Subtext

JPMorgan Chase & Co. JPM

SectorFinancials
Transcripts72
Date range2007-07-18 – 2025-04-11
Calls charted71

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-16-8+0+8+162007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · Overall: -2.02007 Q4 · Overall: -4.32008 Q1 · Overall: -0.92008 Q2 · Overall: -5.02008 Q3 · Overall: -5.42008 Q4 · Overall: -5.82009 Q1 · Overall: -6.62009 Q2 · Overall: -6.62009 Q3 · Overall: -5.42009 Q4 · Overall: -5.82010 Q1 · Overall: -5.12010 Q2 · Overall: -4.72010 Q3 · Overall: -7.72010 Q4 · Overall: -5.42011 Q1 · Overall: -1.92011 Q2 · Overall: -6.42011 Q3 · Overall: -8.52011 Q4 · Overall: -8.52012 Q1 · Overall: -3.62012 Q2 · Overall: -7.12012 Q3 · Overall: -2.52012 Q4 · Overall: +3.82013 Q1 · Overall: -0.92013 Q2 · Overall: -1.32013 Q3 · Overall: -4.32013 Q4 · Overall: +4.42014 Q1 · Overall: +4.62014 Q2 · Overall: +2.82014 Q3 · Overall: +6.22014 Q4 · Overall: +0.62015 Q1 · Overall: +5.52015 Q2 · Overall: +5.52015 Q3 · Overall: +4.22015 Q4 · Overall: +1.12016 Q1 · Overall: +1.92016 Q2 · Overall: +4.72016 Q3 · Overall: +5.92016 Q4 · Overall: +9.22017 Q1 · Overall: +1.92017 Q2 · Overall: +2.12017 Q3 · Overall: +3.32017 Q4 · Overall: +6.62018 Q1 · Overall: +1.22018 Q2 · Overall: +3.52018 Q3 · Overall: +1.02018 Q4 · Overall: -1.42019 Q1 · Overall: +5.12019 Q2 · Overall: +7.22019 Q3 · Overall: +1.42019 Q4 · Overall: +2.92020 Q1 · Overall: -14.02020 Q2 · Overall: -11.92020 Q3 · Overall: -7.22020 Q4 · Overall: +4.22021 Q1 · Overall: -0.32021 Q2 · Overall: +1.62021 Q3 · Overall: +1.62021 Q4 · Overall: +1.62022 Q1 · Overall: -5.32022 Q2 · Overall: -6.92022 Q3 · Overall: -8.42022 Q4 · Overall: -5.72023 Q1 · Overall: -8.32023 Q2 · Overall: -0.62023 Q3 · Overall: -3.52023 Q4 · Overall: +1.62024 Q1 · Overall: -9.12024 Q2 · Overall: +2.02024 Q3 · Overall: -2.62024 Q4 · Overall: +2.12025 Q1 · Overall: -6.7
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-23-12+0+12+232007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q4 · CEO: -7.52008 Q1 · CEO: +0.02008 Q2 · CEO: -2.52008 Q3 · CEO: -1.72008 Q4 · CEO: -2.82009 Q1 · CEO: -4.02009 Q2 · CEO: -1.52009 Q4 · CEO: -2.82010 Q1 · CEO: -7.02010 Q2 · CEO: -0.92010 Q3 · CEO: -7.42010 Q4 · CEO: -3.62011 Q1 · CEO: +2.82011 Q2 · CEO: -2.82011 Q3 · CEO: -4.52011 Q4 · CEO: -7.22012 Q1 · CEO: -2.42012 Q2 · CEO: -4.02012 Q3 · CEO: -4.32012 Q4 · CEO: +3.92013 Q1 · CEO: +4.62013 Q2 · CEO: -2.32013 Q3 · CEO: +0.92013 Q4 · CEO: +4.62014 Q1 · CEO: +9.12014 Q2 · CEO: +0.02014 Q3 · CEO: -0.72014 Q4 · CEO: -5.22015 Q1 · CEO: -5.12015 Q2 · CEO: -2.92015 Q3 · CEO: +5.82015 Q4 · CEO: -5.72016 Q1 · CEO: +13.42016 Q2 · CEO: +4.72016 Q4 · CEO: +9.82017 Q1 · CEO: -4.92017 Q2 · CEO: -8.72017 Q3 · CEO: -4.42017 Q4 · CEO: +15.72018 Q2 · CEO: +9.12018 Q3 · CEO: +10.42018 Q4 · CEO: -0.42019 Q1 · CEO: -5.32019 Q2 · CEO: +9.42019 Q3 · CEO: +2.32019 Q4 · CEO: +0.02020 Q1 · CEO: -20.22020 Q2 · CEO: -19.12020 Q3 · CEO: -9.02020 Q4 · CEO: +5.72021 Q1 · CEO: +0.02021 Q2 · CEO: +4.62021 Q4 · CEO: +2.52022 Q1 · CEO: -3.92022 Q2 · CEO: -5.22022 Q3 · CEO: -7.32022 Q4 · CEO: -9.62023 Q1 · CEO: -7.82023 Q3 · CEO: -3.42023 Q4 · CEO: +0.02024 Q4 · CEO: -10.22007 Q3 · CFO: -1.02007 Q4 · CFO: +0.82008 Q1 · CFO: -0.52008 Q2 · CFO: -8.12008 Q3 · CFO: -4.52008 Q4 · CFO: -6.02009 Q1 · CFO: -2.72009 Q2 · CFO: -5.82009 Q3 · CFO: -3.72009 Q4 · CFO: -2.32010 Q1 · CFO: +0.52010 Q3 · CFO: -3.32010 Q4 · CFO: -3.72011 Q1 · CFO: +1.02011 Q2 · CFO: -2.32011 Q3 · CFO: -6.62011 Q4 · CFO: -5.72012 Q1 · CFO: +0.02012 Q2 · CFO: -1.32012 Q3 · CFO: +2.52012 Q4 · CFO: +8.52013 Q1 · CFO: -0.62013 Q2 · CFO: +4.92013 Q3 · CFO: -0.52013 Q4 · CFO: +8.32014 Q1 · CFO: +7.52014 Q2 · CFO: +8.02014 Q3 · CFO: +10.52014 Q4 · CFO: +6.72015 Q1 · CFO: +9.62015 Q2 · CFO: +12.82015 Q3 · CFO: +7.82015 Q4 · CFO: +4.22016 Q2 · CFO: +7.82016 Q3 · CFO: +11.12016 Q4 · CFO: +15.12017 Q1 · CFO: +11.52017 Q2 · CFO: +6.52017 Q3 · CFO: +5.02017 Q4 · CFO: +8.22018 Q1 · CFO: +2.62018 Q2 · CFO: +6.62018 Q3 · CFO: +5.12018 Q4 · CFO: +5.92019 Q1 · CFO: +9.02019 Q2 · CFO: +10.12019 Q3 · CFO: +8.32019 Q4 · CFO: +12.72020 Q1 · CFO: -8.82020 Q2 · CFO: -3.72020 Q3 · CFO: -3.82020 Q4 · CFO: +6.12021 Q1 · CFO: +5.72021 Q2 · CFO: +4.42021 Q3 · CFO: +2.02021 Q4 · CFO: +3.02022 Q1 · CFO: -4.82022 Q2 · CFO: -5.12022 Q3 · CFO: -5.72022 Q4 · CFO: -2.92023 Q1 · CFO: -4.42023 Q2 · CFO: +0.72023 Q4 · CFO: +3.12024 Q2 · CFO: +1.72024 Q3 · CFO: -1.62024 Q4 · CFO: +4.52025 Q1 · CFO: -5.6
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-37-19+0+19+372007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · Prepared remarks: +3.02007 Q4 · Prepared remarks: -4.32008 Q1 · Prepared remarks: -0.42008 Q2 · Prepared remarks: +5.72008 Q3 · Prepared remarks: -4.12008 Q4 · Prepared remarks: -6.02009 Q1 · Prepared remarks: -2.02009 Q2 · Prepared remarks: -6.72009 Q3 · Prepared remarks: -1.32009 Q4 · Prepared remarks: +0.02010 Q1 · Prepared remarks: +1.42010 Q2 · Prepared remarks: -0.52010 Q3 · Prepared remarks: -8.12010 Q4 · Prepared remarks: -5.92011 Q1 · Prepared remarks: -2.12011 Q2 · Prepared remarks: -3.42011 Q3 · Prepared remarks: -8.32011 Q4 · Prepared remarks: -4.32012 Q1 · Prepared remarks: -0.32012 Q2 · Prepared remarks: -6.72012 Q3 · Prepared remarks: +2.32012 Q4 · Prepared remarks: +7.32013 Q1 · Prepared remarks: +4.02013 Q2 · Prepared remarks: +14.22013 Q3 · Prepared remarks: +1.22013 Q4 · Prepared remarks: +11.92014 Q1 · Prepared remarks: +4.52014 Q2 · Prepared remarks: +12.52014 Q3 · Prepared remarks: +20.62014 Q4 · Prepared remarks: +16.32015 Q1 · Prepared remarks: +11.22015 Q2 · Prepared remarks: +17.42015 Q3 · Prepared remarks: +12.92015 Q4 · Prepared remarks: +8.42016 Q1 · Prepared remarks: +4.62016 Q2 · Prepared remarks: +8.32016 Q3 · Prepared remarks: +19.22016 Q4 · Prepared remarks: +21.02017 Q1 · Prepared remarks: +16.02017 Q2 · Prepared remarks: +7.52017 Q3 · Prepared remarks: +11.92017 Q4 · Prepared remarks: +10.02018 Q1 · Prepared remarks: +3.52018 Q2 · Prepared remarks: +17.42018 Q3 · Prepared remarks: +16.72018 Q4 · Prepared remarks: +8.22019 Q1 · Prepared remarks: +15.32019 Q2 · Prepared remarks: +15.52019 Q3 · Prepared remarks: +16.52019 Q4 · Prepared remarks: +12.82020 Q1 · Prepared remarks: -10.22020 Q2 · Prepared remarks: -10.72020 Q3 · Prepared remarks: +3.02020 Q4 · Prepared remarks: +4.42021 Q1 · Prepared remarks: +5.72021 Q2 · Prepared remarks: +11.02021 Q3 · Prepared remarks: +8.32021 Q4 · Prepared remarks: +9.12022 Q1 · Prepared remarks: -4.22022 Q2 · Prepared remarks: -5.22022 Q3 · Prepared remarks: -4.42022 Q4 · Prepared remarks: -0.92023 Q1 · Prepared remarks: +0.02023 Q2 · Prepared remarks: +4.32023 Q3 · Prepared remarks: -3.72023 Q4 · Prepared remarks: +5.82024 Q1 · Prepared remarks: +0.02024 Q2 · Prepared remarks: +9.92024 Q3 · Prepared remarks: +7.52024 Q4 · Prepared remarks: +3.52025 Q1 · Prepared remarks: -1.32007 Q3 · Q&A responses: -9.12008 Q1 · Q&A responses: -1.52008 Q2 · Q&A responses: -5.62008 Q3 · Q&A responses: -1.72008 Q4 · Q&A responses: -1.92009 Q1 · Q&A responses: -4.72009 Q2 · Q&A responses: -2.32009 Q3 · Q&A responses: -4.62009 Q4 · Q&A responses: -4.42010 Q1 · Q&A responses: -4.32010 Q2 · Q&A responses: -0.92010 Q3 · Q&A responses: -4.42010 Q4 · Q&A responses: -2.52011 Q1 · Q&A responses: +4.52011 Q2 · Q&A responses: -2.22011 Q3 · Q&A responses: -2.92011 Q4 · Q&A responses: -7.62012 Q1 · Q&A responses: -3.02012 Q2 · Q&A responses: -32.52012 Q3 · Q&A responses: -1.72012 Q4 · Q&A responses: +2.92013 Q1 · Q&A responses: +1.72013 Q2 · Q&A responses: -3.92013 Q3 · Q&A responses: -0.62013 Q4 · Q&A responses: +4.82014 Q1 · Q&A responses: +9.92014 Q2 · Q&A responses: +1.82014 Q3 · Q&A responses: +3.72014 Q4 · Q&A responses: -1.62015 Q1 · Q&A responses: +6.12015 Q2 · Q&A responses: +3.62015 Q3 · Q&A responses: +4.42015 Q4 · Q&A responses: +0.02016 Q1 · Q&A responses: +6.72016 Q2 · Q&A responses: +7.22016 Q3 · Q&A responses: +4.22016 Q4 · Q&A responses: +11.42017 Q1 · Q&A responses: +3.12017 Q2 · Q&A responses: +0.92017 Q3 · Q&A responses: +2.02017 Q4 · Q&A responses: +9.32018 Q1 · Q&A responses: +1.92018 Q2 · Q&A responses: +2.42018 Q3 · Q&A responses: +1.92018 Q4 · Q&A responses: +2.92019 Q1 · Q&A responses: +5.82019 Q2 · Q&A responses: +7.32019 Q3 · Q&A responses: +1.62019 Q4 · Q&A responses: +1.52020 Q1 · Q&A responses: -11.52020 Q2 · Q&A responses: -8.72020 Q3 · Q&A responses: -8.12020 Q4 · Q&A responses: +6.82021 Q1 · Q&A responses: -0.62021 Q2 · Q&A responses: +1.92021 Q3 · Q&A responses: -0.52021 Q4 · Q&A responses: -0.52022 Q1 · Q&A responses: -5.12022 Q2 · Q&A responses: -5.12022 Q3 · Q&A responses: -8.12022 Q4 · Q&A responses: -6.62023 Q1 · Q&A responses: -8.02023 Q2 · Q&A responses: -2.32023 Q3 · Q&A responses: -3.12023 Q4 · Q&A responses: -0.22024 Q1 · Q&A responses: -8.52024 Q2 · Q&A responses: +0.62024 Q3 · Q&A responses: -3.42024 Q4 · Q&A responses: -1.02025 Q1 · Q&A responses: -7.1
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$4.74$11.47$18.202007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22014 Q1: $6.012014 Q2: $5.672014 Q3: $5.872014 Q4: $5.942015 Q1: $5.972015 Q2: $6.162015 Q3: $6.302015 Q4: $6.222016 Q1: $5.842016 Q2: $6.042016 Q3: $6.072016 Q4: $6.442017 Q1: $6.802017 Q2: $7.122017 Q3: $7.382017 Q4: $7.652018 Q1: $9.122018 Q2: $9.432018 Q3: $9.792018 Q4: $10.072019 Q1: $9.942019 Q2: $10.322019 Q3: $10.412019 Q4: $10.612020 Q1: $10.752020 Q2: $6.802020 Q3: $8.042020 Q4: $9.112021 Q1: $10.902021 Q2: $12.452021 Q3: $12.342021 Q4: $11.962022 Q1: $11.512022 Q2: $12.132022 Q3: $12.212022 Q4: $12.862023 Q1: $13.092023 Q2: $14.302023 Q3: $15.072023 Q4: $15.542024 Q1: $16.012024 Q2: $16.482024 Q3: $17.272024 Q4: $16.89

Forward P/E

7.2511.2115.182007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22014 Q1: 9.702014 Q2: 10.192014 Q3: 10.272014 Q4: 10.062015 Q1: 10.342015 Q2: 11.072015 Q3: 10.182015 Q4: 10.862016 Q1: 10.082016 Q2: 10.262016 Q3: 10.942016 Q4: 13.162017 Q1: 13.482017 Q2: 12.242017 Q3: 12.352017 Q4: 13.792018 Q1: 12.602018 Q2: 11.672018 Q3: 12.012018 Q4: 9.662019 Q1: 10.502019 Q2: 10.652019 Q3: 11.502019 Q4: 13.012020 Q1: 7.802020 Q2: 14.632020 Q3: 12.412020 Q4: 13.252021 Q1: 14.222021 Q2: 12.552021 Q3: 12.822021 Q4: 13.212022 Q1: 12.022022 Q2: 9.512022 Q3: 9.512022 Q4: 10.372023 Q1: 9.802023 Q2: 9.892023 Q3: 9.712023 Q4: 10.362024 Q1: 11.952024 Q2: 11.952024 Q3: 12.022024 Q4: 13.64

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q4 tone ↓ -5.6 fwd EPS ↑ +0.07 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q1 tone ↓ -7.3 fwd EPS ↑ +0.36 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↓ -5.5 fwd EPS ↑ +1.47 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -2.5 fwd EPS ↑ +0.37 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q4 tone ↓ -2.4 fwd EPS ↑ +0.28 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↑ +6.4 fwd EPS ↓ -0.13 Tone rose while the forward EPS estimate was cut.
  • 2020 Q1 tone ↓ -16.9 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +2.1 fwd EPS ↓ -3.95 Tone rose while the forward EPS estimate was cut.
  • 2021 Q1 tone ↓ -4.5 fwd EPS ↑ +1.79 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↓ -2.6 fwd EPS ↑ +0.23 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -2.9 fwd EPS ↑ +0.77 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -10.8 fwd EPS ↑ +0.47 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -4.6 fwd EPS ↑ +0.78 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q4 tone ↑ +4.7 fwd EPS ↓ -0.38 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-11-6.7——View →
2024 Q42025-01-15+2.1$16.8913.6View →
2024 Q32024-10-11-2.6$17.2712.0View →
2024 Q22024-07-12+2.0$16.4811.9View →
2024 Q12024-04-12-9.1$16.0111.9View →
2023 Q42024-01-12+1.6$15.5410.4View →
2023 Q32023-10-13-3.5$15.079.7View →
2023 Q22023-07-14-0.6$14.309.9View →