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JPMorgan Chase
(NYSE:JPM)
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Rating:70Outperform
Price Target:
$368.00
â–²(3.17% Upside)
Action:Reiterated
Date:10/13/26
The score is driven primarily by strong core profitability and returns, supported by a constructive and upbeat earnings call with positive NII framework. These positives are tempered by notable cash-flow volatility and rising leverage, while technical indicators point to a near-term pullback and valuation looks reasonable rather than deeply discounted.
Positive Factors
Profitability and Returns
JPMorgan combines substantial earnings scale with strong profitability and returns, providing internal capacity to invest in technology, products, and customer growth. Revenue expansion and a 21.9% margin support durable earnings power, although margins have normalized from earlier peaks.
Negative Factors
Higher Leverage
Debt has grown faster than equity, increasing balance-sheet leverage and reducing flexibility if credit conditions deteriorate. Higher leverage can raise funding and capital-management pressure, constrain responses to stress, and make future earnings more sensitive to losses or tighter regulatory requirements.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability and Returns
JPMorgan combines substantial earnings scale with strong profitability and returns, providing internal capacity to invest in technology, products, and customer growth. Revenue expansion and a 21.9% margin support durable earnings power, although margins have normalized from earlier peaks.
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
$888.63B
Dividend Yield1.86%
Average Volume (3M)7.38M
Price to Earnings (P/E)13.9
Beta (1Y)1.11
Revenue Growth8.74%
EPS Growth18.04%
CountryUS
Employees320,560
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)23.38
Shares Outstanding2,658,186,300
10 Day Avg. Volume6,865,825
30 Day Avg. Volume7,382,832
Financial Highlights & Ratios
PEG Ratio10.58
Price to Book (P/B)2.48
Price to Sales (P/S)3.21
P/FCF Ratio-6.08
Enterprise Value/Market Cap2.39
Enterprise Value/Revenue7.13
Enterprise Value/Gross Profit11.39
Enterprise Value/Ebitda22.78
Forecast
1Y Price Target
$375.06Price Target Upside5.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering19
EPS Forecast (FY)24.87
Revenue Forecast (FY)$207.96B
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 net interest income and generating noninterest revenue across its banking, markets, and asset/wealth businesses.
1) Net interest income (interest spread): A core earnings driver is the spread betwee...
JPMorgan Chase Earnings Call Summary
Earnings Call Date:Oct 13, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 14, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. JPMorgan reported robust profitability, broad-based revenue growth, strong consumer and wealth-management momentum, significant investment banking and equities strength, record or atypical performance across much of the franchise, and substantial capacity for organic capital deployment. The main cautions were higher expenses, credit costs, lower CET1, weaker fixed-income markets revenue, recent investment banking activity slowing, uncertain deposit and interest-rate behavior, and risks associated with AI, leverage, and concentration. Management remained constructive but emphasized that several outlook items, particularly 2027 NII, markets revenue, credit conditions, and AI benefits, carry meaningful uncertainty.Positive Updates
Strong Quarterly Profitability and Revenue Growth
JPMorgan Chase delivered net income of $15.3 billion, EPS of $5.57, and ROTCE of 20%. Revenue was $50.9 billion, up 8% year on year, or up 9% excluding $658 million of net investment securities losses in Corporate. The revenue increase was largely driven by markets revenue, higher deposit balances, and higher asset management fees.
Negative Updates
Expense Growth Outpaced Revenue Growth
Expenses were $27.3 billion, up 12% year on year, largely driven by higher volume- and revenue-related expenses, front-office hiring, and wage inflation. Fourth-quarter expenses are expected to be about $27.5 billion.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Quarterly Profitability and Revenue Growth
JPMorgan Chase delivered net income of $15.3 billion, EPS of $5.57, and ROTCE of 20%. Revenue was $50.9 billion, up 8% year on year, or up 9% excluding $658 million of net investment securities losses in Corporate. The revenue increase was largely driven by markets revenue, higher deposit balances, and higher asset management fees.
Read all positive updates
Company Guidance
JPMorgan expects fourth quarter NII ex-markets to be approximately $25.5 billion, fourth quarter total NII to be about $28 billion, fourth quarter expenses to be about $27.5 billion, and the card net charge off rate to be approximately 3.2%; its central case for 2027 NII ex-markets is approximately $107 billion, based on about $5 billion of growth from an annualized $102 billion, with probably about a quarter related to the yield curve, including 1 in December and then 2 through the first half of the year, and the rest a continuation of modest consumer deposit growth, continued wholesale deposit growth, probably the wholesale a bit weaker than what was very strong this year, and card loans continuing at comparable levels; the central case is based on assumptions that are obviously highly uncertain, and the current preliminary read on 2027 expenses is not too far from consensus of around $114 billion; for markets revenue, the base case assumptions are normal seasonal declines between the third and fourth quarter, with the right amount of historical context and all the usual caveats.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 | -162.53B | -147.78B | -42.01B | 12.97B | 107.12B | 78.08B |
| Operating Cash Flow | -162.53B | -147.78B | -42.01B | 12.97B | 107.12B | 78.08B |
| Investing Cash Flow | -185.81B | -265.56B | -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 Technical Analysis
Negative
356.69
Price Trends
347.83
Negative
337.04
Negative
319.19
Positive
Market Momentum
-4.65
Negative
38.82
Neutral
57.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JPM, the sentiment is Negative. The current price of 356.69 is above the 20-day moving average (MA) of 336.34, above the 50-day MA of 347.83, and above the 200-day MA of 319.19, indicating a neutral trend. The MACD of -4.65 indicates Negative momentum. The RSI at 38.82 is Neutral, neither overbought nor oversold. The STOCH value of 57.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JPM.
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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $324.69B | 13.45 | 13.03% | 3.95% | -5.19% | 39.48% | |
70 Outperform | $888.63B | 13.88 | 17.91% | 1.86% | 8.74% | 18.04% | |
68 Neutral | $244.43B | 14.81 | 12.34% | 2.99% | 7.56% | 43.28% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $381.66B | 12.24 | 11.13% | 2.15% | -1.71% | 27.92% | |
64 Neutral | $221.29B | 13.21 | 8.63% | 1.98% | 4.73% | 44.35% | |
64 Neutral | $251.96B | 11.18 | 12.86% | 2.29% | 5.67% | 16.80% |
* Financial Sector Average
JPM
JPMorgan Chase
331.43
31.52
10.51%
BAC
Bank of America
53.96
2.77
5.42%
C
Citigroup
124.53
26.82
27.45%
HSBC
HSBC Holdings
94.85
31.35
49.38%
MUFG
Mitsubishi UFJ
22.40
7.27
48.05%
WFC
Wells Fargo
80.74
-3.87
-4.58%
JPMorgan Chase Corporate Events
Financial DisclosuresRegulatory Filings and Compliance
JPMorgan Chase Reviews Third-Quarter 2026 Earnings Outlook
Neutral
Oct 13, 2026
On October 13, 2026, JPMorgan Chase Co. held an investor presentation to review its third quarter 2026 earnings, supported by slide materials posted on its website. The firm emphasized that the furnished slides form part of a current report on Fo...
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...
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.