Bought back $31.6B of its own shares, 8.7× what it paid in stock
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 12, 2023: 2 dividend or employee plan registrations, 4 shelf registrations.
- Apr 16, 2026 Shelf registration: shares and other securities, amount not fixed S-3/A
- Feb 24, 2026 Shelf registration: shares and other securities, amount not fixed S-3
- Apr 10, 2025 2.0M shares for a dividend reinvestment or employee plan 424B5
- Apr 8, 2025 Shelf registration: shares and other securities, amount not fixed S-3/A
- Mar 4, 2025 Shelf registration: shares and other securities, amount not fixed S-3
- Sep 27, 2024 2.0M shares for a dividend reinvestment or employee plan 424B5
Every offering filing →“Under this shelf registration process, we may, from time to time, sell any combination of the relevant securities described in the prospectus in one or more offerings; and our subsidiary, JPMorgan Financial, may, from time to time, offer any combination of the relevant securities described in this prospectus in one or more offerings.”
S-3/A, Apr 16, 2026 ↗
Diluted shares: 2.78B in the year to Dec 31, 2025 2025 -3.4%2024 -2.2%2023 -0.9%2022 -1.9%
Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. Cash & buybacks, year by year → · How
Where the cash came from and where it went
No cash flow chart for banks and insurers: their operating cash flow moves with loans, deposits and trading, so it says little about how cash was spent.
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | $31.6B | $16.6B | $3.6B | - | 2.78B |
| 2024-12-31 | $18.8B | $14.8B | $3.5B | - | 2.88B |
| 2023-12-31 | $9.8B | $13.5B | $3.1B | - | 2.94B |
| 2022-12-31 | $3.2B | $13.6B | $2.8B | - | 2.97B |
| 2021-12-31 | $18.4B | $12.9B | $2.9B | - | 3.03B |
From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; dividends = PaymentsOfDividends; sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.
What it paid for each share it bought back
What JPM paid on average for each share it bought back, each fiscal year: dollars spent divided by shares bought, both from the 10-K.
| Fiscal year to | Shares bought | Spent | Average price | |
|---|---|---|---|---|
| 2010-12-31 | 77.90M | $3.0B | $38.51 |
Shares and dollars from the statement of shareholders' equity (the cash flow line also counts shares withheld for taxes, so it is not used). Share counts filed before a stock split are put on today's count. A year where the 10-K does not tag both numbers is left out. The latest year with both numbers tagged is 2010.