# JPMorgan Chase & Co. (JPM)

> Source: Nexqual · https://nexqual.com/JPM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, JPMorgan Chase & Co. (JPM), nexqual.com/JPM" · informational, not investment advice.

**Price:** USD 336.54 (+0.40% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 335.19 · day 332.28–336.61 · 52w 279.1–366.5 · market cap $894B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $199B, net income $65.1B (32.6% margin) (SEC filings).
- Valuation: P/E 13.7x (avg 12.5x at the last 3 fiscal year-ends).
- 15 of 80 tracked superinvestors hold JPM (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 2 added, 9 reduced, 4 unchanged.
- Insider open-market sales, last ~7 months: 19 Form 4 filings, $70.8M; 0 not under a Rule 10b5-1 plan ($0K); 2 by opportunistic insiders (0 outside 10b5-1 plans), 12 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.23 on a 1–5 scale) (26 analysts), mean target USD 372.26 (range 312–425).
- Total return with dividends: 1Y +16.5% vs S&P 500 +14.9%; 5Y +121.8% vs S&P 500 +80.3%.
- Next earnings: 2027-01-14, EPS estimate USD 5.9, revenue estimate $51.1B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $122B | $129B | $158B | $178B | $182B | $199B |
| Net income | $48.3B | $37.7B | $49.6B | $58.5B | $57.0B | $65.1B |
| EPS (diluted) | $15.36 | $12.09 | $16.23 | $19.75 | $20.02 | — |
| Net margin | 39.7% | 29.3% | 31.3% | 32.9% | 31.3% | 32.6% |
| Revenue growth | +1.4% | +5.8% | +22.9% | +12.3% | +2.8% | — |
| Cash + short-term investments | $741B | $567B | $624B | $469B | $343B | — |
| Total debt | $301B | $296B | $392B | $401B | $435B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.7x · P/S 4.5x · P/B 2.4x · Earnings yield 7.28% · Dividend yield (paid, TTM) 1.94% · Buyback yield (TTM) 3.54%
P/E at fiscal year-ends: Dec 2025 15.7x, Dec 2024 11.8x, Dec 2023 10.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
15 of 80 tracked investors hold JPM (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| David Katz | Matrix Asset Advisors | 3.52% | $42.7M | Reduced -2.8% | Q3 2026 |
| Mairs & Power | Mairs & Power Funds | 2.77% | $302M | Reduced -12.4% | Q2 2026 |
| Viking Global | Viking Global Investors | 2.71% | $949M | Added +7.2% | Q2 2026 |
| Christopher Davis | Davis Advisors | 0.67% | $156M | Reduced -14.4% | Q2 2026 |
| Thomas Gayner | Markel Group | 0.63% | $82.7M | Unchanged | Q2 2026 |
| Francois Rochon | Giverny Capital | 0.53% | $15.7M | Reduced -8.5% | Q2 2026 |
| Richard Pzena | Pzena Investment Management | 0.32% | $109M | Reduced -0.9% | Q2 2026 |
| Samantha McLemore | Patient Capital Management | 0.32% | $9.6M | Unchanged | Q2 2026 |
| Kahn Brothers | Kahn Brothers Group | 0.15% | $829K | Unchanged | Q2 2026 |
| Torray Funds |  | 0.13% | $969K | Reduced -92.4% | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | 0.09% | $8.1M | Reduced -83.4% | Q2 2026 |
| Glenn Greenberg | Brave Warrior Advisors | 0.04% | $1.8M | Unchanged | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | 0.02% | $38.3M | Reduced -1.1% | Q2 2026 |
| Greenhaven Associates |  | 0.01% | $818K | Reduced -37.5% | Q2 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $2.0M | Added +6.9% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
19 of 19 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | Leopold Robin | Head of Human Resources | 2,500 | $882K | 2.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-11 | Leopold Robin | Head of Human Resources | 2,500 | $904K | 2.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-22 | Friedman Stacey | General Counsel | 5,467 | $1.8M | 3.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-20 | Friedman Stacey | General Counsel | 5,468 | $1.6M | 3.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-15 | Erdoes Mary E. | CEO Asset & Wealth Management | 6,648 | $2.0M | 1% | Yes | Routine (sold in Jan & May each year 2023–2025) |
| 2026-05-15 | Lake Marianne | CEO CCB | 6,427 | $1.9M | 2.4% | Yes | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-05-15 | Petno Douglas B | Co-CEO CIB | 5,659 | $1.7M | 1.3% | Yes | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-05-15 | Beer Lori A | Chief Information Officer | 3,165 | $950K | 4.5% | Yes | Routine (sold in May each year 2023–2025) |
| 2026-05-05 | Barnum Jeremy | Chief Financial Officer | 3,022 | $935K | 8.5% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-05 | Bacon Ashley | Chief Risk Officer | 4,070 | $1.3M | 1.6% | Yes | Routine (sold in May each year 2023–2025) |
| 2026-05-05 | Piepszak Jennifer | Chief Operating Officer | 4,919 | $1.5M | 5.5% | Yes | Routine (sold in May each year 2023–2025) |
| 2026-04-15 | Piepszak Jennifer | Chief Operating Officer | 9,136 | $2.8M | 9.2% | Yes | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-04-15 | Petno Douglas B | Co-CEO CIB | 5,660 | $1.7M | 1.2% | Yes | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-04-15 | Lake Marianne | CEO CCB | 6,427 | $2.0M | 2.3% | Yes | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-04-15 | Erdoes Mary E. | CEO Asset & Wealth Management | 12,345 | $3.8M | 1.9% | Yes | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-04-15 | Beer Lori A | Chief Information Officer | 3,166 | $971K | 4.3% | Yes | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-04-15 | Barnum Jeremy | Chief Financial Officer | 5,611 | $1.7M | 13.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-15 | Bacon Ashley | Chief Risk Officer | 7,558 | $2.3M | 2.9% | Yes | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-04-15 | Dimon James | Chairman & CEO | 130,488 | $40.0M | 2% | Yes | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.23 on a 1–5 scale), 26 analysts; mean target USD 372.26 (low 312, high 425).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Citigroup | Target lowered | Neutral | $360 → $350 |
| 2026-10-14 | Truist Securities | Target raised | Hold | $352 → $361 |
| 2026-10-14 | Barclays | Target raised | Overweight | $420 → $425 |
| 2026-10-14 | RBC Capital | Reiterated | Outperform | $370 |
| 2026-10-14 | Morgan Stanley | Target raised | Equal-Weight | $370 → $377 |
| 2026-10-14 | Baird | Target raised | Neutral | $305 → $312 |
| 2026-10-05 | UBS | Target lowered | Buy | $400 → $395 |
| 2026-09-28 | HSBC | Target raised | Hold | $369 → $377 |
| 2026-08-14 | Wells Fargo | Target raised | Overweight | $375 → $390 |
| 2026-08-03 | UBS | Target raised | Buy | $384 → $400 |
| 2026-07-20 | Citigroup | Target raised | Neutral | $325 → $360 |
| 2026-07-17 | Evercore ISI Group | Target raised | Outperform | $360 → $368 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +16.5% | +121.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +16.5% | +17.2% |
| Volatility (annualized) | 22.1% | 24.9% |
| Max drawdown | -15.5% (Jan 2026→Mar 2026) | -37.8% (Oct 2021→Sep 2022) |

## Peers (Banks - Diversified)
BAC (Bank of America Corporation) USD 51.08 +0.59% · HSBC (HSBC Holdings, plc.) USD 91.89 -2.14% · RY (Royal Bank Of Canada) USD 202.06 +0.02% · WFC (Wells Fargo & Company) USD 83.01 +0.72% · MUFG (Mitsubishi UFJ Financial Group,) USD 21.41 -1.65% · C (Citigroup, Inc.) USD 122.51 -1.08%

## More
Full page: https://nexqual.com/JPM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $139.69B | 76.6% | +0.3% |
| Total International | $42.76B | 23.4% | +11.8% |
| — EMEA (part of Total International) | $24.48B | 13.4% | +9.5% |
| — Asia Pacific (part of Total International) | $14.06B | 7.7% | +17.3% |
| — Latin America (part of Total International) | $4.21B | 2.3% | +8.5% |
| Total revenue | $182.45B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $5.90 | $5.93 | -0.4% | $51.14B | 12 |
| Next quarter (ends 2027-03-31) | $6.24 | $6.03 | +3.6% | $54.21B | 7 |
| Current fiscal year (ends 2026-12-31) | $24.02 | $23.96 | +0.3% | $208.18B | 14 |
| Next fiscal year (ends 2027-12-31) | $25.53 | $24.58 | +3.9% | $216.81B | 15 |