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Side-by-side financial comparison of JPMorgan Chase (JPM) and Valero Energy (VLO). Click either name above to swap in a different company.
JPMorgan Chase is the larger business by last-quarter revenue ($45.8B vs $30.4B, roughly 1.5× Valero Energy). JPMorgan Chase runs the higher net margin — 28.4% vs 3.7%, a 24.7% 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.
Valero Energy Corporation is an American-based fuels producer mostly involved in manufacturing and marketing transportation fuels and other related products. It is headquartered in San Antonio, Texas, United States. Throughout the United States, Canada, and the United Kingdom, the company owns and operates 15 refineries with a combined throughput capacity of approximately 3.2 million barrels per day, two renewable diesel plants that produce approximately 1.
JPM vs VLO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $45.8B | $30.4B |
| Net Profit | $13.0B | $1.1B |
| Gross Margin | — | 6.3% |
| Operating Margin | 37.5% | 5.2% |
| Net Margin | 28.4% | 3.7% |
| Revenue YoY | — | -1.2% |
| Net Profit YoY | — | 303.6% |
| EPS (diluted) | $4.64 | $3.66 |
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.
| Q4 25 | $45.8B | $30.4B | ||
| Q3 25 | $46.4B | $32.2B | ||
| Q2 25 | $44.9B | $29.9B | ||
| Q1 25 | $45.3B | $30.3B | ||
| Q4 24 | — | $30.8B | ||
| Q3 24 | $42.7B | $32.9B | ||
| Q2 24 | $50.2B | $34.5B | ||
| Q1 24 | $41.9B | $31.8B |
| Q4 25 | $13.0B | $1.1B | ||
| Q3 25 | $14.4B | $1.1B | ||
| Q2 25 | $15.0B | $714.0M | ||
| Q1 25 | $14.6B | $-595.0M | ||
| Q4 24 | — | $281.0M | ||
| Q3 24 | $12.9B | $364.0M | ||
| Q2 24 | $18.1B | $880.0M | ||
| Q1 24 | $13.4B | $1.2B |
| Q4 25 | — | 6.3% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 6.2% |
| Q4 25 | 37.5% | 5.2% | ||
| Q3 25 | 40.4% | 4.7% | ||
| Q2 25 | 40.7% | 3.3% | ||
| Q1 25 | 40.6% | -3.0% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 39.8% | 1.5% | ||
| Q2 24 | 46.7% | 3.5% | ||
| Q1 24 | 41.2% | 5.3% |
| Q4 25 | 28.4% | 3.7% | ||
| Q3 25 | 31.0% | 3.4% | ||
| Q2 25 | 33.4% | 2.4% | ||
| Q1 25 | 32.3% | -2.0% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | 30.2% | 1.1% | ||
| Q2 24 | 36.2% | 2.6% | ||
| Q1 24 | 32.0% | 3.9% |
| Q4 25 | $4.64 | $3.66 | ||
| Q3 25 | $5.07 | $3.53 | ||
| Q2 25 | $5.24 | $2.28 | ||
| Q1 25 | $5.07 | $-1.90 | ||
| Q4 24 | — | $0.98 | ||
| Q3 24 | $4.37 | $1.14 | ||
| Q2 24 | $6.12 | $2.71 | ||
| Q1 24 | $4.44 | $3.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.7B |
| Total DebtLower is stronger | — | $9.7B |
| Stockholders' EquityBook value | $362.4B | $23.7B |
| Total Assets | $4424.9B | $58.0B |
| Debt / EquityLower = less leverage | — | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.7B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $5.2B | ||
| Q1 24 | — | $4.9B |
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | $9.7B | ||
| Q2 25 | — | $10.3B | ||
| Q1 25 | — | $10.3B | ||
| Q4 24 | — | $9.7B | ||
| Q3 24 | — | $9.8B | ||
| Q2 24 | — | $9.7B | ||
| Q1 24 | — | $10.0B |
| Q4 25 | $362.4B | $23.7B | ||
| Q3 25 | $360.2B | $23.8B | ||
| Q2 25 | $356.9B | $24.1B | ||
| Q1 25 | $351.4B | $23.5B | ||
| Q4 24 | — | $24.5B | ||
| Q3 24 | $345.8B | $25.3B | ||
| Q2 24 | $340.6B | $25.4B | ||
| Q1 24 | $336.6B | $26.1B |
| Q4 25 | $4424.9B | $58.0B | ||
| Q3 25 | $4560.2B | $58.6B | ||
| Q2 25 | $4552.5B | $59.4B | ||
| Q1 25 | $4357.9B | $59.2B | ||
| Q4 24 | — | $60.1B | ||
| Q3 24 | $4210.0B | $60.4B | ||
| Q2 24 | $4143.0B | $63.6B | ||
| Q1 24 | $4090.7B | $62.6B |
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | — | 0.39× |
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 | $2.1B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 9.19× | 1.81× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $119.7B | $2.1B | ||
| Q3 25 | $-45.2B | $1.9B | ||
| Q2 25 | $29.5B | $936.0M | ||
| Q1 25 | $-251.8B | $952.0M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | $-154.2B | $1.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $529.0M | ||
| Q1 25 | — | $293.0M | ||
| Q4 24 | — | $523.0M | ||
| Q3 24 | — | $866.0M | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | 3.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 2.1% |
| Q4 25 | 9.19× | 1.81× | ||
| Q3 25 | -3.14× | 1.72× | ||
| Q2 25 | 1.97× | 1.31× | ||
| Q1 25 | -17.20× | — | ||
| Q4 24 | — | 3.81× | ||
| Q3 24 | — | 3.56× | ||
| Q2 24 | — | 2.81× | ||
| Q1 24 | -11.49× | 1.48× |
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% |
VLO
| Distillates | $14.3B | 47% |
| Gasoline And Blendstocks | $12.5B | 41% |
| Manufactured Product Other | $1.8B | 6% |
| Ethanol Product | $784.0M | 3% |
| Renewable Diesel Product | $589.0M | 2% |
| Distillers Grains | $194.0M | 1% |
| Neat SAF | $118.0M | 0% |
| Renewable Naphtha Product | $24.0M | 0% |
