JPMORGAN CHASE & COJPM

JPMORGAN CHASE & CO Earnings Per Share Disclosure

10-KFiled Feb 13, 20262 min read
Earnings per share
Basic earnings per share (“EPS”) is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. JPMorganChase grants RSUs under its share-based compensation programs, predominantly all of which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the Firm’s common stock. These unvested RSUs meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends, and they are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS; refer to Note 9 for additional information.
Diluted EPS incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. For each of the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive.

The following table presents the calculation of net income applicable to common stockholders and basic and diluted EPS for the years ended December 31, 2025, 2024 and 2023.
Year ended December 31,
(in millions,
except per share amounts)		202520242023
Basic earnings per share
Net income$57,048 $58,471 $49,552 
Less: Preferred stock dividends1,099 1,259 1,501 
Net income applicable to common equity
55,949 57,212 48,051 
Less: Dividends and undistributed earnings allocated to participating securities
268 344 291 
Net income applicable to common stockholders
$55,681 $56,868 $47,760 
Total weighted-average basic shares outstanding
2,776.5 2,873.9 2,938.6 
Net income per share$20.05 $19.79 $16.25 
Diluted earnings per share
Net income applicable to common stockholders
$55,681 $56,868 $47,760 
Total weighted-average basic shares outstanding
2,776.5 2,873.9 2,938.6 
Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs5.0 5.1 4.5 
Total weighted-average diluted shares outstanding
2,781.5 2,879.0 2,943.1 
Net income per share$20.02 $19.75 $16.23 

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About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsStock CompensationNew Standards