JPMORGAN CHASE & CO (JPM)

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AI: Fair-priced

Price checkThe price reflects exceptional returns but leaves little room for disappointment.

JPMorgan closed at $362.84 on August 14. That equals 15.5 times trailing earnings of $23.34 per share. Excluding second-quarter investment gains, first-half earnings were about $12.08 per share; doubling that gives a rough $24.16 annual rate and a similar 15.0-times valuation. The price is also 2.73 times $133.01 of book value and 3.20 times $113.35 of tangible book value, meaning net assets excluding goodwill. Strong profitability supports this premium, but the limited margin of safety makes the shares fair-priced.

Big pictureProfit is broad and durable, though unusually strong market activity may fade.

Annual net income rose from $29.1 billion in 2020 to $57.0 billion in 2025, despite falling to $37.7 billion during 2022. Second-quarter 2026 net income reached $21.2 billion, but $4.2 billion after tax came from investment gains. Core strength remained broad: interest income after funding costs rose 10%, while trading revenue rose 35% and investment-banking fees rose 30%. Unlike an industrial company, a bank’s operating cash flow swings with deposits and securities, so recurring earnings, credit losses and capital are better durability measures. Trading and deal revenue remain cyclical.

Business strengthLarge capital buffers and a falling share count strengthen each remaining share.

At June 30, JPMorgan’s highest-quality common capital equaled 14.1% of risk-weighted assets, 2.6 percentage points above its 11.5% requirement. It also reported $1.5 trillion of cash and marketable securities and $590 billion of funding designed to absorb losses. Equity grew from $279.4 billion in 2020 to $374.6 billion, while shares fell 11.6% through 2025. During 2025, the bank spent $31.6 billion on buybacks and $16.6 billion on dividends. However, repurchasing shares around 3.2 times tangible book value demands continued high returns to create value.

What could change the storyLower normalized profit or rising credit losses would make today’s premium difficult to justify.

The bull case requires JPMorgan to sustain returns near the second quarter’s adjusted 23% return on tangible common equity, meaning profit earned on net assets excluding goodwill. Tangible book value grew 10% year over year, supporting further value growth. The bear case is normalization: at 2025 earnings of $20.02 per share, today’s price equals 18.1 times earnings. Watch whether normalized annual earnings stay near $24 per share, consumer charge-offs remain controlled and higher costs produce matching revenue. A clear break below those levels would weaken the current valuation.

$362.84 price considered

AI: News

Record second-quarter profitStrong lending, trading and deal activity lifted profit while one-time gains inflated the headline result.

On July 14, JPMorgan reported second-quarter net income of $21.2 billion, or $7.70 per share. Excluding investment gains, profit was $16.9 billion, or $6.14 per share, above the $5.85 analyst estimate reported by Reuters. Trading revenue grew 35%, investment-banking fees grew 30% and management raised its 2026 interest-income forecast. Reuters reported shares up nearly 3% after the release; other market forces may also have contributed. The results raised expected earning power, although unusually active markets may not persist.

Larger shareholder returnsThe bank raised its planned dividend and authorized substantial additional share repurchases.

On June 24, JPMorgan said it intended to lift its quarterly dividend from $1.50 to $1.65 per share, subject to customary board approval, and authorized a new $50 billion buyback program effective July 1. Its required common-capital ratio remained 11.5% through September 2027. The action signals excess capital and can increase each remaining share’s claim on earnings. However, an authorization is not a spending commitment, and buybacks create less value when shares trade far above tangible book value.

Expense outlook risesManagement increased planned spending, testing whether revenue growth can continue covering higher costs.

On May 27, management raised its 2026 expense forecast from $105 billion to about $106 billion, citing stronger business activity. Reuters reported the shares down nearly 3% that morning and linked investor concern to the higher cost outlook, although intraday moves can have several causes. The forecast subsequently rose to $107.5 billion with July’s results. Higher compensation and investment can support future revenue, but costs directly reduce profit if trading, dealmaking or loan growth slows.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$182.45B	$177.56B	$158.10B	$128.69B	$121.65B	$119.95B	$115.72B	$108.78B	$100.70B	$96.57B	$93.54B	$95.11B	$97.37B	$97.03B	$97.23B	$102.69B	$100.43B	$67.25B	$71.37B
Operating expenses	$95.64B	$91.80B	$87.17B	$76.14B	$71.34B	$66.66B	$65.27B	$63.15B	$59.52B	$56.67B	$59.01B	$61.27B	$70.47B	$64.73B	$62.91B	$61.20B	$52.35B	$43.50B	$41.70B
Net income	$57.05B	$58.47B	$49.55B	$37.68B	$48.33B	$29.13B	$36.43B	$32.47B	$24.44B	$24.73B	$24.44B	$21.75B	$17.89B	$21.28B	$18.98B	$17.37B	$11.73B	$5.61B	$15.37B
Basic EPSper diluted share	$20.05	$19.79	$16.25	$12.10	$15.39	$8.89	$10.75	$9.04	$6.35	$6.24	$6.05	$5.33	$4.38	$5.22	$4.50	$3.98	$2.27	$1.35	$4.38
Diluted EPSper diluted share	$20.02	$19.75	$16.23	$12.09	$15.36	$8.88	$10.72	$9.00	$6.31	$6.19	$6.00	$5.29	$4.34	$5.20	$4.48	$3.96	$2.26	$1.35	$4.33

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)80$458.72M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4 · 10b5-1	Friedman StaceyGeneral Counsel	SellCommon Stock	5.5K	$330.73	$1.81M	41.0K
May 20, 2026Form 4 · 10b5-1	Friedman StaceyGeneral Counsel	SellCommon Stock	5.5K	$300.27	$1.64M	46.4K
May 15, 2026Form 4 · 10b5-1	Erdoes Mary E.CEO Asset & Wealth Management	SellCommon Stock	6.6K	$298.36	$1.98M	632.4K
May 15, 2026Form 4 · 10b5-1	Lake MarianneCEO CCB	SellCommon Stock · indirect	6.4K	$298.36	$1.92M	76.4K
May 15, 2026Form 4 · 10b5-1	Petno Douglas BCo-CEO CIB	SellCommon Stock	5.7K	$300.05	$1.70M	224.6K

Review ownership filings at SEC.gov ↗

JPMORGAN CHASE & CO (JPM)

Financial charts

Financial statements

Insider buys & sells