"The reported performance for the quarter was exceptional and actually represents record revenue and net income," - Jeremy Barnum, CFO.
— Jeremy Barnum
03Detailed Report
JPM
JPMorgan Chase Co
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 28, 2026
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Executive Summary
In the second quarter of 2024, JPMorgan Chase Co demonstrated robust financial performance, reporting net income of $18.1 billion, which translates to earnings per share (EPS) of $6.12. This marks a substantial increase from prior periods, supported by significant non-recurring gains related to Visa shares. Management highlighted that underlying performance, when adjusted for these anomalies, reflected a solid core profitability with net income of $13.1 billion and adjusted EPS of $4.40. Total revenues surged to $51 billion, marking a year-on-year increase of 20%, indicating strong operational growth across key business segments, particularly in investment banking and asset management. Management's focus on maintaining disciplined execution amidst ongoing market challenges positions the firm favorably for sustained growth.
Key Performance Indicators
Revenue
Increasing
50.06B
QoQ: 19.45% | YoY: 29.74%
Gross Profit
Increasing
50.06B
1.00% margin
QoQ: 19.45% | YoY: 29.74%
Operating Income
Increasing
26.44B
QoQ: 34.83% | YoY: 51.42%
Net Income
Increasing
18.15B
QoQ: 35.25% | YoY: 25.41%
EPS
Increasing
6.13
QoQ: 37.75% | YoY: 28.78%
Revenue Trend
Margin Analysis
Financial Highlights
1. Revenue Growth: Total revenue reached $51 billion, a 20% increase year-over-year, driven primarily by investment banking fees which rose 50% year-on-year.
2. Profitability Metrics:
- Net Income: $18.1 billion (25.41% YoY increase).
- EPS: $6.12, up 28.78% YoY.
- Operating Income: $26.4 billion, representing an operating margin of 52.8%.
3. Balance Sheet Strength:
- CET1 Ratio: Improved to 15.3%, up 30 basis points from Q1 2024.
- Total Assets: $4.14 trillion, a sign of significant asset growth, supported by effective capital management.
4. Cash Flow: Generated operating cash flow of $38.5 billion, providing solid coverage for debt and dividend payments.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
50.06B
29.74%
19.45%
Gross Profit
50.06B
29.74%
19.45%
Operating Income
26.44B
51.42%
34.83%
Net Income
18.15B
25.41%
35.25%
EPS
6.13
28.78%
37.75%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Excellent
52.80%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
36.30%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
0.44%
Return on assets suggests inefficient capital allocation
Return on Equity
Fair
5.33%
Return on equity is acceptable but below top-tier companies
Current Ratio
Adequate
1.46
Current ratio meets minimum requirements but limited cushion
Debt to Equity
High Risk
2.58
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
8.18x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.74x
Price-to-book ratio reasonable for profitable companies
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