"In CIB, both IB fees and markets revenue were notably up year-on-year reflecting strength across the franchise." - Jeremy Barnum, CFO
— Jeremy Barnum
03Detailed Report
JPM
JPMorgan Chase Co
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 28, 2026
Swipe to view all report sections
Executive Summary
In Q3 2024, JPMorgan Chase & Co reported a net income of $12.9 billion, translating to an earnings per share (EPS) of $4.37, with total revenue of $43.3 billion, representing a 6% increase year-over-year. Management highlighted strong performances in the Consumer & Community Banking (CCB) and Corporate & Investment Bank (CIB) segments, indicating resilience amid economic fluctuations. However, deposit growth stagnation and margin compression present challenges as consumer behavior stabilizes. Key metrics such as non-interest income and market revenue also showed substantial year-over-year increases, reflecting robust operational strength. Management expressed optimism regarding future profitability, driven by strategic balance sheet management and growth in asset management fees.
Key Performance Indicators
Revenue
Increasing
42.66B
QoQ: -14.79% | YoY: 7.28%
Gross Profit
Increasing
42.66B
1.00% margin
QoQ: -14.79% | YoY: 7.28%
Operating Income
Increasing
37.69B
QoQ: 42.56% | YoY: 94.94%
Net Income
Decreasing
12.90B
QoQ: -28.93% | YoY: -1.92%
EPS
Increasing
4.38
QoQ: -28.55% | YoY: 1.15%
Revenue Trend
Margin Analysis
Financial Highlights
1. Financial Overview
- Net Income: $12.9 billion (down 1.92% YoY)
- EPS: $4.37 (down 28.55% QoQ)
- Revenue: $43.3 billion (up 6% YoY)
- Operating Income: $37.7 billion (up 94.94% YoY)
- Net Interest Income (NII): Total NII expected at $92.5 billion for 2024, impacted by yield curve trends.
2. Profitability Ratios
- Net Profit Margin: 30.2%
- Return on Equity (ROE): 19%
- Cost-to-Income Ratio: 22.5%
3. Balance Sheet Strength
- CET1 Ratio: 15.3%, solidifying capital adequacy
- Total Assets: $4.21 trillion
- Total Liabilities: $3.86 trillion
- Total Stockholders’ Equity: $345.8 billion
4. Cash Flow
- Net Cash Flow from Operations: -$74.1 billion, reflecting investment strategies and credit activity.
- Free Cash Flow: -$74.1 billion, consistent with strategic spending on growth initiatives and share buybacks.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
42.66B
7.28%
-14.79%
Gross Profit
42.66B
7.28%
-14.79%
Operating Income
37.69B
94.94%
42.56%
Net Income
12.90B
-1.92%
-28.93%
EPS
4.38
1.15%
-28.55%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Excellent
88.40%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
30.20%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
0.31%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
3.73%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
9.48
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
High Risk
1.33
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
11.69x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.74x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.