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JPMorgan Chase cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$33.2B in Q3 2026 · −$84.2B over twelve months

Operating cash flow$33.2B
Free cash flow+$33.2B
Cash / net income2.2×

Analysis

In Q3 2026, JPMorgan Chase generated $33.2B of operating cash flow. That is $78.4B more than in Q3 2025 (−$45.2B).

Over the twelve months to Sep 30, 2026, operating cash flow was −$84.2B; the largest uses were other investing ($254.6B), operating cash flow ($84.2B), buybacks ($24.5B); besides operations, cash came from other financing ($366.4B), net borrowing (+) / repaid (−) ($40.9B); the cash balance rose by $22.8B.

Operating cash flow was $33.2B against net income of $15.3B — 2.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$2.9B, deferred taxes −$1.4B, stock-based pay +$1.1B.

Free cash flow

JPMorgan Chase: free cash flow by quarterJPMorgan Chase: free cash flow by quarter$147.8BQ4 2024−$251.8BQ1 2025$29.5BQ2 2025−$45.2BQ3 2025$119.7BQ4 2025−$211.8BQ1 2026−$25.3BQ2 2026$33.2BQ3 2026
Operating cash flow less capital spending.
JPMorgan Chase: operating cash flow against capital spendingJPMorgan Chase: operating cash flow against capital spendingOperating cash flowCapital spending$147.8B$0Q4 2024−$251.8B$0Q1 2025$29.5B$0Q2 2025−$45.2B$0Q3 2025$119.7B$0Q4 2025−$211.8B$0Q1 2026−$25.3B$0Q2 2026$33.2B$0Q3 2026
Latest (Q3 2026): Operating cash flow $33.2B, Capital spending $0.

Capital allocation, year by year

JPMorgan Chase: where the cash came from (up) and went (down), by fiscal yearJPMorgan Chase: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsBuybacksDividendsFY2021: Operating cash flow $78.1BFY2021: Net borrowing $35.2BFY2021: Shares issued $7.3BFY2021: Buybacks −$18.4BFY2021: Dividends −$12.9B$120.7BFY2021FY2022: Operating cash flow $107.1BFY2022: Net borrowing $23.9BFY2022: Buybacks −$3.2BFY2022: Dividends −$13.6B$131.0BFY2022FY2023: Operating cash flow $13.0BFY2023: Net borrowing $8.6BFY2023: Acquisitions −$9.9BFY2023: Buybacks −$9.8BFY2023: Dividends −$13.5B$21.6BFY2023FY2024: Operating cash flow −$42.0BFY2024: Net borrowing $20.7BFY2024: Shares issued $2.5BFY2024: Acquisitions −$2.4BFY2024: Buybacks −$18.8BFY2024: Dividends −$14.8B$23.2BFY2024FY2025: Operating cash flow −$147.8BFY2025: Net borrowing $22.1BFY2025: Shares issued $3.0BFY2025: Buybacks −$31.6BFY2025: Dividends −$16.6B$25.1BFY2025
Over these 5 years operating cash flow totalled $8.4B; the largest uses were operating cash flow ($189.8B) and buybacks ($81.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$326.3B
Debt$531.5B
Net debt$205.2B
Cash runway3.9 years

JPMorgan Chase is burning cash: its operations consume cash, a free cash flow of −$84.2B a year at the current rate against $326.3B of cash and investments: a runway of about 3.9 years before any new financing.

Where the cash came from and went

JPMorgan Chase: sources (+) and uses (−) of cash, Q3 2026JPMorgan Chase: sources (+) and uses (−) of cash, Q3 2026Other investing−$90.1BOther financing$71.0BOperating cash flow$33.2BCash drawn (+) / kept (−)−$16.5BNet borrowing (+) / repaid (−)$6.9BDividends−$4.3BBuybacks−$1.1BExchange rates$940M
JPMorgan Chase: sources (+) and uses (−) of cash, TTM to Q3 2026JPMorgan Chase: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$366.4BOther investing−$254.6BOperating cash flow−$84.2BNet borrowing (+) / repaid (−)$40.9BBuybacks−$24.5BCash drawn (+) / kept (−)−$22.8BDividends−$17.5BExchange rates−$6.8BShares issued$3.0B

From profit to cash

JPMorgan Chase: net income to operating cash flow, Q3 2026JPMorgan Chase: net income to operating cash flow, Q3 2026Net income$15.3BDepreciation & amortization$2.9BStock-based pay$1.1BDeferred taxes−$1.4BOther non-cash$1.0BPrepaid and other assets$19.0MOperating cash flow$33.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$33.2B−$1.1B−$4.3B$6.9B—−$16.5B$33.2B
Q2 2026−$25.3B−$6.8B−$4.3B$11.1B$3.0B$2.3B−$25.3B
Q1 2026−$211.8B−$8.3B−$4.4B$21.4B—$31.2B−$211.8B
Q4 2025$119.7B−$8.3B−$4.4B$1.5B—−$39.9B$119.7B
Q3 2025−$45.2B−$8.3B−$4.2B$6.7B—$116.9B−$45.2B
Q2 2025$29.5B−$7.5B−$4.2B$1.5B—$5.6B$29.5B
Q1 2025−$251.8B−$7.5B−$3.8B$12.3B$3.0B$43.4B−$251.8B
Q4 2024$147.8B−$4.3B−$3.9B$3.8B—−$35.1B$147.8B

JPMorgan Chase: income statement and cash flow

JPMorgan Chase, Q3 2026: revenue $50.2B (+8% year over year), operating margin 40.1%. The chart follows the revenue to costs, profit and cash.

JPMorgan Chase: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.