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Signal Ledger LabJPMorgan Chase
JPMSIGNAL LEDGER VALUATIONWhat the shares are worth today if management delivers the targets it has set for each business: every business valued at FY2030 and discounted back, every input cited.
Research updated 2026-10-23 03:20:04 UTCBUY below $201.76WATCHSELL above $378.31
Price viewWATCH
Buy below · 80% of FV$201.76
Sell above · 150% of FV$378.31
BUY below 80% of FV · WATCH from 80% to 150% · SELL above 150%. Thresholds use unrounded fair values.
REPORTED FIGURES / LATEST RESULTS
What JPM reported, business by business.
Q3 2026 earnings release ↗ · quarter ended 2026-09-30 · reported 2026-10-13 · the 10-Q is not in SEC data yet; the SEC figures further down are the previous quarter.
- Revenue
- $50.172B
- Operating income
- Not separately verified
- Net income
- $15.305B
- Diluted EPS
- $5.57
LATEST QUARTER From the company's Q3 2026 earnings release; the valuation above already reflects it. Figures move to the SEC table once the 10-Q is filed.
| Business | Revenue | Share of revenue | Operating profit | Margin | vs a year ago |
|---|---|---|---|---|---|
| Consumer & Community Banking (managed basis) | $21.171B | 42.2% | — | — | +9% |
| Commercial & Investment Bank (managed basis) | $22.734B | 45.3% | — | — | +14% |
| Asset & Wealth Management (managed basis) | $6.909B | 13.8% | — | — | +14% |
| Corporate (managed basis) | $0.093B | 0.2% | — | — | −95% |
- Reported net revenue was $50.172B; segment revenue is on the bank’s managed basis and totals $50.907B after fully taxable-equivalent adjustments.
- The bank reports pretax income, not operating income: consolidated reported pretax income was $20.134B; managed segment pretax income was $7.565B for CCB, $11.300B for CIB, $2.467B for AWM and a $0.463B Corporate loss.
- Reported net income was $15.305B and diluted EPS was $5.57, including $0.658B of pretax investment securities losses ($0.498B after tax).
- ROTCE was 20%; common dividends were $4.4B and net share repurchases were $0.664B. Net payout over the last twelve months was 61%.
Previous quarter · SEC 10-Q ↗ · quarter ended 2026-06-30 · filed 2026-08-06
- Reported revenue
- $57.347B
- Reported net income
- $21.155B
- Reported diluted EPS
- $7.70
RECONCILED Business rows reconcile to SEC revenue from the same filing and reporting period. Unverified segment profits remain blank.
Reported accounting segments, 2026-04-01 to 2026-06-30. Reported results; the valuation above uses the dated research assumptions.
| Business | Revenue | Share of revenue | Operating profit | Margin |
|---|---|---|---|---|
| Consumer & Community Banking | $20.272B | 35.3% | — | — |
| Commercial & Investment Bank | $24.853B | 43.3% | — | — |
| Asset & Wealth Management | $6.851B | 11.9% | — | — |
| Corporate and FTE reconciliationDerived from disclosed totals | $5.371B | 9.4% | — | — |
| Consolidated revenue | $57.347B | 100% | — |
View reported source cells
Accession 0001628280-26-054343
Consumer & Community Banking
As of or for the three months ended June 30, (in millions; segment revenues on managed FTE basis). Total net revenue 20,272 18,847 24,853 19,535 6,851 5,760; Total net revenue 6,046 1,538 ( 675 ) ( 768 ) 57,347 44,912
Commercial & Investment Bank
As of or for the three months ended June 30, (in millions; segment revenues on managed FTE basis). Total net revenue 20,272 18,847 24,853 19,535 6,851 5,760; Total net revenue 6,046 1,538 ( 675 ) ( 768 ) 57,347 44,912
Asset & Wealth Management
As of or for the three months ended June 30, (in millions; segment revenues on managed FTE basis). Total net revenue 20,272 18,847 24,853 19,535 6,851 5,760; Total net revenue 6,046 1,538 ( 675 ) ( 768 ) 57,347 44,912
Corporate and FTE reconciliation
As of or for the three months ended June 30, (in millions; segment revenues on managed FTE basis). Total net revenue 6,046 1,538 ( 675 ) ( 768 ) 57,347 44,912; Corporate 6,046 + FTE reconciliation (675) = 5,371; GAAP total 57,347.
THE COMPANY
What does JPMorgan Chase do?
Diversified regulated bank
Businesses: Diversified regulated bank
EVIDENCE
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Read the full valuation for each business, the assumptions behind it and the cited evidence.