. The disclosure, furnished via a Form 8-K, is explicitly not...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
JPMorgan Chase Expands 2030 Fixed-to-Floating Notes Offering
Positive
Jun 2, 2026
On June 2, 2026, JPMorgan Chase Co. completed a $500 million public offering of Fixed-to-Floating Rate Notes due 2030, adding to the $2.75 billion of identical notes it originally issued on April 23, 2026. The new issuance, registered under the S...
Business Operations and Strategy
JPMorgan Chase to Redeem Series KK Preferred Stock
Neutral
May 27, 2026
On May 27, 2026, JPMorgan Chase Co. announced it will redeem all $2.0 billion of its 3.65% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series KK, on June 1, 2026. The 200,000 preferred shares are represented by 2,000,000 depositary shares, e...
Business Operations and StrategyShareholder Meetings
JPMorgan Shareholders Back Board, Pay, and Governance Approach
Positive
May 21, 2026
JPMorgan Chase held its Annual Meeting of Shareholders on May 19, 2026, with 85.17% of outstanding shares represented, and shareholders elected all 11 director nominees, each receiving at least 92.37% of votes cast, underscoring strong support for...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.