Earned & PaidJPMorgan Chase
JPMorgan Chase spent $5.53B on advertising and marketing in fiscal 2025, up 11.2% on the year before and +65% since 2019. That's 3.0% of revenue, more than in 2019: leaning in.
Marketing spend by year
Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.
Say vs do
We found no statement about the size of JPMorgan Chase's marketing budget on its earnings calls or in its 10-Ks, so here is its record against its peers.
What they said
No statement about the size of its marketing budget.
What they did
| Year | Marketing spend | Change | Share of revenue |
|---|---|---|---|
| FY2025 | $5.53B | +11.2% | 3.0% |
| FY2024 | $4.97B | +8.3% | 2.8% |
| FY2023 | $4.59B | +17.4% | 2.9% |
| FY2022 | $3.91B | +28.8% | 3.0% |
| FY2021 | $3.04B | +22.6% | 2.5% |
| FY2020 | $2.48B | -26.1% | 2.1% |
Against its peers. Compared with the 3 other Finance advertisers we track (Bank of America, Capital One, American Express): since 2019 its marketing spend went +65% (peer median +86%); its share of revenue moved +0.1 pts (median -0.2); last year +11.2% (median +12.7%).
In interviews, its leaders made 82 statements about marketing: 2 argued for investing in brand and 4 for cutting.
How we check: a statement gets a verdict only when it's clearly about the size of the whole company's marketing budget over a full fiscal year; we compare it with the advertising and marketing expense in that year's 10-K. Statements about one quarter, one brand or channel, or the mix between brand and performance can't be checked against annual filings.
In the news
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