JPMorgan Chase dividend
JPMorgan Chase pays a $1.65 quarterly dividend, or $6.60 annualized. Its profits support the dividend, but capital and liquidity mean not all profit is distributable cash.
How much does JPMorgan Chase pay in dividends?
JPMorgan’s current policy is more cautious about distributions. Although the board renewed a $50 billion buyback authorization, September-quarter net repurchases were only $664 million, alongside a $1.65 quarterly dividend. An authorization permits purchases; it does not require them. Jamie Dimon said management saw attractive opportunities to redeploy capital internally, which makes the next test whether new lending and investment can earn more than returning that capital.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends, per share | 5.77 | 4.79 | 4.10 | 4.00 | 3.79 |
| − Share buybacks, per share | 11.36 | 6.54 | 3.34 | 1.06 | 6.08 |
| = Kept, per share | 2.89 | 8.42 | 8.79 | 7.02 | 5.50 |
What this means. Share buybacks per share is not cash paid directly to you; it is the company’s total spending to reduce the number of shares, spread across each share.
Does JPMorgan Chase cover its dividend with cash?
Profit is not automatically distributable cash. JPMorgan recognized about $3.6 billion of noncash share-based compensation in 2025, and awards settled with shares can offset repurchases. Capital, liquidity and the share count therefore need to be read together.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| = Earnings for common shareholders | 55,681 | 56,868 | 47,760 | 35,892 | 46,503 |
| − Dividends declared on common shares | 16,060 | 13,786 | 12,055 | 11,893 | 11,456 |
| − Share buybacks | 31,591 | 18,830 | 9,824 | 3,162 | 18,408 |
| = Kept to grow and build capital | 8,030 | 24,252 | 25,881 | 20,837 | 16,639 |
| Paid out, % of earnings for common | 85.6% | 57.4% | 45.8% | 41.9% | 64.2% |
What this means. The company’s adjusted 2023 earnings are lower because its count leaves out First Republic, while our count includes eight months of that business.
What could change JPMorgan Chase's dividend?
Dividends start from the current $6.60 annualized rate. The base reaches $7.05 in the first window and $7.20 in the second, then $7.80 in the third. The bear freezes at $6.60, while the bull rises from $7.20 to $8.80. The base follows JPMorgan’s record of annual increases and its roughly quarter-of-earnings payout, but the bear allows capital preservation to delay increases.
The forecast would move toward the bear case in 2027–2029 if deposit repricing outpaced asset yields, weakening net interest income and margins. In 2028–2029, higher charge-offs or provisions would reduce earnings and buyback capacity; expense growth that outran revenue would also compress the multiple.
What is JPMorgan Chase's dividend yield today?
The shares trade at 2.5x book value and 2.9x tangible book value. They offer a 2.0% dividend yield and 3.6% buyback yield. Buybacks reduced diluted share count by 3.4% in 2025.
| Today (Oct 14, 2026) | |
|---|---|
| Share price | 331.43 |
| Price to book (calculated) | 2.5x |
| Price to tangible book (calculated) | 2.9x |
| Dividend yield (calculated) | 2.0% |
What this means. The next-12-month price-to-earnings number uses analysts’ guesses about future profit, so it is not based on profit the company has already earned.