Companies: 11,222     total market cap: โ‚น14779.061 T
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JPMorgan Chase
JPM
#16
Rank
โ‚น90.473 T
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
โ‚น34,036
Share price
0.34%
Change (1 day)
34.80%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services๐Ÿ‡บ๐Ÿ‡ธ Dow jones
Categories
  1. JPMorgan Chase
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

JPMorgan Chase - 10-Q quarterly report FY2026 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period endedCommission file
June 30, 2026number1-5805
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
Delaware13-2624428
(State or other jurisdiction of
incorporation or organization)		(I.R.S. employer
identification no.)
270 Park Avenue,
New York,New York10017
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 270-6000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockJPMThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD
JPM PR DThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE
JPM PR CThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG
JPM PR JThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJJPM PR KThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL
JPM PR L
The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MMJPM PR MThe New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
JPM/32The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLCAMJBNYSE Arca, Inc.
Guarantee of Inverse VIX Short-Term Futures ETNs due March 22, 2045 of JPMorgan Chase Financial Company LLCVYLDNYSE Arca, Inc.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Number of shares of common stock outstanding as of June 30, 2026: 2,658,186,195


FORM 10-Q
TABLE OF CONTENTS
Page
Item 1.
Consolidated Financial Statements – JPMorgan Chase & Co.:
Consolidated statements of income (unaudited) for the three and six months ended June 30, 2026 and 2025
93
Consolidated statements of comprehensive income (unaudited) for the three and six months ended June 30, 2026 and 2025
94
Consolidated balance sheets (unaudited) at June 30, 2026 and December 31, 2025
95
Consolidated statements of changes in stockholders' equity (unaudited) for the three and six months ended June 30, 2026 and 2025
96
Consolidated statements of cash flows (unaudited) for the six months ended June 30, 2026 and 2025
97
Notes to Consolidated Financial Statements (unaudited)
Note 1 - Basis of presentation
98
Note 2 - Fair value measurement
99
Note 3 - Fair value option
114
Note 4 - Derivative instruments
118
Note 5 - Noninterest revenue and noninterest expense
130
Note 6 - Interest income and interest expense
132
Note 7 - Pension and other postretirement employee benefit plans
133
Note 8 - Employee share-based incentives
133
Note 9 - Investment securities
134
Note 10 - Securities financing activities
138
Note 11 - Loans
140
Note 12 - Allowance for credit losses
158
Note 13 - Variable interest entities
161
Note 14 - Goodwill and mortgage servicing rights
168
Note 15 - Deposits
171
Note 16 - Leases
171
Note 17 - Preferred stock
172
Note 18 - Earnings per share
173
Note 19 - Accumulated other comprehensive income/(loss)
174
Note 20 - Restricted cash and other restricted assets
176
Note 21 - Regulatory capital
177
Note 22 - Off-balance sheet lending-related financial instruments, guarantees, and other commitments
179
Note 23 - Pledged assets and collateral
182
Note 24 - Litigation
183
Note 25 - Business segments & Corporate
186
Page
Report of Independent Registered Public Accounting Firm
189
Consolidated Average Balance Sheets, Interest and Rates (unaudited) for the three and six months ended June 30, 2026 and 2025
190
Glossary of Terms and Acronyms and Line of Business Metrics
192
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Consolidated Financial Highlights
3
Introduction
4
Executive Overview
5
Consolidated Results of Operations
9
Consolidated Balance Sheets and Cash Flows Analysis
15
Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures
18
Business Segment & Corporate Results
20
Firmwide Risk Management
43
Capital Risk Management
44
Liquidity Risk Management
52
Consumer Credit Portfolio
61
Wholesale Credit Portfolio
66
Allowance for Credit Losses
75
Investment Portfolio Risk Management
78
Market Risk Management
79
Country Risk Management
86
Critical Accounting Estimates Used by the Firm
87
Accounting and Reporting Developments
90
Forward-Looking Statements
92
Item 3.
Quantitative and Qualitative Disclosures About Market Risk.
201
Item 4.
201
Item 1.
201
Item 1A.
201
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
201
Item 3.
202
Item 4.
202
Item 5.
202
Item 6.
203

2

JPMorgan Chase & Co.
Consolidated financial highlights (unaudited)
As of or for the period ended, (in millions, except per share, ratio, employee data and where otherwise noted)Six months ended June 30,
2Q261Q264Q253Q252Q2520262025
Selected income statement data
Total net revenue$57,347 
(e)
$49,836 $45,798 $46,427 $44,912 $107,183 
(e)
$90,222 
Total noninterest expense27,316 26,850 23,983 24,281 23,779 54,166 47,376 
Pre-provision profit(a)
30,031 22,986 21,815 22,146 21,133 53,017 42,846 
Provision for credit losses2,515 2,507 4,655 
(f)
3,403 2,849 5,022 6,154 
Income before income tax expense27,516 20,479 17,160 18,743 18,284 47,995 36,692 
Income tax expense6,361 3,985 4,135 4,350 3,297 10,346 7,062 
Net income
$21,155 $16,494 $13,025 $14,393 $14,987 $37,649 $29,630 
Earnings per share data
Net income:     Basic
$7.71 $5.95 $4.64 $5.08 $5.25 $13.65 $10.32 
             Diluted7.70 5.94 4.63 5.07 5.24 13.63 10.31 
Average shares: Basic2,689.9 2,716.2 2,735.3 2,762.4 2,788.7 2,703.1 2,804.0 
             Diluted2,694.2 2,720.2 2,740.5 2,767.6 2,793.7 2,707.2 2,809.0 
Market and per common share data
Market capitalization$870,104 $788,205 $868,793 $858,683 $797,181 $870,104 $797,181 
Common shares at period-end2,658.2 2,679.5 2,696.2 2,722.2 2,749.7 2,658.2 2,749.7 
Book value per share$133.01 $128.38 $126.99 $124.96 $122.51 $133.01 $122.51 
Tangible book value per share (“TBVPS”)(a)
113.35 108.87 107.56 105.70 103.40 113.35 103.40 
Cash dividends declared per share1.50 1.50 1.50 1.50 1.40 3.00 2.80 
Selected ratios and metrics
Return on common equity (“ROE”)(b)
24 %19 %15 %17 %18 %22 %18 %
Return on tangible common equity (“ROTCE”)(a)(b)
29 23 18 20 21 26 21 
Return on assets(b)
1.70 1.41 1.14 1.26 1.35 1.56 1.38 
Overhead ratio48 54 52 52 53 51 53 
Loans-to-deposits ratio57 56 58 56 55 57 55 
Firm Liquidity coverage ratio (“LCR”) (average)(c)
110 112 111 110 113 110 113 
JPMorgan Chase Bank, N.A. LCR (average)(c)
118 120 115 117 120 118 120 
Common equity Tier 1 (“CET1”) capital ratio – Standardized(d)
14.2 14.3 14.6 14.8 15.1 14.2 15.1 
Tier 1 capital ratio – Standardized(d)
15.1 15.2 15.5 15.8 16.1 15.1 16.1 
Total capital ratio – Standardized(d)
17.0 17.2 17.4 17.7 17.8 17.0 17.8 
Tier 1 leverage ratio(c)
6.6 6.6 6.9 6.9 6.9 6.6 6.9 
Supplementary leverage ratio (“SLR”)(c)
5.5 5.6 5.8 5.8 5.9 5.5 5.9 
Selected balance sheet data (period-end)
Trading assets$1,062,072 $1,069,335 $802,873 $952,777 $889,856 $1,062,072 $889,856 
Investment securities, net of allowance for credit losses804,522 821,179 777,332 783,945 745,939 804,522 745,939 
Loans1,542,462 1,503,520 1,493,429 1,435,246 1,411,992 1,542,462 1,411,992 
Total assets5,015,069 4,900,475 4,424,900 4,560,205 4,552,482 5,015,069 4,552,482 
Deposits2,713,700 2,675,520 2,559,320 2,548,476 2,562,380 2,713,700 2,562,380 
Long-term debt460,523 448,764 435,206 427,203 419,802 460,523 419,802 
Common stockholders’ equity353,558 343,993 342,393 340,167 336,879 353,558 336,879 
Total stockholders’ equity374,598 364,038 362,438 360,212 356,924 374,598 356,924 
Employees
320,560 320,079 318,512 318,153 317,160 320,560 317,160 
Credit quality metrics
Allowances for credit losses$31,531 $31,383 $31,230 $29,089 $28,281 $31,531 $28,281 
Allowance for loan losses to total retained loans1.79 %1.82 %1.83 %1.88 %1.85 %1.79 %1.85 %
Nonperforming assets$9,849 $10,049 $10,359 $10,635 $10,480 $9,849 $10,480 
Net charge-offs2,366 2,316 2,514 2,593 2,410 4,682 4,742 
Net charge-off rate0.66 %0.67 %0.72 %0.76 %0.73 %0.67 %0.73 %
On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio (the “Apple Card transaction”), with an expected closing date approximately 24 months thereafter. Refer to Notes 4, 13, 27 and 28 of JPMorganChase’s 2025 Form 10-K for additional information.
(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of these measures.
(b)Ratios are based upon annualized amounts.
(c)For the six months ended June 30, 2026 and 2025, the percentage represents average ratios for the three months ended June 30, 2026 and 2025.
(d)As of June 30, 2026, the Advanced total capital ratio was more binding on the Firm than the Standardized total capital ratio. At each of March 31, 2026 and December 31, 2025, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios. Refer to Capital Risk Management on pages 44-51 of this Form 10-Q and pages 89–99 of JPMorganChase’s 2025 Form 10-K for additional information.
(e)Included a $4.6 billion net gain related to Visa shares in Corporate and $1.0 billion of gains on certain equity investments in Corporate and CIB. Refer to Executive Overview on pages 5–8, and Notes 2 and 5 of this Form 10-Q for additional information.
(f)Included $2.2 billion associated with the Apple Card transaction. Refer to Note 13 of JPMorganChase’s 2025 Form 10-K for additional information.
3

INTRODUCTION
The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) for the second quarter of 2026.
This Quarterly Report on Form 10-Q for the second quarter of 2026 (“Form 10-Q”) should be read together with JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 192-200 for definitions of terms and acronyms used throughout this Form 10-Q.
This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the beliefs and expectations of JPMorganChase’s management, speak only as of the date of this Form 10-Q and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 92 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9–31 of the 2025 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $5.0 trillion in assets and $374.6 billion in stockholders’ equity as of June 30, 2026. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.
JPMorganChase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorganChase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorganChase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities
plc and J.P. Morgan SE (“JPMSE”), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (“U.K.”) and Germany, respectively.
For management reporting purposes, the Firm has three reportable business segments – Consumer & Community Banking (“CCB”), Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) – with the remaining activities in Corporate. The Firm's consumer business segment is CCB, and the Firm's wholesale business segments are CIB and AWM. Refer to Business Segment & Corporate Results on pages 20-42 and Note 25 of this Form 10-Q, and Note 32 of JPMorganChase's 2025 Form 10-K, for a description of the Firm’s reportable business segments and the products and services they provide to their respective client bases, as well as a description of Corporate activities.
The Firm's website is www.jpmorganchase.com. JPMorganChase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorganChase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website, including documents on the website that are referenced in this Form 10-Q, is not incorporated by reference into this Form 10-Q or the Firm’s other filings with the SEC.
4

EXECUTIVE OVERVIEW
This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm, this Form 10-Q and the 2025 Form 10-K should be read together and in their entirety.
Financial performance of JPMorganChase
(unaudited)
As of or for the period ended,
(in millions, except per share data and ratios)
Three months ended June 30,Six months ended June 30,
20262025Change20262025Change
Selected income statement data
Noninterest revenue$31,836 $21,703 47 %$56,306 $43,740 29 %
Net interest income25,511 23,209 10 50,877 46,482 9 
Total net revenue57,347 44,912 28 107,183 90,222 19 
Total noninterest expense27,316 23,779 15 54,166 47,376 14 
Pre-provision profit30,031 21,133 42 53,017 42,846 24 
Provision for credit losses2,515 2,849 (12)5,022 6,154 (18)
Net income21,155 14,987 41 37,649 29,630 27 
Diluted earnings per share7.70 5.24 47 13.63 10.31 32 
Selected ratios and metrics
Return on common equity24 %18 %22 %18 %
Return on tangible common equity
29 21 26 21 
Book value per share$133.01 $122.51 9 $133.01 $122.51 9 
Tangible book value per share113.35 103.40 10 113.35 103.40 10 
Capital ratios - Standardized(a)
CET1 capital14.2 %15.1 %14.2 %15.1 %
Tier 1 capital15.1 16.1 15.1 16.1 
Total capital17.0 17.8 17.0 17.8 
Memo:
NII excluding Markets(b)
$23,677 $22,753 4 $46,957 $45,343 4 
NIR excluding Markets(b)
22,267 13,991 59 37,964 27,752 37 
Markets(c)
12,078 8,936 35 23,637 18,599 27 
Total net revenue - managed basis$58,022 $45,680 27 %$108,558 $91,694 18 %
(a)As of June 30, 2026, the Advanced total capital ratio was more binding on the Firm than the Standardized total capital ratio. Refer to Capital Risk Management on pages 44-51 of this Form 10-Q and pages 89–99 of JPMorganChase’s 2025 Form 10-K for additional information.
(b)NII and NIR refer to net interest income and noninterest revenue, respectively.
(c)Markets consists of CIB's Fixed Income Markets and Equity Markets businesses. The Firm assesses the performance of its Markets business on a total net revenue basis, as revenues in NII generally have offsets across other revenue lines, primarily Principal transactions revenue.
Comparisons noted in the sections below are for the second quarter of 2026 versus the second quarter of 2025, unless otherwise specified.
Visa shares: On April 13, 2026, Visa Inc. commenced an exchange offer for Visa Class B-2 common shares. On May 11, 2026, Visa accepted the Firm’s tender of its 18.6 million Visa Class B-2 common shares in exchange for a combination of Visa Class B-3 common shares and Visa Class C common shares (“Visa C shares”), resulting in a $4.6 billion net gain for the three months ended June 30, 2026.
Gains on certain equity investments: The second quarter of 2026 included $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. These gains represented a measurement alternative markup on an equity investment and initial gains on transition from
measurement alternative to recurring fair value on certain other equity investments.
Firmwide overview
For the second quarter of 2026, JPMorganChase reported net income of $21.2 billion, up 41%, with earnings per share of $7.70, ROE of 24% and ROTCE of 29%. The Firm's results included a $4.6 billion net gain related to Visa shares in Corporate and $1.0 billion of gains on certain equity investments in Corporate and CIB.
•Total net revenue was $57.3 billion, up 28%, reflecting:
–Net interest income ("NII") was $25.5 billion, up 10%, driven by higher Markets net interest income, higher deposit balances, higher revolving balances in Card Services, and higher wholesale loan balances, partially offset by the impact of lower
5

rates. NII excluding Markets was $23.7 billion, up 4%.
–Noninterest revenue ("NIR") was $31.8 billion, up 47%, predominantly driven by the $4.6 billion net gain related to Visa shares, higher Markets noninterest revenue, $1.0 billion of gains on certain equity investments, higher asset management fees in AWM and CCB, higher investment banking fees, and higher auto operating lease income, partially offset by higher net investment securities losses in Treasury and CIO.
•Noninterest expense was $27.3 billion, up 15%, predominantly driven by higher compensation expense as a result of higher revenue-related compensation, wage inflation and growth in the number of employees, as well as higher brokerage expense and distribution fees, continued investments in marketing and technology, and higher occupancy expense.
•The provision for credit losses was $2.5 billion. Net charge-offs were $2.4 billion, down $44 million. The net addition to the allowance for credit losses was $149 million, primarily in wholesale.
In the prior year, the provision was $2.8 billion, net charge-offs were $2.4 billion and the net addition to the allowance for credit losses was $439 million.
•The total allowance for credit losses was $31.5 billion at June 30, 2026. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.79%, compared with 1.85% in the prior year.
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-14 and pages 15-16, respectively, for a further discussion of the Firm's results, including the provision for credit losses.
Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of each of these measures.
•The Firm’s nonperforming assets totaled $9.8 billion at June 30, 2026, down 6%, driven by:
–lower wholesale nonperforming assets, reflecting net portfolio activity, predominantly offset by net downgrades, and
–lower consumer nonaccrual loans, driven by the normalization of loans following the forbearances related to California wildfires that were initiated in the prior year.
Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 66-74 and pages 61-65, respectively, for additional information.
•Firmwide average loans of $1.5 trillion were up 10%, predominantly driven by higher loans in CIB and AWM.
•Firmwide average deposits of $2.7 trillion were up 7%, reflecting:
–net inflows related to client-driven activities primarily in Payments,
–growth in new accounts in CCB,
–growth in new accounts in Corporate related to the Firm's international consumer initiatives, and
–growth in both new accounts and balances in existing accounts in AWM
Refer to Liquidity Risk Management on pages 52-58 for additional information.
Selected capital and other metrics
•CET1 capital was $303 billion, and the Standardized and Advanced CET1 ratios were each 14.2%.
•SLR was 5.5%.
•TBVPS grew 10%, ending the second quarter of 2026 at $113.35.
•As of June 30, 2026, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $956 billion and unencumbered marketable securities with a fair value of approximately $541 billion, resulting in approximately $1.5 trillion of liquidity sources.
Refer to Capital Risk Management and Liquidity Risk Management on pages 44-51 and pages 52-58, respectively, for additional information.
6

Business segment highlights
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the second quarter of 2026.
CCB
ROE 34%
•Average deposits up 3% year-over-year ("YoY"), up 2% quarter-over-quarter ("QoQ"); client investment assets up 21%
•Average loans up 2% YoY, up 1% QoQ; Card Services net charge-off rate of 3.34%
•Debit and credit card sales volume(a) up 10%
•Active mobile customers up 6%
CIB
ROE 22%
•Investment banking fees up 30% YoY, up 14% QoQ; #1 ranking for global investment banking fees with 9.3% wallet share year-to-date ("YTD")(b)
•Markets revenue up 35%, with Fixed Income Markets up 6% and Equity Markets up 86%
•Average Banking & Payments loans up 13% YoY, up 5% QoQ; average client deposits(c) up 11% YoY, up 3% QoQ
AWM
ROE 48%
•Assets under management ("AUM") of $5.1 trillion, up 18%
•Average loans up 18% YoY, up 6% QoQ; average deposits up 5% YoY, up 3% QoQ
(a)Excludes Commercial Card.
(b)Source: Dealogic as of July 1, 2026.
(c)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.
Refer to the Business Segment & Corporate Results on pages 20-42 for a detailed discussion of results by business segment.

Credit provided and capital raised
JPMorganChase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first six months of 2026, consisting of approximately:
$1.9
trillion
Total credit provided and capital raised (including loans and commitments)
$160
billion
Credit for consumers
$17
billion
Credit for U.S. small businesses
$1.7
trillion
Credit and capital for corporations and non-U.S. government entities(a)
$52
 billion
Credit and capital for nonprofit and U.S. government entities(b)
(a)Includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.
(b)Includes states, municipalities, hospitals and universities.

7

Recent events
•On June 25, 2026, JPMorganChase announced that Doug Petno and Troy Rohrbaugh, formerly the Co-CEOs of the Commercial & Investment Bank (“CIB”), had been named Co-Presidents of the Firm, effective immediately. In addition to their new roles, Mr. Petno became the sole CEO of the CIB, and Mr. Rohrbaugh became the CEO of Consumer & Community Banking (“CCB”). Marianne Lake, the former CEO of CCB, is retiring after more than 25 years with the Firm.

Outlook
The statements set forth below are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the beliefs and expectations of JPMorganChase’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 92 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9–31 of the 2025 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in 2026 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.
JPMorganChase’s outlook for full year 2026 should be viewed against the backdrop of the global and U.S. economies, financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates.
The Firm provided the following outlook information on July 14, 2026 in connection with announcing its results for the quarter ended June 30, 2026:
Full-year 2026
•Management expects net interest income to be approximately $105.5 billion and net interest income excluding Markets to be approximately $96.5 billion, market dependent.
•Management expects adjusted expense to be approximately $107.5 billion, market dependent.
•Management expects the net charge-off rate in Card Services to be approximately 3.2%.
Net interest income excluding Markets and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19.


8

CONSOLIDATED RESULTS OF OPERATIONS
This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three and six months ended June 30, 2026 and 2025, unless otherwise specified. Factors that relate primarily to a single business segment or Corporate are discussed in more detail in the results of that segment or Corporate. Refer to pages 87-89 of this Form 10-Q and pages 154–157 of JPMorganChase’s 2025 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
Revenue
Three months ended June 30,Six months ended June 30,
(in millions)20262025Change20262025Change
Investment banking fees$3,208 $2,499 28 %$6,066 $4,677 30 %
Principal transactions9,007 7,149 26 16,994 14,763 15 
Lending- and deposit-related fees2,511 2,248 12 4,905 4,380 12 
Asset management fees5,658 4,806 18 11,173 9,506 18 
Commissions and other fees2,614 2,194 19 5,096 4,227 21 
Investment securities losses(395)(54)NM(331)(91)(264)
Mortgage fees and related income336 363 (7)645 641 1 
Card income1,348 1,344 — 2,538 2,560 (1)
Other income(a)
7,549 
(b)
1,154 NM9,220 
(b)
3,077 200 
Noninterest revenue31,836 21,703 47 56,306 43,740 29 
Net interest income25,511 23,209 10 50,877 46,482 9 
Total net revenue$57,347 $44,912 28 %$107,183 $90,222 19 %
(a)Included operating lease income of $1.2 billion and $901 million for the three months ended June 30, 2026 and 2025, respectively, and $2.4 billion and $1.7 billion for the six months ended June 30, 2026 and 2025, respectively. Refer to Note 5 for additional information.
(b)Included a $4.6 billion net gain related to Visa shares in Corporate and $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. Refer to Executive Overview on pages 5–8, and Notes 2 and 5 for additional information.
Quarterly results
Investment banking fees increased, reflecting in CIB:
•higher equity underwriting fees predominantly driven by higher revenue from certain large IPOs and convertible securities offerings,
•higher debt underwriting fees predominantly driven by higher investment-grade loans and bonds and non-investment grade bonds, and
•higher advisory fees driven by higher fees from deals in the Financial Institutions, Technology, and Diversified Industries sectors, largely offset by lower fees from deals in the Consumer & Retail sector.
Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
Principal transactions revenue increased, reflecting the net impact in CIB of:
•higher Equity Markets revenue driven by Equity Derivatives, Prime Finance and Cash, and
•lower Fixed Income Markets revenue driven by Commodities, Currencies & Emerging Markets, and Securitized Products, partially offset by higher revenue in Credit.

Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.
Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
Lending- and deposit-related fees increased, reflecting:
•in CIB, higher deposit-related fees, primarily cash management fees, and higher lending-related fees, primarily loan commitment fees, both as a result of higher volume, and
•in CCB, higher deposit-related fees as a result of higher transaction volume and new accounts.
Refer to CCB and CIB segment results on pages 22-26 and pages 27-34, respectively, and Note 5 for additional information.
Asset management fees increased driven by higher average market levels and net inflows in AWM and CCB. Refer to CCB and AWM segment results on pages 22-26 and pages 35-39, respectively, and Note 5 for additional information.

9

Commissions and other fees increased in CIB and AWM, largely due to higher brokerage commissions on higher volume and, to a lesser extent, higher custody fees as a result of higher market levels and client activity. Refer to CIB and AWM segment results on pages 27-34 and pages 35-39, respectively, and Note 5 for additional information.
Investment securities losses increased, reflecting higher losses on sales of securities associated with repositioning the investment securities portfolio in Treasury and CIO. The current quarter net loss was primarily related to sales of U.S. GSE and government agency MBS. Refer to Corporate results on pages 40-42 and Note 9 for additional information.
Mortgage fees and related income: refer to Note 14 for additional information.
Card income was flat, reflecting in CCB, higher annual fees, predominantly offset by lower net interchange income. Net interchange income decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments. Refer to CCB segment results on pages 22-26 and Note 5 for additional information.
Other income increased, reflecting:
•the $4.6 billion net gain related to Visa shares in Corporate,
•$1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB,
•higher auto operating lease income in CCB due to growth in volume, and
•higher investment valuation gains in AWM.
Refer to CCB, CIB and AWM segment and Corporate results on pages 22-26, pages 27-34, pages 35-39 and pages 40-42, respectively, for additional information; Notes 2 and 5 for additional information on Visa shares; and Note 5 for additional information on the gains on certain equity investments.
Net interest income increased driven by higher Markets net interest income, higher deposit balances across the LOBs and Corporate, higher revolving balances in Card Services, and higher wholesale loan balances, partially offset by the impact of lower rates.
The Firm’s average interest-earning assets were $4.3 trillion, up $442 billion, and the yield was 4.75%, down 29 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.40%, a decrease of 3 bps. The net yield excluding Markets was 3.65%, down 6 bps.
Refer to the Consolidated average balance sheets, interest and rates schedule on pages 190-191 for additional information. Net yield excluding Markets is a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for an additional discussion of net yield excluding Markets.
Year-to-date results
Investment banking fees increased, reflecting in CIB:
•higher advisory fees largely driven by higher fees from deals in the Diversified Industries, Financial Institutions, and Technology sectors, partially offset by lower fees from deals in the Consumer & Retail sector,
•higher equity underwriting fees driven by higher revenue across all products, and
•higher debt underwriting fees driven by higher investment-grade loans and bonds and non-investment grade bonds, largely offset by lower non-investment grade loans.
Principal transactions revenue increased, reflecting in CIB, higher Equity Markets revenue predominantly driven by Prime Finance and Equity Derivatives. Fixed Income Markets was relatively flat as higher revenue in Credit was offset by lower revenue in Securitized Products.
Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.
Lending- and deposit-related fees increased, reflecting:
•in CIB, higher deposit-related fees, primarily cash management fees, and higher lending-related fees, primarily loan commitment fees, both as a result of higher volume, and
•in CCB, higher deposit-related fees as a result of higher transaction volume and new accounts.
Asset management fees increased driven by higher average market levels and net inflows in AWM and CCB.
Commissions and other fees increased in CIB and AWM, largely due to higher brokerage commissions on higher volume and, to a lesser extent, higher custody fees as a result of higher market levels and client activity.
Investment securities losses increased, reflecting higher losses on sales of securities associated with repositioning the investment securities portfolio in Treasury and CIO. The current year net loss was primarily related to sales of U.S. GSE and government agency MBS, partially offset by gains on sales of U.S. Treasuries.
Mortgage fees and related income: refer to Note 14 for additional information.

10

Card income was relatively flat, reflecting, primarily in CCB, an increase in amortization related to new account origination costs and lower net interchange income, predominantly offset by higher annual fees. Net interchange income decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments.
Other income increased, reflecting:
•the $4.6 billion net gain related to Visa shares in Corporate,
•$1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB,
•higher auto operating lease income in CCB due to growth in volume, and
•higher investment valuation gains in AWM,
partially offset by
•lower First Republic-related revenues primarily driven by the absence of the $588 million gain recorded in the prior year in Corporate.
Refer to Note 5 for additional information on the First Republic acquisition.

Net interest income increased driven by higher Markets net interest income, higher deposit balances across the LOBs and Corporate, higher revolving balances in Card Services, and higher wholesale loan balances, partially offset by the impact of lower rates.
The Firm’s average interest-earning assets were $4.2 trillion, up $455 billion, and the yield was 4.79%, down 32 bps. The net yield on these assets, on an FTE basis, was 2.45%, a decrease of 6 bps. The net yield excluding Markets was 3.69%, down 6 bps.
11

Provision for credit losses
Three months ended June 30,Six months ended June 30,
(in millions)20262025Change20262025Change
Consumer, excluding credit card$142 $131 8 %$155 $335 (54)%
Credit card2,026 1,937 5 4,070 4,319 (6)
Total consumer2,168 2,068 5 4,225 4,654 (9)
Wholesale361 791 (54)808 1,527 (47)
Investment securities(14)(10)(40)(11)(27)59
Total provision for credit losses$2,515 $2,849 (12)%$5,022 $6,154 (18)%
Quarterly results
The provision for credit losses was $2.5 billion. Net charge-offs were $2.4 billion and the net addition to the allowance for credit losses was $149 million.
The provision for credit losses included:
•$2.2 billion in consumer, reflecting net charge-offs of $2.2 billion, predominantly driven by Card Services, primarily due to loan growth. The allowance for credit losses was relatively flat, and
•$361 million in wholesale, driven by a net increase in the loan portfolio and changes in the credit quality of certain exposures, partially offset by a reduction in the allowance with respect to certain accounts receivable and an update to loss assumptions on certain loans in Markets. Net charge-offs were $209 million and the net addition to the allowance for credit losses was $152 million.
In the prior year, the provision was $2.8 billion, net charge-offs were $2.4 billion and the net addition to the allowance for credit losses was $439 million.
Refer to CCB, CIB and AWM segment and Corporate results on pages 22-26, pages 27-34, pages 35-39, and pages 40-42, respectively; Allowance for Credit Losses on pages 75-77; Critical Accounting Estimates Used by the Firm on pages 87-89; and Notes 11 and 12 for additional information on the credit portfolio and the allowance for credit losses.
Year-to-date results
The provision for credit losses was $5.0 billion. Net charge-offs were $4.7 billion and the net addition to the allowance for credit losses was $340 million.
The provision for credit losses included:
•$4.2 billion in consumer, consisting of net charge-offs of $4.4 billion, predominantly driven by Card Services, reflecting loan growth, and a net reduction in the allowance for credit losses of $128 million, predominantly driven by improvements in home prices in the first quarter of 2026, and
•$808 million in wholesale, driven by changes in the credit quality of certain exposures and a net increase in the loan portfolio, partially offset by a reduction in the allowance with respect to certain accounts receivable and an update to loss assumptions on certain loans in Markets. The net addition to the allowance for credit losses was $479 million and net charge-offs were $329 million.
In the prior year, the provision was $6.2 billion, net charge-offs were $4.7 billion and the net addition to the allowance for credit losses was $1.4 billion.
12

Noninterest expense
(in millions)Three months ended June 30,Six months ended June 30,
20262025Change20262025Change
Compensation expense
$15,159 $13,710 11 %$30,498 $27,803 10 %
Noncompensation expense:
Occupancy1,482 1,264 17 2,929 2,566 14 
Technology, communications and equipment(a)
3,107 2,704 15 6,128 5,282 16 
Professional and outside services3,855 3,006 28 7,338 5,845 26 
Marketing1,670 1,279 31 3,274 2,583 27 
Other expense
2,043 1,816 13 3,999 3,297 21 
Total noncompensation expense12,157 10,069 21 23,668 19,573 21 
Total noninterest expense
$27,316 $23,779 15 %$54,166 $47,376 14 %
Certain components of other expense(b)
FDIC-related expense$350 $302 $682 $291 
Operating losses280 314 566 700 
(a)Includes depreciation expense associated with auto operating lease assets. Refer to Note 16 for additional information.
(b)Refer to Note 5 for additional information.
Quarterly results
Compensation expense increased predominantly driven by:
•higher revenue-related compensation across the LOBs,
•the impact of wage inflation, and
•growth in the number of employees, primarily front office employees.
Noncompensation expense increased, reflecting:
•higher investments in technology across the LOBs and Corporate and marketing in CCB,
•higher brokerage expense in CIB and higher distribution fees in AWM,
•higher occupancy expense, reflecting net additions and improvements to the Firm’s properties, including its new headquarters, bank branches and other corporate offices, and
•higher depreciation expense on higher auto operating lease assets in CCB.
Refer to Note 5 for additional information on other expense.
Year-to-date results
Compensation expense increased predominantly driven by:
•higher revenue-related compensation across the LOBs,
•the impact of wage inflation, and
•growth in the number of employees, primarily front office employees.
Noncompensation expense increased, reflecting:
•higher investments in technology across the LOBs and Corporate and marketing in CCB,
•higher brokerage expense in CIB and higher distribution fees in AWM,
•higher FDIC-related expense, which included the absence of an FDIC special assessment accrual release of $323 million recorded in the first quarter of the prior year,
•higher depreciation expense on higher auto operating lease assets in CCB, and
•higher occupancy expense, reflecting net additions and improvements to the Firm’s properties, including its new headquarters, bank branches and other corporate offices.


13

Income tax expense
(in millions)Three months ended June 30,Six months ended June 30,
20262025Change20262025Change
Income before income tax expense$27,516 $18,284 50 %$47,995 $36,692 31 %
Income tax expense6,361 3,297 93 10,346 7,062 47 
Effective tax rate23.1 %18.0 %21.6 %19.2 %
Quarterly results
The effective tax rate increased predominantly driven by the absence of a $774 million income tax benefit recorded in the prior year arising from the resolution of certain tax audits and the impact of tax regulations, and changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.
Year-to-date results
The effective tax rate increased driven by the absence of a $774 million income tax benefit recorded in the prior year arising from the resolution of certain tax audits and the impact of tax regulations, and changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes, partially offset by higher tax benefits related to the vesting of employee share-based awards.

14

CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS
Consolidated balance sheets analysis
The following is a discussion of the significant changes between June 30, 2026 and December 31, 2025. Refer to pages 154–157 for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Balance Sheets.
Selected Consolidated balance sheets data
(in millions)June 30,
2026		December 31,
2025		Change
Assets
Cash and due from banks$24,720 $21,742 14 %
Deposits with banks285,091 321,596 (11)
Federal funds sold and securities purchased under resale agreements446,143 336,426 33 
Securities borrowed362,487 286,191 27 
Trading assets1,062,072 802,873 32 
Available-for-sale securities536,048 507,198 6 
Held-to-maturity securities268,474 270,134 (1)
Investment securities, net of allowance for credit losses804,522 777,332 3 
Loans1,542,462 1,493,429 3 
Allowance for loan losses(26,152)(25,765)2 
Loans, net of allowance for loan losses1,516,310 1,467,664 3 
Accrued interest and accounts receivable179,939 111,599 61 
Premises and equipment37,701 36,244 4 
Goodwill, MSRs and other intangible assets64,304 64,458 — 
Other assets231,780 198,775 17 
Total assets$5,015,069 $4,424,900 13 %
Cash and due from banks and deposits with banks decreased driven by Markets activities in CIB, higher loans, and net purchases of investment securities in Treasury and CIO, predominantly offset by the impact of higher deposits and higher long-term debt.
Federal funds sold and securities purchased under resale agreements increased driven by Markets, reflecting higher client-driven market-making activities, as well as when compared with seasonally lower levels at year-end.
Securities borrowed increased driven by Markets, predominantly due to a higher demand for securities to cover short positions.
Refer to Note 10 for additional information on securities purchased under resale agreements and securities borrowed.
Trading assets increased due to higher levels of equity and debt instruments in Markets, primarily related to client-driven market-making activities, as well as when compared with seasonally lower levels at year-end. Refer to Notes 2 and 4 for additional information.
Investment securities increased due to the net impact of:
•higher available-for-sale ("AFS") securities, reflecting net purchases, predominantly U.S. Treasuries and non-U.S. government debt securities, partially offset
by maturities and paydowns; and
•lower held to-maturity (“HTM”) securities driven by maturities and paydowns, predominantly offset by purchases of U.S. Treasuries.
Refer to Corporate results on pages 40-42, Investment Portfolio Risk Management on page 78, and Notes 2 and 9 for additional information.
Loans increased as a result of:
•higher loans in AWM, largely securities-based lending due to higher client demand, and
•higher wholesale loans in CIB due to higher client demand.
The allowance for loan losses increased, reflecting a net addition of $387 million, and consisted of:
•$507 million in wholesale, driven by a net increase in the loan portfolio and changes in the credit quality of certain exposures, partially offset by an update to loss assumptions on certain loans in Markets, and
•a net reduction of $120 million in consumer, predominantly driven by improvements in home prices in the first quarter of 2026.
Refer to Consolidated Results of Operations and Credit and Investment Risk Management on pages 9-14 and pages 59-78, respectively, Critical Accounting Estimates Used by the Firm on pages 87-89, and Notes
15

2, 3, 11 and 12 for additional information on loans and the total allowance for credit losses.
Accrued interest and accounts receivable increased predominantly due to client-driven activities in Markets, including prime brokerage.
Premises and equipment: refer to Note 16 for additional information.
Goodwill, MSRs and other intangible assets: refer to Note 14 for additional information.
Other assets increased predominantly due to a higher level of securities financing transactions, as well as higher cash collateral placed with central counterparties ("CCP") in Markets, higher equity investments, predominantly in Corporate, including those made by the Strategic Investment Group within the Firm’s Security and Resiliency Initiative, and Visa shares.
Selected Consolidated balance sheets data (continued)
(in millions)June 30,
2026		December 31,
2025		Change
Liabilities
Deposits$2,713,700 $2,559,320 6 %
Federal funds purchased and securities loaned or sold under repurchase agreements704,918 442,396 59 
Short-term borrowings72,430 64,776 12 
Trading liabilities275,136 216,019 27 
Accounts payable and other liabilities384,290 316,794 21 
Beneficial interests issued by consolidated variable interest entities (“VIEs”)29,474 27,951 5 
Long-term debt460,523 435,206 6 
Total liabilities4,640,471 4,062,462 14 
Stockholders’ equity374,598 362,438 3 
Total liabilities and stockholders’ equity$5,015,069 $4,424,900 13 %
Deposits increased, reflecting the net impact of:
•an increase in CIB predominantly due to net inflows related to client-driven activities in Payments and Securities Services,
•an increase in Corporate as a result of growth in new accounts related to the Firm's international consumer initiatives,
•an increase in CCB driven by growth in new accounts, largely offset by continued customer spending, and
•a decrease in AWM driven by seasonal tax outflows and continued migration into other investment products, predominantly offset by growth in both new accounts and balances in existing accounts, including the impact of higher-yielding product offerings.
Federal funds purchased and securities loaned or sold under repurchase agreements increased driven by Markets, reflecting higher client-driven market-making activities and higher secured financing of trading assets, as well as when compared with seasonally lower levels at year-end.
Refer to Liquidity Risk Management on pages 52-58 for additional information on deposits, federal funds purchased and securities loaned or sold under repurchase agreements, and short-term borrowings; and Notes 2 and 15 for deposits; and Note 10 for federal funds purchased and securities loaned or sold under repurchase agreements.
Trading liabilities increased due to client-driven market-making activities, which resulted in higher levels of short positions, and higher derivative payables, primarily as a result of market movements. Refer to Notes 2 and 4 for additional information.
Accounts payable and other liabilities increased due to client-driven activities and the impact of a higher level of securities financing transactions in Markets, including prime brokerage.
Beneficial interests issued by consolidated VIEs: refer to Liquidity Risk Management on pages 52-58 and Notes 13 and 22 for additional information related to Firm-sponsored VIEs and loan securitization trusts.
Long-term debt increased driven by net issuances of structured notes in Markets due to client demand and net issuances of long-term debt in Treasury and CIO. Refer to Liquidity Risk Management on pages 52-58 for additional information.
Stockholders’ equity increased, as a result of the Firm's net income, largely offset by the impact of capital actions, primarily net repurchases of common shares and dividend payments on common and preferred stock.
Refer to Consolidated statements of changes in stockholders’ equity on page 96, Capital Actions on page 49, and Note 19 for additional information.
16

Consolidated cash flows analysis
The following is a discussion of cash flow activities during the six months ended June 30, 2026 and 2025.
(in millions)Six months ended June 30,
20262025
Net cash provided by/(used in)
Operating activities$(237,044)$(222,292)
Investing activities(211,376)(291,136)
Financing activities
419,479 440,863 
Effect of exchange rate changes on cash(4,586)23,575 
Net decrease in cash and due from banks and deposits with banks
$(33,527)$(48,990)
Operating activities
•In 2026, cash used resulted from higher trading assets, higher securities borrowed, higher accrued interest and accounts receivable, and higher other assets, partially offset by higher trading liabilities and higher accounts payable and other liabilities.
•In 2025, cash used resulted from higher trading assets, higher accrued interest and accounts receivable and net originations and purchases of loans held-for sale, partially offset by higher trading liabilities.
Investing activities
•In 2026, cash used resulted from higher securities purchased under resale agreements, net loan originations and net purchases of investment securities.
•In 2025, cash used resulted from higher securities purchased under resale agreements, net loan originations and net purchases of investment securities.
Financing activities
•In 2026, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long- and short-term borrowings.
•In 2025, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long- and short-term borrowings.
•For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.
* * *
Refer to Consolidated Balance Sheets Analysis on pages 15-16, Capital Risk Management on pages 44-51, and Liquidity Risk Management on pages 52-58, and the Consolidated Statements of Cash Flows on page 97 of this Form 10-Q, and pages 100–107 of JPMorganChase’s 2025 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.
17

EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES
The Firm prepares its Consolidated Financial Statements in accordance with U.S. GAAP and this presentation is referred to as “reported” basis; these financial statements appear on pages 93-97.
In addition to analyzing the Firm’s results on a reported basis, the Firm also reviews and uses certain non-GAAP financial measures at the Firmwide and segment level. These non-GAAP measures include:
•Firmwide “managed” basis results, including the overhead ratio, which include certain reclassifications to present total net revenue from investments that receive tax credits and tax-exempt securities on a basis comparable to taxable investments and securities (“FTE” basis). The corresponding income tax impact related to tax-exempt items is recorded within income tax
expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the LOBs;
•Pre-provision profit, which represents total net revenue less total noninterest expense;
•Net interest income, net yield, and noninterest revenue excluding Markets;
•TCE, ROTCE, and TBVPS; and
•Adjusted expense, which represents noninterest expense excluding Firmwide legal expense.
Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 59–61 of JPMorganChase’s 2025 Form 10-K for a further discussion of management’s use of non-GAAP financial measures.
The following summary table provides a reconciliation from the Firm’s reported U.S. GAAP results to managed basis.
Three months ended June 30,
20262025
(in millions, except ratios)Reported
Fully taxable-equivalent adjustments(a)
Managed
basis		Reported
Fully taxable-equivalent adjustments(a)
Managed
basis
Other income$7,549 $564 $8,113 $1,154 $663 $1,817 
Total noninterest revenue31,836 564 32,400 21,703 663 22,366 
Net interest income25,511 111 25,622 23,209 105 23,314 
Total net revenue57,347 675 58,022 44,912 768 45,680 
Total noninterest expense27,316 NA27,316 23,779 NA23,779 
Pre-provision profit30,031 675 30,706 21,133 768 21,901 
Provision for credit losses2,515 NA2,515 2,849 NA2,849 
Income before income tax expense27,516 675 28,191 18,284 768 19,052 
Income tax expense6,361 675 7,036 3,297 768 4,065 
Net income$21,155 NA$21,155 $14,987 NA$14,987 
Overhead ratio48 %NM47 %53 %NM52 %
Six months ended June 30,
20262025
(in millions, except ratios)Reported
Fully taxable-equivalent adjustments(a)
Managed
basis		Reported
Fully taxable-equivalent adjustments(a)
Managed
basis
Other income$9,220 $1,151 

$10,371 $3,077 $1,265 $4,342 
Total noninterest revenue56,306 1,151 57,457 43,740 1,265 45,005 
Net interest income50,877 224 51,101 46,482 207 46,689 
Total net revenue107,183 1,375 108,558 90,222 1,472 91,694 
Total noninterest expense54,166 NA54,166 47,376 NA47,376 
Pre-provision profit53,017 1,375 54,392 42,846 1,472 44,318 
Provision for credit losses5,022 NA5,022 6,154 NA6,154 
Income before income tax expense47,995 1,375 49,370 36,692 1,472 38,164 
Income tax expense10,346 1,375 

11,721 7,062 1,472 8,534 
Net income$37,649 NA$37,649 $29,630 NA$29,630 
Overhead ratio51 %NM50 %53 %NM52 %
(a)For other income, recognized in CIB, and for net interest income, predominantly recognized in CIB and Corporate.

18

The following table provides information on net interest income, net yield, and noninterest revenue excluding Markets.

(in millions, except rates)		Three months ended June 30,Six months ended June 30,
20262025Change20262025Change
Net interest income – reported(a)
$25,511 $23,209 10 %$50,877 $46,482 9 %
Fully taxable-equivalent adjustments
111 105 6 224 207 8 
Net interest income – managed basis$25,622 $23,314 10 $51,101 $46,689 9 
Less: Markets net interest income(b)
1,945 561 247 4,144 1,346 208
Net interest income excluding Markets$23,677 $22,753 4 $46,957 $45,343 4 
Average interest-earning assets(a)
$4,287,954 $3,845,982 11 $4,212,266 $3,757,674 12 
Less: Average Markets interest-earning assets(b)
1,686,445 1,387,584 22 1,643,008 1,321,732 24 
Average interest-earning assets excluding Markets$2,601,509 $2,458,398 6 $2,569,258 $2,435,942 5 
Net yield on average interest-earning assets – managed basis2.40 %2.43 %2.45 %2.51 %
Net yield on average Markets interest-earning assets(b)
0.46 0.16 0.51 0.21 
Net yield on average interest-earning assets excluding Markets3.65 %3.71 %3.69 %3.75 %
Noninterest revenue – reported$31,836 $21,703 47 $56,306 $43,740 29 
Fully taxable-equivalent adjustments564 663 (15)1,151 1,265 (9)
Noninterest revenue – managed basis$32,400 $22,366 45 $57,457 $45,005 28 
Less: Markets noninterest revenue(b)
10,133 8,375 21 19,493 17,253 13 
Noninterest revenue excluding Markets$22,267 $13,991 59 $37,964 $27,752 37 
Memo: Total Markets net revenue(b)
$12,078 $8,936 35 %$23,637 $18,599 27 %
(a)Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.
(b)Refer to page 33 for further information on Markets.
The following summary table provides a reconciliation from the Firm’s common stockholders’ equity to TCE.
Period-endAverage
(in millions, except per share and ratio data)Jun 30,
2026		Dec 31,
2025		Three months ended June 30,Six months ended June 30,
2026202520262025
Common stockholders’ equity
$353,558 $342,393 $343,146 $329,797 $342,104 $327,086 
Less: Goodwill52,711 52,731 52,740 52,692 52,739 52,637 
Less: Other intangible assets
2,437 2,560 2,463 2,741 2,490 2,785 
Add: Certain deferred tax liabilities(a)
2,904 2,916 2,909 2,926 2,912 2,932 
Tangible common equity$301,314 $290,018 $290,852 $277,290 $289,787 $274,596 
Return on tangible common equityNANA29 %21 %26 %21 %
Tangible book value per share$113.35 $107.56 NANANANA
(a)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.
19

BUSINESS SEGMENT & CORPORATE RESULTS
The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.
The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a definition of managed basis.
Description of business segment reporting methodology
Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.

Funds transfer pricing
Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.
The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.
Foreign exchange risk
Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results. Refer to Market Risk Management on pages 79-85 for additional information.
Capital allocation
The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Line of business and Corporate equity on page 48, and page 96 of JPMorganChase’s 2025 Form 10-K for additional information on capital allocation.
Refer to Business Segment & Corporate Results – Description of business segment reporting methodology on pages 62–82 and Note 32 of JPMorganChase’s 2025 Form 10-K for a further discussion of those methodologies.
20

Segment & Corporate Results – Managed basis
The following tables summarize the Firm’s results by business segments and Corporate for the periods indicated.
Three months ended June 30,Consumer & Community Banking
Commercial & Investment Bank
Asset & Wealth Management
(in millions, except ratios)20262025Change20262025Change20262025Change
Total net revenue$20,272 $18,847 8 %$24,853 $19,535 27 %$6,851 $5,760 19 %
Total noninterest expense11,108 9,858 13 11,390 9,641 18 4,207 3,733 13 
Pre-provision profit
9,164 8,989 2 13,463 9,894 36 2,644 2,027 30 
Provision for credit losses2,156 2,082 4 356 696 (49)13 46 (72)
Net income
5,311 5,169 3 9,678 6,650 46 1,957 1,473 33 
Return on equity (“ROE”)34 %36 %22 %17 %48 %36 %
Three months ended June 30,CorporateTotal
(in millions, except ratios)20262025Change20262025Change
Total net revenue$6,046
(a)
$1,538293 %$58,022 $45,680 27 %
Total noninterest expense61154712 27,316 23,779 15 
Pre-provision profit
5,435991448 30,706 21,901 40 
Provision for credit losses(10)25NM2,515 2,849 (12)
Net income
4,2091,695148 21,155 14,987 41 
ROENMNM24 %18 %
Six months ended June 30,Consumer & Community BankingCommercial & Investment BankAsset & Wealth Management
(in millions, except ratios)20262025Change20262025Change20262025Change
Total net revenue$39,840 $37,160 7 %$48,232 $39,201 23 %$13,225 $11,491 15 %
Total noninterest expense22,087 19,715 12 22,526 19,483 16 8,374 7,446 12 
Pre-provision profit17,753 17,445 2 25,706 19,718 30 4,851 4,045 20 
Provision for credit losses4,206 4,711 (11)838 1,401 (40)(11)36 NM
Net income10,287 9,594 7 18,722 13,592 38 3,732 3,056 22 
ROE33 %34 %22 %18 %46 %38 %
Six months ended June 30,CorporateTotal
(in millions, except ratios)20262025Change20262025Change
Total net revenue$7,261
(a)
$3,84289 %$108,558 $91,694 18 %
Total noninterest expense1,17973261 54,166 47,376 14 
Pre-provision profit6,0823,11096 54,392 44,318 23 
Provision for credit losses(11)6NM5,022 6,154 (18)
Net income4,9083,38845 37,649 29,630 27 
ROENMNM22 %18 %
(a)Included a $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments. Refer to Executive Overview on pages 5–8, and Notes 2 and 5 for additional information.
Refer to Note 25 for further details on total net revenue and total noninterest expense.
The following sections provide a comparative discussion of the Firm’s results by business segments and Corporate as of or for the three and six months ended June 30, 2026 and 2025, unless otherwise specified.
21

CONSUMER & COMMUNITY BANKING
Refer to pages 65–68 of JPMorganChase's 2025 Form 10-K and Line of Business Metrics on page 199 for a discussion of the business profile of CCB.
Selected income statement data
Three months ended June 30,Six months ended June 30,
(in millions, except ratios)
20262025Change20262025Change
Revenue
Lending- and deposit-related fees$971 $888 9 %$1,918 $1,727 11 %
Asset management fees1,379 1,110 

24 2,682 2,203 22 
Mortgage fees and related income325 347 (6)628 610 3 
Card income691 687 1 1,283 1,340 (4)
All other income(a)
1,814 1,420 28 3,499 2,743 28 
Noninterest revenue5,180 4,452 16 10,010 8,623 16 
Net interest income15,092 14,395 5 29,830 28,537 5 
Total net revenue20,272 18,847 8 39,840 37,160 7 
Provision for credit losses2,156 2,082 4 4,206 4,711 (11)
Noninterest expense
Compensation expense
4,682 4,260 
(e)
10 9,304 8,635 
(e)
8 
Noncompensation expense(b)(c)
6,426 5,598 
(e)
15 12,783 11,080 
(e)
15 
Total noninterest expense11,108 9,858 13 22,087 19,715 12 
Income before income tax expense7,008 6,907 1 13,547 12,734 6 
Income tax expense1,697 1,738 (2)3,260 3,140 4 
Net income$5,311 $5,169 3 $10,287 $9,594 7 
Revenue by business
Banking & Wealth Management$11,229 $10,698 5 $21,806 $20,952 4 
Home Lending1,285 1,250 3 2,517 2,457 2 
Card Services & Auto7,758 6,899 12 15,517 13,751 13 
Mortgage fees and related income details:
Production revenue147 151 (3)325 261 25 
Net mortgage servicing revenue(d)
178 196 (9)303 349 (13)
Mortgage fees and related income
$325 $347 (6)%$628 $610 3 %
Financial ratios
Return on equity34 %36 %33 %34 %
Overhead ratio55 52 55 53 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $1.2 billion and $896 million for the three months ended June 30, 2026 and 2025, respectively, and $2.4 billion and $1.7 billion for the six months ended June 30, 2026 and 2025, respectively.
(b)Included compensation expense recorded in and allocated from Corporate of $815 million and $785 million for the three months ended June 30, 2026 and 2025, respectively, and $1.6 billion for each of the six months ended June 30, 2026 and 2025. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.
(c)Included depreciation expense on leased assets of $694 million and $577 million for the three months ended June 30, 2026 and 2025, respectively, and $1.5 billion and $1.1 billion for the six months ended June 30, 2026 and 2025, respectively.
(d)Included MSR risk management results of $39 million and $47 million for the three months ended June 30, 2026 and 2025, respectively, and $24 million and $56 million for the six months ended June 30, 2026 and 2025, respectively.
(e)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
22

Quarterly results
Net income was $5.3 billion, up 3%.
Net revenue was $20.3 billion, up 8%.
Net interest income was $15.1 billion, up 5%, predominantly driven by higher Card Services NII, largely driven by higher revolving balances.
Noninterest revenue was $5.2 billion, up 16%, predominantly driven by:
•higher auto operating lease income as a result of growth in volume, and
•in Banking & Wealth Management ("BWM"), higher asset management fees, reflecting higher average market levels and net inflows, as well as higher deposit-related fees as a result of higher transaction volume and new accounts.
In addition, card income was relatively flat, reflecting higher annual fees, predominantly offset by lower net interchange. Net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments.
Refer to Note 5 for additional information on card income, asset management fees and deposit-related fees; and Critical Accounting Estimates on pages 87-89 for additional information on the credit card rewards liability.
Noninterest expense was $11.1 billion, up 13%, reflecting:
•higher noncompensation expense, predominantly driven by continued investments in marketing and technology, and higher auto lease depreciation on higher auto operating lease assets, as well as
•higher compensation expense, predominantly for advisors and bankers, including higher revenue-related compensation.
The provision for credit losses was $2.2 billion. Net charge-offs were $2.2 billion, up $70 million, predominantly driven by Card Services, reflecting loan growth. The allowance for credit losses was flat.
In the prior year, the provision was $2.1 billion, net charge-offs were $2.1 billion and the allowance for credit losses was relatively flat.
Refer to Credit and Investment Risk Management on pages 59-78 and Allowance for Credit Losses on pages 75-77 for a further discussion of the credit portfolios and the allowance for credit losses.

Year-to-date results
Net income was $10.3 billion, up 7%.
Net revenue was $39.8 billion, up 7%.
Net interest income was $29.8 billion, up 5%, reflecting higher Card Services NII, largely driven by higher revolving balances.
Noninterest revenue was $10.0 billion, up 16%, driven by:
•higher auto operating lease income as a result of growth in volume, and
•in BWM, higher asset management fees, reflecting higher average market levels and net inflows, as well as higher deposit-related fees as a result of higher transaction volume and new accounts,
partially offset by
•lower card income, driven by an increase in amortization related to new account origination costs and lower net interchange, predominantly offset by higher annual fees. Net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments.
Noninterest expense was $22.1 billion, up 12%, reflecting:
•higher noncompensation expense, predominantly driven by continued investments in marketing and technology, higher auto lease depreciation on higher auto operating lease assets and higher legal expense, as well as
•higher compensation expense, predominantly for advisors and bankers, including higher revenue-related compensation.
The provision for credit losses was $4.2 billion. Net charge-offs were $4.4 billion, up $111 million, largely driven by Card Services, reflecting loan growth. The net reduction in the allowance for credit losses of $145 million was predominantly driven by improvements in home prices in the first quarter of 2026.
In the prior year, the provision was $4.7 billion, net charge-offs were $4.2 billion and the net addition to the allowance for credit losses was $471 million.

23

Selected metrics
As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
(in millions, except employees)20262025Change20262025Change
Selected balance sheet data (period-end)
Total assets$672,612 $652,379 3 %$672,612 $652,379 3 %
Loans:
Banking & Wealth Management34,337 33,749 2 34,337 33,749 2 
Home Lending(a)
237,176 241,618 (2)237,176 241,618 (2)
Card Services249,816 233,051 7 249,816 233,051 7 
Auto 72,220 72,182 — 72,220 72,182 — 
Total loans593,549 580,600 2 593,549 580,600 2 
Deposits
1,093,862 1,063,137 3 1,093,862 1,063,137 3 
Equity61,500 56,000 10 61,500 56,000 10 
Selected balance sheet data (average)
Total assets$662,460 $642,284 3 $659,236 $640,981 3 
Loans:
Banking & Wealth Management33,832 33,536 1 33,437 33,349 — 
Home Lending(b)
238,808 242,665 (2)239,614 243,469 (2)
Card Services243,501 228,446 7 241,339 226,480 7 
Auto 71,456 71,410 — 70,836 71,933 (2)
Total loans587,597 576,057 2 585,226 575,231 2 
Deposits1,095,646 1,060,363 3 1,085,853 1,057,038 3 
Equity61,500 56,000 10 61,500 56,000 10 
Employees
144,079 143,198 
(c)
1 %144,079 143,198 
(c)
1 %
(a)At June 30, 2026 and 2025, Home Lending loans held-for-sale and loans at fair value were $13.1 billion and $8.9 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $13.0 billion and $8.9 billion for the three months ended June 30, 2026 and 2025, respectively, and $12.4 billion and $8.2 billion for the six months ended June 30, 2026 and 2025, respectively.
(c)Refer to footnote (e) on page 22 for further information on the centralization of Risk functions.


24

Selected metrics
As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
(in millions, except ratio data)20262025Change20262025Change
Credit data and quality statistics
Nonaccrual loans(a)
$3,506 $3,891 (10)%$3,506 $3,891 (10)%
Net charge-offs/(recoveries)
Banking & Wealth Management87 102 (15)172 199 (14)
Home Lending(18)(21)14 (33)(47)30 
Card Services2,025 1,938 4 4,069 3,921 4 
Auto62 67 (7)143 167 (14)
Total net charge-offs/(recoveries)$2,156 $2,086 3 $4,351 $4,240 3 
Net charge-off/(recovery) rate
Banking & Wealth Management1.03 %1.22 %1.04 %1.20 %
Home Lending(0.03)(0.04)(0.03)(0.04)
Card Services3.34 3.40 3.40 3.49 
Auto0.35 0.38 0.41 0.47 
Total net charge-off/(recovery) rate1.51 %1.48 %1.53 %1.51 %
30+ day delinquency rate
Home Lending(b)
0.83 %0.93 %0.83 %0.93 %
Card Services1.91 2.06 1.91 2.06 
Auto 1.03 1.12 1.03 1.12 
90+ day delinquency rate - Card Services1.00 %1.07 %1.00 %1.07 %
Allowance for credit losses:
  Allowance for loan losses
Banking & Wealth Management$765 $790 (3)$765 $790 (3)
Home Lending507 547 (7)507 547 (7)
Card Services15,563 15,008 4 15,563 15,008 4 
Auto 587 637 (8)587 637 (8)
Total allowance for loan losses$17,422 $16,982 3 $17,422 $16,982 3 
Allowance for lending-related commitments$2,280 
(c)
$90 NM$2,280 
(c)
$90 NM
Total allowance for credit losses$19,702 $17,072 15 %$19,702 $17,072 15 %
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2026 and 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $61 million and $68 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(b)At June 30, 2026 and 2025, excluded mortgage loans insured by U.S. government agencies of $85 million and $99 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.
(c)Included $2.2 billion associated with the Apple Card transaction. Refer to Note 13 of the Firm's 2025 Form 10-K for additional information.
25

Selected metrics
As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
(in billions, except ratios and where otherwise noted)
20262025Change20262025Change
Business Metrics
Number of branches5,135 4,994 3 %5,135 4,994 3 %
Active digital customers (in thousands)
76,706 73,014 5 76,706 73,014 5 
Active mobile customers (in thousands)
63,746 59,898 6 63,746 59,898 6 
Debit and credit card sales volume
$535.8 $487.2 10 $1,023.4 $935.9 9 
Total payments transaction volume (in trillions)
1.9 1.8 6 3.7 3.4 9 
Banking & Wealth Management
Average deposits
$1,078.4 $1,044.2 3 $1,069.0 $1,041.6 3 
Deposit margin
2.70 %2.76 %2.66 %2.72 %
Business Banking average loans$18.3 $19.2 (5)$18.5 $19.3 (5)
Business banking origination volume0.7 0.9 (16)1.5 1.7 (13)
Client investment assets(a)
1,394.9 1,155.0 21 1,394.9 1,155.0 21 
Number of client advisors6,329 5,948 6 6,329 5,948 6 
Home Lending
Mortgage origination volume by channel
Retail
$10.6 $8.7 22 $19.3 $14.2 36 
Correspondent
6.6 4.8 38 11.6 8.7 33 
Total mortgage origination volume(b)
$17.2 $13.5 27 $30.9 $22.9 35 
Third-party mortgage loans serviced (period-end)
$652.8 $653.3 — $652.8 $653.3 — 
MSR carrying value (period-end)
9.1 9.0 1 9.1 9.0 1 
Card Services
Sales volume, excluding commercial card$373.1 $340.0 10 $710.7 $650.6 9 
Net revenue rate10.37 %10.06 %10.57 %10.22 %
Net yield on average loans10.39 10.04 10.62 10.17 
Auto
Loan and lease origination volume
$12.3 $11.3 9 $22.7 $22.0 3 
Average auto operating lease assets
21.1 15.2 39 %20.8 14.4 44 %
(a)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 35-39 for additional information.
(b)Firmwide mortgage origination volume was $21.2 billion and $16.3 billion for the three months ended June 30, 2026 and 2025, respectively, and $37.8 billion and $27.5 billion for the six months ended June 30, 2026 and 2025, respectively.
26

COMMERCIAL & INVESTMENT BANK
Refer to pages 69–75 of JPMorganChase’s 2025 Form 10-K and Line of Business Metrics on page 199 for a discussion of the business profile of CIB.
Selected income statement data
Three months ended June 30,Six months ended June 30,
(in millions, except ratios)20262025Change20262025Change
Revenue
Investment banking fees$3,277 $2,513 30 %$6,160 $4,761 29 %
Principal transactions8,768 7,109 23 16,665 14,717 13 
Lending- and deposit-related fees1,487 1,296 15 2,881 2,526 14 
Commissions and other fees1,748 1,493 17 3,462 2,930 18 
Card income649 645 1 1,234 1,196 3 
All other income1,025 736 39 1,942 1,484 31 
Noninterest revenue16,954 13,792 23 32,344 27,614 17 
Net interest income7,899 5,743 38 15,888 11,587 37 
Total net revenue(a)
24,853 19,535 27 48,232 39,201 23 
Provision for credit losses356 696 (49)838 1,401 (40)
Noninterest expense
Compensation expense
5,544 4,815 
(c)
15 11,284 9,942 
(c)
13 
Noncompensation expense(b)
5,846 4,826 
(c)
21 11,242 9,541 
(c)
18 
Total noninterest expense11,390 9,641 18 22,526 19,483 16 
Income before income tax expense
13,107 9,198 42 24,868 18,317 36 
Income tax expense3,429 2,548 35 6,146 4,725 30 
Net income$9,678 $6,650 46 %$18,722 $13,592 38 %
Financial ratios
Return on equity22 %17 %22 %18 %
Overhead ratio46 49 47 50 
Compensation expense as percentage of total net revenue
22 25 
(c)
23 25 
(c)
(a)Included taxable-equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $621 million and $722 million for the three months ended June 30, 2026 and 2025, respectively, and $1.3 billion and $1.4 billion for the six months ended June 30, 2026 and 2025, respectively.
(b)Included compensation expense recorded in and allocated from Corporate of $1.2 billion and $1.1 billion for the three months ended June 30, 2026 and 2025, respectively, and $2.4 billion and $2.3 billion for the six months ended June 30, 2026 and 2025, respectively. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.
(c)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
27

Selected income statement data
Three months ended June 30,Six months ended June 30,
(in millions)20262025Change20262025Change
Revenue by business
Investment Banking
$3,902 $2,684 45 %$7,038 $4,952 42 %
Payments5,296 4,735 12 10,419 9,300 12 
Lending1,964 1,829 7 4,130 3,744 10 
Other
— — —— 6 NM
Total Banking & Payments11,162 9,248 21 21,587 18,002 20 
Fixed Income Markets6,053 5,690 6 13,131 11,539 14 
Equity Markets6,025 3,246 86 10,506 7,060 49 
Securities Services1,657 1,418 17 3,156 2,687 17 
Credit Adjustments & Other(a)
(44)(67)34 (148)(87)(70)
Total Markets & Securities Services
13,691 10,287 33 26,645 21,199 26 
Total net revenue$24,853 $19,535 27 %$48,232 $39,201 23 %
(a)Consists primarily of centrally-managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets. Refer to Notes 2, 3 and 19 for additional information.
Selected income statement data
Three months ended June 30,Six months ended June 30,
(in millions)20262025Change20262025Change
Banking & Payments revenue by client coverage segment(a)
Global Corporate Banking & Global Investment Banking$7,797 $6,319 23 %$15,062 $12,248 23 %
Commercial Banking
3,365 2,929 15 6,525 5,754 13 
Commercial & Specialized Industries2,472 2,067 20 4,752 4,023 18 
Commercial Real Estate Banking893 862 4 1,773 1,731 2 
Total Banking & Payments revenue$11,162 $9,248 21 %$21,587 $18,002 20 %
(a)Refer to Line of Business Metrics on page 199 for a description of each of the client coverage segments.
Quarterly results
Net income was $9.7 billion, up 46%.
Net revenue was $24.9 billion, up 27%.
Banking & Payments revenue was $11.2 billion, up 21%.
•Investment Banking revenue was $3.9 billion, up 45%, predominantly driven by higher investment banking fees and net gains on equity investments. Investment banking fees were up 30%, driven by higher fees across all products, with particularly strong performance in equity underwriting fees. The Firm ranked #2 for global investment banking fees for the three months ended June 30, 2026, according to Dealogic.
–Equity underwriting fees were $829 million, up 78%, predominantly driven by higher revenue from certain large IPOs and convertible securities offerings.
–Advisory fees were $1.0 billion, up 20%, driven by higher fees from deals in the Financial Institutions, Technology and Diversified Industries sectors, largely offset by lower fees from deals in the Consumer & Retail sector.
–Debt underwriting fees were $1.4 billion, up 19%, predominantly driven by higher investment grade loans and bonds and non-investment grade bonds.
•Payments revenue was $5.3 billion, up 12%, predominantly driven by higher average deposits and fee growth.
•Lending revenue was $2.0 billion, up 7%, largely driven by higher loan balances.

28

Markets & Securities Services revenue was $13.7 billion, up 33%. Markets revenue was $12.1 billion, up 35%.
•Equity Markets revenue was $6.0 billion, up 86%, driven by strong performance across products and regions.
•Fixed Income Markets revenue was $6.1 billion, up 6%, driven by higher revenue in Credit, Currencies & Emerging Markets and Rates, partially offset by lower revenue in Commodities.
•Securities Services revenue was $1.7 billion, up 17%, predominantly driven by fee growth on higher market levels and client activity, as well as higher average deposits.
•Credit Adjustments & Other was a loss of $44 million, compared with a loss of $67 million in the prior year.
Noninterest expense was $11.4 billion, up 18%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage expense.
The provision for credit losses was $356 million, driven by a net increase in the loan portfolio and changes in the credit quality of certain exposures, partially offset by a reduction in the allowance with respect to certain accounts receivable and an update to loss assumptions on certain loans in Markets. Net charge-offs were $207 million and the net addition to the allowance for credit losses was $149 million.
In the prior year, the provision was $696 million, the net addition to the allowance for credit losses was $371 million and net charge-offs were $325 million.
Refer to Credit and Investment Risk Management on pages 59-78, Allowance for Credit Losses on pages 75-77, and Critical Accounting Estimates on pages 87-89 for a further discussion of the credit portfolios and the allowance for credit losses.
Year-to-date results
Net income was $18.7 billion, up 38%.
Net revenue was $48.2 billion, up 23%.
Banking & Payments revenue was $21.6 billion, up 20%.
•Investment Banking revenue was $7.0 billion, up 42%, predominantly driven by higher investment banking fees and net gains on equity investments. Investment banking fees were up 29%, driven by higher fees across products. The Firm ranked #1 for global investment banking fees for the six months ended June 30, 2026, according to Dealogic.
–Equity underwriting fees were $1.3 billion, up 65%, driven by higher revenue across all products.
–Advisory fees were $2.3 billion, up 48%, largely driven by higher fees from deals in the Diversified Industries, Financial Institutions and Technology sectors, partially offset by lower fees from deals in the Consumer & Retail sector.
–Debt underwriting fees were $2.6 billion, up 6%, driven by higher Investment grade loans and bonds and non-investment grade bonds, largely offset by lower non-investment grade loans.
•Payments revenue was $10.4 billion, up 12%, predominantly driven by higher average deposits and fee growth.
•Lending revenue was $4.1 billion, up 10%, including higher loan balances and lower fair value losses on credit protection purchased against certain retained loans and lending-related commitments.
Markets & Securities Services revenue was $26.6 billion, up 26%. Markets revenue was $23.6 billion, up 27%.
•Equity Markets revenue was $10.5 billion, up 49%, driven by higher revenue across products.
•Fixed Income Markets revenue was $13.1 billion, up 14%, predominantly driven by higher revenue in Credit, Commodities, Currencies & Emerging Markets and Securitized Products.
•Securities Services revenue was $3.2 billion, up 17%, predominantly driven by fee growth on higher market levels and client activity, as well as higher average deposits.
•Credit Adjustments & Other was a loss of $148 million, compared with a loss of $87 million in the prior year.
Noninterest expense was $22.5 billion, up 16%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage expense.
The provision for credit losses was $838 million, driven by changes in credit quality of certain exposures and a net increase in the loan portfolio, partially offset by a reduction in the allowance with respect to certain accounts receivable and an update to loss assumptions on certain loans in Markets. The net addition to the allowance for credit losses was $511 million and net charge-offs were $327 million.
In the prior year, the provision was $1.4 billion, the net addition to the allowance for credit losses was $899 million and net charge-offs were $502 million.
29

Selected metrics
(in millions, except employees)As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
20262025Change20262025Change
Selected balance sheet data (period-end)
Total assets
$2,709,357 $2,260,825 20 %$2,709,357 $2,260,825 20 %
Loans:
Loans retained586,807 526,174 12 586,807 526,174 12 
Loans held-for-sale and loans at fair value(a)
65,594 57,659 14 65,594 57,659 14 
Total loans652,401 583,833 12 652,401 583,833 12 
Equity175,000 
(c)
149,500 17 175,000 
(c)
149,500 17 
Banking & Payments loans by client coverage segment (period-end)(b)
Global Corporate Banking & Global Investment Banking$160,842 $133,017 21 $160,842 $133,017 21 %
Commercial Banking226,320 222,044 2 226,320 222,044 2 
Commercial & Specialized Industries78,897 75,859 4 78,897 75,859 4 
Commercial Real Estate Banking147,423 146,185 1 147,423 146,185 1 
Total Banking & Payments loans387,162 355,061 9 387,162 355,061 9 
Selected balance sheet data (average)
Total assets
$2,665,978 $2,205,619 21 $2,582,151 $2,125,805 21 
Trading assets-debt and equity instruments952,230 758,113 26 913,462 721,778 27 
Trading assets-derivative receivables73,390 56,815 29 70,507 57,895 22 
Loans:
Loans retained$573,945 $511,562 12 $566,390 $497,014 14 
Loans held-for-sale and loans at fair value(a)
72,405 50,287 44 72,993 48,365 51 
Total loans$646,350 $561,849 15 $639,383 $545,379 17 
Deposits1,282,143 1,170,063 10 1,258,351 1,138,287 11 
Equity172,198 
(c)
149,500 15 169,365 
(c)
149,500 13 
Banking & Payments loans by client coverage segment (average)(b)
Global Corporate Banking & Global Investment Banking$165,538 $125,554 32 $158,369 $123,482 28 %
Commercial Banking225,535 219,886 3 224,224 219,227 2 
Commercial & Specialized Industries78,556 74,384 6 77,589 74,009 5 
Commercial Real Estate Banking146,979 145,502 1 146,635 145,218 1 
Total Banking & Payments loans$391,073 $345,440 13 $382,593 $342,709 12 
Employees
91,876 89,882 
(d)
2 %91,876 89,882 
(d)
2 %
(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)Refer to Line of Business Metrics on page 199 for a description of each of the client coverage segments.
(c)During the three months ended June 30, 2026, the capital allocated to CIB from Corporate was increased by $8.5 billion, compared with the capital allocated in the first quarter of 2026, in connection with growth in the business.
(d)Refer to footnote (c) on page 27 for further information on the centralization of Risk functions.
30

Selected metrics
As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
(in millions, except ratios)
20262025Change20262025Change
Credit data and quality statistics
Net charge-offs/(recoveries)
$207 $325 (36)%$327 $502 (35)%
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained(a)
$3,520 $3,678 (4)$3,520 $3,678 (4)
Nonaccrual loans held-for-sale and loans at fair value(b)
1,290 1,207 7 1,290 1,207 7 
Total nonaccrual loans4,810 4,885 (2)4,810 4,885 (2)
Derivative receivables171 349 (51)171 349 (51)
Assets acquired in loan satisfactions
213 208 2 213 208 2 
Total nonperforming assets$5,194 $5,442 (5)$5,194 $5,442 (5)
Allowance for credit losses:
Allowance for loan losses$8,159 $7,408 10 $8,159 $7,408 10 
Allowance for lending-related commitments2,836 2,757 3 2,836 2,757 3 
Total allowance for credit losses
$10,995 $10,165 8 %$10,995 $10,165 8 %
Net charge-off/(recovery) rate(c)
0.14 %0.25 %0.12 %0.20 %
Allowance for loan losses to period-end loans retained1.39 1.41 1.39 1.41 
Allowance for loan losses to nonaccrual loans retained(a)
232 201 232 201 
Nonaccrual loans to total period-end loans0.74 %0.84 %0.74 %0.84 %
(a)Allowance for loan losses of $672 million and $655 million were held against these nonaccrual loans at June 30, 2026 and 2025, respectively.
(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2026 and 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $171 million and $45 million, respectively.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
Investment banking fees
Three months ended June 30,Six months ended June 30,
(in millions)
20262025Change20262025Change
Advisory
$1,012 $844 20 %$2,278 $1,538 48 %
Equity underwriting
829 465 78 1,301 789 65 
Debt underwriting(a)
1,436 1,204 19 2,581 2,434 6 
Total investment banking fees
$3,277 $2,513 30 %$6,160 $4,761 29 %
(a)Represents long-term debt and loan syndications.
31

League table results – wallet share
Three months ended June 30,Six months ended June 30,Full-year 2025
2026202520262025
RankShareRankShareRankShareRankShareRankShare
Based on fees(a)
M&A(b)
Global#2 8.1 %#2 8.1 %#2 9.4 %#2 7.8 %#2 8.0 %
U.S.3 8.7 2 9.8 2 10.2 2 8.7 2 8.5 
Equity and equity-related(c)
Global1 10.9 1 11.6 1 10.1 1 11.1 1 9.3 
U.S.1 13.2 1 16.2 1 12.5 1 14.8 1 12.4 
Long-term debt(d)
Global1 7.7 1 7.3 1 7.7 1 7.4 1 7.1 
U.S.1 12.0 1 10.9 1 11.6 1 10.5 1 10.2 
Loan syndications
Global1 10.7 1 10.8 1 11.9 1 11.2 2 10.1 
U.S.1 13.1 1 12.6 1 13.6 1 12.9 2 11.4 
Global investment banking fees(e)
#2 8.8 %#1 8.8 %#1 9.3 %#1 8.6 %#1 8.2 %
(a)Source: Dealogic as of July 1, 2026. Reflects the ranking of revenue wallet and market share.
(b)Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.
(c)Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.
(d)Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities ("ABS") and mortgage-backed securities ("MBS"); and exclude money market, short-term debt and U.S. municipal securities.
(e)Global investment banking fees exclude money market, short-term debt and shelf securities.

32

Markets revenue
The following table summarizes selected income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets generally occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives
that are reflected at fair value in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 73 of JPMorganChase’s 2025 Form 10-K for further information.
For the periods presented below, the primary source of principal transactions revenue was the amount recognized upon executing new transactions.
Three months ended June 30,Three months ended June 30,
20262025

(in millions)		Fixed Income MarketsEquity
Markets		Total
Markets
Fixed Income Markets
Equity
Markets
Total
Markets
Principal transactions
$2,858 $5,925 $8,783 $3,205 $3,865 $7,070 
Lending- and deposit-related fees
120 65 185 133 41 174 
Commissions and other fees127 754 881 170 590 760 
All other income369 (85)284 399 (28)371 
Noninterest revenue3,474 6,659 10,133 3,907 4,468 8,375 
Net interest income
2,579 (634)1,945 1,783 (1,222)561 
Total net revenue$6,053 $6,025 $12,078 $5,690 $3,246 $8,936 
Six months ended June 30,Six months ended June 30,
20262025

(in millions)		Fixed Income MarketsEquity
Markets		Total
Markets		Fixed Income MarketsEquity
Markets		Total
Markets
Principal transactions
$6,666 $9,960 $16,626 $6,627 $8,039 $14,666 
Lending- and deposit-related fees
220 118 338 243 74 317 
Commissions and other fees296 1,561 1,857 331 1,196 1,527 
All other income802 (130)672 782 (39)743 
Noninterest revenue7,984 11,509 19,493 7,983 9,270 17,253 
Net interest income5,147 (1,003)4,144 3,556 (2,210)1,346 
Total net revenue$13,131 $10,506 $23,637 $11,539 $7,060 $18,599 
Selected metrics
(in millions, except where otherwise noted)
As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
20262025Change20262025Change
Assets under custody ("AUC") by asset class (period-end)
(in billions):
Fixed Income$18,996 $17,307 10 %$18,996 $17,307 10 %
Equity19,950 16,292 22 19,950 16,292 22 
Other(a)
5,923 4,429 34 5,923 4,429 34 
Total AUC$44,869 $38,028 18 $44,869 $38,028 18 
Client deposits and other third-party liabilities (average)(b)
$1,205,156 $1,089,781 11 %$1,186,247 $1,062,235 12 %
(a)Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.
(b)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
33

International metrics
(in millions, except where otherwise noted)As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
20262025Change20262025Change
Total net revenue(a)
Europe/Middle East/Africa$5,559 $4,516 23 %$10,813 $9,058 19 %
Asia-Pacific4,389 2,667 65 8,054 5,286 52 
Latin America/Caribbean743 716 4 1,579 1,261 25 
Total international net revenue
10,691 7,899 35 20,446 15,605 31 
North America14,162 11,636 22 27,786 23,596 18 
Total net revenue$24,853 $19,535 27 $48,232 $39,201 23 
Loans retained (period-end)(a)
Europe/Middle East/Africa$66,762 $55,165 21 $66,762 $55,165 21 
Asia-Pacific24,586 17,355 42 24,586 17,355 42 
Latin America/Caribbean13,679 11,238 22 13,679 11,238 22 
Total international loans105,027 83,758 25 105,027 83,758 25 
North America481,780 442,416 9 481,780 442,416 9 
Total loans retained$586,807 $526,174 12 $586,807 $526,174 12 
Client deposits and other third-party liabilities (average)(b)
Europe/Middle East/Africa$318,712 $304,737 5 $312,366 $292,993 7 
Asia-Pacific174,204 157,242 11 169,758 154,938 10 
Latin America/Caribbean55,050 46,504 18 54,301 45,278 20 
Total international$547,966 $508,483 8 $536,425 $493,209 9 
North America657,190 581,298 13 649,822 569,026 14 
Total client deposits and other third-party liabilities
$1,205,156 $1,089,781 11 $1,186,247 $1,062,235 12 
AUC (period-end)(b)
(in billions)
North America$30,566 $25,298 21 $30,566 $25,298 21 
All other regions14,303 12,730 12 14,303 12,730 12 
Total AUC$44,869 $38,028 18 %$44,869 $38,028 18 %
(a)Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.
(b)Client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses, and AUC, are based on the domicile of the client or booking location, as applicable.
34

ASSET & WEALTH MANAGEMENT
Refer to pages 76–79 of JPMorganChase’s 2025 Form 10-K and Line of Business Metrics on page 200 for a discussion of the business profile of AWM.
Selected income statement data
(in millions, except ratios)
Three months ended June 30,Six months ended June 30,
20262025Change20262025Change
Revenue
Asset management fees$4,227 $3,642 16 %$8,352 $7,237 15 %
Commissions and other fees445 314 42 814 587 39 
All other income370 117 216 524 242 117 
Noninterest revenue5,042 4,073 24 9,690 8,066 20 
Net interest income1,809 1,687 7 3,535 3,425 3 
Total net revenue6,851 5,760 19 13,225 11,491 15 
Provision for credit losses13 46 (72)(11)36 NM
Noninterest expense
Compensation expense
2,322 2,083 
(b)
11 4,661 4,150 
(b)
12 
Noncompensation expense(a)
1,885 1,650 
(b)
14 3,713 3,296 
(b)
13 
Total noninterest expense4,207 3,733 13 8,374 7,446 12 
Income before income tax expense2,631 1,981 33 4,862 4,009 21 
Income tax expense674 508 33 1,130 953 19 
Net income$1,957 $1,473 33 $3,732 $3,056 22 
Revenue by line of business
Asset Management$3,320 $2,705 23 $6,392 $5,376 19 
Global Private Bank3,531 3,055 16 6,833 6,115 12 
Total net revenue$6,851 $5,760 19 %$13,225 $11,491 15 %
Financial ratios
Return on equity48 %36 %46 %38 %
Overhead ratio61 65 63 65 
Pre-tax margin ratio:
Asset Management36 33 35 33 
Global Private Bank40 36 38 37 
Asset & Wealth Management38 34 37 35 
(a)Included compensation expense recorded in and allocated from Corporate of $287 million and $272 million for the three months ended June 30, 2026 and 2025, respectively, and $587 million and $541 million for the six months ended June 30, 2026 and 2025, respectively. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.
(b)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.




















35

Quarterly results
Net income was $2.0 billion, up 33%.
Net revenue was $6.9 billion, up 19%. Net interest income was $1.8 billion, up 7%. Noninterest revenue was $5.0 billion, up 24%.
Revenue from Asset Management was $3.3 billion, up 23%, driven by:
•higher asset management fees, reflecting higher average market levels and strong net inflows, and
•higher investment valuation gains.
Revenue from Global Private Bank was $3.5 billion, up 16%, reflecting:
•higher noninterest revenue, predominantly driven by higher management fees due to strong net inflows and higher average market levels, as well as higher brokerage commissions, and
•higher net interest income driven by higher average loans, partially offset by narrower spreads on loans.
Noninterest expense was $4.2 billion, up 13%, largely driven by higher compensation, primarily higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.

Year-to-date results
Net income was $3.7 billion, up 22%.
Net revenue was $13.2 billion, up 15%. Net interest income was $3.5 billion, up 3%. Noninterest revenue was $9.7 billion, up 20%.
Revenue from Asset Management was $6.4 billion, up 19%, predominantly driven by:
•higher asset management fees, reflecting higher average market levels and strong net inflows, and
•higher investment valuation gains.
Revenue from Global Private Bank was $6.8 billion, up 12%, reflecting:
•higher noninterest revenue, predominantly driven by higher management fees due to strong net inflows and higher average market levels, as well as higher brokerage commissions, and
•higher net interest income driven by higher average loans, largely offset by narrower spreads on loans.
Noninterest expense was $8.4 billion, up 12%, largely driven by higher compensation, primarily higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.
36

Selected metrics
As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
(in millions, except ranking data, ratios and employees)
20262025Change20262025Change
% of JPM mutual fund assets and ETFs rated as 4- or 5-star(a)
58 %68 %58 %68 %
% of JPM mutual fund assets and ETFs ranked in 1st or 2nd quartile:(b)
1 year45 47 45 47 
3 years61 79 61 79 
5 years70 79 70 79 
Selected balance sheet data (period-end)(c)
Total assets$323,243 $268,966 20 %$323,243 $268,966 20 %
Loans293,386 245,526 19 293,386 245,526 19 
Deposits
253,218 242,356 4 253,218 242,356 4 
Equity16,000 16,000 — 16,000 16,000 — 
Selected balance sheet data (average)(c)
Total assets$308,845 $261,128 18 $300,001 $257,271 17 
Loans284,281 240,585 18 276,178 237,279 16 
Deposits
260,092 248,375 5 256,916 246,253 4 
Equity16,000 16,000 — 16,000 16,000 — 
Employees
29,773 28,770 
(d)
3 29,773 28,770 
(d)
3 
Number of Global Private Bank client advisors4,119 3,756 10 4,119 3,756 10 
Credit data and quality statistics(c)
Net charge-offs/(recoveries)$2 $(1)NM$3 $— NM
Nonaccrual loans1,041 1,035 1 1,041 1,035 1 
Allowance for credit losses:
Allowance for loan losses$530 $552 (4)$530 $552 (4)
Allowance for lending-related commitments
35 58 (40)35 58 (40)
Total allowance for credit losses
$565 $610 (7)%$565 $610 (7)%
Net charge-off/(recovery) rate— %— %— %— %
Allowance for loan losses to period-end loans
0.18 0.22 0.18 0.22 
Allowance for loan losses to nonaccrual loans
51 53 51 53 
Nonaccrual loans to period-end loans
0.35 0.42 0.35 0.42 
(a)Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura. Includes only Asset Management retail active open-ended mutual funds and active ETFs that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.
(b)Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management retail active open-ended mutual funds and active ETFs that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.
(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.
(d)Refer to footnote (b) on page 35 for further information on the centralization of Risk functions.
37

Client assets
Assets under management were $5.1 trillion, up 18%, and client assets were $7.7 trillion, up 19%. These increases were driven by higher market levels and continued net inflows.
As of June 30,
(in billions)20262025Change
Assets by asset class
Liquidity$1,326 $1,131 17 %
Fixed income1,061 925 15 
Equity1,574 1,258 25 
Multi-asset939 809 16 
Alternatives240 220 9 
Total assets under management5,140 4,343 18 
Custody/brokerage/administration/deposits
2,523 2,078 21 
Total client assets(a)
$7,663 $6,421 19 
Assets by client segment
Private Banking$1,559 $1,270 23 
Global Institutional2,079 1,772 17 
Global Funds1,502 1,301 15 
Total assets under management$5,140 $4,343 18 
Private Banking
$3,824 $3,191 20 
Global Institutional2,312 1,907 21 
Global Funds1,527 1,323 15 
Total client assets(a)
$7,663 $6,421 19 %
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
Client assets (continued)

Three months ended June 30,Six months ended June 30,
(in billions)2026202520262025
Assets under management rollforward
Beginning balance$4,789 $4,113 $4,791 $4,045 
Net asset flows:
Liquidity22 5 35 41 
Fixed income35 27 55 38 
Equity
12 16 30 53 
Multi-asset6 (2)16 1 
Alternatives(3)(10)3 (7)
Market/performance/other impacts
279 194 210 172 
Ending balance, June 30$5,140 $4,343 $5,140 $4,343 
Client assets rollforward
Beginning balance$7,103 $6,002 $7,118 $5,932 
Net asset flows148 80 259 200 
Market/performance/other impacts
412 339 286 289 
Ending balance, June 30$7,663 $6,421 $7,663 $6,421 
38

Selected Metrics
As of June 30,
20262025Change
Firmwide Wealth Management
Client assets (in billions)(a)
$4,881 $4,087 19 %
Number of client advisors10,448 9,704 8 
Stock Plan Administration
Number of stock plan participants (in thousands)1,982 1,594 24 
Client assets (in billions)$406 $314 29 %
(a)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.


International Metrics
As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
(in billions, except where otherwise noted)20262025Change20262025Change
Total net revenue (in millions)(a)
Europe/Middle East/Africa$1,147 $982 17 %$2,162 $1,904 14 %
Asia-Pacific790 600 32 1,521 1,150 32 
Latin America/Caribbean372 298 25 727 584 24 
Total international net revenue
2,309 1,880 23 4,410 3,638 21 
North America4,542 3,880 17 8,815 7,853 12 
Total net revenue(a)
$6,851 $5,760 19 $13,225 $11,491 15 
Assets under management
Europe/Middle East/Africa$800 $675 19 $800 $675 19 
Asia-Pacific387 341 13 387 341 13 
Latin America/Caribbean136 114 19 136 114 19 
Total international assets under management
1,323 1,130 17 1,323 1,130 17 
North America3,817 3,213 19 3,817 3,213 19 
Total assets under management
$5,140 $4,343 18 $5,140 $4,343 18 
Client assets
Europe/Middle East/Africa$1,136 $954 19 $1,136 $954 19 
Asia-Pacific626 562 11 626 562 11 
Latin America/Caribbean332 283 17 332 283 17 
Total international client assets
2,094 1,799 16 2,094 1,799 16 
North America5,569 4,622 20 5,569 4,622 20 
Total client assets$7,663 $6,421 19 %$7,663 $6,421 19 %
(a)Regional revenue is based on the domicile of the client.

39

CORPORATE
Refer to pages 80–82 of JPMorganChase’s 2025 Form 10-K for a discussion of Corporate.
Selected income statement and balance sheet data
As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
(in millions, except employees)20262025Change20262025Change
Revenue
Principal transactions$149 $(54)NM$118 $(141)NM
Investment securities losses(395)(54)NM(335)(91)(268)%
All other income5,470 
(c)
157 NM5,630 
(c)
934 NM
Noninterest revenue5,224 49 NM5,413 702 NM
Net interest income822 1,489 (45)%1,848 3,140 (41)
Total net revenue(a)
6,046 1,538 2937,261 3,842 89
Provision for credit losses(10)25 NM(11)6 NM
Noninterest expense
611 547 
(e)
121,179 732 
(e)
61
Income before income tax expense
5,445 966 4646,093 3,104 96
Income tax expense/(benefit)
1,236 (729)
(f)
NM1,185 (284)
(f)
NM
Net income
$4,209 $1,695 

148$4,908 $3,388 45
Total net revenue
Treasury and CIO$793 $1,649 (52)$2,130 $3,213 (34)
Other Corporate5,253 
(c)
(111)NM5,131 
(c)
629 NM
Total net revenue$6,046 $1,538 293$7,261 $3,842 89
Net income
Treasury and CIO$529 $1,121 (53)$1,371 $2,279 (40)
Other Corporate3,680 
(c)
574 NM3,537 
(c)
1,109 219
Total net income
$4,209 $1,695 

148$4,908 $3,388 45
Total assets (period-end)$1,309,857 
(d)
$1,370,312 (4)$1,309,857 
(d)
$1,370,312 (4)
Loans (period-end)3,126 2,033 54 3,126 2,033 54 
Deposits (period-end)(b)
59,437 

27,952 113 59,437 27,952 113 
Employees
54,832 55,310 
(e)
(1)%54,832 55,310 
(e)
(1)%
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $44 million and $38 million for the three months ended June 30, 2026 and 2025, respectively, and $88 million and $74 million for the six months ended June 30, 2026 and 2025, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)Included a $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments. Refer to Executive Overview on pages 5–8, and Notes 2 and 5 for additional information.
(d)Included equity investments with a carrying value of $3.7 billion made by the Strategic Investment Group within the Firm’s Security and Resiliency Initiative. These investments are generally accounted for under the measurement alternative, except for equity that is publicly traded which is carried at fair value.
(e)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
(f)Included a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.

40

Quarterly results
Net income was $4.2 billion, compared with $1.7 billion in the prior year.
Net revenue was $6.0 billion, compared with $1.5 billion in the prior year.
Net interest income was $822 million, down $667 million, predominantly driven by the impact of lower rates.
Noninterest revenue was $5.2 billion, compared with $49 million in the prior year. Excluding the $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments in the current quarter, noninterest revenue was down $138 million, which included higher net investment securities losses.
Refer to Notes 2 and 5 for additional information on Visa shares and the gains on certain equity investments.
Noninterest expense was $611 million, compared with $547 million in the prior year.
Income tax expense was $1.2 billion, compared with a $729 million benefit in the prior year, driven by changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes, and the absence of a $774 million income tax benefit recorded in the prior year arising from the resolution of certain tax audits and the impact of tax regulations.

Year-to-date results
Net income was $4.9 billion, compared with $3.4 billion in the prior year.
Net revenue was $7.3 billion, compared with $3.8 billion in the prior year.
Net interest income was $1.8 billion, down $1.3 billion, driven by the impact of lower rates, partially offset by higher investment securities balances.
Noninterest revenue was $5.4 billion, compared with $702 million in the prior year. Excluding the $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments in the current quarter, noninterest revenue was down $602 million, reflecting the absence of the $588 million First Republic-related gain in the first quarter of the prior year.
Refer to Note 5 for additional information on the First Republic acquisition, and Notes 9 and 12 for additional information on the investment securities portfolio and the allowance for credit losses.
Noninterest expense was $1.2 billion, compared with $732 million in the prior year, predominantly due to the absence of an FDIC special assessment accrual release in the prior year.
Refer to pages 80–82 and Note 6 of JPMorganChase’s 2025 Form 10-K for additional information on FDIC-related expense.
Income tax expense was $1.2 billion, compared with a $284 million benefit in the prior year, driven by changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes, and the absence of a $774 million income tax benefit recorded in the prior year arising from the resolution of certain tax audits and the impact of tax regulations.
Other Corporate includes the Strategic Investment Group within the Firm’s Security and Resiliency Initiative, as well as the Firm's international consumer initiatives, which primarily consist of Chase U.K., Chase Europe (which was launched in Germany in May 2026), J.P. Morgan Personal Investing and an ownership stake in C6 Bank.


41

Treasury and CIO overview
At June 30, 2026, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.
Refer to Liquidity Risk Management on pages 52-58 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 79-85 for information on interest rate and foreign exchange risks.
Selected income statement and balance sheet data
As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
(in millions)20262025Change20262025Change
Investment securities losses$(395)$(54)NM$(335)$(91)(268)%
Available-for-sale securities (average)(a)
$533,510 $462,179 15 %$531,516 $427,282 24 
Held-to-maturity securities (average)(a)
270,893 262,479 3 270,191 266,172 2 
Investment securities portfolio (average)$804,403 $724,658 11 $801,707 $693,454 16 
Available-for-sale securities (period-end)(a)
$532,368 $482,269 10 $532,368 $482,269 10 
Held-to-maturity securities (period-end)(a)
268,474 260,559 3 268,474 260,559 3 
Investment securities portfolio, net of allowance for credit losses (period-end)(b)
$800,842 $742,828 8 %$800,842 $742,828 8 %
(a)During 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes. Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for additional information on transfers from AFS to HTM securities.
(b)As of June 30, 2026 and 2025, the allowance for credit losses on investment securities was $59 million and $75 million, respectively.

42

FIRMWIDE RISK MANAGEMENT
Risk is an inherent part of JPMorganChase’s business activities. When the Firm extends a consumer or wholesale loan, advises customers and clients on their investment decisions, makes markets in securities, or offers other products or services, the Firm takes on some degree of risk. The Firm’s overall objective is to manage its business, and the associated risks, in a manner that balances serving the interests of its clients, customers and investors, and protecting the safety and soundness of the Firm.
The Firm believes that effective risk management requires, among other things:
•Acceptance of responsibility, including identification and escalation of risks by all individuals within the Firm;
•Ownership of risk identification, assessment, data and management within each of the LOBs and Corporate; and
•A Firmwide risk governance and oversight structure.
The Firm follows a disciplined and balanced compensation framework with strong internal governance and independent oversight by the Board of Directors. The impact of risk and control issues is carefully considered in the Firm’s performance evaluation and incentive compensation processes.
Risk governance framework
The Firm’s risk governance framework involves understanding drivers of risks, types of risks, and impacts of risks.
25_Risk Drivers_02B.jpg
Refer to pages 83–87 of JPMorganChase’s 2025 Form 10-K for a further discussion of Firmwide risk management governance and oversight.
Risk governance and oversight functions
The following sections of this Form 10-Q and the 2025 Form 10-K discuss the risk governance and oversight functions in place to oversee the risks inherent in the Firm’s business activities.
Risk governance and oversight functions Form 10-Q page referenceForm 10-K page reference
Strategic Risk88
Capital Risk44-5189-99
Liquidity Risk 52-58100-107
Reputation Risk108
Consumer Credit Risk61-65112–117
Wholesale Credit Risk66-74118-128
Investment Portfolio Risk78132
Market Risk79-85133-142
Country Risk86143-144
Climate Risk145
Operational Risk 146-149
Compliance Risk150
Conduct Risk151
Legal Risk152
Estimations and Model Risk153

43

CAPITAL RISK MANAGEMENT
Capital risk is the risk that the Firm has an insufficient level or composition of capital to support the Firm’s business activities and associated risks during normal economic environments and under stressed conditions.
Refer to pages 89–99 of JPMorganChase’s 2025 Form 10-K, Note 21 of this Form 10-Q and the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for a further discussion of the Firm’s capital risk management.
Basel III Overview
The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. Bank Holding Companies (“BHCs”) and banks, including the Firm and JPMorgan Chase Bank, N.A. The minimum amount of regulatory capital that must be held by BHCs and banks is determined by calculating risk-weighted assets ("RWA"), which are on-balance sheet assets and off-balance sheet exposures, weighted according to risk. Under the rules currently in effect, two comprehensive approaches are prescribed for calculating Basel III RWA: a standardized approach (“Standardized”), and an advanced approach (“Advanced”).
For each of these risk-based capital ratios, the capital adequacy of the Firm is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements.
As of June 30, 2026, the Advanced Total Capital ratio became the most binding constraint for the Firm’s Basel III risk-based ratios. However, as of June 30, 2026, the Standardized ratios are more binding than the Advanced ratios with respect to the CET1 and Tier 1 risk-based ratios.
Additionally, Basel III requires that Advanced Approaches banking organizations, including the Firm, calculate their SLRs. Refer to page 48 of this Form 10-Q and page 96 of JPMorganChase's 2025 Form 10-K for additional information on SLR.
Key Regulatory Developments
U.S. Basel III Finalization and GSIB Surcharge
In March 2026, the Federal Reserve, the OCC and the FDIC (collectively, “the Agencies”) released a proposal to amend the risk-based capital framework entitled "Regulatory capital rule: Category I and II Banking Organizations, Banking Organizations with Significant Trading Activity, and Optional Adoption for Other Banking Organizations," which is referred to in this Form 10-Q as the “U.S. Basel III Re-Proposal.” This proposal reflects changes from the amendments to the risk-based capital framework previously proposed by the Agencies, including replacement of the current
dual calculation of Advanced and Standardized RWA with a single calculation based on the expanded risk-based approach (which, among other changes, would not permit the use of internal models for the calculation of RWA, other than for market risk) as well as a new operational risk RWA component. Based on the Firm's understanding of the U.S. Basel III Re-Proposal, as applied to its positions as of December 31, 2025, the estimated impact would be an increase to the Firm's required CET1 capital of approximately 6%.
The Agencies also released a concurrent proposal, “Regulatory Capital Rule: Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies; Systemic Risk Report (FR Y-15),” which would amend the calculation of the surcharge for Global Systemically Important Banks (“GSIB”) and which is referred to in this Form 10-Q as the “GSIB Surcharge Re-Proposal.” If adopted as proposed, the amendments reflected in the GSIB Surcharge Re-Proposal would require the Firm to assess its GSIB surcharge on an annual basis, calculated using an average of the underlying measures throughout the calendar year, with daily averaging required for certain measures. The increments in which the GSIB surcharge is assessed would be reduced from 50 basis points to 10 basis points. The GSIB Surcharge Re-Proposal includes an annual adjustment for the relative weights assigned to each indicator based on an average of the growth in nominal GDP, and applies a set weight for Short-Term Wholesale Funding rather than its current weighting relative to average RWA. Under the rules currently in effect, the Firm's GSIB surcharge, calculated as of December 31, 2025, would be 5.5% with an effective date of January 1, 2028. If the GSIB Surcharge Re-Proposal were to be adopted as proposed, the Firm estimates that the 5.5% GSIB surcharge would be reduced to 5.2%.
The Firm expects that the changes in requirements reflected in the U.S. Basel III Re-Proposal and the GSIB Surcharge Re-Proposal, taken together, would result in an increase in the Firm’s required CET1 capital of approximately 4% as compared with the CET1 capital requirement that, under current rules, would become effective on January 1, 2028. The estimates do not reflect any actions that the Firm could take to mitigate these impacts.

44

Enhanced SLR Final Rule
On January 1, 2026, the Firm early adopted the enhanced Supplementary Leverage Ratio (“eSLR”) final rule. The final rule amended the eSLR requirements for GSIB BHCs and their insured depository institution (“IDI”) subsidiaries by revising the previous static leverage buffers at the BHC and IDI levels to dynamic buffers that are tied to the BHC’s U.S. Method 1 GSIB Surcharge (the “eSLR buffer”), and by making corresponding updates to the leverage-based buffer requirements for total loss-absorbing capacity (“TLAC”) and eligible long-term debt (“eligible LTD”).
Refer to page 91 of JPMorganChase's 2025 Form 10-K for additional information on the Enhanced SLR Final Rule and page 92 for information on the U.S. Method 1 GSIB Surcharge.
Enhanced Transparency and Public Accountability of the Supervisory Stress Test
In October 2025, the Federal Reserve issued proposals to enhance the transparency and public accountability of its annual stress test. The proposals would require the Federal Reserve to publish for public comment comprehensive documentation concerning the supervisory stress test models and annual stress test scenarios, including the scenarios for the upcoming 2026 stress test. The proposals also introduce an enhanced disclosure process under which material changes to stress test models and scenarios would be subject to public comment prior to implementation. Based on the Federal Reserve’s analysis, the proposed changes to the stress test models and scenarios are not expected to change materially the Stress Capital Buffer (“SCB”) for firms, such as JPMorganChase, that are subject to the supervisory stress test. In February 2026, the Federal Reserve released the final 2026 supervisory stress test scenarios, while announcing that SCB requirements for large banks, including the Firm, will remain at current levels through September 30, 2027 with new requirements to be calculated in 2027 based on revised models that incorporate public feedback.
Refer to page 91 of JPMorganChase's 2025 Form 10-K for information on other Key Regulatory Developments.

45

Selected capital and RWA data
The following tables present the Firm’s risk-based capital metrics under both the Standardized and Advanced approaches and leverage-based capital metrics. Refer to Capital Risk Management on pages 89–99 of JPMorganChase’s 2025 Form 10-K for a further discussion of these capital metrics. Refer to Note 21 for JPMorgan Chase Bank, N.A.’s risk-based and leverage-based capital metrics.
StandardizedAdvanced
(in millions, except ratios)
June 30, 2026
December 31, 2025
Capital ratio requirements(a)
June 30, 2026
December 31, 2025
Capital ratio requirements(a)
Risk-based capital metrics:
CET1 capital$302,619 $288,469 $302,619 $288,469 
Tier 1 capital322,720 307,630 322,720 307,630 
Total capital362,723 343,843 346,248 328,962 
(b)
Risk-weighted assets2,132,428 1,981,692 2,123,862 2,045,249 
(b)
CET1 capital ratio14.2 %14.6 %11.5 %14.2 %14.1 %11.5 %
Tier 1 capital ratio15.1 15.5 13.0 15.2 15.0 13.0 
Total capital ratio17.0 17.4 15.0 16.3 16.1 15.0 
(a)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.
(b)Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules. Refer to page 94 and Note 34 of JPMorganChase’s 2025 Form 10-K for additional information on the First Republic acquisition.
Three months ended
(in millions, except ratios)
June 30, 2026
December 31, 2025
Capital ratio requirements(b)
Leverage-based capital metrics:
Adjusted average assets(a)
$4,921,814 $4,472,394 
Tier 1 leverage ratio6.6 %6.9 %4.0 %
Total leverage exposure$5,844,422 $5,302,001 
SLR5.5 %5.8 %4.3 %
(a)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill (inclusive of estimated equity method goodwill) and other intangible assets.
(b)Represents minimum requirements and regulatory buffers applicable to the Firm for the quarter ended June 30, 2026. The current requirement reflects the eSLR final rule which the Firm early adopted effective January 1, 2026. For the year ended December 31, 2025, the SLR requirement was 5.0%. Refer to Key Regulatory Developments on pages 44-45 and Note 21 for additional information related to the eSLR final rule.
46

Capital components
The following table presents reconciliations of total stockholders’ equity to CET1 capital, Tier 1 capital and Total capital as of June 30, 2026 and December 31, 2025.
(in millions)June 30,
2026		December 31,
2025
Total stockholders’ equity$374,598 $362,438 
Less: Preferred stock21,040 20,045 
Common stockholders’ equity353,558 342,393 
Add:
Certain deferred tax liabilities(a)
2,904 2,916 
Other CET1 capital adjustments(b)
2,731 (198)
Less:
Goodwill(c)
54,137 54,082 
Other intangible assets2,437 2,560 
Standardized/Advanced CET1 capital
$302,619 $288,469 
Add: Preferred stock21,040 20,045 
Less: Other Tier 1 adjustments939 

884 
Standardized/Advanced Tier 1 capital
$322,720 $307,630 
Long-term debt and other instruments qualifying as Tier 2 capital
$15,665 $13,539 
Qualifying allowance for credit losses(d)
25,435 23,733 
Other
(1,097)(1,059)
Standardized Tier 2 capital
$40,003 $36,213 
Standardized Total capital
$362,723 $343,843 
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital(e)(f)
(16,475)

(14,881)
Advanced Tier 2 capital
$23,528 $21,332 
Advanced Total capital
$346,248 $328,962 
(a)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating CET1 capital.
(b)As of June 30, 2026 and December 31, 2025, included a net reduction for certain deferred tax assets related to tax attribute carryforwards of $24 million and $1.8 billion, respectively, and a net benefit associated with cash flow hedges and debit valuation adjustments ("DVA") related to structured notes recorded in AOCI of $3.8 billion and $2.6 billion, respectively.
(c)Goodwill deducted from capital includes goodwill associated with equity method investments in nonconsolidated financial institutions based on regulatory requirements. Refer to page 78 for additional information on principal investment risk.
(d)Represents the allowance for credit losses eligible for inclusion in Tier 2 capital up to 1.25% of credit risk RWA with any excess deducted from RWA.
(e)Represents an adjustment to qualifying allowance for credit losses for the excess of eligible credit reserves over expected credit losses up to 0.6% of credit risk RWA with any excess deducted from RWA.
(f)As of December 31, 2025, included an incremental $468 million allowance for credit losses, on certain assets associated with First Republic to which the Standardized approach was applied, as permitted by the transition provisions in the U.S. capital rules.




Capital rollforward
The following table presents the changes in CET1 capital, Tier 1 capital and Tier 2 capital for the six months ended June 30, 2026.
Six months ended June 30,
(in millions)
2026
Standardized/Advanced CET1 capital at December 31, 2025
$288,469 
Net income applicable to common equity37,065 
Dividends declared on common stock(8,100)
Net purchase of treasury stock
(13,842)
Changes in additional paid-in capital
(555)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities(2,081)
Translation adjustments, net of hedges(a)
(188)
Fair value hedges32 
Defined benefit pension and other postretirement employee benefit (“OPEB”) plans41 
Changes related to other CET1 capital adjustments(b)
1,778 
Change in Standardized/Advanced CET1 capital14,150 
Standardized/Advanced CET1 capital at June 30, 2026
$302,619 
Standardized/Advanced Tier 1 capital at December 31, 2025
$307,630 
Change in CET1 capital
14,150 
Net issuances of noncumulative perpetual preferred stock995 
Other(55)
Change in Standardized/Advanced Tier 1 capital15,090 
Standardized/Advanced Tier 1 capital at June 30, 2026
$322,720 
Standardized Tier 2 capital at December 31, 2025
$36,213 
Change in long-term debt and other instruments qualifying as Tier 2(c)
2,126 
Change in qualifying allowance for credit losses
1,702 
Other
(38)
Change in Standardized Tier 2 capital
3,790 
Standardized Tier 2 capital at June 30, 2026
$40,003 
Standardized Total capital at June 30, 2026
$362,723 
Advanced Tier 2 capital at December 31, 2025
$21,332 
Change in long-term debt and other instruments qualifying as Tier 2(c)
2,126 
Change in qualifying allowance for credit losses(d)
108 
Other
(38)
Change in Advanced Tier 2 capital
2,196 
Advanced Tier 2 capital at June 30, 2026
$23,528 
Advanced Total capital at June 30, 2026
$346,248 
(a)Includes foreign currency translation adjustments and the impact of related derivatives.
(b)Includes deductions for certain deferred tax assets related to tax attribute carryforwards.
(c)Includes the issuance of $3.0 billion of subordinated notes due 2037. Refer to Long-term funding on page 57 of this Form 10-Q and Note 20 of JPMorganChase’s 2025 Form 10-K for additional information on the Firm’s subordinated debt.
(d)As of December 31, 2025, included an incremental $468 million allowance for credit losses, on certain assets associated with First Republic to which the Standardized approach was applied, as permitted by the transition provisions in the U.S. capital rules.
47

RWA rollforward
The following table presents changes in the components of RWA under Standardized and Advanced approaches for the six months ended June 30, 2026. The amounts in the rollforward categories are estimates, based on the predominant driver of the change.
StandardizedAdvanced
Six months ended June 30, 2026
(in millions)
Credit risk RWA(c)
Market risk RWATotal RWA
Credit risk RWA(c)(d)
Market risk RWAOperational risk
RWA		Total RWA
December 31, 2025$1,889,409 $92,283 $1,981,692 $1,493,805 $92,998 $458,446 $2,045,249 
Model & data changes(a)
(730)(203)(933)(61,839)(203)— (62,042)
Movement in portfolio levels(b)
138,142 13,527 151,669 120,459 18,510 1,686 140,655 
Changes in RWA137,412 13,324 150,736 58,620 18,307 1,686 78,613 
June 30, 2026$2,026,821 $105,607 $2,132,428 $1,552,425 $111,305 $460,132 $2,123,862 
(a)Model & data changes refer to material movements in levels of RWA as a result of revised methodologies and/or treatment per regulatory guidance (exclusive of rule changes) including the completion of the necessary modeling steps required for the Apple Card transaction and other modeling updates.
(b)Movement in portfolio levels (inclusive of rule changes) refers to: for Credit risk RWA, changes in book size, changes in composition and credit quality, market movements, impacts related to Visa shares and deductions for excess eligible allowances for credit losses not eligible for inclusion in Tier 2 capital; for Market risk RWA, changes in position and market movements; and for Operational risk RWA, updates to cumulative losses, macroeconomic model inputs, and other model parameters.
(c)As of June 30, 2026 and December 31, 2025, the Standardized Credit risk RWA included wholesale and retail off balance-sheet RWA of $282.3 billion and $268.5 billion, respectively; and the Advanced Credit risk RWA included wholesale and retail off balance-sheet RWA of $288.1 billion and $223.0 billion, respectively.
(d)As of December 31, 2025, Credit risk RWA reflected approximately $37.4 billion of RWA calculated under the Standardized approach includes certain assets associated with First Republic as permitted by the transition provisions in the U.S. capital rules.
Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for further information on Credit risk RWA, Market risk RWA and Operational risk RWA.
Supplementary leverage ratio
Refer to Supplementary Leverage Ratio on page 96 of JPMorganChase’s 2025 Form 10-K for additional information.
The following table presents the components of the Firm’s SLR.
Three months ended
(in millions, except ratio)		June 30,
2026		December 31,
2025
Tier 1 capital
$322,720 $307,630 
Total average assets4,977,088 4,529,418 
Less: Regulatory capital adjustments(a)
55,274 57,024 
Total adjusted average assets(b)
4,921,814 4,472,394 
Add: Off-balance sheet exposures(c)
922,608 829,607 
Total leverage exposure$5,844,422 $5,302,001 
SLR5.5 %5.8 %
(a)For purposes of calculating the SLR, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill (inclusive of estimated equity method goodwill) and other intangible assets.
(b)Adjusted average assets used for the calculation of Tier 1 leverage ratio.
(c)Off-balance sheet exposures are calculated as the average of the three month-end spot balances on applicable regulatory exposures during the reporting quarter. Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports for additional information.
Line of business and Corporate equity
Each LOB and Corporate is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. Refer to Line of business and Corporate equity on page 96 of JPMorganChase’s 2025 Form 10-K for additional information on capital allocation.
The following table presents the capital allocated to each LOB and Corporate.

(in billions)		June 30,
2026		December 31,
2025
Consumer & Community Banking$61.5 $56.0 
Commercial & Investment Bank175.0 
(a)
149.5 
Asset & Wealth Management16.0 16.0 
Corporate101.1 
(a)
120.9 
Total common stockholders’ equity$353.6 $342.4 
(a)During the three months ended June 30, 2026, the capital allocated to CIB from Corporate was increased by $8.5 billion, compared with the capital allocated in the first quarter of 2026, in connection with growth in the business.
48

Capital actions
Common stock dividends
The Firm’s common stock dividends are planned as part of the Capital Management governance framework in line with the Firm’s capital management objectives.
On May 18, 2026, the Firm announced that its Board of Directors had declared a quarterly common stock dividend of $1.50 per share, payable on July 31, 2026. On June 24, 2026, the Firm announced that its Board of Directors intends to increase the quarterly common stock dividend to $1.65 per share for the third quarter of 2026. The Firm’s dividends are subject to approval by the Board of Directors on a quarterly basis.
Common stock repurchases
On June 24, 2026, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2026. Through June 30, 2026, the Firm was authorized to purchase up to $50 billion of common shares under its previously-approved common share repurchase program that was announced on July 1, 2025.
The following table sets forth the Firm’s repurchases of common stock for the three and six months ended June 30, 2026 and 2025.
Three months ended June 30,Six months ended June 30,
(in millions)2026
2025
2026
2025
Total number of shares of common stock repurchased21.7 29.8 49.3 59.8 
Aggregate purchase price of common stock repurchases(a)
$6,703 $7,500 $15,031 $15,063 
(a)Excludes excise tax and commissions.
The Board of Directors’ authorization to repurchase common shares is utilized at management’s discretion. The common share repurchase program approved by the Board of Directors does not establish specific price targets or timetables. Management determines the amount and timing of common share repurchases based on various factors, including market conditions; legal and regulatory considerations affecting the amount and timing of repurchase activity; the Firm’s capital position (taking into account goodwill and intangibles); organic capital generation; current and proposed future capital requirements; and other investment opportunities. The amount of common shares that the Firm repurchases in any period may be substantially more or less than the amounts estimated or actually repurchased in prior periods, reflecting the dynamic nature of the decision-making process. The Firm’s common share repurchases may be suspended by management at any time.
Refer to Capital actions on page 97 of JPMorganChase’s 2025 Form 10-K for additional information.
Refer to Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds and Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities on pages 201-202 of this Form 10-Q and page 33 of JPMorganChase’s 2025 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.
Preferred stock
Preferred stock dividends were $308 million and $282 million, and $584 million and $537 million, for the three and six months ended June 30, 2026 and 2025, respectively.
During the six months ended June 30, 2026, the Firm issued and redeemed certain series of noncumulative preferred stock. Refer to Note 17 of this Form 10-Q and Note 21 of JPMorganChase’s 2025 Form 10-K for additional information on the Firm’s preferred stock, including the issuance and redemption of preferred stock.


49

Capital planning and stress testing
Comprehensive Capital Analysis and Review
On April 6, 2026, the Firm submitted its 2026 Capital Plan to the Federal Reserve. The Firm's current SCB requirement is 2.5% and will remain in effect through September 30, 2027, based on the current rules. The Firm’s Standardized CET1 capital ratio requirement, including regulatory buffers, was 11.5% as of June 30, 2026. Refer to Key Regulatory Developments on pages 44-45 for information related to proposed changes to the SCB requirement and stress testing framework.
Refer to Capital planning and stress testing on pages 89–90 of JPMorganChase’s 2025 Form 10-K for additional information on CCAR.
Other capital requirements
Total Loss-Absorbing Capacity
The Federal Reserve’s TLAC rule requires the U.S. GSIB top-tier holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible LTD.
The following table presents the eligible external TLAC and eligible LTD amounts, as well as a representation of these amounts as a percentage of the Firm’s total RWA and total leverage exposure.
June 30, 2026
December 31, 2025
(in billions, except ratio)External TLACLTDExternal TLACLTD
Total eligible amount$590.5 $250.3 $563.7 $246.0 
% of RWA27.7 %11.7 %27.6 %12.0 %
Regulatory requirements23.0 10.5 23.0 10.5 
Surplus/(shortfall)$100.0 $26.4 $93.3 $31.2 
% of total leverage exposure10.1 %4.3 %10.6 %4.6 %
Regulatory requirements8.8 
(a)
3.8 
(a)
9.5 4.5 
Surplus/(shortfall)$79.1 $31.2 $60.1 $7.4 
(a)The current requirements reflect the eSLR final rule which the Firm early adopted effective January 1, 2026. Refer to Key Regulatory Developments on pages 44-45 for additional information related to the eSLR final rule.
Refer to Liquidity Risk Management on pages 52-58 for further information on long-term debt issued by the Parent Company.
Refer to Part I, Item 1A: Risk Factors on pages 9–31 of JPMorganChase’s 2025 Form 10-K for information on the financial consequences to holders of the Firm’s debt and equity securities in a resolution scenario.
Refer to Other capital requirements on page 98 of JPMorganChase’s 2025 Form 10-K for additional information on TLAC.
50

U.S. broker-dealer regulatory capital
J.P. Morgan Securities
JPMorganChase’s principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to the regulatory capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934 (the “Net Capital Rule”). J.P. Morgan Securities is also registered as a futures commission merchant and is subject to regulatory capital requirements, including those imposed by the SEC, the Commodity Futures Trading Commission (“CFTC”), the Financial Industry Regulatory Authority (“FINRA”) and the National Futures Association (“NFA”).
The following table presents J.P. Morgan Securities’ net capital.
June 30, 2026
(in millions)ActualMinimum
Net capital
$25,715 $8,145 
Non-U.S. subsidiary regulatory capital    
J.P. Morgan Securities plc
J.P. Morgan Securities plc is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and broker-dealer activities. J.P. Morgan Securities plc is jointly regulated in the U.K. by the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”). J.P. Morgan Securities plc is subject to the Capital Requirements Regulation (“CRR”), as adopted and amended in the U.K., and the capital rules in the PRA Rulebook. These requirements collectively represent the U.K.’s implementation of the Basel III standards. The PRA has announced that it intends to delay the U.K.’s implementation of the final Basel III standards until January 1, 2027, with a three-year transitional period for certain aspects.
The Bank of England requires that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain minimum requirements for own funds and eligible liabilities (“MREL”). As of June 30, 2026, J.P. Morgan Securities plc was compliant with its MREL requirements.
The following table presents J.P. Morgan Securities plc’s risk-based and leverage-based capital metrics.
June 30, 2026Estimated
Regulatory Minimum ratios(a)
(in millions, except ratios)
Total capital$56,487 
CET1 capital ratio15.6 %4.5 %
Tier 1 capital ratio19.7 6.0 
Total capital ratio22.9 8.0 
Tier 1 leverage ratio5.4 3.3 
(b)
(a)Represents minimum Pillar 1 requirements specified by the PRA. J.P. Morgan Securities plc's capital ratios as of June 30, 2026 exceeded the minimum requirements, including the additional capital requirements specified by the PRA.
(b)At least 75% of the Tier 1 leverage ratio minimum must be met with CET1 capital.
J.P. Morgan SE
JPMSE is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and markets activities. JPMSE is regulated by the European Central Bank (“ECB”), the German Financial Supervisory Authority and the German Central Bank, as well as the local regulators in each of the countries in which it operates, and it is subject to EU capital requirements under Basel III. JPMSE is subject to the EU implementation of the final Basel III standards. Those standards became effective beginning on January 1, 2025, with the exception of market risk aspects for which the effective date is January 1, 2027.
JPMSE is required by the EU Single Resolution Board to maintain MREL. As of June 30, 2026, JPMSE was compliant with its MREL requirements.    
The following table presents JPMSE’s risk-based and leverage-based capital metrics.
June 30, 2026Estimated
Regulatory Minimum ratios(a)
(in millions, except ratios)
Total capital$54,463 
CET1 capital ratio17.2 %4.5 %
Tier 1 capital ratio17.2 6.0 
Total capital ratio30.2 8.0 
Tier 1 leverage ratio5.7 3.0 
(a)Represents minimum Pillar 1 requirements specified by the EU CRR. J.P. Morgan SE’s capital and leverage ratios as of June 30, 2026 exceeded the minimum requirements, including the additional capital requirements specified by EU regulators.
Refer to U.S. broker-dealer and Non-U.S. subsidiary regulatory capital on page 99 of JPMorganChase’s 2025 Form 10-K for further information.
51

LIQUIDITY RISK MANAGEMENT
Liquidity risk is the risk that the Firm will be unable to meet its cash and collateral needs as they arise or that it does not have the appropriate amount, composition and tenor of funding and liquidity to support its assets and liabilities. For a further discussion of the Firm's liquidity risk management, refer to pages 100–107 of JPMorganChase’s 2025 Form 10-K and to the Firm’s U.S. LCR Disclosure reports, which are available on the Firm’s website.
LCR and HQLA
The LCR rule requires that the Firm and JPMorgan Chase Bank, N.A. maintain an amount of eligible HQLA that is sufficient to meet their respective estimated total net cash outflows over a prospective 30 calendar-day period of significant stress.
Under the LCR rule, the amount of eligible HQLA held by JPMorgan Chase Bank, N.A. that is in excess of its stand-alone 100% minimum LCR requirement, and that is not transferable to non-bank affiliates, must be excluded from the Firm’s reported eligible HQLA. The LCR for both the Firm and JPMorgan Chase Bank, N.A. is required to be a minimum of 100%.
The following table summarizes the Firm and JPMorgan Chase Bank, N.A.’s average LCR for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025 based on the Firm’s interpretation of the LCR framework.
Three months ended
Average amount
(in millions)		June 30,
2026		March 31, 2026June 30,
2025
JPMorgan Chase & Co.:
HQLA
Eligible cash(a)
$280,257 $258,543 $349,403 
Eligible securities(b)(c)
695,155 683,866 572,533 
Total HQLA(d)
$975,412 $942,409 $921,936 
Net cash outflows$885,521 $844,905 $818,334 
LCR110 %112 %113 %
Net excess eligible HQLA(d)
$89,891 $97,504 $103,602 
JPMorgan Chase Bank, N.A.:
LCR118 %120 %120 %
Net excess eligible HQLA$164,579 $174,733 $170,765 
(a)Represents cash on deposit at central banks, including the Federal Reserve Banks.
(b)Eligible HQLA securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets. For purposes of calculating the LCR, HQLA securities are included at fair value, which may differ from the accounting treatment under U.S. GAAP.
(c)Predominantly U.S. Treasuries, U.S. GSE and government agency MBS, and sovereign bonds net of regulatory haircuts under the LCR rule.
(d)Excludes average excess eligible HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.
The Firm’s average LCR for the three months ended June 30, 2026 decreased, compared with the three months ended March 31, 2026, driven by repurchases of and dividends on common stock and the use of liquidity resources in support of Markets activities in CIB, largely offset by dividend payments from JPMorgan Chase Bank, N.A. to the Parent Company.
The Firm’s average LCR for the three months ended June 30, 2026 decreased, compared with the three months ended June 30, 2025, primarily driven by repurchases of and dividends on common stock, largely offset by dividend payments from JPMorgan Chase Bank, N.A. to the Parent Company and long-term debt issuance.
JPMorgan Chase Bank, N.A.’s average LCR for the three months ended June 30, 2026 decreased, compared with the three months ended March 31, 2026, driven by lending activity, the use of liquidity resources in support of Markets activity in CIB, dividend payments to the Parent Company and lower market values of HQLA-eligible investment securities, predominantly offset by higher deposits and long-term debt issuance.
JPMorgan Chase Bank, N.A.’s average LCR for the three months ended June 30, 2026 decreased, compared with the three months ended June 30, 2025, driven by higher lending, the use of liquidity resources in support of Markets activities in CIB, and dividend payments to the Parent Company, offset by higher deposits, long-term debt issuance and increased eligible HQLA investment securities.
Each of the Firm and JPMorgan Chase Bank, N.A.'s average LCR may fluctuate from period to period due to changes in their respective eligible HQLA and estimated net cash outflows as a result of ongoing business activity and from the impacts of Federal Reserve actions as well as other factors.
Refer to pages 101-102 of JPMorganChase’s 2025 Form 10-K and the Firm’s U.S. LCR Disclosure reports for additional information on HQLA and net cash outflows.

52

Internal stress testing
The Firm conducts internal liquidity stress testing to identify liquidity risks and monitor liquidity positions at the Firm and its material legal entities under a variety of adverse scenarios, including scenarios analyzed as part of the Firm’s resolution and recovery planning. Internal stress tests are produced on a daily basis, and other stress tests are performed in response to specific market events or concerns. Results of stress tests are considered in the formulation of the Firm’s funding plan and assessment of its liquidity position.
The Firm manages liquidity at the Parent Company, the Intermediate Holding Company (“IHC”), and operating subsidiaries at levels sufficient to comply with liquidity risk tolerances and minimum liquidity requirements, and to manage through periods of stress when access to normal funding sources may be disrupted.
Liquidity sources
In addition to the assets reported in the Firm’s eligible HQLA discussed above, the Firm had unencumbered marketable securities, such as equity and debt securities, that the Firm believes would be available to raise liquidity. This includes excess eligible HQLA securities at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. The fair value of these securities was approximately $541 billion and $548 billion as of June 30, 2026 and December 31, 2025, respectively, although the amount of liquidity that could be raised at any particular time would be dependent on prevailing market conditions.
The Firm had approximately $1.5 trillion of available cash and securities as of both June 30, 2026 and December 31, 2025. For each respective period, the amount was comprised of eligible end-of-period HQLA, excluding the impact of regulatory haircuts, of approximately $956 billion and $915 billion, and unencumbered marketable securities with a fair value of approximately $541 billion and $548 billion.
The Firm also had available borrowing capacity at the FHLBs and the discount window at the Federal Reserve Banks as a result of collateral pledged by the Firm to such banks of approximately $457 billion and $449 billion as of June 30, 2026 and December 31, 2025, respectively. This borrowing capacity excludes the benefit of cash and securities reported in the Firm’s eligible HQLA or other unencumbered securities that are currently pledged at the Federal Reserve Banks discount window and other central banks. Although available, the Firm does not view this borrowing capacity at the Federal Reserve Banks discount window and the other central banks as a primary source of liquidity.
NSFR
The net stable funding ratio (“NSFR”) is a liquidity requirement for large banking organizations that is intended to measure the adequacy of “available” stable funding that is sufficient to meet their “required” amounts of stable funding over a one-year horizon.
For the three months ended June 30, 2026, both the Firm and JPMorgan Chase Bank, N.A. were compliant with the 100% minimum NSFR requirement, based on the Firm's interpretation of the final NSFR rule. Refer to the Firm's U.S. NSFR Disclosure report on the Firm’s website for additional information.
53

Funding
Sources of funds
Management believes that the Firm’s unsecured and secured funding capacity is sufficient to meet its on- and off-balance sheet obligations, which includes both short- and long-term cash requirements.
The Firm funds its global balance sheet through diverse sources of funding including deposits, secured and unsecured funding in the capital markets and stockholders’ equity. Deposits are the primary funding source for JPMorgan Chase Bank, N.A. Additionally, JPMorgan Chase Bank, N.A. may access funding through short- or long-term secured borrowings, the issuance of unsecured long-term debt, or from
borrowings from the IHC. The Firm’s non-bank subsidiaries are primarily funded from long-term unsecured borrowings and short-term secured borrowings which are primarily securities loaned or sold under repurchase agreements. Excess funding is invested by Treasury and CIO in the Firm’s investment securities portfolio or deployed in cash or other short-term liquid investments based on their interest rate and liquidity risk characteristics.
Refer to Note 22 for additional information on off-balance sheet obligations.
Deposits
The table below summarizes, by LOB and Corporate, the period-end deposit balances as of June 30, 2026 and December 31, 2025, and the average deposit balances for the three and six months ended June 30, 2026 and 2025, respectively.
June 30, 2026December 31, 2025
Average
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Consumer & Community Banking$1,093,862 $1,072,792 $1,095,646 $1,060,363 $1,085,853 $1,057,038 
Commercial & Investment Bank1,307,183 1,193,338 1,282,143 1,170,063 1,258,351 1,138,287 
Asset & Wealth Management253,218 257,316 260,092 248,375 256,916 246,253 
Corporate
59,437 35,874 47,697 26,313 43,340 26,339 
Total Firm$2,713,700 $2,559,320 $2,685,578 $2,505,114 $2,644,460 $2,467,917 
The Firm believes that deposits provide a stable source of funding and reduce the Firm’s reliance on the wholesale funding markets. A significant portion of the Firm’s deposits are consumer deposits and wholesale operating deposits, which are both considered to be stable sources of liquidity. Wholesale operating deposits are generally considered to be stable sources of liquidity because they are generated from clients that maintain operating service relationships with the Firm.
The Firm believes that average deposit balances are generally more representative of deposit trends than period-end deposit balances. However, during periods of market disruption, average deposit trends may be impacted.
Average deposits increased for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, reflecting:
•an increase in CIB due to net inflows related to client-driven activities, primarily in Payments, partially offset by net maturities of structured notes in Markets,
•an increase in CCB driven by growth in new accounts, largely offset by continued customer spending,
•an increase in Corporate as a result of growth in new accounts related to the Firm's international consumer initiatives, and
•an increase in AWM primarily driven by growth in both new accounts and balances in existing accounts, partially offset by continued migration into other investment products.
Average deposits increased for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, reflecting:
•an increase in CIB due to net inflows related to client-driven activities, primarily in Payments, partially offset by net maturities of structured notes in Markets,
•an increase in CCB driven by growth in new accounts, largely offset by continued customer spending,
•an increase in Corporate as a result of growth in new accounts related to the Firm's international consumer initiatives, and
•an increase in AWM primarily driven by growth in both new accounts and balances in existing accounts.
Period-end deposits increased from December 31, 2025, reflecting the net impact of:
•an increase in CIB predominantly due to net inflows related to client-driven activities in Payments and Securities Services,
•an increase in Corporate as a result of growth in new accounts related to the Firm's international consumer initiatives,
54

•an increase in CCB driven by growth in new accounts, largely offset by continued customer spending, and
•a decrease in AWM driven by seasonal tax outflows and continued migration into other investment products, predominantly offset by growth in both new accounts and balances in existing accounts, including the impact of higher-yielding product offerings.
Refer to the Firm’s Consolidated Balance Sheets Analysis and the Business Segment & Corporate Results on pages 15-16 and pages 20-42, respectively, for further information on deposit and liability balance trends. Refer to Note 3 for further information on structured notes.
Certain deposits are covered by insurance protection that provides additional funding stability and results in a benefit to the LCR. Deposit insurance protection may be available to depositors in the countries in which the deposits are placed. For example, the FDIC provides deposit insurance protection for deposits placed in a U.S. depository institution. At June 30, 2026 and December 31, 2025, Firmwide estimated uninsured deposits were $1,743.9 billion and $1,558.6 billion, respectively, primarily reflecting wholesale operating deposits. Refer to pages 103–104 of JPMorganChase's 2025 Form 10-K for additional information on the Firm's total uninsured deposits.
The table below presents an estimate of uninsured U.S. and non-U.S. time deposits, and their remaining maturities. The Firm’s estimates of its uninsured U.S. time deposits are based on data that the Firm calculates periodically under applicable FDIC regulations. For purposes of this presentation, all non-U.S. time deposits are deemed to be uninsured.

(in millions)
June 30, 2026
December 31, 2025
U.S.Non-U.S.U.S.Non-U.S.
Three months or less$119,947 $80,098 $123,236 $71,477 
Over three months but within 6 months26,048 8,015 14,381 14,184 
Over six months but within 12 months6,344 1,551 4,004 1,256 
Over 12 months596 2,264 664 2,382 
Total$152,935 $91,928 $142,285 $89,299 
The table below shows the deposit and loan balances, deposits as a percentage of total liabilities, and the loans-to-deposits ratios, as of June 30, 2026 and December 31, 2025.
(in billions, except ratios)June 30, 2026December 31, 2025
Deposits$2,713.7 $2,559.3 
Deposits as a % of total liabilities58 %63 %
Loans$1,542.5 $1,493.4 
Loans-to-deposits ratio57 %58 %
The following table provides a summary of the average balances and average interest rates of JPMorganChase’s deposits for the three and six months ended June 30, 2026 and 2025.
(in millions)
Average balancesAverage interest rates
Three months endedSix months endedThree months endedSix months ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025June 30, 2026June 30, 2025June 30, 2026June 30, 2025
U.S. offices
Noninterest-bearing$597,106 $572,715 $585,522 $565,592 NANANANA
Interest-bearing
Demand(a)
342,568 321,907 341,155 312,801 2.69 %3.01 %2.70 %3.37 %
Savings(b)
922,308 867,850 917,905 861,699 1.28 1.52 1.27 1.37 
Time238,185 224,048 234,891 224,848 3.53 3.97 3.63 4.03 
Total interest-bearing deposits1,503,061 1,413,805 1,493,951 1,399,348 1.97 2.25 1.96 2.24 
Total deposits in U.S. offices2,100,167 1,986,520 2,079,473 1,964,940 1.40 1.60 1.41 1.59 
Non-U.S. offices
Noninterest-bearing40,711 30,062 39,108 29,548 NANANANA
Interest-bearing
Demand446,602 391,621 432,590 379,059 2.17 2.37 2.12 2.46 
Time98,098 96,911 93,289 94,370 4.21 4.73 4.23 4.86 
Total interest-bearing deposits544,700 488,532 525,879 473,429 2.53 2.85 2.50 2.92 
Total deposits in non-U.S. offices585,411 518,594 564,987 502,977 2.37 2.69 2.32 2.76 
Total deposits$2,685,578 $2,505,114 $2,644,460 $2,467,917 1.60 %1.85 %1.61 %1.84 %
(a)Includes Negotiable Order of Withdrawal accounts, and certain trust accounts.
(b)Includes Money Market Deposit Accounts.
Refer to Note 15 for additional information on deposits.
55

The following table summarizes short-term and long-term funding, excluding deposits, as of June 30, 2026 and December 31, 2025, and average balances for the three and six months ended June 30, 2026 and 2025, respectively. Refer to the Consolidated Balance Sheets Analysis on pages 15-16 and Note 10 for additional information.
Sources of funds (excluding deposits)
June 30, 2026December 31, 2025Average
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Commercial paper
$12,972 $12,111 $10,254 $12,178 $10,255 $12,676 
Other borrowed funds
16,980 15,031 17,824 13,102 18,005 13,739 
Federal funds purchased214 199 1,174 1,412 1,222 1,557 
Total short-term unsecured funding$30,166 $27,341 $29,252 $26,692 $29,482 $27,972 
Securities sold under agreements to repurchase(a)
$692,117 $433,161 $709,696 $547,874 $676,586 $502,416 
Securities loaned(a)
12,587 9,036 14,934 8,757 14,190 7,907 
Other borrowed funds42,478 37,634 

40,774 40,707 41,279 

36,858 
Obligations of Firm-administered multi-seller conduits(b)
17,863 18,174 17,487 17,352 17,510 17,195 
Total short-term secured funding
$765,045 $498,005 $782,891 $614,690 $749,565 $564,376 
Senior notes$211,997 $210,571 $212,723 $209,685 $213,204 $208,912 
Subordinated debt22,860 20,101 22,936 16,270 22,479 16,192 
Structured notes(c)
152,533 130,621 149,991 108,992 143,548 105,168 
Total long-term unsecured funding$387,390 $361,293 $385,650 $334,947 $379,231 $330,272 
Credit card securitization(b)
$7,075 $5,884 $6,312 $5,365 $6,099 $5,345 
FHLB advances17,553 

18,159 

17,731 

23,155 18,409 24,927 
Purchase Money Note(d)
49,551 49,435 49,512 49,283 49,484 49,255 
Other long-term secured funding(e)
6,029 6,319 6,080 6,331 6,245 5,491 
Total long-term secured funding$80,208 $79,797 $79,635 $84,134 $80,237 $85,018 
Preferred stock(f)
$21,040 $20,045 $21,196 $20,045 $20,624 $20,029 
Common stockholders’ equity(f)
$353,558 $342,393 $343,146 $329,797 $342,104 $327,086 
(a)Primarily consists of short-term securities loaned or sold under agreements to repurchase.
(b)Included in beneficial interests issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.
(c)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
(d)Reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 34 of JPMorganChase’s 2025 Form 10-K for additional information.
(e)Includes long-term structured notes that are secured.
(f)Refer to Capital Risk Management on pages 44-51 and Consolidated statements of changes in stockholders’ equity on page 96 of this Form 10-Q, and Note 21 and Note 22 of JPMorganChase’s 2025 Form 10-K for additional information on preferred stock and common stockholders’ equity.
Short-term funding
The Firm’s primary source of short-term secured funding is securities sold under agreements to repurchase. These instruments are secured predominantly by high-quality securities collateral, including government-issued debt and U.S. GSE and government agency MBS. Securities sold under agreements to repurchase increased at June 30, 2026, compared with December 31, 2025, driven by Markets, reflecting higher client-driven market-making activities and higher secured financing of trading assets, as well as when compared with seasonally lower levels at year-end.
The increases in secured other borrowed funds at June 30, 2026 from December 31, 2025, and for the average six months ended June 30, 2026, compared to the prior year, were primarily due to higher financing requirements in Markets.
The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time
due to investment and financing activities of clients, the Firm’s demand for financing, the ongoing management of the mix of the Firm’s liabilities, including with respect to liquidity and capital considerations, as well as other market and portfolio factors.
The Firm’s primary sources of short-term unsecured funding consist of issuances of wholesale commercial paper and other borrowed funds.
The decrease in commercial paper for the average three and six months ended June 30, 2026, compared to the prior year, was primarily driven by strategic short-term liquidity management.
The increase in unsecured other borrowed funds for the average three and six months ended June 30, 2026, compared to the prior year, was primarily driven by net issuances of structured notes in Markets due to client demand and an increase in the fair value of such instruments.
56

Long-term funding
Long-term funding provides an additional source of stable funding and liquidity for the Firm. The Firm’s long-term funding plan is driven primarily by expected client activity, liquidity considerations and regulatory requirements. Long-term funding objectives include maintaining diversification, maximizing market access and optimizing funding costs through various funding markets, tenors and currencies.
Unsecured funding and issuance
The significant majority of the Firm’s total outstanding long-term debt has been issued by the Parent Company to provide flexibility in support of the funding needs of both bank and non-bank subsidiaries. The Parent Company advances substantially all net funding proceeds to its subsidiary, the IHC. The IHC does not issue debt to external counterparties. The increases in structured notes at June 30, 2026 from December 31, 2025 and for the average three and six months ended June 30, 2026, compared to the prior year, were primarily driven by net issuances in Markets due to client demand and an increase in the fair value of such instruments.
The following table summarizes long-term unsecured issuance and maturities or redemptions for the three and six months ended June 30, 2026 and 2025. Refer to Liquidity Risk Management on pages 100–107 and Note 20 of JPMorganChase’s 2025 Form 10-K for additional information on the IHC and long-term debt.
Long-term unsecured funding
Three months ended June 30,Six months ended June 30,Three months ended June 30,Six months ended June 30,
20262025202620252026202520262025
(Notional in millions)Parent CompanySubsidiaries
Issuance
Senior notes issued in the U.S. market$10,500 $6,000 $16,500 $14,000 $— $— $— $— 
Senior notes issued in non-U.S. markets— — 3,831 2,084 — — — — 
Total senior notes10,500 6,000 20,331 16,084 — — — — 
Subordinated debt— — 3,000 — — — — — 
Structured notes(a)
1,079 951 1,932 2,030 22,563 16,397 53,973 35,033 
Total long-term unsecured funding – issuance$11,579 $6,951 $25,263 $18,114 $22,563 $16,397 $53,973 $35,033 
Maturities/redemptions
Senior notes$8,275 $8,679 $15,933 $17,204 $— $— $25 $65 
Subordinated debt— 17 — 17 — — — — 
Structured notes664 466 1,550 837 18,190 11,617 36,529 25,057 
Total long-term unsecured funding – maturities/redemptions$8,939 $9,162 $17,483 $18,058 $18,190 $11,617 $36,554 $25,122 
(a)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
Secured funding and issuance
The Firm can also raise secured long-term funding through securitization of consumer credit card loans and FHLB advances. The following table summarizes the credit card securitization and the FHLB advances, as well as other long-term secured funding sources, with their respective maturities or redemptions, as applicable, for the three and six months ended June 30, 2026 and 2025, respectively.
Long-term secured funding
Three months ended June 30,Six months ended June 30,
20262025202620252026202520262025
(in millions)IssuanceMaturities/RedemptionsIssuanceMaturities/Redemptions
Credit card securitization$1,249 $— $— $— $1,249 $— $— $— 
FHLB advances
— — 420 801 4,500 — 5,121 6,742 
Other long-term secured funding(a)
183 613 457 782 496 747 779 893 
Total long-term secured funding$1,432 $613 $877 $1,583 $6,245 $747 $5,900 $7,635 
(a)Includes long-term structured notes that are secured.
The Firm’s wholesale businesses also securitize loans for client-driven transactions which are not considered to be a source of funding for the Firm and are not included in the table above. Refer to Note 14 of JPMorganChase’s 2025 Form 10-K for a further description of client-driven loan securitizations.
57

Credit ratings
The cost and availability of financing are influenced by credit ratings. Reductions in these ratings could have an adverse effect on the Firm’s access to liquidity sources, increase the cost of funds, trigger additional collateral or funding requirements and decrease the number of investors and counterparties willing to lend to the Firm. The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors, which the Firm
believes are incorporated in its liquidity risk and stress testing metrics. The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.
Additionally, the Firm’s funding requirements for VIEs and other third-party commitments may be adversely affected by a decline in credit ratings. Refer to Notes 4 and 13 for additional information.
The credit ratings of the Parent Company and certain of its principal subsidiaries as of June 30, 2026 were as follows:
JPMorgan Chase & Co.JPMorgan Chase Bank, N.A.J.P. Morgan SEJ.P. Morgan Securities LLC
 J.P. Morgan Securities plc
June 30, 2026Long-term issuerShort-term issuerOutlookLong-term issuerShort-term issuerOutlookLong-term issuerShort-term issuerOutlookLong-term issuerShort-term issuerOutlook
Moody’s Investors Service
A1P-1StableAa2P-1StableAa2P-1StableAa3P-1Stable
Standard & Poor’s
AA-1StableAA-A-1+StableAA-A-1+StableAA-A-1+Stable
Fitch RatingsAA-F1+StableAAF1+StableAAF1+StableAAF1+Stable
Refer to page 107 of JPMorganChase’s 2025 Form 10-K for a discussion of the factors that could affect the credit ratings of the Parent Company and the above subsidiaries.
58

CREDIT AND INVESTMENT RISK MANAGEMENT
Credit and investment risk is the risk associated with the default or change in credit profile of a client, counterparty or customer; or loss of principal or a reduction in expected returns on investments, including consumer credit risk, wholesale credit risk, and investment portfolio risk. Refer to Consumer Credit Portfolio, Wholesale Credit Portfolio and Allowance for Credit Losses on pages 61-77 for a further discussion of Credit Risk.
Refer to page 78 for a further discussion of Investment Portfolio Risk. Refer to Credit and Investment Risk Management on pages 109–132 of JPMorganChase’s 2025 Form 10-K for a further discussion of the Firm’s Credit and Investment Risk Management framework.
59

CREDIT PORTFOLIO
Credit risk is the risk associated with the default or change in credit profile of a client, counterparty or customer.
In the following tables, total loans include loans retained (i.e., held-for-investment); loans held-for-sale; and certain loans accounted for at fair value. The following tables do not include loans which the Firm accounts for at fair value and classifies as trading assets; refer to Notes 2 and 3 for further information regarding these loans. Refer to Notes 11, 22 and 4 for additional information on the Firm’s loans, lending-related commitments and derivative receivables.
Refer to Note 9 for information regarding the credit risk inherent in the Firm’s investment securities portfolio; and refer to Note 10 for information regarding credit risk inherent in the securities financing portfolio. Refer to Consumer Credit Portfolio on pages 61-65 and Note 11 for further discussions of the consumer credit environment, consumer loans and nonperforming exposure. Refer to Wholesale Credit Portfolio on pages 66-74 and Note 11 for further discussions of the wholesale credit environment, wholesale loans and nonperforming exposure.
Total credit portfolio
Credit exposure
Nonperforming(c)
(in millions)June 30, 2026Dec 31,
2025		June 30, 2026Dec 31,
2025
Loans retained$1,463,808 $1,408,905 $8,034 $8,273 
Loans held-for-sale15,765 13,840 93 67 
Loans at fair value62,889 70,684 1,237 1,517 
Total loans1,542,462 1,493,429 9,364 9,857 
Derivative receivables67,767 57,777 171 204 
Receivables from customers(a)
82,203 47,336 — — 
Total credit-related assets1,692,432 1,598,542 9,535 10,061 
Assets acquired in loan satisfactions
Real estate ownedNANA281 267 
OtherNANA33 31 
Total assets acquired in loan satisfactions
NANA314 298 
Lending-related commitments1,896,313 1,817,307 799 925 
Total credit portfolio$3,588,745 $3,415,849 $10,648 $11,284 
Credit derivatives and credit-related notes used in credit portfolio management activities(b)
$(33,608)$(24,383)$— $— 
Liquid securities and other cash collateral held against derivatives(33,767)(28,891)NANA
(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(b)Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage credit exposures.
(c)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2026 and December 31, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $232 million and $198 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
The following table provides information about the Firm’s net charge-offs.
(in millions, except ratios)Three months ended June 30,Six months ended June 30,
2026202520262025
Net charge-offs$2,366 $2,410 $4,682$4,742 
Average retained loans1,435,638 1,321,430 1,418,293 1,303,527
Net charge-off rates0.66 %0.73 %0.67 %0.73 %
60

CONSUMER CREDIT PORTFOLIO
The Firm’s retained consumer portfolio consists primarily of loans and lending-related commitments for residential real estate, credit card, scored auto and business banking. The consumer credit portfolio also includes loans at fair value, predominantly in residential real estate. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. For further information on consumer loans, as well as the Firm’s nonaccrual and charge-off accounting policies, refer to Note 11 of this Form 10-Q and Consumer Credit Portfolio on pages 112–117 and Note 12 of JPMorganChase's 2025 Form 10-K. Refer to Note 22 of this Form 10-Q and Note 28 of JPMorganChase's 2025 Form 10-K for further information on lending-related commitments.
The following tables present consumer credit-related information with respect to the scored credit portfolio held in CCB, AWM, CIB and Corporate.
Consumer credit portfolio
(in millions)Credit exposure
Nonaccrual loans(i)
Jun 30,
2026		Dec 31,
2025		Jun 30,
2026		Dec 31,
2025
Consumer, excluding credit card
Residential real estate(a)
$300,664 $303,531 $3,615 $3,632 
Auto and other(b)(c)
66,464 65,210 228 243 
Total loans – retained367,128 368,741 3,843 3,875 
Loans held-for-sale578 334 36 59 
Loans at fair value(d)
24,037 33,183 569 739 
Total consumer, excluding credit card loans391,743 402,258 4,448 4,673 
Lending-related commitments(e)
49,116 43,587 
Total consumer exposure, excluding credit card440,859 445,845 
Credit card
Loans retained(f)
249,876 247,797 NANA
Total credit card loans249,876 247,797 NANA
Lending-related commitments(e)(g)
1,224,431 1,177,766 
Total credit card exposure1,474,307 1,425,563 
Total consumer credit portfolio$1,915,166 $1,871,408 $4,448 $4,673 
Credit-related notes used in credit portfolio management activities(h)
$(424)$(485)
Three months ended June 30,
(in millions, except ratios)Net charge-offs/(recoveries)Average loans - retained
Net charge-off/(recovery) rate(j)
202620252026202520262025
Consumer, excluding credit card
Residential real estate$(16)$(21)$301,254 $305,598 (0.02)%(0.03)%
Auto and other149 150 65,456 66,407 0.91 0.91 
Total consumer, excluding credit card - retained133 129 366,710 372,005 0.15 0.14 
Credit card - retained2,024 1,936 243,572 228,320 3.33 3.40 
Total consumer - retained$2,157 $2,065 $610,282 $600,325 1.42 %1.38 %
Six months ended June 30,
(in millions, except ratios)Net charge-offs/(recoveries)Average loans - retained
Net charge-off/(recovery) rate(j)
202620252026202520262025
Consumer, excluding credit card
Residential real estate$(30)$(46)$302,000 $306,747 (0.02)%(0.03)%
Auto and other317 338 65,291 66,482 0.98 1.03 
Total consumer, excluding credit card - retained287 292 367,291 373,229 0.16 0.16 
Credit card - retained4,066 3,918 241,408 226,346 3.40 3.49 
Total consumer - retained$4,353 $4,210 $608,699 $599,575 1.44 %1.42 %
(a)Includes scored mortgage and home equity loans held in CCB and AWM.
(b)At June 30, 2026 and December 31, 2025, excluded operating lease assets of $21.5 billion and $20.0 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.
(c)Includes scored auto and business banking loans, and overdrafts.
(d)Includes scored mortgage loans held in CCB and CIB, and other consumer unsecured loans in CIB.
61

(e)Credit card, home equity and certain business banking lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. Refer to Note 22 for further information.
(f)Includes billed interest and fees.
(g)Also includes commercial card lending-related commitments primarily in CIB.
(h)Represents the notional amount of protection obtained through the issuance of credit-related notes that reference certain pools of residential real estate and auto loans in the retained consumer portfolio.
(i)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2026 and December 31, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $232 million and $198 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status, as permitted by regulatory guidance.
(j)Average consumer loans held-for-sale and loans at fair value were $25.7 billion and $22.1 billion for the three months ended June 30, 2026 and 2025, respectively, and $28.7 billion and $20.3 billion for the six months ended June 30, 2026 and 2025, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.


62

Consumer, excluding credit card
Portfolio analysis
Loans decreased compared to December 31, 2025, predominantly driven by lower residential real estate loans, including loans at fair value and retained loans.
Residential real estate
The residential real estate portfolio, including loans held-for-sale and loans at fair value, predominantly consists of prime mortgage loans and home equity lines of credit.
Retained loans decreased compared to December 31, 2025, driven by paydowns, predominantly offset by originations. Net recoveries were lower for the six months ended June 30, 2026 compared to the same period in the prior year, reflecting lower loan sales.
Loans held-for-sale increased from December 31, 2025, reflecting transfers from retained loans in anticipation of loan securitization.
Loans at fair value decreased compared to December 31, 2025 as sales outpaced purchases in CIB, partially offset by originations outpacing warehouse loan sales in Home Lending. Nonaccrual loans at fair value decreased compared to December 31, 2025, primarily driven by loan sales in CIB.
The carrying value of retained interest-only residential mortgage loans was $89.1 billion and $88.8 billion at June 30, 2026 and December 31, 2025, respectively. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers. The credit performance of this portfolio is comparable to the performance of the broader prime mortgage portfolio.
The carrying value of retained home equity lines of credit outstanding was $13.2 billion at June 30, 2026, including $3.3 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified, and $3.0 billion of interest-only balloon HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by reducing or canceling the undrawn line in accordance with the contract or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of the underlying property.

The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, predominantly loans held-for-sale and loans at fair value. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.
(in millions)June 30,
2026		December 31,
2025
Current$393 $840 
30-89 days past due103 121 
90 or more days past due232 198 
Total government guaranteed loans$728 $1,159 
Geographic composition and current estimated loan-to-value ratio of residential real estate loans
Refer to Note 11 for information on the geographic composition and current estimated LTVs of the Firm’s residential real estate loans.

63

Auto and other
The auto and other loan portfolio, including loans at fair value, generally consists of prime-quality scored auto and business banking loans, other consumer unsecured loans, and overdrafts. Net charge-offs decreased for the six months ended June 30, 2026 compared to the same period in the prior year, predominantly due to lower scored auto net charge-offs, reflecting improved used vehicle valuations.
Nonperforming assets
The following table presents information as of June 30, 2026 and December 31, 2025, on consumer, excluding credit card, nonperforming assets.
Nonperforming assets(a)
(in millions)June 30,
2026		December 31,
2025
Nonaccrual loans
Residential real estate
$4,198 $4,381 
Auto and other
250 292 
Total nonaccrual loans4,448 4,673 
Assets acquired in loan satisfactions
Real estate owned88 103 
Other33 31 
Total assets acquired in loan satisfactions
121 134 
Total nonperforming assets$4,569 $4,807 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2026 and December 31, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $232 million and $198 million, respectively.

Nonaccrual loans
The following table presents changes in consumer, excluding credit card, nonaccrual loans for the six months ended June 30, 2026 and 2025.
Nonaccrual loan activity
Six months ended June 30,
(in millions)
20262025
Beginning balance$4,673 $3,926 
Additions1,713 2,515 
Reductions:
Principal payments and other
514 437 
Sales
462 337 
Charge-offs307 318 
Returned to performing status542 563 
Foreclosures and other liquidations113 117 
Total reductions1,938 1,772 
Net changes(225)743 
Ending balance$4,448 $4,669 
Refer to Note 11 for further information on the consumer credit portfolio, including delinquencies, other credit quality indicators and loans that were in the process of active or suspended foreclosure.

64

Credit card
Total credit card loans increased compared to December 31, 2025, reflecting growth from new accounts predominantly offset by a decrease from seasonally higher loan balances at December 31, 2025. The June 30, 2026 30+ and 90+ day delinquency rates of 1.91% and 1.00%, respectively, decreased compared to the December 31, 2025 30+ and 90+ day delinquency rates of 2.16% and 1.10%, respectively, reflecting favorable credit performance. Net charge-offs increased for the three and six months ended June 30, 2026 compared to the same periods in the prior year, reflecting loan growth.
Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm’s allowance for loan losses includes the estimated uncollectible portion of accrued and billed interest and fee income. Refer to Note 11 for further information about this portfolio, including information about delinquencies.
Geographic and FICO composition of credit card loans
Refer to Note 11 for information on the geographic and FICO composition of the Firm’s credit card loans.

65

WHOLESALE CREDIT PORTFOLIO
In its wholesale businesses, the Firm is exposed to credit risk primarily through its underwriting, lending, market-making, and hedging activities with and for clients and counterparties, as well as through various operating services (such as cash management and clearing activities), securities financing activities and cash placed with banks. A portion of the loans originated or acquired by the Firm’s wholesale businesses is generally retained on the balance sheet. The Firm distributes a significant percentage of the loans that it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk. The wholesale portfolio is actively managed, in part by conducting ongoing, in-depth reviews of client credit quality and transaction structure, inclusive of collateral where applicable, and of industry, product and client concentrations. Refer to the industry discussion on pages 68-71 for further information.
The Firm’s wholesale credit portfolio includes exposure held in CIB, AWM and Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses.
As of June 30, 2026, loans increased by $57.5 billion, predominantly driven by higher loans in CIB and higher securities-based lending in AWM, both as a result of higher client demand. Lending-related commitments increased by $26.8 billion, driven by higher commitments in CIB.
As of June 30, 2026, nonperforming exposure decreased by $398 million, driven by certain exposures in Real Estate and Technology, Media & Telecommunications, primarily due to paydowns, charge-off activity, and loan sales, largely offset by certain exposures in Consumer & Retail and Industrials, in each case primarily resulting from downgrades.


Wholesale credit portfolio
Credit exposureNonperforming
(in millions)June 30, 2026Dec 31,
2025		June 30, 2026Dec 31,
2025
Loans retained$846,804 $792,367 $4,191 $4,398 
Loans held-for-sale15,187 13,506 57 8 
Loans at fair value38,852 37,501 668 778 
Loans900,843 843,374 4,916 5,184 
Derivative receivables67,767 57,777 171 204 
Receivables from customers(a)
82,203 47,336 — — 
Total wholesale credit-related assets1,050,813 948,487 5,087 5,388 
Assets acquired in loan satisfactions
Real estate ownedNANA193 164 
Total assets acquired in loan satisfactions
NANA193 164 
Lending-related commitments622,766 595,954 799 925 
Total wholesale credit portfolio$1,673,579 $1,544,441 $6,079 $6,477 
Credit derivatives and credit-related notes used in credit portfolio management activities(b)
$(33,184)$(23,898)$— $— 
Liquid securities and other cash collateral held against derivatives(33,767)(28,891)NANA
(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(b)Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 74 and Note 4 for additional information.


66

Wholesale credit exposure – maturity and ratings profile
The following tables present the maturity and internal risk ratings profiles of the wholesale credit portfolio as of June 30, 2026 and December 31, 2025. The Firm generally considers internal ratings with qualitative characteristics equivalent to BBB-/Baa3 or higher as investment grade, and takes into consideration collateral and structural support when determining the internal risk rating for each credit facility. Refer to Note 12 of JPMorganChase's 2025 Form 10-K for further information on internal risk ratings.
Maturity profile(d)
Ratings profile
June 30, 2026
(in millions, except ratios)
1 year or lessAfter 1 year through 5 yearsAfter 5 yearsTotalInvestment-gradeNoninvestment-gradeTotalTotal % of IG
Loans retained$320,360 $339,067 $187,377 $846,804 $576,208 $270,596 $846,804 68 %
Derivative receivables67,767 67,767 
Less: Liquid securities and other cash collateral held against derivatives(33,767)(33,767)
Total derivative receivables, net of collateral9,284 8,662 16,054 34,000 22,971 11,029 34,000 68 
Lending-related commitments158,608 431,919 32,239 622,766 407,382 215,384 622,766 65 
Subtotal488,252 779,648 235,670 1,503,570 1,006,561 497,009 1,503,570 67 
Loans held-for-sale and loans at fair value(a)
54,039 54,039 
Receivables from customers 82,203 82,203 
Total exposure – net of liquid securities and other cash collateral held against derivatives$1,639,812 $1,639,812 
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c)
$(16,855)$(14,271)$(2,058)$(33,184)$(24,102)$(9,082)$(33,184)73 %
Maturity profile(d)
Ratings profile
December 31, 2025
(in millions, except ratios)		1 year or lessAfter 1 year through 5 yearsAfter 5 yearsTotalInvestment-gradeNoninvestment-gradeTotalTotal % of IG
Loans retained $271,648 $330,900 $189,819 $792,367 $541,364 $251,003 $792,367 68 %
Derivative receivables57,777 57,777 
Less: Liquid securities and other cash collateral held against derivatives(28,891)(28,891)
Total derivative receivables, net of collateral7,941 6,836 14,109 28,886 19,721 9,165 28,886 68 
Lending-related commitments155,797 412,594 27,563 595,954 383,106 212,848 595,954 64 
Subtotal435,386 750,330 231,491 1,417,207 944,191 473,016 1,417,207 67 
Loans held-for-sale and loans at fair value(a)
51,007 51,007 
Receivables from customers 47,336 47,336 
Total exposure – net of liquid securities and other cash collateral held against derivatives$1,515,550 $1,515,550 
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c)
$(5,356)$(17,424)$(1,118)$(23,898)$(17,831)$(6,067)$(23,898)75 %
(a)Loans held-for-sale are primarily related to syndicated loans and loans transferred from the retained portfolio.
(b)These derivatives do not qualify for hedge accounting under U.S. GAAP.
(c)The notional amounts are presented on a net basis by underlying reference entity and the ratings profile shown is based on the ratings of the reference entity on which protection has been purchased. Predominantly all of the credit derivatives entered into by the Firm where it has purchased protection used in credit portfolio management activities are executed with investment-grade counterparties. In addition, the Firm obtains credit protection against certain loans in the retained loan portfolio through the issuance of credit-related notes.
(d)The maturity profile of retained loans, lending-related commitments and derivative receivables is generally based on remaining contractual maturity. Derivative contracts that are in a receivable position at June 30, 2026, may become payable prior to maturity based on their cash flow profile or changes in market conditions.

67

Wholesale credit exposure – industry exposures
The Firm focuses on the management and diversification of its industry exposures, and pays particular attention to industries with actual or potential credit concerns.
Exposures that are deemed to be criticized align with the U.S. banking regulators’ definition of criticized exposures, which consist of the special mention, substandard and doubtful categories. Total criticized exposure, excluding loans held-for-sale and loans at fair value, was $50.3 billion and $48.5 billion as of June 30, 2026 and December 31, 2025, representing approximately 3.3% and 3.4% of total wholesale credit exposure, respectively; of the $50.3 billion, $45.1 billion was performing. The increase in criticized exposure was driven by certain exposures in Commercial and Industrial, concentrated in Consumer & Retail, Transportation, Industrials, and Oil & Gas, primarily resulting from downgrades and new lending-related commitments, partially offset by certain exposures in SPEs, primarily resulting from upgrades and net portfolio activity.
The table below summarizes by industry the Firm’s exposures as of June 30, 2026 and December 31, 2025. The industry of risk category is generally based on the client or counterparty’s primary business activity. Refer to Note 4 of JPMorganChase's 2025 Form 10-K for additional information on industry concentrations.
Wholesale credit exposure – industries(a)
Selected metrics
Noninvestment-grade
30 days or more past due and accruing loans
Net
charge-offs/
(recoveries)
Credit derivative and credit-related notes(h)
Liquid securities
and other cash collateral held against derivative
receivables
As of or for the six months ended June 30, 2026
(in millions)
Credit exposure(f)(g)
Investment- gradeNoncriticizedCriticized performingCriticized nonperforming
Real Estate$230,417 $157,803 $60,375 $10,768 $1,471 $846 $23 $(94)$— 
Individuals and Individual Entities(b)
190,800 158,182 31,579 606 433 1,409 (3)— — 
Asset Managers176,789 137,008 39,241 529 11 187 — — (14,055)
Consumer & Retail140,288 65,807 65,160 8,575 746 115 132 (304)— 
Technology, Media & Telecommunications106,592 49,108 46,378 10,623 483 9 (8)(2,411)— 
Industrials86,058 47,398 34,769 3,491 400 190 2 (84)— 
Banks & Finance Companies77,171 44,628 31,652 876 15 — 4 (384)(826)
Healthcare75,268 50,760 21,043 2,938 527 12 26 (218)(28)
Utilities43,494 28,047 13,966 1,143 338 77 7 (138)(11)
Oil & Gas36,437 21,047 14,321 707 362 17 25 (44)— 
Automotive35,861 20,217 14,549 1,093 2 74 — (260)— 
State & Municipal Govt(c)
34,947 33,527 1,411 2 7 4 5 (2)(3)
Insurance25,668 17,911 7,513 232 12 2 18 (5)(8,771)
Transportation22,793 12,413 9,508 851 21 19 15 (67)— 
Chemicals & Plastics22,387 11,611 9,451 1,235 90 12 — (175)— 
Metals & Mining18,824 8,044 10,380 381 19 1 — (23)(3)
Central Govt14,875 14,282 356 45 192 — — (2,147)(1,093)
Securities Firms8,236 4,291 3,764 181 — — — — (2,828)
Financial Markets Infrastructure7,668 7,042 557 69 — — — (35)— 
All other(d)
182,764 149,400 32,579 753 32 170 83 (26,793)(6,149)
Subtotal$1,537,337 $1,038,526 $448,552 $45,098 $5,161 $3,144 $329 $(33,184)$(33,767)
Loans held-for-sale and loans at fair value54,039 
Receivables from customers82,203 
Total(e)
$1,673,579 






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(continued from previous page)
Selected metrics
Noninvestment-grade30 days or more past due and accruing
loans		Net
charge-offs/
(recoveries)
Credit derivative and credit-related notes(h)
Liquid securities
and other cash collateral held against derivative
receivables
As of or for the year ended
December 31, 2025
(in millions)
Credit exposure(f)(g)
Investment- gradeNoncriticizedCriticized performingCriticized nonperforming
Real Estate$224,858 $155,712 $57,478 $9,967 $1,701 $959 $380 $(99)$— 
Individuals and Individual Entities(b)
167,700 138,142 28,677 460 421 1,012 (15)— — 
Asset Managers152,848 117,426 35,113 304 5 105 1 (5)(10,626)
Consumer & Retail133,945 63,523 62,382 7,425 615 115 234 (311)— 
Technology, Media & Telecommunications97,816 44,373 42,507 10,135 801 37 281 (1,078)— 
Industrials80,606 44,078 33,166 3,101 261 470 18 (68)— 
Banks & Finance Companies75,653 41,904 32,826 903 20 16 8 (574)(657)
Healthcare72,218 48,888 19,713 3,059 558 12 191 (67)— 
Utilities39,005 24,840 12,519 1,254 392 1 63 (203)— 
Oil & Gas
36,497 21,825 14,076 347 249 52 48 (51)— 
Automotive35,984 19,602 15,397 958 27 109 3 (277)— 
State & Municipal Govt(c)
32,484 31,372 1,100 3 9 30 — (3)— 
Insurance25,031 17,511 7,352 168 — 6 — (20)(8,310)
Transportation20,861 11,450 9,097 285 29 11 (3)(135)— 
Chemicals & Plastics23,790 11,251 10,355 2,091 93 2 82 (239)— 
Metals & Mining17,767 7,459 9,883 406 19 22 4 (39)(67)
Central Govt15,164 14,666 245 44 209 8 — (1,258)(1,273)
Securities Firms7,966 4,372 3,593 — 1 1 — (13)(2,458)
Financial Markets Infrastructure5,734 5,306 358 70 — — — — — 
All other(d)
180,171 148,214 29,887 1,953 117 3 303 (19,458)(5,500)
Subtotal$1,446,098 $971,914 $425,724 $42,933 $5,527 $2,971 $1,598 $(23,898)$(28,891)
Loans held-for-sale and loans at fair value51,007 

Receivables from customers47,336 
Total(e)
$1,544,441 
(a)The industry rankings presented in the table as of December 31, 2025, are based on the industry rankings of the corresponding exposures as of June 30, 2026, not actual rankings of such exposures as of December 31, 2025.
(b)Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB, and includes exposure to personal investment companies and personal and testamentary trusts.
(c)In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at June 30, 2026 and December 31, 2025 noted above, the Firm held: $7.2 billion and $6.1 billion, respectively, of trading assets; $18.7 billion and $20.2 billion, respectively, of AFS securities; and $8.1 billion and $8.6 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Notes 2 and 9 for further information.
(d)All other includes: SPEs and Private education and civic organizations, representing approximately 95% and 5%, respectively, at both June 30, 2026, and December 31, 2025. Refer to Note 13 for more information on exposures to SPEs.
(e)Excludes cash placed with banks of $301.2 billion and $333.8 billion, at June 30, 2026 and December 31, 2025, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.
(f)Credit exposure is net of risk participations and excludes the benefit of credit derivatives and credit-related notes used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.
(g)Credit exposure includes held-for-sale and fair value option elected lending-related commitments.
(h)Represents the net notional amounts of protection purchased and sold through credit derivatives and credit-related notes used to manage the credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. The All other category includes purchased credit protection on certain credit indices.
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Presented below is additional detail on certain of the Firm’s industry exposures.
Real Estate
Real Estate exposure was $230.4 billion as of June 30, 2026. Criticized exposure increased by $571 million from $11.7 billion at December 31, 2025 to $12.2 billion at June 30, 2026, driven by net downgrades, largely offset by net portfolio activity.
June 30, 2026
(in millions, except ratios)
Loans and Lending-related CommitmentsDerivative ReceivablesCredit exposure% Investment-grade
% Drawn(d)
Multifamily(a)
$130,061 $4 $130,065 78 %91 %
Other Income Producing Properties(b)
27,304 217 27,521 45 54 
Services and Non Income Producing20,631 155 20,786 59 38 
Industrial20,176 4 20,180 69 69 
Office
14,739 16 14,755 51 78 
Retail12,933 37 12,970 73 74 
Lodging4,138 2 4,140 25 49 
Total Real Estate Exposure(c)
$229,982 $435 $230,417 68 %77 %
December 31, 2025
(in millions, except ratios)
Loans and Lending-related CommitmentsDerivative
Receivables		Credit exposure
% Investment-grade
% Drawn(d)
Multifamily(a)
$128,864 $25 $128,889 78 %91 %
Other Income Producing Properties(b)
23,390 229 23,619 46 53 
Services and Non Income Producing
20,325 130 20,455 63 35 
Industrial
19,541 13 19,554 67 69 
Office15,016 39 15,055 47 80 
Retail12,879 33 12,912 79 74 
Lodging4,366 8 4,374 26 48 
Total Real Estate Exposure
$224,381 $477 $224,858 69 %77 %
(a)Total Multifamily exposure is approximately 99% performing. Multifamily exposure is largely in California.
(b)Other Income Producing Properties consists of clients with diversified property types or other property types, including data centers, outside of categories listed in the table above.
(c)Real Estate exposure is approximately 82% secured; unsecured exposure is largely investment-grade primarily to Real Estate Investment Trusts (“REITs”) and Real Estate Operating Companies (“REOCs”) whose underlying assets are generally diversified.
(d)Represents drawn exposure as a percentage of credit exposure.


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Consumer & Retail
Consumer & Retail exposure was $140.3 billion as of June 30, 2026. Criticized exposure increased by $1.3 billion from $8.0 billion at December 31, 2025 to $9.3 billion at June 30, 2026, predominantly driven by net downgrades.
June 30, 2026
(in millions, except ratios)
Loans and Lending-related CommitmentsDerivative ReceivablesCredit exposure% Investment-grade
% Drawn(d)
Retail(a)
$39,545 $432 $39,977 56 %28 %
Business and Consumer Services
39,552 403 39,955 40 44 
Food and Beverage
32,960 695 33,655 52 35 
Consumer Hard Goods14,119 253 14,372 42 35 
Leisure(b)
12,272 57 12,329 32 42 
Total Consumer & Retail(c)
$138,448 $1,840 $140,288 47 %36 %
December 31, 2025
(in millions, except ratios)
Loans and Lending-related CommitmentsDerivative
Receivables		Credit exposure
% Investment-grade
% Drawn(d)
Retail(a)
$36,492 $434 $36,926 55 %29 %
Business and Consumer Services
38,160 501 38,661 41 43 
Food and Beverage
31,513 855 32,368 53 36 
Consumer Hard Goods14,824 309 15,133 43 33 
Leisure(b)
10,721 136 10,857 33 45 
Total Consumer & Retail$131,710 $2,235 $133,945 47 %37 %
(a)Retail consists of Home Improvement & Specialty Retailers, Discount & Drug Stores, Restaurants, Specialty Apparel, Supermarkets, and Department Stores.
(b)Leisure consists of Travel Services, Arts & Culture, Gaming, and Sports & Recreation. As of June 30, 2026, approximately 91% of the noninvestment-grade Leisure portfolio is secured.
(c)Consumer & Retail exposure is approximately 58% secured; unsecured exposure is approximately 78% investment-grade.
(d)Represents drawn exposure as a percentage of credit exposure.

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Loans
In its wholesale businesses, the Firm provides loans to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. Refer to Note 11 for a further discussion on loans, including information about delinquencies, loan modifications and other credit quality indicators.
The following table presents the change in the nonaccrual loan portfolio for the six months ended June 30, 2026 and 2025. Since June 30, 2025, nonaccrual loan exposure decreased by $236 million, driven by certain exposures in SPEs, Individuals, Technology, Media & Telecommunications, Utilities and Healthcare, in each case primarily resulting from paydowns, charge-off activity, and loan sales, largely offset by certain exposures in Industrials and Oil & Gas, in each case primarily resulting from downgrades.
Wholesale nonaccrual loan activity
Six months ended June 30,
(in millions)
20262025
Beginning balance
$5,184 $4,911 
Additions
1,826 2,752 
Reductions:
Paydowns and other1,171 959 
Gross charge-offs
394 525 
Returned to performing status311 902 
Sales218 125 
Total reductions2,094 2,511 
Net changes(268)241 
Ending balance$4,916 $5,152 
The following table presents net charge-offs/recoveries, which are defined as gross charge-offs less recoveries, for the three and six months ended June 30, 2026 and 2025. The amounts in the table below do not include gains or losses from sales of nonaccrual loans recognized in noninterest revenue.
Wholesale net charge-offs decreased by $136 million for the three months ended June 30, 2026, compared to the same period in the prior year, predominantly due to lower net charge-offs in Commercial and Industrial, concentrated in Technology, Media & Telecommunications and Healthcare. Wholesale net charge-offs decreased by $203 million for the six months ended June 30, 2026, compared to the same period in the prior year, primarily due to lower net charge-offs in Commercial and Industrial, concentrated in Technology, Media & Telecommunications and Healthcare, as well as in Real Estate.
Wholesale net charge-offs/(recoveries)
(in millions, except ratios)Three months ended June 30,Six months ended June 30,
2026202520262025
Average loans retained$825,356 $721,105 $809,594 $703,952 
Gross charge-offs254 391 418 604 
Gross recoveries collected(45)(46)(89)(72)
Net charge-offs$209 $345 $329 $532 
Net charge-off rate0.10 %0.19 %0.08 %0.15 %
The following table presents net charge-offs/recoveries, average retained loans and net charge-off/recovery rate by loan class for the three and six months ended June 30, 2026 and 2025.
Three months ended
(in millions, except ratios)		Secured by real estate
Commercial and industrial
OtherTotal
20262025202620252026202520262025
Net charge-offs
$16 $54 $142 $251 $51 $40 $209 $345 
Average retained loans 165,455 162,202 197,445 176,668 462,456 382,235 825,356 721,105 
Net charge-off rate
0.04 %0.13 %0.29 %0.57 %0.04 %0.04 %0.10 %0.19 %
Six months ended
(in millions, except ratios)		Secured by real estateCommercial and industrialOtherTotal
20262025202620252026202520262025
Net charge-offs$19 $137 $218 $353 $92 $42 $329 $532 
Average retained loans165,190 161,607 195,167 172,682 449,237 369,663 809,594 703,952 
Net charge-off rate0.02 %0.17 %0.23 %0.41 %0.04 %0.02 %0.08 %0.15 %

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Lending-related commitments
The Firm uses lending-related financial instruments, such as commitments (including revolving credit facilities) and guarantees, to address the financing needs of its clients. The contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or when the Firm fulfills its obligations under these guarantees, and the clients subsequently fail to perform according to the terms of these contracts. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn upon or a default occurring. As a result, the Firm does not believe that the total contractual amount of these wholesale lending-related commitments is representative of the Firm’s expected future credit exposure or funding requirements. Refer to Note 22 for further information on wholesale lending-related commitments.
Receivables from customers
Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (including cash on deposit, and primarily liquid and readily marketable debt or equity securities). To manage its credit risk, the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. Credit risk arising from lending activities subject to collateral maintenance requirements is generally mitigated by factors such as the short-term nature of the activity, the fair value of collateral held and the Firm’s right to call for, and the borrower’s obligation to provide, additional margin when the fair value of the collateral declines. Because of these mitigating factors, these receivables generally do not require an allowance for credit losses. However, if in management’s judgment, an allowance for credit losses is required, the Firm estimates expected credit losses based on the value of the collateral and probability of borrower default. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.
Refer to Note 13 of JPMorganChase's 2025 Form 10-K for further information on the Firm’s accounting policies for the allowance for credit losses.
Derivative contracts
Derivatives enable clients and counterparties to manage risk, including credit risk and risks arising from fluctuations in interest rates, foreign exchange and equities and commodities prices. The Firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty
credit risk arising from derivative receivables. The Firm also uses derivative instruments to manage its own credit risk and other market risk exposure. The nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the Firm is exposed. For over-the-counter ("OTC") derivatives, the Firm is exposed to the credit risk of the derivative counterparty. For exchange-traded derivatives (“ETD”), such as futures and options, and cleared over-the-counter (“OTC-cleared”) derivatives, the Firm can also be exposed to the credit risk of the relevant CCP. Where possible, the Firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements. The percentage of the Firm’s OTC derivative transactions subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily — was approximately 87% and 86% at June 30, 2026 and December 31, 2025, respectively. Refer to Note 4 for additional information on the Firm’s use of collateral agreements and for a further discussion of derivative contracts, counterparties and settlement types.
The fair value of derivative receivables reported on the Consolidated balance sheets was $67.8 billion and $57.8 billion at June 30, 2026 and December 31, 2025, respectively. The increase was driven by foreign exchange and equity derivatives, primarily as a result of market movements. Derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and the related cash collateral held by the Firm.
In addition, the Firm holds liquid securities and other cash collateral that may be used as security when the fair value of the client’s exposure is in the Firm’s favor. For these purposes, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule.
In management’s view, the appropriate measure of current credit risk should also take into consideration other collateral, which generally represents securities that do not qualify as high quality liquid assets under the LCR rule. The benefits of these additional collateral amounts for each counterparty are subject to a legally enforceable master netting agreement and limited to the net amount of the derivative receivables for each counterparty.
The Firm also holds additional collateral (primarily cash, G7 government securities, other liquid government agency and guaranteed securities, and corporate debt and equity securities) delivered by clients at the initiation of transactions, as well as collateral related to contracts that have a non-daily call
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frequency and collateral that the Firm has agreed to return but has not yet settled as of the reporting date. Although this collateral does not reduce the receivables balances and is not included in the tables below, it is available as security against potential
exposure that could arise should the fair value of the client’s derivative contracts move in the Firm’s favor. Refer to Note 4 for additional information on the Firm’s use of collateral agreements for derivative transactions.
The following tables summarize the net derivative receivables and the internal ratings profile for the periods presented.
Derivative receivables
(in millions)June 30, 2026December 31, 2025
Total, net of cash collateral$67,767 $57,777 
Liquid securities and other cash collateral held against derivative receivables(33,767)(28,891)
Total, net of liquid securities and other cash collateral$34,000 $28,886 
Other collateral held against derivative receivables(1,561)(949)
Total, net of collateral$32,439 $27,937 
Ratings profile of derivative receivables

June 30, 2026December 31, 2025

(in millions, except ratios)
Exposure net of collateral% of exposure net of collateralExposure net of collateral% of exposure net of collateral
Investment-grade$21,964 68 %$18,877 68 %
Noninvestment-grade10,475 32 9,060 32 
Total$32,439 100 %$27,937 100 %
Credit portfolio management activities
The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker, and second, as an end-user, to manage the Firm’s own credit risk associated with traditional lending activities (loans and lending-related commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses. In addition, the Firm obtains credit protection against certain loans in the retained wholesale portfolio through the issuance of credit-related notes. Information on credit portfolio management activities is provided in the table below.
Credit derivatives and credit-related notes used in credit portfolio management activities
Notional amount of protection
purchased and sold(a)
(in millions)June 30,
2026		December 31,
2025
Credit derivatives and credit-related notes used to manage:
Loans and lending-related commitments
$14,288 $9,899 
Derivative receivables18,896 13,999 
Credit derivatives and credit-related notes used in credit portfolio management activities$33,184 $23,898 
(a)Amounts are presented net, considering the Firm’s net protection purchased or sold with respect to each underlying reference entity or index.
Refer to Credit derivatives in Note 4 of this Form 10-Q and Note 5 of JPMorganChase’s 2025 Form 10-K for further information on credit derivatives and derivatives used in credit portfolio management activities.
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ALLOWANCE FOR CREDIT LOSSES
The Firm’s allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The Firm's allowance for credit losses generally consists of:
•the allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated) and is presented separately on the Consolidated balance sheets,
•the allowance for lending-related commitments, which is reflected in accounts payable and other liabilities on the Consolidated balance sheets, and
•the allowance for credit losses on investment securities, which is reflected in investment securities on the Consolidated balance sheets.
Discussion of changes in the allowance
The allowance for credit losses as of June 30, 2026 was $31.5 billion, reflecting a net addition of $303 million from December 31, 2025.
The net addition to the allowance for credit losses included:
•$473 million in wholesale, driven by a net increase in the loan portfolio and changes in the credit quality of certain exposures, partially offset by a reduction in the allowance with respect to certain accounts receivable and an update to loss assumptions on certain loans in Markets, and
•a net reduction of $128 million in consumer, predominantly driven by improvements in home prices in the first quarter of 2026.
The Firm's qualitative adjustments and its weighted-average macroeconomic outlook continued to include additional weight placed on the adverse scenarios to reflect ongoing uncertainties and downside risks related to the geopolitical and macroeconomic environment.
The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the following table, resulting in:
•a weighted average U.S. unemployment rate peaking at 5.6% in the second quarter of 2027, and
•a weighted average U.S. real GDP level that is 2.1% lower than the central case at the end of the fourth quarter of 2027.

The following table presents the Firm’s central case assumptions for the periods presented:
Central case assumptions
at June 30, 2026
4Q262Q274Q27
U.S. unemployment rate(a)
4.2 %4.1 %4.1 %
YoY growth in U.S. real GDP(b)
1.7 %1.9 %2.0 %
Central case assumptions
at December 31, 2025
2Q264Q262Q27
U.S. unemployment rate(a)
4.6 %4.4 %4.2 %
YoY growth in U.S. real GDP(b)
2.0 %1.8 %1.9 %
(a)Reflects quarterly average of forecasted U.S. unemployment rate.
(b)The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year.
Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Refer to Note 13 and Note 10 of JPMorganChase’s 2025 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowance for credit losses on loans, lending-related commitments, and investment securities, as well as Note 12 of this Form 10-Q for further information.
Refer to Consumer Credit Portfolio on pages 61-65, Wholesale Credit Portfolio on pages 66-74 and Note 11 for additional information on the consumer and wholesale credit portfolios.
Refer to Critical Accounting Estimates Used by the Firm on pages 87-89 for further information on the allowance for credit losses and related management judgments.
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Allowance for credit losses and related information
20262025
Six months ended June 30,Consumer, excluding
credit card		Credit cardWholesaleTotalConsumer, excluding
credit card		Credit cardWholesaleTotal
(in millions, except ratios)
Allowance for loan losses
Beginning balance at January 1,$1,920 $15,557 $8,288 $25,765 $1,807 $14,600 $7,938 $24,345 
Gross charge-offs510 4,978 418 5,906 540 4,616 604 5,760 
Gross recoveries collected(223)(912)(89)(1,224)(248)(698)(72)(1,018)
Net charge-offs287 4,066 329 4,682 292 3,918 532 4,742 
Provision for loan losses163 4,070 838 5,071 334 4,319 691 5,344 
Other— — (2)(2)— — 6 6 
Ending balance at June 30,
$1,796 $15,561 $8,795 $26,152 $1,849 $15,001 $8,103 $24,953 
Allowance for lending-related commitments
Beginning balance at January 1,$83 $2,200 
(d)
$2,788 $5,071 $82 $— $2,019 $2,101 
Provision for lending-related commitments(8)— 94 86 1 — 830 831 
Other— — (6)(6)— — — — 
Ending balance at June 30,
$75 $2,200 $2,876 $5,151 $83 $— $2,849 $2,932 
Impairment methodology
Asset-specific(a)
$(621)$— $790 $169 $(683)$— $781 $98 
Portfolio-based2,417 15,561 8,005 25,983 2,532 15,001 7,322 24,855 
Total allowance for loan losses$1,796 $15,561 $8,795 $26,152 $1,849 $15,001 $8,103 $24,953 
Impairment methodology
Asset-specific$— $— $160 $160 $— $— $167 $167 
Portfolio-based75 2,200 
(d)
2,716 4,991 83 — 2,682 2,765 
Total allowance for lending-related commitments$75 $2,200 $2,876 $5,151 $83 $— $2,849 $2,932 
Total allowance for investment securitiesNANANA$63 NANANA$108 
Total allowance for credit losses(b)
$1,871 $17,761 $11,671 $31,366 $1,932 $15,001 $10,952 $27,993 
Memo:
Retained loans, end-of-period$367,128 $249,876 $846,804 $1,463,808 $371,855 $232,943 $740,675 $1,345,473 
Retained loans, average367,291 241,408 809,594 1,418,293 373,229 226,346 703,952 1,303,527 
Credit ratios
Allowance for loan losses to retained loans0.49 %6.23 %1.04 %1.79 %0.50 %6.44 %1.09 %1.85 %
Allowance for loan losses to retained nonaccrual loans(c)
47 NA210 326 47 NA181 296 
Allowance for loan losses to retained nonaccrual loans excluding credit card47 NA210 132 47 NA181 118 
Net charge-off/(recovery) rates0.16 3.40 0.08 0.67 0.16 3.49 0.15 0.73 
(a)Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.
(b)At June 30, 2026 and 2025, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $165 million and $288 million, respectively, associated with certain accounts receivable in CIB.
(c)The Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(d)Represents the impact of the Apple Card transaction. Refer to Note 13 of the Firm's 2025 Form 10-K for additional information.

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Allocation of allowance for loan losses
The table below presents a breakdown of the allowance for loan losses by loan class. Refer to Note 11 for further information on loan classes.
June 30, 2026December 31, 2025

(in millions, except ratios)		Allowance for loan losses
Percentage of retained loans to total retained loans
Allowance for loan losses
Percentage of retained loans to total retained loans
Residential real estate$748 20 %$869 21 %
Auto and other1,048 5 1,051 5 
Consumer, excluding credit card1,796 25 1,920 26 
Credit card15,561 17 15,557 18 
Total consumer17,357 42 17,477 44 
Secured by real estate2,129 11 2,226 12 
Commercial and industrial4,852 13 4,240 12 
Other1,814 34 1,822 32 
Total wholesale8,795 58 8,288 56 
Total
$26,152 100 %$25,765 100 %

77

INVESTMENT PORTFOLIO RISK MANAGEMENT
Investment portfolio risk is the risk associated with the loss of principal or a reduction in expected returns on investments arising from the investment securities portfolio or from principal investments. The investment securities portfolio is predominantly held by Treasury and CIO in connection with the Firm’s balance sheet and asset-liability management objectives. Principal investments are predominantly privately-held financial instruments and are managed in the LOBs and Corporate. Investments are typically intended to be held over extended periods and, accordingly, the Firm has no expectation for short-term realized gains with respect to these investments.
Investment securities risk
Investment securities risk includes the exposure associated with a default in the payment of principal and interest. This risk is mitigated given that the investment securities portfolio held by Treasury and CIO predominantly consists of high-quality securities. At June 30, 2026, the size of the Treasury and CIO investment securities portfolio, net of the allowance for credit losses, was $800.8 billion, and the average credit rating of the securities comprising the portfolio was AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings). Refer to Corporate results on pages 40-42 and Note 9 for further information on the investment securities portfolio and internal risk ratings. Refer to Liquidity Risk Management on pages 52-58 for further information on related liquidity risk. Refer to Market Risk Management on pages 79-85 for further information on the market risk inherent in the portfolio.
Principal investment risk
Principal investments are typically privately-held financial instruments representing ownership interests or other forms of junior capital. In general, principal investments include tax-oriented investments and investments made to enhance or accelerate the Firm’s business strategies and exclude those that are consolidated on the Firm's balance sheets. These investments are made by dedicated investing businesses or as part of a broader business strategy. The Firm’s principal investments are managed by the LOBs and Corporate and are reflected within their respective financial results. The Firm’s investments will continue to evolve based on market circumstances and in line with its strategic initiatives.
The table below presents the aggregate carrying values of the principal investment portfolios as of June 30, 2026 and December 31, 2025.
(in billions)June 30, 2026December 31, 2025
Tax-oriented investments, primarily in alternative energy and affordable housing
$35.2 $35.7 
Private equity, various debt and equity instruments, and real assets
18.9 
(a)
11.3 
Total carrying value$54.1 $47.0 
(a)The increase from December 31, 2025 is primarily due to equity investments made by the Strategic Investment Group within the Firm’s Security and Resiliency Initiative and the Visa C shares held at fair value. Refer to Market Risk Management on pages 79-85 and Note 2 on page 112 for additional information on Visa shares.
Refer to page 132 of JPMorganChase’s 2025 Form 10-K for a discussion of the Firm’s Investment Portfolio Risk Management governance and oversight.
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MARKET RISK MANAGEMENT
Market risk is the risk associated with the effect of changes in market factors such as interest and foreign exchange rates, equity and commodity prices, credit spreads or implied volatilities, on the value of assets and liabilities held for both the short and long term. Refer to Market Risk Management on pages 133-142 of JPMorganChase’s 2025 Form 10-K for a discussion of the Firm’s Market Risk Management organization, market risk measurement, risk monitoring and control, and predominant business activities that give rise to market risk.
Models used to measure market risk are inherently imprecise and are limited in their ability to measure certain risks or to predict losses. This imprecision may be heightened when sudden or severe shifts in market conditions occur. For additional discussion on model uncertainty refer to Estimations and Model Risk Management on page 153 of JPMorganChase’s 2025 Form 10-K.
Market Risk Management periodically reviews the Firm’s existing market risk measures to identify opportunities for enhancement, and to the extent appropriate, will calibrate those measures accordingly over time.
Value-at-risk
JPMorganChase utilizes value-at-risk (“VaR”), a statistical risk measure, to estimate the potential loss from adverse market moves in the current market environment. The Firm has a single VaR framework used as a basis for calculating Risk Management VaR and Regulatory VaR.
The Firm’s Risk Management VaR is calculated assuming a one-day holding period and an expected tail-loss methodology which approximates a 95% confidence level. For risk management purposes, the Firm believes this methodology provides a daily measure of risk that is closely aligned to risk management decisions made by the LOBs and Corporate and, along with other market risk measures, provides the appropriate information needed to respond to risk events. The Firm calculates separately a daily aggregated VaR in accordance with regulatory rules (“Regulatory VaR”), which is used to derive the Firm’s regulatory VaR-based capital requirements under Basel III.
The Firm’s VaR model calculations are periodically evaluated and enhanced in response to changes in the composition of the Firm’s portfolios, changes in market conditions, improvements in the Firm’s modeling techniques and measurements, and other factors. Such changes may affect historical comparisons of VaR results. Refer to Estimations and Model Risk Management on page 153 of JPMorganChase’s 2025 Form 10-K for information regarding model reviews and approvals.
Refer to page 135 of JPMorganChase’s 2025 Form 10-K for further information regarding VaR, including its inherent limitations, and the key differences between Risk Management VaR and Regulatory VaR. Refer to JPMorganChase’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for additional information on Regulatory VaR and the other components of market risk regulatory capital for the Firm (e.g., VaR-based measure, stressed VaR-based measure and the respective backtesting). Refer to Other risk measures on pages 139–140 of JPMorganChase’s 2025 Form 10-K for further information regarding nonstatistical market risk measures used by the Firm.










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The table below shows the results of the Firm’s Risk Management VaR measure using a 95% confidence level. VaR can vary significantly as positions change, market volatility fluctuates, and diversification benefits change.
Total VaR
Three months ended
June 30, 2026March 31, 2026June 30, 2025
(in millions) Avg.MinMax Avg.MinMax Avg.MinMax
CIB trading VaR by risk type
Fixed income$36 $32 $45 $39 $32 $49 $37 $28 $51 
Foreign exchange13 9 18 13 9 20 10 6 14 
Equities20 10 59 11 7 16 17 13 23 
Commodities and other14 11 17 14 10 21 24 17 34 
Diversification benefit to CIB trading VaR(a)
(44)NM NM(47)NMNM(55)NMNM
CIB trading VaR39 29 

70 

30 23 40 33 23 50 
Credit Portfolio VaR(b)
18 14 22 21 17 24 22 20 24 
Diversification benefit to CIB VaR(a)
(17) NM NM(16)NMNM(17)NMNM
CIB VaR40 30 

68 

35 26 48 38 29 51 
CCB VaR7 5 9 4 3 6 4 2 5 
AWM VaR(c)
8 7 10 9 8 

10 

10 8 12 
Corporate VaR
33 11 

58 11 9 12 10 9 11 
Diversification benefit to other VaR(a)
(15) NM NM

(11)

NMNM(12)NMNM
Other VaR33 13 57 13 12 14 12 10 14 
Diversification benefit to CIB and other VaR(a)
(24)NM NM

(11)NMNM(8)NMNM
Total VaR$49 $38 

$76 $37 $27 $50 $42 $32 $54 
(a)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across LOBs, Corporate, and risk types. For maximum and minimum VaR, diversification benefit is not meaningful as the maximum and minimum VaR for each portfolio may have occurred on different trading days than the components.
(b)Includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.
(c)Includes credit protection purchased against certain retained loans and lending-related commitments. This VaR does not include the retained loan portfolio, which is not reported at fair value.
Quarter over quarter results
Average total VaR for the three months ended June 30, 2026 increased by $12 million, when compared with March 31, 2026, predominantly driven by increases in Corporate VaR related to Visa C shares as well as increases in the equities risk type due to market-making activity and increased single stock equity risk, partially offset by volatility rolling out of the one-year historical look-back period in Credit Portfolio VaR.
Year over year results
Average total VaR for the three months ended June 30, 2026 increased by $7 million compared with the same period in the prior year, driven by increases in Corporate VaR related to Visa C shares, largely offset by volatility rolling out of the one-year historical look-back period in the commodities and other risk type and Credit Portfolio VaR.








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The following graph presents daily Risk Management VaR for the five trailing quarters.
Daily Risk Management VaR

4710
Second Quarter
2025		Third Quarter
2025		Fourth Quarter
2025		First Quarter
2026		Second Quarter
2026
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VaR backtesting
The Firm performs daily VaR model backtesting, which compares the daily Risk Management VaR results with the daily gains and losses that are utilized for VaR backtesting purposes. The gains and losses depicted in the chart below do not reflect the Firm’s reported revenue as they exclude certain components of total net revenue, such as those associated with the execution of new transactions (i.e., intraday client-driven trading and intraday risk management activities), fees, commissions, other valuation adjustments and net interest income. These excluded components of total net revenue may more than offset the backtesting gain or loss on a particular day. The definition of backtesting gains and losses above is consistent with the requirements for backtesting under Basel III capital rules.
A backtesting exception occurs when the daily backtesting loss exceeds the daily Risk Management VaR for the prior day. Under the Firm’s Risk Management VaR methodology, assuming current changes in market values are consistent with the historical changes used in the simulation, the Firm would expect to incur VaR backtesting exceptions five times every 100 trading days on average. The number of VaR backtesting exceptions observed can differ from the statistically expected number of backtesting exceptions if the current level of market volatility is materially different from the level of market volatility during the 12 months of historical data used in the VaR calculation.
For the 12 months ended June 30, 2026, the Firm posted backtesting gains on 186 of the 259 days, and observed 15 VaR backtesting exceptions. For the three months ended June 30, 2026, the Firm posted backtesting gains on 44 of the 65 days, and observed four VaR backtesting exceptions.
The following chart presents the distribution of Firmwide daily backtesting gains and losses for the trailing 12 months and three months ended June 30, 2026. The daily backtesting losses are displayed as a percentage of the corresponding daily Risk Management VaR. The count of days with backtesting losses are shown in aggregate, in fifty percentage point intervals. Backtesting exceptions are displayed within the intervals that are greater than one hundred percent. The results in the chart below differ from the results of backtesting disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to the Firm’s covered positions.
Distribution of Daily Backtesting Gains and Losses
7-22-2026_VaR Chart.jpg


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Structural interest rate risk management
The effect of interest rate exposure on the Firm’s reported net income is important as interest rate risk represents one of the Firm’s significant market risks. Interest rate risk arises not only from trading activities which are included in VaR, but also from the Firm’s traditional banking activities, which include extension of loans and credit facilities, taking deposits, issuing debt, as well as the investment securities portfolio, and associated derivative instruments.
Refer to the table on page 134 of JPMorganChase’s 2025 Form 10-K for a summary by LOB and Corporate identifying positions included in earnings-at-risk.
Earnings-at-risk
One way that the Firm evaluates its structural interest rate risk is through earnings-at-risk. Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline uses market interest rates and, in the case of deposits, pricing assumptions. The Firm conducts simulations of changes to this baseline for interest rate-sensitive assets and liabilities denominated in U.S. dollars and other currencies (“non-U.S. dollar” currencies). These simulations primarily include retained and held-for-sale loans, deposits, deposits with banks and financing activities, investment securities, long-term debt, related interest rate hedges, and funds transfer pricing of other positions in risk management VaR and other sensitivity-based measures as described on page 134 of JPMorganChase’s 2025 Form 10-K. These simulations also include hedges of non-U.S. dollar foreign exchange exposures arising from capital investments. Refer to non-U.S. dollar foreign exchange risk on page 142 of JPMorganChase’s 2025 Form 10-K for more information.
Earnings-at-risk scenarios estimate the potential change to a baseline, over the following 12 months utilizing multiple assumptions. These scenarios include a parallel shift involving changes to both short-term and long-term rates by an equal amount; a steeper yield curve involving holding short-term rates constant and increasing long-term rates; and a flatter yield curve involving increasing short-term rates and holding long-term rates constant or holding short-term rates constant and decreasing long-term rates. These scenarios consider many different factors, including:
•The impact on exposures as a result of instantaneous changes in interest rates from baseline rates.

•Forecasted balance sheet, as well as modeled prepayment and reinvestment behavior, but excluding assumptions about actions that could be taken by the Firm or its clients and customers in response to instantaneous rate changes. Mortgage prepayment assumptions are based on the interest rates used in the scenarios compared with underlying contractual rates, the time since origination, and other factors which are updated periodically based on historical experience. Deposit forecasts are a key assumption in the Firm’s earnings-at-risk. The baseline reflects certain assumptions relating to the Federal Reserve’s balance sheet policy (e.g., quantitative tightening and usage at the Reverse Repurchase Facility) that require management judgment. The amount of deposits that the Firm holds at any given time may be influenced by Federal Reserve actions, as well as broader monetary conditions and competition for deposits.
•The pricing sensitivity of deposits, known as deposit betas, represent the amount by which deposit rates paid could change upon a given change in market interest rates. Actual deposit rates paid may differ from the modeled assumptions, primarily due to customer behavior and competition for deposits.
The Firm performs sensitivity analyses of the assumptions used in earnings-at-risk scenarios, including with respect to deposit betas and forecasts of deposit balances, both of which are especially significant in the case of consumer deposits. The results of these sensitivity analyses are reported to the CTC Risk Committee and the Board Risk Committee.
The Firm’s earnings-at-risk scenarios are periodically evaluated and enhanced in response to changes in the composition of the Firm’s balance sheet, changes in market conditions, improvements in the Firm’s simulation and other factors.
The Firm’s earnings-at-risk sensitivities are measures of the Firm’s interest rate exposure. The Firm’s actual net interest income for the rate changes presented may differ as the earnings-at-risk scenarios are modelled as instantaneous changes and exclude any actions that could be taken by the Firm or its clients or customers in response to rate changes. Other significant assumptions in the earnings-at-risk scenarios, including mortgage prepayments and deposit rates paid, may also differ from actual results. The Firm’s forecast for net interest income is included in the Firm’s outlook on page 8.
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The Firm’s sensitivities are presented in the table below.
(in billions)
June 30, 2026(a)

December 31, 2025(a)
Parallel shift:
+100 bps shift in rates$1.8 $2.1 
-100 bps shift in rates(2.4)(2.4)
+200 bps shift in rates2.9 3.7 
-200 bps shift in rates(5.1)(6.0)
Steeper yield curve:
+100 bps shift in long-term rates1.1 1.4 
-100 bps shift in short-term rates(1.2)(1.0)
Flatter yield curve:
+100 bps shift in short-term rates0.6 0.7 
-100 bps shift in long-term rates(1.2)(1.4)
(a)Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates, including hedges of non-U.S. dollar capital investments. Non-U.S. dollar sensitivities were insignificant.
The change in the Firm’s sensitivities as of June 30, 2026 compared to December 31, 2025 was primarily driven by the net impact of Treasury and CIO actions including an increase in cash flow hedges of floating rate loans and in investment securities, both of which add duration, as well as the impact of higher rates. This was partially offset by the effects from changes in Firmwide deposits.
Economic value sensitivity
In addition to earnings-at-risk, which is measured as a sensitivity to a baseline of earnings over the next 12 months, the Firm also measures economic value sensitivity (“EVS”). EVS stress tests the longer-term economic value of equity by measuring the sensitivity of the Firm’s current balance sheet, primarily retained loans, deposits, debt and investment securities as well as related hedges, under various interest rate scenarios. The Firm's pricing and cash flow assumptions associated with deposits, as well as prepayment assumptions for loans and securities, are significant factors in the EVS measure. In accordance with the CTC interest rate risk management policy, the Firm has established limits on EVS as a percentage of TCE.
Certain assumptions used in the EVS measure may differ from the fair value required in Note 2. For example, certain assets and liabilities with no stated maturity, such as credit card receivables and deposits, have longer assumed durations in the EVS measure. Additional information on long-term debt and held to maturity investment securities is disclosed on page 113 in Note 2.
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Other sensitivity-based measures
The Firm quantifies the market risk of certain debt and equity and funding-related exposures by assessing the potential impact on net revenue, other comprehensive income (“OCI”) and noninterest expense due to changes in relevant market variables. Refer to the predominant business activities that give rise to market risk on page 134 of JPMorganChase’s 2025 Form 10-K for additional information on the positions captured in other sensitivity-based measures.
The table below represents the potential impact to net revenue, OCI or noninterest expense for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported net of the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at June 30, 2026 and December 31, 2025, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future changes in these sensitivities.
Gain/(loss) (in millions)
June 30, 2026December 31, 2025
ActivityDescriptionSensitivity measure
Debt and equity(a)
Asset Management activities
Consists of seed capital and related hedges; fund co-investments(b); and certain deferred compensation and related hedges(c)
10% decline in market value$(96)$(60)
Other debt and equity
Consists of certain real estate-related fair value option elected loans and related hedges, privately held equity and other investments held at fair value(b)
10% decline in market value(1,441)(1,549)
Funding-related exposures
Non-USD LTD cross-currency basis
Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD(d)
1 basis point parallel tightening of cross currency basis(10)(11)
Non-USD LTD hedges foreign currency (“FX”) exposure
Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges(d)
10% depreciation of currency15 19 
Derivatives – funding spread risk
Impact of changes in the spread related to derivatives FVA(b)
1 basis point parallel increase in spread(2)(2)
Fair value option elected liabilities – funding spread risk
Impact of changes in the spread related to fair value option elected liabilities DVA(d)
1 basis point parallel increase in spread67 55 
(a)Excludes equity securities without readily determinable fair values that are measured under the measurement alternative. Refer to Note 2 for additional information.
(b)Impact recognized through net revenue.
(c)Impact recognized through noninterest expense.
(d)Impact recognized through OCI.
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COUNTRY RISK MANAGEMENT
The Firm, through its LOBs and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.
Refer to pages 143–144 of JPMorganChase’s 2025 Form 10-K for a further discussion of the Firm’s country risk management.
Risk reporting
The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of June 30, 2026 and their comparative exposures as of December 31, 2025. The top 20 country exposures represent the Firm’s largest total exposures by individual country. Country exposures may fluctuate from period to period due to a variety of factors, including client activity, market flows and liquidity management activities undertaken by the Firm.

Top 20 country exposures (excluding the U.S.)(a)
June 30, 2026
December 31, 2025(f)(g)

(in billions)
Deposits with banks(b)
Lending(c)
Trading and investing(d)
Other
(e)
Total exposure Total exposure
Germany$88.2 $17.0 $1.8 $0.7 $107.7 $101.7 
United Kingdom24.2 27.8 45.5 1.6 99.1 93.2 
Japan63.4 6.7 9.0 0.2 79.3 79.3 
France1.3 17.6 23.4 1.1 43.4 29.5 
Canada2.5 12.4 9.8 0.2 24.9 18.4 
Australia4.2 10.5 3.5 — 18.2 17.6 
Brazil3.4 5.6 8.7 — 17.7 20.9 
Mainland China4.0 8.0 4.5 0.2 16.7 13.2 
Saudi Arabia1.3 9.1 5.1 — 15.5 12.5 
Switzerland5.6 5.3 2.4 2.0 15.3 15.0 
Italy0.1 10.0 4.7 0.3 15.1 13.0 
India0.9 7.9 5.7 0.3 14.8 13.0 
Mexico1.9 8.2 2.8 — 12.9 13.6 
South Korea3.1 3.3 5.0 0.5 11.9 13.4 
Malaysia8.8 0.9 1.2 0.1 11.0 4.1 
United Arab Emirates0.1 8.7 1.4 — 10.2 5.7 
Belgium5.3 1.9 2.5 — 9.7 6.8 
Singapore1.7 2.9 4.7 0.3 9.6 9.3 
Norway— 1.3 6.8 — 8.1 3.7 
Netherlands0.2 6.9 (0.6)0.1 6.6 6.5 
(a)Country exposures presented in the table reflect 86% and 87% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country based on the Firm’s internal country risk management approach, at June 30, 2026 and December 31, 2025, respectively.
(b)Predominantly represents cash placed with central banks.
(c)Includes loans and accrued interest receivable, lending-related commitments (net of eligible collateral and the allowance for credit losses). Excludes intra-day and operating exposures, such as those from settlement and clearing activities.
(d)Includes market-making positions and hedging, investment securities, and counterparty exposure on derivative and securities financings net of eligible collateral. Market-making positions and hedging includes exposure from single reference entity (“single-name”), index and other multiple reference entity transactions for which one or more of the underlying reference entities is in a country listed in the above table.
(e)Includes physical commodities inventory and clearing house guarantee funds.
(f)The country rankings presented in the table as of December 31, 2025, are based on the country rankings of the corresponding exposures at June 30, 2026, not actual rankings of such exposures at December 31, 2025.
(g)Exposures for certain countries have been revised to correct understatements of certain securities positions held for collateral purposes.
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CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM
JPMorganChase’s accounting policies and use of estimates are integral to understanding its reported results. The Firm’s most complex accounting estimates require management’s judgment to ascertain the appropriate carrying value of assets and liabilities. The Firm has established policies and control procedures intended to ensure that estimation methods, including any judgments made as part of such methods, are well-controlled, independently reviewed and applied consistently from period to period. The methods used and judgments made reflect, among other factors, the nature of the assets or liabilities and the related business and risk management strategies, which may vary across the Firm’s businesses and portfolios. In addition, the policies and procedures are intended to ensure that the process for changing methodologies occurs in an appropriate manner. The Firm believes its estimates for determining the carrying value of its assets and liabilities are appropriate. The following is a brief description of the Firm’s critical accounting estimates involving significant judgments.
Allowance for credit losses
The Firm’s allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Firm’s financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses generally comprises:
•The allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated),
•The allowance for lending-related commitments, and
•The allowance for credit losses on investment securities.
The allowance for credit losses involves significant judgment on a number of matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. Refer to Notes 10 and 13 of JPMorganChase's 2025 Form 10-K for further information on these judgments as well as the Firm’s policies and methodologies used to determine the Firm’s allowance for credit losses, and Allowance for credit losses on pages 75-77 and Note 12 of this Form 10-Q for further information.
One of the most significant judgments involved in estimating the Firm’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the eight-quarter forecast period within the Firm’s methodology. The eight-
quarter forecast incorporates hundreds of macroeconomic variables ("MEVs") that are relevant for exposures across the Firm, with modeled credit losses being driven primarily by a subset of less than twenty variables. The specific variables that have the greatest effect on the modeled losses vary by portfolio and geography.
•Key MEVs for the consumer portfolio include regional U.S. unemployment rates and U.S. HPI.
•Key MEVs for the wholesale portfolio include U.S. unemployment, U.S. real GDP growth rate, U.S. equity prices, U.S. interest rates, U.S. corporate credit spreads, oil prices, U.S. commercial real estate prices and U.S. HPI.
Changes in the Firm’s assumptions and forecasts of economic conditions could significantly affect its estimate of expected credit losses in the portfolio at the balance sheet date or lead to significant changes in the estimate from one reporting period to the next.
It is difficult to estimate how potential changes in any one factor or input might affect the overall allowance for credit losses because management considers a wide variety of factors and inputs in estimating the allowance for credit losses. Changes in the factors and inputs considered may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors and inputs may be directionally inconsistent, such that improvement in one factor or input may offset deterioration in others.
To consider the impact of a hypothetical alternate macroeconomic forecast, the Firm compared the modeled credit losses determined using its central and relative adverse macroeconomic scenarios, which are two of the five scenarios considered in estimating the allowances for loan losses and lending-related commitments. The central and relative adverse scenarios each included a full suite of MEVs, but differed in the levels, paths and peaks/troughs of those variables over the eight-quarter forecast period.
For example, compared to the Firm’s central scenario shown on page 75 and in Note 12, the Firm’s relative adverse scenario assumes an elevated U.S. unemployment rate, averaging approximately 2.4% higher over the eight-quarter forecast, with a peak difference of approximately 3.3% in the second quarter of 2027.
This analysis is not intended to estimate expected future changes in the allowance for credit losses, for a number of reasons, including:
•The allowance as of June 30, 2026, reflects credit losses beyond those estimated under the central scenario due to the weight placed on the adverse scenarios.
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•The impacts of changes in many MEVs are both interrelated and nonlinear, so the results of this analysis cannot be simply extrapolated for more severe changes in macroeconomic variables.
•Expectations of future changes in portfolio composition and borrower behavior can significantly affect the allowance for credit losses.
To demonstrate the sensitivity of credit loss estimates to macroeconomic forecasts as of June 30, 2026, the Firm compared the modeled estimates under its relative adverse scenario to its central scenario. Without considering offsetting or correlated effects in other qualitative components of the Firm’s allowance for credit losses, the comparison between these two scenarios for the exposures below reflect the following differences:
•An increase of approximately $1.0 billion for residential real estate loans and lending-related commitments
•An increase of approximately $4.8 billion for credit card loans
•An increase of approximately $5.0 billion for wholesale loans and lending-related commitments
This analysis relates only to the modeled credit loss estimates and is not intended to estimate changes in the overall allowance for credit losses as it does not reflect any potential changes in other adjustments to the quantitative calculation, which would also be influenced by the judgment management applies to the modeled lifetime loss estimates to reflect the uncertainty and imprecision of these modeled lifetime loss estimates based on then-current circumstances and conditions.
In the fourth quarter of 2025, the Firm recorded an allowance related to the Apple Card transaction, which was estimated based on certain forward-looking assumptions of the portfolio’s risk characteristics and expected credit losses at the time of closing. The forecasted Apple credit card portfolio will be excluded from the modeled estimates sensitivity analysis above until after the completion of the acquisition of the portfolio.
Recognizing that forecasts of macroeconomic conditions are inherently uncertain, the Firm believes that its process to consider the available information and associated risks and uncertainties is appropriately governed and that its estimates of expected credit losses were reasonable and appropriate for the period ended June 30, 2026.
Fair value
JPMorganChase carries a portion of its assets and liabilities at fair value. The majority of such assets and liabilities are measured at fair value on a recurring basis, including trading assets and liabilities, AFS securities, structured note products and certain securities financing agreements. Certain assets and liabilities are measured at fair value on a nonrecurring basis, including certain mortgage, home equity and other loans, where the carrying value is based on the fair value of the underlying collateral.
Assets measured at fair value
The following table includes the Firm’s assets measured at fair value and the portion of such assets that are classified within level 3 of the fair value hierarchy. Refer to Note 2 for further information.
June 30, 2026
(in millions, except ratios)		Total assets at fair valueTotal level 3 assets
Federal funds sold and securities purchased under resale agreements$432,939 $— 
Securities borrowed118,384 — 
Trading assets:
Trading–debt and equity instruments994,305 3,616 
Derivative receivables(a)
67,767 13,048 
Total trading assets1,062,072 16,664 
AFS securities536,048 109 
Loans62,889 2,908 
MSRs9,156 9,156 
Other30,958 1,128 
Total assets measured at fair value on a recurring basis
2,252,446 29,965 
Total assets measured at fair value on a nonrecurring basis
4,635 3,767 
Total assets measured at fair value
$2,257,081 $33,732 
Total Firm assets$5,015,069 
Level 3 assets at fair value as a percentage of total Firm assets(a)
1 %
Level 3 assets at fair value as a percentage of total Firm assets at fair value(a)
1 %
(a)For purposes of the table above, the derivative receivables total reflects the impact of netting adjustments; however, the $13.0 billion of derivative receivables classified as level 3 does not reflect the netting adjustment as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
88

Valuation
Details of the Firm’s processes for determining fair value are set out in Note 2. Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available to the Firm. For instruments valued using internally developed valuation models and other valuation techniques that use significant unobservable inputs and are therefore classified within level 3 of the fair value hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.
In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation model or other valuation technique to use. Second, the lack of observability of certain significant inputs requires management to assess relevant empirical data in deriving valuation inputs including, for example, transaction details, yield curves, interest rates, prepayment speeds, default rates, volatilities, correlations, prices (such as commodity, equity or debt prices), valuations of comparable instruments, foreign exchange rates and credit curves. Refer to Note 2 for a further discussion of the valuation of level 3 instruments, including unobservable inputs used.
For instruments classified in levels 2 and 3, management judgment must be applied to assess the appropriate level of valuation adjustments to reflect counterparty credit quality, the Firm’s creditworthiness, market funding rates, liquidity considerations, unobservable parameters, and for portfolios that meet specified criteria, the size of the net open risk position. The judgments made are typically affected by the type of product and its specific contractual terms, and the level of liquidity for the product or within the market as a whole. In periods of heightened market volatility and uncertainty judgments are further affected by the wider variation of reasonable valuation estimates, particularly for positions that are less liquid. Refer to Note 2 for a further discussion of valuation adjustments applied by the Firm.
Imprecision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios.
The Firm uses various methodologies and assumptions in the determination of fair value. The use of methodologies or assumptions different than those used by the Firm could result in a different estimate of
fair value at the reporting date. Refer to Note 2 for a detailed discussion of the Firm’s valuation process and hierarchy, and its determination of fair value for individual financial instruments.
Credit card rewards liability
The credit card rewards liability was $16.6 billion and $16.0 billion at June 30, 2026 and December 31, 2025, respectively, and is recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to pages 156–157 of JPMorganChase’s 2025 Form 10-K for a description of the significant assumptions and sensitivities, associated with the Firm’s credit card rewards liability.
Income taxes
Refer to Income taxes on page 157 of JPMorganChase’s 2025 Form 10-K for a description of the significant assumptions, judgments and interpretations associated with the accounting for income taxes.
Goodwill impairment
Management applies significant judgment when testing goodwill for impairment. Refer to Goodwill impairment on page 156 of JPMorganChase’s 2025 Form 10-K for a description of the significant valuation judgments associated with goodwill impairment.
Refer to Note 14 for additional information on goodwill, including the goodwill impairment assessment as of June 30, 2026.
Litigation reserves
Refer to Note 24 of this Form 10-Q, and Note 30 of JPMorganChase’s 2025 Form 10-K for a description of the significant estimates and judgments associated with establishing litigation reserves.
89

ACCOUNTING AND REPORTING DEVELOPMENTS
FASB standards issued but not yet adopted
StandardSummary of guidanceEffects on financial statements
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses

Issued November 2024
•Requires additional disaggregation of specific types of expenses within the Notes to the Consolidated Financial Statements on an annual and interim basis.
 
•Required effective date: Annual financial statements for the year ending December 31, 2027.(a)
•Permits adoption on a prospective or retrospective basis.
•The Firm is evaluating the potential impact on the Consolidated Financial Statements disclosures, as well as the Firm’s planned date of adoption.
Derivatives and Hedging and Revenue from Contracts with Customers: Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract

Issued September 2025
•No longer requires derivative accounting treatment for certain contracts where the underlying variable is solely based on the specific operations or activities of one of the contracting parties. The new guidance also clarifies the applicability of derivative accounting treatment to contracts with both in-scope and out-of-scope terms.
•Clarifies the accounting for share-based payments from a customer in exchange for goods or services.
•Required effective date: January 1, 2027.(a)
•Permits adoption on a prospective or modified retrospective basis.
•The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm's planned date of adoption.

Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software

Issued September 2025

•Amends the cost capitalization guidance by removing all references to software development project stages to better align with current software development methods.
•Requires software cost capitalization to begin when 1) management has authorized and committed to funding the software project, and 2) it is probable that the software will be completed and used to perform its intended function.
•Required effective date: January 1, 2028.(a)
•Permits adoption on a prospective, modified, or retrospective transition basis.
•The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm’s planned date of adoption.

Financial Instruments - Credit Losses: Purchased Loans

Issued November 2025
•Establishes an additional allowance framework for purchased, seasoned held-for-investment loans, excluding credit cards.
•Requires that management’s initial estimate of expected credit losses be recognized as an increase to the allowance for credit losses with a corresponding increase to the loan’s amortized cost.
•Required effective date: January 1, 2027.(a)
•Requires adoption on a prospective basis.
•The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm’s planned date of adoption.
Derivatives and Hedging: Hedge Accounting Improvements

Issued November 2025
•Amends the hedge accounting guidance to allow different risks to be pooled in the same portfolio for cash flow hedging, if the hedging instrument is highly effective against each hedged risk in the portfolio.
•Provides greater flexibility and expands eligibility for hedge accounting, including hedges of variable rate borrowings, nonfinancial transactions, net investment hedges, and hedges involving the use of written options.
•Required effective date: January 1, 2027.(a)
•Requires adoption on a prospective basis.
•The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm’s planned date of adoption.


90

Environmental Credits and Environmental Credit Obligations

Issued May 2026

•Establishes recognition, measurement, presentation and disclosure requirements for environmental credits (“ECs”) and compliance obligations that may be settled with ECs (EC obligations or “ECOs”).
•ECs are recognized and measured based on their intended use. ECs used to settle ECOs are recognized as assets at cost, whereas ECs held for sale or exchange are measured at cost less impairment, unless fair value measurement is elected with changes recognized in earnings. ECs acquired to meet voluntary environmental initiatives are expensed as incurred. ECOs are measured based on the cost of ECs acquired to settle the ECO, or the fair value of ECs needed for settlement if not yet acquired.
•Required effective date: January 1, 2028.(a)
•Requires adoption on a retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption.
•The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm’s planned date of adoption.

(a)Early adoption is permitted.
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FORWARD-LOOKING STATEMENTS
From time to time, the Firm has made and will make forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipate,” “target,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” or other words of similar meaning. Forward-looking statements provide JPMorganChase’s current expectations or forecasts of future events, circumstances, results or aspirations. JPMorganChase’s disclosures in this Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Firm also may make forward-looking statements in its other documents filed or furnished with the SEC. In addition, the Firm’s senior management may make forward-looking statements orally to investors, analysts, representatives of the media and others.
All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Firm’s control. JPMorganChase’s actual future results may differ materially from those set forth in its forward-looking statements. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ from those in the forward-looking statements:
•Local, regional and global business, economic and political conditions and geopolitical events, including geopolitical tensions and hostilities;
•Changes in laws, rules and regulatory requirements, including capital and liquidity requirements affecting the Firm’s businesses, and the ability of the Firm to address those requirements;
•Heightened regulatory and governmental oversight and scrutiny of JPMorganChase’s business practices, including dealings with retail customers;
•Changes in trade, monetary and fiscal policies and laws;
•Changes in the level of inflation;
•Changes in income tax laws, rules, and regulations;
•Securities and capital markets behavior, including changes in market liquidity and volatility;
•Changes in investor sentiment or consumer spending or savings behavior;
•Ability of the Firm to manage effectively its capital and liquidity;
•Changes in credit ratings assigned to the Firm or its subsidiaries;
•Damage to the Firm’s reputation;
•Ability of the Firm to appropriately address public criticism of its business activities;
•Ability of the Firm to deal effectively with an economic slowdown or other economic or market
disruption, including in the interest rate environment;
•Technology changes instituted by the Firm, its counterparties or competitors, including AI;
•The effectiveness of the Firm’s control agenda;
•Ability of the Firm to develop or discontinue products and services, and the extent to which products or services previously sold by the Firm require the Firm to incur liabilities or absorb losses not contemplated at their initiation or origination;
•Acceptance of the Firm’s new and existing products and services by the marketplace and the ability of the Firm to innovate and to increase market share;
•Ability of the Firm to attract and retain qualified employees;
•Ability of the Firm to control expenses;
•Competitive pressures;
•Changes in the credit quality of the Firm’s clients, customers and counterparties;
•Adequacy of the Firm’s risk management framework, disclosure controls and procedures and internal control over financial reporting;
•Adverse judicial or regulatory proceedings;
•Ability of the Firm to determine accurate values of certain assets and liabilities;
•Occurrence of natural or man-made disasters or calamities, including health emergencies, an outbreak or escalation of hostilities or other geopolitical instabilities, the effects of climate change or extraordinary events beyond the Firm's control, and the Firm’s ability to deal effectively with disruptions caused by the foregoing;
•Ability of the Firm to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;
•Ability of the Firm to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;
•Ability of the Firm to effectively defend itself against cyber attacks and other attempts by unauthorized parties to access information of the Firm or its customers and clients or to disrupt the Firm’s systems; and
•The other risks and uncertainties detailed in Part I, Item 1A: Risk Factors in JPMorganChase’s 2025 Form 10-K.
Any forward-looking statements made by or on behalf of the Firm speak only as of the date they are made, and JPMorganChase does not undertake to update any forward-looking statements. The reader should, however, consult any further disclosures of a forward-looking nature the Firm may make in any subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
92



JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
Three months ended June 30,Six months ended June 30,
(in millions, except per share data)2026202520262025
Revenue
Investment banking fees$3,208 $2,499 $6,066 $4,677 
Principal transactions9,007 7,149 16,994 14,763 
Lending- and deposit-related fees2,511 2,248 4,905 4,380 
Asset management fees5,658 4,806 11,173 9,506 
Commissions and other fees2,614 2,194 5,096 4,227 
Investment securities losses
(395)(54)(331)(91)
Mortgage fees and related income336 363 645 641 
Card income1,348 1,344 2,538 2,560 
Other income7,549 1,154 9,220 3,077 
Noninterest revenue31,836 21,703 56,306 43,740 
Interest income50,624 48,241 99,815 95,094 
Interest expense25,113 25,032 48,938 48,612 
Net interest income25,511 23,209 50,877 46,482 
Total net revenue57,347 44,912 107,183 90,222 
Provision for credit losses2,515 2,849 5,022 6,154 
Noninterest expense
Compensation expense15,159 13,710 30,498 27,803 
Occupancy expense1,482 1,264 2,929 2,566 
Technology, communications and equipment expense3,107 2,704 6,128 5,282 
Professional and outside services3,855 3,006 7,338 5,845 
Marketing1,670 1,279 3,274 2,583 
Other expense2,043 1,816 3,999 3,297 
Total noninterest expense27,316 23,779 54,166 47,376 
Income before income tax expense27,516 18,284 47,995 36,692 
Income tax expense6,361 3,297 10,346 7,062 
Net income$21,155 $14,987 $37,649 $29,630 
Net income applicable to common stockholders$20,752 $14,630 $36,901 $28,948 
Net income per common share data
Basic earnings per share$7.71 $5.25 $13.65 $10.32 
Diluted earnings per share7.70 5.24 13.63 10.31 
Weighted-average basic shares2,689.9 2,788.7 2,703.1 2,804.0 
Weighted-average diluted shares2,694.2 2,793.7 2,707.2 2,809.0 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
93

JPMorgan Chase & Co.
Consolidated statements of comprehensive income (unaudited)
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Net income$21,155 $14,987 $37,649 $29,630 
Other comprehensive income/(loss), after–tax
Unrealized gains/(losses) on investment securities
320 (188)(2,081)765 
Translation adjustments, net of hedges(21)868 (188)1,357 
Fair value hedges(9)(8)32 20 
Cash flow hedges(948)1,529 (1,849)3,203 
Defined benefit pension and OPEB plans37 (28)41 (44)
DVA on fair value option elected liabilities(383)(305)642 (88)
Total other comprehensive income/(loss), after–tax
(1,004)1,868 $(3,403)5,213 
Comprehensive income$20,151 $16,855 $34,246 $34,843 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

94

JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
(in millions, except share data)June 30, 2026December 31, 2025
Assets
Cash and due from banks$24,720 $21,742 
Deposits with banks285,091 321,596 
Federal funds sold and securities purchased under resale agreements (included $432,939 and $327,018 at fair value)
446,143 336,426 
Securities borrowed (included $118,384 and $98,111 at fair value)
362,487 286,191 
Trading assets (included assets pledged of $267,907 and $165,927)
1,062,072 802,873 
Available-for-sale securities (amortized cost of $538,689 and $507,226; included assets pledged of $12,007 and $7,735)
536,048 507,198 
Held-to-maturity securities 268,474 270,134 
Investment securities, net of allowance for credit losses804,522 777,332 
Loans (included $62,889 and $70,684 at fair value)
1,542,462 1,493,429 
Allowance for loan losses(26,152)(25,765)
Loans, net of allowance for loan losses1,516,310 1,467,664 
Accrued interest and accounts receivable179,939 111,599 
Premises and equipment37,701 36,244 
Goodwill, MSRs and other intangible assets64,304 64,458 
Other assets (included $32,431 and $15,849 at fair value and assets pledged of $16,137 and $11,984)
231,780 198,775 
Total assets(a)
$5,015,069 $4,424,900 
Liabilities
Deposits (included $26,229 and $20,930 at fair value)
$2,713,700 $2,559,320 
Federal funds purchased and securities loaned or sold under repurchase agreements (included $568,730 and $360,194 at fair value)
704,918 442,396 
Short-term borrowings (included $29,967 and $32,460 at fair value)
72,430 64,776 
Trading liabilities275,136 216,019 
Accounts payable and other liabilities (included $18,383 and $6,660 at fair value)
384,290 316,794 
Beneficial interests issued by consolidated VIEs (included $5 and $5 at fair value)
29,474 27,951 
Long-term debt (included $156,056 and $134,559 at fair value)
460,523 435,206 
Total liabilities(a)
4,640,471 4,062,462 
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,105,375 and 2,005,375 shares)
21,040 20,045 
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)
4,105 4,105 
Additional paid-in capital90,559 91,114 
Retained earnings445,020 416,055 
Accumulated other comprehensive losses(7,693)(4,290)
Treasury stock, at cost (1,446,747,700 and 1,408,661,319 shares)
(178,433)(164,591)
Total stockholders’ equity374,598 362,438 
Total liabilities and stockholders’ equity$5,015,069 $4,424,900 
(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2026 and December 31, 2025. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorganChase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.
(in millions)June 30, 2026December 31, 2025
Assets
Trading assets$6,094 $4,835 
Loans34,178 37,777 
All other assets734 683 
Total assets$41,006 $43,295 
Liabilities
Beneficial interests issued by consolidated VIEs$29,474 $27,951 
All other liabilities813 691 
Total liabilities$30,287 $28,642 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
95

JPMorgan Chase & Co.
Consolidated statements of changes in stockholders’ equity (unaudited)
Three months ended June 30,Six months ended June 30,
(in millions, except per share data)2026202520262025
Preferred stock
Balance at the beginning of the period$20,045 $20,045 $20,045 $20,050 
Issuance2,995 — 2,995 2,995 
Redemption(2,000)— (2,000)(3,000)
Balance at June 30,21,040 20,045 21,040 20,045 
Common stock
Balance at the beginning and end of the period4,105 4,105 4,105 4,105 
Additional paid-in capital
Balance at the beginning of the period90,087 90,223 91,114 90,911 
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects470 374 (557)(318)
Other
2 (21)2 (17)
Balance at June 30,90,559 90,576 90,559 90,576 
Retained earnings
Balance at the beginning of the period428,206 386,616 416,055 376,166 
Net income21,155 14,987 37,649 29,630 
Preferred stock dividends
(308)(282)(584)(537)
Common stock dividends ($1.50 and $1.40 per share and $3.00 and $2.80 per share, respectively)
(4,033)(3,897)(8,100)(7,835)
Balance at June 30,445,020 397,424 445,020 397,424 
Accumulated other comprehensive income/(loss)
Balance at the beginning of the period(6,689)(9,111)(4,290)(12,456)
Other comprehensive income/(loss), after-tax
(1,004)1,868 (3,403)5,213 
Balance at June 30,(7,693)(7,243)(7,693)(7,243)
Treasury stock, at cost
Balance at the beginning of the period(171,716)(140,458)(164,591)(134,018)
Repurchase(6,768)(7,574)(15,146)(15,185)
Reissuance51 49 1,304 1,220 
Balance at June 30,(178,433)(147,983)(178,433)(147,983)
Total stockholders’ equity$374,598 $356,924 $374,598 $356,924 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
96

JPMorgan Chase & Co.
Consolidated statements of cash flows (unaudited)
Six months ended June 30,
(in millions)20262025
Operating activities
Net income$37,649 $29,630 
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses5,022 6,154 
Depreciation and amortization4,681 4,240 
Deferred tax (benefit)/expense127 (418)
Initial gain on the Visa share exchange(4,509)— 
Other1,432 979 
Originations and purchases of loans held-for-sale(138,988)(133,098)
Proceeds from sales, securitizations and paydowns of loans held-for-sale145,881 120,504 
Net change in:
Trading assets(253,978)(245,618)
Securities borrowed(76,298)(4,434)
Accrued interest and accounts receivable(69,352)(23,853)
Other assets(24,142)(5,048)
Trading liabilities74,762 29,763 
Accounts payable and other liabilities59,493 (7,760)
Other operating adjustments1,176 6,667 
Net cash (used in) operating activities(237,044)(222,292)
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements(109,784)(175,516)
Held-to-maturity securities:
Proceeds from paydowns and maturities24,438 18,147 
Purchases(23,058)(3,167)
Available-for-sale securities:
Proceeds from paydowns and maturities26,155 17,957 
Proceeds from sales110,842 85,495 
Purchases(172,073)(172,126)
Proceeds from sales and securitizations of loans held-for-investment29,127 25,940 
Other changes in loans, net(91,082)(83,166)
All other investing activities, net(5,941)(4,700)
Net cash (used in) investing activities
(211,376)(291,136)
Financing activities
Net change in:
Deposits149,395 153,462 
Federal funds purchased and securities loaned or sold under repurchase agreements262,558 298,493 
Short-term borrowings6,954 10,772 
Beneficial interests issued by consolidated VIEs(517)(31)
Proceeds from long-term borrowings85,466 53,884 
Payments of long-term borrowings(59,953)(50,821)
Proceeds from issuance of preferred stock3,000 3,000 
Redemption of preferred stock(2,000)(3,000)
Treasury stock repurchased(15,113)(15,034)
Dividends paid(8,716)(8,028)
All other financing activities, net(1,595)(1,834)
Net cash provided by financing activities419,479 440,863 
Effect of exchange rate changes on cash and due from banks and deposits with banks(4,586)23,575 
Net decrease in cash and due from banks and deposits with banks
(33,527)(48,990)
Cash and due from banks and deposits with banks at the beginning of the period343,338 469,317 
Cash and due from banks and deposits with banks at the end of the period$309,811 $420,327 
Cash interest paid$48,435 $47,937 
Cash income taxes paid, net6,036 4,685 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
97

Refer to the Glossary of Terms and Acronyms on pages 192-198 for definitions of terms and acronyms used throughout the Notes to Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Note 1 – Basis of presentation
JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Refer to Note 25 for further discussion of the Firm's reportable business segments.
The accounting and financial reporting policies of JPMorganChase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities.
The preparation of the unaudited Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated.
These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes thereto included in JPMorganChase’s 2025 Form 10-K.
Consolidation
The Consolidated Financial Statements include the accounts of JPMorganChase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated.
Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorganChase and are not included on the Consolidated balance sheets.
The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.
Refer to Notes 1 and 14 of JPMorganChase’s 2025 Form 10-K for a further description of JPMorganChase’s accounting policies regarding consolidation.
Offsetting assets and liabilities
U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities sold and purchased under repurchase agreements and securities borrowed or loaned under securities loan agreements to be presented net when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances where it has determined that the specified conditions are met. Refer to Note 1 of JPMorganChase’s 2025 Form 10-K for further information on offsetting assets and liabilities.

98

Note 2 – Fair value measurement
Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.

99

The following table presents the assets and liabilities reported at fair value as of June 30, 2026 and December 31, 2025, by major product category and fair value hierarchy.
Assets and liabilities measured at fair value on a recurring basis
Fair value hierarchy
Derivative
netting
adjustments(f)
June 30, 2026
(in millions)		Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $432,939 $— $— $432,939 
Securities borrowed— 118,384 — — 118,384 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 156,294 238 — 156,532 
Residential – nonagency— 4,066 5 — 4,071 
Commercial – nonagency— 1,539 — — 1,539 
Total mortgage-backed securities— 161,899 243 — 162,142 
U.S. Treasury, GSEs and government agencies(a)
242,954 19,101 — — 262,055 
Obligations of U.S. states and municipalities— 7,158 5 — 7,163 
Certificates of deposit, bankers’ acceptances and commercial paper
— 3,959 9 — 3,968 
Non-U.S. government debt securities
117,101 74,285 797 — 192,183 
Corporate debt securities— 54,928 508 — 55,436 
Loans— 13,062 1,175 — 14,237 
Asset-backed securities— 2,556 71 — 2,627 
Total debt instruments360,055 336,948 2,808 — 699,811 
Equity securities264,123 2,769 175 — 267,067 
Physical commodities(b)
13,738 1,493 24 — 15,255 
Other— 11,563 609 — 12,172 
Total debt and equity instruments(c)
637,916 352,773 3,616 — 994,305 
Derivative receivables:
Interest rate2,080 276,133 6,425 (259,686)24,952 
Credit— 12,584 461 (12,791)254 
Foreign exchange203 219,334 1,859 (196,929)24,467 
Equity
2,539 138,604 3,680 (134,116)10,707 
Commodity— 26,075 623 (19,311)7,387 
Total derivative receivables4,822 672,730 13,048 (622,833)67,767 
Total trading assets(d)
642,738 1,025,503 16,664 (622,833)1,062,072 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
2 88,764 — — 88,766 
Residential – nonagency— 5,480 — — 5,480 
Commercial – nonagency— 4,800 — — 4,800 
Total mortgage-backed securities2 99,044 — — 99,046 
U.S. Treasury and government agencies340,273 942 — — 341,215 
Obligations of U.S. states and municipalities— 18,716 — — 18,716 
Non-U.S. government debt securities
39,678 10,829 — — 50,507 
Corporate debt securities— 17 109 — 126 
Asset-backed securities:
Collateralized loan obligations— 24,534 — — 24,534 
Other(a)
— 1,904 — — 1,904 
Total available-for-sale securities379,953 155,986 109 — 536,048 
Loans— 59,981 2,908 — 62,889 
Mortgage servicing rights— — 9,156 — 9,156 
Other assets(d)
14,764 
(e)
15,066 1,128 — 30,958 
Total assets measured at fair value on a recurring basis$1,037,455 $1,807,859 $29,965 $(622,833)$2,252,446 
Deposits$— $24,862 $1,367 $— $26,229 
Federal funds purchased and securities loaned or sold under repurchase agreements
— 568,730 — — 568,730 
Short-term borrowings— 24,440 5,527 — 29,967 
Trading liabilities:
Debt and equity instruments(c)
167,920 40,379 349 — 208,648 
Derivative payables:
Interest rate2,415 257,483 2,929 (253,917)8,910 
Credit— 16,551 2,631 (16,864)2,318 
Foreign exchange189 213,747 1,468 (199,384)16,020 
Equity
3,475 176,783 6,542 (154,177)32,623 
Commodity— 23,799 626 (17,808)6,617 
Total derivative payables6,079 688,363 14,196 (642,150)66,488 
Total trading liabilities173,999 728,742 14,545 (642,150)275,136 
Accounts payable and other liabilities7,316 11,021 46 — 18,383 
Beneficial interests issued by consolidated VIEs— 5 — — 5 
Long-term debt— 101,402 54,654 — 156,056 
Total liabilities measured at fair value on a recurring basis$181,315 $1,459,202 $76,139 $(642,150)$1,074,506 
100

Fair value hierarchy
Derivative
netting
adjustments(f)
December 31, 2025
(in millions)		Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $327,018 $— $— $327,018 
Securities borrowed— 98,111 — — 98,111 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 157,834 307 — 158,141 
Residential – nonagency— 2,002 5 — 2,007 
Commercial – nonagency— 1,937 — — 1,937 
Total mortgage-backed securities— 161,773 312 — 162,085 
U.S. Treasury, GSEs and government agencies(a)
225,255 18,629 — — 243,884 
Obligations of U.S. states and municipalities— 6,129 1 — 6,130 
Certificates of deposit, bankers’ acceptances and commercial paper— 1,345 — — 1,345 
Non-U.S. government debt securities
77,385 47,054 245 — 124,684 
Corporate debt securities— 45,053 454 — 45,507 
Loans— 11,782 1,143 — 12,925 
Asset-backed securities— 3,986 27 — 4,013 
Total debt instruments302,640 295,751 2,182 — 600,573 
Equity securities107,585 2,153 138 — 109,876 
Physical commodities(b)
20,880 947 30 — 21,857 
Other— 12,346 444 — 12,790 
Total debt and equity instruments(c)
431,105 311,197 2,794 — 745,096 
Derivative receivables:
Interest rate1,579 276,565 

3,740 (256,483)25,401 
Credit— 12,018 1,006 (12,545)479 
Foreign exchange111 181,318 

1,807 (163,881)19,355 
Equity
806 95,098 1,819 (91,856)5,867 
Commodity— 29,961 554 (23,840)6,675 
Total derivative receivables2,496 594,960 

8,926 (548,605)57,777 
Total trading assets(d)
433,601 906,157 

11,720 (548,605)802,873 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
1 90,971 — — 90,972 
Residential – nonagency— 5,991 — — 5,991 
Commercial – nonagency— 4,481 3 — 4,484 
Total mortgage-backed securities1 101,443 3 — 101,447 
U.S. Treasury and government agencies315,361 461 — — 315,822 
Obligations of U.S. states and municipalities— 20,240 — — 20,240 
Non-U.S. government debt securities
34,308 11,347 — — 45,655 
Corporate debt securities— 20 108 — 128 
Asset-backed securities:
Collateralized loan obligations— 21,947 — — 21,947 
Other(a)
— 1,959 — — 1,959 
Total available-for-sale securities349,670 157,417 111 — 507,198 
Loans— 67,622 3,062 — 70,684 
Mortgage servicing rights— — 9,167 — 9,167 
Other assets(d)
6,864 6,890 1,047 — 14,801 
Total assets measured at fair value on a recurring basis$790,135 $1,563,215 

$25,107 

$(548,605)$1,829,852 
Deposits$— $18,574 $2,356 $— $20,930 
Federal funds purchased and securities loaned or sold under repurchase agreements— 360,194 — — 360,194 
Short-term borrowings— 26,902 5,558 — 32,460 
Trading liabilities:
Debt and equity instruments(c)
135,366 33,998 326 — 169,690 
Derivative payables:
Interest rate2,071 253,078 

2,434 (250,122)7,461 
Credit— 15,487 

2,141 (15,612)2,016 
Foreign exchange118 176,521 

1,502 (163,308)14,833 
Equity
1,210 110,451 

5,356 (102,211)14,806 
Commodity— 25,799 

570 (19,156)7,213 
Total derivative payables3,399 581,336 

12,003 (550,409)46,329 
Total trading liabilities138,765 615,334 

12,329 (550,409)216,019 
Accounts payable and other liabilities3,967 2,655 

38 — 6,660 
Beneficial interests issued by consolidated VIEs— 5 

— — 5 
Long-term debt— 87,886 

46,673 — 134,559 
Total liabilities measured at fair value on a recurring basis$142,732 $1,111,550 

$66,954 $(550,409)$770,827 
(a)At June 30, 2026 and December 31, 2025, included total U.S. GSE obligations of $168.3 billion and $158.4 billion, respectively, which were mortgage-related.
(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in
101

fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.
(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).
(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At June 30, 2026 and December 31, 2025, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $1.5 billion and $1.0 billion, respectively, primarily reported in other assets.
(e)At June 30, 2026, includes the Firm’s Visa C shares that are held at fair value. Refer to page 112 for additional information.
(f)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
Level 3 valuations
Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.
The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.
The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.
In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of
the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.
















102

Level 3 inputs(a)
June 30, 2026
Product/Instrument
Fair value
(in millions)
Principal valuation technique
Unobservable inputs(g)
Range of input values
Average(i)
Residential mortgage-backed securities and loans(b)
$823 Discounted cash flowsYield0%40%7%
Prepayment speed7%14%10%
Conditional default rate0%3%0%
Loss severity0%100%5%
Commercial mortgage-backed securities and loans(c)
1,130 Market comparablesPrice$0$93$80
Corporate debt securities617 Market comparablesPrice$0$177$107
Loans(d)
2,373 Market comparablesPrice$0$112$81
Non-U.S. government debt securities797 Market comparablesPrice$2$107$97
Net interest rate derivatives3,540 Option pricingInterest rate volatility22bps520bps96bps
Interest rate spread volatility44bps59bps49bps
Bermudan switch value0%43%17%
Interest rate correlation(64)%97%57%
IR-FX correlation(45)%60%6%
Inflation volatility11bps174bps68bps
(44)Discounted cash flowsPrepayment speed0%21%8%
Interest rate curve2%15%5%
Net credit derivatives(2,189)Discounted cash flowsCredit correlation27%79%55%
Credit spread0bps6,942bps390bps
Recovery rate10%90%58%
19 Market comparablesPrice$0$115$76
Net foreign exchange derivatives437 Option pricingIR-FX correlation(40)%60%15%
(46)Discounted cash flowsPrepayment speed11%11%
Interest rate curve3%15%8%
Net equity derivatives
(2,862)Option pricing
Forward equity price(h)
83%134%101%
Equity volatility2%182%37%
Equity correlation0%100%49%
Equity-FX correlation(82)%71%(32)%
Equity-IR correlation(15)%10%4%
Net commodity derivatives(3)Option pricingOil commodity forward$44/BBL$305/BBL$148/BBL
Natural gas commodity forward$1/MMBTU$6/MMBTU$3/MMBTU
Commodity volatility2%39%9%
Commodity correlation(30)%98%8%
MSRs9,156 Discounted cash flows
Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)
59,714 Option pricingInterest rate volatility22bps520bps96bps
Bermudan switch value0%43%17%
Interest rate correlation(64)%97%57%
IR-FX correlation(45)%60%6%
Equity volatility
2%182%35%
Equity correlation
15%100%57%
Equity-FX correlation
(84)%65%(33)%
Equity-IR correlation
5%20%13%
1,834 Discounted cash flowsCredit correlation29%78%54%
Credit spread
1bps168bps70bps
Recovery rate
20%60%43%
Yield5%20%10%
Loss severity
0%100%50%
Other level 3 assets and liabilities, net(f)
1,626 
(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.
(b)Comprises U.S. GSE and government agency securities of $238 million, nonagency securities of $5 million and non-trading loans of $580 million.
(c)Comprises trading loans of $93 million and non-trading loans of $1.0 billion.
(d)Comprises trading loans of $1.1 billion and non-trading loans of $1.3 billion.
(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.
(f)Includes equity securities of $996 million, including $821 million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.
(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.
(h)Forward equity price is expressed as a percentage of the current equity price.
(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.
103

Changes in and ranges of unobservable inputs
Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.

Changes in level 3 recurring fair value measurements
The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and six months ended June 30, 2026 and 2025. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. The Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.
104

Fair value measurements using significant unobservable inputs
Three months ended June 30, 2026
(in millions)		Fair value at
 Apr. 1,
2026		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value
at
Jun. 30, 2026		Change in unrealized gains/(losses) related
to financial instruments held at Jun. 30, 2026
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$268 $1 $— $(21)$(11)$1 $— $238 $(1)
Residential – nonagency5 — — — — — — 5 — 
Commercial – nonagency
— — — — — — — — — 
Total mortgage-backed securities
273 1 — (21)(11)1 — 243 (1)
Obligations of U.S. states and municipalities
30 — — — — 5 (30)5 — 
Certificates of deposit, bankers' acceptances and commercial paper— 9 — — — — — 9 9 
Non-U.S. government debt securities
207 97 594 (104)— 25 (22)797 97 
Corporate debt securities482 (1)58 (38)(1)8 — 508 (6)
Loans1,051 (24)270 (93)(9)39 (59)1,175 (24)
Asset-backed securities26 — 45 — — — — 71 — 
Total debt instruments2,069 82 967 (256)(21)78 (111)2,808 75 
 Equity securities
172 (189)28 (19)— 206 (23)175 (187)
 Physical commodities
11 3 11 (1)— — — 24 3 
 Other
454 144 57 — (27)7 (26)609 161 
Total trading assets – debt and equity instruments2,706 40 
(c)
1,063 (276)(48)291 (160)3,616 52 
(c)
Net derivative receivables:(b)
Interest rate1,729 98 27 (108)1,706 (12)56 3,496 88 
Credit60 (498)51 (3)(1,713)(57)(10)(2,170)(402)
Foreign exchange572 (3)43 (78)(78)33 (98)391 (38)
Equity(3,139)3,082 466 (1,104)(1,884)(364)81 (2,862)2,651 
Commodity145 (128)11 (60)30 29 (30)(3)(162)
Total net derivative receivables
(633)2,551 
(c)
598 (1,353)(1,939)(371)(1)(1,148)2,137 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency— — — — — — — — — 
Corporate debt securities108 1 — — — — — 109 1 
Total available-for-sale securities
108 1 
(d)
— — — — — 109 1 
(d)
Loans3,184 52 
(c)
463 (431)(605)493 (248)2,908 36 
(c)
Mortgage servicing rights9,093 106 
(e)
219 2 (264)— — 9,156 106 
(e)
Other assets1,071 18 
(c)
58 (3)(16)— — 1,128 18 
(c)
Fair value measurements using significant unobservable inputs
Three months ended June 30, 2026
(in millions)		Fair value at
 Apr. 1,
2026		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value
at
Jun. 30, 2026		Change in unrealized (gains)/losses related
to financial instruments held at Jun. 30, 2026
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$1,304 $12 
(c)(f)
$— $— $167 $(44)$79 $(151)$1,367 $11 
(c)(f)
Short-term borrowings5,867 344 
(c)(f)
— — 3,102 (3,797)17 (6)5,527 170 
(c)(f)
Trading liabilities – debt and equity instruments
335 15 
(c)
(2)7 — (3)8 (11)349 15 
(c)
Accounts payable and other liabilities
47 2 
(c)
(3)— — — — — 46 2 
(c)
Long-term debt49,172 3,656 
(c)(f)
— — 10,110 (7,646)157 (795)54,654 3,317 
(c)(f)
105

Fair value measurements using significant unobservable inputs
Three months ended June 30, 2025
(in millions)		Fair value at
  Apr. 1,
2025		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
Jun. 30, 2025		Change in unrealized gains/(losses) related
to financial instruments held at Jun. 30, 2025
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$390 $10 $28 $(49)$(14)$— $— $365 $4 
Residential – nonagency5 6 — (6)— — — 5 — 
Commercial – nonagency7 — — — — — — 7 — 
Total mortgage-backed securities
402 16 28 (55)(14)— — 377 4 
Obligations of U.S. states and municipalities
1 — — — — — — 1 — 
Certificates of deposit, bankers' acceptances and commercial paper— — — — — — — — — 
Non-U.S. government debt securities
161 24 95 (105)— 54 (24)205 30 
Corporate debt securities442 2 29 (86)(5)3 — 385 (1)
Loans803 17 377 (241)(6)157 (239)868 17 
Asset-backed securities10 — 2 — — — — 12 — 
Total debt instruments1,819 59 531 (487)(25)214 (263)1,848 50 
 Equity securities
133 (27)151 (102)— 63 (22)196 (20)
 Physical commodities
14 10 — — — — — 24 10 
 Other
239 30 15 — (52)2 (17)217 14 
Total trading assets – debt and equity instruments2,205 72 
(c)
697 (589)(77)279 (302)2,285 54 
(c)
Net derivative receivables:(b)
Interest rate994 393 34 (84)65 5 24 1,431 496 
Credit(703)(141)(2)(7)10 8 27 (808)(142)
Foreign exchange298 333 28 (87)(31)21 (222)340 358 
Equity(2,961)579 

351 (757)

(711)378 (83)(3,204)215 
Commodity40 157 17 (74)30 (1)— 169 160 
Total net derivative receivables
(2,332)1,321 
(c)
428 (1,009)

(637)411 (254)(2,072)1,087 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency8 (1)— — — — — 7 — 
Corporate debt securities— — 92 — — — — 92 — 
Total available-for-sale securities
8 (1)
(d)
92 — — — — 99 — 
Loans2,398 145 
(c)
76 (56)(315)152 (148)2,252 33 
(c)
Mortgage servicing rights9,127 53 
(e)
85 3 (272)— — 8,996 53 
(e)
Other assets1,370 (21)
(c)
57 (21)(14)35 (3)1,403 (21)
(c)
Fair value measurements using significant unobservable inputs
Three months ended June 30, 2025
(in millions)		Fair value at
  Apr. 1,
2025		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
Jun. 30, 2025		Change in unrealized (gains)/losses related
to financial instruments held at Jun. 30, 2025
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$1,949 $110 
(c)(f)
$— $— $261 $(211)$— $(10)$2,099 $108 
(c)(f)
Short-term borrowings4,045 155 
(c)(f)
— — 1,659 (1,722)9 (10)4,136 131 
(c)(f)
Trading liabilities – debt and equity instruments
44 (4)
(c)
(7)35 — (1)10 (5)72 — 
Accounts payable and other liabilities
36 5 
(c)
— — — — — (1)40 5 
(c)
Long-term debt36,482 2,443 
(c)(f)
— — 7,087 (3,846)27 (529)41,664 

2,178 
(c)(f)
106

Fair value measurements using significant unobservable inputs
Six months ended June 30, 2026
(in millions)		Fair value at
Jan. 1,
2026		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
Jun. 30, 2026		Change in unrealized gains/(losses) related
to financial instruments held at Jun. 30, 2026
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$307 $2 $1 $(49)$(24)$1 $— $238 $(2)
Residential – nonagency5 2 4 (6)— — — 5 — 
Commercial – nonagency— — — — — — — — — 
Total mortgage-backed securities
312 4 5 (55)(24)1 — 243 (2)
Obligations of U.S. states and municipalities
1 24 — — — 10 (30)5 — 
Certificates of deposit, bankers' acceptances and commercial paper
— 9 — — — — — 9 9 
Non-U.S. government debt securities
245 90 632 (165)— 25 (30)797 105 
Corporate debt securities454 (2)121 (68)(1)9 (5)508 34 
Loans1,143 (53)471 (187)(12)108 (295)1,175 (53)
Asset-backed securities27 — 45 — (1)— — 71 — 
Total debt instruments2,182 72 1,274 (475)(38)153 (360)2,808 93 
 Equity securities138 (182)74 (127)(4)302 (26)175 (114)
 Physical commodities30 35 11 (1)(51)— 24 34 
 Other444 97 106 — (42)61 (57)609 82 
Total trading assets – debt and equity instruments2,794 22 
(c)
1,465 (603)(135)516 (443)3,616 95 
(c)
Net derivative receivables:(b)
Interest rate1,306 416 59 (213)1,755 98 75 3,496 1,683 
Credit(1,135)998 52 (45)(2,037)(65)62 (2,170)(135)
Foreign exchange305 65 132 (192)10 112 (41)391 19 
Equity(3,537)3,772 

822 (1,904)

(1,795)(257)37 (2,862)2,361 
Commodity(16)82 15 (190)110 4 (8)(3)47 
Total net derivative receivables
(3,077)5,333 
(c)
1,080 (2,544)

(1,957)(108)125 (1,148)3,975 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency3 (3)— — — — — — — 
Corporate debt securities108 7 — — — — (6)109 7 
Total available-for-sale securities
111 4 
(d)
— — — — (6)109 7 
(d)
Loans3,062 145 
(c)
611 (538)(781)833 (424)2,908 93 
(c)
Mortgage servicing rights9,167 144 
(e)
375 4 (534)— — 9,156 144 
(e)
Other assets1,047 27 
(c)
79 (5)(20)1 (1)1,128 15 
(c)
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2026
(in millions)		Fair value at
Jan. 1,
2026		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
Jun. 30, 2026		Change in unrealized (gains)/losses related
to financial instruments held at Jun. 30, 2026
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,356 $(76)
(c)(f)
$— $— $471 $(1,133)$79 $(330)$1,367 $(69)
(c)(f)
Short-term borrowings5,558 270 
(c)(f)
— — 7,025 (7,341)24 (9)5,527 99 
(c)(f)
Trading liabilities – debt and equity instruments
326 19 
(c)
(7)17 — (3)8 (11)349 26 
(c)
Accounts payable and other liabilities
38 9 
(c)
(5)3 — — 1 — 46 9 
(c)
Long-term debt46,673 2,466 
(c)(f)
— — 20,723 (14,074)260 (1,394)54,654 

2,084 
(c)(f)
107

Fair value measurements using significant unobservable inputs
Six months ended June 30, 2025
(in millions)
Fair value at
Jan. 1,
2025		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
Jun. 30, 2025		Change in unrealized gains/(losses) related
to financial instruments held at Jun. 30, 2025
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$488 $13 $31 $(137)$(30)$— $— $365 $2 
Residential – nonagency5 6 — (6)— — — 5 — 
Commercial – nonagency10 (3)— — — — — 7 (3)
Total mortgage-backed securities
503 16 31 (143)(30)— — 377 (1)
Obligations of U.S. states and municipalities
1 — — — — — — 1 — 
Certificates of deposit, bankers' acceptances and commercial paper— — — — — — — — — 
Non-U.S. government debt securities
152 36 171 (183)(1)54 (24)205 51 
Corporate debt securities390 9 128 (137)(10)13 (8)385 2 
Loans1,088 11 728 (455)(116)298 (686)868 (5)
Asset-backed securities10 — 2 — — — — 12 — 
Total debt instruments2,144 72 1,060 (918)(157)365 (718)1,848 47 
 Equity securities62 (31)212 (142)— 124 (29)196 3 
 Physical commodities26 — — — (2)— — 24 6 
 Other210 (12)24 — (66)78 (17)217 (53)
Total trading assets – debt and equity instruments2,442 29 
(c)
1,296 (1,060)(225)567 (764)2,285 3 
(c)
Net derivative receivables:(b)
Interest rate301 990 123 (201)204 (55)69 1,431 1,190 
Credit(363)(258)77 (7)(128)(138)9 (808)(216)
Foreign exchange20 565 91 (240)38 94 (228)340 391 
Equity(2,866)2,326 

623 (1,534)

(1,665)(199)111 (3,204)1,573 
Commodity(73)260 43 (136)92 — (17)169 309 
Total net derivative receivables
(2,981)3,883 
(c)
957 (2,118)

(1,459)(298)(56)(2,072)3,247 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency8 (1)— — — — — 7 (1)
Corporate debt securities— — 92 — — — — 92 — 
Total available-for-sale securities
8 (1)
(d)
92 — — — — 99 (1)
(d)
Loans2,416 174 
(c)
130 (128)(615)605 (330)2,252 102 
(c)
Mortgage servicing rights9,121 (74)
(e)
475 7 (533)— — 8,996 (74)
(e)
Other assets1,344 11 
(c)
69 (52)(24)91 (36)1,403 12 
(c)
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2025
(in millions)		Fair value at
Jan. 1,
2025		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
Jun. 30, 2025		Change in unrealized (gains)/losses related
to financial instruments held at Jun. 30, 2025
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,185 $162 
(c)(f)
$— $— $623 $(836)$— $(35)$2,099 $157 
(c)(f)
Short-term borrowings3,476 204 
(c)(f)
— — 4,019 (3,534)19 (48)4,136 127 
(c)(f)
Trading liabilities – debt and equity instruments
46 (14)
(c)
(7)46 — (1)26 (24)72 (14)
(c)
Accounts payable and other liabilities
76 (3)
(c)
— 1 — — — (34)40 (3)
(c)
Long-term debt34,564 2,233 
(c)(f)
— — 14,741 (8,937)185 (1,122)41,664 

2,127 
(c)(f)

108


(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 1% at both June 30, 2026 and December 31, 2025. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 7% and 9% at June 30, 2026 and December 31, 2025, respectively.
(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.
(c)Primarily reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.
(d)Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. Realized and unrealized gains/(losses) recorded on level 3 AFS securities were not material for the three and six months ended June 30, 2026 and 2025.
(e)Changes in fair value for MSRs are reported in mortgage fees and related income.
(f)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three and six months ended June 30, 2026 and 2025. Unrealized (gains)/losses are reported in OCI, and were $166 million and $63 million for the three months ended June 30, 2026 and 2025, respectively, and $(279) million and $(10) million for the six months ended June 30, 2026 and 2025, respectively.
(g)Loan originations are included in purchases.
(h)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.
Level 3 analysis
Consolidated balance sheets changes
The following describes significant changes to level 3 assets since December 31, 2025, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 111 for further information on changes impacting items measured at fair value on a nonrecurring basis.
Three and six months ended June 30, 2026
Level 3 assets were $30.0 billion at June 30, 2026, reflecting an increase of $1.9 billion from March 31, 2026 and an increase of $4.9 billion from December 31, 2025.
The increase for the three and six months ended June 30, 2026 was predominantly driven by higher:
•Non-U.S. government debt securities of $590 million and $552 million, respectively, primarily due to purchases.
•Gross derivative receivables of $1.2 billion and $4.1 billion, respectively, due to gains, purchases and net transfers primarily offset by settlements.
Refer to the sections below for additional information.
Transfers between levels for instruments carried at fair value on a recurring basis
For the three months ended June 30, 2026, significant transfers from level 2 into level 3 included the following:
•$971 million of gross equity derivative payables as a result of a decrease in observability and an increase in the significance of unobservable inputs.
For the three months ended June 30, 2026, significant transfers from level 3 into level 2 included the following:
•$795 million of long-term debt driven by an increase in observability and a decrease in the significance of unobservable inputs for structured notes.
For the three months ended June 30, 2025, there were no significant transfers from level 2 into level 3 or from level 3 into level 2.
For the six months ended June 30, 2026, significant transfers from level 2 into level 3 included the following:
•$852 million and $1.1 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of a decrease in observability and an increase in the significance of unobservable inputs.
•$833 million of non-trading loans driven by a decrease in observability.
For the six months ended June 30, 2026, significant transfers from level 3 into level 2 included the following:
•$761 million and $798 million of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.
•$1.4 billion of long-term debt driven by an increase in observability and a decrease in the significance of unobservable inputs for structured notes.
For the six months ended June 30, 2025, significant transfers from level 2 into level 3 included the following:
•$819 million and $1.0 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of a decrease in observability and an increase in the significance of unobservable inputs.
For the six months ended June 30, 2025, significant transfers from level 3 into level 2 included the following:
109

•$793 million and $904 million of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.
•$1.1 billion of long-term debt driven by an increase in observability and a decrease in the significance of unobservable inputs for structured notes.
All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.
Gains and losses
The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 104-109 for further information on these instruments.
Three months ended June 30, 2026
•$2.8 billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements.
•$4.0 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Three months ended June 30, 2025
•$1.6 billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements.
•$2.7 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Six months ended June 30, 2026
•$5.7 billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements.
•$2.7 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Six months ended June 30, 2025
•$4.0 billion of net gains on assets, driven by gains in net derivative receivables due to market movements.
•$2.6 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.



Credit and funding adjustments — derivatives
The following table provides the gains/(losses) resulting from credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Credit and funding adjustments:
Derivatives CVA$77 $(72)$(34)$(117)
Derivatives FVA
13 (34)(22)(59)
Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.
110

Assets and liabilities measured at fair value on a nonrecurring basis
The following tables present the assets and liabilities held as of June 30, 2026 and 2025, for which nonrecurring fair value adjustments were recorded during the six months ended June 30, 2026 and 2025, by major product category and fair value hierarchy.
June 30, 2026
(in millions)		Fair value hierarchyTotal fair value
Level 1
Level 2
Level 3
Loans$— $860 

$1,431 $2,291 
Other assets(a)
— 8 2,336 2,344 
Total assets measured at fair value on a nonrecurring basis$— $868 $3,767 $4,635 
Accounts payable and other liabilities
— — — 
 
— 
Total liabilities measured at fair value on a nonrecurring basis
$— $— $— $— 
June 30, 2025
(in millions)		Fair value hierarchyTotal fair value
Level 1Level 2Level 3
Loans$— $1,048 

$637 $1,685 
Other assets— 10 398 

408 
Total assets measured at fair value on a nonrecurring basis$— $1,058 $1,035 $2,093 
Accounts payable and other liabilities
— — 5 

5 
Total liabilities measured at fair value on a nonrecurring basis$— $— $5 $5 
(a)Included equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $2.3 billion in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2026, $2.3 billion related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.
Nonrecurring fair value changes
The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three and six months ended June 30, 2026 and 2025, related to assets and liabilities held at those dates.


Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Loans$(158)
 
$(105)

$(170)

$(139)
Other assets(a)
652 
 
(14)

675 14 
Accounts payable and other liabilities — 
 
(4)

— (5)
Total nonrecurring fair value gains/(losses)
$494 $(123)$505 $(130)
(a)Included $651 million and $(7) million for the three months ended June 30, 2026 and 2025, respectively, and $664 million and $26 million for the six months ended June 30, 2026 and 2025, respectively, of net gains/(losses) as a result of the measurement alternative.

111

Equity securities without readily determinable fair values
The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (i.e., measurement alternative), with such changes recognized in other income.
In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.
The following table presents the carrying value of equity securities without readily determinable fair values held as of June 30, 2026 and 2025, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.
Three months ended June 30,Six months ended June 30,
As of or for the period ended, (in millions)2026202520262025
Other assets
Carrying value(a)
$8,191 $4,121 $8,191 $4,121 
Upward carrying value changes(b)
763 26 

798 78
Downward carrying value changes/impairment(c)
(112)(33)(134)(52)
(a)The carrying value as of December 31, 2025 was $4.9 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.
(b)The cumulative upward carrying value changes between January 1, 2018 and June 30, 2026 were $2.0 billion.
(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2026 were $(1.6) billion.
Included in other assets above is the Firm’s interest in approximately 9.3 million Visa Class B-3 common shares (“Visa B-3 shares”) and 18.6 million Visa Class B-2 common shares ("Visa B-2 shares") reflected in the Firm's principal investment portfolio as of June 30, 2026 and June 30, 2025, respectively.
On April 13, 2026, Visa commenced an exchange offer for any and all outstanding shares of Visa Class B-1 common stock ("Visa B-1 shares") and Visa B-2 shares. On May 11, 2026, Visa accepted the Firm’s tender of its 18.6 million Visa B-2 shares in exchange for a combination of Visa B-3 shares and Visa C common shares (“Visa C shares”). The Visa C shares are included in Assets and liabilities measured at fair value on a recurring basis on page 100. Visa’s acceptance of the Firm's tender resulted in an initial gain of $4.5 billion based on the fair value of the Visa C shares. In addition, the current quarter also reflected other Visa-related activity, including the fair value changes of the Visa C shares and derivative instruments, as well as dividends, resulting in the net $4.6 billion gain on Visa shares. As of June 30, 2026, approximately $1.6 billion of Visa C shares are subject to a lock-up restriction that expires on August 9, 2026.
The Visa B-3 shares are subject to certain transfer restrictions and are convertible into Visa Class A common shares (“Visa A shares”) at a specified conversion rate upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa B-3 shares to Visa A shares was 1.4953 at June 30, 2026 and may be adjusted by Visa depending on developments related to the litigation matters. The outcome of those litigation matters, and the effect that the resolution of those matters may have on the conversion rate, is unknown. Accordingly, as of June 30, 2026, there is significant uncertainty regarding when the transfer restrictions on Visa B-3 shares may be terminated and what the final conversion rate for the Visa B-3 shares will be. As a result of these considerations, as well as differences in voting rights, Visa B-3 shares are not considered to be similar to Visa A shares, and are held at their nominal carryover basis.
Separately, in connection with sales of Visa B shares prior to 2024, the Firm has entered into derivative instruments with the purchasers of the shares under which the Firm retains the risk associated with changes in the conversion rate. The notional amount of shares associated with those derivative instruments has been adjusted as a result of the Visa exchange offer. Refer to page 193 of JPMorganChase’s 2025 Form 10-K for further information.
112

Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value
The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at June 30, 2026 and December 31, 2025, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.
June 30, 2026December 31, 2025
Estimated fair value hierarchyEstimated fair value hierarchy
(in billions)Carrying
value		Level 1Level 2Level 3Total estimated
fair value		Carrying
value		Level 1Level 2Level 3Total estimated
fair value
Financial assets
Cash and due from banks$24.7 $24.7 $— $— $24.7 $21.7 $21.7 $— $— $21.7 
Deposits with banks285.1 285.1 — — 285.1 321.6 321.6 — — 321.6 
Accrued interest and accounts receivable
179.4 — 178.9 0.5 179.4 111.1 — 111.0 0.1 111.1 
Federal funds sold and securities purchased under resale agreements
13.2 — 13.2 — 13.2 9.4 — 9.4 — 9.4 
Securities borrowed
244.1 — 244.1 — 244.1 188.1 — 188.1 — 188.1 
Investment securities, held-to-maturity
268.5 135.1 115.2 — 250.3 270.1 126.4 126.9 — 253.3 
Loans, net of allowance for loan losses(a)
1,453.4 — 336.1 1,123.9 1,460.0 1,397.0 — 314.6 1,089.2 1,403.8 
Other105.8 0.1 105.2 0.8 106.1 93.0 — 91.7 1.5 93.2 
Financial liabilities
Deposits$2,687.5 $— $2,688.0 $— $2,688.0 $2,538.4 $— $2,538.8 $— $2,538.8 
Federal funds purchased and securities loaned or sold under repurchase agreements
136.2 — 136.2 — 136.2 82.2 — 82.2 — 82.2 
Short-term borrowings
42.5 — 42.6 — 42.6 32.3 — 32.3 — 32.3 
Accounts payable and other liabilities(b)
319.5 — 307.1 11.2 318.3 262.6 — 248.7 13.0 261.7 
Beneficial interests issued by consolidated VIEs
29.5 — 29.5 — 29.5 27.9 — 28.0 — 28.0 
Long-term debt
304.4 — 255.7 51.8 307.5 300.6 — 253.0 52.1 305.1 
(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.
(b)Excludes lending-related commitments disclosed in the table below.
The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.
June 30, 2026December 31, 2025
Estimated fair value hierarchyEstimated fair value hierarchy
(in billions)
Carrying value(a)(b)
Level 1Level 2Level 3Total estimated fair value
Carrying value(a)(b)
Level 1Level 2Level 3Total estimated fair value
Wholesale lending-related commitments
$3.2 $— $— $4.5 $4.5 $3.2 $— $— $4.5 $4.5 
(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.
(b)Includes the wholesale allowance for lending-related commitments.
The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments with or without notice to the borrower, as permitted by law, or in accordance with the contract. Refer to page 176 of JPMorganChase’s 2025 Form 10-K for a further discussion of the valuation of lending-related commitments.
113

Note 3 – Fair value option
The fair value option provides an option to elect fair value for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments.
The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis.
The Firm’s election of fair value includes the following instruments:
•Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments
•Certain securities financing agreements
•Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument
•Structured notes and other hybrid instruments, which are predominantly financial instruments that contain embedded derivatives, that are issued or transacted as part of client-driven activities
•Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value
Changes in fair value under the fair value option election
The following table presents the changes in fair value included in the Consolidated statements of income for the three and six months ended June 30, 2026 and 2025, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table.
Three months ended June 30,
20262025
(in millions)Principal transactionsAll other income
Total changes in fair value recorded (e)
Principal transactionsAll other income
Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements
$(67)$— $(67)$47 $— $47 
Securities borrowed9 — 9 (4)— (4)
Trading assets:
Debt and equity instruments, excluding loans
1,192 — 1,192 1,247 — 1,247 
Loans reported as trading assets:
Changes in instrument-specific credit risk143 — 
 
143 (1)— 
 
(1)
Other changes in fair value— 6 
(c)
6 14 5 
(c)
19 
Loans:
Changes in instrument-specific credit risk132 (2)
(c)
130 148 — 148 
Other changes in fair value14 95 
(c)
109 87 146 
(c)
233 
Other assets8 — 8 3 — 3 
Deposits(a)
(228)— (228)(531)— (531)
Federal funds purchased and securities loaned or sold under repurchase agreements
27 — 27 (5)— (5)
Short-term borrowings(a)
(797)— (797)(392)— (392)
Trading liabilities94 — 94 2 — 2 
Beneficial interests issued by consolidated VIEs
— — — — — — 
Other liabilities(2)— (2)(7)— (7)
Long-term debt(a)(b)
(5,983)1 
(c)(d)
(5,982)(3,172)2 
(c)(d)
(3,170)

114

Six months ended June 30,
20262025
(in millions)Principal transactionsAll other income
Total changes in fair value recorded (e)
Principal transactionsAll other income
Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements
$(67)$— $(67)$73 $— $73 
Securities borrowed(2)— (2)(4)— (4)
Trading assets:
Debt and equity instruments, excluding loans
775 — 775 1,048 — 1,048 
Loans reported as trading assets:
Changes in instrument-specific credit risk279 — 279 23 — 23 
Other changes in fair value7 8 
(c)
15 17 8 
(c)
25 
Loans:
Changes in instrument-specific credit risk296 1 
(c)
297 417 — 417 
Other changes in fair value(42)164 
(c)
122 257 327 
(c)
584 
Other assets25 (2)
(d)
23 31 — 31 
Deposits(a)
(245)— (245)(992)— (992)
Federal funds purchased and securities loaned or sold under repurchase agreements
36 — 36 (12)— (12)
Short-term borrowings(a)
(682)— (682)(539)— (539)
Trading liabilities37 — 37 20 — 20 
Beneficial interests issued by consolidated VIEs
— — — — — — 
Other liabilities(2)— (2)(5)— (5)
Long-term debt(a)(b)
(4,318)(4)
(c)(d)
(4,322)(3,357)(4)
(c)(d)
(3,361)
(a)Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were not material for the three and six months ended June 30, 2026 and 2025.
(b)Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.
(c)Reported in mortgage fees and related income.
(d)Reported in other income.
(e)Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments in CIB. Refer to Note 6 for further information regarding interest income and interest expense.

115

Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding
The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of June 30, 2026 and December 31, 2025, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.
June 30, 2026December 31, 2025
(in millions)Contractual principal outstandingFair valueFair value over/(under) contractual principal outstandingContractual principal outstandingFair valueFair value over/(under) contractual principal outstanding
Loans
Nonaccrual loans
Loans reported as trading assets$3,761 $756 $(3,005)$3,443 $545 $(2,898)
Loans1,672 1,234 (438)1,994 1,518 (476)
Subtotal5,433 1,990 (3,443)5,437 2,063 (3,374)
90 or more days past due and government guaranteed
Loans(a)
205 196 (9)152 144 (8)
All other performing loans(b)
Loans reported as trading assets15,258 13,481 (1,777)14,852 12,380 (2,472)
Loans(c)
62,132 61,459 (673)68,802 69,022 220 
Subtotal77,390 74,940 (2,450)83,654 81,402 (2,252)
Total loans$83,028 $77,126 $(5,902)$89,243 $83,609 $(5,634)
Long-term debt
Principal-protected debt$91,759 
(e)
$79,494 $(12,265)$73,984 
(e)
$63,770 $(10,214)
Nonprincipal-protected debt(d)
NA76,562 NANA70,789 NA
Total long-term debtNA$156,056 NANA$134,559 NA
Long-term beneficial interests
Nonprincipal-protected debt(d)
NA$5 NANA$5 NA
Total long-term beneficial interestsNA$5 NANA$5 NA
(a)These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies.
(b)There were no performing loans that were ninety days or more past due as of June 30, 2026 and December 31, 2025.
(c)Includes loans insured and/or guaranteed by U.S. government agencies less than 90 days past due.
(d)Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes.
(e)Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date.
At June 30, 2026 and December 31, 2025, the contractual amount of lending-related commitments for which the fair value option was elected was $26.0 billion and $18.9 billion, respectively, with a corresponding fair value of $57 million and $42 million, respectively. Refer to Note 28 of JPMorganChase’s 2025 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments.

116

Structured note products by balance sheet classification and risk component
The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type.
June 30, 2026December 31, 2025
(in millions)Long-term debtShort-term borrowingsDepositsTotalLong-term debtShort-term borrowingsDepositsTotal
Risk exposure
Interest rate$74,343 $2,158 $22,251 $98,752 $61,398 $3,273 $17,184 $81,855 
Credit10,079 976 — 11,055 8,677 817 — 9,494 
Foreign exchange2,929 1,498 319 4,746 2,617 606 448 3,671 
Equity62,771 11,043 3,394 77,208 55,890 9,978 3,095 68,963 
Commodity933 383 — 
(a)
1,316 828 154 — 
(a)
982 
Total structured notes$151,055 $16,058 $25,964 $193,077 $129,410 $14,828 $20,727 $164,965 
(a)Excludes deposits linked to precious metals for which the fair value option has not been elected of $3.0 billion and $2.8 billion for the periods ended June 30, 2026 and December 31, 2025, respectively.

117

Note 4 – Derivative instruments
JPMorganChase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorganChase’s 2025 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments.
The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in
hedge accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage risks associated with specified assets and liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes.
The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.
Type of DerivativeUse of DerivativeDesignation and disclosureAffected
segment or unit		10-Q page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
•Interest rate
Hedge fixed rate assets and liabilitiesFair value hedge
Corporate
124-125
•Interest rate
Hedge floating-rate assets and liabilitiesCash flow hedge
Corporate
126
•Foreign exchange
Hedge foreign currency-denominated assets and liabilities
Fair value hedge
Corporate
124-125
•Foreign exchange
Hedge foreign currency-denominated forecasted revenue and expense
Cash flow hedge
Corporate
126
•Foreign exchange
Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities
Net investment hedge
Corporate
127
•Commodity
Hedge commodity inventory
Fair value hedge
CIB, AWM
124-125
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
•Interest rate
Manage the risk associated with mortgage commitments, warehouse loans and MSRsSpecified risk managementCCB127
•Credit
Manage the credit risk associated with wholesale lending exposures
Specified risk management
CIB, AWM
127
•Interest rate and foreign exchange
Manage the risk associated with certain other specified assets and liabilities
Specified risk management
Corporate, CIB
127
Market-making derivatives and other activities:
•Various
Market-making and related risk management
Market-making and other
CIB127
•Various
Other derivatives
Market-making and other
CIB, AWM, Corporate127
118

Notional amount of derivative contracts
The following table summarizes the notional amount of free-standing derivative contracts outstanding as of June 30, 2026 and December 31, 2025.
Notional amounts(b)
(in billions)June 30, 2026December 31, 2025
Interest rate contracts
Swaps
$25,722 $19,056 
Futures and forwards
4,648 3,305 
Written options
4,439 3,775 
Purchased options
4,166 3,400 
Total interest rate contracts
38,975 29,536 
Credit derivatives(a)
1,550 1,381 
Foreign exchange contracts
Cross-currency swaps
6,158 5,476 
Spot, futures and forwards
12,062 8,187 
Written options
1,133 979 
Purchased options
1,150 953 
Total foreign exchange contracts
20,503 15,595 
Equity contracts
Swaps
1,455 1,147 
Futures and forwards
288 196 
Written options
1,238 1,118 
Purchased options
1,050 971 
Total equity contracts4,031 3,432 
Commodity contracts
Swaps
194 189 
Spot, futures and forwards
268 270 
Written options
146 119 
Purchased options
125 120 
Total commodity contracts
733 698 
Total derivative notional amounts
$65,792 $50,642 
(a)Refer to the Credit derivatives discussion on pages 128-129 for more information on volumes and types of credit derivative contracts.
(b)Represents the sum of gross long and gross short third-party notional derivative contracts.
While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is simply a reference amount used to calculate payments.
119

Impact of derivatives on the Consolidated balance sheets
The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of June 30, 2026 and December 31, 2025, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.
Free-standing derivative receivables and payables(a)
Gross derivative receivablesGross derivative payables
June 30, 2026
(in millions)		Not designated as hedgesDesignated as hedgesTotal derivative receivables
Net derivative receivables(b)
Not designated as hedgesDesignated
as hedges		Total derivative payables
Net derivative payables(b)
Trading assets and liabilities
Interest rate$284,638 $— $284,638 $24,952 $262,819 $8 $262,827 $8,910 
Credit13,045 — 13,045 254 19,182 — 19,182 2,318 
Foreign exchange220,219 1,177 221,396 24,467 214,255 1,149 215,404 16,020 
Equity144,823 — 144,823 10,707 186,800 — 186,800 32,623 
Commodity26,430 268 26,698 7,387 23,926 499 24,425 6,617 
Total fair value of trading assets and liabilities
$689,155 $1,445 $690,600 $67,767 $706,982 $1,656 $708,638 $66,488 
Gross derivative receivablesGross derivative payables
December 31, 2025
(in millions)		Not designated as hedgesDesignated as hedgesTotal derivative receivables
Net derivative receivables(b)
Not designated as hedgesDesignated
as hedges		Total derivative payables
Net derivative payables(b)
Trading assets and liabilities
Interest rate$281,884 

$— $281,884 $25,401 $257,582 $1 $257,583 $7,461 
Credit13,024 — 13,024 479 17,628 — 17,628 2,016 
Foreign exchange182,887 349 183,236 19,355 177,158 983 178,141 14,833 
Equity97,723 — 97,723 5,867 117,017 — 117,017 14,806 
Commodity29,932 583 30,515 6,675 24,744 1,625 26,369 7,213 
Total fair value of trading assets and liabilities
$605,450 $932 $606,382 $57,777 $594,129 $2,609 $596,738 $46,329 
(a)Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.
(b)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.
120

Derivatives netting
The following tables present, as of June 30, 2026 and December 31, 2025, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables.
In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:
•collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as "Collateral not nettable on the Consolidated balance sheets" in the tables, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule;
•the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables; and
•collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables.
June 30, 2026December 31, 2025
(in millions)Gross derivative receivablesAmounts netted on the Consolidated balance sheetsNet derivative receivablesGross derivative receivablesAmounts netted on the Consolidated balance sheetsNet
derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”)$161,519 $(138,146)$23,373 $162,300 $(138,107)$24,193 
OTC–cleared121,454 (121,180)274 118,377 (118,303)74 
Exchange-traded(a)
371 (360)11 128 (73)55 
Total interest rate contracts283,344 (259,686)23,658 280,805 (256,483)24,322 
Credit contracts:
OTC9,553 (9,429)124 9,723 (9,433)290 
OTC–cleared3,427 (3,362)65 3,233 (3,112)121 
Total credit contracts12,980 (12,791)189 12,956 (12,545)411 
Foreign exchange contracts:
OTC216,543 (195,256)21,287 180,120 (163,029)17,091 
OTC–cleared1,783 (1,658)125 904 (849)55 
Exchange-traded(a)
20 (15)5 21 (3)18 
Total foreign exchange contracts218,346 (196,929)21,417 181,045 (163,881)17,164 
Equity contracts:
OTC66,864 (61,146)5,718 33,418 (31,170)2,248 
Exchange-traded(a)
74,684 (72,970)1,714 63,168 (60,686)2,482 
Total equity contracts141,548 (134,116)7,432 96,586 (91,856)4,730 
Commodity contracts:
OTC18,608 (14,482)4,126 18,244 (14,469)3,775 
OTC–cleared53 (48)5 109 (79)30 
Exchange-traded(a)
4,954 (4,781)173 9,565 (9,292)273 
Total commodity contracts23,615 (19,311)4,304 27,918 (23,840)4,078 
Derivative receivables with appropriate legal opinion
679,833 (622,833)57,000 
(d)
599,310 (548,605)50,705 
(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained
10,767 10,767 7,072 7,072 
Total derivative receivables recognized on the Consolidated balance sheets
$690,600 $67,767 $606,382 $57,777 
Collateral not nettable on the Consolidated balance sheets(b)(c)
(33,767)(28,891)
Net amounts
$34,000 $28,886 
121

June 30, 2026December 31, 2025
(in millions)Gross derivative payablesAmounts netted on the Consolidated balance sheetsNet derivative payablesGross derivative payablesAmounts netted on the Consolidated balance sheetsNet
derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC$135,885 $(128,841)$7,044 $135,045 $(128,464)$6,581 
OTC–cleared125,445 (124,678)767 121,702 (121,557)145 
Exchange-traded(a)
542 (398)144 104 (101)3 
Total interest rate contracts261,872 (253,917)7,955 256,851 (250,122)6,729 
Credit contracts:
OTC16,575 (14,701)1,874 14,848 (13,196)1,652 
OTC–cleared2,181 (2,163)18 2,446 (2,416)30 
Total credit contracts18,756 (16,864)1,892 17,294 (15,612)1,682 
Foreign exchange contracts:
OTC211,839 (197,710)14,129 175,485 (162,455)13,030 
OTC–cleared1,766 (1,659)107 897 (850)47 
Exchange-traded(a)
56 (15)41 9 (3)6 
Total foreign exchange contracts213,661 (199,384)14,277 176,391 (163,308)13,083 
Equity contracts:
OTC103,359 (81,212)22,147 53,530 (41,552)11,978 
Exchange-traded(a)
79,444 (72,965)6,479 61,363 (60,659)704 
Total equity contracts182,803 (154,177)28,626 114,893 (102,211)12,682 
Commodity contracts:
OTC16,168 (13,012)3,156 14,176 (9,786)4,390 
OTC–cleared48 (48)— 79 (79)— 
Exchange-traded(a)
4,937 (4,748)189 9,334 (9,291)43 
Total commodity contracts21,153 (17,808)3,345 23,589 (19,156)4,433 
Derivative payables with appropriate legal opinion
698,245 (642,150)56,095 
(d)
589,018 (550,409)38,609 
(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained
10,393 10,393 7,720 7,720 
Total derivative payables recognized on the Consolidated balance sheets
$708,638 $66,488 $596,738 $46,329 
Collateral not nettable on the Consolidated balance sheets(b)(c)
(24,236)(18,478)
Net amounts
$42,252 $27,851 
(a)Exchange-traded derivative balances that relate to futures contracts are settled daily.
(b)Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.
(c)Derivative collateral relates only to OTC and OTC-cleared derivative instruments.
(d)Net derivatives receivable included cash collateral netted of $55.2 billion and $54.7 billion at June 30, 2026 and December 31, 2025, respectively. Net derivatives payable included cash collateral netted of $74.6 billion and $56.5 billion at June 30, 2026 and December 31, 2025, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.
122

Liquidity risk and credit-related contingent features
Refer to Note 5 of JPMorganChase’s 2025 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts.
The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at June 30, 2026 and December 31, 2025.
OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)June 30, 2026December 31, 2025
Aggregate fair value of net derivative payables
$24,999 $19,986 
Collateral posted25,134 20,555 
The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at June 30, 2026 and December 31, 2025, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivative contracts generally require additional collateral to be posted or terminations to be triggered when the predefined rating threshold is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payment requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
June 30, 2026December 31, 2025
(in millions)Single-notch downgradeTwo-notch downgradeSingle-notch downgradeTwo-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)
$91 $361 $28 $124 
Amount required to settle contracts with termination triggers upon downgrade(b)
13 47 15 96 
(a)Includes the additional collateral to be posted for initial margin.
(b)Amounts represent fair values of derivative payables, and do not reflect collateral posted.
123

Impact of derivatives on the Consolidated statements of income
The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose.
Fair value hedge gains and losses
The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three and six months ended June 30, 2026 and 2025, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Three months ended June 30, 2026
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$425 $(215)$210 $— $246 $— 
Foreign exchange(c)
(332)413 81 (150)80 (12)
Commodity(d)
990 (969)21 — 20 — 
Total$1,083 $(771)$312 $(150)$346 $(12)
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Three months ended June 30, 2025
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$37 $273 $310 $— $294 $— 
Foreign exchange(c)
270 (187)83 (166)83 (10)
Commodity(d)
54 9 63 — 41 — 
Total$361 $95 $456 $(166)$418 $(10)
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Six months ended June 30, 2026
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$488 $15 $503 $— $567 $— 
Foreign exchange(c)
63 91 154 (308)154 43 
Commodity(d)
(1,012)1,028 16 — 11 — 
Total$(461)$1,134 $673 $(308)$732 $43 
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Six months ended June 30, 2025
(in millions)
DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$79 $565 $644 $— $596 $— 
Foreign exchange(c)
517 (392)125 (301)125 27 
Commodity(d)
(1,276)1,409 133 — 97 — 
Total$(680)$1,582 $902 $(301)$818 $27 
(a)Primarily consists of hedges of the benchmark (e.g., Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.
(b)Includes the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item. Excludes the accrual of interest on interest rate swaps and the related hedged items.
(c)Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.
(d)Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.
(e)The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period.
(f)Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.
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As of June 30, 2026 and December 31, 2025, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.
Carrying amount of the hedged items(a)(b)
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
June 30, 2026
(in millions)
Active hedging relationships(d)
Discontinued hedging relationships(d)(e)
Total
Assets
Investment securities - AFS$233,736 
(c)
$173 $(1,176)$(1,003)
Liabilities
Long-term debt224,743 (2,444)(8,300)(10,744)
Beneficial interests issued by consolidated VIEs7,075 (21)(1)(22)
Carrying amount of the hedged items(a)(b)
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2025
(in millions)
Active hedging relationships(d)
Discontinued hedging relationships(d)(e)
Total
Assets
Investment securities - AFS$255,109 
(c)
$3,693 $(1,374)$2,319 
Liabilities
Long-term debt222,611 232 (8,689)(8,457)
Beneficial interests issued by consolidated VIEs5,884 37 — 37 
(a)Excludes physical commodities with a carrying value of $12.9 billion and $22.9 billion at June 30, 2026 and December 31, 2025, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.
(b)Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At June 30, 2026 and December 31, 2025, the carrying amount excluded for AFS securities was $36.3 billion and $33.6 billion, respectively. At June 30, 2026 and December 31, 2025, the carrying amount excluded for long-term debt was $2.3 billion and $587 million, respectively.
(c)Carrying amount represents the amortized cost, net of allowance if applicable. At June 30, 2026 and December 31, 2025, the amortized cost of the portfolio layer method closed portfolios was $72.5 billion and $91.9 billion, of which $56.4 billion and $68.9 billion was designated as hedged, respectively. The amount designated as hedged is the sum of the notional amounts of all outstanding layers in each portfolio, which includes both spot starting and forward starting layers. At June 30, 2026 and December 31, 2025, the cumulative amount of basis adjustments was $(1.1) billion and $(32) million, which is comprised of $(492) million and $641 million for active hedging relationships, and $(588) million and $(673) million for discontinued hedging relationships, respectively. Refer to Note 9 for additional information.
(d)Positive (negative) amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce (increase) net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.
(e)Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.
125

Cash flow hedge gains and losses
The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three and six months ended June 30, 2026 and 2025, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended June 30, 2026
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI		Total change
in OCI for period
Contract type
Interest rate(a)
$(389)$(1,805)$(1,416)
Foreign exchange(b)
(74)89 163 
Total$(463)$(1,716)$(1,253)
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended June 30, 2025
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$(651)$1,163 $1,814 
Foreign exchange(b)
59 259 200 
Total$(592)$1,422 $2,014 
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Six months ended June 30, 2026
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$(798)$(3,122)$(2,324)
Foreign exchange(b)
(34)(153)(119)
Total$(832)$(3,275)$(2,443)
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Six months ended June 30, 2025
(in millions)
Amounts reclassified
from AOCI to income		Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$(1,251)$2,610 $3,861 
Foreign exchange(b)
38 399 361 
Total$(1,213)$3,009 $4,222 
(a)Primarily consists of hedges of SOFR-indexed and Prime-indexed floating-rate assets. Gains and losses were recorded in net interest income.
(b)Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.
The Firm did not experience any forecasted transactions that failed to occur for the three and six months ended June 30, 2026 and 2025.
Over the next 12 months, the Firm expects that approximately $(1.7) billion (after-tax) of net losses recorded in AOCI at June 30, 2026, related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately ten years, corresponding to the timing of the originally hedged forecasted cash flows. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately ten years. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities.
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Net investment hedge gains and losses
The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three and six months ended June 30, 2026 and 2025.
Gains/(losses) recorded in income(a) and other comprehensive income/(loss)
20262025
Three months ended June 30,
(in millions)
Amounts recorded in
income(b)
Amounts recorded in OCI
Amounts recorded in
income(b)
Amounts recorded in OCI
Foreign exchange derivatives$(20)$57 $120 $(4,213)
Gains/(losses) recorded in income(a) and other comprehensive income/(loss)
20262025
Six months ended June 30,
(in millions)
Amounts recorded in
income(b)
Amounts recorded in OCI
Amounts recorded in
income(b)
Amounts recorded in OCI
Foreign exchange derivatives$25 $1,122 $153 $(6,347)
(a)Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The changes in fair value of these amounts are recorded in net interest income.
(b)Excludes amounts reclassified from AOCI to income associated with net investment hedges. The amounts reclassified for the three and six months ended June 30, 2026 were not material. There were no sales or liquidations of legal entities that resulted in reclassifications for the three and six months ended June 30, 2025. Refer to Note 19 for further information.
Gains and losses on derivatives used for specified risk management purposes
The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.
Derivatives gains/(losses) recorded in income
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Contract type
Interest rate(a)
$(11)$(45)$93 $11 
Credit(b)
(276)(174)(256)(234)
Foreign exchange(c)
17 67 8 108 
Equity(d)
(25)10 (6)8 
Total$(295)$(142)$(161)$(107)
(a)Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.
(b)Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.
(c)Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.
(d)Gains and losses were recorded in principal transactions revenue.
Gains and losses on derivatives related to market-making activities and other derivatives
The Firm makes markets in derivatives in order to meet the needs of clients and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue.
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Credit derivatives
Refer to Note 5 of JPMorganChase’s 2025 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of June 30, 2026 and December 31, 2025. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives.
Total credit derivatives and credit-related notes
Maximum payout/Notional amount
June 30, 2026
(in millions)		Protection sold
Protection purchased with identical underlyings(c)
Net protection (sold)/purchased(d)
Other protection purchased(e)
Credit derivatives
Credit default swaps$(569,598)$594,677 $25,079 $7,294 
Other credit derivatives(a)
(147,410)217,618 70,208 13,788 
Total credit derivatives(717,008)812,295 95,287 21,082 
Credit-related notes(b)
— — — 14,940 
Total$(717,008)$812,295 $95,287 $36,022 
Maximum payout/Notional amount
December 31, 2025
(in millions)		Protection sold
Protection purchased with identical underlyings(c)
Net protection (sold)/purchased(d)
Other protection purchased(e)
Credit derivatives
Credit default swaps$(503,480)$549,440 $45,960 $6,840 
Other credit derivatives(a)
(124,650)187,090 62,440 

9,495 
Total credit derivatives(628,130)736,530 108,400 16,335 
Credit-related notes(b)
— — — 13,162 
Total$(628,130)$736,530 $108,400 $29,497 
(a)Other credit derivatives predominantly consist of credit swap options and total return swaps.
(b)Predominantly represents Other protection purchased by CIB.
(c)Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.
(d)Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.
(e)Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. Also includes credit protection against certain loans and lending-related commitments in the retained lending portfolio through the issuance of credit derivatives and credit-related notes.

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The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of June 30, 2026 and December 31, 2025, where JPMorganChase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives where JPMorganChase is the purchaser of protection are comparable to the profile reflected below.
Protection sold — credit derivatives ratings(a)/maturity profile
June 30, 2026
(in millions)		<1 year1–5 years>5 yearsTotal notional amount
Fair value of receivables(b)
Fair value of payables(b)
Net fair value
Risk rating of reference entity
Investment-grade$(180,156)$(353,855)$(33,441)$(567,452)$5,119 $(837)$4,282 
Noninvestment-grade(43,314)(101,339)(4,903)(149,556)4,034 (2,284)1,750 
Total$(223,470)$(455,194)$(38,344)$(717,008)$9,153 $(3,121)$6,032 
December 31, 2025
(in millions)		<1 year1–5 years>5 yearsTotal notional amount
Fair value of receivables(b)
Fair value of payables(b)
Net fair value
Risk rating of reference entity
Investment-grade$(146,799)$(314,100)$(28,117)$(489,016)$4,969 $(908)$4,061 
Noninvestment-grade(43,863)(91,220)(4,031)(139,114)3,439 (2,085)1,354 
Total$(190,662)$(405,320)$(32,148)$(628,130)$8,408 $(2,993)$5,415 
(a)The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.
(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.
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Note 5 – Noninterest revenue and noninterest expense
Noninterest revenue
Refer to Note 6 of JPMorganChase’s 2025 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue.
Investment banking fees
The following table presents the components of investment banking fees.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Underwriting
Equity$827 $469 $1,303 $790 
Debt1,370 1,181 2,477 2,350 
Total underwriting2,197 1,650 3,780 3,140 
Advisory1,011 849 2,286 1,537 
Total investment banking fees
$3,208 $2,499 $6,066 $4,677 
Principal transactions
The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue by instrument type. This table excludes interest income and interest expense on interest-earning assets and interest-bearing liabilities recorded within net interest income. Refer to Note 6 for further information on interest income and interest expense.
The Firm’s businesses and other activities generally utilize a variety of instrument types in connection with their transactions; accordingly, the principal transactions revenue presented in the table below is not representative of the total revenue of any individual business or activity.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Principal transactions revenue by instrument type
Interest rate(a)
$780 $984 $1,875 $2,342 
Credit(b)
247 199 799 437 
Foreign exchange1,636 1,596 2,951 2,972 
Equity5,984 3,836 10,043 8,010 
Commodity360 526 1,326 1,007 
Total revenue by instrument type9,007 7,141 16,994 14,768 
Private equity gains/(losses)— 8 — (5)
Principal transactions
$9,007 $7,149 $16,994 $14,763 
(a)Includes the impact of changes in funding valuation adjustments on derivatives.
(b)Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.
Lending- and deposit-related fees
The following table presents the components of lending- and deposit-related fees.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Lending-related fees
$609 $560 $1,164 $1,093 
Deposit-related fees1,902 1,688 3,741 3,287 
Total lending- and deposit-related fees
$2,511 $2,248 $4,905 $4,380 
Deposit-related fees include the impact of credits earned by clients that reduce such fees.
Asset management fees
The following table presents the components of asset management fees.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Asset management fees
Investment management fees$5,547 $4,708 $10,955 $9,311 
All other asset management fees
111 98 218 195 
Total asset management fees
$5,658 $4,806 $11,173 $9,506 
Commissions and other fees
The following table presents the components of commissions and other fees.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Commissions and other fees
Brokerage commissions$1,153 $948 $2,348 $1,848 
Administration fees
787 675 1,545 1,324 
All other commissions and fees(a)
674 571 1,203 1,055 
Total commissions and other fees$2,614 $2,194 $5,096 $4,227 
(a)Includes depositary receipt-related service fees, annuity and travel-related sales commissions, as well as other service fees, which are recognized as revenue when the services are rendered.

130

Mortgage fees and related income: refer to Note 14 for additional information.
Card income
The following table presents the components of card income.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Interchange and merchant processing income
$10,037 $9,159 $19,152 $17,557 
Rewards costs and partner payments(8,436)(7,350)(15,919)(14,135)
All other(a)
(253)(465)(695)(862)
Total card income
$1,348 $1,344 $2,538 $2,560 
(a)Predominantly represents the amortization of account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12-month period.
Other income
The following table presents certain components of other income.
Three months ended June 30,Six months ended June 30,

(in millions)		2026202520262025
Operating lease income$1,207 $901 $2,360 $1,730 
Initial gain on the Visa share exchange(a)
4,509 — 4,509 — 
Gains on certain equity investments(b)
1,026 — 1,026 — 
First Republic-related gain
— 40 
(c)
— 628 (c)
(a)Relates to the initial gain recognized on May 11, 2026. Refer to Note 2 for additional information.
(b)Consisted of $763 million in Corporate and $263 million in CIB, which represented a measurement alternative markup on an equity investment and initial gains on transition from measurement alternative to recurring fair value on certain other equity investments.
(c)Relates to the settlement of outstanding items with the FDIC in 2025.
Refer to Note 16 for information on operating lease income included within other income.
First Republic-related gain: On January 17, 2025, the Firm reached an agreement with the FDIC with respect to certain outstanding items related to the First Republic acquisition. As a result of the agreement, the Firm made a payment of $609 million to the FDIC on January 31, 2025 and reduced its additional payable to the FDIC, which resulted in a gain of $588 million recorded in other income in the first quarter of 2025. In addition, as of June 30, 2025, all outstanding matters between the Firm and the FDIC related to the final settlement of the purchase price for the First Republic acquisition had been resolved. Refer to Note 34 on pages 312–314 of the Firm’s 2025 Form 10-K for additional information.

Noninterest expense
Other expense
Other expense on the Firm’s Consolidated statements of income includes the following:
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Legal expense$116 $118 $339 $239 
FDIC-related expense 350 302 682 291 
(a)
Operating losses280 314 566 700 
(a)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025.

131

Note 6 – Interest income and interest expense
Refer to Note 7 of JPMorganChase’s 2025 Form 10-K for a description of JPMorganChase’s accounting policies regarding interest income and interest expense.
The following table presents the components of interest income and interest expense.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Interest income
Loans(a)
$24,541 $23,049 $48,565 $45,469 
Taxable securities7,206 6,679 14,181 12,671 
Non-taxable securities(b)
276 273 558 543 
Total investment securities(a)
7,482 6,952 14,739 13,214 
Trading assets - debt instruments7,445 6,298 14,666 11,855 
Federal funds sold and securities purchased under resale agreements4,220 4,578 8,405 8,794 
Securities borrowed2,573 2,211 4,941 4,518 
Deposits with banks2,351 3,395 4,668 7,534 
All other interest-earning assets(c)
2,012 1,758 3,831 3,710 
Total interest income$50,624 $48,241 $99,815 $95,094 
Interest expense
Interest-bearing deposits$10,761 $11,401 $21,045 $22,478 
Federal funds purchased and securities loaned or sold under repurchase agreements6,676 5,965 12,821 11,154 
Short-term borrowings518 607 1,043 1,142 
Trading liabilities – debt and all other interest-bearing liabilities(d)
2,415 2,278 4,678 4,369 
Long-term debt4,468 4,484 8,810 8,876 
Beneficial interest issued by consolidated VIEs275 297 541 593 
Total interest expense$25,113 $25,032 $48,938 $48,612 
Net interest income$25,511 $23,209 $50,877 $46,482 
Provision for credit losses2,515 2,849 5,022 6,154 
Net interest income after provision for credit losses$22,996 $20,360 $45,855 $40,328 
(a)Includes the amortization and accretion of purchase premiums and discounts, as well as net deferred fees and costs on loans.
(b)Represents securities that are tax-exempt for U.S. federal income tax purposes.
(c)Includes interest earned on brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets.
(d)All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.

132

Note 7 – Pension and other postretirement employee benefit plans
Refer to Note 8 of JPMorganChase’s 2025 Form 10-K for a discussion of JPMorganChase’s pension and OPEB plans.
The following table presents the net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Total net periodic defined benefit plan credit(a)
$(37)$(63)$(126)$(128)
Total defined contribution plans
509 513 930 948 
Total pension and OPEB cost included in noninterest expense
$472 $450 $804 $820 
(a)Includes pension settlement losses of $61 million for the three and six months ended June 30, 2026.
As of June 30, 2026 and December 31, 2025, the fair values of plan assets for the Firm’s significant defined benefit pension and OPEB plans were $22.7 billion and $23.6 billion, respectively.

Note 8 – Employee share-based incentives
Refer to Note 9 of JPMorganChase’s 2025 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives.
The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Cost of prior grants of restricted stock units (“RSUs”), performance share units (“PSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods$459 $380 $899 $804 
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees708 579 1,441 1,208 
Total noncash compensation expense related to employee share-based incentive plans$1,167 $959 $2,340 $2,012 
In the first quarter of 2026, in connection with its annual incentive grant for the 2025 performance year, the Firm granted 12 million RSUs and 370 thousand PSUs with weighted-average grant date fair values of $305.68 per RSU and $306.51 per PSU.
133

Note 9 – Investment securities
Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At June 30, 2026, the investment securities portfolio consisted of debt securities with an average credit
rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).
Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for additional information regarding the investment securities portfolio.
The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.
June 30, 2026December 31, 2025
(in millions)
Amortized cost(c)(d)
Gross unrealized gainsGross unrealized lossesFair value
Amortized cost(c)(d)
Gross unrealized gainsGross unrealized lossesFair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies$90,011 $550 $1,795 $88,766 $92,112 $1,075 $2,215 $90,972 
Residential:
U.S.5,245 7 31 5,221 5,564 38 17 5,585 
Non-U.S.258 1 — 259 405 1 — 406 
Commercial4,804 21 25 4,800 4,466 48 30 4,484 
Total mortgage-backed securities100,318 579 1,851 99,046 102,547 1,162 2,262 101,447 
U.S. Treasury and government agencies342,551 524 1,860 341,215 313,470 2,384 32 315,822 
Obligations of U.S. states and municipalities19,059 178 521 18,716 20,915 118 793 20,240 
Non-U.S. government debt securities50,724 99 316 50,507 45,676 215 236 45,655 
Corporate debt securities133 — 7 126 139 — 11 128 
Asset-backed securities:
Collateralized loan obligations24,498 37 1 24,534 21,897 51 1 21,947 
Other1,898 14 8 1,904 1,941 25 7 1,959 
Unallocated portfolio layer fair value basis adjustments(a)
(492)— (492)NA641 (641)— NA
Total available-for-sale securities538,689 1,431 4,072 536,048 

507,226 3,314 3,342 507,198 
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies84,920 28 9,574 75,374 89,073 57 9,200 79,930 
U.S. Residential7,007 3 621 6,389 7,542 6 570 6,978 
Commercial5,716 7 276 5,447 6,493 19 234 6,278 
Total mortgage-backed securities97,643 38 10,471 87,210 103,108 82 10,004 93,186 
U.S. Treasury and government agencies142,379 — 7,310 135,069 132,727 134 6,414 126,447 
Obligations of U.S. states and municipalities8,124 22 436 7,710 8,600 17 609 8,008 
Asset-backed securities:
Collateralized loan obligations19,493 16 3 19,506 24,695 29 6 24,718 
Other835 — 20 815 1,004 1 20 985 
Total held-to-maturity securities268,474 76 18,240 250,310 270,134 263 17,053 253,344 
Total investment securities, net of allowance for credit losses$807,163 $1,507 $22,312 $786,358 $777,360 $3,577 $20,395 $760,542 
(a)Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 4 for additional information.
(b)The Firm purchased $3.5 billion and $23.1 billion of HTM securities for the three and six months ended June 30, 2026, respectively, and $1.6 billion and $3.2 billion for the three and six months ended June 30, 2025, respectively.
(c)The amortized cost of investment securities is reported net of allowance for credit losses of $63 million and $106 million at June 30, 2026 and December 31, 2025, respectively.
(d)Excludes $5.3 billion and $4.6 billion of accrued interest receivable at June 30, 2026 and December 31, 2025, respectively. The Firm did not reverse through interest income any accrued interest receivable for the three and six months ended June 30, 2026 and 2025. Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for further discussion of accounting policies for accrued interest receivable on investment securities.
134

AFS securities impairment
The following tables present the fair value and gross unrealized losses by aging category for AFS securities at June 30, 2026 and December 31, 2025. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $3.7 billion and $2.2 billion, at June 30, 2026 and December 31, 2025, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government.
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
June 30, 2026
(in millions)		Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair value
Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.
$2,599 $11 $539 $20 $3,138 $31 
Non-U.S.27 — 18 — 45 — 
Commercial630 2 420 23 1,050 25 
Total mortgage-backed securities3,256 13 977 43 4,233 56 
Obligations of U.S. states and municipalities1,797 33 8,719 488 10,516 521 
Non-U.S. government debt securities25,424 177 4,525 139 29,949 316 
Corporate debt securities123 7 — — 123 7 
Asset-backed securities:
Collateralized loan obligations1,223 1 46 — 1,269 1 
Other186 2 113 6 299 8 
Total available-for-sale securities with gross unrealized losses
$32,009 

$233 $14,380 $676 $46,389 $909 
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
December 31, 2025
(in millions)		Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair value
Total gross unrealized
losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.$36 $— $609 $17 $645 $17 
Non-U.S.3 — 20 — 23 — 
Commercial142 1 576 29 718 30 
Total mortgage-backed securities181 1 1,205 46 1,386 47 
Obligations of U.S. states and municipalities5,519 131 9,597 662 15,116 793 
Non-U.S. government debt securities9,324 76 4,954 160 14,278 236 
Corporate debt securities114 11 — — 114 11 
Asset-backed securities:
Collateralized loan obligations814 — 143 1 957 1 
Other63 — 131 7 194 7 
Total available-for-sale securities with gross unrealized losses$16,015 

$219 $16,030 $876 $32,045 $1,095 

135

HTM securities – credit risk
Credit quality indicator
The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At both June 30, 2026 and December 31, 2025, all HTM securities were rated investment grade and were current and accruing, with approximately 99% rated at least AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).
Allowance for credit losses on investment securities
The allowance for credit losses on investment securities was $63 million and $108 million as of June 30, 2026 and 2025, respectively, which included the impact of $31 million and $17 million, respectively, of reduction in the allowance related to sales of a corporate debt security.
Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for further discussion of accounting policies for AFS and HTM securities.
Selected impacts of investment securities on the Consolidated statements of income
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Realized gains$224 $94 $617 $239 
Realized losses(619)(148)(948)(330)
Investment securities losses
$(395)$(54)$(331)$(91)
Provision for credit losses$(14)$(10)$(11)$(27)
136

Contractual maturities and yields
The following table presents the amortized cost and estimated fair value at June 30, 2026, of JPMorganChase’s investment securities portfolio by contractual maturity.
By remaining maturity
June 30, 2026 (in millions)		Due in one
year or less		Due after one year through five yearsDue after five years through 10 years
Due after
10 years(c)
Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost$833 $12,046 $4,635 $82,821 $100,335 
Fair value830 12,083 4,653 81,480 99,046 

Average yield(a)
2.88 %4.55 %4.48 %4.82 %4.76 %
U.S. Treasury and government agencies
Amortized cost$15,961 $241,273 $78,943 $6,374 $342,551 
Fair value15,965 240,207 78,646 6,397 341,215 
Average yield(a)
4.01 %3.98 %4.16 %4.49 %4.03 %
Obligations of U.S. states and municipalities
Amortized cost$— $19 $138 $18,902 $19,059 
Fair value— 19 133 18,564 18,716 

Average yield(a)
— %4.03 %3.95 %5.09 %5.08 %
Non-U.S. government debt securities
Amortized cost$12,307 $26,519 $11,555 $343 $50,724 
Fair value12,314 26,384 11,465 344 50,507 
Average yield(a)
3.68 %4.48 %3.48 %2.56 %4.05 %
Corporate debt securities
Amortized cost$7 $130 $— $— $137 
Fair value3 123 — — 126 
Average yield(a)
17.50 %15.06 %— %— %15.18 %
Asset-backed securities
Amortized cost$1 $297 $1,249 $24,849 $26,396 
Fair value1 297 1,251 24,889 26,438 

Average yield(a)
4.77 %5.33 %5.68 %4.82 %4.87 %
Total available-for-sale securities
Amortized cost(b)
$29,109 $280,284 $96,520 $133,289 $539,202 
Fair value29,113 279,113 96,148 131,674 536,048 

Average yield(a)
3.84 %4.06 %4.11 %4.84 %4.25 %
Held-to-maturity securities
Mortgage-backed securities
Amortized cost$970 $8,991 $4,746 $82,953 $97,660 
Fair value965 8,447 4,356 73,442 87,210 
Average yield(a)
2.19 %2.47 %3.27 %2.88 %2.85 %
U.S. Treasury and government agencies
Amortized cost$24,926 $116,188 $1,265 $— $142,379 
Fair value24,803 109,040 1,226 — 135,069 
Average yield(a)
4.05 %2.31 %3.20 %— %2.62 %
Obligations of U.S. states and municipalities
Amortized cost$— $53 $322 $7,774 $8,149 
Fair value— 50 301 7,359 7,710 
Average yield(a)
— %4.74 %3.38 %4.05 %4.02 %
Asset-backed securities
Amortized cost$— $513 $8,442 $11,373 $20,328 
Fair value— 512 8,446 11,363 20,321 
Average yield(a)
— %2.97 %4.40 %4.52 %4.43 %
Total held-to-maturity securities
Amortized cost(b)
$25,896 $125,745 $14,775 $102,100 $268,516 
Fair value25,768 118,049 14,329 92,164 250,310 
Average yield(a)
3.98 %2.32 %3.91 %3.15 %2.89 %
(a)Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives, including closed portfolio hedges. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date.
(b)For purposes of this table, the amortized cost of available-for-sale securities excludes the allowance for credit losses of $21 million and the portfolio layer fair value hedge basis adjustments of $(492) million at June 30, 2026. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $42 million at June 30, 2026.
(c)Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately seven years for agency residential MBS, six years for agency residential collateralized mortgage obligations, and five years for nonagency residential collateralized mortgage obligations.
137

Note 10 – Securities financing activities
Refer to Note 11 of JPMorganChase’s 2025 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities financing agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.
The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of June 30, 2026 and December 31, 2025. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with
the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets.
June 30, 2026
(in millions)Gross amountsAmounts netted on the Consolidated balance sheetsAmounts presented on the Consolidated balance sheets
Amounts not nettable on the Consolidated balance sheets(b)
Net
amounts(c)
Assets
Securities purchased under resale agreements
$763,996 $(317,862)$446,134 $(439,635)$6,499 
Securities borrowed
456,957 (94,470)362,487 (301,289)61,198 
Liabilities
Securities sold under repurchase agreements$1,009,979 $(317,862)$692,117 $(653,736)$38,381 
Securities loaned and other(a)
125,394 (94,470)30,924 (30,556)368 
December 31, 2025
(in millions)Gross amountsAmounts netted on the Consolidated balance sheetsAmounts presented on the Consolidated balance sheets
Amounts not nettable on the Consolidated balance sheets(b)
Net
amounts(c)
Assets
Securities purchased under resale agreements
$618,516 $(282,090)$336,426 $(324,217)$12,209 
Securities borrowed
357,361 (71,170)286,191 (234,466)51,725 
Liabilities
Securities sold under repurchase agreements$715,251 $(282,090)$433,161 $(397,550)$35,611 
Securities loaned and other(a)
86,829 (71,170)15,659 (15,534)125 
(a)Includes securities-for-securities lending agreements of $18.3 billion and $6.6 billion at June 30, 2026 and December 31, 2025, respectively, accounted for at fair value, where the Firm is acting as lender.
(b)In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.
(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At June 30, 2026 and December 31, 2025, included $5.3 billion and $9.4 billion, respectively, of securities purchased under resale agreements; $53.5 billion and $44.0 billion, respectively, of securities borrowed; $37.8 billion and $34.9 billion, respectively, of securities sold under repurchase agreements; and $88 million and $40 million, respectively, of securities loaned and other.
138

The tables below present as of June 30, 2026 and December 31, 2025 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.
Gross liability balance
June 30, 2026December 31, 2025
 (in millions)Securities sold under repurchase agreementsSecurities loaned and otherSecurities sold under repurchase agreementsSecurities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies$142,735 $— $124,776 $— 
Residential - nonagency1,271 — 1,685 — 
Commercial - nonagency298 — 2,285 — 
U.S. Treasury, GSEs and government agencies485,384 5,391 346,938 703 
Obligations of U.S. states and municipalities2,929 — 1,624 — 
Non-U.S. government debt208,047 4,168 122,346 1,415 
Corporate debt securities75,670 6,985 66,100 3,433 
Asset-backed securities4,093 — 6,545 — 
Equity securities89,552 108,850 42,952 81,278 
Total
$1,009,979 $125,394 $715,251 $86,829 
Remaining contractual maturity of the agreements
June 30, 2026
(in millions)		Overnight and continuousUp to 30 days30 – 90 daysGreater than
90 days		Total
Total securities sold under repurchase agreements$580,119 $264,590 $32,866 $132,404 $1,009,979 
Total securities loaned and other111,723 149 4,280 9,242 125,394 
Remaining contractual maturity of the agreements
December 31, 2025
(in millions)		Overnight and continuousUp to 30 days30 – 90 daysGreater than
90 days		Total
Total securities sold under repurchase agreements$406,605 $168,256 $18,169 $122,221 $715,251 
Total securities loaned and other78,233 1,316 976 6,304 86,829 
Transfers not qualifying for sale accounting
At June 30, 2026 and December 31, 2025, the Firm held $734 million and $787 million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded primarily in short-term borrowings and long-term debt on the Consolidated balance sheets.
139

Note 11 – Loans
Loan accounting framework
The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories:
•Originated or purchased loans held-for-investment (i.e., “retained”)
•Loans held-for-sale
•Loans at fair value
Refer to Note 12 of JPMorganChase's 2025 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.
Loan portfolio
The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.
Consumer, excluding
credit card		Credit card
Wholesale(c)(d)
• Residential real estate(a)
• Auto and other(b)
• Credit card loans
• Secured by real estate
• Commercial and industrial
• Other(e)
(a)Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB.
(b)Includes scored auto, business banking and consumer unsecured loans as well as overdrafts, primarily in CCB.
(c)Includes loans held in CIB, AWM, Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses.
(d)The wholesale portfolio segment's classes align with loan classifications as defined by the Federal Reserve Board ("FRB") in effect at each period presented, based on the loan's collateral, purpose, and type of borrower.
(e)Includes loans to financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, nonprofits, as well as loans to SPEs. Refer to Note 14 of JPMorganChase’s 2025 Form 10-K for more information on SPEs.
The following tables summarize the Firm’s loan balances by portfolio segment.
June 30, 2026
(in millions)
Consumer, excluding credit cardCredit cardWholesale
Total(a)(b)
Retained$367,128 $249,876 $846,804 $1,463,808 
Held-for-sale578 — 15,187 15,765 
At fair value24,037 — 38,852 

62,889 
Total$391,743 $249,876 $900,843 $1,542,462 
December 31, 2025
(in millions)
Consumer, excluding credit cardCredit cardWholesale
Total(a)(b)
Retained$368,741 $247,797 $792,367 $1,408,905 
Held-for-sale334 — 13,506 13,840 
At fair value33,183 — 37,501 70,684 
Total$402,258 $247,797 $843,374 $1,493,429 
(a)Excludes $7.0 billion of accrued interest receivables at both June 30, 2026 and December 31, 2025. The Firm wrote off accrued interest receivables of $14 million and $35 million for the three months ended June 30, 2026 and 2025, respectively, and $31 million and $64 million for the six months ended June 30, 2026 and 2025, respectively.
(b)Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs, which were not material as of June 30, 2026 and December 31, 2025. For the discount associated with First Republic loans, refer to Note 34 of JPMorganChase’s 2025 Form 10-K.
140

The following tables provide information about the amounts paid or received for retained loans purchased and sold
during the periods indicated. Retained loans reclassified to held-for-sale during the periods indicated are reported
at the lower of cost or market value on the date of transfer. Loans that were reclassified to held-for-sale and sold in a
subsequent period are excluded from the sales line of these tables.
20262025
Three months ended June 30,
(in millions)		Consumer, excluding
credit card		Credit cardWholesaleTotalConsumer, excluding
credit card		Credit cardWholesaleTotal
Purchases$205 
(b)(c)
$— $77 $282 $158 
(b)(c)
$— $203 $361 
Sales1,014 — 16,167 17,181 — — 13,365 13,365 
Retained loans reclassified to held-for-sale(a)
356 — 258 614 187 

— 434 621 
20262025
Six months ended June 30,
(in millions)
Consumer, excluding
credit card		Credit cardWholesaleTotalConsumer, excluding
credit card		Credit cardWholesaleTotal
Purchases$396 
(b)(c)
$— $207 $603 $285 
(b)(c)
$— $333 $618 
Sales1,014 — 27,440 28,454 — — 25,080 25,080 
Retained loans reclassified to held-for-sale(a)
411 — 604 1,015 231 — 787 1,018 
(a)Reclassifications of loans to held-for-sale are non-cash transactions.
(b)Includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.
(c)Excludes purchases of retained loans of $475 million and $746 million for the three months ended June 30, 2026 and 2025, respectively, and $1.4 billion and $962 million for the six months ended June 30, 2026 and 2025, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards.
Gains and losses on sales of loans
The following table provides information on the net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value), which were recognized in noninterest revenue. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.
Three months ended June 30,Six months ended June 30,
(in millions)
2026
2025
2026
2025
Net gains/(losses) on sales of loans and lending-related commitments(a)
$118 $113 $67 $43 
(a)Includes $(12) million and $106 million related to loans for the three months ended June 30, 2026 and 2025, respectively, and $60 million and $36 million for the six months ended June 30, 2026 and 2025, respectively.
141

Consumer, excluding credit card loan portfolio
Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. These loans include home equity loans secured by junior liens and prime mortgage loans with an interest-only payment period.
The following table provides information about retained consumer loans, excluding credit card, by class.
(in millions)June 30,
2026		December 31,
2025
Residential real estate$300,664 $303,531 
Auto and other66,464 65,210 
Total retained loans$367,128 $368,741 
Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorganChase's 2025 Form 10-K for further information on consumer credit quality indicators.
142

Residential real estate
Delinquency is the primary credit quality indicator for retained residential real estate loans. The following tables provide information on delinquency and gross charge-offs.
As of or for the six months ended June 30, 2026
(in millions, except ratios)
Term loans by origination year(c)
Revolving loansTotal
20262025202420232022Prior to 2022Within the revolving periodConverted to term loans
Loan delinquency(a)
Current
$11,449$20,091$8,584$13,082$55,208$176,983$6,867 $6,035 $298,299 
30–149 days past due224394213679424 166 1,227 
150 or more days past due—511402057687 102 1,138 
Total retained loans
$11,451 $20,120 $8,634 $13,164 $55,549 $178,545 $6,898 $6,303 $300,664 
% of 30+ days past due to total retained loans(b)
0.02 %0.14 %0.58 %0.62 %0.61 %0.87 %0.45 %4.25 %0.78 %
Gross charge-offs$— $— $— $2 $3 $10 $5 $2 $22 
Term loans by origination year(c)
Revolving loansTotal
As of or for the year
ended December 31, 2025
(in millions, except ratios)
20252024202320222021Prior to 2021Within the revolving periodConverted to term loans
Loan delinquency(a)
Current$21,179$9,894$14,334$57,258$74,916$110,489$6,644$6,246$300,960
30–149 days past due416369899770271841,234
150 or more days past due—1268242231653121191,337
Total retained loans
$21,183$9,922$14,438$57,598$75,246$111,912$6,683$6,549$303,531
% of 30+ days past due to total retained loans(b)
0.02 %0.28 %0.72 %0.59 %0.44 %1.26 %0.58 %4.63 %0.84 %
Gross charge-offs
$— $2 $4 $7 $10 $9 $22 $4 $58 
(a)Individual delinquency classifications include mortgage loans insured by U.S. government agencies which were not material at June 30, 2026 and December 31, 2025.
(b)Excludes mortgage loans that are 30 or more days past due insured by U.S. government agencies which were not material at June 30, 2026 and December 31, 2025. These amounts have been excluded based upon the government guarantee.
(c)Purchased loans are included in the year in which they were originated.
Approximately 36% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period.
143

Nonaccrual loans and other credit quality indicators
The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.
(in millions, except weighted-average data) June 30, 2026December 31, 2025
Nonaccrual loans(a)(b)(c)(d)
$3,615 $3,632 
Current estimated LTV ratios(e)(f)(g)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660$109 $71 
Less than 6604 4 
Greater than 100% but less than or equal to 125% and refreshed FICO scores:
Equal to or greater than 660213 282 
Less than 6605 5 
Greater than 80% but less than or equal to 100% and refreshed FICO scores:
Equal to or greater than 6606,958 5,990 
Less than 660118 131 
Less than or equal to 80% and refreshed FICO scores:
Equal to or greater than 660284,082 287,923 
Less than 6608,463 8,435 
No FICO/LTV available(h)
712 690 
Total retained loans
$300,664 $303,531 
Weighted-average LTV ratio(e)(i)
47 %48 %
Weighted-average FICO(f)(i)
776 775 
Geographic region(h)(j)
California$115,325 $117,500 
New York46,074 46,378 
Florida22,054 21,864 
Texas14,422 14,398 
Massachusetts12,837 12,985 
Colorado10,423 10,316 
Washington9,182 9,408 
Illinois8,912 9,152 
New Jersey7,464 7,486 
Connecticut6,787 6,823 
All other47,184 47,221 
Total retained loans
$300,664 $303,531 
(a)Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual loans, regardless of their delinquency status. At June 30, 2026, approximately 12% of Chapter 7 residential real estate loans were 30 days or more past due.
(b)Mortgage loans insured by U.S. government agencies excluded from nonaccrual loans were not material at June 30, 2026 and December 31, 2025.
(c)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.
(d)Interest income on nonaccrual loans recognized on a cash basis was $37 million for each of the three months ended June 30, 2026 and 2025, and $73 million and $74 million for the six months ended June 30, 2026 and 2025, respectively.
(e)Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.
(f)Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.
(g)Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality.
(h)Included U.S. government-guaranteed loans as of June 30, 2026 and December 31, 2025.
(i)Excludes loans with no FICO and/or LTV data available.
(j)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2026.




144

Loan modifications
The Firm grants certain modifications of residential real estate loans to borrowers experiencing financial difficulty. The Firm's proprietary modification programs as well as government programs, including U.S. GSE programs, that generally provide various modifications to borrowers experiencing financial difficulty including, but not limited to, interest rate reductions, term extensions, other-than-insignificant payment deferral and principal forgiveness that would otherwise have been required under the terms of the original agreement, are considered FDMs. Refer to Note 12 of JPMorganChase's 2025 Form 10-K for further information.
Financial effects of FDMs
For the three and six months ended June 30, 2026, retained residential real estate FDMs were $49 million and $196 million, respectively, which included $23 million and $152 million, respectively, of FDMs in the form of other-than-insignificant payment deferrals, driven by the forbearance activities related to California wildfires. For the three and six months ended June 30, 2026, the financial effects of the remaining FDMs, which were primarily in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by approximately 20 years and 19 years, respectively, and reducing the weighted-average contractual interest rate from 7.33% to 6.74%, and from 7.36% to 6.70%, respectively.
For the three and six months ended June 30, 2025, retained residential real estate FDMs were $923 million and $977 million, respectively, which included $887 million and $902 million, respectively, of FDMs in the form of other-than-insignificant payment deferrals, driven by the forbearance activities related to California wildfires. For the three and six months ended June 30, 2025, the financial effects of the remaining FDMs, which were in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by approximately 15 years and 16 years, respectively, and reducing the weighted-average contractual interest rate from 7.17% to 5.65% and 7.25% to 5.82%, respectively.
As of June 30, 2026 and December 31, 2025, additional unfunded commitments to lend to borrowers experiencing financial difficulty whose loans have been modified as FDMs were not material.
For the three and six months ended June 30, 2026 and 2025, loans subject to a trial modification, where the terms of the loans have not been permanently modified, and Chapter 7 loans were not material.
Payment status of FDMs
The following table provides information on the payment status of retained residential real estate FDMs during the twelve months ended June 30, 2026 and 2025.

(in millions)		Amortized cost basis
Twelve months ended June 30,
20262025
Current
$310 $323 
30-149 days past due
64 630 
150 or more days past due
58 126 
Total $432 $1,079 
Defaults of FDMs
For the three and six months ended June 30, 2026 and June 30, 2025, defaults of retained residential real estate FDMs that had been modified within twelve months were not material.
Active and suspended foreclosure
At June 30, 2026 and December 31, 2025, the Firm had retained residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $584 million and $575 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.
145

Auto and other
Delinquency is the primary credit quality indicator for retained auto and other loans. The following tables provide information on delinquency and gross charge-offs.
As of or for the six months ended June 30, 2026
(in millions, except ratios)
Term loans by origination yearRevolving loans
20262025202420232022Prior to 2022Within the revolving periodConverted to term loansTotal
Loan delinquency
Current$16,453 $20,632 $12,312 $6,923 $3,329 $1,978 $3,773 $205 $65,605 
30–119 days past due87 154 153 170 118 68 25 47 822 
120 or more days past due— 1 2 1 — 1 1 31 37 
Total retained loans$16,540 $20,787 $12,467 $7,094 $3,447 $2,047 $3,799 $283 $66,464 
% of 30+ days past due to total retained loans
0.53 %0.75 %1.24 %2.41 %3.42 %3.37 %0.68 %27.56 %1.29 %
Gross charge-offs$74 $124 $90 $93 $50 $52 $— $5 $488 
As of or for the year
ended December 31, 2025
(in millions, except ratios)
Term loans by origination yearRevolving loans
20252024202320222021Prior to 2021Within the revolving periodConverted to term loansTotal
Loan delinquency
Current$26,490 $15,586 $9,443 $4,899 $2,961 $846 $3,817 $177 $64,219 
30–119 days past due170 180 225 170 99 25 33 48 950 
120 or more days past due— 2 2 — 1 — 2 34 41 
Total retained loans$26,660 $15,768 $9,670 $5,069 $3,061 $871 $3,852 $259 $65,210 
% of 30+ days past due to total retained loans
0.64 %1.15 %2.35 %3.35 %3.23 %2.87 %0.91 %31.66 %1.52 %
Gross charge-offs$242 $228 $244 $157 $69 $83 $— $8 $1,031 


146

Nonaccrual loans and other credit quality indicators
The following table provides information on nonaccrual and geographic region as a credit quality indicator for retained auto and other consumer loans.
June 30, 2026December 31, 2025
Nonaccrual loans(a)(b)
$228 $243 
Geographic region(c)
California$10,111 $9,926 
Texas8,271 7,940 
Florida5,561 5,382 
New York4,812 4,771 
Illinois2,845 2,804 
New Jersey2,370 2,347 
Pennsylvania2,167 2,066 
Georgia1,704 1,682 
North Carolina1,618 1,578 
Arizona1,608 1,583 
All other25,397 25,131 
Total retained loans$66,464 $65,210 
(a)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.
(b)Interest income on nonaccrual loans recognized on a cash basis was not material for the three and six months ended June 30, 2026 and 2025.
(c)The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at June 30, 2026.


Loan modifications
The Firm grants certain modifications of auto and other loans to borrowers experiencing financial difficulty.
For the three and six months ended June 30, 2026 and 2025, retained auto and other FDMs were not material.
As of June 30, 2026 and December 31, 2025, there were no additional unfunded commitments to lend to borrowers experiencing financial difficulty whose loans have been modified as FDMs.

147

Credit card loan portfolio
The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.
Refer to Note 12 of JPMorganChase's 2025 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.
The following tables provide information on delinquency and gross charge-offs.
As of or for the six months ended June 30, 2026
(in millions, except ratios)
Within the revolving periodConverted to term loansTotal
Loan delinquency
Current and less than 30 days past due and still accruing$242,184 $2,920 $245,104 
30–89 days past due and still accruing2,067 215 2,282 
90 or more days past due and still accruing2,366 124 2,490 
Total retained loans$246,617 $3,259 $249,876 
Loan delinquency ratios
% of 30+ days past due to total retained loans1.80 %10.40 %1.91 %
% of 90+ days past due to total retained loans0.96 3.80 1.00 
Gross charge-offs$4,688 $290 $4,978 
As of or for the year ended December 31, 2025
(in millions, except ratios)
Within the revolving periodConverted to term loansTotal
Loan delinquency
Current and less than 30 days past due and still accruing$240,147 $2,289 $242,436 
30–89 days past due and still accruing2,422 207 2,629 
90 or more days past due and still accruing2,619 113 2,732 
Total retained loans$245,188 $2,609 $247,797 
Loan delinquency ratios
% of 30+ days past due to total retained loans2.06 %12.27 %2.16 %
% of 90+ days past due to total retained loans1.07 4.33 1.10 
Gross charge-offs$8,812 $352 $9,164 
Other credit quality indicators
The following table provides information on other credit quality indicators for retained credit card loans.
(in millions, except ratios)June 30, 2026December 31, 2025
Geographic region(a)
California$38,965 $38,702 
Texas26,582 26,313 
New York19,655 19,488 
Florida18,823 18,622 
Illinois13,295 13,160 
New Jersey10,388 10,282 
Colorado7,580 7,384 
Ohio7,381 7,326 
Pennsylvania6,943 6,921 
Arizona6,292 6,295 
All other93,972 93,304 
Total retained loans$249,876 $247,797 
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 66084.9 %84.6 %
Less than 66014.8 15.2 
No FICO available0.3 0.2 
(a)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2026.

148

Loan modifications
The Firm grants certain modifications of credit card loans to borrowers experiencing financial difficulty. These modifications may involve placing the customer’s credit card account on a fixed payment plan, generally for 60 months, which typically includes reducing the interest rate on the credit card account. If the borrower does not make the contractual payments when due under the modified payment terms, the credit card loan continues to age and will be charged-off in accordance with the Firm's standard charge-off policy. In most cases, the Firm does not reinstate the borrower's line of credit.
Financial effects of FDMs
The following tables provide information on retained credit card FDMs.
                                                                                            Loan modifications
Three months ended June 30, 2026Six months ended June 30, 2026

(in millions, except ratios)
Amortized cost basis
% of loan modifications to total retained credit card loans
Financial effect of loan modifications
Amortized cost basis
% of loan modifications to total retained credit card loans
Financial effect of loan modifications
Term extension and interest rate reduction(a)(b)
$648 0.26 %
Term extension with a reduction in the weighted average contractual interest rate from 22.92% to 3.35%
$1,262 0.51 %
Term extension with a reduction in the weighted average contractual interest rate from 22.84% to 3.37%
Interest rate reduction(b)
151 0.06 
Reduced weighted-average contractual interest rate from 22.79% to 8.39%
300 0.12 
Reduced weighted-average contractual interest rate from 22.77% to 8.30%
Total
$799 $1,562 
Loan modifications
Three months ended June 30, 2025Six months ended June 30, 2025

(in millions, except ratios)
Amortized cost basis
% of loan modifications to total retained credit card loans
Financial effect of loan modifications
Amortized cost basis
% of loan modifications to total retained credit card loans
Financial effect of loan modifications
Term extension and interest rate reduction(a)(b)
$462 0.20 %
Term extension with a reduction in the weighted average contractual interest rate from 23.12% to 3.45%
$803 0.37 %
Term extension with a reduction in the weighted average contractual interest rate from 23.09% to 3.48%
Interest rate reduction(b)
59 0.03 
Reduced weighted-average contractual interest rate from 23.10% to 8.01%
64 0.03 
Reduced weighted-average contractual interest rate from 22.93% to 8.06%
Total
$521 $867 
(a)Term extension includes credit card loans whose terms have been modified under long-term programs by placing the customer's credit card account on a fixed payment plan.
(b)The interest rates represent weighted average at the time of modification.
Payment status of FDMs
The following table provides information on the payment status of retained credit card FDMs during the twelve months ended June 30, 2026 and 2025.

(in millions)		Amortized cost basis
Twelve months ended June 30,
20262025
Current and less than 30 days past due and still accruing$2,352 $1,135 
30-89 days past due and still accruing181 102 
90 or more days past due and still accruing118 60 
Total $2,651 $1,297 


149

Defaults of FDMs
For the three and six months ended June 30, 2026, defaults of retained credit card FDMs that had been modified within twelve months were $102 million and $136 million, respectively, and were in the form of a combination of term extension and interest rate reduction, while not material for the three and six months ended June 30, 2025.
For credit card loans modified as FDMs, payment default is deemed to have occurred when the borrower misses two consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm's standard charge-off policy.
150

Wholesale loan portfolio
Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the internal risk rating assigned to each loan. Refer to Note 12 of JPMorganChase’s 2025 Form 10-K for further information on these risk ratings.
The following tables provide information on internal risk rating and gross charge-offs for retained wholesale loans.
Secured by real estateCommercial and industrial
Other(a)
Total retained loans
(in millions, except ratios)June 30,
2026		Dec 31,
2025		June 30,
2026		Dec 31,
2025		June 30,
2026		Dec 31,
2025		June 30,
2026		Dec 31,
2025
Loans by risk ratings
Investment-grade$119,162 $118,875 $73,314 $66,942 $383,732 $355,547 $576,208 $541,364 
Noninvestment-grade:
Noncriticized36,711 36,120 100,897 92,856 103,724 93,273 241,332 222,249 
Criticized performing8,816 8,872 14,195 12,651 2,062 2,833 25,073 24,356 
Criticized nonaccrual1,523 1,678 2,120 1,954 548 766 4,191 4,398 
Total noninvestment-grade47,050 46,670 117,212 107,461 106,334 96,872 270,596 251,003 
Total retained loans$166,212 $165,545 $190,526 $174,403 $490,066 $452,419 $846,804 $792,367 
% of investment-grade to total retained loans71.69 %71.81 %38.48 %38.38 %78.30 %78.59 %68.05 %68.32 %
% of total criticized to total retained loans6.22 6.37 8.56 8.37 0.53 0.80 3.46 3.63 
% of criticized nonaccrual to total retained loans0.92 1.01 1.11 1.12 0.11 0.17 0.49 0.56 
(a)Includes loans to financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, nonprofits, as well as loans to SPEs. As of June 30, 2026 and December 31, 2025, predominantly consisted of $254.5 billion and $245.1 billion, respectively, to financial institutions, which includes loans to certain SPEs, primarily asset securitizations; $163.1 billion and $141.1 billion, respectively, to individuals and individual entities; and $6.5 billion and $7.4 billion, respectively, to other SPEs. Refer to Note 14 of JPMorganChase’s 2025 Form 10-K for more information on SPEs.
As of or for the six months ended June 30, 2026
(in millions)
Secured by real estate
Term loans by origination yearRevolving loans
20262025202420232022Prior to 2022Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$10,855 $16,983 $8,982 $8,069 $21,176 $51,747 $1,350 $— $119,162 
Noninvestment-grade3,539 6,498 2,761 3,617 11,196 16,958 2,389 92 47,050 
Total retained loans$14,394 $23,481 $11,743 $11,686 $32,372 $68,705 $3,739 $92 $166,212 
Gross charge-offs$— $— $— $4 $7 $38 $— $— $49 
    
As of or for the year
ended December 31, 2025
(in millions)
Secured by real estate
Term loans by origination year Revolving loans
20252024202320222021Prior to 2021Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$17,242 $9,440 $9,187 $22,472 $22,019 $37,392 $1,123 $— $118,875 
Noninvestment-grade6,930 3,032 4,392 12,444 6,625 10,978 2,176 93 46,670 
Total retained loans$24,172 $12,472 $13,579 $34,916 $28,644 $48,370 $3,299 $93 $165,545 
Gross charge-offs$— $54 $13 $92 $119 $141 $1 $— $420 

151

As of or for the six months ended June 30, 2026
(in millions)
Commercial and industrial
Term loans by origination yearRevolving loans
20262025202420232022Prior to 2022Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$13,207 $9,714 $3,877 $2,781 $2,424 $2,187 $39,123 $1 $73,314 
Noninvestment-grade17,295 27,639 10,267 4,863 3,667 2,251 51,141 89 117,212 
Total retained loans$30,502 $37,353 $14,144 $7,644 $6,091 $4,438 $90,264 $90 $190,526 
Gross charge-offs$— $62 $2 $29 $22 $25 $108 $4 $252 
As of or for the year
ended December 31, 2025
(in millions)
Commercial and industrial
Term loans by origination year Revolving loans
20252024202320222021Prior to 2021Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$16,186 $5,418 $3,040 $4,352 $1,836 $1,225 $34,884 $1 $66,942 
Noninvestment-grade32,906 13,376 5,927 5,600 2,006 825 46,721 100 107,461 
Total retained loans$49,092 $18,794 $8,967 $9,952 $3,842 $2,050 $81,605 $101 $174,403 
Gross charge-offs$43 $64 $11 $151 $129 $26 $461 $8 $893 
As of or for the six months ended June 30, 2026
(in millions)
Other(a)
Term loans by origination yearRevolving loans
20262025202420232022Prior to 2022Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$29,604 $27,905 $9,653 $5,941 $9,494 $15,499 $283,093 $2,543 $383,732 
Noninvestment-grade13,059 12,517 4,959 3,873 3,636 3,746 64,486 58 106,334 
Total retained loans$42,663 $40,422 $14,612 $9,814 $13,130 $19,245 $347,579 $2,601 $490,066 
Gross charge-offs$— $— $86 $1 $— $20 $10 $— $117 
As of or for the year
ended December 31, 2025
(in millions)
Other(a)
Term loans by origination yearRevolving loans
20252024202320222021Prior to 2021Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$43,073 $13,123 $7,939 $10,838 $5,574 $11,757 $263,150 $93 $355,547 
Noninvestment-grade16,162 6,456 4,425 4,079 2,013 2,563 61,095 79 96,872 
Total retained loans$59,235 $19,579 $12,364 $14,917 $7,587 $14,320 $324,245 $172 $452,419 
Gross charge-offs$46 $195 $32 $2 $9 $58 $26 $106 $474 
(a)Includes loans to financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, nonprofits, as well as loans to SPEs. Refer to Note 14 of JPMorganChase’s 2025 Form 10-K for more information on SPEs.

152

The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.

(in millions, except ratios)		MultifamilyOther commercial
Total retained Secured by real estate loans
June 30, 2026Dec 31,
2025		June 30, 2026Dec 31,
2025		June 30, 2026Dec 31,
2025
Retained loans secured by real estate$107,012 $105,130 $59,200 $60,415 $166,212 $165,545 
Criticized 4,963 4,661 5,376 5,889 10,339 10,550 
% of criticized to total retained loans secured by real estate4.64 %4.43 %9.08 %9.75 %6.22 %6.37 %
Criticized nonaccrual$459 $422 $1,064 $1,256 $1,523 $1,678 
% of criticized nonaccrual loans to total retained loans secured by real estate 0.43 %0.40 %1.80 %2.08 %0.92 %1.01 %
Geographic distribution and delinquency
The following table provides information on the geographic distribution and delinquency for retained wholesale loans.
Secured by real estateCommercial and industrialOtherTotal retained loans
(in millions)June 30, 2026Dec 31,
2025		June 30, 2026Dec 31,
2025		June 30, 2026Dec 31,
2025		June 30, 2026Dec 31,
2025
Loans by geographic distribution(a)
Total U.S.$163,134 $162,378 $143,179 $131,945 $352,441 $331,737 $658,754 $626,060 
Total non-U.S.3,078 3,167 47,347 42,458 137,625 120,682 188,050 166,307 
Total retained loans$166,212 $165,545 $190,526 $174,403 $490,066 $452,419 

$846,804 $792,367 
Loan delinquency
Current and less than 30 days past due and still accruing$164,177 $163,189 $187,624 $171,227 $487,668 $450,582 

$839,469 $784,998 
30–89 days past due and still accruing462 636 736 1,220 1,820 1,057 3,018 2,913 
90 or more days past due and still accruing(b)
50 42 46 2 30 14 126 58 
Criticized nonaccrual1,523 1,678 2,120 1,954 548 766 4,191 4,398 
Total retained loans$166,212 $165,545 $190,526 $174,403 $490,066 $452,419 

$846,804 $792,367 
(a)The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.
(b)Represents loans that are considered well-collateralized and therefore still accruing interest.
Nonaccrual loans
The following table provides information on retained wholesale nonaccrual loans.

(in millions)		Secured by real estateCommercial and industrialOtherTotal retained loans
June 30, 2026Dec 31,
2025		June 30, 2026Dec 31,
2025		June 30, 2026Dec 31,
2025		June 30, 2026Dec 31,
2025
Nonaccrual loans
With an allowance$412 $365 $1,715 $1,562 $372 $468 $2,499 $2,395 
Without an allowance(a)
1,111 1,313 405 392 176 298 1,692 2,003 
Total nonaccrual loans(b)
$1,523 $1,678 $2,120 $1,954 $548 $766 $4,191 $4,398 
(a)When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.
(b)Interest income on nonaccrual loans recognized on a cash basis was not material for each of the three and six months ended June 30, 2026 and 2025.




153

Loan modifications
The Firm grants certain modifications of wholesale loans to borrowers experiencing financial difficulty, which generally align with loans graded substandard or worse consistent with the U.S. banking regulators’ definition of criticized exposures.
Financial effects of FDMs
The following tables provide information on retained wholesale loan modifications considered FDMs during the three and six months ended June 30, 2026 and 2025.
Secured by real estate
Three months ended June 30, 2026Six months ended June 30, 2026
(in millions, except ratios)Amortized cost basis % of loan modifications to total retained Secured by real estate loansFinancial effect of loan modificationsAmortized cost basis% of loan modifications to total retained Secured by real estate loansFinancial effect of loan modifications
Single modifications
Term extension$143 0.09 %
Extended loans by a weighted-average of 7 months
$210 0.13 %
Extended loans by a weighted-average of 10 months
Multiple modifications
Other-than-insignificant payment deferral and term extension
35 0.02 
Provided payment deferrals with delayed amounts recaptured at the end of deferral period and extended loans by a weighted-average of 3 months
35 0.02 
Provided payment deferrals with delayed amounts recaptured at the end of deferral period and extended loans by a weighted-average of 3 months
Other(a)
— — NM6 — NM
Total$178 $251 
(a)Includes a loan with single modification.
Secured by real estate
Three months ended June 30, 2025Six months ended June 30, 2025
(in millions, except ratios)Amortized cost basis % of loan modifications to total retained Secured by real estate loansFinancial effect of loan modificationsAmortized cost basis% of loan modifications to total retained Secured by real estate loansFinancial effect of loan modifications
Single modifications
Term extension$336 0.20 %
Extended loans by a weighted-average of 21 months
$585 0.36 %
Extended loans by a weighted-average of 17 months
Multiple modifications
Other-than-insignificant payment deferral and term extension— — 
NM
42 0.03 
Provided payment deferrals with delayed amounts recaptured at maturity and extended loans by a weighted-average of 35 months
Other(a)
— — NM16 0.01 NM
Total$336 $643 
(a)Includes loans with a single modification.

154

Commercial and industrial
Three months ended June 30, 2026Six months ended June 30, 2026
(in millions, except ratios)Amortized cost basis % of loan modifications to total retained Commercial and industrial loansFinancial effect of loan modificationsAmortized cost basis% of loan modifications to total retained Commercial and industrial loansFinancial effect of loan modifications
Single modifications
Term extension$522 0.27 %
Extended loans by a weighted-average of 20 months
$740 0.39 %
Extended loans by a weighted-average of 18 months
Other-than-insignificant payment deferral342 0.18 Provided payment deferrals with delayed amounts primarily recaptured at maturity399 0.21 
Provided payment deferrals with delayed amounts primarily recaptured at maturity
Multiple modifications
Other-than-insignificant payment deferral and term extension16 0.01 
Provided payment deferrals with delayed amounts primarily recaptured at maturity and extended loans by a weighted-average of 2 months
103 0.05 
Provided payment deferrals with delayed amounts primarily recaptured at the end of deferral period and extended loans by a weighted-average of 7 months
Other(a)
5 — NM20 0.01 NM
Total$885 $1,262 
(a)Includes loans with single and multiple modifications.
Commercial and industrial
Three months ended June 30, 2025Six months ended June 30, 2025
(in millions, except ratios)Amortized cost basis % of loan modifications to total retained Commercial and industrial loansFinancial effect of loan modificationsAmortized cost basis% of loan modifications to total retained Commercial and industrial loansFinancial effect of loan modifications
Single modifications
Term extension$624 0.36 %
Extended loans by a weighted-average of 16 months
$835 0.48 %
Extended loans by a weighted-average of 19 months
Other-than-insignificant payment deferral1720.10 
Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period
4180.24 
Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period
Multiple modifications
Other-than-insignificant payment deferral, interest rate reduction and term extension
90 0.05 
Provided payment deferrals with delayed amounts primarily recaptured at maturity, reduced weighted-average contractual interest by 1,076 bps and extended loans by a weighted-average of 15 months
900.05 
Provided payment deferrals with delayed amounts primarily recaptured at maturity, reduced weighted-average contractual interest by 1,076 bps and extended loans by a weighted-average of 15 months
Interest rate reduction and term extension82 0.05 
Reduced weighted-average contractual interest by 655 bps and extended loans by a weighted-average of 26 months
820.05 
Reduced weighted-average contractual interest by 652 bps and extended loans by a weighted-average of 26 months
Other-than-insignificant payment deferral and term extension47 0.03 
Provided payment deferrals with delayed amounts recaptured at maturity and extended loans by a weighted-average of 26 months
470.03 
Provided payment deferrals with delayed amounts recaptured at maturity and extended loans by a weighted-average of 26 months
Other(a)
15 0.01 NM15 0.01 NM
Total$1,030 $1,487 
(a) Includes loans with a single and multiple modifications.
155

Other
Three months ended June 30, 2026Six months ended June 30, 2026
(in millions, except ratios)Amortized cost basis % of loan modifications to total retained Other loansFinancial effect of loan modificationsAmortized cost basis% of loan modifications to total retained Other loansFinancial effect of loan modifications
Single modifications
Term extension$98 0.02 %
Extended loans by a weighted-average of 96 months
$119 0.02 %
Extended loans by a weighted-average of 82 months
Other(a)
16 — 
NM
17 — NM
Total$114 $136 
(a)Includes loans with single and multiple modifications.
Other
Three months ended June 30, 2025Six months ended June 30, 2025
(in millions, except ratios)Amortized cost basis % of loan modifications to total retained Other loansFinancial effect of loan modificationsAmortized cost basis% of loan modifications to total retained Other loansFinancial effect of loan modifications
Single modifications
Term extension$109 0.03 %
Extended loans by a weighted-average of 6 months
$140 0.03 %
Extended loans by a weighted-average of 9 months
Other(a)
3 — NM3 — NM
Total$112 $143 
(a)Includes a loan with multiple modifications.
156

Payment status of FDMs
The following table provides information on the payment status of retained wholesale FDMs during the twelve months ended June 30, 2026 and 2025.
Amortized cost basis
Twelve months ended June 30, 2026
Twelve months ended June 30, 2025
(in millions)Secured by real estateCommercial and industrialOtherSecured by real estateCommercial and industrialOther
Current and less than 30 days past due and still accruing$227 $1,389 $109 $585 $1,612 $320 
30-89 days past due and still accruing— 3 3 — 9 — 
90 or more days past due and still accruing4 — — 2 2 — 
Criticized nonaccrual61 718 95 288 689 40 
Total$292 $2,110 $207 $875 $2,312 $360 
Defaults of FDMs
The following table provides information on defaults of retained wholesale FDMs that had been modified within twelve months during the three and six months ended June 30, 2026 and 2025.
Amortized cost basis
Three months ended June 30, 2026Six months ended June 30, 2026
(in millions)Secured by real estateCommercial and industrialOtherSecured by real estateCommercial and industrialOther
Term extension$11 $11 $3 $11 $47 $13 
Other-than-insignificant payment deferral — 2 — — 192 — 
Other than insignificant payment deferral and term extension— 10 — — 10 — 
Total(a)
$11 $23 $3 $11 $249 $13 
Amortized cost basis
Three months ended June 30, 2025Six months ended June 30, 2025
(in millions)Secured by real estateCommercial and industrialOtherSecured by real estateCommercial and industrialOther
Term extension$21 $40 $4 $21 $49 $12 
Other-than-insignificant payment deferral— 4 — — 4 — 
Interest rate reduction and term extension— — — — 4 — 
Total(a)
$21 $44 $4 $21 $57 $12 
(a)Represents FDMs that were 30 days or more past due.
As of June 30, 2026 and December 31, 2025, additional unfunded commitments on modified loans to borrowers experiencing financial difficulty were $1.4 billion and $2.8 billion, respectively, in Commercial and industrial, and $19 million and $73 million, respectively, in Other. Additional unfunded commitments on modified loans to borrowers experiencing financial difficulty whose loans have been modified as FDMs in Secured by real estate were not material at both periods.
157

Note 12 – Allowance for credit losses
The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments.
Refer to Note 13 of JPMorganChase's 2025 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies.

158

Allowance for credit losses and related information
The table below summarizes information about the allowances for credit losses and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorganChase’s 2025 Form 10-K and Note 9 of this Form 10-Q for further information on the allowance for credit losses on investment securities.
2026
2025
Six months ended June 30,
(in millions)
Consumer, excluding
credit card		Credit cardWholesaleTotalConsumer, excluding credit cardCredit cardWholesaleTotal
Allowance for loan losses
Beginning balance at January 1,$1,920 $15,557 $8,288 $25,765 $1,807 $14,600 $7,938 $24,345 
Gross charge-offs510 4,978 418 5,906 540 4,616 604 5,760 
Gross recoveries collected(223)(912)(89)(1,224)(248)(698)(72)(1,018)
Net charge-offs/(recoveries)287 4,066 329 4,682 292 3,918 532 4,742 
Provision for loan losses163 4,070 838 5,071 334 4,319 691 5,344 
Other— — (2)(2)— — 6 6 
Ending balance at June 30,$1,796 $15,561 $8,795 $26,152 $1,849 $15,001 $8,103 $24,953 
Allowance for lending-related commitments
Beginning balance at January 1,$83 $2,200 
(e)
$2,788 $5,071 $82 $— $2,019 $2,101 
Provision for lending-related commitments(8)— 94 86 1 — 830 831 
Other— — (6)(6)— — — — 
Ending balance at June 30,$75 $2,200 $2,876 $5,151 $83 $— $2,849 $2,932 
Total allowance for investment securitiesNANANA63 NANANA108 
Total allowance for credit losses(a)
$1,871 $17,761 $11,671 $31,366 $1,932 $15,001 $10,952 $27,993 
Allowance for loan losses by impairment methodology
Asset-specific(b)
$(621)$— $790 $169 $(683)$— $781 $98 
Portfolio-based2,417 15,561 8,005 25,983 2,532 15,001 7,322 24,855 
Total allowance for loan losses$1,796 $15,561 $8,795 $26,152 $1,849 $15,001 $8,103 $24,953 
Loans by impairment methodology
Asset-specific(b)
$3,377 $— $4,191 $7,568 $2,895 $— $4,519 $7,414 
Portfolio-based363,751 249,876 842,613 1,456,240 368,960 232,943 736,156 1,338,059 
Total retained loans$367,128 $249,876 $846,804 $1,463,808 $371,855 $232,943 $740,675 $1,345,473 
Collateral-dependent loans
Net charge-offs$2 $— $117 $119 $(5)$— $108 $103 
Loans measured at fair value of collateral less cost to sell3,377 — 1,812 5,189 2,754 — 1,763 4,517 
Allowance for lending-related commitments by impairment methodology
Asset-specific$— $— $160 $160 $— $— $167 $167 
Portfolio-based75 2,200 
(e)
2,716 4,991 83 — 2,682 2,765 
Total allowance for lending-related commitments(c)
$75 $2,200 $2,876 $5,151 $83 $— $2,849 $2,932 
Lending-related commitments by impairment methodology
Asset-specific$— $— $799 $799 $— $— $922 $922 
Portfolio-based(d)
24,397 24,874 
(f)
574,599 623,870 26,390 321 534,556 561,267 
Total lending-related commitments$24,397 $24,874 $575,398 $624,669 $26,390 $321 $535,478 $562,189 
On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio (the “Apple Card transaction”), with an expected closing date approximately 24 months thereafter. Refer to Notes 4, 13, 27 and 28 of JPMorganChase’s 2025 Form 10-K for additional information.
(a)At June 30, 2026 and 2025, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $165 million and $288 million, respectively, associated with certain accounts receivable in CIB.
(b)Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.
159

(c)The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.
(d)At June 30, 2026 and 2025, lending-related commitments excluded $24.7 billion and $20.7 billion, respectively, for the consumer, excluding credit card portfolio segment; $1.2 trillion and $1.0 trillion, respectively, for the credit card portfolio segment; and $47.4 billion and $24.2 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments.
(e)Represents the impact of the Apple Card transaction.
(f)Included approximately $24 billion related to the Apple Card transaction. Refer to Note 13 of the Firm's 2025 Form 10-K for additional information.
Discussion of changes in the allowance
The allowance for credit losses as of June 30, 2026 was $31.5 billion, reflecting a net addition of $303 million from December 31, 2025.
The net addition to the allowance for credit losses included:
• $473 million in wholesale, driven by a net increase in the loan portfolio and changes in the credit quality of certain exposures, partially offset by a reduction in the allowance with respect to certain accounts receivable and an update to loss assumptions on certain loans in Markets, and
•a net reduction of $128 million in consumer, predominantly driven by improvements in home prices in the first quarter of 2026.
The Firm's qualitative adjustments and its weighted-average macroeconomic outlook continued to include additional weight placed on the adverse scenarios to reflect ongoing uncertainties and downside risks related to the geopolitical and macroeconomic environment.
The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the following table, resulting in:
•a weighted average U.S. unemployment rate peaking at 5.6% in the second quarter of 2027, and
•a weighted average U.S. real GDP level that is 2.1% lower than the central case at the end of the fourth quarter of 2027.
The following table presents the Firm’s central case assumptions for the periods presented:
Central case assumptions
at June 30, 2026
4Q262Q274Q27
U.S. unemployment rate(a)
4.2 %4.1 %4.1 %
YoY growth in U.S. real GDP(b)
1.7 %1.9 %2.0 %
Central case assumptions
at December 31, 2025
2Q264Q262Q27
U.S. unemployment rate(a)
4.6 %4.4 %4.2 %
YoY growth in U.S. real GDP(b)
2.0 %1.8 %1.9 %
(a)Reflects quarterly average of forecasted U.S. unemployment rate.
(b)The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year.
Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Refer to Note 13 and Note 10 of JPMorganChase’s 2025 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowance for credit losses on loans, lending-related commitments, and investment securities.
Refer to Note 11 for additional information on the consumer and wholesale credit portfolios.


160

Note 13 – Variable interest entities
Refer to Note 1 and Note 14 of JPMorganChase’s 2025 Form 10-K for a further description of the Firm's accounting policies regarding consolidation of and involvement with VIEs.
The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-sponsored” VIE to include any entity where: (1) JPMorganChase is the primary beneficiary of the structure; (2) the VIE is used by JPMorganChase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorganChase name; or (4) the entity is a JPMorganChase–administered asset-backed commercial paper conduit.
Line of BusinessTransaction TypeActivityForm 10-Q page references
CCBCredit card securitization trustsSecuritization of originated credit card receivables161
Mortgage securitization trustsServicing and securitization of both originated and purchased residential mortgages161-163
CIBMortgage and other securitization trustsSecuritization of both originated and purchased residential and commercial mortgages, and other consumer loans161-163
Multi-seller conduitsAssisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs163
Municipal bond vehiclesFinancing of municipal bond investments163
In addition, CIB also invests in and provides financing, lending-related services and other services to VIEs sponsored by third parties. Refer to pages 164-165 of this Note for more information on the VIEs sponsored by third parties.
Significant Firm-sponsored VIEs
Credit card securitizations
As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trust, the Chase Issuance Trust.
Firm-sponsored mortgage and other securitization trusts
The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts.
161

The following tables present the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules),
recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to page 167 of this Note for information on the securitization-related loan delinquencies and liquidation losses.
Principal amount outstanding
JPMorganChase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
June 30, 2026
(in millions)		Total assets held by securitization VIEsAssets
held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvementTrading assets Investment securitiesOther financial assetsTotal interests held by JPMorgan
Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs$86,950 $518 $59,122 $759 $1,781 $1,377 $3,917 
Subprime17,222 — 10,402 1,669 10 — 1,679 
Commercial and other(b)
225,166 139 152,310 897 5,083 882 6,862 
Total$329,338 $657 $221,834 $3,325 $6,874 $2,259 $12,458 
Principal amount outstanding
JPMorganChase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
December 31, 2025
(in millions)		Total assets held by securitization VIEsAssets
held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvementTrading assets Investment securitiesOther financial assetsTotal interests held by
JPMorgan
Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs$83,442 $548 $58,525 $707 $1,799 $1,526 $4,032 
Subprime10,690 — 2,766 100 12 — 112 
Commercial and other(b)
212,555 170 138,986 1,222 5,285 823 7,330 
Total$306,687 $718 $200,277 $2,029 $7,096 $2,349 $11,474 
(a)Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored.
(b)Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables.
(c)Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior securities of $303 million and $188 million at June 30, 2026 and December 31, 2025, respectively, and subordinated securities of $62 million and $56 million at June 30, 2026 and December 31, 2025, respectively, which the Firm purchased in connection with CIB’s secondary market-making activities.
(d)Includes interests held in re-securitization transactions.
(e)At June 30, 2026 and December 31, 2025, 76% and 74%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $3.3 billion and $3.5 billion of investment-grade retained interests at June 30, 2026 and December 31, 2025, respectively, and $649 million and $525 million of noninvestment-grade retained interests at June 30, 2026 and December 31, 2025, respectively. The retained interests in commercial and other securitization trusts consisted of $5.6 billion and $6.2 billion of investment-grade retained interests at June 30, 2026 and December 31, 2025, respectively, and $1.2 billion and $1.1 billion of noninvestment-grade retained interests at June 30, 2026 and December 31, 2025, respectively.
162

Residential mortgage
The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB.
Commercial mortgages and other consumer securitizations
CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts.
Re-securitizations
The following table presents the principal amount of securities transferred to re-securitization VIEs.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Transfers of securities to VIEs
U.S. GSEs and government agencies$1,643 $4,708 $7,245 $10,198 
In addition, during the three and six months ended June 30, 2026, the Firm transferred $795 million and $1.7 billion, respectively, of private-label securities to re-securitization VIEs. The Firm did not transfer any private-label securities to re-securitization VIEs during the three and six months ended June 30, 2025, and retained interests in any such Firm-sponsored VIEs as of June 30, 2026 and December 31, 2025 were not material.
The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.
Nonconsolidated
re-securitization VIEs
(in millions)June 30, 2026December 31, 2025
U.S. GSEs and government agencies
Interest in VIEs
$2,529 $2,558 
As of June 30, 2026 and December 31, 2025, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs. As of June 30, 2026, the Firm consolidated an insignificant amount of assets and liabilities of Firm-sponsored private-label re-securitization VIEs. As of December 31, 2025, the Firm did not consolidate any Firm-sponsored private-label re-securitization VIEs.
Multi-seller conduits
In the normal course of business, JPMorganChase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $2.1 billion and $2.2 billion of the commercial paper issued by the Firm-administered multi-seller conduits at June 30, 2026 and December 31, 2025, respectively, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits.
Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $10.0 billion and $9.9 billion at June 30, 2026 and December 31, 2025, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments.
Municipal bond vehicles
Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party.
The Firm serves as sponsor for all non-customer TOB transactions.
163

Consolidated VIE assets and liabilities
The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of June 30, 2026 and December 31, 2025.
AssetsLiabilities
June 30, 2026
(in millions)		Trading assetsLoans
Other(c)
 Total
assets(d)
Beneficial interests in VIE assets(e)
Other(f)
Total
liabilities
VIE program type
Firm-sponsored credit card trusts$—$12,127$183$12,310$7,075$16$7,091
Firm-administered multi-seller conduits119,37112419,49617,8632417,887
Municipal bond vehicles3,848—463,8944,417234,440
Mortgage securitization entities(a)
253465429938137
Other2,2432,146
(b)
3754,76420712732
Total$6,094$34,178$734$41,006$29,474$813$30,287
AssetsLiabilities
December 31, 2025
(in millions)		Trading assetsLoans
Other(c)
 Total
assets(d)
Beneficial interests in VIE assets(e)
Other(f)
Total
liabilities
VIE program type
Firm-sponsored credit card trusts$—$12,872$170$13,042$5,884$11$5,895
Firm-administered multi-seller conduits—20,14011520,25518,1742418,198
Municipal bond vehicles3,367—293,3963,760173,777
Mortgage securitization entities(a)
2566957710540145
Other1,4664,199
(b)
3606,02528599627
Total$4,835$37,777$683$43,295$27,951$691$28,642
(a)Includes residential mortgage securitizations.
(b)Primarily includes consumer loans in CIB.
(c)Includes assets classified as cash and other asset line items on the Consolidated balance sheets.
(d)The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.
(e)The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified on the Consolidated balance sheets as “Beneficial interests issued by consolidated VIEs”. The holders of these beneficial interests generally do not have recourse to the general credit of JPMorganChase. Included in beneficial interests in VIE assets are long-term beneficial interests of $7.2 billion and $6.0 billion at June 30, 2026 and December 31, 2025, respectively.
(f)Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.
VIEs sponsored by third parties
The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction.
Tax credit vehicles
The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that own and operate affordable housing, alternative energy, and other projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. At June 30, 2026 and December 31, 2025, the maximum loss exposure, represented by equity investments and funding commitments, was $39.0 billion and $38.1 billion, of which $17.3 billion and $16.4 billion was unfunded, respectively. The Firm assesses each project and to reduce the risk of loss, may withhold varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 22 for more information on off-balance sheet lending-related commitments.
164

The Firm elected the proportional amortization method for certain tax-oriented investments on a program-by-program basis. The proportional amortization method requires the cost of eligible investments, within an elected program, be amortized in proportion to the tax benefits received with the resulting amortization reported directly in income tax expense, which aligns with the associated tax credits and other tax benefits. Investments must meet certain criteria to be eligible, including that substantially all of the return is from income tax credits and other income tax benefits.
In addition, under this method deferred taxes are generally not recorded as the investment is now amortized in proportion to the income tax credits and other income tax benefits received. Delayed equity contributions that are unconditional and legally binding or conditional and probable of occurring are recorded in other liabilities with a corresponding increase in the carrying value of the investment. The guidance also requires a reevaluation of eligible investments when significant modifications or events occur that result in a change in the nature of the investment or a change in the Firm's relationship with the underlying project. During the period, there were no significant modifications or events that resulted in a change in the nature of an eligible investment or a change in the Firm's relationship with the underlying project.
The following table provides information on tax-oriented investments for which the Firm elected to apply the proportional amortization method.
(in millions)Alternative energy and affordable housing programs
As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
2026202520262025
Programs for which the Firm elected proportional amortization:
Carrying value(a)
$33,198 $31,833 $33,198 $31,833 
Tax credits and other tax benefits(b)
1,739 1,441 3,232 2,799 
Investments that qualify to be accounted for using proportional amortization:
Amortization losses recognized as a component of income tax expense
(1,520)(1,048)(2,622)(2,030)
Non-income-tax-related gains/(losses) and other returns received that are recognized outside of income tax expense(c)
34 48 85 79 
(a)Recorded in Other assets on the Consolidated balance sheets. Excludes programs to which the Firm does not apply the proportional amortization method, such as historic tax credit and new market tax credit programs.
(b)Reflected in Income tax expense on the Consolidated statements of income and Operating activities on the Consolidated statements of cash flows. Additionally, the Firm recognized $267 million and $281 million for the three months ended June 30, 2026 and 2025, respectively, and $544 million and $560 million for the six months ended June 30, 2026 and 2025, respectively, of income tax credits along with $(297) million and $(349) million for the three months ended June 30, 2026 and 2025, respectively, and $(603) million and $(690) million for the six months ended June 30, 2026 and 2025, respectively, of amortization losses from investments in programs for which the Firm elected proportional amortization but the investments did not meet certain eligibility criteria. Those amounts were recorded on a net basis in Other income on the Consolidated statements of income and in Operating activities on the Consolidated statements of cash flows.
(c)Recorded in Other income on the Consolidated statements of income and Operating activities on the Consolidated statements of cash flows. Refer to Note 6 for further information.
Customer municipal bond vehicles (TOB trusts)
The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder.
In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle.
The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at both June 30, 2026 and December 31, 2025 was $7.7 billion. The fair value of assets held by such VIEs at both June 30, 2026 and December 31, 2025 was $10.5 billion.
165

Loan securitizations
The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, commercial mortgages and other consumer loans.
Securitization activity
The following table provides information related to the Firm’s securitization activities for the three and six months ended June 30, 2026 and 2025, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization.
Three months ended June 30,Six months ended June 30,
2026202520262025
(in millions)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Principal securitized$6,490 $5,931 $6,430 $2,006 $19,106 $10,492 $10,954 $4,840 
All cash flows during the period:(a)
Proceeds received from loan sales as financial instruments(b)(c)
$6,699 $5,758 $6,539 $2,014 $20,157 $10,218 $11,204 $4,863 
Servicing fees collected10 9 9 10 19 18 17 21 
Cash flows received on interests409 153 184 147 680 348 304 426 
(a)Excludes re-securitization transactions.
(b)Primarily includes Level 2 assets.
(c)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
(d)Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies.
(e)Includes commercial mortgages and auto loans.
Loans and excess MSRs sold to U.S. government-sponsored enterprises and loans in securitization transactions pursuant to Ginnie Mae guidelines
In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs.
The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Carrying value of loans sold
$11,573 $5,900 $19,897 $14,514 
Proceeds received from loan sales as cash
1,194 140 1,296 778 
Proceeds from loan sales as securities(a)(b)
10,203 5,693 18,294 13,586 
Total proceeds received from loan sales(c)
$11,397 $5,833 $19,590 $14,364 
Gains/(losses) on loan sales(d)(e)
$— $— $— $— 
(a)Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio.
(b)Included in level 2 assets.
(c)Excludes the value of MSRs retained upon the sale of loans.
(d)Gains/(losses) on loan sales include the value of MSRs.
(e)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
166

Options to repurchase delinquent loans
In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information.
The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of June 30, 2026 and December 31, 2025. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.
(in millions)June 30,
2026		December 31,
2025
Loans repurchased or option to repurchase(a)
$439 $856 
Real estate owned
2 2 
Foreclosed government-guaranteed residential mortgage loans(b)
9 9 
(a)Primarily all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.
(b)Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.
Loan delinquencies and liquidation losses
The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of June 30, 2026 and December 31, 2025. For loans sold or securitized where servicing is the Firm’s only form of continuing involvement, the Firm generally experiences a loss only if the Firm was required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with its loan sale or servicing contracts.
Net liquidation losses/(recoveries)
Securitized assets90 days past dueThree months ended June 30,Six months ended June 30,
(in millions)June 30, 2026December 31, 2025June 30, 2026December 31, 20252026202520262025
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs$59,122 $58,525 $619 $654 $1 $2 $9 $5 
Subprime10,402 2,766 112 92 1 (1)1 — 
Commercial and other152,310 138,986 5,503 4,487 38 61 81 121 
Total loans securitized$221,834 $200,277 $6,234 $5,233 $40 $62 $91 $126 
167

Note 14 – Goodwill and mortgage servicing rights
Refer to Note 15 of JPMorganChase’s 2025 Form 10-K for a detailed discussion of goodwill, mortgage servicing rights, and other intangible assets and the related accounting policies.
Goodwill
Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired, and can be adjusted up to one year from the acquisition date as additional information pertaining to facts and circumstances that existed as of the acquisition date is obtained about the fair value of assets acquired and liabilities assumed.
The following table presents goodwill attributed to the reportable business segments and Corporate.
(in millions)June 30,
2026		December 31,
2025
Consumer & Community Banking$32,116 $32,116 
Commercial & Investment Bank11,253 11,259 
Asset & Wealth Management8,630 8,634 
Corporate712 722 
Total goodwill$52,711 $52,731 
The following table presents changes in the carrying amount of goodwill.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
Balance at beginning of period$52,706 $52,621 $52,731 $52,565 
Changes during the period from:
Other(a)
5 126 (20)182 
Balance at June 30,$52,711 $52,747 $52,711 $52,747 
(a)Primarily foreign currency adjustments.
Goodwill impairment testing
Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment.
Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.
As of June 30, 2026, the Firm reviewed current economic conditions, estimated market cost of equity, as well as actual business results and projections of business performance. Based on such reviews, the Firm has concluded that goodwill was not impaired as of June 30, 2026 or December 31, 2025.
168

Mortgage servicing rights
MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorganChase’s 2025 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs.
The following table summarizes MSR activity for the three and six months ended June 30, 2026 and 2025.
As of or for the three months
ended June 30,		As of or for the six months
ended June 30,
(in millions, except where otherwise noted)2026202520262025
Fair value at beginning of period$9,093 $9,127 $9,167 $9,121 
MSR activity:
Originations of MSRs200 84 346 195 
Purchase of MSRs(a)
19 1 29 280 
Disposition of MSRs2 3 4 7 
Net additions/(dispositions)221 88 379 482 
Changes due to collection/realization of expected cash flows
(264)(272)(534)(533)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)
82 59 138 (41)
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)
— — — 1 
Discount rates
— (1)— (1)
Prepayment model changes and other(c)
24 (5)6 (33)
Total changes in valuation due to other inputs and assumptions24 (6)6 (33)
Total changes in valuation due to inputs and assumptions106 53 144 (74)
Fair value at June 30,$9,156 $8,996 $9,156 $8,996 
Changes in unrealized gains/(losses) included in income related to MSRs held at June 30,$106 $53 $144 $(74)
Contractual service fees, late fees and other ancillary fees included in income
404 412 814 814 
Third-party mortgage loans serviced at June 30, (in billions)661 658 661 658 
Servicer advances, net of an allowance for uncollectible amounts, at June 30(d)
400 440 400 440 
(a)Includes purchase price adjustments associated with purchased MSRs, primarily due to loans that prepaid within 90 days of settlement or did not meet certain criteria and were removed from the purchase prior to the transfer date, allowing the Firm to recover the purchase price.
(b)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(c)Represents changes in prepayments other than those attributable to changes in market interest rates.
(d)Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.

169

The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three and six months ended June 30, 2026 and 2025.
Three months ended June 30,Six months ended June 30,
(in millions)2026202520262025
CCB mortgage fees and related income
Production revenue$147 $151 $325 $261 
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue403 420 812 824 
Changes in MSR asset fair value due to collection/realization of expected cash flows(264)(271)(533)(531)
Total operating revenue139 149 279 293 
Risk management:
Changes in MSR asset fair value due to market interest rates and other(a)
82 59 138 (41)
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)
24 (6)6 (33)
Changes in derivative fair value and other(67)(6)(120)130 
Total risk management39 47 24 56 
Total net mortgage servicing revenue178 196 303 349 
Total CCB mortgage fees and related income325 347 628 610 
All other11 16 17 31 
Mortgage fees and related income$336 $363 $645 $641 
(a)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(b)Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).
Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In the following table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.
The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at June 30, 2026 and December 31, 2025, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.
(in millions, except rates)Jun 30,
2026		Dec 31,
2025
Weighted-average prepayment speed assumption (constant prepayment rate)
6.74 %6.77 %
Impact on fair value of 10% adverse change
$(173)$(181)
Impact on fair value of 20% adverse change
(338)(353)
Weighted-average option adjusted spread(a)
6.03 %6.14 %
Impact on fair value of a 100 basis point adverse change
$(383)$(394)
Impact on fair value of a 200 basis point adverse change
(736)(757)
(a)Includes the impact of operational risk and regulatory capital.
170

Note 15 – Deposits
Refer to Note 17 of JPMorganChase’s 2025 Form 10-K for further information on deposits.
As of June 30, 2026 and December 31, 2025, noninterest-bearing and interest-bearing deposits were as follows:
(in millions)June 30,
2026		December 31, 2025
U.S. offices
Noninterest-bearing (included $20,641 and $16,610 at fair value)(a)
$625,874 $583,342 
Interest-bearing (included $2,240 and $1,085 at fair value)(a)
1,500,791 1,452,729 
Total deposits in U.S. offices2,126,665 2,036,071 
Non-U.S. offices
Noninterest-bearing (included $3,141 and $3,099 at fair value)(a)
42,044 37,057 
Interest-bearing (included $207 and $136 at fair value)(a)
544,991 486,192 
Total deposits in non-U.S. offices587,035 523,249 
Total deposits$2,713,700 $2,559,320 
(a)Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further discussion.
As of June 30, 2026 and December 31, 2025, time deposits in denominations that met or exceeded the insured limit were as follows:
(in millions)June 30, 2026December 31, 2025
U.S. offices $163,065 $155,114 
Non-U.S. offices(a)
91,666 89,085 
Total$254,731 $244,199 
(a)Represents all time deposits in non-U.S. offices as these deposits typically exceed the insured limit.
As of June 30, 2026, the remaining maturities of interest-bearing time deposits in each of the 12-month periods ending June 30 were as follows:
June 30,
(in millions)		U.S.Non-U.S.Total
2027$232,157 $88,420 $320,577 
2028867 — 867 
2029538 5 543 
2030427 — 427 
2031517 — 517 
After 5 years523 100 623 
Total$235,029 $88,525 $323,554 
Note 16 – Leases
Refer to Note 18 of JPMorganChase’s 2025 Form 10-K for a further discussion on leases.
Firm as lessee
At June 30, 2026, JPMorganChase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.
Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.
The carrying values of the Firm’s operating leases were as follows:
(in millions)June 30, 2026December 31, 2025
Right-of-use assets$9,054 $8,901 
Lease liabilities9,474 9,337 
The Firm’s net rental expense was $604 million and $579 million for the three months ended June 30, 2026 and 2025, respectively, and $1.2 billion for each of the six months ended June 30, 2026 and 2025.
Firm as lessor
The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets.
The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income.
Three months ended June 30,Six months ended June 30,

(in millions)		2026202520262025
Operating lease income$1,207 $901 $2,360 $1,730 
Depreciation expense698 583 1,459 1,088 


171

Note 17 – Preferred stock
Refer to Note 21 of JPMorganChase’s 2025 Form 10-K for a further discussion on preferred stock.
The following is a summary of JPMorganChase’s non-cumulative preferred stock outstanding as of June 30, 2026 and December 31, 2025, and the quarterly dividend declarations for the three and six months ended June 30, 2026 and 2025.
Shares(a)
Carrying value
 (in millions)
Contractual rate in effect at June 30, 2026
Earliest redemption date(b)
Floating annualized rate(c)
Dividend declared
per share
June 30, 2026December 31, 2025June 30, 2026December 31, 2025Issue dateThree months ended June 30,Six months ended June 30,
2026202520262025
Fixed-rate:
Series DD169,625 169,625 $1,696 $1,696 9/21/20185.750 %12/1/2023NA$143.75 $143.75 $287.50$287.50
Series EE185,000 185,000 1,850 1,850 1/24/20196.000 3/1/2024NA150.00 150.00 300.00300.00
Series GG90,000 90,000 900 900 11/7/20194.750 12/1/2024NA118.75 118.75 237.50237.50
Series JJ150,000 150,000 1,500 1,500 3/17/20214.550 6/1/2026NA113.75 113.75 227.50227.50
Series LL185,000 185,000 1,850 1,850 5/20/20214.625 6/1/2026NA115.63 115.63 231.26231.26
Series MM200,000 200,000 2,000 2,000 7/29/20214.200 9/1/2026NA105.00 105.00 210.00210.00
Fixed-to-floating rate:
Series CC125,750 125,750 1,258 1,258 10/20/2017
SOFR + 2.58
11/1/2022
SOFR + 2.58
169.85 181.89 328.87354.25
Series II150,000 150,000 1,500 1,500 2/24/2020
SOFR + 2.745
4/1/2025
SOFR + 2.745
162.71 

178.02 
(d)
321.08278.02
(d)
Series KK— 200,000 — 2,000 5/12/2021— 6/1/2026
CMT + 2.85
91.25 91.25 182.50182.50
Series NN250,000 250,000 2,496 2,496 3/12/20246.875 6/1/2029
CMT + 2.737
171.88 171.88 

343.76343.76 
Series OO300,000 300,000 2,995 2,995 2/4/20256.500 4/1/2030
CMT + 2.152
162.50 162.50 325.00265.42
(e)
Series PP300,000 NA2,995 NA5/7/20266.100 7/1/2031
CMT + 2.08
91.50 
(e)
NA91.50
(e)
NA
Total preferred stock2,105,375 2,005,375 $21,040 $20,045 
(a)Represented by depositary shares.
(b)Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date.
(c)References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus, in the case of the Series CC preferred stock, a spread adjustment of 0.26% per annum) plus the spreads noted. References to “CMT” mean a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spreads noted.
(d)The dividend rate for Series II preferred stock became floating and payable quarterly starting on April 1, 2025; prior to which the dividend rate was fixed at 4.00% or $200.00 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on April 1, 2025 was three-month term SOFR plus the spread of 2.745%.
(e)The initial dividend declared was prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate.
Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $21.2 billion at June 30, 2026.
Issuances
On May 7, 2026, the Firm issued $3.0 billion of fixed-rate reset non-cumulative preferred stock, Series PP.
On February 4, 2025, the Firm issued $3.0 billion of fixed-rate reset non-cumulative preferred stock, Series OO.
Redemptions
On June 1, 2026, the Firm redeemed all $2.0 billion of its fixed-rate reset non-cumulative preferred stock, Series KK.
172

Note 18 – Earnings per share
Refer to Note 23 of JPMorganChase’s 2025 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2026 and 2025.
(in millions, except per share amounts)Three months ended June 30,Six months ended June 30,
2026202520262025
Basic earnings per share
Net income$21,155 $14,987 $37,649 $29,630 
Less: Preferred stock dividends
308 282 584 537 
Net income applicable to common equity
20,847 14,705 37,065 29,093 
Less: Dividends and undistributed earnings allocated to participating securities
95 75 164 145 
Net income applicable to common stockholders
$20,752 $14,630 $36,901 $28,948 
Total weighted-average basic shares
  outstanding
2,689.9 2,788.7 2,703.1 2,804.0 
Net income per share
$7.71 $5.25 $13.65 $10.32 
Diluted earnings per share
Net income applicable to common stockholders
$20,752 $14,630 $36,901 $28,948 
Total weighted-average basic shares
  outstanding
2,689.9 2,788.7 2,703.1 2,804.0 
Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs4.3 5.0 4.1 4.9 
Total weighted-average diluted shares outstanding
2,694.2 2,793.7 2,707.2 2,809.0 
Net income per share
$7.70 $5.24 $13.63 $10.31 

173

Note 19 – Accumulated other comprehensive income/(loss)
AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net gain/(loss) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).
As of or for the three months ended June 30, 2026
(in millions)		Unrealized
gains/(losses)
on investment securities		Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit
pension and
OPEB plans		DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at April 1, 2026$(2,662)$(902)$(116)$(2,327)$(558)$(124)$(6,689)
Net change320 (21)(9)(948)37 (383)(1,004)
Balance at June 30, 2026$(2,342)
(a)
$(923)$(125)$(3,275)$(521)$(507)$(7,693)
As of or for the three months ended June 30, 2025
(in millions)		Unrealized
gains/(losses)
on investment securities		Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit pension and
OPEB plans		DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at April 1, 2025$(2,877)$(1,585)$(193)$(3,140)$(1,157)$(159)$(9,111)
Net change(188)868 (8)1,529 (28)(305)1,868 
Balance at June 30, 2025$(3,065)
(a)
$(717)$(201)$(1,611)$(1,185)$(464)$(7,243)
As of or for the six months ended June 30, 2026
(in millions)		Unrealized
gains/(losses)
on investment securities		Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit
pension and
OPEB plans		DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at January 1, 2026$(261)$(735)$(157)$(1,426)$(562)$(1,149)$(4,290)
Net change(2,081)(188)32 (1,849)41 642 (3,403)
Balance at June 30, 2026$(2,342)
(a)
$(923)$(125)$(3,275)$(521)$(507)$(7,693)
As of or for the six months ended June 30, 2025
(in millions)		Unrealized
gains/(losses)
on investment securities		Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit pension and
OPEB plans		DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at January 1, 2025$(3,830)$(2,074)$(221)$(4,814)$(1,141)$(376)$(12,456)
Net change765 1,357 20 3,203 (44)(88)5,213 
Balance at June 30, 2025$(3,065)
(a)
$(717)$(201)$(1,611)$(1,185)$(464)$(7,243)
(a)Included after-tax net unamortized unrealized losses of $(342) million and $(625) million as of June 30, 2026 and 2025, respectively, related to AFS securities that have been transferred to HTM.













174


The following table presents the pre-tax and after-tax changes in the components of OCI.
20262025
Three months ended June 30,
(in millions)		Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period$28 $(7)$21 $(301)$72 $(229)
Reclassification adjustment for realized (gains)/losses included in net income(a)
395 (96)299 54 (13)41 
Net change423 (103)320 (247)59 (188)
Translation adjustments:(b)
Translation(47)(16)(63)4,231 (173)4,058 
Hedges57 (15)42 (4,213)1,023 (3,190)
Net change10 (31)(21)18 850 868 
Fair value hedges, net change(c)
(12)3 (9)(10)2 (8)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period(1,716)417 (1,299)1,422 (344)1,078 
Reclassification adjustment for realized (gains)/losses included in net income(d)
463 (112)351 592 (141)451 
Net change(1,253)305 (948)2,014 (485)1,529 
Defined benefit pension and OPEB plans, net change51 (14)37 (36)8 (28)
DVA on fair value option elected liabilities, net change(508)125 (383)(401)96 (305)
Total other comprehensive income/(loss)$(1,289)$285 $(1,004)$1,338 $530 $1,868 
20262025
Six months ended June 30,
(in millions)
Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period$(3,079)$747 $(2,332)$919 $(223)$696 
Reclassification adjustment for realized (gains)/losses included in net income(a)
331 (80)251 91 (22)69 
Net change(2,748)667 (2,081)1,010 (245)765 
Translation adjustments:(b)
Translation(1,119)82 (1,037)6,442 (278)6,164 
Hedges1,122 (273)849 (6,347)1,540 (4,807)
Net change3 (191)(188)95 1,262 1,357 
Fair value hedges, net change(c)
43 (11)32 27 (7)20 
Cash flow hedges:
Net unrealized gains/(losses) arising during the period(3,275)796 (2,479)3,009 (727)2,282 
Reclassification adjustment for realized (gains)/losses included in net income(d)
832 (202)630 1,213 (292)921 
Net change(2,443)594 (1,849)4,222 (1,019)3,203 
Defined benefit pension and OPEB plans, net change58 (17)41 (55)11 (44)
DVA on fair value option elected liabilities, net change853 (211)642 (115)27 (88)
Total other comprehensive income/(loss)$(4,234)$831 $(3,403)$5,184 $29 $5,213 
(a)The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.
(b)Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. The net amounts reclassified during the three and six months ended June 30, 2026 were not material. There were no sales or liquidations of legal entities that resulted in reclassifications for the three and six months ended June 30, 2025.
(c)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross-currency swaps.
(d)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.
175

Note 20 – Restricted cash and other restricted assets
Refer to Note 26 of JPMorganChase’s 2025 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets.
Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries.
The Firm is also subject to rules and regulations established by U.S. and non-U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets.
The following table presents the components of the Firm’s restricted cash:
(in billions)June 30,
2026		December 31, 2025
Segregated for the benefit of securities and cleared derivative customers
$14.2 $19.4 
Cash reserves at non-U.S. central banks and held for other general purposes
9.5 9.6 
Total restricted cash(a)
$23.7 $29.0 
(a)Comprises $22.5 billion and $27.8 billion in deposits with banks, and $1.2 billion and $1.2 billion in cash and due from banks on the Consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.
Also, as of June 30, 2026 and December 31, 2025, the Firm had the following other restricted assets:
•Cash and securities pledged with clearing organizations for the benefit of customers of $52.3 billion and $44.9 billion, respectively.
•Securities with a fair value of $36.4 billion and $40.8 billion, respectively, in relation to customer activity.


176

Note 21 – Regulatory capital
Refer to Note 27 of JPMorganChase’s 2025 Form 10-K for a detailed discussion on regulatory capital.
The Federal Reserve establishes capital requirements, including well-capitalized standards, for the Firm as a consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal IDI subsidiary, JPMorgan Chase Bank, N.A.
Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase & Co. is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. JPMorgan Chase Bank, N.A. is also subject to these capital requirements established by its primary regulators.
The following table presents the risk-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of June 30, 2026 and December 31, 2025.
Standardized capital ratio requirementsAdvanced
capital ratio requirements		Well-capitalized ratios
BHC(a)
IDI(b)
BHC(a)
IDI(b)
BHC(c)
IDI(d)
Risk-based capital ratios
CET1 capital11.5 %7.0 %11.5 %7.0 %NA6.5 %
Tier 1 capital13.0 8.5 13.0 8.5 6.0 %8.0 
Total capital15.0 10.5 15.0 10.5 10.0 10.0 
Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject.
(a)Represents the regulatory capital ratio requirements applicable to the Firm. The CET1, Tier 1 and Total capital ratio requirements each include a respective minimum requirement plus a GSIB surcharge of 4.5% as calculated under Method 2; plus a 2.5% SCB for Standardized ratios and a fixed 2.5% capital conservation buffer for Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies.
(b)Represents requirements for JPMorgan Chase Bank, N.A. The CET1, Tier 1 and Total capital ratio requirements include a fixed capital conservation buffer requirement of 2.5% that is applicable to JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is not subject to the GSIB surcharge.
(c)Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve.
(d)Represents requirements for JPMorgan Chase Bank, N.A. pursuant to regulations issued under the FDIC Improvement Act.
The following table presents the leverage-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of June 30, 2026 and December 31, 2025.
Capital ratio requirements(b)
Well-capitalized ratios
BHCIDI
BHC(c)
IDI
Leverage-based capital ratios
Tier 1 leverage4.0 %4.0 %NA5.0 %
SLR(a)
4.3 4.0 NA4.0 
Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject.
(a)The current requirements reflect the eSLR final rule which the Firm early adopted effective January 1, 2026. For the year ended December 31, 2025, the SLR requirements were 5.0% and 6.0% for BHC and JPMorgan Chase Bank, N.A., respectively, with minimum SLR requirement of 3.0% and supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and JPMorgan Chase Bank, N.A., respectively.
(b)Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 1.25% and 1.0% for BHC and JPMorgan Chase Bank, N.A., respectively.
(c)The Federal Reserve's regulations do not establish well-capitalized thresholds for these measures for BHCs.

177

The following tables present risk-based capital metrics under both the Standardized and Advanced approaches and leverage-based capital metrics for JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. As of June 30, 2026 and December 31, 2025, JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.
June 30, 2026
(in millions, except ratios)
Standardized
Advanced
JPMorgan
Chase & Co.		JPMorgan
Chase Bank, N.A.		JPMorgan
Chase & Co.		JPMorgan
Chase Bank, N.A.
Risk-based capital metrics:
CET1 capital
$302,619 $302,585 $302,619 $302,585 
Tier 1 capital
322,720 302,589 

322,720 

302,589 
Total capital
362,723 326,427 346,248 310,358 
Risk-weighted assets
2,132,428 2,013,591 2,123,862 

1,881,276 

CET1 capital ratio14.2 %15.0 %14.2 %16.1 %
Tier 1 capital ratio15.1 15.0 15.2 16.1 
Total capital ratio17.0 16.2 16.3 16.5 
December 31, 2025
(in millions, except ratios)
Standardized
Advanced
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
Risk-based capital metrics:
CET1 capital$288,469 $294,804 $288,469 $294,804 
Tier 1 capital307,630 294,807 307,630 294,807 
Total capital343,843 317,684 328,962 
(a)
302,732 
(a)
Risk-weighted assets1,981,692 1,928,039 2,045,249 
(a)
1,864,923 
(a)
CET1 capital ratio14.6 %15.3 %14.1 %15.8 %
Tier 1 capital ratio15.5 15.3 15.0 15.8 
Total capital ratio17.4 16.5 16.1 16.2 
(a)Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules.
Three months ended
(in millions, except ratios)		June 30, 2026December 31, 2025
JPMorgan
Chase & Co.		JPMorgan
Chase Bank, N.A.		JPMorgan
Chase & Co.		JPMorgan
Chase Bank, N.A.
Leverage-based capital metrics:
Adjusted average assets(a)
$4,921,814 $4,037,380 $4,472,394 $3,766,709 
Tier 1 leverage ratio
6.6 %7.5 %6.9 %7.8 %
Total leverage exposure$5,844,422 $4,923,661 $5,302,001 $4,571,728 
SLR5.5 %6.1 %5.8 %6.4 %
(a)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill (inclusive of estimated equity method goodwill) and other intangible assets.


178

Note 22 – Off–balance sheet lending-related
financial instruments, guarantees, and other
commitments
Generally, JPMorganChase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being fully drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorganChase’s 2025 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.
To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.
The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at June 30, 2026 and December 31, 2025. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these commitments will be utilized at the same time. The Firm can generally reduce or cancel these commitments, in accordance with the contract, or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of underlying property.
179

Off–balance sheet lending-related financial instruments, guarantees and other commitments
Contractual amount
Carrying value(i)(j)
June 30, 2026Dec 31,
2025		Jun 30,
2026		Dec 31,
2025
By remaining maturity
(in millions)		Expires in 1 year or lessExpires after
1 year through
3 years		Expires after
3 years through
5 years		Expires after 5 yearsTotalTotal
Lending-related
Consumer, excluding credit card:
Residential Real Estate(a)
$19,183 $4,869 $3,226 $5,885 $33,163 $28,998 $293 $327 
Auto and other11,984 4 7 3,958 15,953 14,589 10 10 
Total consumer, excluding credit card31,167 4,873 3,233 9,843 49,116 43,587 303 337 
Credit card(b)
1,118,256 106,175 
(h)
— — 1,224,431 1,177,766 
(h)
2,200 
(k)
2,200 
(k)
Total consumer(c)
1,149,423 111,048 3,233 9,843 1,273,547 1,221,353 2,503 2,537 
Wholesale:
Other unfunded commitments to extend credit(d)
135,675 190,403 227,905 31,137 585,120 561,506 3,021 3,112 
Standby letters of credit and other financial guarantees(d)
19,049 8,227 4,998 660 32,934 29,919 666 616 
Other letters of credit(d)
3,884 312 74 442 4,712 4,529 15 13 
Total wholesale(c)
158,608 198,942 232,977 32,239 622,766 595,954 3,702 3,741 
Total lending-related$1,308,031 $309,990 $236,210 $42,082 $1,896,313 $1,817,307 $6,205 $6,278 
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)
$470,285 $— $— $— $470,285 $405,910 $— $— 
Derivatives qualifying as guarantees5,233 519 9,336 37,801 52,889 49,031 212 (12)
Unsettled resale and securities borrowed agreements127,737 35 — — 127,772 137,072 

4 — 
Unsettled repurchase and securities loaned agreements108,941 572 — — 109,513 52,895 — — 
Loan sale and securitization-related indemnifications:
Mortgage repurchase liabilityNANANANANANA36 37 
Loans sold with recourseNANANANA2,236 2,015 19 19 
Exchange & clearing house guarantees and commitments(f)
316,489 NANANA316,489 433,537 — — 
Other guarantees and commitments(g)
16,666 5,220 275 6,237 28,398 13,238 12 15 
(a)Includes certain commitments to purchase loans from correspondents.
(b)Also includes commercial card lending-related commitments primarily in CIB.
(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.
(d)As of June 30, 2026 and December 31, 2025, reflected the contractual amount net of risk participations totaling $116 million and $181 million, respectively, for other unfunded commitments to extend credit; $12.0 billion and $9.2 billion, respectively, for standby letters of credit and other financial guarantees; $765 million and $514 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.
(e)As of June 30, 2026 and December 31, 2025, collateral held by the Firm in support of securities lending indemnification agreements was $500.7 billion and $431.9 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.
(f)As of June 30, 2026 and December 31, 2025, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.
(g)As of June 30, 2026 and December 31, 2025, primarily includes unfunded commitments and tax credit indemnities related to certain tax-oriented investments, unfunded commitments to purchase secondary market loans, and equity investment commitments.
(h)As of June 30, 2026 and December 31, 2025, included approximately $106 billion and $104 billion, respectively, related to the Apple Card transaction. Refer to Note 28 of the Firm's 2025 Form 10-K for additional information.
(i)For lending-related products, the carrying value includes the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.
(j)For lending-related commitments, the carrying value also includes fees and any purchase discounts or premiums that are deferred and recognized in accounts payable and other liabilities on the Consolidated balance sheets. Deferred amounts for revolving commitments and commitments not expected to fund, are amortized to lending- and deposit-related fees on a straight line basis over the commitment period. For all other commitments the deferred amounts remain deferred until the commitment funds or is sold.
(k)Represents the allowance for lending-related commitments related to the Apple Card transaction. Refer to Note 13 of the Firm's 2025 Form 10-K for additional information.
180

Other unfunded commitments to extend credit
Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.
Standby letters of credit and other financial guarantees
Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.

The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of June 30, 2026 and December 31, 2025.
Standby letters of credit, other financial guarantees and other letters of credit
June 30, 2026December 31, 2025
(in millions)Standby letters of
credit and other financial guarantees		Other letters
of credit		Standby letters of
credit and other financial guarantees		Other letters
of credit
Investment-grade(a)
$22,762 $3,207 $20,535 $3,187 
Noninvestment-grade(a)
10,172 1,505 9,384 1,342 
Total contractual amount$32,934 $4,712 $29,919 $4,529 
Allowance for lending-related commitments$206 $15 $175 $13 
Guarantee liability460 — 441 — 
Total carrying value$666 $15 $616 $13 
Commitments with collateral$18,882 $423 $16,969 $540 
(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.
Derivatives qualifying as guarantees
The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorganChase’s 2025 Form 10-K for further information on these derivatives.
The following table summarizes the derivatives qualifying as guarantees as of June 30, 2026 and December 31, 2025.
(in millions)June 30, 2026December 31, 2025
Notional amounts
Derivative guarantees$52,889 $49,031 
Stable value contracts with contractually limited exposure35,673 35,462 
Maximum exposure of stable value contracts with contractually limited exposure792 1,312 
Fair value
Derivative guarantees
212 (12)
In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.
Loan sales- and securitization-related indemnifications
In connection with the Firm’s mortgage loan sale and securitization activities with U.S. GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm.
The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorganChase’s 2025 Form 10-K for additional information regarding litigation.
181

Merchant charge-backs
Under the rules of payment networks, in its role as a merchant acquirer, the Firm's Merchant Services business in CIB Payments, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, the Firm will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If the Firm is unable to collect the amount from the merchant, the Firm will bear the loss for the amount credited or refunded to the cardholder. The Firm mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, the Firm recognizes a valuation allowance that covers the payment or performance risk related to charge-backs.
Sponsored member repo program
The Firm acts as a sponsoring member to clear eligible overnight and term resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house; therefore, the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 180. Refer to Note 11 of JPMorganChase’s 2025 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements.
Guarantees of subsidiaries
The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank pari passu with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 180 of this Note. Refer to Note 20 of JPMorganChase’s 2025 Form 10-K for additional information.
Note 23 – Pledged assets and collateral
Refer to Note 29 of JPMorganChase’s 2025 Form 10-K for a discussion of the Firm’s pledged assets and collateral.
Pledged assets
The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged.
The following table presents the carrying value of the Firm’s pledged assets.
(in billions)June 30, 2026December 31, 2025
Assets that may be sold or repledged or otherwise used by secured parties
$296.1 $185.6 
Assets that may not be sold or repledged or otherwise used by secured parties470.0 410.9 
Assets pledged at Federal Reserve banks and FHLBs730.6 737.1 
Total pledged assets
$1,496.7 $1,333.6 
Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorganChase’s 2025 Form 10-K for additional information on the Firm’s long-term debt.
Collateral
The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits.
The following table presents the fair value of collateral accepted.
(in billions)June 30, 2026December 31, 2025
Collateral permitted to be sold or repledged, delivered, or otherwise used
$2,181.4 $1,771.0 
Collateral sold, repledged, delivered or otherwise used1,741.8 1,426.4 
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Note 24 – Litigation
Contingencies
As of June 30, 2026, the Firm and its subsidiaries and affiliates are defendants or respondents in numerous evolving legal proceedings, including private proceedings, public proceedings, government investigations, regulatory enforcement matters, and the matters described below. These range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations and regulatory enforcement matters involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business in several geographies and varied claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories.
The Firm estimates the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.3 billion at June 30, 2026. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given:
•the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages,
•the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined,
•the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and
•the uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions later prove to be incorrect.
In addition, the outcome of a particular proceeding may be a result that the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate range of
reasonably possible losses will change from time to time, and actual losses may vary significantly.
Set forth below are descriptions of the Firm’s material legal proceedings.
Amrapali. India’s Enforcement Directorate (“ED”) is investigating J.P. Morgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorganChase entities into residential housing projects developed by the Amrapali Group (“Amrapali”) relating to delays in delivering or failure to deliver residential units. In July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorganChase entities, violated certain criminal currency control and money laundering provisions, and ordered the ED to conduct a further inquiry. The Firm is cooperating with the inquiry. In addition, in August 2021, the ED issued an order fining J.P. Morgan India Private Limited approximately $31.5 million, which the Firm is appealing.
Cash Sweep Related Matters. Putative class actions have been filed against the Firm relating to interest rates paid to non-managed brokerage clients in the Firm’s cash sweep program. The matters have been consolidated in the United States District Court for the Southern District of New York. In February 2026, the District Court issued a ruling granting, in part, and denying, in part, the Firm’s motion to dismiss, leaving express and implied breach of contract claims. In June 2026, the plaintiffs filed a motion to certify the consolidated matter as a class action. In addition, certain state securities regulators have requested information related to the Firm’s cash sweep program.
Fair Access to Banking. In August 2025, the President of the United States issued an Executive Order entitled “Guaranteeing Fair Banking for All Americans” that addressed access to financial services and directed several actions by certain federal agencies, including a review and revision of their internal policies and manuals. JPMorganChase is responding to requests from government authorities and other external parties regarding, among other things, the Firm’s policies and processes and the provision of services to customers and potential customers. Certain of these matters are at various stages, including reviews, investigations, and legal proceedings. These include a civil lawsuit filed in January 2026 in Florida state court by President Donald J. Trump, in his personal capacity, and several affiliated corporate entities, against JPMorgan Chase Bank, N.A. and its CEO, which defendants have removed to federal court and plaintiffs are challenging.
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Foreign Exchange Investigations and Litigation. The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. Among those resolutions, in May 2015, the Firm pleaded guilty to a single violation of federal antitrust law. The Department of Labor ("DOL") granted the Firm exemptions that permit the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) through the ten-year disqualification period, which began in January 2017. The only remaining FX-related governmental inquiry is a South Africa Competition Commission matter which is currently pending before the South Africa Competition Tribunal.
With respect to civil litigation matters, some FX-related individual and putative class actions filed outside the U.S., including in the U.K., Israel, the Netherlands and Brazil remain. In December 2025, the U.K. Supreme Court confirmed the initial decision of the Competition Appeal Tribunal, which denied a request for class certification on an opt-out basis. In Israel, a settlement in principle has been reached on the putative class action, which remains subject to court approval.
Interchange Litigation. Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws.
In September 2018, the parties settled the class action seeking monetary relief. A separate class action seeking injunctive relief continues. In June 2024, the District Court for the Eastern District of New York denied preliminary approval of a settlement of the injunctive class action in which Visa and Mastercard agreed to certain changes to their respective network rules and system-wide reductions in interchange rates for U.S.-based merchants. In June 2026, the District Court granted preliminary approval of a superseding and amended class settlement between those parties, and has set a hearing on final approval of that settlement in November 2026.
Of the merchants who opted out of the damages class settlement, certain merchants filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks. The defendants have reached settlements with the merchants who opted out representing over 90% of the combined Mastercard-branded and Visa-branded payment card sales volume. The remaining opt out actions are pending. The parties resolved actions which were pending in the United States District Court for the Southern District of New York and
were scheduled to begin trial in April 2026. Other actions are pending in the United States District Court for the Northern District of Illinois and are scheduled for trial in September 2026.
LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorganChase has responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s (“BBA”) London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Firm appealed a December 2016 decision by the European Commission against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. In December 2023, the European General Court annulled the fine imposed by the European Commission, but exercised its discretion to re-impose a fine in an identical amount. In March 2024, the Firm filed an appeal of this decision with the Court of Justice of the European Union, which held a hearing in January 2026 and reserved judgment.
In addition, the Firm was named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In September 2025, the United States District Court for the Southern District of New York granted summary judgment in favor of the defendants on all remaining claims related to U.S. dollar LIBOR, decertified the class, and dismissed all claims in their entirety with prejudice to refiling. Plaintiffs have filed an appeal.
Russian Litigation. The Firm is obligated to comply with international sanctions laws, which mandate the blocking of certain assets. These laws apply when assets associated with individuals, companies, products or services are within the scope of the sanctions. The Firm has faced actual and threatened litigation in Russia seeking payments that the Firm cannot make under, and is contractually excused from paying as a result of, relevant sanctions laws. In claims involving the Firm and claims filed against other financial institutions, Russian courts have disregarded the parties’ contractual agreements concerning forum selection and did not recognize foreign sanctions laws as a basis for not making payment. Russian courts have entered judgment against the Firm in a number of claims. This includes one claim for $439 million, for which the courts have stayed the enforcement of the judgment against the Firm's unprotected assets in Russia pending the outcome of an appeal, and a judgment for another claim has been executed against assets held onshore by the Firm in Russia. The total amount of the judgments exceeds the total amount of available assets that the Firm holds in Russia. Russian courts have allowed plaintiffs to withhold dividends due to the Firm’s clients for the purpose of satisfying
184

judgments, which the Firm is opposing as unlawful. The Firm continues to appeal the Russian courts' decisions, but certain judgments are now enforceable against Firm assets in Russia. Russian courts have also ordered interim freezes of Firm assets in Russia (including, among other things, funds in bank accounts, securities, shares in authorized capital, and certain trademarks, of the named defendants) pending a determination of certain underlying claims against the Firm. The Firm has challenged claims being pursued in the Russian courts and related freeze orders in other jurisdictions provided for by the parties’ contractual forum selections. If further claims are enforced despite the actions taken by the Firm to challenge the claims and orders and to seek the proper application of law, the Firm’s assets in Russia could be seized in full, and certain client assets could also be seized, or the Firm could be prevented from complying with its obligations.
* * *
In addition to the various legal proceedings discussed above, JPMorganChase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future.
The Firm has established reserves for several hundred of its currently outstanding legal proceedings. Under U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $116 million and $118 million for the three months ended June 30, 2026 and 2025, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future.
In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorganChase believes, based upon its current knowledge and after consultation with counsel,
consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorganChase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorganChase’s income for that period.
185

Note 25 – Business segments & Corporate
The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.
The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to JPMorganChase’s 2025 Form 10-K Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on page 59 for a definition of managed basis and Note 32 for a further discussion of the Firm’s business segments.
Description of business segment reporting methodology
Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.

Funds transfer pricing
Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.
The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.
Foreign exchange risk
Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results.
Capital allocation
The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Note 32 of JPMorganChase’s 2025 Form 10-K for additional information on capital allocation.
186

Segment & Corporate results
The following table provides a summary of the Firm’s segment results as of or for the three and six months ended June 30, 2026 and 2025, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm
(and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorganChase’s 2025 Form 10-K for additional information on the Firm’s managed basis.
Segment & Corporate results and reconciliation(a)
As of or for the three months
ended June 30,
(in millions, except ratios)		Consumer &
Community Banking		Commercial &
Investment Bank		Asset & Wealth Management
202620252026202520262025
Noninterest revenue$5,180$4,452$16,954$13,792$5,042$4,073
Net interest income15,09214,3957,8995,7431,8091,687
Total net revenue20,27218,84724,85319,5356,8515,760
Provision for credit losses
2,1562,0823566961346
Compensation expense(b)
4,6824,260
(f)
5,5444,815
(f)
2,3222,083
(f)
Noncompensation expense(c)(d)
6,4265,598
(f)
5,8464,826
(f)
1,8851,650
(f)
Total noninterest expense11,1089,85811,3909,6414,2073,733
Income/(loss) before income tax expense/(benefit)
7,0086,90713,1079,1982,6311,981
Income tax expense/(benefit)1,6971,7383,4292,548674508
Net income$5,311$5,169$9,678$6,650$1,957$1,473
Average equity
$61,500$56,000$172,198
(g)
$149,500$16,000$16,000
Total assets672,612652,3792,709,3572,260,825323,243268,966
ROE34 %36 %22 %17 %48 %36 %
Overhead ratio55 52 46 49 61 65 
As of or for the three months
ended June 30,
(in millions, except ratios)		Corporate
Reconciling Items(a)
Total
202620252026202520262025
Noninterest revenue$5,224
(e)
$49$(564)$(663)$31,836$21,703
Net interest income8221,489(111)(105)25,51123,209
Total net revenue6,0461,538(675)(768)57,34744,912
Provision for credit losses
(10)25——2,5152,849
Total noninterest expense(d)
611547
(f)
——27,31623,779
Income/(loss) before income tax expense/(benefit)5,445966(675)(768)27,51618,284
Income tax expense/(benefit)1,236(729)(675)(768)6,3613,297
Net income
$4,209$1,695$—$—$21,155$14,987
Average equity
$93,448$108,297NANA$343,146$329,797
Total assets1,309,8571,370,312NANA5,015,0694,552,482
ROENMNMNMNM24 %18 %
Overhead ratioNMNMNMNM48 53 
187

As of or for the six months
ended June 30,
(in millions, except ratios)		Consumer &
Community Banking		Commercial &
Investment Bank		Asset & Wealth Management
202620252026202520262025
Noninterest revenue$10,010$8,623$32,344$27,614$9,690$8,066
Net interest income29,83028,53715,88811,5873,5353,425
Total net revenue39,84037,16048,23239,20113,22511,491
Provision for credit losses4,2064,7118381,401(11)36
Compensation expense(b)
9,3048,635
(f)
11,2849,942
(f)
4,6614,150
(f)
Noncompensation expense(c)(d)
12,78311,080
(f)
11,2429,541
(f)
3,7133,296
(f)
Total noninterest expense22,08719,71522,52619,4838,3747,446
Income/(loss) before income tax expense/(benefit)13,54712,73424,86818,3174,8624,009
Income tax expense/(benefit)3,2603,1406,1464,7251,130953
Net income
$10,287$9,594$18,722$13,592$3,732$3,056
Average equity$61,500$56,000$169,365
(g)
$149,500$16,000$16,000
Total assets672,612652,3792,709,3572,260,825323,243268,966
ROE33 %34 %22 %18 %46 %38 %
Overhead ratio55 53 47 50 63 65 
As of or for the six months
ended June 30,
(in millions, except ratios)		Corporate
Reconciling Items(a)
Total
202620252026202520262025
Noninterest revenue$5,413
(e)
$702$(1,151)$(1,265)$56,306$43,740
Net interest income1,8483,140(224)(207)50,87746,482
Total net revenue7,2613,842(1,375)(1,472)107,18390,222
Provision for credit losses
(11)6——5,0226,154
Total noninterest expense(d)
1,179732
(f)
——54,16647,376
Income/(loss) before income tax expense/(benefit)6,0933,104(1,375)(1,472)47,99536,692
Income tax expense/(benefit)1,185(284)(1,375)(1,472)10,3467,062
Net income
$4,908$3,388$—$—$37,649$29,630
Average equity
$95,239$105,586NANA$342,104$327,086
Total assets1,309,8571,370,312NANA5,015,0694,552,482
ROENMNMNMNM22 %18 %
Overhead ratioNMNMNMNM51 53 
(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.
(b)Excludes expense related to services provided by Corporate support units, which is recorded in and allocated from Corporate to each respective reportable business segment, as applicable, through noncompensation expense.
(c)Reflects occupancy; technology, communications and equipment; professional and outside services; marketing; and other expense. Refer to Note 5 for additional information on other expense.
(d)Certain services are provided by Corporate and used by each of the reportable business segments. The costs of these services, including compensation expense, are recorded in and allocated from Corporate to the respective reportable business segments, with the allocations recorded in noncompensation expense. For the three months ended June 30, 2026 and 2025, compensation expense allocated from Corporate to CCB was $815 million and $785 million, to CIB was $1.2 billion and $1.1 billion, and to AWM was $287 million and $272 million, respectively; and for the six months ended June 30, 2026 and 2025, the expense allocation to CCB was $1.6 billion each, to CIB was $2.4 billion and $2.3 billion, and to AWM was $587 million and $541 million, respectively.
(e)Included a $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments. Refer to Notes 2 and 5 for additional information.
(f)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
(g)During the three months ended June 30, 2026, the capital allocated to CIB from Corporate was increased by $8.5 billion, compared with the capital allocated in the first quarter of 2026, in connection with growth in the business.
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Report of Independent Registered Public Accounting Firm


To the Board of Directors and Shareholders of JPMorgan Chase & Co.:
Results of Review of Interim Financial Statements
We have reviewed the accompanying consolidated balance sheet of JPMorgan Chase & Co. and its subsidiaries (the “Firm”) as of June 30, 2026, and the related consolidated statements of income, comprehensive income and changes in stockholders’ equity for the three-month and six-month periods ended June 30, 2026 and 2025, and the consolidated statements of cash flows for the six-month periods ended June 30, 2026 and 2025, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Firm as of December 31, 2025, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the year then ended (not presented herein), and in our report dated February 13, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
These interim financial statements are the responsibility of the Firm’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
PWC Signature.jpg
August 6, 2026



















PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017
189

JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
Three months ended June 30, 2026Three months ended June 30, 2025
Average
balance
Interest(f)
Rate
(annualized)		Average
balance
Interest(f)
Rate
(annualized)
Assets
Deposits with banks$336,127 $2,351 2.81 %$405,213 $3,395 3.36 %
Federal funds sold and securities purchased under resale agreements
459,513 4,220 3.68 432,714 4,578 4.24 
Securities borrowed313,154 2,573 3.30 234,024 2,211 

3.79 
Trading assets – debt instruments706,817 7,457 4.23 562,967 6,309 4.50 
Taxable securities780,472 7,206 3.70 701,196 6,679 3.82 
Nontaxable securities(a)
27,421 323 4.72 26,455 314 4.76 
Total investment securities807,893 7,529 3.74 
(g)
727,651 6,993 3.85 
(g)
Loans1,521,295 24,593 6.48 1,380,726 23,102 6.71 
All other interest-earning assets(b)(c)
143,155 2,012 5.64 102,687 1,758 6.87 
Total interest-earning assets4,287,954 50,735 4.75 3,845,982 48,346 5.04 
Allowance for loan losses(25,877)(25,106)
Cash and due from banks24,433 22,768 
Trading assets – equity and other instruments287,124 239,996 
Trading assets – derivative receivables74,352 57,601 
Goodwill, MSRs and other intangible Assets64,326 64,553 
All other noninterest-earning assets264,776 231,824 
Total assets$4,977,088 $4,437,618 
Liabilities
Interest-bearing deposits$2,047,761 $10,761 2.11 %$1,902,337 $11,401 2.40 %
Federal funds purchased and securities loaned or sold under repurchase agreements
725,804 6,676 3.69 558,043 5,965 4.29 
Short-term borrowings54,013 518 3.84 55,059 607 4.42 
Trading liabilities – debt and all other interest-bearing
liabilities(d)(e)
349,693 2,415 2.77 300,126 2,278 3.04 
Beneficial interests issued by consolidated VIEs28,065 275 3.93 26,185 297 4.55 
Long-term debt372,504 4,468 4.81 348,372 4,484 5.16 
Total interest-bearing liabilities3,577,840 25,113 2.82 3,190,122 25,032 3.15 
Noninterest-bearing deposits637,817 602,777 
Trading liabilities – equity and other instruments(e)
67,958 44,159 
Trading liabilities – derivative payables64,622 40,865 
All other liabilities, including the allowance for lending-related commitments264,509 209,853 
Total liabilities4,612,746 4,087,776 
Stockholders’ equity
Preferred stock21,196 20,045 
Common stockholders’ equity343,146 329,797 
Total stockholders’ equity364,342 349,842 
Total liabilities and stockholders’ equity$4,977,088 $4,437,618 
Interest rate spread1.93 %1.89 %
Net interest income and net yield on interest-earning assets$25,622 2.40 $23,314 2.43 

190

JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
Six months ended June 30, 2026Six months ended June 30, 2025
Average
balance
Interest(f)
Rate
(annualized)		Average
balance
Interest(f)
Rate
(annualized)
Assets
Deposits with banks$324,572 $4,668 2.90 %$425,516 $7,534 3.57 %
Federal funds sold and securities purchased under resale agreements
448,775 8,405 3.78 405,507 8,794 4.37 
Securities borrowed299,995 4,941 3.32 237,494 4,518 

3.84 
Trading assets – debt instruments694,650 14,690 4.26 529,242 11,877 4.53 
Taxable securities777,351 14,181 3.68 669,831 12,671 3.81 
Nontaxable securities(a)
27,743 652 4.74 26,653 624 4.72 
Total investment securities805,094 14,833 3.72 
(g)
696,484 13,295 3.85 
(g)
Loans1,503,817 48,671 6.53 1,360,173 45,573 6.76 
All other interest-earning assets(b)(c)
135,363 3,831 5.71 103,258 3,710 7.25 
Total interest-earning assets4,212,266 100,039 4.79 3,757,674 95,301 5.11 
Allowance for loan losses(25,797)(24,724)
Cash and due from banks23,995 22,659 
Trading assets – equity and other instruments264,342 232,772 
Trading assets – derivative receivables71,357 58,345 
Goodwill, MSRs and other intangible Assets64,321 64,495 
All other noninterest-earning assets258,032 225,803 
Total assets$4,868,516 $4,337,024 
Liabilities
Interest-bearing deposits$2,019,830 $21,045 2.10 %$1,872,777 $22,478 2.42 %
Federal funds purchased and securities loaned or sold under repurchase agreements
691,998 12,821 3.74 511,880 11,154 4.39 
Short-term borrowings
54,737 1,043 3.84 52,190 1,142 4.41 
Trading liabilities – debt and all other interest-bearing
liabilities(d)(e)
337,197 4,678 2.80 294,166 4,369 3.00 
Beneficial interests issued by consolidated VIEs27,793 541 3.92 25,981 593 4.60 
Long-term debt370,005 8,810 4.80 346,668 8,876 5.16 
Total interest-bearing liabilities3,501,560 48,938 2.82 3,103,662 48,612 3.16 
Noninterest-bearing deposits624,630 595,140 
Trading liabilities – equity and other instruments(e)
62,520 40,933 
Trading liabilities – derivative payables59,991 40,976 
All other liabilities, including the allowance for lending-related commitments257,087 209,198 
Total liabilities4,505,788 3,989,909 
Stockholders’ equity
Preferred stock20,624 20,029 
Common stockholders’ equity342,104 327,086 
Total stockholders’ equity362,728 347,115 
Total liabilities and stockholders’ equity$4,868,516 $4,337,024 
Interest rate spread1.97 %1.95 %
Net interest income and net yield on interest-earning assets$51,101 2.45 $46,689 2.51 
(a)Represents securities which are tax-exempt for U.S. federal income tax purposes.
(b)Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.
(c)The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(d)All other interest-bearing liabilities include brokerage-related customer payables.
(e)The combined balance of trading liabilities – debt and equity instruments was $206.3 billion and $166.0 billion for the three months ended June 30, 2026 and 2025, respectively, and $196.7 billion and $161.7 billion for the six months ended June 30, 2026 and 2025, respectively.
(f)Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.
(g)The annualized rate for securities based on amortized cost was 3.72% and 3.82% for the three months ended June 30, 2026 and 2025, respectively, and 3.70% and 3.82% for the six months ended June 30, 2026 and 2025, respectively, and does not give effect to changes in fair value that are reflected in AOCI.
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GLOSSARY OF TERMS AND ACRONYMS
2025 Form 10-K: Annual report on Form 10-K for year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission.
ABS: Asset-backed securities
Active digital customers: Users of all web and/or mobile platforms who have logged in within the past 90 days.
Active foreclosures: Loans referred to foreclosure where formal foreclosure proceedings are ongoing. Includes both judicial and non-judicial states.
Active mobile customers: Users of all mobile platforms who have logged in within the past 90 days.
AFS: Available-for-sale
Allowance for loan losses to total retained loans: Represents period-end allowance for loan losses divided by retained loans.
Amortized cost: Amount at which a financing receivable or investment is originated or acquired, adjusted for accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, charge-offs, foreign exchange, and fair value hedge accounting adjustments. For AFS securities, amortized cost is also reduced by any impairment losses recognized in earnings. Amortized cost is not reduced by the allowance for credit losses, except where explicitly presented net.
AOCI: Accumulated other comprehensive income/(loss)
ARM(s): Adjustable rate mortgage(s)
AUC: “Assets under custody”: Represents assets held directly or indirectly on behalf of clients under safekeeping, custody and servicing arrangements.
Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.
AWM: Asset & Wealth Management
Beneficial interests issued by consolidated VIEs: Represents the interest of third-party holders of debt, equity securities, or other obligations, issued by VIEs that JPMorganChase consolidates.
BHC: Bank holding company
BWM: Banking & Wealth Management
Bridge Financing Portfolio: A portfolio of held-for-sale unfunded loan commitments and funded loans. The unfunded commitments include both short-term bridge loan commitments that will ultimately be replaced by longer term financing as well as term loan commitments. The funded loans include term loans and funded revolver facilities.
CCAR: Comprehensive Capital Analysis and Review
CCB: Consumer & Community Banking
CCP: Central Counterparty
CDS: Credit default swaps
CECL: Current Expected Credit Losses
CEO: Chief Executive Officer
CET1 capital: Common equity Tier 1 capital
CFO: Chief Financial Officer
CFTC: Commodity Futures Trading Commission
CIB: Commercial & Investment Bank
CIO: Chief Investment Office
Client assets: Represent assets under management as well as custody, brokerage, administration and deposit accounts.
Client deposits and other third-party liabilities: Deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.
Client investment assets: Represent assets under management as well as custody, brokerage and annuity accounts, and deposits held in investment accounts.
CLTV: Combined loan-to-value
CMT: Constant Maturity Treasury
Collateral-dependent: A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.
Commercial Card: Provides a wide range of payment services to corporate and public sector clients worldwide through the commercial card products. Services include procurement, corporate travel and entertainment, expense management services, and business-to-business payment solutions.
Credit derivatives: Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity) which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller). Upon the occurrence of a credit event by the reference entity, which may include, among other events, the bankruptcy or failure to pay its obligations, or certain restructurings of the debt of the reference entity, neither party has recourse to the reference entity. The protection purchaser has recourse to the protection seller for the difference between the face value of the CDS contract and the fair value at the time of settling the credit derivative contract. The determination as to
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whether a credit event has occurred is generally made by the relevant International Swaps and Derivatives Association (“ISDA”) Determinations Committee.
Criticized: Criticized loans, lending-related commitments and derivative receivables that are classified as special mention, substandard and doubtful categories for regulatory purposes and are generally consistent with a rating of CCC+/Caa1 and below, as defined by S&P and Moody’s.
CRR: Capital Requirements Regulation
CVA: Credit valuation adjustment
DVA: Debit valuation adjustment
EC: European Commission
Eligible HQLA: Eligible high-quality liquid assets ("HQLA"), for purposes of calculating the liquidity coverage ratio ("LCR"), is the amount of unencumbered HQLA that satisfy certain operational considerations as defined in the LCR rule. Eligible HQLA securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets. For purposes of calculating the LCR, HQLA securities are included at fair value, which may differ from the accounting treatment under U.S. GAAP.
Eligible LTD: Long-term debt satisfying certain eligibility criteria
Embedded derivatives: Implicit or explicit terms or features of a financial instrument that affect some or all of the cash flows or the value of the instrument in a manner similar to a derivative. An instrument containing such terms or features is referred to as a “hybrid.” The component of the hybrid that is the non-derivative instrument is referred to as the “host.” For example, callable debt is a hybrid instrument that contains a plain vanilla debt instrument (i.e., the host) and an embedded option that allows the issuer to redeem the debt issue at a specified date for a specified amount (i.e., the embedded derivative). However, a floating rate instrument is not a hybrid composed of a fixed-rate instrument and an interest rate swap.
EPS: Earnings per share
ERISA: Employee Retirement Income Security Act of 1974
ESG: Environmental, Social and Governance
ETD: “Exchange-traded derivatives”: Derivative contracts that are executed on an exchange and settled via a central clearing house.
EU: European Union
Expense categories:
•Volume- and/or revenue-related expenses generally correlate with changes in the related
business/transaction volume or revenue. Examples of volume- and revenue-related expenses include commissions and incentive compensation, depreciation expense related to operating lease assets, and brokerage expense related to equities trading transaction volume.
•Investments include expenses associated with supporting medium- to longer-term strategic plans of the Firm. Examples of investments include initiatives in technology (including related compensation), marketing, and compensation for new bankers and client advisors.
•Structural expenses are those associated with the day-to-day cost of running the bank and are expenses not covered by the above two categories. Examples of structural expenses include employee salaries and benefits, as well as noncompensation costs such as real estate and all other expenses.
Fannie Mae: Federal National Mortgage Association
FASB: Financial Accounting Standards Board
FCA: Financial Conduct Authority
FDIC: Federal Deposit Insurance Corporation
FDM: "Financial difficulty modification" applies to loan modifications effective January 1, 2023, and is deemed to occur when the Firm modifies specific terms of the original loan agreement. The following types of modifications are considered FDMs: principal forgiveness, interest rate reduction, other-than-insignificant payment deferral, term extension or a combination of these modifications.
Federal Reserve: The Board of the Governors of the Federal Reserve System
FFIEC: Federal Financial Institutions Examination Council
FHA: Federal Housing Administration
FHLB: Federal Home Loan Bank
FICO score: A measure of consumer credit risk based on information in consumer credit reports produced by Fair Isaac Corporation. Because certain aged data is excluded from credit reports based on rules in the Fair Credit Reporting Act, FICO scores may not reflect all historical information about a consumer.
FICC: Fixed Income Clearing Corporation
FINRA: Financial Industry Regulatory Authority
Firm: JPMorgan Chase & Co.
First Republic: On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition”) from the FDIC. "First Republic-related," "associated with First Republic" or similar expressions refer to the relevant effects of the First Republic acquisition, as well as subsequent related business and activities, as
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applicable. Refer to Note 34 of the Firm's 2024 Form 10-K for additional information.
Forward points: Represents the interest rate differential between two currencies, which is either added to or subtracted from the current exchange rate (i.e., “spot rate”) to determine the forward exchange rate.
Freddie Mac: Federal Home Loan Mortgage Corporation
Free-standing derivatives: A derivative contract entered into either separate and apart from any of the Firm’s other financial instruments or equity transactions. Or, in conjunction with some other transaction and is legally detachable and separately exercisable.
FTE: Fully taxable-equivalent
FVA: Funding valuation adjustment
FX: Foreign exchange
G7: “Group of Seven nations”: Countries in the G7 are Canada, France, Germany, Italy, Japan, the U.K. and the U.S.
G7 government securities: Securities issued by the government of one of the G7 nations.
Ginnie Mae: Government National Mortgage Association
GSIB: Global systemically important banks
HELOC: Home equity line of credit
Home equity – senior lien: Represents loans and commitments where JPMorganChase holds the first security interest on the property.
Home equity – junior lien: Represents loans and commitments where JPMorganChase holds a security interest that is subordinate in rank to other liens.
HQLA: High-quality liquid assets. Also refer to Eligible HQLA.
HTM: Held-to-maturity
IBOR: Interbank Offered Rate
IDI: Insured depository institutions
IHC: JPMorgan Chase Holdings LLC, an intermediate holding company
Investment-grade: An indication of credit quality based on JPMorganChase’s internal risk assessment system. “Investment grade” generally represents a risk profile similar to a rating of a “BBB-”/“Baa3” or better, as defined by independent rating agencies.
IPO: Initial Public Offering
IR: Interest rate
ISDA: International Swaps and Derivatives Association
JPMorganChase: JPMorgan Chase & Co.
JPMorgan Chase Bank, N.A.: JPMorgan Chase Bank, National Association
JPMorgan Chase Foundation or Foundation: A not-for-profit organization that makes contributions for charitable and educational purposes.
J.P. Morgan Securities: J.P. Morgan Securities LLC
JPMSE: J.P. Morgan SE
LCR: Liquidity coverage ratio
LIBOR: London Interbank Offered Rate
LLC: Limited Liability Company
LOB: Line of business
LTV: “Loan-to-value ratio”: For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the appraised value of the collateral (i.e., residential real estate) securing the loan.
Origination date LTV ratio: The LTV ratio at the origination date of the loan. Origination date LTV ratios are calculated based on the actual appraised values of collateral (i.e., loan-level data) at the origination date.
Current estimated LTV ratio: An estimate of the LTV as of a certain date. The current estimated LTV ratios are calculated using estimated collateral values derived from a nationally recognized home price index measured at the metropolitan statistical area (“MSA”) level. These MSA-level home price indices consist of actual data to the extent available and forecasted data where actual data is not available. As a result, the estimated collateral values used to calculate these ratios do not represent actual appraised loan-level collateral values; as such, the resulting LTV ratios are necessarily imprecise and should therefore be viewed as estimates.
Combined LTV ratio: The LTV ratio considering all available lien positions, as well as unused lines, related to the property. Combined LTV ratios are used for junior lien home equity products.
Macro businesses: The macro businesses include Rates, Currencies and Emerging Markets, Fixed Income Financing and Commodities in CIB's Fixed Income Markets.
Managed basis: A non-GAAP presentation of Firmwide financial results that includes reclassifications to present revenue on a fully taxable-equivalent basis. Management also uses this financial measure at the segment level, because it believes this provides information to enable investors to understand the underlying operational performance and trends of the particular business segment and facilitates a comparison of the business segment with the performance of competitors.
Markets: Consists of CIB's Fixed Income Markets and Equity Markets businesses.
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Master netting agreement: A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).
MBS: Mortgage-backed securities
MD&A: Management’s discussion and analysis
Measurement alternative: Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.
Merchant Services: Offers merchants payment processing capabilities, fraud and risk management, data and analytics, and other payments services. Through Merchant Services, merchants of all sizes can accept payments via credit and debit cards and payments in multiple currencies.
MEVs: "Macroeconomic variables": Refer to quantitative measures of current and forecasted macroeconomic conditions - such as the unemployment rates, gross domestic product growth rate and interest rates - used by the Firm in its models to estimate credit losses.
Moody’s: Moody’s Investor Services
Mortgage product types:
Alt-A
Alt-A loans are generally higher in credit quality than subprime loans but have characteristics that would disqualify the borrower from a traditional prime loan. Alt-A lending characteristics may include one or more of the following: (i) limited documentation; (ii) a high CLTV ratio; (iii) loans secured by non-owner occupied properties; or (iv) a debt-to-income ratio above normal limits. A substantial proportion of the Firm’s Alt-A loans are those where a borrower does not provide complete documentation of his or her assets or the amount or source of his or her income.
Option ARMs
The option ARM real estate loan product is an adjustable-rate mortgage loan that provides the borrower with the option each month to make a fully amortizing, interest-only or minimum payment. The minimum payment on an option ARM loan is based on the interest rate charged during the introductory period. This introductory rate is usually significantly below the fully indexed rate. The fully indexed rate is calculated using an index rate plus a margin. Once the introductory period ends, the contractual interest rate charged on the loan increases to the fully indexed rate and adjusts monthly to reflect movements in the index. The minimum payment is typically insufficient to cover
interest accrued in the prior month, and any unpaid interest is deferred and added to the principal balance of the loan. Option ARM loans are subject to payment recast, which converts the loan to a variable-rate fully amortizing loan upon meeting specified loan balance and anniversary date triggers.
Prime
Prime mortgage loans are made to borrowers with good credit records who meet specific underwriting requirements, including prescriptive requirements related to income and overall debt levels. New prime mortgage borrowers provide full documentation and generally have reliable payment histories.
Subprime
Subprime loans are loans that, prior to mid-2008, were
offered to certain customers with one or more high risk characteristics, including but not limited to: (i) unreliable or poor payment histories; (ii) a high LTV ratio of greater than 80% (without borrower-paid mortgage insurance); (iii) a high debt-to-income ratio; (iv) an occupancy type for the loan is other than the borrower’s primary residence; or (v) a history of delinquencies or late payments on the loan.
MREL: Minimum requirements for own funds and eligible liabilities
MSR: Mortgage servicing rights
NA: Data is not applicable or available for the period presented.
Net Capital Rule: Rule 15c3-1 under the Securities Exchange Act of 1934.
Net charge-off/(recovery) rate: Represents net charge-offs/(recoveries) (annualized) divided by average retained loans for the reporting period.
Net interchange income includes the following components:
•Interchange income: Fees earned by credit and debit card issuers on sales transactions.
•Rewards costs: The cost to the Firm for points earned by cardholders enrolled in credit card rewards programs generally tied to sales transactions.
•Partner payments: Payments to co-brand credit card partners based on the cost of loyalty program rewards earned by cardholders on credit card transactions.
Net yield on interest-earning assets: The average rate for interest-earning assets less the average rate paid for all sources of funds.
NFA: National Futures Association
NM: Not meaningful
Nonaccrual loans: Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured
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by U.S. government agencies) are placed on nonaccrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more unless the loan is both well-secured and in the process of collection. Collateral-dependent loans are typically maintained on nonaccrual status.
Nonperforming assets: Nonperforming assets include nonaccrual loans, nonperforming derivatives and certain assets acquired in loan satisfactions, predominantly real estate owned and other commercial and personal property.
NSFR: Net Stable Funding Ratio
OCC: Office of the Comptroller of the Currency
OCI: Other comprehensive income/(loss)
OPEB: Other postretirement employee benefit
Operating losses: Primarily refer to fraud losses associated with customer deposit accounts, credit and debit cards; exclude legal expense
OTC: “Over-the-counter derivatives”: Derivative contracts that are negotiated, executed and settled bilaterally between two derivative counterparties, where one or both counterparties is a derivatives dealer.
OTC cleared: “Over-the-counter cleared derivatives”: Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.
Overhead ratio: Noninterest expense as a percentage of total net revenue.
Parent Company: JPMorgan Chase & Co.
Participating securities: Represents unvested share-based compensation awards containing nonforfeitable rights to dividends or dividend equivalents (collectively, “dividends”), which are included in the earnings per share calculation using the two-class method. JPMorganChase grants restricted stock and RSUs to certain employees under its share-based compensation programs, which entitle the recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities, based on their respective rights to receive dividends.
PCD: “Purchased credit deteriorated” assets represent acquired financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Firm.
Pillar 1: The Basel framework consists of a three “Pillar” approach. Pillar 1 establishes minimum capital requirements, defines eligible capital instruments, and prescribes rules for calculating RWA.
Pillar 3: The Basel framework consists of a three “Pillar” approach. Pillar 3 encourages market discipline through disclosure requirements which allow market participants to assess the risk and capital profiles of banks.
PRA: Prudential Regulation Authority
Preferred stock dividends: Reflects dividends declared and deemed dividends upon redemption of preferred stock
Pre-provision profit/(loss): Represents total net revenue less noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
Principal transactions revenue: Principal transactions revenue is driven by many factors, including the bid-offer spread, which is the difference between the price at which the Firm is willing to buy a financial or other instrument and the price at which the Firm is willing to sell that instrument. It also consists of realized (as a result of closing out or termination of transactions, or interim cash payments) and unrealized (as a result of changes in valuation) gains and losses on financial and other instruments (including those accounted for under the fair value option) primarily used in client-driven market-making activities and on private equity investments. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities (including physical commodities inventories and financial instruments that reference commodities). Principal transactions revenue also includes certain realized and unrealized gains and losses related to hedge accounting and specified risk-management activities, including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specific risk management purposes, primarily to mitigate credit risk and foreign exchange risk, and (c) other derivatives.
PSU(s): Performance share units
Regulatory VaR: Daily aggregated VaR calculated in accordance with regulatory rules.
REO: Real estate owned
Reported basis: Financial statements prepared under U.S. GAAP, which excludes the impact of taxable-equivalent adjustments.
Retained loans: Loans that are held-for-investment (i.e. excludes loans held-for-sale and loans at fair value).
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Revenue wallet: Total fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan syndications. Source: Dealogic, a third-party provider of investment banking competitive analysis and volume based league tables for the above noted industry products.
RHS: Rural Housing Service of the U.S. Department of Agriculture
ROE: Return on equity
ROTCE: Return on tangible common equity
ROU assets: Right-of-use assets
RSU(s): Restricted stock units
RWA: “Risk-weighted assets”: Basel III establishes two comprehensive approaches for calculating RWA (a Standardized approach and an Advanced approach) which include capital requirements for credit risk, market risk, and in the case of Advanced, also operational risk. Key differences in the calculation of credit risk RWA between the Standardized and Advanced approaches are that for Advanced, credit risk RWA is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters, whereas for Standardized, credit risk RWA is generally based on supervisory risk-weightings which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Standardized and Advanced.
S&P: Standard and Poors
SA-CCR: Standardized Approach for Counterparty Credit Risk
SAR as it pertains to Hong Kong: Special Administrative Region
SAR(s) as it pertains to employee stock awards: Stock appreciation rights
SCB: Stress capital buffer
Scored portfolios: Consumer loan portfolios that predominantly include residential real estate loans, credit card loans, auto loans to individuals and certain small business loans.
SEC: U.S. Securities and Exchange Commission
Securitized Products Group: Comprised of Securitized Products and tax-oriented investments.
Seed capital: Initial JPMorgan capital invested in products, such as mutual funds, with the intention of ensuring the fund is of sufficient size to represent a viable offering to clients, enabling pricing of its shares, and allowing the manager to develop a track record. After these goals are achieved, the intent is to remove the Firm’s capital from the investment.
Shelf securities: Securities registered with the SEC under a shelf registration statement that have not been issued, offered or sold. These securities are not included in league tables until they have actually been issued.
Single-name: Single reference-entities
SLR: Supplementary leverage ratio
SMBS: Stripped Mortgage-Backed Securities
SOFR: Secured Overnight Financing Rate
SPEs: Special purpose entities
Structural interest rate risk: Represents interest rate risk of the non-trading assets and liabilities of the Firm.
Structured notes: Structured notes are financial instruments whose cash flows are linked to the movement in one or more indexes, interest rates, foreign exchange rates, commodities prices, prepayment rates, underlying reference pool of loans or other market variables. The notes typically contain embedded (but not separable or detachable) derivatives. Contractual cash flows for principal, interest, or both can vary in amount and timing throughout the life of the note based on non-traditional indexes or non-traditional uses of traditional interest rates or indexes.
Suspended foreclosures: Loans referred to foreclosure where formal foreclosure proceedings have started but are currently on hold, which could be due to bankruptcy or loss mitigation. Includes both judicial and non-judicial states.
Taxable-equivalent basis: In presenting managed results, the total net revenue for each of the business segments and the Firm is presented on a tax-equivalent basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities; the corresponding income tax impact related to tax-exempt items is recorded within income tax expense.
TBVPS: Tangible book value per share
TCE: Tangible common equity
TLAC: Total Loss Absorbing Capacity
Total payments transaction volume: Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.
U.K.: United Kingdom
U.S.: United States of America
U.S. GAAP: Accounting principles generally accepted in the United States of America.
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U.S. government agencies: U.S. government agencies include, but are not limited to, agencies such as Ginnie Mae and FHA, and do not include Fannie Mae and Freddie Mac which are U.S. government-sponsored enterprises (“U.S. GSEs”). In general, obligations of U.S. government agencies are fully and explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government in the event of a default.
U.S. GSE(s): “U.S. government-sponsored enterprises” are quasi-governmental, privately-held entities established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress to improve the flow of credit to specific sectors of the economy and provide certain essential services to the public. U.S. GSEs include Fannie Mae and Freddie Mac, but do not include Ginnie Mae or FHA. U.S. GSE obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.
U.S. Treasury: U.S. Department of the Treasury
Unaudited: Financial statements and/or information that have not been subject to auditing procedures by an independent registered public accounting firm.
VA: U.S. Department of Veterans Affairs
VaR: “Value-at-risk” is a measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.
VIEs: Variable interest entities
Warehouse loans: Consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as loans.
Weighted-average macroeconomic outlook: Refers to the forecast of macroeconomic conditions used by the Firm in its models to estimate credit losses which reflects the weighted average results of the five internally-developed macroeconomic scenarios over an eight-quarter forecast period and incorporates macroeconomic variables and any qualitative adjustments (such as changes in the weight placed on an upside or adverse scenario).
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LINE OF BUSINESS METRICS
CONSUMER & COMMUNITY BANKING (“CCB”)
Debit and credit card sales volume: Dollar amount of card member purchases, net of returns.
Deposit margin: Represents net interest income expressed as a percentage of average deposits.
Home Lending Production and Home Lending Servicing revenue comprises the following:
Net mortgage servicing revenue: Includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies.
Production revenue: Includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option.
Mortgage origination channels comprise the following:
Retail: Borrowers who buy or refinance a home through direct contact with a mortgage banker employed by the Firm using a branch office, the Internet or by phone. Borrowers are frequently referred to a mortgage banker by a banker in a Chase branch, real estate brokers, home builders or other third parties.
Correspondent: Banks, thrifts, other mortgage banks and other financial institutions that sell closed loans to the Firm.
Card Services: A business that primarily issues credit cards to consumers and small businesses.
Net revenue rate: Represents Card Services net revenue (annualized) expressed as a percentage of average loans for the period.
Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.
COMMERCIAL & INVESTMENT BANK (“CIB”)
Definition of selected CIB revenue:
Investment Banking: Includes investment banking fees as well as other revenues associated with investment banking activities and services including advising on corporate strategy and structure, and capital-raising in equity and debt markets.
Payments: Reflects revenue from cash management solutions, including services that enable clients to manage payments globally across liquidity and account solutions, commerce solutions, clearing, trade and working capital.
Lending: Includes revenue from a variety of financing alternatives, which includes on a secured basis.
Fixed Income Markets: Primarily includes revenue related to market-making and lending across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets.
Equity Markets: Primarily includes revenue related to market-making and lending across global equity markets, including cash, derivative and prime brokerage products.
Securities Services: Revenues are primarily generated from net interest income, asset based fees, and transaction based fees. Our core product offering is organized into four key areas: custody, fund services, liquidity and trading services, and data solutions. These services are marketed primarily to institutional investors.
Description of certain business metrics:
Assets under custody (“AUC”): Represents activities associated with the safekeeping and servicing of assets on which Securities Services earns fees.
Investment banking fees: Represents advisory, equity underwriting, bond underwriting and loan syndication fees.
Description of CIB client coverage segment for Banking & Payments revenue(a):
Global Corporate Banking & Global Investment Banking: Provides banking products and services generally to large corporations, financial institutions and merchants.
Commercial Banking: Provides banking products and services to clients, including start-ups, small and mid-sized companies, local governments, municipalities, and nonprofits, as well as commercial real estate clients.
(a)Global Banking is a client coverage view within the Banking & Payments business and is comprised of the Global Corporate Banking, Global Investment Banking and Commercial Banking client coverage segments.
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ASSET & WEALTH MANAGEMENT (“AWM”)
Assets under management (“AUM”): Represent assets managed by AWM on behalf of its Private Banking, Global Institutional and Global Funds clients. Includes “Committed capital not Called.”
Client assets: Represent assets under management, as well as custody, brokerage, administration and deposit accounts.
Multi-asset: Any fund or account that allocates assets under management to more than one asset class.
Alternative assets "Alternatives": The following types of assets constitute alternative investments – hedge funds, currency, real estate, private equity and other investment funds designed to focus on nontraditional strategies.
Stock Plan Administration: Relates to an equity plan administration business which was acquired in 2022 with the Firm’s purchase of Global Shares.
AWM’s lines of business consist of the following:
Asset Management: Offers multi-asset investment management solutions across equities, fixed income, alternatives and money market funds to institutional and retail investors providing for a broad range of clients’ investment needs.
Global Private Bank: Provides retirement products and services, brokerage, custody, trusts and estates, loans, mortgages, deposits and investment management to high net worth clients.
AWM’s client segments consist of the following:
Private Banking: Clients include high- and ultra-high-net-worth individuals, families, money managers and business owners.
Global Institutional: Clients include both corporate and public institutions, endowments, foundations, nonprofit organizations and governments worldwide.
Global Funds: Clients include financial intermediaries and individual investors.
Asset Management has two high-level measures of its overall fund performance:
Percentage of active mutual fund and active ETF assets under management in funds rated 4- or 5-star: Mutual fund rating services rank funds based on their risk-adjusted performance over various periods. A 5-star rating is the best rating and represents the top 10% of industry-wide ranked funds. A 4-star rating represents the next 22.5% of industry-wide ranked funds. A 3-star rating represents the next 35% of industry-wide ranked funds. A 2-star rating represents the next 22.5% of industry-wide ranked funds. A 1-star rating is the worst rating and represents the bottom 10% of industry-wide ranked funds. An overall Morningstar rating is derived from a weighted average
of the performance associated with a fund’s three-, five- and ten- year (if applicable) Morningstar Rating metrics. For U.S.-domiciled funds, separate star ratings are provided at the individual share class level. The Nomura “star rating” is based on three-year risk-adjusted performance only. Funds with fewer than three years of history are not rated and hence excluded from these rankings. All ratings, the assigned peer categories and the asset values used to derive these rankings are sourced from the applicable fund rating provider. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on star ratings at the share class level for U.S.-domiciled funds, and at a “primary share class” level to represent the star rating of all other funds, except for Japan, for which Nomura provides ratings at the fund level. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.
Percentage of active mutual fund and active ETF assets under management in funds ranked in the 1st or 2nd quartile (one, three, and five years): All quartile rankings, the assigned peer categories and the asset values used to derive these rankings are sourced from the fund rating providers. Quartile rankings are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on fund performance and associated peer rankings at the share class level for U.S.-domiciled funds, at a “primary share class” level to represent the quartile ranking for U.K., Luxembourg and Hong Kong funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.
“Primary share class” means the C share class for European funds and Acc share class for Hong Kong and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Refer to the Market Risk Management section of Management’s discussion and analysis and pages 133-142 of JPMorganChase’s 2025 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.
Item 4. Controls and Procedures.
As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of the Firm’s management, including its Chairman and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, the Chairman and Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective. Refer to Exhibits 31.1 and 31.2 for the Certifications furnished by the Chairman and Chief Executive Officer and Chief Financial Officer, respectively.
The Firm is committed to maintaining high standards of internal control over financial reporting. Nevertheless, because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Deficiencies or lapses in internal controls may occur from time to time, and there can be no assurance that any such deficiencies will not result in significant deficiencies or material weaknesses in internal control in the future and collateral consequences therefrom. Refer to “Management’s report on internal control over financial reporting” on page 161 of JPMorganChase’s 2025 Form 10-K for further information. There was no change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that occurred during the three months ended June 30, 2026, that has materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.
Part II – Other Information
Item 1. Legal Proceedings.
Refer to the discussion of the Firm’s material legal proceedings in Note 24 of this Form 10-Q for information that updates the disclosures set forth under Part I, Item 3: Legal Proceedings, in JPMorganChase’s 2025 Form 10-K.
Item 1A. Risk Factors.
Refer to Part I, Item 1A: Risk Factors on pages 9–31 of JPMorganChase’s 2025 Form 10-K and Forward-Looking Statements on page 92 of this Form 10-Q for a discussion of certain risk factors affecting the Firm.
Supervision and regulation
Refer to the Supervision and regulation section on pages 2-6 of JPMorganChase’s 2025 Form 10-K for information on Supervision and Regulation.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Repurchases under the common share repurchase program
Refer to Capital Risk Management on pages 44-51 of this Form 10-Q and pages 89–99 of JPMorganChase’s 2025 Form 10-K for information regarding repurchases under the Firm’s common share repurchase program.
On June 24, 2026, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2026. Through June 30, 2026, the Firm was authorized to purchase up to $50 billion of common shares under its previously-approved common share repurchase program that was announced on July 1, 2025.
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Shares repurchased pursuant to the common share repurchase program during the six months ended June 30, 2026 were as follows:
Six months ended June 30, 2026Total number of shares of common stock repurchased
Average price paid per share of common stock(a)
Aggregate purchase price of common stock repurchases
 (in millions)(a)
Dollar value of remaining authorized repurchase
(in millions)(a)
First quarter27,508,883 $302.75 $8,328 $25,095 
April8,186,096 $307.83 $2,520 $22,575 
May7,908,801 303.45 2,400 20,175 
June5,651,221 315.43 1,783 18,392 
(b)
Second quarter21,746,118 $308.21 $6,703 $18,392 
(b)
Year-to-date49,255,001 $305.16 $15,031 $18,392 
(b)
(a)Excludes excise tax and commissions.
(b)Represents the amount remaining under the $50 billion repurchase program.
Item 3.    Defaults Upon Senior Securities.
None.
Item 4.    Mine Safety Disclosures.
Not applicable.
Item 5.    Other Information.
Trading arrangements
The following table provides information concerning Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) adopted in the second quarter of 2026, by any director or officer who is subject to the filing requirements of Section 16 of the Securities Exchange Act of 1934 (each a "Section 16 Director or Officer"). These trading arrangements are intended to satisfy the affirmative defense of Rule 10b5-1(c). Certain of the Firm's Section 16 Directors or Officers may participate in employee stock purchase plans, 401(k) plans or dividend reinvestment plans of the Firm that have been designed to comply with Rule 10b5-1(c). No non-Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) were adopted by any Section 16 Director or Officer during the second quarter of 2026. Additionally, no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were terminated by any Section 16 Director or Officer in the second quarter of 2026.
NameTitleAdoption date
Duration(a)
Aggregate number of shares to be sold
Robin LeopoldHead of Human ResourcesApril 22, 2026April 22, 2026 – December 31, 20265,000
(a)Sales under the trading arrangement will not commence until completion of the required cooling off period under Rule 10b5-1. Subject to compliance with Rule 10b5-1, duration could cease earlier than the final date shown above to the extent that the aggregate number of shares to be sold under the trading arrangement have been sold.

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Item 6.    Exhibits.
Exhibit No.Description of Exhibit
10.1
15
22
31.1
31.2
32
101.INS
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.(c)
101.SCH
XBRL Taxonomy Extension Schema Document.(a)
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document.(a)
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document.(a)
101.LAB
XBRL Taxonomy Extension Label Linkbase Document.(a)
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document.(a)
104Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).
(a)Filed herewith.
(b)Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
(c)Pursuant to Rule 405 of Regulation S-T, includes the following financial information included in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, formatted in XBRL (eXtensible Business Reporting Language) interactive data files: (i) the Consolidated statements of income (unaudited) for the three and six months ended June 30, 2026 and 2025, (ii) the Consolidated statements of comprehensive income (unaudited) for the three and six months ended June 30, 2026 and 2025, (iii) the Consolidated balance sheets (unaudited) as of June 30, 2026 and December 31, 2025, (iv) the Consolidated statements of changes in stockholders’ equity (unaudited) for the three and six months ended June 30, 2026 and 2025, (v) the Consolidated statements of cash flows (unaudited) for the six months ended June 30, 2026 and 2025, and (vi) the Notes to Consolidated Financial Statements (unaudited).
203

SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
JPMorgan Chase & Co.
(Registrant)

By:/s/ Elena Korablina
Elena Korablina
Managing Director and Firmwide Controller
(Principal Accounting Officer)

Date:August 6, 2026




































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