JPMorgan Chase & Co. (JPM)
JPMorgan Chase is the largest US bank by assets, with leading positions in consumer banking, investment banking, and asset management. Its scale and diversification make it a bellwether for the financial system.
Financials stock comparison
JPM vs RJF: which business are you actually underwriting?
JPMorgan Chase (JPM) is the larger business by reported revenue: $182.4B in its fiscal year ended Dec 2025, about 11× RJF's $15.9B (fiscal year ended Sep 2025). JPM's net margin was 31.2% and RJF's 13.4%. The SEC classifies them differently (National Commercial Banks; Security Brokers, Dealers & Flotation Companies); what connects them is shared exposure to the Rates & central banks research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Sector
- Financials
- SEC industry
- Different
- Separate classifications
- Fiscal year ends
- Different
- JPM December 31 · RJF September 30
- Reviewed
- Feb 13, 2026
JPM vs RJF: quick comparison
| Company fact | JPM | RJF |
|---|---|---|
| Company | JPMorgan Chase & Co. | Raymond James Financial, Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | New York, New York | — |
| Founded | 1799 | — |
| SEC industry | National Commercial Banks | Security Brokers, Dealers & Flotation Companies |
| Fiscal year-end | December 31 | September 30 |
| Latest annual filing | 10-K · 2026-02-13 | 10-K · 2025-11-25 |
JPM vs RJF: audited financials
- Scale: JPM's $182.4B of revenue is about 11× RJF's $15.9B.
- Net margin: JPM kept 31.2% of revenue as net income versus 13.4% at RJF.
- Cash flow: operating cash flow is left out of this reading because lending, deposit, and trading balances run through it at banks, brokers, and insurers, so it does not measure earnings quality the way it does for an operating company.
- Periods: the fiscal years end about 3 months apart (2025-12-31 for JPM, 2025-09-30 for RJF), so each figure reflects somewhat different demand and cost conditions.
| Metric | JPM | RJF |
|---|---|---|
| Revenue | $182.4B2025-01-01 to 2025-12-31 · SEC filing | $15.9B2024-10-01 to 2025-09-30 · SEC filing |
| Net income | $57.0B2025-01-01 to 2025-12-31 · SEC filing | $2.1B2024-10-01 to 2025-09-30 · SEC filing |
| Operating cash flow | −$147.8B2025-01-01 to 2025-12-31 · SEC filing | $2.4B2024-10-01 to 2025-09-30 · SEC filing |
| Diluted EPS | $20.022025-01-01 to 2025-12-31 · SEC filing | $10.302024-10-01 to 2025-09-30 · SEC filing |
| Net margin | 31.2%2025-01-01 to 2025-12-31 · SEC filing | 13.4%2024-10-01 to 2025-09-30 · SEC filing |
JPM: FY ending 2025-12-31 · RJF: FY ending 2025-09-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where JPM and RJF overlap, and where they don't
Overlap
- Shared research theme: Rates & central banks.
Differences
- Different SEC industries: JPM files as National Commercial Banks; RJF as Security Brokers, Dealers & Flotation Companies.
- Offset fiscal calendars: JPM's year ends December 31 and RJF's September 30, about 3 months apart.
- Only JPM maps to Economic trends.
- Scale: JPM reported about 11× the annual revenue of RJF.
- Profitability: net margin of 31.2% for JPM versus 13.4% for RJF.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Raymond James Financial, Inc. (RJF)
Raymond James provides wealth management, investment banking, and brokerage services.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves JPM
- Net interest income, deposit margins, and revolving card balances
- Provision for credit losses and net charge-offs in Card Services and wholesale
- Investment banking fees and Markets revenue
- Assets under management and net inflows in Asset & Wealth Management
What moves RJF
We have not yet published a company-specific driver list for RJF. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-11-25.
The investment question
You now know JPM reports about 11× RJF's revenue, and JPM keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to rates & central banks, including “Net interest income, deposit margins, and revolving card balances” at JPM, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. JPM's fiscal year ends December 31, while RJF's ends September 30. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 62 matched transaction rows for JPM and 1 matched transaction row for RJF. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
JPM primary filings
RJF primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving JPM or RJF
JPM vs RJF FAQs
Are JPM and RJF direct competitors?
Not necessarily. JPMorgan Chase files as National Commercial Banks and Raymond James Financial as Security Brokers, Dealers & Flotation Companies. The pair is compared because both map to the Rates & central banks research theme, not because the filings show head-to-head competition.
Is JPM or RJF the bigger company by revenue?
JPMorgan Chase (JPM) is the larger business by reported revenue: $182.4B in its fiscal year ended Dec 2025, about 11× RJF's $15.9B (fiscal year ended Sep 2025). JPM's net margin was 31.2% and RJF's 13.4%. The SEC classifies them differently (National Commercial Banks; Security Brokers, Dealers & Flotation Companies); what connects them is shared exposure to the Rates & central banks research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, JPM or RJF?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this JPM vs RJF comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers JPMorgan Chase & Co. and Raymond James Financial, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-09-26. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-26. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
JPM vs RJF compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $15/month or $150/year.
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