'We reported revenue of $43.7 billion, up $3.8 billion or 10% year-on-year' - Jeremy Barnum, CFO
— Jeremy Barnum
03Detailed Report
JPM
JPMorgan Chase Co
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 28, 2026
Swipe to view all report sections
Executive Summary
JPMorgan Chase Co (JPM) delivered an impressive performance in Q4 2024, reporting net income of $14 billion and earnings per share (EPS) of $4.81, marking a year-over-year (YoY) increase in revenue of 10%. The firm's success was driven by a substantial increase in advisory and investment banking fees, alongside increased market revenues, highlighting the effectiveness of their diversified business model during a challenging interest rate environment. Management emphasized a focus on operational efficiency, significant client engagement, and a strong balance sheet as key factors that will help navigate potential economic headwinds and enhance shareholder value going forward.
Key Performance Indicators
Revenue
Increasing
42.77B
QoQ: 0.26% | YoY: 10.80%
Gross Profit
Increasing
42.77B
1.00% margin
QoQ: 0.26% | YoY: 10.80%
Operating Income
Increasing
19.50B
QoQ: -48.26% | YoY: 20.90%
Net Income
Increasing
14.01B
QoQ: 8.58% | YoY: 50.48%
EPS
Increasing
4.82
QoQ: 10.05% | YoY: 58.55%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue for Q4 2024 was reported at $43.7 billion, up from $39.9 billion YoY. Net Income showed a robust 50% increase from the previous year. The bank's return on tangible common equity (ROTCE) was a notable 21%, demonstrating effective capital utilization. The Tier 1 Capital Ratio stood at 15.7%, reflecting prudent risk management and strong capital position. The net interest income (NII) excluding markets declined by $548 million, driven by deposit margin compression despite a more than 30% increase in NII from card services. Total expenses decreased by $1.7 billion, demonstrating effective cost management amidst revenue growth.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
42.77B
10.80%
0.26%
Gross Profit
42.77B
10.80%
0.26%
Operating Income
19.50B
20.90%
-48.26%
Net Income
14.01B
50.48%
8.58%
EPS
4.82
58.55%
10.05%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Excellent
45.60%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
32.70%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
0.35%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
4.06%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
33.35
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
High Risk
1.32
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
12.14x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.97x
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.