The Revenue LinesWide moat

JPMorgan Chase (JPM) — moat facet

Three businesses of similar revenue and very different profit: the wholesale bank now earns more than half of what the three make.

JPMorgan reports three businesses and a Corporate segment, and the three are close to equal in revenue and far apart in everything else. In 2025 the Commercial & Investment Bank brought in $78,454 million, Consumer & Community Banking $76,029 million and Asset & Wealth Management $24,073 million, of total net revenue of $182,447 million.1

Wholesale bank's share of the three segments' net income (%)43.4%202351.9%202452.8%202557.1%Q2 2026CIB / (CIB + CCB + AWM) net income; JPMorgan Chase Form 10-K FY2025 and Q2 2026 release
More of the firm's profit each year comes from its most cyclical business.

Profit is more lopsided than revenue. The three earned $27,761 million, $18,245 million and $6,522 million, so the wholesale bank produced about 49% of the firm's $57,048 million of net income and the consumer bank about 32%.23 Per dollar of revenue the order is the same: 35.4% of revenue kept as net income in the wholesale bank, 27.1% in asset and wealth management, 24.0% in the consumer bank.4

Return on equity runs the other way. JPMorgan allocates capital to each business, and on that allocation asset and wealth management returned 40% in 2025, the consumer bank 32% and the wholesale bank 18%.5 The page The Smallest Business Earns the Best Return takes up that ranking, and The Funding Advantage Is Allocated, Not Observed explains why segment returns depend on internal prices.

Over nine years the three have grown at similar rates. On the definitions of each year's filing, the consumer bank went from $44,915 million in 2016 to $76,029 million, about 6.0% a year; the wholesale bank, counted together with the Commercial Banking segment it absorbed in 2024, from $42,793 million to $78,454 million, about 7.0%; and asset and wealth management from $12,822 million to $24,073 million, about 7.2%.678

The first half of 2026 separated them. Against the first half of 2025, wholesale revenue rose 23%, asset and wealth management 15% and the consumer bank 7%.91011

The fourth band on the chart, Corporate, is not a business with customers. It consists of Treasury and the Chief Investment Office, which manage the firm's liquidity, funding and interest-rate risk, and centrally managed staff functions.12 Its revenue swings with one-off items: $14,357 million in 2024, which included a $7.9 billion net gain on Visa shares, and $3,891 million in 2025.1314 It is explained here rather than given a page of its own.

The question the three raise together is how far the firm's earnings are leaning toward its most cyclical business. The wholesale bank's share of the three segments' net income was 43% in 2023, 53% in 2025 and 57% in the June 2026 quarter.15161718 A share that keeps rising means a larger part of what JPMorgan earns depends on deal fees and trading.

Moat trajectory: Holding steady

All three businesses grew 6-7% a year from 2016 to 2025; the first half of 2026 favoured the wholesale bank, up 23%.

The number that tests this moat
Moat Explorer calc
Wholesale bank's share of segment net income, latest quarter
57.1% in Q2 2026, from 52.8% in 2025 and 43.4% in 2023

A rising share means more of JPMorgan's earnings depend on deal fees and trading.

How it's calculated: CIB net income / (CIB + CCB + AWM net income): 9,678 / 16,946; 27,761 / 52,528; 20,272 / 46,731.
Source: JPMorgan Chase Form 10-K FY2025 and Q2 2026 release (Moat Explorer calc) ↗
Dig deeper
DIG DEEPER 01
Commercial & Investment Bank
The largest business since 2025, built on two halves: payments and lending that compound, and deals and trading that swing.
DIG DEEPER 02
Consumer & Community Banking
The deposit franchise with a card business attached, and the mix is shifting toward the card business.
DIG DEEPER 03
Asset & Wealth Management
The smallest segment, the highest return and the fastest growth since 2016, paid in fees that keep getting cheaper.
References
  1. ReportedIn 2025 the Commercial & Investment Bank brought in $78,454 million, Consumer & Community Banking $76,029 million and Asset & Wealth Management $24,073 million, of total net revenue of $182,447 million.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  2. ReportedThe three earned $27,761 million, $18,245 million and $6,522 million, so the wholesale bank produced about 49% of the firm's $57,048 million of net income and the consumer bank about 32%.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  3. Moat Explorer calcThe three earned $27,761 million, $18,245 million and $6,522 million, so the wholesale bank produced about 49% of the firm's $57,048 million of net income and the consumer bank about 32%.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  4. Moat Explorer calcPer dollar of revenue the order is the same: 35.4% of revenue kept as net income in the wholesale bank, 27.1% in asset and wealth management, 24.0% in the consumer bank.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  5. ReportedJPMorgan allocates capital to each business, and on that allocation asset and wealth management returned 40% in 2025, the consumer bank 32% and the wholesale bank 18%.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  6. ReportedOn the definitions of each year's filing, the consumer bank went from $44,915 million in 2016 to $76,029 million, about 6.0% a year; the wholesale bank, counted together with the Commercial Banking segment it absorbed in 2024, from $42,793 million to $78,454 million, about 7.0%; and asset and wealth management from $12,822 million to $24,073 million, about 7.2%.
    JPMorgan Chase Form 10-K, FY2018 - segment results, managed basis, 2016-2018: total net revenue CCB $44,915M/$46,485M/$52,079M, Corporate & Investment Bank $35,340M/$34,657M/$36,448M, Commercial Banking $7,453M/$8,605M/$9,059M, AWM $12,822M/$13,835M/$14,076M; net income CCB $9,714M/$9,395M/$14,852M, CIB $10,815M/$10,813M/$11,773M, CB $2,657M/$3,539M/$4,237M, AWM $2,251M/$2,337M/$2,853M — FY2016-FY2018 · publ. February 2019 · source ↗
  7. ReportedOn the definitions of each year's filing, the consumer bank went from $44,915 million in 2016 to $76,029 million, about 6.0% a year; the wholesale bank, counted together with the Commercial Banking segment it absorbed in 2024, from $42,793 million to $78,454 million, about 7.0%; and asset and wealth management from $12,822 million to $24,073 million, about 7.2%.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  8. Moat Explorer calcOn the definitions of each year's filing, the consumer bank went from $44,915 million in 2016 to $76,029 million, about 6.0% a year; the wholesale bank, counted together with the Commercial Banking segment it absorbed in 2024, from $42,793 million to $78,454 million, about 7.0%; and asset and wealth management from $12,822 million to $24,073 million, about 7.2%.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  9. ReportedAgainst the first half of 2025, wholesale revenue rose 23%, asset and wealth management 15% and the consumer bank 7%.
    JPMorgan Chase Q1 2026 earnings release (8-K exhibit 99.1) - CCB net revenue $19,568M, up 7%; CIB $23,379M, up 19%, net income $9,044M; AWM $6,374M, up 11% — Q1 2026 · publ. 14 April 2026 · source ↗
  10. ReportedAgainst the first half of 2025, wholesale revenue rose 23%, asset and wealth management 15% and the consumer bank 7%.
    JPMorgan Chase Q2 2026 earnings release (8-K exhibit 99.1) - CCB net revenue $20,272M, up 8%, net income $5,311M, expense up 13%, ROE 34%, Card Services net charge-off rate 3.34%; CIB $24,853M, up 27%, net income $9,678M, up 46%, Banking & Payments $11,162M, up 21%, Markets & Securities Services $13,691M, up 33%, ROE 22%; AWM $6,851M, up 19%, net income $1,957M, up 33%, AUM $5.1 trillion, up 18% — Q2 2026 · publ. 14 July 2026 · source ↗
  11. Moat Explorer calcAgainst the first half of 2025, wholesale revenue rose 23%, asset and wealth management 15% and the consumer bank 7%.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  12. ReportedIt consists of Treasury and the Chief Investment Office, which manage the firm's liquidity, funding and interest-rate risk, and centrally managed staff functions.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  13. ReportedIts revenue swings with one-off items: $14,357 million in 2024, which included a $7.9 billion net gain on Visa shares, and $3,891 million in 2025.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  14. Moat Explorer calcIts revenue swings with one-off items: $14,357 million in 2024, which included a $7.9 billion net gain on Visa shares, and $3,891 million in 2025.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  15. ReportedThe wholesale bank's share of the three segments' net income was 43% in 2023, 53% in 2025 and 57% in the June 2026 quarter.
    JPMorgan Chase Form 10-K, FY2023 - segment results, managed basis, 2021-2023: CCB $49,879M/$54,814M/$70,148M, Corporate & Investment Bank $51,943M/$48,102M/$48,807M, Commercial Banking $10,008M/$11,533M/$15,546M, AWM $16,957M/$17,748M/$19,827M; CCB 2023 net revenue up 28% on deposit margin expansion on higher rates, higher Card Services NII on revolving balances and the impact of First Republic in Home Lending — FY2021-FY2023 · publ. February 2024 · source ↗
  16. ReportedThe wholesale bank's share of the three segments' net income was 43% in 2023, 53% in 2025 and 57% in the June 2026 quarter.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  17. ReportedThe wholesale bank's share of the three segments' net income was 43% in 2023, 53% in 2025 and 57% in the June 2026 quarter.
    JPMorgan Chase Q2 2026 earnings release (8-K exhibit 99.1) - CCB net revenue $20,272M, up 8%, net income $5,311M, expense up 13%, ROE 34%, Card Services net charge-off rate 3.34%; CIB $24,853M, up 27%, net income $9,678M, up 46%, Banking & Payments $11,162M, up 21%, Markets & Securities Services $13,691M, up 33%, ROE 22%; AWM $6,851M, up 19%, net income $1,957M, up 33%, AUM $5.1 trillion, up 18% — Q2 2026 · publ. 14 July 2026 · source ↗
  18. Moat Explorer calcThe wholesale bank's share of the three segments' net income was 43% in 2023, 53% in 2025 and 57% in the June 2026 quarter.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026