Income Statement Research
Review the full annual statement in one scroll, from headline results to detailed SEC line items, margin conversion, and growth diagnostics.
Commentary
A written read of the filing-backed figures above. The statement itself remains the source of truth.
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Over the past five years, JPMorgan Chase’s income statement reveals a generally upward trend in revenue and gross profit with some notable year-over-year fluctuations in profitability. Revenue increased steadily from US$121,649 million in 2021 to US$182,447 million in 2025. However, operating income (treated as pretax income) and net income experienced significant volatility. In 2022, despite a modest revenue increase of about 6% over 2021, operating income fell by roughly 22% (from US$59,562 million to US$46,166 million) and net income dropped similarly (from US$48,334 million to US$37,676 million), suggesting a temporary compression of profitability that year. The sharp rebound in 2023—where revenue jumped by approximately 23% compared to 2022—was accompanied by substantial recoveries in both operating income and net income, which further improved in 2024 by about 22% and 18% respectively. By 2025, while revenue continued its gradual increase, both operating and net income experienced a slight decline compared to 2024. Overall, JPMorgan Chase’s performance shows resilience in generating rising top-line figures and recovering profit levels after a challenging 2022, demonstrating strong operational management in a dynamic financial sector. The recovery trend, particularly the significant bounce in 2023 and 2024, indicates the company’s ability to adapt to market conditions and manage operational risks effectively. While the dip in 2022 signals the potential impact of volatile market environments or transient operational challenges, the subsequent performance improvement underscores an underlying financial robustness. Based solely on these data-driven metrics, the company appears to maintain a solid financial footing with sustainable revenue and profit margins amidst the evolving market landscape.
This analysis is for informational purposes only and does not constitute financial advice or a recommendation for any investment decision. Please consult a qualified financial professional for personalised guidance.
Snapshot
JPMORGAN CHASE & CO's top line, gross profit, pretax income, and bottom-line conversion. Values in USD millions.
Revenue
+10.7%Compound growth, FY2021 to FY2025
Gross profit
FY2025Latest annual filing, FY2025
Pretax Income
+5.1%Compound growth, FY2021 to FY2025
Net income
+4.2%Compound growth, FY2021 to FY2025
Headline results
Four lines, five fiscal years, straight from the filings.
JPMORGAN CHASE & CO headline income statement — FY2025
Trend
The same four lines drawn across the window.
All values shown in USD millions unless noted otherwise.
Line items
The full annual income statement layer for JPMORGAN CHASE & CO, from revenue down to share counts.
Statement basis
USD millions, except per-share and share-count rows.
JPMORGAN CHASE & CO expanded income statement — FY2025
Expanded annual statement lines sourced from the SEC EDGAR database for JPMORGAN CHASE & CO.
Margins
How much of JPMORGAN CHASE & CO's revenue survives through gross profit, pretax income, and net income.
Gross margin
N/AFY2025, versus FY2021
Pretax Margin
-917 bpsFY2025, versus FY2021
Net income margin
-846 bpsFY2025, versus FY2021
Observation window
yearsFY2021 through FY2025
Margin table
Side-by-side read of gross, operating and net margin.
JPMORGAN CHASE & CO margins — FY2025
Margin trend
The shape of profitability across the window.
Margins are calculated from annual SEC facts using reported revenue as the denominator.
Year on year
Every headline line of JPMORGAN CHASE & CO's statement measured against the immediately prior period.
Revenue YoY
FY2024FY2025 versus FY2024
Gross profit YoY
FY2024FY2025 versus FY2024
Pretax Income YoY
FY2024FY2025 versus FY2024
Net income YoY
FY2024FY2025 versus FY2024
Year-on-year table
Contractions are tinted so slowdowns are obvious.
JPMORGAN CHASE & CO year-on-year change — FY2025
Momentum
Whether the business is accelerating or rolling over.
Year-on-year change compares each annual period against the immediately prior year inside the selected window.
Compound growth
Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.
Revenue CAGR
4yrFY2021 to FY2025
Gross profit CAGR
4yrFY2021 to FY2025
Pretax Income CAGR
4yrFY2021 to FY2025
Net income CAGR
4yrFY2021 to FY2025
Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.
