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Side-by-side financial comparison of JPMorgan Chase (JPM) and AT&T (T). Click either name above to swap in a different company.
JPMorgan Chase is the larger business by last-quarter revenue ($45.8B vs $31.5B, roughly 1.5× AT&T). JPMorgan Chase runs the higher net margin — 28.4% vs 13.3%, a 15.2% gap on every dollar of revenue.
JPMorgan Chase & Co. is an American multinational banking institution headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States, and the world's largest bank by market capitalization as of 2025. As the largest of the Big Four banks in America, the firm is considered systemically important by the Financial Stability Board.
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
JPM vs T — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $45.8B | $31.5B |
| Net Profit | $13.0B | $4.2B |
| Gross Margin | — | — |
| Operating Margin | 37.5% | 21.1% |
| Net Margin | 28.4% | 13.3% |
| Revenue YoY | — | 2.9% |
| Net Profit YoY | — | -10.9% |
| EPS (diluted) | $4.64 | $0.54 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $31.5B | ||
| Q4 25 | $45.8B | $33.5B | ||
| Q3 25 | $46.4B | $30.7B | ||
| Q2 25 | $44.9B | $30.8B | ||
| Q1 25 | $45.3B | $30.6B | ||
| Q4 24 | — | $32.3B | ||
| Q3 24 | $42.7B | $30.2B | ||
| Q2 24 | $50.2B | $29.8B |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $13.0B | $3.8B | ||
| Q3 25 | $14.4B | $9.3B | ||
| Q2 25 | $15.0B | $4.5B | ||
| Q1 25 | $14.6B | $4.4B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | $12.9B | $-174.0M | ||
| Q2 24 | $18.1B | $3.6B |
| Q1 26 | — | 21.1% | ||
| Q4 25 | 37.5% | 17.3% | ||
| Q3 25 | 40.4% | 19.9% | ||
| Q2 25 | 40.7% | 21.1% | ||
| Q1 25 | 40.6% | 18.8% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | 39.8% | 7.0% | ||
| Q2 24 | 46.7% | 19.3% |
| Q1 26 | — | 13.3% | ||
| Q4 25 | 28.4% | 11.3% | ||
| Q3 25 | 31.0% | 30.3% | ||
| Q2 25 | 33.4% | 14.6% | ||
| Q1 25 | 32.3% | 14.2% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | 30.2% | -0.6% | ||
| Q2 24 | 36.2% | 12.1% |
| Q1 26 | — | $0.54 | ||
| Q4 25 | $4.64 | $0.52 | ||
| Q3 25 | $5.07 | $1.29 | ||
| Q2 25 | $5.24 | $0.62 | ||
| Q1 25 | $5.07 | $0.61 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | $4.37 | $-0.03 | ||
| Q2 24 | $6.12 | $0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $12.0B |
| Total DebtLower is stronger | — | $131.6B |
| Stockholders' EquityBook value | $362.4B | $125.6B |
| Total Assets | $4424.9B | $421.2B |
| Debt / EquityLower = less leverage | — | 1.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.0B | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $20.3B | ||
| Q2 25 | — | $10.5B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $3.1B |
| Q1 26 | — | $131.6B | ||
| Q4 25 | — | $127.1B | ||
| Q3 25 | — | $128.1B | ||
| Q2 25 | — | $123.1B | ||
| Q1 25 | — | $117.3B | ||
| Q4 24 | — | $118.4B | ||
| Q3 24 | — | $126.4B | ||
| Q2 24 | — | $125.4B |
| Q1 26 | — | $125.6B | ||
| Q4 25 | $362.4B | $126.5B | ||
| Q3 25 | $360.2B | $126.8B | ||
| Q2 25 | $356.9B | $121.4B | ||
| Q1 25 | $351.4B | $119.9B | ||
| Q4 24 | — | $118.2B | ||
| Q3 24 | $345.8B | $116.3B | ||
| Q2 24 | $340.6B | $119.3B |
| Q1 26 | — | $421.2B | ||
| Q4 25 | $4424.9B | $420.2B | ||
| Q3 25 | $4560.2B | $423.2B | ||
| Q2 25 | $4552.5B | $405.5B | ||
| Q1 25 | $4357.9B | $397.5B | ||
| Q4 24 | — | $394.8B | ||
| Q3 24 | $4210.0B | $393.7B | ||
| Q2 24 | $4143.0B | $398.0B |
| Q1 26 | — | 1.05× | ||
| Q4 25 | — | 1.00× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.01× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 1.00× | ||
| Q3 24 | — | 1.09× | ||
| Q2 24 | — | 1.05× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $119.7B | $7.6B |
| Free Cash FlowOCF − Capex | — | $2.5B |
| FCF MarginFCF / Revenue | — | 8.0% |
| Capex IntensityCapex / Revenue | — | 15.5% |
| Cash ConversionOCF / Net Profit | 9.19× | 1.82× |
| TTM Free Cash FlowTrailing 4 quarters | — | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $7.6B | ||
| Q4 25 | $119.7B | $11.3B | ||
| Q3 25 | $-45.2B | $10.2B | ||
| Q2 25 | $29.5B | $9.8B | ||
| Q1 25 | $-251.8B | $9.0B | ||
| Q4 24 | — | $11.9B | ||
| Q3 24 | — | $10.2B | ||
| Q2 24 | — | $9.1B |
| Q1 26 | — | $2.5B | ||
| Q4 25 | — | $4.5B | ||
| Q3 25 | — | $5.3B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $4.8B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $4.9B | ||
| Q2 24 | — | $4.7B |
| Q1 26 | — | 8.0% | ||
| Q4 25 | — | 13.6% | ||
| Q3 25 | — | 17.1% | ||
| Q2 25 | — | 15.8% | ||
| Q1 25 | — | 15.6% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | — | 16.3% | ||
| Q2 24 | — | 15.9% |
| Q1 26 | — | 15.5% | ||
| Q4 25 | — | 20.3% | ||
| Q3 25 | — | 15.9% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | 14.0% | ||
| Q4 24 | — | 21.2% | ||
| Q3 24 | — | 17.5% | ||
| Q2 24 | — | 14.6% |
| Q1 26 | — | 1.82× | ||
| Q4 25 | 9.19× | 2.99× | ||
| Q3 25 | -3.14× | 1.09× | ||
| Q2 25 | 1.97× | 2.17× | ||
| Q1 25 | -17.20× | 2.08× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JPM
| Other | $19.7B | 43% |
| Commercial And Investment Bank | $19.4B | 42% |
| Assetand Wealth Management Segment | $6.5B | 14% |
| Consumer Community Banking | $188.0M | 0% |
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
