Form 8-K
8-K — JPMORGAN CHASE & CO
Accession: 0001628280-26-048078
Filed: 2026-07-14
Period: 2026-07-14
CIK: 0000019617
SIC: 6021 (NATIONAL COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — jpm-20260714.htm (Primary)
EX-99.1 — JPMORGAN CHASE & CO. EARNINGS RELEASE - SECOND QUARTER 2026 RESULTS (a2q26erfexhibit991narrative.htm)
EX-99.2 — JPMORGAN CHASE & CO. EARNINGS RELEASE FINANCIAL SUPPLEMENT - SECOND QUARTER 2026 (a2q26erfex992supplement.htm)
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8-K
8-K (Primary)
Filename: jpm-20260714.htm · Sequence: 1
jpm-20260714
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 14, 2026
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
Delaware 1-5805 13-2624428
(State or other jurisdiction of
incorporation or organization) (Commission File Number) (I.R.S. employer
identification no.)
270 Park Avenue,
New York, New York 10017
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 270-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock JPM The 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 D The 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 C The 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 J The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ JPM PR K The 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 MM JPM PR M The New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
JPM/32 The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC AMJB NYSE Arca, Inc.
Guarantee of Inverse VIX Short-Term Futures ETNs due March 22, 2045 of JPMorgan Chase Financial Company LLC VYLD NYSE Arca, Inc.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operations and Financial Condition
On July 14, 2026, JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) reported 2026 second quarter net income of $21.2 billion, or $7.70 per share, compared with net income of $15.0 billion, or $5.24 per share, in the second quarter of 2025. A copy of the 2026 second quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.
Each of the Exhibits provided with this Form 8-K shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934.
This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These 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. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorganChase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which have been filed with the Securities and Exchange Commission and are available on JPMorganChase’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorganChase does not undertake to update any forward-looking statements.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description of Exhibit
99.1
JPMorgan Chase & Co. Earnings Release - Second Quarter 2026 Results
99.2
JPMorgan Chase & Co. Earnings Release Financial Supplement - Second Quarter 2026
101 Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).
2
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 hereunto duly authorized.
JPMorgan Chase & Co.
(Registrant)
By: /s/ Elena Korablina
Elena Korablina
Managing Director and Firmwide Controller
(Principal Accounting Officer)
Dated: July 14, 2026
3
EX-99.1 — JPMORGAN CHASE & CO. EARNINGS RELEASE - SECOND QUARTER 2026 RESULTS
EX-99.1
Filename: a2q26erfexhibit991narrative.htm · Sequence: 2
Document
Exhibit 99.1
JPMorgan Chase & Co.
270 Park Avenue, New York, NY 10017-2070
NYSE symbol: JPM
www.jpmorganchase.com
JPMORGANCHASE REPORTS SECOND-QUARTER 2026 NET INCOME OF $21.2 BILLION ($7.70 PER SHARE), NET INCOME EXCLUDING SIGNIFICANT ITEMS OF $16.9 BILLION ($6.14 PER SHARE)
SECOND-QUARTER 2026 RESULTS 1
ROE 24%
ROTCE2 29%
ROTCE ex. significant items2 23%
CET1 Capital Ratios3
Std. 14.1% | Adv. 14.2%
Total Loss-Absorbing Capacity3 $590B
Std. RWA3 $2.1T
Cash and marketable securities4 $1.5T
Average loans $1.5T
Firmwide Metrics
n
Reported revenue of $57.3 billion and managed revenue2 of $58.0 billion
n
Expense of $27.3 billion; reported overhead ratio of 48% and managed overhead ratio2 of 47%
n
Credit costs of $2.5 billion with $2.4 billion of net charge-offs and a $149 million net reserve build
n
Average loans up 10% YoY, up 2% QoQ; average deposits up 7% YoY, up 3% QoQ
CCB
ROE 34%
n
Average deposits up 3% YoY, up 2% QoQ; client investment assets up 21% YoY
n
Average loans up 2% YoY, up 1% QoQ; Card Services net charge-off rate of 3.34%
n
Debit and credit card sales volume5 up 10% YoY
n
Active mobile customers6 up 6% YoY
CIB
ROE 22%
n
Investment Banking fees up 30% YoY, up 14% QoQ; #1 ranking for Global Investment Banking fees with 9.3% wallet share YTD7
n
Markets revenue up 35% YoY, with Fixed Income Markets up 6% and Equity Markets up 86%
n
Average Banking & Payments loans up 13% YoY, up 5% QoQ; average client deposits8 up 11% YoY, up 3% QoQ
AWM
ROE 48%
n
AUM9 of $5.1 trillion, up 18% YoY
n
Average loans up 18% YoY, up 6% QoQ; average deposits up 5% YoY, up 3% QoQ
Jamie Dimon, Chairman and CEO, commented on the financial results: “The Firm reported very strong results in the quarter, generating net income of $16.9 billion and an ROTCE of 23%, excluding gains related to Visa and certain equity investments. These results were the product of a particularly favorable environment with an elevated level of market activity, as well as rigorous execution, years of consistent investment and thoughtful capital deployment.”
Dimon continued: “Performance was strong across the Firm, and revenue in each line of business hit a new record. In the CIB, revenue grew 27% and outperformed our expectations, with Markets revenue growing 35% due to elevated client activity, strong trading performance and continued demand for financing in Equities. IB activity also accelerated, with IB fees jumping 30% to the highest level since 2021, and market sentiment remains constructive for continued activity. Additionally, Payments and Securities Services each posted double-digit revenue growth led by ongoing deposit and fee growth. In CCB, revenue rose 8%, and we continued to add customers at a sustained pace across the franchise. In wealth management, first-time investors of nearly 44,000 set a new record. Additionally, Card annual fees grew more than 30%, reflecting healthy retention levels after recent product refreshes as well as demand for our premium products. Finally, in AWM, revenue increased 19%, and flows remained robust with $50 billion of long-term AUM net inflows, helping to drive AUM to over $5 trillion.”
Dimon added: “The U.S. economy has demonstrated notable resiliency this year, with stronger business investment and hiring. This strength is being supported by several tailwinds, including AI-driven capital investment, fiscal stimulus and the benefits of more efficient regulation. However, several risks are shifting below the surface like tectonic plates, including geopolitical tensions and wars, sticky inflation, large global fiscal deficits and elevated asset prices. We cannot predict how these forces will ultimately play out. They may remain manageable, but they could also cause meaningful disruptions when they shift or collide. We carefully monitor these risks and prepare the Firm for a wide range of scenarios to ensure that we can serve our customers and clients consistently in all environments.”
Dimon concluded: “I want to express my deep gratitude to our employees across the globe for how they work to support our customers and communities every single day.”
SIGNIFICANT ITEMS IN 2Q26 RESULTS
n $4.6 billion net gain related to Visa shares10 ($1.27 increase in EPS11)
n $1.0 billion of gains on certain equity investments12 ($0.29 increase in EPS)
CAPITAL DISTRIBUTIONS
n Common dividend of $4.0 billion or $1.50 per share
n $6.2 billion of common stock net repurchases13
n Net payout LTM13,14 of 73%
FORTRESS PRINCIPLES
n Book value per share of $133.01, up 9% YoY; tangible book value per share2 of $113.35, up 10% YoY
n Basel III common equity Tier 1 capital3 of $303 billion, Standardized ratio3 of 14.1% and Advanced ratio3 of 14.2%
n Firm supplementary leverage ratio of 5.5%
SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES
n Approximately $1.9 trillion of credit and capital15 raised YTD:
n $160 billion of credit for consumers
n $17 billion of credit for U.S. small businesses
n $1.7 trillion of credit and capital for corporations and non-U.S. government entities
n $52 billion of credit and capital for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities
Investor Contact: Mikael Grubb (212) 270-2479
Media Contact: Joseph Evangelisti (212) 270-7438
Note: Totals may not sum due to rounding.
1 Percentage comparisons are for the second quarter of 2026 versus the prior-year second quarter, unless otherwise specified.
2 For notes on non-GAAP financial measures, including managed basis reporting, see page 6.
For additional notes, see page 7.
JPMorgan Chase & Co.
News Release
In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments and Corporate is also presented on a managed basis. For more information about managed basis and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.
Comparisons noted in the sections below are for the second quarter of 2026 versus the prior-year second quarter, unless otherwise specified.
JPMORGANCHASE (JPM)
Results for JPM 1Q26 2Q25
($ millions, except per share data) 2Q26 1Q26 2Q25 $ O/(U) O/(U) % $ O/(U) O/(U) %
Net revenue - reported $ 57,347 $ 49,836 $ 44,912 $ 7,511 15 % $ 12,435 28 %
Net revenue - managed 58,022 50,536 45,680 7,486 15 12,342 27
Noninterest expense 27,316 26,850 23,779 466 2 3,537 15
Provision for credit losses 2,515 2,507 2,849 8 — (334) (12)
Net income $ 21,155 $ 16,494 $ 14,987 $ 4,661 28 % $ 6,168 41 %
Earnings per share - diluted $ 7.70 $ 5.94 $ 5.24 $ 1.76 30 % $ 2.46 47 %
Return on common equity 24 % 19 % 18 %
Return on tangible common equity 29 23 21
Discussion of Results:
Net income was $21.2 billion, up 41%, or up 13% excluding significant items.2 The significant items, each in the current quarter, consisted of a $4.6 billion net gain related to Visa shares in Corporate as well as $1.0 billion of gains on certain equity investments, of which $763 million was in Corporate and $263 million was in CIB.
Net revenue was $58.0 billion, up 27%, or up 15% excluding significant items. Net interest income was $25.6 billion, up 10%. Noninterest revenue was $32.4 billion, up 45%, or up 20% excluding significant items.
Net interest income excluding Markets2 was $23.7 billion, up 4%, driven by higher deposit balances, higher revolving balances in Card Services and higher wholesale loan balances, largely offset by the impact of lower rates. Noninterest revenue excluding Markets2 was $22.3 billion, up 59%, or up 19% also excluding significant items, largely driven by higher asset management fees in AWM and CCB, higher Investment Banking revenue and higher auto operating lease income, partially offset by higher net investment securities losses. Markets revenue was $12.1 billion, up 35%, predominantly driven by higher Equity Markets revenue.
Noninterest expense was $27.3 billion, up 15%, predominantly driven by higher compensation, including higher revenue-related compensation and growth in the number of front office employees, as well as higher brokerage expense and distribution fees, higher marketing expense, higher technology expense 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 reserve build 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 reserve build was $439 million.
The prior year included a $774 million income tax benefit in Corporate.
2
JPMorgan Chase & Co.
News Release
CONSUMER & COMMUNITY BANKING (CCB)
Results for CCB 1Q26 2Q25
($ millions) 2Q26 1Q26 2Q25 $ O/(U) O/(U) % $ O/(U) O/(U) %
Net revenue
$ 20,272 $ 19,568 $ 18,847 $ 704 4 % $ 1,425 8 %
Banking & Wealth Management 11,229 10,577 10,698 652 6 531 5
Home Lending 1,285 1,232 1,250 53 4 35 3
Card Services & Auto 7,758 7,759 6,899 (1) — 859 12
Noninterest expense 11,108 10,979 9,858 129 1 1,250 13
Provision for credit losses 2,156 2,050 2,082 106 5 74 4
Net income $ 5,311 $ 4,976 $ 5,169 $ 335 7 % $ 142 3 %
Discussion of Results:
Net income was $5.3 billion, up 3%.
Net revenue was $20.3 billion, up 8%. Banking & Wealth Management net revenue was $11.2 billion, up 5%, largely driven by higher asset management fees in J.P. Morgan Wealth Management and higher deposit-related fees. Home Lending net revenue was $1.3 billion, up 3%, driven by higher net interest income. Card Services & Auto net revenue was $7.8 billion, up 12%, predominantly driven by higher Card Services net interest income, largely on higher revolving balances, as well as higher auto operating lease income.
Noninterest expense was $11.1 billion, up 13%, predominantly driven by higher marketing expense, higher compensation for advisors and bankers, higher technology expense and higher auto lease depreciation.
The provision for credit losses was $2.2 billion. Net charge-offs were $2.2 billion, up $70 million, predominantly driven by Card Services. Reserves were flat. In the prior year, the provision was $2.1 billion, net charge-offs were $2.1 billion and reserves were relatively flat.
3
JPMorgan Chase & Co.
News Release
COMMERCIAL & INVESTMENT BANK (CIB)
Results for CIB 1Q26 2Q25
($ millions) 2Q26 1Q26 2Q25 $ O/(U) O/(U) % $ O/(U) O/(U) %
Net revenue $ 24,853 $ 23,379 $ 19,535 $ 1,474 6 % $ 5,318 27 %
Banking & Payments 11,162 10,425 9,248 737 7 1,914 21
Markets & Securities Services 13,691 12,954 10,287 737 6 3,404 33
Noninterest expense 11,390 11,136 9,641 254 2 1,749 18
Provision for credit losses 356 482 696 (126) (26) (340) (49)
Net income $ 9,678 $ 9,044 $ 6,650 $ 634 7 % $ 3,028 46 %
Discussion of 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 $3.3 billion, up 30%, driven by higher fees across all products, with particularly strong performance in equity underwriting fees. Payments revenue was $5.3 billion, up 12%, predominantly driven by higher deposit balances and fee growth. Lending revenue was $2.0 billion, up 7%, largely driven by higher loan balances.
Markets & Securities Services revenue was $13.7 billion, up 33%. Markets revenue was $12.1 billion, up 35%. 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. Equity Markets revenue was $6.0 billion, up 86%, driven by strong performance across products and regions. 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 deposit balances.
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 net lending activity and changes in the credit quality of certain exposures, partially offset by a reserve release for certain accounts receivable and an update to loss assumptions on certain loans in Markets. Net charge-offs were $207 million, and the net reserve build was $149 million. In the prior year, the provision was $696 million, the net reserve build was $371 million and net charge-offs were $325 million.
ASSET & WEALTH MANAGEMENT (AWM)
Results for AWM 1Q26 2Q25
($ millions) 2Q26 1Q26 2Q25 $ O/(U) O/(U) % $ O/(U) O/(U) %
Net revenue $ 6,851 $ 6,374 $ 5,760 $ 477 7 % $ 1,091 19 %
Noninterest expense 4,207 4,167 3,733 40 1 474 13
Provision for credit losses 13 (24) 46 37 NM (33) (72)
Net income $ 1,957 $ 1,775 $ 1,473 $ 182 10 % $ 484 33 %
Discussion of Results:
Net income was $2.0 billion, up 33%.
Net revenue was $6.9 billion, up 19%, driven by growth in management fees on higher average market levels and strong net inflows, as well as investment valuation gains, higher loan balances and higher brokerage activity.
Noninterest expense was $4.2 billion, up 13%, largely driven by higher compensation, primarily due to higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.
Assets under management were $5.1 trillion, up 18%, and client assets were $7.7 trillion, up 19%, driven by higher market levels and continued net inflows.
4
JPMorgan Chase & Co.
News Release
CORPORATE
Results for Corporate 1Q26 2Q25
($ millions) 2Q26 1Q26 2Q25 $ O/(U) O/(U) % $ O/(U) O/(U) %
Net revenue
$ 6,046 $ 1,215 $ 1,538 $ 4,831 398 % $ 4,508 293 %
Noninterest expense 611 568 547 43 8 64 12
Provision for credit losses (10) (1) 25 (9) NM (35) NM
Net income
$ 4,209 $ 699 $ 1,695 $ 3,510 NM $ 2,514 148 %
Discussion of Results:
Net income was $4.2 billion, up $2.5 billion, or down $1.5 billion excluding significant items, driven by lower net interest income and reflecting the absence of a $774 million income tax benefit in the prior year.
Net revenue was $6.0 billion, up $4.5 billion, or down $805 million excluding significant items. Net interest income was $822 million, down $667 million, predominantly driven by the impact of lower rates. Noninterest revenue was $5.2 billion, up $5.2 billion, or down $138 million excluding significant items. The decrease includes the impact of higher net investment securities losses.
Noninterest expense was $611 million, up $64 million.
5
JPMorgan Chase & Co.
News Release
2. Notes on non-GAAP financial measures:
a.The Firm prepares its Consolidated Financial Statements in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with the U.S. GAAP financial statements of other companies. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole and for each of the reportable business segments and Corporate on a fully taxable-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. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. 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 each of the lines of business and Corporate. For a reconciliation of the Firm’s results from a reported to managed basis, refer to page 7 of the Earnings Release Financial Supplement.
b.Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”) are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, refer to page 10 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. Book value per share was $133.01, $128.38 and $122.51 at June 30, 2026, March 31, 2026 and June 30, 2025, respectively. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
c.In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR from reported to excluding Markets, refer to page 28 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to pages 73-74 of the Firm’s 2025 Form 10-K.
d.The significant items, each in the current quarter, collectively refer to a $4.6 billion net gain related to Visa shares in Corporate as well as $1.0 billion of gains on certain equity investments, of which $763 million was in Corporate and $263 million was in CIB. Results excluding significant items are non-GAAP financial measures. Excluding these items from second-quarter 2026 net income, earnings per share and ROTCE resulted in a decrease of $4.2 billion (after tax) to reported net income from $21.2 billion to $16.9 billion, a decrease of $1.56 per share to reported EPS from $7.70 to $6.14 and a decrease of 6 percentage points to reported ROTCE from 29% to 23%. Management believes these measures provide useful information to investors and analysts in assessing the Firm’s results.
6
JPMorgan Chase & Co.
News Release
Additional notes:
3.Estimated.
4.Estimated. Cash and marketable securities include end-of-period eligible high-quality liquid assets (“HQLA”), excluding regulatory prescribed haircuts under the liquidity coverage ratio (“LCR”) rule where applicable, for both the Firm and the excess HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank affiliates and thus excluded from the Firm’s LCR. Also include other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 41-47 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 and pages 100-107 of the Firm’s 2025 Form 10-K for additional information.
5.Excludes Commercial Card.
6.Users of all mobile platforms who have logged in within the past 90 days.
7.According to Dealogic as of July 1, 2026.
8.Client deposits and other third party liabilities (“client deposits”) pertain to the Payments and Securities Services businesses.
9.Assets under management (“AUM”).
10.On April 13, 2026, Visa Inc. commenced an exchange offer for Visa Class B-2 common stock. On May 11, 2026, Visa accepted the Firm’s tender of its 18.6 million Visa Class B-2 common stock in exchange for a combination of Visa Class B-3 common stock and Visa Class C common stock. Visa’s acceptance resulted in a gain for the Firm relating to the Visa Class C common stock, which is held at fair value.
11.Earnings Per Share (“EPS”).
12.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.
13.Includes the net impact of employee issuances. Excludes excise tax and commissions.
14.Last twelve months (“LTM”).
15.Credit provided to clients represents new and renewed credit, including loans and lending-related commitments, as well as unused amounts of advised uncommitted lines of credit where the Firm has discretion on whether or not to make a loan under these lines. Credit and capital for corporations and non-U.S. government entities includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.
7
JPMorgan Chase & Co.
News Release
JPMorgan Chase & Co. (NYSE: JPM) 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 $375 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. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
JPMorgan Chase & Co. will host a conference call today, July 14, 2026, at 8:30 a.m. (ET) to present second-quarter 2026 financial results. The general public can access the conference call by dialing the following numbers: 1 (888) 324-3618 in the U.S. and Canada; +1 (312) 470-7119 for international callers; use passcode 1364784#. Please dial in 15 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations, Events & Presentations.
A replay of the conference call also will be available by telephone beginning at approximately 11:00 a.m. (ET) on July 14, 2026 through 11:59 p.m. (ET) on July 29, 2026 at 1 (800) 391-9851 (U.S. and Canada); +1 (203) 369-3268 (International); use passcode 67371#. The replay will be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of JPMorgan Chase & Co.’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.
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EX-99.2 — JPMORGAN CHASE & CO. EARNINGS RELEASE FINANCIAL SUPPLEMENT - SECOND QUARTER 2026
EX-99.2
Filename: a2q26erfex992supplement.htm · Sequence: 3
Document
Exhibit 99.2
EARNINGS RELEASE FINANCIAL SUPPLEMENT
SECOND QUARTER 2026
JPMORGAN CHASE & CO.
TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights 2–3
Consolidated Statements of Income 4
Consolidated Balance Sheets 5
Condensed Average Balance Sheets and Annualized Yields 6
Reconciliation from Reported to Managed Basis 7
Segment & Corporate Results - Managed Basis
8
Capital and Other Selected Balance Sheet Items 9–10
Earnings Per Share and Related Information 11
Business Segment & Corporate Results
Consumer & Community Banking (“CCB”) 12–15
Commercial & Investment Bank (“CIB”) 16–19
Asset & Wealth Management (“AWM”)
20–22
Corporate 23
Credit-Related Information 24-27
Non-GAAP Financial Measures 28
Glossary of Terms and Acronyms (a)
(a) Refer to the Glossary of Terms and Acronyms on pages 320–327 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 170-176 and pages 177-178, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.
JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
SELECTED INCOME STATEMENT DATA 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
Reported Basis
Total net revenue $ 57,347 (e) $ 49,836 $ 45,798 $ 46,427 $ 44,912 15 % 28 % $ 107,183 (e) $ 90,222 19 %
Total noninterest expense 27,316 26,850 23,983 24,281 23,779 2 15 54,166 47,376 14
Pre-provision profit (a) 30,031 22,986 21,815 22,146 21,133 31 42 53,017 42,846 24
Provision for credit losses 2,515 2,507 4,655 (g) 3,403 2,849 — (12) 5,022 6,154 (18)
NET INCOME 21,155 16,494 13,025 14,393 14,987 28 41 37,649 29,630 27
Managed Basis (b)
Total net revenue 58,022 (e) 50,536 46,767 47,120 45,680 15 27 108,558 (e) 91,694 18
Total noninterest expense 27,316 26,850 23,983 24,281 23,779 2 15 54,166 47,376 14
Pre-provision profit (a) 30,706 23,686 22,784 22,839 21,901 30 40 54,392 44,318 23
Provision for credit losses 2,515 2,507 4,655 (g) 3,403 2,849 — (12) 5,022 6,154 (18)
NET INCOME 21,155 16,494 13,025 14,393 14,987 28 41 37,649 29,630 27
EARNINGS PER SHARE DATA
Net income: Basic $ 7.71 $ 5.95 $ 4.64 $ 5.08 $ 5.25 30 47 $ 13.65 $ 10.32 32
Diluted 7.70 5.94 4.63 5.07 5.24 30 47 13.63 10.31 32
Average shares: Basic 2,689.9 2,716.2 2,735.3 2,762.4 2,788.7 (1) (4) 2,703.1 2,804.0 (4)
Diluted 2,694.2 2,720.2 2,740.5 2,767.6 2,793.7 (1) (4) 2,707.2 2,809.0 (4)
MARKET AND PER COMMON SHARE DATA
Market capitalization $ 870,104 $ 788,205 $ 868,793 $ 858,683 $ 797,181 10 9 $ 870,104 $ 797,181 9
Common shares at period-end 2,658.2 2,679.5 2,696.2 2,722.2 2,749.7 (1) (3) 2,658.2 2,749.7 (3)
Book value per share $ 133.01 $ 128.38 $ 126.99 $ 124.96 $ 122.51 4 9 $ 133.01 $ 122.51 9
Tangible book value per share (“TBVPS”) (a) 113.35 108.87 107.56 105.70 103.40 4 10 113.35 103.40 10
Cash dividends declared per share 1.50 1.50 1.50 1.50 1.40 — 7 3.00 2.80 7
FINANCIAL RATIOS (c)
Return on common equity (“ROE”) 24 % 19 % 15 % 17 % 18 % 22 % 18 %
Return on tangible common equity (“ROTCE”) (a) 29 23 18 20 21 26 21
Return on assets 1.70 1.41 1.14 1.26 1.35 1.56 1.38
CAPITAL RATIOS
Common equity Tier 1 (“CET1”) capital ratio - Standardized (d) 14.1 % (f) 14.3 % 14.6 % 14.8 % 15.1 % 14.1 % (f) 15.1 %
Tier 1 capital ratio - Standardized (d) 15.1 (f) 15.2 15.5 15.8 16.1 15.1 (f) 16.1
Total capital ratio - Standardized (d) 16.9 (f) 17.2 17.4 17.7 17.8 16.9 (f) 17.8
Tier 1 leverage ratio 6.6 (f) 6.6 6.9 6.9 6.9 6.6 (f) 6.9
Supplementary leverage ratio (“SLR”) 5.5 (f) 5.6 5.8 5.8 5.9 5.5 (f) 5.9
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 the Firm’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 page 10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Ratios are based upon annualized amounts.
(d)At 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 page 9 for further information on the Firm’s capital metrics.
(e)Included a $4.6 billion net gain in Corporate related to Visa Class C common stock held at fair value and received by the Firm in an exchange offer following the acceptance by Visa Inc. on May 11, 2026 of the Firm’s tender of its 18.6 million shares of Visa Class B-2 common stock. Also included $1.0 billion of gains, 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, in Corporate and CIB. Refer to page 8 and Note 2 of JPMorganChase’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further information on the Visa exchange offer.
(f)Estimated.
(g)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.
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JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
SELECTED BALANCE SHEET DATA (period-end)
Total assets $ 5,015,069 $ 4,900,475 $ 4,424,900 $ 4,560,205 $ 4,552,482 2 % 10 % $ 5,015,069 $ 4,552,482 10 %
Loans:
Consumer, excluding credit card loans 391,743 391,660 402,258 393,084 394,040 — (1) 391,743 394,040 (1)
Credit card loans 249,876 239,123 247,797 235,475 232,943 4 7 249,876 232,943 7
Wholesale loans 900,843 872,737 843,374 806,687 785,009 3 15 900,843 785,009 15
Total loans 1,542,462 1,503,520 1,493,429 1,435,246 1,411,992 3 9 1,542,462 1,411,992 9
Deposits:
U.S. offices:
Noninterest-bearing 625,874 595,424 583,342 589,105 591,177 5 6 625,874 591,177 6
Interest-bearing 1,500,791 1,508,682 1,452,729 1,433,404 1,441,905 (1) 4 1,500,791 1,441,905 4
Non-U.S. offices:
Noninterest-bearing 42,044 43,775 37,057 34,255 29,976 (4) 40 42,044 29,976 40
Interest-bearing 544,991 527,639 486,192 491,712 499,322 3 9 544,991 499,322 9
Total deposits 2,713,700 2,675,520 2,559,320 2,548,476 2,562,380 1 6 2,713,700 2,562,380 6
Long-term debt 460,523 448,764 435,206 427,203 419,802 3 10 460,523 419,802 10
Common stockholders’ equity 353,558 343,993 342,393 340,167 336,879 3 5 353,558 336,879 5
Total stockholders’ equity 374,598 364,038 362,438 360,212 356,924 3 5 374,598 356,924 5
Loans-to-deposits ratio 57 % 56 % 58 % 56 % 55 % 57 % 55 %
Employees 320,560 320,079 318,512 318,153 317,160 — 1 320,560 317,160 1
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR $ 49 $ 37 $ 35 $ 33 $ 42 32 17
Earnings-at-Risk (in billions) (a)
Parallel shift:
+100 bps shift in rates $ 1.8 (c) $ 1.9 $ 2.1 $ 1.8 $ 1.8 (3) 2
-100 bps shift in rates (2.4) (c) (2.2) (2.4) (2.2) (2.0) (10) (21)
LINE OF BUSINESS (“LOB”) & CORPORATE NET REVENUE (b)
Consumer & Community Banking $ 20,272 $ 19,568 $ 19,396 $ 19,473 $ 18,847 4 8 $ 39,840 $ 37,160 7
Commercial & Investment Bank 24,853 23,379 19,375 19,878 19,535 6 27 48,232 39,201 23
Asset & Wealth Management 6,851 6,374 6,516 6,066 5,760 7 19 13,225 11,491 15
Corporate 6,046 1,215 1,480 1,703 1,538 398 293 7,261 3,842 89
TOTAL NET REVENUE $ 58,022 $ 50,536 $ 46,767 $ 47,120 $ 45,680 15 27 $ 108,558 $ 91,694 18
LOB & CORPORATE NET INCOME
Consumer & Community Banking $ 5,311 $ 4,976 $ 3,642 $ 5,009 $ 5,169 7 3 $ 10,287 $ 9,594 7
Commercial & Investment Bank 9,678 9,044 7,268 6,901 6,650 7 46 18,722 13,592 38
Asset & Wealth Management 1,957 1,775 1,808 1,658 1,473 10 33 3,732 3,056 22
Corporate 4,209 699 307 825 1,695 NM 148 4,908 3,388 45
NET INCOME $ 21,155 $ 16,494 $ 13,025 $ 14,393 $ 14,987 28 41 $ 37,649 $ 29,630 27
(a)Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. The Firm’s actual net interest income results may differ compared to the instantaneous rate changes modelled in the earnings-at-risk estimates. Refer to pages 140-141 of the Firm’s 2025 Form 10-K for additional information.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Estimated.
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JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
REVENUE 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
Investment banking fees $ 3,208 $ 2,858 $ 2,326 $ 2,612 $ 2,499 12 % 28 % $ 6,066 $ 4,677 30 %
Principal transactions 9,007 7,987 5,340 7,109 7,149 13 26 16,994 14,763 15
Lending- and deposit-related fees 2,511 2,394 2,364 2,349 2,248 5 12 4,905 4,380 12
Asset management fees 5,658 5,515 5,701 5,120 4,806 3 18 11,173 9,506 18
Commissions and other fees 2,614 2,482 2,108 2,204 2,194 5 19 5,096 4,227 21
Investment securities gains/(losses)
(395) 64 (71) 105 (54) NM NM (331) (91) (264)
Mortgage fees and related income 336 309 357 383 363 9 (7) 645 641 1
Card income 1,348 1,190 1,020 1,140 1,344 13 — 2,538 2,560 (1)
Other income 7,549 (d) 1,671 1,658 1,439 1,154 352 NM 9,220 (d) 3,077 200
Noninterest revenue 31,836 24,470 20,803 22,461 21,703 30 47 56,306 43,740 29
Interest income 50,624 49,191 48,808 49,439 48,241 3 5 99,815 95,094 5
Interest expense 25,113 23,825 23,813 25,473 25,032 5 — 48,938 48,612 1
Net interest income 25,511 25,366 24,995 23,966 23,209 1 10 50,877 46,482 9
TOTAL NET REVENUE 57,347 49,836 45,798 46,427 44,912 15 28 107,183 90,222 19
Provision for credit losses 2,515 2,507 4,655 (e) 3,403 2,849 — (12) 5,022 6,154 (18)
NONINTEREST EXPENSE
Compensation expense 15,159 15,339 13,118 13,566 13,710 (1) 11 30,498 27,803 10
Occupancy expense 1,482 1,447 1,475 1,420 1,264 2 17 2,929 2,566 14
Technology, communications and equipment expense 3,107 3,021 2,908 2,839 2,704 3 15 6,128 5,282 16
Professional and outside services 3,855 3,483 3,338 3,173 3,006 11 28 7,338 5,845 26
Marketing 1,670 1,604 1,468 1,480 1,279 4 31 3,274 2,583 27
Other expense (a) 2,043 1,956 1,676 (f) 1,803 1,816 4 13 3,999 3,297 21
TOTAL NONINTEREST EXPENSE 27,316 26,850 23,983 24,281 23,779 2 15 54,166 47,376 14
Income before income tax expense 27,516 20,479 17,160 18,743 18,284 34 50 47,995 36,692 31
Income tax expense 6,361 3,985 4,135 4,350 3,297 (g) 60 93 10,346 7,062 (g) 47
NET INCOME $ 21,155 $ 16,494 $ 13,025 $ 14,393 $ 14,987 28 41 $ 37,649 $ 29,630 27
NET INCOME PER COMMON SHARE DATA
Basic earnings per share $ 7.71 $ 5.95 $ 4.64 $ 5.08 $ 5.25 30 47 $ 13.65 $ 10.32 32
Diluted earnings per share 7.70 5.94 4.63 5.07 5.24 30 47 13.63 10.31 32
FINANCIAL RATIOS
Return on common equity (b) 24 % 19 % 15 % 17 % 18 % 22 % 18 %
Return on tangible common equity (b)(c) 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
Effective income tax rate 23.1 19.5 24.1 23.2 18.0 (g) 21.6 19.2 (g)
Overhead ratio 48 54 52 52 53 51 53
(a)Included Firmwide legal expense of $116 million, $223 million, $60 million, $62 million and $118 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $339 million and $239 million for the six months ended June 30, 2026 and 2025, respectively.
(b)Ratios are based upon annualized amounts.
(c)Refer to page 28 for a further discussion of ROTCE.
(d)Included a $4.6 billion net gain related to Visa Class C common stock 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 footnote (e) on page 2 for further information.
(e)Refer to footnote (g) on page 2 for additional information.
(f)Included an FDIC special assessment accrual release of $326 million for the three months ended December 31, 2025. Refer to Note 6 on page 221 of the Firm’s 2025 Form 10-K for additional information.
(g)Included a $774 million income tax benefit in Corporate 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.
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JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
Jun 30, 2026
Change
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30,
2026 2026 2025 2025 2025 2026 2025
ASSETS
Cash and due from banks $ 24,720 $ 22,039 $ 21,742 $ 21,821 $ 23,759 12 % 4 %
Deposits with banks 285,091 290,103 321,596 281,615 396,568 (2) (28)
Federal funds sold and securities purchased under
resale agreements 446,143 482,704 336,426 425,815 470,589 (8) (5)
Securities borrowed 362,487 284,524 286,191 248,368 223,976 27 62
Trading assets:
Debt and equity instruments 994,305 997,751 745,096 892,928 829,510 — 20
Derivative receivables 67,767 71,584 57,777 59,849 60,346 (5) 12
Available-for-sale (“AFS”) securities 536,048 549,037 507,198 490,499 (a) 485,380 (2) 10
Held-to-maturity (”HTM”) securities 268,474 272,142 270,134 293,446 (a) 260,559 (1) 3
Investment securities, net of allowance for credit losses 804,522 821,179 777,332 783,945 745,939 (2) 8
Loans 1,542,462 1,503,520 1,493,429 1,435,246 1,411,992 3 9
Less: Allowance for loan losses 26,152 25,928 25,765 25,735 24,953 1 5
Loans, net of allowance for loan losses 1,516,310 1,477,592 1,467,664 1,409,511 1,387,039 3 9
Accrued interest and accounts receivable
179,939 142,334 111,599 141,876 124,463 26 45
Premises and equipment 37,701 36,771 36,244 35,063 33,562 3 12
Goodwill, MSRs and other intangible assets 64,304 64,289 64,458 64,442 64,465 — —
Other assets 231,780 209,605 198,775 194,972 192,266 11 21
TOTAL ASSETS $ 5,015,069 $ 4,900,475 $ 4,424,900 $ 4,560,205 $ 4,552,482 2 10
LIABILITIES
Deposits $ 2,713,700 $ 2,675,520 $ 2,559,320 $ 2,548,476 $ 2,562,380 1 6
Federal funds purchased and securities loaned or sold
under repurchase agreements 704,918 716,623 442,396 567,574 595,340 (2) 18
Short-term borrowings 72,430 68,048 64,776 69,355 65,293 6 11
Trading liabilities:
Debt and equity instruments 208,648 196,546 169,690 195,859 173,292 6 20
Derivative payables 66,488 51,290 46,329 46,403 48,110 30 38
Accounts payable and other liabilities 384,290 352,561 316,794 316,896 303,641 9 27
Beneficial interests issued by consolidated VIEs 29,474 27,085 27,951 28,227 27,700 9 6
Long-term debt 460,523 448,764 435,206 427,203 419,802 3 10
TOTAL LIABILITIES 4,640,471 4,536,437 4,062,462 4,199,993 4,195,558 2 11
STOCKHOLDERS’ EQUITY
Preferred stock 21,040 20,045 20,045 20,045 20,045 5 5
Common stock 4,105 4,105 4,105 4,105 4,105 — —
Additional paid-in capital 90,559 90,087 91,114 90,865 90,576 1 —
Retained earnings 445,020 428,206 416,055 407,401 397,424 4 12
Accumulated other comprehensive loss (“AOCI”)
(7,693) (6,689) (4,290) (5,878) (7,243) (15) (6)
Treasury stock, at cost (178,433) (171,716) (164,591) (156,326) (147,983) (4) (21)
TOTAL STOCKHOLDERS’ EQUITY 374,598 364,038 362,438 360,212 356,924 3 5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 5,015,069 $ 4,900,475 $ 4,424,900 $ 4,560,205 $ 4,552,482 2 10
(a) During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.
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JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
AVERAGE BALANCES 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
ASSETS
Deposits with banks $ 336,127 $ 312,890 $ 335,623 $ 360,156 $ 405,213 7 % (17) % $ 324,572 $ 425,516 (24) %
Federal funds sold and securities purchased under resale agreements 459,513 437,916 330,694 424,346 432,714 5 6 448,775 405,507 11
Securities borrowed 313,154 286,689 261,877 234,112 234,024 9 34 299,995 237,494 26
Trading assets - debt instruments 706,817 682,348 620,465 580,985 562,967 4 26 694,650 529,242 31
Investment securities 807,893 802,265 788,922 768,599 727,651 1 11 805,094 696,484 16
Loans 1,521,295 1,486,145 1,461,079 1,417,466 1,380,726 2 10 1,503,817 1,360,173 11
All other interest-earning assets (a) 143,155 127,484 125,164 110,100 102,687 12 39 135,363 103,258 31
Total interest-earning assets 4,287,954 4,135,737 3,923,824 3,895,764 3,845,982 4 11 4,212,266 3,757,674 12
Trading assets - equity and other instruments 287,124 241,307 241,351 264,681 239,996 19 20 264,342 232,772 14
Trading assets - derivative receivables 74,352 68,328 57,543 61,842 57,601 9 29 71,357 58,345 22
All other noninterest-earning assets 327,658 313,365 306,700 297,658 294,039 5 11 320,551 288,233 11
TOTAL ASSETS $ 4,977,088 $ 4,758,737 $ 4,529,418 $ 4,519,945 $ 4,437,618 5 12 $ 4,868,516 $ 4,337,024 12
LIABILITIES
Interest-bearing deposits $ 2,047,761 $ 1,991,590 $ 1,949,049 $ 1,913,958 $ 1,902,337 3 8 $ 2,019,830 $ 1,872,777 8
Federal funds purchased and securities loaned or
sold under repurchase agreements 725,804 657,816 517,849 567,920 558,043 10 30 691,998 511,880 35
Short-term borrowings
54,013 55,469 56,265 53,755 55,059 (3) (2) 54,737 52,190 5
Trading liabilities - debt and all other interest-bearing liabilities (b)
349,693 324,559 306,567 314,591 300,126 8 17 337,197 294,166 15
Beneficial interests issued by consolidated VIEs 28,065 27,519 27,327 28,884 26,185 2 7 27,793 25,981 7
Long-term debt 372,504 367,478 359,910 350,368 348,372 1 7 370,005 346,668 7
Total interest-bearing liabilities 3,577,840 3,424,431 3,216,967 3,229,476 3,190,122 4 12 3,501,560 3,103,662 13
Noninterest-bearing deposits 637,817 611,294 615,559 610,601 602,777 4 6 624,630 595,140 5
Trading liabilities - equity and other instruments 67,958 57,021 52,059 48,628 44,159 19 54 62,520 40,933 53
Trading liabilities - derivative payables 64,622 55,309 47,591 47,926 40,865 17 58 59,991 40,976 46
All other noninterest-bearing liabilities 264,509 249,587 236,876 226,934 209,853 6 26 257,087 209,198 23
TOTAL LIABILITIES 4,612,746 4,397,642 4,169,052 4,163,565 4,087,776 5 13 4,505,788 3,989,909 13
Preferred stock 21,196 20,045 20,045 20,045 20,045 6 6 20,624 20,029 3
Common stockholders’ equity 343,146 341,050 340,321 336,335 329,797 1 4 342,104 327,086 5
TOTAL STOCKHOLDERS’ EQUITY 364,342 361,095 360,366 356,380 349,842 1 4 362,728 347,115 4
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,977,088 $ 4,758,737 $ 4,529,418 $ 4,519,945 $ 4,437,618 5 12 $ 4,868,516 $ 4,337,024 12
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 2.81 % 3.00 % 3.10 % 3.25 % 3.36 % 2.90 % 3.57 %
Federal funds sold and securities purchased under resale agreements 3.68 3.88 4.06 4.24 4.24 3.78 4.37
Securities borrowed 3.30 3.35 3.55 3.67 3.79 3.32 3.84
Trading assets - debt instruments 4.23 4.30 4.33 4.30 4.50 4.26 4.53
Investment securities 3.74 3.69 3.74 3.86 3.85 3.72 3.85
Loans 6.48 6.57 6.63 6.74 6.71 6.53 6.76
All other interest-earning assets (a)(d) 5.64 5.79 6.24 7.43 6.87 5.71 7.25
Total interest-earning assets 4.75 4.83 4.95 5.05 5.04 4.79 5.11
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.11 2.09 2.24 2.41 2.40 2.10 2.42
Federal funds purchased and securities loaned or
sold under repurchase agreements 3.69 3.79 3.99 4.22 4.29 3.74 4.39
Short-term borrowings
3.84 3.85 4.01 4.35 4.42 3.84 4.41
Trading liabilities - debt and all other interest-bearing liabilities (b) 2.77 2.83 2.95 2.92 3.04 2.80 3.00
Beneficial interests issued by consolidated VIEs 3.93 3.92 4.23 4.58 4.55 3.92 4.60
Long-term debt 4.81 4.79 4.92 5.16 5.16 4.80 5.16
Total interest-bearing liabilities 2.82 2.82 2.94 3.13 3.15 2.82 3.16
INTEREST RATE SPREAD 1.93 2.01 2.01 1.92 1.89 1.97 1.95
NET YIELD ON INTEREST-EARNING ASSETS 2.40 2.50 2.54 2.45 2.43 2.45 2.51
Memo: Net yield on interest-earning assets excluding Markets (e) 3.65 3.72 3.76 3.73 3.71 3.69 3.75
(a) 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.
(b) All other interest-bearing liabilities include brokerage-related customer payables.
(c) 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.
(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(e) Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.
Page 6
JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO MANAGED BASIS
(in millions, except ratios)
The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the LOBs on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.
The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
OTHER INCOME
Other income - reported $ 7,549 $ 1,671 $ 1,658 $ 1,439 $ 1,154 352 % NM $ 9,220 $ 3,077 200 %
Fully taxable-equivalent adjustments (a) 564 587 856 588 663 (4) (15) 1,151 1,265 (9)
Other income - managed $ 8,113 $ 2,258 $ 2,514 $ 2,027 $ 1,817 259 347 $ 10,371 $ 4,342 139
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported $ 31,836 $ 24,470 $ 20,803 $ 22,461 $ 21,703 30 47 $ 56,306 $ 43,740 29
Fully taxable-equivalent adjustments 564 587 856 588 663 (4) (15) 1,151 1,265 (9)
Total noninterest revenue - managed $ 32,400 $ 25,057 $ 21,659 $ 23,049 $ 22,366 29 45 $ 57,457 $ 45,005 28
NET INTEREST INCOME
Net interest income - reported $ 25,511 $ 25,366 $ 24,995 $ 23,966 $ 23,209 1 10 $ 50,877 $ 46,482 9
Fully taxable-equivalent adjustments (a) 111 113 113 105 105 (2) 6 224 207 8
Net interest income - managed $ 25,622 $ 25,479 $ 25,108 $ 24,071 $ 23,314 1 10 $ 51,101 $ 46,689 9
TOTAL NET REVENUE
Total net revenue - reported $ 57,347 $ 49,836 $ 45,798 $ 46,427 $ 44,912 15 28 $ 107,183 $ 90,222 19
Fully taxable-equivalent adjustments 675 700 969 693 768 (4) (12) 1,375 1,472 (7)
Total net revenue - managed $ 58,022 $ 50,536 $ 46,767 $ 47,120 $ 45,680 15 27 $ 108,558 $ 91,694 18
PRE-PROVISION PROFIT
Pre-provision profit - reported $ 30,031 $ 22,986 $ 21,815 $ 22,146 $ 21,133 31 42 $ 53,017 $ 42,846 24
Fully taxable-equivalent adjustments 675 700 969 693 768 (4) (12) 1,375 1,472 (7)
Pre-provision profit - managed $ 30,706 $ 23,686 $ 22,784 $ 22,839 $ 21,901 30 40 $ 54,392 $ 44,318 23
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported $ 27,516 $ 20,479 $ 17,160 $ 18,743 $ 18,284 34 50 $ 47,995 $ 36,692 31
Fully taxable-equivalent adjustments 675 700 969 693 768 (4) (12) 1,375 1,472 (7)
Income before income tax expense - managed $ 28,191 $ 21,179 $ 18,129 $ 19,436 $ 19,052 33 48 $ 49,370 $ 38,164 29
INCOME TAX EXPENSE
Income tax expense - reported $ 6,361 $ 3,985 $ 4,135 $ 4,350 $ 3,297 60 93 $ 10,346 $ 7,062 47
Fully taxable-equivalent adjustments 675 700 969 693 768 (4) (12) 1,375 1,472 (7)
Income tax expense - managed $ 7,036 $ 4,685 $ 5,104 $ 5,043 $ 4,065 50 73 $ 11,721 $ 8,534 37
OVERHEAD RATIO
Overhead ratio - reported 48 % 54 % 52 % 52 % 53 % 51 % 53 %
Overhead ratio - managed 47 53 51 52 52 50 52
(a)For other income, recognized in CIB, and for net interest income, predominantly recognized in CIB and Corporate.
Page 7
JPMORGAN CHASE & CO.
SEGMENT & CORPORATE RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking $ 20,272 $ 19,568 $ 19,396 $ 19,473 $ 18,847 4 % 8 % $ 39,840 $ 37,160 7 %
Commercial & Investment Bank
24,853 23,379 19,375 19,878 19,535 6 27 48,232 39,201 23
Asset & Wealth Management 6,851 6,374 6,516 6,066 5,760 7 19 13,225 11,491 15
Corporate 6,046 1,215 1,480 1,703 1,538 398 293 7,261 3,842 89
TOTAL NET REVENUE $ 58,022 (a) $ 50,536 $ 46,767 $ 47,120 $ 45,680 15 27 $ 108,558 (a) $ 91,694 18
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking $ 11,108 $ 10,979 $ 10,256 $ 10,296 $ 9,858 1 13 $ 22,087 $ 19,715 12
Commercial & Investment Bank
11,390 11,136 9,011 9,722 9,641 2 18 22,526 19,483 16
Asset & Wealth Management 4,207 4,167 4,068 3,818 3,733 1 13 8,374 7,446 12
Corporate 611 568 648 445 547 8 12 1,179 732 61
TOTAL NONINTEREST EXPENSE $ 27,316 $ 26,850 $ 23,983 $ 24,281 $ 23,779 2 15 $ 54,166 $ 47,376 14
PRE-PROVISION PROFIT
Consumer & Community Banking $ 9,164 $ 8,589 $ 9,140 $ 9,177 $ 8,989 7 2 $ 17,753 $ 17,445 2
Commercial & Investment Bank
13,463 12,243 10,364 10,156 9,894 10 36 25,706 19,718 30
Asset & Wealth Management 2,644 2,207 2,448 2,248 2,027 20 30 4,851 4,045 20
Corporate 5,435 647 832 1,258 991 NM 448 6,082 3,110 96
PRE-PROVISION PROFIT $ 30,706 $ 23,686 $ 22,784 $ 22,839 $ 21,901 30 40 $ 54,392 $ 44,318 23
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking $ 2,156 $ 2,050 $ 4,244 $ 2,538 $ 2,082 5 4 $ 4,206 $ 4,711 (11)
Commercial & Investment Bank
356 482 405 809 696 (26) (49) 838 1,401 (40)
Asset & Wealth Management 13 (24) 2 59 46 NM (72) (11) 36 NM
Corporate (10) (1) 4 (3) 25 NM NM (11) 6 NM
PROVISION FOR CREDIT LOSSES $ 2,515 $ 2,507 $ 4,655 $ 3,403 $ 2,849 — (12) $ 5,022 $ 6,154 (18)
NET INCOME
Consumer & Community Banking $ 5,311 $ 4,976 $ 3,642 $ 5,009 $ 5,169 7 3 $ 10,287 $ 9,594 7
Commercial & Investment Bank
9,678 9,044 7,268 6,901 6,650 7 46 18,722 13,592 38
Asset & Wealth Management 1,957 1,775 1,808 1,658 1,473 10 33 3,732 3,056 22
Corporate 4,209 699 307 825 1,695 NM 148 4,908 3,388 45
TOTAL NET INCOME $ 21,155 $ 16,494 $ 13,025 $ 14,393 $ 14,987 28 41 $ 37,649 $ 29,630 27
(a)Included a $4.6 billion net gain related to Visa Class C common stock 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 footnote (e) on page 2 for further information.
Page 8
JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Jun 30, 2026
Change SIX MONTHS ENDED JUNE 30,
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30, 2026 Change
2026 2026 2025 2025 2025 2026 2025 2026 2025 2025
CAPITAL
Risk-based capital metrics
Standardized
CET1 capital $ 302,620 (b) $ 291,152 $ 288,469 $ 287,297 $ 283,854 4 % 7 %
Tier 1 capital 322,576 (b) 310,317 307,630 306,599 303,189 4 6
Total capital 362,691 (b) 349,931 343,843 343,215 335,307 4 8
Risk-weighted assets 2,141,738 (b) 2,039,324 1,981,692 1,935,868 1,882,718 5 14
CET1 capital ratio 14.1 % (b) 14.3 % 14.6 % 14.8 % 15.1 %
Tier 1 capital ratio 15.1 (b) 15.2 15.5 15.8 16.1
Total capital ratio 16.9 (b) 17.2 17.4 17.7 17.8
Advanced
CET1 capital $ 302,620 (b) $ 291,152 $ 288,469 $ 287,297 $ 283,854 4 7
Tier 1 capital 322,576 (b) 310,317 307,630 306,599 303,189 4 6
Total capital 346,124 (b) 334,355 328,962 328,356 320,809 4 8
Risk-weighted assets 2,128,199 (b) 2,061,341 (c) 2,045,249 1,932,404 1,873,142 3 14
CET1 capital ratio 14.2 %
(b)
14.1 % 14.1 % 14.9 % 15.2 %
Tier 1 capital ratio 15.2
(b)
15.1 15.0 15.9 16.2
Total capital ratio 16.3
(b)
16.2 16.1 17.0 17.1
Leverage-based capital metrics
Adjusted average assets (a) $ 4,921,670 (b) $ 4,702,980 $ 4,472,394 $ 4,464,441 $ 4,382,220 5 12
Tier 1 leverage ratio 6.6 % (b) 6.6 % 6.9 % 6.9 % 6.9 %
Total leverage exposure $ 5,847,063 (b) $ 5,576,930 $ 5,302,001 $ 5,272,950 $ 5,161,360 5 13
SLR 5.5 % (b) 5.6 % 5.8 % 5.8 % 5.9 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC $ 590,460 (b) $ 572,047 $ 563,743 $ 567,557 $ 559,897 3 5
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance $ 291,152 $ 288,469 $ 287,297 $ 283,854 $ 279,791 1 4 $ 288,469 $ 275,513 5 %
Net income applicable to common equity 20,847 16,218 12,745 14,111 14,705 29 42 37,065 29,093 27
Dividends declared on common stock (4,033) (4,067) (4,091) (4,134) (3,897) 1 (3) (8,100) (7,835) (3)
Net purchase of treasury stock (6,717) (7,125) (8,265) (8,343) (7,525) 6 11 (13,842) (13,965) 1
Changes in additional paid-in capital 472 (1,027) 249 289 353 NM 34 (555) (335) (66)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities 320 (2,401) 1,295 1,509 (188) NM NM (2,081) 765 NM
Translation adjustments, net of hedges (21) (167) (6) (12) 868 87 NM (188) 1,357 NM
Fair value hedges (9) 41 7 37 (8) NM (13) 32 20 60
Defined benefit pension and other postretirement employee benefit plans 37 4 619 4 (28) NM NM 41 (44) NM
Changes related to other CET1 capital adjustments 572 (b) 1,207 (1,381) (18) (217) (53) NM 1,779 (b) (715) NM
Change in Standardized/Advanced CET1 capital 11,468 (b) 2,683 1,172 3,443 4,063 327 182 14,151 (b) 8,341 70
Standardized/Advanced CET1 capital, ending balance $ 302,620 (b) $ 291,152 $ 288,469 $ 287,297 $ 283,854 4 7 $ 302,620 (b) $ 283,854 7
(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)Estimated.
(c)As of March 31, 2026, reflects the updated impact to the amount of risk-weighted assets (“RWA”) resulting from the completion of the necessary modeling steps for the Apple Card transaction of approximately $30 billion, as compared to the impact of approximately $110 billion as of December 31, 2025. Refer to Capital Risk Management on pages 33-40 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, and pages 89-99 of the Firm’s 2025 Form 10-K for additional information.
Page 9
JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Jun 30, 2026
Change SIX MONTHS ENDED JUNE 30,
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30, 2026 Change
2026 2026 2025 2025 2025 2026 2025 2026 2025 2025
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity $ 353,558 $ 343,993 $ 342,393 $ 340,167 $ 336,879 3 % 5 %
Less: Goodwill 52,711 52,706 52,731 52,717 52,747 — —
Less: Other intangible assets 2,437 2,490 2,560 2,615 2,722 (2) (10)
Add: Certain deferred tax liabilities (b) 2,904 2,911 2,916 2,906 2,923 — (1)
Total tangible common equity $ 301,314 $ 291,708 $ 290,018 $ 287,741 $ 284,333 3 6
TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity $ 343,146 $ 341,050 $ 340,321 $ 336,335 $ 329,797 1 4 $ 342,104 $ 327,086 5 %
Less: Goodwill 52,740 52,737 52,703 52,731 52,692 — — 52,739 52,637 —
Less: Other intangible assets 2,463 2,518 2,574 2,678 2,741 (2) (10) 2,490 2,785 (11)
Add: Certain deferred tax liabilities (b) 2,909 2,915 2,903 2,917 2,926 — (1) 2,912 2,932 (1)
Total tangible common equity $ 290,852 $ 288,710 $ 287,947 $ 283,843 $ 277,290 1 5 $ 289,787 $ 274,596 6
INTANGIBLE ASSETS (period-end)
Goodwill $ 52,711 $ 52,706 $ 52,731 $ 52,717 $ 52,747 — —
Mortgage servicing rights 9,156 9,093 9,167 9,110 8,996 1 2
Other intangible assets 2,437 2,490 2,560 2,615 2,722 (2) (10)
Total intangible assets $ 64,304 $ 64,289 $ 64,458 $ 64,442 $ 64,465 — —
(a)Refer to page 28 for further discussion of TCE.
(b)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.
Page 10
JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
EARNINGS PER SHARE
Basic earnings per share
Net income $ 21,155 $ 16,494 $ 13,025 $ 14,393 $ 14,987 28 % 41 % $ 37,649 $ 29,630 27 %
Less: Preferred stock dividends 308 276 280 282 282 12 9 584 537 9
Net income applicable to common equity 20,847 16,218 12,745 14,111 14,705 29 42 37,065 29,093 27
Less: Dividends and undistributed earnings allocated to
participating securities 95 70 56 68 75 36 27 164 145 13
Net income applicable to common stockholders $ 20,752 $ 16,148 $ 12,689 $ 14,043 $ 14,630 29 42 $ 36,901 $ 28,948 27
Total weighted-average basic shares outstanding 2,689.9 2,716.2 2,735.3 2,762.4 2,788.7 (1) (4) 2,703.1 2,804.0 (4)
Net income per share $ 7.71 $ 5.95 $ 4.64 $ 5.08 $ 5.25 30 47 $ 13.65 $ 10.32 32
Diluted earnings per share
Net income applicable to common stockholders $ 20,752 $ 16,148 $ 12,689 $ 14,043 $ 14,630 29 42 $ 36,901 $ 28,948 27
Total weighted-average basic shares outstanding 2,689.9 2,716.2 2,735.3 2,762.4 2,788.7 (1) (4) 2,703.1 2,804.0 (4)
Add: Dilutive impact of unvested performance share units
(“PSUs”), nondividend-earning restricted stock units
(“RSUs”) and stock appreciation rights (“SARs”) 4.3 4.0 5.2 5.2 5.0 8 (14) 4.1 4.9 (17)
Total weighted-average diluted shares outstanding 2,694.2 2,720.2 2,740.5 2,767.6 2,793.7 (1) (4) 2,707.2 2,809.0 (4)
Net income per share $ 7.70 $ 5.94 $ 4.63 $ 5.07 $ 5.24 30 47 $ 13.63 $ 10.31 32
COMMON DIVIDENDS
Cash dividends declared per share
$ 1.50 $ 1.50 $ 1.50 $ 1.50
(c)
$ 1.40
— 7 $ 3.00 $ 2.80 7
Dividend payout ratio 19 % 25 % 32 % 29 % 27 % 22 % 27 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased 21.7 27.5 26.7 28.0 29.8 (21) (27) 49.3 59.8 (18)
Average price paid per share of common stock $ 308.21 $ 302.75 $ 309.81 $ 297.10 $ 251.67 2 22 $ 305.16 $ 252.09 21
Aggregate repurchases of common stock 6,703 8,328 8,262 8,315 7,500 (20) (11) 15,031 15,063 —
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans 0.4 10.8 0.7 0.4 0.4 (96) — 11.3 11.9 (5)
Net impact of employee issuances on stockholders’ equity (b)
$ 518 $ 221 $ 322 $ 339 $ 419 134 24 $ 739 $ 895 (17)
(a)The Firm’s Board of Directors authorized a new common share repurchase program of up to $50 billion, effective July 1, 2026, which replaced the previous program that commenced in the third quarter of 2025 and authorized repurchases of up to $50 billion.
(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares.
(c)On September 16, 2025, the Board of Directors declared quarterly common stock dividends of $1.50 per share.
Page 11
JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees $ 971 $ 947 $ 973 $ 969 $ 888 3 % 9 % $ 1,918 $ 1,727 11 %
Asset management fees 1,379 1,303 1,277 1,189 1,110 6 24 2,682 2,203 22
Mortgage fees and related income 325 303 344 372 347 7 (6) 628 610 3
Card income 691 592 376 514 687 17 1 1,283 1,340 (4)
All other income (a) 1,814 1,685 1,585 1,573 1,420 8 28 3,499 2,743 28
Noninterest revenue 5,180 4,830 4,555 4,617 4,452 7 16 10,010 8,623 16
Net interest income 15,092 14,738 14,841 14,856 14,395 2 5 29,830 28,537 5
TOTAL NET REVENUE 20,272 19,568 19,396 19,473 18,847 4 8 39,840 37,160 7
Provision for credit losses 2,156 2,050 4,244 (d) 2,538 2,082 5 4 4,206 4,711 (11)
NONINTEREST EXPENSE
Compensation expense 4,682 4,622 4,392 (e) 4,357 (e) 4,260 (e) 1 10 9,304 8,635 (e) 8
Noncompensation expense (b) 6,426 6,357 5,864 (e) 5,939 (e) 5,598 (e) 1 15 12,783 11,080 (e) 15
TOTAL NONINTEREST EXPENSE 11,108 10,979 10,256 10,296 9,858 1 13 22,087 19,715 12
Income before income tax expense 7,008 6,539 4,896 6,639 6,907 7 1 13,547 12,734 6
Income tax expense 1,697 1,563 1,254 1,630 1,738 9 (2) 3,260 3,140 4
NET INCOME $ 5,311 $ 4,976 $ 3,642 $ 5,009 $ 5,169 7 3 $ 10,287 $ 9,594 7
REVENUE BY BUSINESS
Banking & Wealth Management $ 11,229 $ 10,577 $ 10,870 $ 11,040 $ 10,698 6 5 $ 21,806 $ 20,952 4
Home Lending 1,285 1,232 1,249 1,260 1,250 4 3 2,517 2,457 2
Card Services & Auto 7,758 7,759 7,277 7,173 6,899 — 12 15,517 13,751 13
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue 147 178 188 173 151 (17) (3) 325 261 25
Net mortgage servicing revenue (c) 178 125 156 199 196 42 (9) 303 349 (13)
Mortgage fees and related income $ 325 $ 303 $ 344 $ 372 $ 347 7 (6) $ 628 $ 610 3
FINANCIAL RATIOS
ROE 34 % 32 % 25 % 35 % 36 % 33 % 34 %
Overhead ratio 55 56 53 53 52 55 53
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $1.2 billion, $1.2 billion, $1.1 billion, $987 million and $896 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $2.4 billion and $1.7 billion for the six months ended June 30, 2026 and 2025, respectively.
(b)Included depreciation expense on leased assets of $694 million, $756 million, $670 million, $649 million and $577 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $1.5 billion and $1.1 billion for the six months ended June 30, 2026 and 2025, respectively.
(c)Included MSR risk management results of $39 million, $(15) million, $7 million, $55 million and $47 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $24 million and $56 million for the six months ended June 30, 2026 and 2025, respectively.
(d)Refer to footnote (g) on page 2 for additional information.
(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.
Page 12
JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
SELECTED BALANCE SHEET DATA (period-end)
Total assets $ 672,612 $ 656,051 $ 664,669 $ 652,275 $ 652,379 3 % 3 % $ 672,612 $ 652,379 3 %
Loans:
Banking & Wealth Management
34,337 32,992 33,005 33,259 33,749 4 2 34,337 33,749 2
Home Lending (a)
237,176 238,571 240,724 240,633 241,618 (1) (2) 237,176 241,618 (2)
Card Services 249,816 239,065 247,753 235,491 233,051 4 7 249,816 233,051 7
Auto 72,220 70,958 70,585 71,095 72,182 2 — 72,220 72,182 —
Total loans 593,549 581,586 592,067 580,478 580,600 2 2 593,549 580,600 2
Deposits 1,093,862 1,112,078 1,072,792 1,058,388 1,063,137 (2) 3 1,093,862 1,063,137 3
Equity 61,500 61,500 56,000 56,000 56,000 — 10 61,500 56,000 10
SELECTED BALANCE SHEET DATA (average)
Total assets $ 662,460 $ 655,977 $ 654,851 $ 650,277 $ 642,284 1 3 $ 659,236 $ 640,981 3
Loans:
Banking & Wealth Management 33,832 33,038 32,916 33,351 33,536 2 1 33,437 33,349 —
Home Lending (b)
238,808 240,429 241,701 241,772 242,665 (1) (2) 239,614 243,469 (2)
Card Services 243,501 239,153 239,335 234,412 228,446 2 7 241,339 226,480 7
Auto 71,456 70,208 70,693 70,895 71,410 2 — 70,836 71,933 (2)
Total loans 587,597 582,828 584,645 580,430 576,057 1 2 585,226 575,231 2
Deposits 1,095,646 1,075,951 1,056,819 1,058,025 1,060,363 2 3 1,085,853 1,057,038 3
Equity 61,500 61,500 56,000 56,000 56,000 — 10 61,500 56,000 10
Employees (c)
144,079 143,869 142,586 (c) 142,600 (c) 143,198 (c) — 1 144,079 143,198 (c) 1
(a)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, Home Lending loans held-for-sale and loans at fair value were $13.1 billion, $11.3 billion, $11.0 billion, $9.4 billion and $8.9 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $13.0 billion, $11.8 billion, $11.2 billion, $10.1 billion and $8.9 billion for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 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 12 for further information on the centralization of Risk functions.
Page 13
JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)
$ 3,506 $ 3,493 $ 3,484 $ 3,596 $ 3,891 — % (10) % $ 3,506 $ 3,891 (10) %
Net charge-offs/(recoveries)
Banking & Wealth Management 87 85 72 85 102 2 (15) 172 199 (14)
Home Lending (18) (15) (12) (63) (21) (20) 14 (33) (47) 30
Card Services 2,025 2,044 1,897 1,860 1,938 (1) 4 4,069 3,921 4
Auto 62 81 87 81 67 (23) (7) 143 167 (14)
Total net charge-offs/(recoveries) $ 2,156 $ 2,195 $ 2,044 $ 1,963 $ 2,086 (2) 3 $ 4,351 $ 4,240 3
Net charge-off/(recovery) rate
Banking & Wealth Management
1.03 % 1.04 % 0.87 % 1.01 % 1.22 % 1.04 % 1.20 %
Home Lending (0.03) (0.03) (0.02) (0.11) (0.04) (0.03) (0.04)
Card Services 3.34 3.47 3.14 3.15 3.40 3.40 3.49
Auto 0.35 0.47 0.49 0.46 0.38 0.41 0.47
Total net charge-off/(recovery) rate 1.51 1.56 1.41 1.37 1.48 1.53 1.51
30+ day delinquency rate
Home Lending (b)
0.83 % 0.88 % 0.86 % 0.89 % 0.93 % 0.83 % 0.93 %
Card Services 1.91 2.17 2.16 2.14 2.06 1.91 2.06
Auto 1.03 1.09 1.33 (d) 1.17 1.12 1.03 1.12
90+ day delinquency rate - Card Services 1.00 1.15 1.10 1.07 1.07 1.00 1.07
Allowance for credit losses:
Allowance for loan losses
Banking & Wealth Management $ 765 $ 765 $ 765 $ 765 $ 790 — (3) $ 765 $ 790 (3)
Home Lending 507 507 647 647 547 — (7) 507 547 (7)
Card Services 15,563 15,563 15,558 15,558 15,008 — 4 15,563 15,008 4
Auto 587 587 587 587 637 — (8) 587 637 (8)
Total allowance for loan losses 17,422 17,422 17,557 17,557 16,982 — 3 17,422 16,982 3
Allowance for lending-related commitments (c) 2,280 2,280 2,290 90 90 — NM 2,280 90 NM
Total allowance for credit losses
$ 19,702 $ 19,702 $ 19,847 $ 17,647 $ 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, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $61 million, $68 million, $70 million, $65 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, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $85 million, $92 million, $102 million, $95 million and $99 million, respectively. These amounts have been excluded based upon the government guarantee.
(c)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to footnote (g) on page 2 for additional information.
(d)Prior-period rate has been revised to conform with the presentation in the Firm’s 2025 Form 10-K.
Page 14
JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
BUSINESS METRICS
Number of:
Branches 5,135 5,095 5,083 5,018 4,994 1 % 3 % 5,135 4,994 3 %
Active digital customers (in thousands) 76,706 76,246 74,646 74,041 73,014 1 5 76,706 73,014 5
Active mobile customers (in thousands) 63,746 62,960 61,736 60,924 59,898 1 6 63,746 59,898 6
Debit and credit card sales volume (in billions) $ 535.8 $ 487.6 $ 512.5 $ 492.3 $ 487.2 10 10 $ 1,023.4 $ 935.9 9
Total payments transaction volume (in trillions) 1.9 1.8 1.8 1.8 1.8 6 6 3.7 3.4 9
Banking & Wealth Management
Average deposits $ 1,078,373 $ 1,059,463 $ 1,039,621 $ 1,040,402 $ 1,044,158 2 3 $ 1,068,970 $ 1,041,576 3
Deposit margin 2.70 % 2.63 % 2.72 % 2.79 % 2.76 % 2.66 % 2.72 %
Business Banking average loans $ 18,324 $ 18,578 $ 18,747 $ 18,922 $ 19,217 (1) (5) $ 18,450 $ 19,345 (5)
Business Banking origination volume 748 733 691 824 893 2 (16) 1,481 1,708 (13)
Client investment assets (a) 1,394,864 1,272,180 1,269,883 1,232,390 1,155,017 10 21 1,394,864 1,155,017 21
Number of client advisors 6,329 6,243 6,049 6,025 5,948 1 6 6,329 5,948 6
Home Lending (in billions)
Mortgage origination volume by channel
Retail $ 10.6 $ 8.7 $ 10.4 $ 8.4 $ 8.7 22 22 $ 19.3 $ 14.2 36
Correspondent 6.6 5.0 5.6 5.5 4.8 32 38 11.6 8.7 33
Total mortgage origination volume (b) $ 17.2 $ 13.7 $ 16.0 $ 13.9 $ 13.5 26 27 $ 30.9 $ 22.9 35
Third-party mortgage loans serviced (period-end) 652.8 656.4 661.9 663.6 653.3 (1) — 652.8 653.3 —
MSR carrying value (period-end) 9.1 9.1 9.1 9.1 9.0 — 1 9.1 9.0 1
Card Services
Sales volume, excluding commercial card (in billions) $ 373.1 $ 337.6 $ 359.7 $ 344.4 $ 340.0 11 10 $ 710.7 $ 650.6 9
Net revenue rate 10.37 % 10.78 % 9.86 % 10.03 % 10.06 % 10.57 % 10.22 %
Net yield on average loans 10.39 10.85 10.40 10.28 10.04 10.62 10.17
Auto
Loan and lease origination volume (in billions) $ 12.3 $ 10.4 $ 10.8 $ 12.0 $ 11.3 18 9 $ 22.7 $ 22.0 3
Average auto operating lease assets 21,123 20,398 18,893 16,986 15,218 4 39 20,762 14,434 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 20-22 for additional information.
(b)Firmwide mortgage origination volume was $21.2 billion, $16.6 billion, $19.0 billion, $16.9 billion and $16.3 billion for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $37.8 billion and $27.5 billion for the six months ended June 30, 2026 and 2025, respectively.
Page 15
JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
INCOME STATEMENT
REVENUE
Investment banking fees $ 3,277 $ 2,883 $ 2,347 $ 2,627 $ 2,513 14 % 30 % $ 6,160 $ 4,761 29 %
Principal transactions 8,768 7,897 5,419 7,090 7,109 11 23 16,665 14,717 13
Lending- and deposit-related fees 1,487 1,394 1,336 1,315 1,296 7 15 2,881 2,526 14
Commissions and other fees 1,748 1,714 1,562 1,493 1,493 2 17 3,462 2,930 18
Card income 649 585 627 613 645 11 1 1,234 1,196 3
All other income 1,025 917 1,063 660 736 12 39 1,942 1,484 31
Noninterest revenue 16,954 15,390 12,354 13,798 13,792 10 23 32,344 27,614 17
Net interest income 7,899 7,989 7,021 6,080 5,743 (1) 38 15,888 11,587 37
TOTAL NET REVENUE (a) 24,853 23,379 19,375 19,878 19,535 6 27 48,232 39,201 23
Provision for credit losses 356 482 405 809 696 (26) (49) 838 1,401 (40)
NONINTEREST EXPENSE
Compensation expense 5,544 5,740 3,940 (d) 4,662 (d) 4,815 (d) (3) 15 11,284 9,942 (d) 13
Noncompensation expense 5,846 5,396 5,071 (d) 5,060 (d) 4,826 (d) 8 21 11,242 9,541 (d) 18
TOTAL NONINTEREST EXPENSE 11,390 11,136 9,011 9,722 9,641 2 18 22,526 19,483 16
Income before income tax expense 13,107 11,761 9,959 9,347 9,198 11 42 24,868 18,317 36
Income tax expense 3,429 2,717 2,691 2,446 2,548 26 35 6,146 4,725 30
NET INCOME $ 9,678 $ 9,044 $ 7,268 $ 6,901 $ 6,650 7 46 $ 18,722 $ 13,592 38
FINANCIAL RATIOS
ROE 22 % 21 % 19 % 18 % 17 % 22 % 18 %
Overhead ratio 46 48 47 49 49 47 50
Compensation expense as percentage of total net revenue 22 25 20 (d) 23 (d) 25 (d) 23 25 (d)
REVENUE BY BUSINESS
Investment Banking $ 3,902 $ 3,136 $ 2,552 $ 2,694 $ 2,684 24 45 $ 7,038 $ 4,952 42
Payments 5,296 5,123 5,114 4,917 4,735 3 12 10,419 9,300 12
Lending 1,964 2,166 1,985 1,872 1,829 (9) 7 4,130 3,744 10
Other — — — — — — — — 6 NM
Total Banking & Payments 11,162 10,425 9,651 9,483 9,248 7 21 21,587 18,002 20
Fixed Income Markets 6,053 7,078 5,380 5,613 5,690 (14) 6 13,131 11,539 14
Equity Markets 6,025 4,481 2,859 3,331 3,246 34 86 10,506 7,060 49
Securities Services 1,657 1,499 1,489 1,423 1,418 11 17 3,156 2,687 17
Credit Adjustments & Other (b) (44) (104) (4) 28 (67) 58 34 (148) (87) (70)
Total Markets & Securities Services 13,691 12,954 9,724 10,395 10,287 6 33 26,645 21,199 26
TOTAL NET REVENUE $ 24,853 $ 23,379 $ 19,375 $ 19,878 $ 19,535 6 27 $ 48,232 $ 39,201 23
Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking $ 7,797 $ 7,265 $ 6,493 $ 6,544 $ 6,319 7 % 23 % $ 15,062 $ 12,248 23 %
Commercial Banking 3,365 3,160 3,158 2,939 2,929 6 15 6,525 5,754 13
Commercial & Specialized Industries 2,472 2,280 2,245 2,038 2,067 8 20 4,752 4,023 18
Commercial Real Estate Banking 893 880 913 901 862 1 4 1,773 1,731 2
Total Banking & Payments revenue $ 11,162 $ 10,425 $ 9,651 $ 9,483 $ 9,248 7 21 $ 21,587 $ 18,002 20
(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, $646 million, $920 million, $644 million and $722 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $1.3 billion and $1.4 billion for the six months ended June 30, 2026 and 2025, respectively.
(b)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.
(c)Refer to page 70 of the Firm’s 2025 Form 10-K for a description of each of the client coverage segments.
(d)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.
Page 16
JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
SELECTED BALANCE SHEET DATA (period-end)
Total assets $ 2,709,357 $ 2,626,846 $ 2,142,534 $ 2,328,000 $ 2,260,825 3 % 20 % $ 2,709,357 $ 2,260,825 20 %
Loans:
Loans retained 586,807 576,917 558,528 538,016 526,174 2 12 586,807 526,174 12
Loans held-for-sale and loans at fair value (a) 65,594 67,022 73,508 56,057 57,659 (2) 14 65,594 57,659 14
Total loans
652,401 643,939 632,036 594,073 583,833 1 12 652,401 583,833 12
Equity 175,000 166,500 149,500 149,500 149,500 5 17 175,000 149,500 17
Banking & Payments loans by client coverage segment
(period-end) (b)
Global Corporate Banking & Global Investment Banking $ 160,842 $ 158,989 $ 146,079 $ 132,560 $ 133,017 1 21 $ 160,842 $ 133,017 21
Commercial Banking 226,320 224,253 222,139 222,464 222,044 1 2 226,320 222,044 2
Commercial & Specialized Industries 78,897 77,425 75,865 76,010 75,859 2 4 78,897 75,859 4
Commercial Real Estate Banking 147,423 146,828 146,274 146,454 146,185 — 1 147,423 146,185 1
Total Banking & Payments loans 387,162 383,242 368,218 355,024 355,061 1 9 387,162 355,061 9
SELECTED BALANCE SHEET DATA (average)
Total assets $ 2,665,978 $ 2,497,393 $ 2,260,671 $ 2,266,445 $ 2,205,619 7 21 $ 2,582,151 $ 2,125,805 21
Trading assets - debt and equity instruments 952,230 874,262 815,438 796,017 758,113 9 26 913,462 721,778 27
Trading assets - derivative receivables 73,390 67,591 56,598 61,132 56,815 9 29 70,507 57,895 22
Loans:
Loans retained 573,945 558,751 546,219 528,135 511,562 3 12 566,390 497,014 14
Loans held-for-sale and loans at fair value (a) 72,405 73,588 66,415 55,545 50,287 (2) 44 72,993 48,365 51
Total loans 646,350 632,339 612,634 583,680 561,849 2 15 639,383 545,379 17
Deposits 1,282,143 1,234,295 1,226,155 1,194,410 1,170,063 4 10 1,258,351 1,138,287 11
Equity 172,198 166,500 149,500 149,500 149,500 3 15 169,365 149,500 13
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking $ 165,538 $ 151,120 $ 138,491 $ 132,101 $ 125,554 10 32 $ 158,369 $ 123,482 28
Commercial Banking 225,535 222,897 222,216 221,534 219,886 1 3 224,224 219,227 2
Commercial & Specialized Industries 78,556 76,610 75,620 75,270 74,384 3 6 77,589 74,009 5
Commercial Real Estate Banking 146,979 146,287 146,596 146,264 145,502 — 1 146,635 145,218 1
Total Banking & Payments loans 391,073 374,017 360,707 353,635 345,440 5 13 382,593 342,709 12
Employees 91,876 91,493 91,355 (c) 90,895 (c) 89,882 (c) — 2 91,876 89,882 (c) 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 page 70 of the Firm’s 2025 Form 10-K for a description of each of the client coverage segments.
(c)Refer to footnote (d) on page 16 for further information on the centralization of Risk functions.
Page 17
JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries) $ 207 $ 120 $ 440 $ 567 $ 325 73 % (36) % $ 327 $ 502 (35) %
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a) 3,520 3,855 3,641 4,033 3,678 (9) (4) 3,520 3,678 (4)
Nonaccrual loans held-for-sale and loans at fair value (b) 1,290 1,192 1,518 1,338 1,207 8 7 1,290 1,207 7
Total nonaccrual loans 4,810 5,047 5,159 5,371 4,885 (5) (2) 4,810 4,885 (2)
Derivative receivables 171 174 204 224 349 (2) (51) 171 349 (51)
Assets acquired in loan satisfactions 213 176 192 197 208 21 2 213 208 2
Total nonperforming assets 5,194 5,397 5,555 5,792 5,442 (4) (5) 5,194 5,442 (5)
Allowance for credit losses:
Allowance for loan losses 8,159 7,947 7,632 7,609 7,408 3 10 8,159 7,408 10
Allowance for lending-related commitments 2,836 2,777 2,738 2,798 2,757 2 3 2,836 2,757 3
Total allowance for credit losses 10,995 10,724 10,370 10,407 10,165 3 8 10,995 10,165 8
Net charge-off/(recovery) rate (c) 0.14 % 0.09 % 0.32 % 0.43 % 0.25 % 0.12 % 0.20 %
Allowance for loan losses to period-end loans retained 1.39 1.38 1.37 1.41 1.41 1.39 1.41
Allowance for loan losses to nonaccrual loans retained (a) 232 206 210 189 201 232 201
Nonaccrual loans to total period-end loans 0.74 0.78 0.82 0.90 0.84 0.74 0.84
(a)Allowance for loan losses of $672 million, $740 million, $597 million, $724 million and $655 million were held against these nonaccrual loans at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 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, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $171 million, $183 million, $128 million, $93 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.
Page 18
JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
BUSINESS METRICS
Advisory $ 1,012 $ 1,266 $ 1,033 $ 926 $ 844 (20) % 20 % $ 2,278 $ 1,538 48 %
Equity underwriting 829 472 416 527 465 76 78 1,301 789 65
Debt underwriting 1,436 1,145 898 1,174 1,204 25 19 2,581 2,434 6
Total investment banking fees $ 3,277 $ 2,883 $ 2,347 $ 2,627 $ 2,513 14 30 $ 6,160 $ 4,761 29
Client deposits and other third-party liabilities (average) (a) 1,205,156 1,167,128 1,153,559 1,111,143 1,089,781 3 11 1,186,247 1,062,235 12
Assets under custody (“AUC”) (period-end) (in billions) $ 44,931 $ 40,905 $ 41,172 $ 40,128 $ 38,028 10 18 $ 44,931 $ 38,028 18
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (b)
Fixed income $ 36 $ 39 $ 35 $ 33 $ 37 (8) (3)
Foreign exchange 13 13 9 9 10 — 30
Equities 20 11 13 14 17 82 18
Commodities and other 14 14 23 19 24 — (42)
Diversification benefit to CIB trading VaR (c) (44) (47) (49) (50) (55) 6 20
CIB trading VaR (b) 39 30 31 25 33 30 18
Credit Portfolio VaR (d) 18 21 20 21 22 (14) (18)
Diversification benefit to CIB VaR (c) (17) (16) (17) (15) (17) (6) —
CIB VaR $ 40 $ 35 $ 34 $ 31 $ 38 14 5
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 135–138 of the Firm’s 2025 Form 10-K for further information.
(c)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 CIB risks.
(d)Credit Portfolio VaR 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.
Page 19
JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
INCOME STATEMENT
REVENUE
Asset management fees $ 4,227 $ 4,125 $ 4,372 $ 3,885 $ 3,642 2 % 16 % $ 8,352 $ 7,237 15 %
Commissions and other fees 445 369 301 296 314 21 42 814 587 39
All other income 370 154 165 156 117 140 216 524 242 117
Noninterest revenue 5,042 4,648 4,838 4,337 4,073 8 24 9,690 8,066 20
Net interest income 1,809 1,726 1,678 1,729 1,687 5 7 3,535 3,425 3
TOTAL NET REVENUE 6,851 6,374 6,516 6,066 5,760 7 19 13,225 11,491 15
Provision for credit losses 13 (24) 2 59 46 NM (72) (11) 36 NM
NONINTEREST EXPENSE
Compensation expense 2,322 2,339 2,256 (a) 2,125 (a) 2,083 (a) (1) 11 4,661 4,150 (a) 12
Noncompensation expense 1,885 1,828 1,812 (a) 1,693 (a) 1,650 (a) 3 14 3,713 3,296 (a) 13
TOTAL NONINTEREST EXPENSE 4,207 4,167 4,068 3,818 3,733 1 13 8,374 7,446 12
Income before income tax expense 2,631 2,231 2,446 2,189 1,981 18 33 4,862 4,009 21
Income tax expense 674 456 638 531 508 48 33 1,130 953 19
NET INCOME $ 1,957 $ 1,775 $ 1,808 $ 1,658 $ 1,473 10 33 $ 3,732 $ 3,056 22
REVENUE BY BUSINESS
Asset Management $ 3,320 $ 3,072 $ 3,408 $ 2,916 $ 2,705 8 23 $ 6,392 $ 5,376 19
Global Private Bank 3,531 3,302 3,108 3,150 3,055 7 16 6,833 6,115 12
TOTAL NET REVENUE $ 6,851 $ 6,374 $ 6,516 $ 6,066 $ 5,760 7 19 $ 13,225 $ 11,491 15
FINANCIAL RATIOS
ROE 48 % 44 % 44 % 40 % 36 % 46 % 38 %
Overhead ratio 61 65 62 63 65 63 65
Pretax margin ratio:
Asset Management 36 34 38 35 33 35 33
Global Private Bank 40 36 37 37 36 38 37
Asset & Wealth Management 38 35 38 36 34 37 35
Employees 29,773 29,357 29,181 (a) 29,135 (a) 28,770 (a) 1 3 29,773 28,770 (a) 3
Number of Global Private Bank client advisors 4,119 4,110 4,101 4,050 3,756 — 10 4,119 3,756 10
(a)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.
Page 20
JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
SELECTED BALANCE SHEET DATA (period-end)
Total assets $ 323,243 $ 299,179 $ 288,065 $ 282,322 $ 268,966 8 % 20 % $ 323,243 $ 268,966 20 %
Loans 293,386 274,902 266,385 257,988 245,526 7 19 293,386 245,526 19
Deposits 253,218 266,745 257,316 239,999 242,356 (5) 4 253,218 242,356 4
Equity 16,000 16,000 16,000 16,000 16,000 — — 16,000 16,000 —
SELECTED BALANCE SHEET DATA (average)
Total assets $ 308,845 $ 291,058 $ 284,100 $ 272,954 $ 261,128 6 18 $ 300,001 $ 257,271 17
Loans 284,281 267,986 260,792 250,730 240,585 6 18 276,178 237,279 16
Deposits 260,092 253,706 247,065 241,454 248,375 3 5 256,916 246,253 4
Equity 16,000 16,000 16,000 16,000 16,000 — — 16,000 16,000 —
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries) $ 2 $ 1 $ 30 $ 62 $ (1) 100 NM $ 3 $ — NM
Nonaccrual loans 1,041 1,035 1,199 1,129 1,035 1 1 1,041 1,035 1
Allowance for credit losses:
Allowance for loan losses 530 520 536 555 552 2 (4) 530 552 (4)
Allowance for lending-related commitments 35 33 43 52 58 6 (40) 35 58 (40)
Total allowance for credit losses 565 553 579 607 610 2 (7) 565 610 (7)
Net charge-off/(recovery) rate — % — % 0.05 % 0.10 % — % — % — %
Allowance for loan losses to period-end loans 0.18 0.19 0.20 0.22 0.22 0.18 0.22
Allowance for loan losses to nonaccrual loans 51 50 45 49 53 51 53
Nonaccrual loans to period-end loans 0.35 0.38 0.45 0.44 0.42 0.35 0.42
Page 21
JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions, except business metrics data)
Jun 30, 2026
Change SIX MONTHS ENDED JUNE 30,
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30, 2026 Change
CLIENT ASSETS 2026 2026 2025 2025 2025 2026 2025 2026 2025 2025
Assets by asset class
Liquidity $ 1,326 $ 1,297 $ 1,279 $ 1,174 $ 1,131 2 % 17 % $ 1,326 $ 1,131 17 %
Fixed income 1,061 1,014 998 971 925 5 15 1,061 925 15
Equity 1,574 1,360 1,400 1,371 1,258 16 25 1,574 1,258 25
Multi-asset 939 880 884 855 809 7 16 939 809 16
Alternatives 240 238 230 228 220 1 9 240 220 9
TOTAL ASSETS UNDER MANAGEMENT 5,140 4,789 4,791 4,599 4,343 7 18 5,140 4,343 18
Custody/brokerage/administration/deposits 2,523 2,314 2,327 2,239 2,078 9 21 2,523 2,078 21
TOTAL CLIENT ASSETS (a) $ 7,663 $ 7,103 $ 7,118 $ 6,838 $ 6,421 8 19 $ 7,663 $ 6,421 19
Assets by client segment
Private Banking $ 1,559 $ 1,440 $ 1,414 $ 1,364 $ 1,270 8 23 $ 1,559 $ 1,270 23
Global Institutional 2,079 1,964 1,953 1,837 1,772 6 17 2,079 1,772 17
Global Funds 1,502 1,385 1,424 1,398 1,301 8 15 1,502 1,301 15
TOTAL ASSETS UNDER MANAGEMENT $ 5,140 $ 4,789 $ 4,791 $ 4,599 $ 4,343 7 18 $ 5,140 $ 4,343 18
Private Banking $ 3,824 $ 3,549 $ 3,549 $ 3,423 $ 3,191 8 20 $ 3,824 $ 3,191 20
Global Institutional 2,312 2,145 2,121 1,994 1,907 8 21 2,312 1,907 21
Global Funds 1,527 1,409 1,448 1,421 1,323 8 15 1,527 1,323 15
TOTAL CLIENT ASSETS (a) $ 7,663 $ 7,103 $ 7,118 $ 6,838 $ 6,421 8 19 $ 7,663 $ 6,421 19
Assets under management rollforward
Beginning balance $ 4,789 $ 4,791 $ 4,599 $ 4,343 $ 4,113 $ 4,791 $ 4,045
Net asset flows:
Liquidity 22 13 105 37 5 35 41
Fixed income 35 20 25 31 27 55 38
Equity 12 18 11 31 16 30 53
Multi-asset 6 10 11 4 (2) 16 1
Alternatives (3) 6 5 6 (10) 3 (7)
Market/performance/other impacts 279 (69) 35 147 194 210 172
Ending balance $ 5,140 $ 4,789 $ 4,791 $ 4,599 $ 4,343 $ 5,140 $ 4,343
Client assets rollforward
Beginning balance $ 7,103 $ 7,118 $ 6,838 $ 6,421 $ 6,002 $ 7,118 $ 5,932
Net asset flows 148 111 206 147 80 259 200
Market/performance/other impacts 412 (126) 74 270 339 286 289
Ending balance $ 7,663 $ 7,103 $ 7,118 $ 6,838 $ 6,421 $ 7,663 $ 6,421
BUSINESS METRICS
Firmwide Wealth Management
Client assets (in billions) (b) $ 4,881 $ 4,516 $ 4,521 $ 4,373 $ 4,087 8 19 $ 4,881 $ 4,087 19
Number of client advisors 10,448 10,353 10,150 10,075 9,704 1 8 10,448 9,704 8
Stock Plan Administration
Number of stock plan participants (in thousands) 1,982 1,883 1,794 1,796 1,594 5 24 1,982 1,594 24
Client assets (in billions) $ 406 $ 383 $ 372 $ 357 $ 314 6 29 $ 406 $ 314 29
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
(b)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.
Page 22
JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
INCOME STATEMENT
REVENUE
Principal transactions $ 149 $ (31) $ (144) $ (54) $ (54) NM NM $ 118 $ (141) NM
Investment securities gains/(losses)
(395) 60 (72) 105 (54) NM NM (335) (91) (268) %
All other income 5,470 (e) 160 128 246 157 NM NM 5,630 (e) 934 NM
Noninterest revenue 5,224 189 (88) 297 49 NM NM 5,413 702 NM
Net interest income 822 1,026 1,568 1,406 1,489 (20) % (45) % 1,848 3,140 (41)
TOTAL NET REVENUE (a) 6,046 1,215 1,480 1,703 1,538 398 293 7,261 3,842 89
Provision for credit losses (10) (1) 4 (3) 25 NM NM (11) 6 NM
NONINTEREST EXPENSE 611 568 648 (f)(g) 445 (f) 547 (f) 8 12 1,179 732 (f) 61
Income before income tax expense
5,445 648 828 1,261 966 NM 464 6,093 3,104 96
Income tax expense/(benefit)
1,236 (51) 521 436 (729) (i) NM NM 1,185 (284) (i) NM
NET INCOME
$ 4,209 $ 699 $ 307 $ 825 $ 1,695 NM 148 $ 4,908 $ 3,388 45
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
793 1,337 1,601 1,687 1,649 (41) (52) 2,130 3,213 (34)
Other Corporate 5,253 (e) (122) (121) 16 (111) NM NM 5,131 (e) 629 NM
TOTAL NET REVENUE $ 6,046 $ 1,215 $ 1,480 $ 1,703 $ 1,538 398 293 $ 7,261 $ 3,842 89
NET INCOME/(LOSS)
Treasury and CIO 529 842 1,120 1,166 1,121 (37) (53) 1,371 2,279 (40)
Other Corporate 3,680 (e) (143) (813) (341) 574 NM NM 3,537 (e) 1,109 219
TOTAL NET INCOME
$ 4,209 $ 699 $ 307 $ 825 $ 1,695 NM 148 $ 4,908 $ 3,388 45
SELECTED BALANCE SHEET DATA (period-end)
Total assets $ 1,309,857 $ 1,318,399 $ 1,329,632 $ 1,297,608 $ 1,370,312 (1) (4) $ 1,309,857 $ 1,370,312 (4)
Loans 3,126 3,093 2,941 2,707 2,033 1 54 3,126 2,033 54
Deposits (b) 59,437 41,173 35,874 34,145 27,952 44 113 59,437 27,952 113
Employees 54,832 55,360 55,390 (f) 55,523 (f) 55,310 (f) (1) (1) 54,832 55,310 (f) (1)
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)
$ (395) $ 60 $ (72) $ 105 $ (54) NM NM $ (335) $ (91) (268)
Available-for-sale securities (average) 533,510 529,500 502,641 495,777 (h) 462,179 1 15 531,516 427,282 24
Held-to-maturity securities (average) (c) 270,893 269,482 283,009 269,717 (h) 262,479 1 3 270,191 266,172 2
Investment securities portfolio (average) $ 804,403 $ 798,982 $ 785,650 $ 765,494 $ 724,658 1 11 $ 801,707 $ 693,454 16
Available-for-sale securities (period-end) 532,368 545,706 503,896 487,277 (h) 482,269 (2) 10 532,368 482,269 10
Held-to-maturity securities (period-end) (c) 268,474 272,142 270,134 293,446 (h) 260,559 (1) 3 268,474 260,559 3
Investment securities portfolio, net of allowance for credit losses
(period-end) (d)
$ 800,842 $ 817,848 $ 774,030 $ 780,723 $ 742,828 (2) 8 $ 800,842 $ 742,828 8
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $44 million, $44 million, $41 million, $39 million and $38 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 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)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, the estimated fair value of the HTM securities portfolio was $250.3 billion, $254.5 billion, $253.3 billion, $274.9 billion and $239.3 billion, respectively.
(d)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, the allowance for credit losses on investment securities was $59 million, $73 million, $73 million, $72 million and $75 million, respectively.
(e)Included a $4.6 billion net gain related to Visa Class C common stock and $763 million of gains on certain equity investments. Refer to footnote (e) on page 2 for further 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)Included an FDIC special assessment accrual release of $326 million for the three months ended December 31, 2025. Refer to Note 6 on page 221 of the Firm’s 2025 Form 10-K for additional information.
(h)During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.
(i)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.
Page 23
JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
Jun 30, 2026
Change
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30,
2026 2026 2025 2025 2025 2026 2025
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained $ 367,128 $ 367,274 $ 368,741 $ 369,859 $ 371,855 — % (1) %
Loans held-for-sale and loans at fair value 24,615 24,386 33,517 23,225 22,185 1 11
Total consumer, excluding credit card loans 391,743 391,660 402,258 393,084 394,040 — (1)
Credit card loans
Loans retained 249,876 239,123 247,797 235,475 232,943 4 7
Total credit card loans 249,876 239,123 247,797 235,475 232,943 4 7
Total consumer loans 641,619 630,783 650,055 628,559 626,983 2 2
Wholesale loans (b)
Loans retained 846,804 818,839 792,367 764,451 740,675 3 14
Loans held-for-sale and loans at fair value 54,039 53,898 51,007 42,236 44,334 — 22
Total wholesale loans 900,843 872,737 843,374 806,687 785,009 3 15
Total loans 1,542,462 1,503,520 1,493,429 1,435,246 1,411,992 3 9
Derivative receivables 67,767 71,584 57,777 59,849 60,346 (5) 12
Receivables from customers (c) 82,203 64,844 47,336 68,493 53,099 27 55
Total credit-related assets 1,692,432 1,639,948 1,598,542 1,563,588 1,525,437 3 11
Lending-related commitments
Consumer, excluding credit card 49,116 46,236 43,587 48,015 47,064 6 4
Credit card (d)(e) 1,224,431 1,204,016 1,177,766 1,069,963 1,050,275 2 17
Wholesale 621,742 604,922 595,954 596,028 559,654
(h)
3 11
Total lending-related commitments 1,895,289 1,855,174 1,817,307 1,714,006 1,656,993 2 14
Total credit exposure $ 3,587,721 $ 3,495,122 $ 3,415,849 $ 3,277,594 $ 3,182,430 3 13
Memo: Total by category
Consumer exposure (f) $ 1,915,166 $ 1,881,035 $ 1,871,408 $ 1,746,537 $ 1,724,322 2 11
Wholesale exposure (g) 1,672,555 1,614,087 1,544,441 1,531,057 1,458,108 4 15
Total credit exposure $ 3,587,721 $ 3,495,122 $ 3,415,849 $ 3,277,594 $ 3,182,430 3 13
(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes loans held in CIB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(c)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.
(d)Also includes commercial card lending-related commitments primarily in CIB.
(e)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to Notes 4 and 28 of the Firm’s 2025 Form 10-K for additional information.
(f)Represents total consumer loans and lending-related commitments.
(g)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.
(h)Prior-period amount has been revised to conform with the presentation in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025.
Page 24
JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Jun 30, 2026
Change
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30,
2026 2026 2025 2025 2025 2026 2025
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained $ 3,843 $ 3,810 $ 3,875 $ 3,954 $ 3,938 1 % (2) %
Loans held-for-sale and loans at fair value 605 589 798 646 731 3 (17)
Total consumer nonaccrual loans 4,448 4,399 4,673 4,600 4,669 1 (5)
Wholesale nonaccrual loans
Loans retained 4,191 4,524 4,398 4,740 4,479 (7) (6)
Loans held-for-sale and loans at fair value 725 660 786 766 673 10 8
Total wholesale nonaccrual loans 4,916 5,184 5,184 5,506 5,152 (5) (5)
Total nonaccrual loans 9,364 9,583 9,857 10,106 9,821 (2) (5)
Derivative receivables 171 174 204 224 349 (2) (51)
Assets acquired in loan satisfactions 314 292 298 305 310 8 1
Total nonperforming assets 9,849 10,049 10,359 10,635 10,480 (2) (6)
Wholesale lending-related commitments (b) 799 916 925 1,025 922 (13) (13)
Total nonperforming exposure $ 10,648 $ 10,965 $ 11,284 $ 11,660 $ 11,402 (3) (7)
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.61 % 0.64 % 0.66 % 0.70 % 0.70 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.14 1.12 1.16 1.17 1.18
Total wholesale nonaccrual loans to total
wholesale loans 0.55 0.59 0.61 0.68 0.66
(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, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $232 million, $251 million, $198 million, $158 million and $113 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. Refer to Note 12 of the Firm’s 2025 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)Represents commitments that are risk rated as nonaccrual.
Page 25
JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance $ 25,928 $ 25,765 $ 25,735 $ 24,953 $ 25,208 1 % 3 % $ 25,765 $ 24,345 6 %
Net charge-offs:
Gross charge-offs 2,995 2,911 3,099 3,181 2,944 3 2 5,906 5,760 3
Gross recoveries collected (629) (595) (585) (588) (534) (6) (18) (1,224) (1,018) (20)
Net charge-offs 2,366 2,316 2,514 2,593 2,410 2 (2) 4,682 4,742 (1)
Provision for loan losses 2,590 2,481 2,544 3,376 2,151 4 20 5,071 5,344 (5)
Other — (2) — (1) 4 NM NM (2) 6 NM
Ending balance $ 26,152 $ 25,928 $ 25,765 $ 25,735 $ 24,953 1 5 $ 26,152 $ 24,953 5
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance $ 5,091 $ 5,071 $ 2,964 $ 2,932 $ 2,226 — 129 $ 5,071 $ 2,101 141
Provision for lending-related commitments 63 23 2,107 (b) 31 706 174 (91) 86 831 (90)
Other (3) (3) — 1 — — NM (6) — NM
Ending balance $ 5,151 $ 5,091 $ 5,071 $ 2,964 $ 2,932 1 76 $ 5,151 $ 2,932 76
ALLOWANCE FOR INVESTMENT SECURITIES $ 63 $ 78 $ 106 $ 105 $ 108 (19) (42) $ 63 $ 108 (42)
Total allowance for credit losses (a) $ 31,366 $ 31,097 $ 30,942 $ 28,804 $ 27,993 1 12 $ 31,366 $ 27,993 12
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.15 % 0.17 % 0.19 % 0.12 % 0.14 % 0.16 % 0.16 %
Credit card retained loans 3.33 3.46 3.14 3.15 3.40 3.40 3.49
Total consumer retained loans 1.42 1.47 1.35 1.29 1.38 1.44 1.42
Wholesale retained loans 0.10 0.06 0.23 0.33 0.19 0.08 0.15
Total retained loans 0.66 0.67 0.72 0.76 0.73 0.67 0.73
Memo: Average retained loans
Consumer retained, excluding credit card loans $ 366,710 $ 367,880 $ 368,485 $ 370,073 $ 372,005 — (1) $ 367,291 $ 373,229 (2)
Credit card retained loans 243,572 239,220 239,356 234,354 228,320 2 7 241,408 226,346 7
Total average retained consumer loans 610,282 607,100 607,841 604,427 600,325 1 2 608,699 599,575 2
Wholesale retained loans 825,356 793,654 775,282 747,045 721,105 4 14 809,594 703,952 15
Total average retained loans $ 1,435,638 $ 1,400,754 $ 1,383,123 $ 1,351,472 $ 1,321,430 2 9 $ 1,418,293 $ 1,303,527 9
(a)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, excludes an allowance for credit losses associated with certain accounts receivable in CIB of $165 million, $286 million, $288 million, $285 million and $288 million, respectively.
(b)Refer to footnote (g) on page 2 for additional information.
Page 26
JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Jun 30, 2026
Change
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30,
2026 2026 2025 2025 2025 2026 2025
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
$ (621) $ (623) $ (647) $ (621) $ (683) — % 9 %
Portfolio-based 2,417 2,412 2,567 2,524 2,532 — (5)
Total consumer, excluding credit card 1,796 1,789 1,920 1,903 1,849 — (3)
Credit card
Portfolio-based 15,561 15,559 15,557 15,554 15,001 — 4
Total credit card 15,561 15,559 15,557 15,554 15,001 — 4
Total consumer 17,357 17,348 17,477 17,457 16,850 — 3
Wholesale
Asset-specific
790 851 707 838 781 (7) 1
Portfolio-based 8,005 7,729 7,581 7,440 7,322 4 9
Total wholesale 8,795 8,580 8,288 8,278 8,103 3 9
Total allowance for loan losses 26,152 25,928 25,765 25,735 24,953 1 5
Allowance for lending-related commitments (a) 5,151 5,091 5,071 2,964 2,932 1 76
Allowance for investment securities 63 78 106 105 108 (19) (42)
Total allowance for credit losses $ 31,366 $ 31,097 $ 30,942 $ 28,804 $ 27,993 1 12
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans 0.49 % 0.49 % 0.52 % 0.51 % 0.50 %
Credit card allowance to total credit card retained loans 6.23 6.51 6.28 6.61 6.44
Wholesale allowance to total wholesale retained loans 1.04 1.05 1.05 1.08 1.09
Total allowance to total retained loans 1.79 1.82 1.83 1.88 1.85
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (b) 47 47 50 48 47
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (b) 132 124 123 117 118
Wholesale allowance to wholesale retained nonaccrual loans 210 190 188 175 181
Total allowance to total retained nonaccrual loans 326 311 311 296 296
(a)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to footnote (g) on page 2 for additional information.
(b)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.
Page 27
JPMORGAN CHASE & CO.
NON-GAAP FINANCIAL MEASURES
Non-GAAP Financial Measures
(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the LOBs on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole and for each of the reportable business segments and Corporate 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. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. 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 each of the LOBs and Corporate.
(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total 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.
(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
(d)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets, as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to pages 73-74 of the Firm’s 2025 Form 10-K.
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
(in millions, except rates) 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
Net interest income - reported $ 25,511 $ 25,366 $ 24,995 $ 23,966 $ 23,209 1 % 10 % $ 50,877 $ 46,482 9 %
Fully taxable-equivalent adjustments 111 113 113 105 105 (2) 6 224 207 8
Net interest income - managed basis
$ 25,622 $ 25,479 $ 25,108 $ 24,071 $ 23,314 1 10 $ 51,101 $ 46,689 9
Less: Markets net interest income 1,945 2,199 1,251 680 561 (12) 247 4,144 1,346 208
Net interest income excluding Markets
$ 23,677 $ 23,280 $ 23,857 $ 23,391 $ 22,753 2 4 $ 46,957 $ 45,343 4
Average interest-earning assets $ 4,287,954 $ 4,135,737 $ 3,923,824 $ 3,895,764 $ 3,845,982 4 11 $ 4,212,266 $ 3,757,674 12
Less: Average Markets interest-earning assets
1,686,445 1,599,089 1,403,245 1,404,633 1,387,584 5 22 1,643,008 1,321,732 24
Average interest-earning assets excluding Markets $ 2,601,509 $ 2,536,648 $ 2,520,579 $ 2,491,131 $ 2,458,398 3 6 $ 2,569,258 $ 2,435,942 5
Net yield on average interest-earning assets - managed basis (a) 2.40 % 2.50 % 2.54 % 2.45 % 2.43 % 2.45 % 2.51 %
Net yield on average Markets interest-earning assets
0.46 0.56 0.35 0.19 0.16 0.51 0.21
Net yield on average interest-earning assets excluding Markets (a) 3.65 3.72 3.76 3.73 3.71 3.69 3.75
Noninterest revenue - reported $ 31,836 $ 24,470 $ 20,803 $ 22,461 $ 21,703 30 47 $ 56,306 $ 43,740 29
Fully taxable-equivalent adjustments 564 587 856 588 663 (4) (15) 1,151 1,265 (9)
Noninterest revenue - managed basis $ 32,400 $ 25,057 $ 21,659 $ 23,049 $ 22,366 29 45 $ 57,457 $ 45,005 28
Less: Markets noninterest revenue
10,133 9,360 6,988 8,264 8,375 8 21 19,493 17,253 13
Noninterest revenue excluding Markets $ 22,267 $ 15,697 $ 14,671 $ 14,785 $ 13,991 42 59 $ 37,964 $ 27,752 37
Memo: Markets total net revenue $ 12,078 $ 11,559 $ 8,239 $ 8,944 $ 8,936 4 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.
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Jul. 14, 2026
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