JPMorgan Chase (JPM) Annual Revenue and Earnings History
Direct answer: JPMorgan Chase reported $158.1 billion in net revenue for 2023 and approximately $177 billion for 2024, with net income of approximately $49.6 billion in 2023 and $58 billion in 2024. JPMorgan is the largest U.S. bank by assets ($3.9 trillion) and consistently the most profitable major U.S. financial institution. CEO Jamie Dimon has led the company since 2006.
JPMorgan Chase annual net revenue, net income, return on equity, and CET1 ratio (2010-2024)
| Year | Net Revenue (B) | Net Income (B) | Return on Equity | CET1 Capital Ratio |
|---|---|---|---|---|
| 2010 | $104.8 | $17.4 | 10% | N/A |
| 2015 | $93.5 | $24.4 | 12% | 11.9% |
| 2018 | $109.0 | $32.5 | 13% | 12.0% |
| 2019 | $115.6 | $36.4 | 15% | 12.4% |
| 2020 | $120.2 | $29.1 | 12% | 13.1% |
| 2021 | $121.9 | $48.3 | 19% | 13.1% |
| 2022 | $128.7 | $37.7 | 13% | 13.1% |
| 2023 | $158.1 | $49.6 | 17% | 15.0% |
| 2024 est. | $177+ | $58+ | ~17% | ~15% |
Source: JPMorgan Chase Investor Relations. Note: Net revenue for banks is net interest income plus noninterest revenue. Last verified: September 2026.
Frequently asked questions
How does a bank like JPMorgan make money?
JPMorgan's revenue comes from several sources: (1) Net Interest Income (NII) -- the spread between interest earned on loans/investments and interest paid on deposits; this surged in 2022-2024 as Fed rate hikes increased loan yields faster than deposit costs; (2) Investment banking fees (IPOs, M&A advisory, bond underwriting) -- approximately $8-9 billion annually; (3) Trading revenue (market-making in fixed income, currencies, equities) -- $20-25 billion annually; (4) Asset management fees (approximately $5-6 billion); (5) Consumer banking fees. In 2023, approximately 60% of revenue was NII, reflecting the high-rate environment's benefit to JPMorgan's large deposit base.
What is CET1 capital ratio and why does it matter?
Common Equity Tier 1 (CET1) ratio is a bank's highest-quality capital as a percentage of risk-weighted assets. Regulators (Federal Reserve, OCC) set minimum CET1 requirements (typically 4.5% minimum, with bank-specific buffers adding to 9-12%+). Higher CET1 means a bank is more capitalized against potential losses. JPMorgan's 15% CET1 in 2023 is well above requirements, giving it flexibility for share buybacks, acquisitions, and weathering downturns. During 2020 COVID stress, JPMorgan built capital rather than returning it, which funded the acquisitions of Bear Stearns (2008), Washington Mutual (2008), and First Republic Bank (2023).
How did JPMorgan acquire First Republic Bank?
First Republic Bank failed in May 2023 during the regional bank crisis triggered by Silicon Valley Bank's collapse. The FDIC seized First Republic and sold it to JPMorgan in an FDIC-assisted transaction where JPMorgan paid approximately $10.6 billion and received First Republic's deposits, most assets, and approximately $80 billion in single-family mortgages. JPMorgan and FDIC agreed to share losses on acquired assets. JPMorgan recognized a $2.7 billion one-time gain on the acquisition. The deal added approximately 84 branches and $92 billion in deposits to JPMorgan's already-dominant position in private banking and wealth management.