EARNINGS RELEASE FINANCIAL SUPPLEMENT FOURTH QUARTER 2025

JPMORGAN CHASE & CO.

TABLE OF CONTENTS

Page(s)

Consolidated Results

Consolidated Financial Highlights

2–3

Consolidated Statements of Income

Consolidated Balance Sheets

Condensed Average Balance Sheets and Annualized Yields

Reconciliation from Reported to Managed Basis

Segment & Corporate Results - Managed Basis

Capital and Other Selected Balance Sheet Items

9–10

Earnings Per Share and Related Information

Business Segment & Corporate Results

Consumer & Community Banking (“CCB”)

12–15

Commercial & Investment Bank (“CIB”)

16–19

Asset & Wealth Management (“AWM”)

20–22

Corporate

Credit-Related Information

24-27

Non-GAAP Financial Measures

Glossary of Terms and Acronyms (a)

(a) Refer to the Glossary of Terms and Acronyms on pages 327–333 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 194-200 and pages 201-202, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025.

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																															FULL YEAR
																					4Q25 Change																			2025 Change
SELECTED INCOME STATEMENT DATA	4Q25					3Q25				2Q25				1Q25			4Q24				3Q25			4Q24								2025					2024			2024
Reported Basis
Total net revenue	$	45,798			$	46,427		$	44,912			$	45,310		$	42,768		(1)		%		7	%				$	182,447				$	177,556	(i)		3		%
Total noninterest expense	23,983				24,281			23,779				23,597			22,762			(1)			5				95,640					91,797					4
Pre-provision profit (a)	21,815				22,146			21,133				21,713			20,006			(1)			9				86,807					85,759					1
Provision for credit losses	4,655		(f)		3,403			2,849				3,305			2,631			37			77				14,212		(f)			10,678					33
NET INCOME	13,025				14,393			14,987				14,643			14,005			(10)			(7)				57,048					58,471					(2)
Managed Basis (b)
Total net revenue	46,767				47,120			45,680				46,014			43,738			(1)			7				185,581					180,593		(i)			3
Total noninterest expense	23,983				24,281			23,779				23,597			22,762			(1)			5				95,640					91,797					4
Pre-provision profit (a)	22,784				22,839			21,901				22,417			20,976			—			9				89,941					88,796					1
Provision for credit losses	4,655		(f)		3,403			2,849				3,305			2,631			37			77				14,212		(f)			10,678					33
NET INCOME	13,025				14,393			14,987				14,643			14,005			(10)			(7)				57,048					58,471					(2)
EARNINGS PER SHARE DATA
Net income: Basic	$	4.64			$	5.08		$	5.25			$	5.08		$	4.82		(9)			(4)				$	20.05				$	19.79				1
Diluted	4.63				5.07			5.24				5.07			4.81			(9)			(4)				20.02					19.75					1
Average shares: Basic	2,735.3				2,762.4			2,788.7				2,819.4			2,836.9			(1)			(4)				2,776.5					2,873.9					(3)
Diluted	2,740.5				2,767.6			2,793.7				2,824.3			2,842.4			(1)			(4)				2,781.5					2,879.0					(3)
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	868,793			$	858,683		$	797,181			$	681,712		$	670,618		1			30				$	868,793				$	670,618				30
Common shares at period-end	2,696.2				2,722.2			2,749.7				2,779.1			2,797.6			(1)			(4)				2,696.2					2,797.6					(4)
Book value per share	126.99				124.96			122.51				119.24			116.07			2			9				126.99					116.07					9
Tangible book value per share (“TBVPS”) (a)	107.56				105.70			103.40				100.36			97.30			2			11				107.56					97.30					11
Cash dividends declared per share	1.50				1.50			1.40				1.40			1.25			—			20				5.80					4.80					21
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)	15		%			17	%			18	%			18	%		17		%													17		%			18		%
Return on tangible common equity (“ROTCE”) (a)	18				20			21				21			21												20					22
Return on assets	1.14				1.26			1.35				1.40			1.35												1.29					1.43
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio (e)	14.5		%	(g)(h)		14.8	%			15.1	%			15.4	%		15.7		%													14.5		%	(g)(h)		15.7		%
Tier 1 capital ratio (e)	15.5		(g)(h)		15.8			16.1				16.5			16.8												15.5		(g)(h)			16.8
Total capital ratio (e)	17.3		(g)(h)		17.7			17.8				18.2			18.5												17.3		(g)(h)			18.5
Tier 1 leverage ratio	6.9		(g)		6.9			6.9				7.2			7.2												6.9		(g)			7.2
Supplementary leverage ratio (“SLR”)	5.8		(g)		5.8			5.9				6.0			6.1												5.8		(g)			6.1

(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)As of January 1, 2025, the benefit from the Current Expected Credit Losses (“CECL”) capital transition provision had been fully phased-out. As of December 31, 2024, CET1 capital reflected the remaining $720 million CECL benefit. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 and Note 27 of the Firm’s 2024 Form 10-K for additional information.

(e)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to page 9 for further information on the Firm’s capital metrics.

(f)Includes an increase of $2.2 billion to the provision for lending-related commitments associated with the Firm’s forward purchase commitment of the Apple credit card portfolio, as agreed upon on December 30, 2025 and announced on January 7, 2026. Refer to footnote (g) on page 24 for further information.

(g)Estimated.

(h)Includes a decrease of approximately 25 basis points under the Basel III Standardized approach, reflecting the impact of the Firm’s forward purchase commitment of the Apple credit card portfolio.

(i)Included a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. Refer to Note 2 of the Firm’s 2024 Form 10-K for additional information on the exchange offer for Visa Class B-1 common stock.

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
	QUARTERLY TRENDS																													FULL YEAR
																				4Q25 Change																		2025 Change
	4Q25				3Q25				2Q25				1Q25			4Q24				3Q25			4Q24							2025					2024			2024
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	4,424,900		$	4,560,205		$	4,552,482			$	4,357,856		$	4,002,814		(3)		%		11	%				$	4,424,900			$	4,002,814			11		%
Loans:
Consumer, excluding credit card loans	402,258			393,084			394,040				391,138			392,810			2			2				402,258				392,810					2
Credit card loans	247,797			235,475			232,943				223,384			232,860			5			6				247,797				232,860					6
Wholesale loans	843,374			806,687			785,009				741,173			722,318			5			17				843,374				722,318					17
Total loans	1,493,429			1,435,246			1,411,992				1,355,695			1,347,988			4			11				1,493,429				1,347,988					11
Deposits:
U.S. offices:
Noninterest-bearing	583,342			589,105			591,177				581,623			592,500			(1)			(2)				583,342				592,500					(2)
Interest-bearing	1,452,729			1,433,404			1,441,905				1,416,585			1,345,914			1			8				1,452,729				1,345,914					8
Non-U.S. offices:
Noninterest-bearing	37,057			34,255			29,976				29,856			26,806			8			38				37,057				26,806					38
Interest-bearing	486,192			491,712			499,322				467,813			440,812			(1)			10				486,192				440,812					10
Total deposits	2,559,320			2,548,476			2,562,380				2,495,877			2,406,032			—			6				2,559,320				2,406,032					6
Long-term debt	435,206			427,203			419,802				407,224			401,418			2			8				435,206				401,418					8
Common stockholders’ equity	342,393			340,167			336,879				331,375			324,708			1			5				342,393				324,708					5
Total stockholders’ equity	362,438			360,212			356,924				351,420			344,758			1			5				362,438				344,758					5
Loans-to-deposits ratio	58		%		56	%			55	%			54	%		56		%												58		%			56		%
Employees	318,512			318,153			317,160				318,477			317,233			—			—				318,512				317,233					—
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)	$	35		$	33		$	42			$	50		$	40		6			(13)
Earnings-at-Risk (in billions) (b)(c)
Parallel shift:
+100 bps shift in rates	$	2.1	(e)	$	1.8		$	1.8			$	2.2		$	2.3		15			(8)
-100 bps shift in rates	(2.4)		(e)	(2.2)			(2.0)				(2.2)			(2.5)			(12)			2
LINE OF BUSINESS & CORPORATE NET REVENUE (d)
Consumer & Community Banking	$	19,396		$	19,473		$	18,847			$	18,313		$	18,362		—			6				$	76,029			$	71,507				6
Commercial & Investment Bank	19,375			19,878			19,535				19,666			17,598			(3)			10				78,454				70,114					12
Asset & Wealth Management	6,516			6,066			5,760				5,731			5,778			7			13				24,073				21,578					12
Corporate	1,480			1,703			1,538				2,304			2,000			(13)			(26)				7,025				17,394					(60)
TOTAL NET REVENUE	$	46,767		$	47,120		$	45,680			$	46,014		$	43,738		(1)			7				$	185,581			$	180,593				3
LINE OF BUSINESS & CORPORATE NET INCOME
Consumer & Community Banking	$	3,642		$	5,009		$	5,169			$	4,425		$	4,516		(27)			(19)				$	18,245			$	17,603				4
Commercial & Investment Bank	7,268			6,901			6,650				6,942			6,636			5			10				27,761				24,846					12
Asset & Wealth Management	1,808			1,658			1,473				1,583			1,517			9			19				6,522				5,421					20
Corporate	307			825			1,695				1,693			1,336			(63)			(77)				4,520				10,601					(57)
NET INCOME	$	13,025		$	14,393		$	14,987			$	14,643		$	14,005		(10)			(7)				$	57,048			$	58,471				(2)

(a)Effective April 1, 2025, the Firm refined the historical proxy time series inputs to one of its VaR models to more appropriately reflect the risk exposure from certain securitization warehousing loan positions. With this refined time series, the average Total VaR for the three months ended March 31, 2025 and December 31, 2024 would have been lower for each period by $(5) million. Refer to Commercial & Investment Bank VaR on page 19 for further information.

(b)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 147-148 of the Firm’s 2024 Form 10-K for additional information.

(c)Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates.

(d)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(e)Estimated.

JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																															FULL YEAR
																					4Q25 Change																				2025 Change
REVENUE	4Q25				3Q25				2Q25					1Q25			4Q24				3Q25			4Q24								2025						2024			2024
Investment banking fees	$	2,326		$	2,612		$	2,499			$	2,178			$	2,421		(11)		%		(4)	%				$	9,615				$	8,910				8		%
Principal transactions	5,340			7,109			7,149				7,614				5,195			(25)			3				27,212					24,787					10
Lending- and deposit-related fees	2,364			2,349			2,248				2,132				1,952			1			21				9,093					7,606					20
Asset management fees	5,701			5,120			4,806				4,700				4,874			11			17				20,327					17,801					14
Commissions and other fees	2,108			2,204			2,194				2,033				1,865			(4)			13				8,539					7,530					13
Investment securities gains/(losses)	(71)			105			(54)				(37)				(92)			NM				23				(57)					(1,021)					94
Mortgage fees and related income	357			383			363				278				376			(7)			(5)				1,381					1,401					(1)
Card income	1,020			1,140			1,344				1,216				1,602			(11)			(36)				4,720					5,497					(14)
Other income	1,658			1,439			1,154				1,923				1,225			15			35				6,174					12,462		(g)			(50)
Noninterest revenue	20,803			22,461			21,703				22,037				19,418			(7)			7				87,004					84,973					2
Interest income	48,808			49,439			48,241				46,853				47,566			(1)			3				193,341					193,933					—
Interest expense	23,813			25,473			25,032				23,580				24,216			(7)			(2)				97,898					101,350					(3)
Net interest income	24,995			23,966			23,209				23,273				23,350			4			7				95,443					92,583					3
TOTAL NET REVENUE	45,798			46,427			44,912				45,310				42,768			(1)			7				182,447					177,556					3
Provision for credit losses	4,655		(d)	3,403			2,849				3,305				2,631			37			77				14,212		(d)			10,678					33
NONINTEREST EXPENSE
Compensation expense	13,118			13,566			13,710				14,093				12,469			(3)			5				54,487					51,357					6
Occupancy expense	1,475			1,420			1,264				1,302				1,309			4			13				5,461					5,026					9
Technology, communications and equipment expense	2,908			2,839			2,704				2,578				2,516			2			16				11,029					9,831					12
Professional and outside services	3,338			3,173			3,006				2,839				3,007			5			11				12,356					11,057					12
Marketing	1,468			1,480			1,279				1,304				1,335			(1)			10				5,531					4,974					11
Other expense (a)	1,676		(e)	1,803			1,816				1,481		(e)		2,126			(7)			(21)				6,776		(e)			9,552		(e)(h)			(29)
TOTAL NONINTEREST EXPENSE	23,983			24,281			23,779				23,597				22,762			(1)			5				95,640					91,797					4
Income before income tax expense	17,160			18,743			18,284				18,408				17,375			(8)			(1)				72,595					75,081					(3)
Income tax expense	4,135			4,350			3,297		(f)		3,765				3,370			(5)			23				15,547		(f)			16,610					(6)
NET INCOME	$	13,025		$	14,393		$	14,987			$	14,643			$	14,005		(10)			(7)				$	57,048				$	58,471				(2)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	4.64		$	5.08		$	5.25			$	5.08			$	4.82		(9)			(4)				$	20.05				$	19.79				1
Diluted earnings per share	4.63			5.07			5.24				5.07				4.81			(9)			(4)				20.02					19.75					1
FINANCIAL RATIOS
Return on common equity (b)	15		%		17	%			18	%				18	%		17		%													17		%				18		%
Return on tangible common equity (b)(c)	18			20			21				21				21												20					22
Return on assets (b)	1.14			1.26			1.35				1.40				1.35												1.29					1.43
Effective income tax rate	24.1			23.2			18.0		(f)		20.5				19.4												21.4		(f)			22.1
Overhead ratio	52			52			53				52				53												52					52

(a)Included Firmwide legal expense of $60 million, $62 million, $118 million, $121 million and $236 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $361 million and $740 million for the full year 2025 and 2024, respectively.

(b)Ratios are based upon annualized amounts.

(c)Refer to page 28 for a further discussion of ROTCE.

(d)Refer to footnote (f) on page 2 and footnote (g) on page 24 for further information.

(e)Included FDIC special assessment accrual releases of $326 million and $323 million for the three months ended December 31, 2025 and March 31, 2025, respectively, and $763 million for the full year 2025; and an accrual increase of $725 million for the full year 2024. Refer to Note 6 on page 228 of the Firm’s 2024 Form 10-K for additional information.

(f)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.

(g)Included a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. Refer to footnote (i) on page 2 for further information.

(h)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Note 2 of the Firm’s 2024 Form 10-K for additional information.

JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																	Dec 31, 2025
																	Change
	Dec 31,			Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,			Dec 31,
	2025			2025				2025			2025			2024			2025			2024
ASSETS
Cash and due from banks	$	21,742	$	21,821		$	23,759		$	22,066		$	23,372		—	%		(7)	%
Deposits with banks	321,596		281,615			396,568			403,837			445,945			14		(28)
Federal funds sold and securities purchased under
resale agreements	336,426		425,815			470,589			429,506			295,001			(21)		14
Securities borrowed	286,191		248,368			223,976			238,702			219,546			15		30
Trading assets:
Debt and equity instruments	745,096		892,928			829,510			814,664			576,817			(17)		29
Derivative receivables	57,777		59,849			60,346			60,539			60,967			(3)		(5)
Available-for-sale (“AFS”) securities	507,198		490,499		(a)	485,380			399,363			406,852			3		25
Held-to-maturity (”HTM”) securities	270,134		293,446		(a)	260,559			265,084			274,468			(8)		(2)
Investment securities, net of allowance for credit losses	777,332		783,945			745,939			664,447			681,320			(1)		14
Loans	1,493,429		1,435,246			1,411,992			1,355,695			1,347,988			4		11
Less: Allowance for loan losses	25,765		25,735			24,953			25,208			24,345			—		6
Loans, net of allowance for loan losses	1,467,664		1,409,511			1,387,039			1,330,487			1,323,643			4		11
Accrued interest and accounts receivable	111,599		141,876			124,463			117,845			101,223			(21)		10
Premises and equipment	36,244		35,063			33,562			32,811			32,223			3		12
Goodwill, MSRs and other intangible assets	64,458		64,442			64,465			64,525			64,560			—		—
Other assets	198,775		194,972			192,266			178,427			178,197			2		12
TOTAL ASSETS	$	4,424,900	$	4,560,205		$	4,552,482		$	4,357,856		$	4,002,814		(3)		11
LIABILITIES
Deposits	$	2,559,320	$	2,548,476		$	2,562,380		$	2,495,877		$	2,406,032		—		6
Federal funds purchased and securities loaned or sold
under repurchase agreements	442,396		567,574			595,340			533,046			296,835			(22)		49
Short-term borrowings	64,776		69,355			65,293			64,980			52,893			(7)		22
Trading liabilities:
Debt and equity instruments	169,690		195,859			173,292			149,871			153,222			(13)		11
Derivative payables	46,329		46,403			48,110			37,232			39,661			—		17
Accounts payable and other liabilities	316,794		316,896			303,641			293,538			280,672			—		13
Beneficial interests issued by consolidated VIEs	27,951		28,227			27,700			24,668			27,323			(1)		2
Long-term debt	435,206		427,203			419,802			407,224			401,418			2		8
TOTAL LIABILITIES	4,062,462		4,199,993			4,195,558			4,006,436			3,658,056			(3)		11
STOCKHOLDERS’ EQUITY
Preferred stock	20,045		20,045			20,045			20,045			20,050			—		—
Common stock	4,105		4,105			4,105			4,105			4,105			—		—
Additional paid-in capital	91,114		90,865			90,576			90,223			90,911			—		—
Retained earnings	416,055		407,401			397,424			386,616			376,166			2		11
Accumulated other comprehensive loss (“AOCI”)	(4,290)		(5,878)			(7,243)			(9,111)			(12,456)			27		66
Treasury stock, at cost	(164,591)		(156,326)			(147,983)			(140,458)			(134,018)			(5)		(23)
TOTAL STOCKHOLDERS’ EQUITY	362,438		360,212			356,924			351,420			344,758			1		5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,424,900	$	4,560,205		$	4,552,482		$	4,357,856		$	4,002,814		(3)		11

(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.

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																														FULL YEAR
																				4Q25 Change																		2025 Change
AVERAGE BALANCES	4Q25				3Q25				2Q25				1Q25				4Q24			3Q25			4Q24								2025					2024		2024
ASSETS
Deposits with banks	$	335,623		$	360,156		$	405,213		$	446,044			$	448,992			(7)	%		(25)	%				$	386,384				$	490,205			(21)		%
Federal funds sold and securities purchased under resale agreements	330,694			424,346			432,714			377,998				337,553				(22)		(2)				391,398					359,197					9
Securities borrowed	261,877			234,112			234,024			241,003				232,500				12		13				242,788					209,744					16
Trading assets - debt instruments	620,465			580,985			562,967			495,143				452,091				7		37				565,277					456,029					24
Investment securities	788,922			768,599			727,651			664,970				661,361				3		19				737,960					611,241					21
Loans	1,461,079			1,417,466			1,380,726			1,339,391				1,339,378				3		9				1,400,048					1,322,425					6
All other interest-earning assets (a)	125,164			110,100			102,687			103,835				100,085				14		25				110,504					88,726					25
Total interest-earning assets	3,923,824			3,895,764			3,845,982			3,668,384				3,571,960				1		10				3,834,359					3,537,567					8
Trading assets - equity and other instruments	241,351			264,681			239,996			225,468				204,126				(9)		18				242,977					208,534					17
Trading assets - derivative receivables	57,543			61,842			57,601			59,099				58,643				(7)		(2)				59,025					57,005					4
All other noninterest-earning assets	306,700			297,658			294,039			282,363				290,438				3		6				295,263					282,816					4
TOTAL ASSETS	$	4,529,418		$	4,519,945		$	4,437,618		$	4,235,314			$	4,125,167			—		10				$	4,431,624				$	4,085,922				8
LIABILITIES
Interest-bearing deposits	$	1,949,049		$	1,913,958		$	1,902,337		$	1,842,888			$	1,793,337			2		9				$	1,902,382				$	1,748,050				9
Federal funds purchased and securities loaned or
sold under repurchase agreements	517,849			567,920			558,043			465,203				358,508				(9)		44				527,509					363,820					45
Short-term borrowings	56,265			53,755			55,059			49,291				41,346				5		36				53,612					39,593					35
Trading liabilities - debt and all other interest-bearing liabilities (b)	306,567			314,591			300,126			288,140				304,599				(3)		1				302,440					314,054					(4)
Beneficial interests issued by consolidated VIEs	27,327			28,884			26,185			25,775				25,881				(5)		6				27,052					26,515					2
Long-term debt	359,910			350,368			348,372			344,945				346,485				3		4				350,938					344,346					2
Total interest-bearing liabilities	3,216,967			3,229,476			3,190,122			3,016,242				2,870,156				—		12				3,163,933					2,836,378					12
Noninterest-bearing deposits	615,559			610,601			602,777			587,417				623,654				1		(1)				604,183					638,592					(5)
Trading liabilities - equity and other instruments	52,059			48,628			44,159			37,671				36,228				7		44				45,677					32,025					43
Trading liabilities - derivative payables	47,591			47,926			40,865			41,087				40,621				(1)		17				44,395					39,497					12
All other noninterest-bearing liabilities	236,876			226,934			209,853			208,539				216,082				4		10				220,645					203,006					9
TOTAL LIABILITIES	4,169,052			4,163,565			4,087,776			3,890,956				3,786,741				—		10				4,078,833					3,749,498					9
Preferred stock	20,045			20,045			20,045			20,013				20,050				—		—				20,037					24,054					(17)
Common stockholders’ equity	340,321			336,335			329,797			324,345				318,376				1		7				332,754					312,370					7
TOTAL STOCKHOLDERS’ EQUITY	360,366			356,380			349,842			344,358				338,426				1		6				352,791					336,424					5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,529,418		$	4,519,945		$	4,437,618		$	4,235,314			$	4,125,167			—		10				$	4,431,624				$	4,085,922				8
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	3.10		%	3.25		%	3.36		%	3.76		%		3.97		%										3.39		%			4.55		%
Federal funds sold and securities purchased under resale agreements	4.06			4.24			4.24			4.52				4.76												4.27					5.09
Securities borrowed	3.55			3.67			3.79			3.88				4.09												3.72					4.39
Trading assets - debt instruments	4.33			4.30			4.50			4.56				4.52												4.41					4.47
Investment securities	3.74			3.86			3.85			3.84				3.86												3.82					3.82
Loans	6.63			6.74			6.71			6.80				6.87												6.72					7.00
All other interest-earning assets (a)(d)	6.24			7.43			6.87			7.63				8.26												7.00					9.36
Total interest-earning assets	4.95			5.05			5.04			5.19				5.31												5.05					5.50
INTEREST-BEARING LIABILITIES
Interest-bearing deposits	2.24			2.41			2.40			2.44				2.66												2.37					2.84
Federal funds purchased and securities loaned or
sold under repurchase agreements	3.99			4.22			4.29			4.52				4.81												4.25					5.26
Short-term borrowings	4.01			4.35			4.42			4.40				5.03												4.29					5.31
Trading liabilities - debt and all other interest-bearing liabilities (b)	2.95			2.92			3.04			2.94				3.09												2.96					3.26
Beneficial interests issued by consolidated VIEs	4.23			4.58			4.55			4.66				4.85												4.50					5.22
Long-term debt	4.92			5.16			5.16			5.16				5.38												5.10					5.49
Total interest-bearing liabilities	2.94			3.13			3.15			3.17				3.36												3.09					3.57
INTEREST RATE SPREAD	2.01			1.92			1.89			2.02				1.95												1.96					1.93
NET YIELD ON INTEREST-EARNING ASSETS	2.54			2.45			2.43			2.58				2.61												2.50					2.63
Memo: Net yield on interest-earning assets excluding Markets (e)	3.76			3.73			3.71			3.80				3.79												3.75					3.84

(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 2024 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.

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 lines of business 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																														FULL YEAR
																				4Q25 Change																		2025 Change
	4Q25				3Q25				2Q25				1Q25				4Q24			3Q25			4Q24								2025					2024		2024
OTHER INCOME
Other income - reported	$	1,658		$	1,439		$	1,154		$	1,923			$	1,225			15	%		35	%				$	6,174				$	12,462			(50)		%
Fully taxable-equivalent adjustments (a)	856			588			663			602				849				46		1				2,709					2,560					6
Other income - managed	$	2,514		$	2,027		$	1,817		$	2,525			$	2,074			24		21				$	8,883				$	15,022				(41)
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	20,803		$	22,461		$	21,703		$	22,037			$	19,418			(7)		7				$	87,004				$	84,973				2
Fully taxable-equivalent adjustments	856			588			663			602				849				46		1				2,709					2,560					6
Total noninterest revenue - managed	$	21,659		$	23,049		$	22,366		$	22,639			$	20,267			(6)		7				$	89,713				$	87,533				2
NET INTEREST INCOME
Net interest income - reported	$	24,995		$	23,966		$	23,209		$	23,273			$	23,350			4		7				$	95,443				$	92,583				3
Fully taxable-equivalent adjustments (a)	113			105			105			102				121				8		(7)				425					477					(11)
Net interest income - managed	$	25,108		$	24,071		$	23,314		$	23,375			$	23,471			4		7				$	95,868				$	93,060				3
TOTAL NET REVENUE
Total net revenue - reported	$	45,798		$	46,427		$	44,912		$	45,310			$	42,768			(1)		7				$	182,447				$	177,556				3
Fully taxable-equivalent adjustments	969			693			768			704				970				40		—				3,134					3,037					3
Total net revenue - managed	$	46,767		$	47,120		$	45,680		$	46,014			$	43,738			(1)		7				$	185,581				$	180,593				3
PRE-PROVISION PROFIT
Pre-provision profit - reported	$	21,815		$	22,146		$	21,133		$	21,713			$	20,006			(1)		9				$	86,807				$	85,759				1
Fully taxable-equivalent adjustments	969			693			768			704				970				40		—				3,134					3,037					3
Pre-provision profit - managed	$	22,784		$	22,839		$	21,901		$	22,417			$	20,976			—		9				$	89,941				$	88,796				1
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	17,160		$	18,743		$	18,284		$	18,408			$	17,375			(8)		(1)				$	72,595				$	75,081				(3)
Fully taxable-equivalent adjustments	969			693			768			704				970				40		—				3,134					3,037					3
Income before income tax expense - managed	$	18,129		$	19,436		$	19,052		$	19,112			$	18,345			(7)		(1)				$	75,729				$	78,118				(3)
INCOME TAX EXPENSE
Income tax expense - reported	$	4,135		$	4,350		$	3,297		$	3,765			$	3,370			(5)		23				$	15,547				$	16,610				(6)
Fully taxable-equivalent adjustments	969			693			768			704				970				40		—				3,134					3,037					3
Income tax expense - managed	$	5,104		$	5,043		$	4,065		$	4,469			$	4,340			1		18				$	18,681				$	19,647				(5)
OVERHEAD RATIO
Overhead ratio - reported	52		%	52		%	53		%	52		%		53		%										52		%			52		%
Overhead ratio - managed	51			52			52			51				52												52					51

(a)For other income, recognized in CIB, and for net interest income, predominantly recognized in CIB and Corporate.

JPMORGAN CHASE & CO.
SEGMENT & CORPORATE RESULTS - MANAGED BASIS
(in millions)
	QUARTERLY TRENDS																									FULL YEAR
																4Q25 Change																	2025 Change
	4Q25			3Q25			2Q25			1Q25			4Q24			3Q25			4Q24							2025					2024		2024
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	19,396	$	19,473	$	18,847		$	18,313		$	18,362		—	%		6	%				$	76,029			$	71,507			6		%
Commercial & Investment Bank	19,375		19,878		19,535			19,666			17,598			(3)		10				78,454				70,114				12
Asset & Wealth Management	6,516		6,066		5,760			5,731			5,778			7		13				24,073				21,578				12
Corporate	1,480		1,703		1,538			2,304			2,000			(13)		(26)				7,025				17,394		(a)		(60)
TOTAL NET REVENUE	$	46,767	$	47,120	$	45,680		$	46,014		$	43,738		(1)		7				$	185,581			$	180,593			3
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	10,256	$	10,296	$	9,858		$	9,857		$	9,728		—		5				$	40,267			$	38,036			6
Commercial & Investment Bank	9,011		9,722		9,641			9,842			8,712			(7)		3				38,216				35,353				8
Asset & Wealth Management	4,068		3,818		3,733			3,713			3,772			7		8				15,332				14,414				6
Corporate	648		445		547			185			550			46		18				1,825				3,994		(b)		(54)
TOTAL NONINTEREST EXPENSE	$	23,983	$	24,281	$	23,779		$	23,597		$	22,762		(1)		5				$	95,640			$	91,797			4
PRE-PROVISION PROFIT
Consumer & Community Banking	$	9,140	$	9,177	$	8,989		$	8,456		$	8,634		—		6				$	35,762			$	33,471			7
Commercial & Investment Bank	10,364		10,156		9,894			9,824			8,886			2		17				40,238				34,761				16
Asset & Wealth Management	2,448		2,248		2,027			2,018			2,006			9		22				8,741				7,164				22
Corporate	832		1,258		991			2,119			1,450			(34)		(43)				5,200				13,400				(61)
PRE-PROVISION PROFIT	$	22,784	$	22,839	$	21,901		$	22,417		$	20,976		—		9				$	89,941			$	88,796			1
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	4,244	$	2,538	$	2,082		$	2,629		$	2,623		67		62				$	11,493			$	9,974			15
Commercial & Investment Bank	405		809		696			705			61			(50)		NM					2,615				762				243
Asset & Wealth Management	2		59		46			(10)			(35)			(97)		NM					97				(68)				NM
Corporate	4		(3)		25			(19)			(18)			NM			NM					7				10				(30)
PROVISION FOR CREDIT LOSSES	$	4,655	$	3,403	$	2,849		$	3,305		$	2,631		37		77				$	14,212			$	10,678			33
NET INCOME
Consumer & Community Banking	$	3,642	$	5,009	$	5,169		$	4,425		$	4,516		(27)		(19)				$	18,245			$	17,603			4
Commercial & Investment Bank	7,268		6,901		6,650			6,942			6,636			5		10				27,761				24,846				12
Asset & Wealth Management	1,808		1,658		1,473			1,583			1,517			9		19				6,522				5,421				20
Corporate	307		825		1,695			1,693			1,336			(63)		(77)				4,520				10,601				(57)
TOTAL NET INCOME	$	13,025	$	14,393	$	14,987		$	14,643		$	14,005		(10)		(7)				$	57,048			$	58,471			(2)

(a)Included a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. Refer to footnote (i) on page 2 for further information.

(b)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Note 2 of the Firm’s 2024 Form 10-K for additional information.

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
																					Dec 31, 2025
																					Change										FULL YEAR
	Dec 31,					Sep 30,				Jun 30,				Mar 31,			Dec 31,				Sep 30,			Dec 31,												2025 Change
	2025					2025				2025				2025			2024				2025			2024							2025				2024	2024
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	288,483	(c)		$	287,297		$	283,854			$	279,791		$	275,513		—		%		5	%
Tier 1 capital	307,725		(c)		306,599			303,189				299,132			294,881			—			4
Total capital	343,970		(c)		343,215			335,307				330,533			325,589			—			6
Risk-weighted assets	1,984,322		(c)(d)		1,935,868			1,882,718				1,815,045			1,757,460			3			13
CET1 capital ratio	14.5		%	(c)(e)		14.8	%			15.1	%			15.4	%		15.7		%
Tier 1 capital ratio	15.5		(c)(e)		15.8			16.1				16.5			16.8
Total capital ratio	17.3		(c)(e)		17.7			17.8				18.2			18.5
Advanced
CET1 capital	$	288,483	(c)		$	287,297		$	283,854			$	279,791		$	275,513		—			5
Tier 1 capital	307,725		(c)		306,599			303,189				299,132			294,881			—			4
Total capital	329,075		(c)		328,356			320,809				316,529			311,898			—			6
Risk-weighted assets	2,049,797		(c)(d)		1,932,404			1,873,142				1,799,055			1,740,429			6			18
CET1 capital ratio	14.1		%	(c)(e)		14.9	%			15.2	%			15.6	%		15.8		%
Tier 1 capital ratio	15.0		(c)(e)		15.9			16.2				16.6			16.9
Total capital ratio	16.1		(c)(e)		17.0			17.1				17.6			17.9
Leverage-based capital metrics
Adjusted average assets (b)	$	4,472,490	(c)		$	4,464,441		$	4,382,220			$	4,180,147		$	4,070,499		—			10
Tier 1 leverage ratio	6.9		%	(c)		6.9	%			6.9	%			7.2	%		7.2		%
Total leverage exposure	$	5,303,280	(c)		$	5,272,950		$	5,161,360			$	4,953,480		$	4,837,568		1			10
SLR	5.8		%	(c)		5.8	%			5.9	%			6.0	%		6.1		%
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC	$	563,906	(c)		$	567,557		$	559,897			$	558,303		$	546,564		(1)			3
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance	$	287,297			$	283,854		$	279,791			$	275,513		$	272,964		1			5				$	275,513			$	250,585		10		%
Net income applicable to common equity	12,745				14,111			14,705				14,388			13,746			(10)			(7)				55,949				57,212			(2)
Dividends declared on common stock	(4,091)				(4,134)			(3,897)				(3,938)			(3,546)			1			(15)				(16,060)				(13,786)			(16)
Net purchase of treasury stock	(8,265)				(8,343)			(7,525)				(6,440)			(4,279)			1			(93)				(30,573)				(17,801)			(72)
Changes in additional paid-in capital	249				289			353				(688)			273			(14)			(9)				203				783			(74)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities	1,295				1,509			(188)				953			(2,633)			(14)			NM					3,569				(87)			NM
Translation adjustments, net of hedges	(6)				(12)			868				489			(887)			50			99				1,339				(858)			NM
Fair value hedges	7				37			(8)				28			(54)			(81)			NM					64				(87)			NM
Defined benefit pension and other postretirement employee benefit plans	619				4			(28)				(16)			(58)			NM				NM					579				(63)			NM
Changes related to other CET1 capital adjustments	(1,367)		(c)		(18)			(217)				(498)			(13)			NM				NM					(2,100)	(c)			(385)			(445)
Change in Standardized/Advanced CET1 capital	1,186		(c)		3,443			4,063				4,278			2,549			(66)			(53)				12,970		(c)		24,928			(48)
Standardized/Advanced CET1 capital, ending balance	$	288,483	(c)		$	287,297		$	283,854			$	279,791		$	275,513		—			5				$	288,483	(c)		$	275,513		5

(a)As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased-out. As of December 31, 2024, CET1 capital and TLAC reflected the remaining $720 million CECL benefit. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 and Note 27 of the Firm’s 2024 Form 10-K for additional information.

(b)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.

(c)Estimated.

(d)Includes approximately $23 billion under the Basel III Standardized approach and approximately $110 billion under the Basel III Advanced approach associated with the Firm’s forward purchase commitment of the Apple credit card portfolio.

(e)Includes decreases of approximately 25 basis points under the Basel III Standardized approach and approximately 90 basis points under the Basel III Advanced approach, reflecting the impact of the Firm’s forward purchase commitment of the Apple credit card portfolio.

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
																Dec 31, 2025
																Change								FULL YEAR
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Dec 31,									2025 Change
	2025			2025			2025			2025			2024			2025			2024					2025			2024	2024
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity	$	342,393	$	340,167	$	336,879		$	331,375		$	324,708		1	%		5	%
Less: Goodwill	52,731		52,717		52,747			52,621			52,565			—		—
Less: Other intangible assets	2,560		2,615		2,722			2,777			2,874			(2)		(11)
Add: Certain deferred tax liabilities (b)	2,916		2,906		2,923			2,928			2,943			—		(1)
Total tangible common equity	$	290,018	$	287,741	$	284,333		$	278,905		$	272,212		1		7
TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity	$	340,321	$	336,335	$	329,797		$	324,345		$	318,376		1		7				$	332,754	$	312,370		7	%
Less: Goodwill	52,703		52,731		52,692			52,581			52,617			—		—				52,677		52,627			—
Less: Other intangible assets	2,574		2,678		2,741			2,830			2,921			(4)		(12)				2,706		3,042			(11)
Add: Certain deferred tax liabilities (b)	2,903		2,917		2,926			2,938			2,952			—		(2)				2,921		2,970			(2)
Total tangible common equity	$	287,947	$	283,843	$	277,290		$	271,872		$	265,790		1		8				$	280,292	$	259,671		8
INTANGIBLE ASSETS (period-end)
Goodwill	$	52,731	$	52,717	$	52,747		$	52,621		$	52,565		—		—
Mortgage servicing rights	9,167		9,110		8,996			9,127			9,121			1		1
Other intangible assets	2,560		2,615		2,722			2,777			2,874			(2)		(11)
Total intangible assets	$	64,458	$	64,442	$	64,465		$	64,525		$	64,560		—		—

(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.

JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																													FULL YEAR
																				4Q25 Change																		2025 Change
	4Q25				3Q25				2Q25				1Q25			4Q24				3Q25			4Q24							2025					2024			2024
EARNINGS PER SHARE
Basic earnings per share
Net income	$	13,025		$	14,393		$	14,987			$	14,643		$	14,005		(10)		%		(7)	%				$	57,048			$	58,471			(2)		%
Less: Preferred stock dividends	280			282			282				255			259			(1)			8				1,099				1,259					(13)
Net income applicable to common equity	12,745			14,111			14,705				14,388			13,746			(10)			(7)				55,949				57,212					(2)
Less: Dividends and undistributed earnings allocated to
participating securities	56			68			75				71			77			(18)			(27)				268				344					(22)
Net income applicable to common stockholders	$	12,689		$	14,043		$	14,630			$	14,317		$	13,669		(10)			(7)				$	55,681			$	56,868				(2)
Total weighted-average basic shares outstanding	2,735.3			2,762.4			2,788.7				2,819.4			2,836.9			(1)			(4)				2,776.5				2,873.9					(3)
Net income per share	$	4.64		$	5.08		$	5.25			$	5.08		$	4.82		(9)			(4)				$	20.05			$	19.79				1
Diluted earnings per share
Net income applicable to common stockholders	$	12,689		$	14,043		$	14,630			$	14,317		$	13,669		(10)			(7)				$	55,681			$	56,868				(2)
Total weighted-average basic shares outstanding	2,735.3			2,762.4			2,788.7				2,819.4			2,836.9			(1)			(4)				2,776.5				2,873.9					(3)
Add: Dilutive impact of unvested performance share units (“PSUs”), nondividend-earning restricted stock units (“RSUs”) and stock appreciation rights (“SARs”)	5.2			5.2			5.0				4.9			5.5			—			(5)				5.0				5.1					(2)
Total weighted-average diluted shares outstanding	2,740.5			2,767.6			2,793.7				2,824.3			2,842.4			(1)			(4)				2,781.5				2,879.0					(3)
Net income per share	$	4.63		$	5.07		$	5.24			$	5.07		$	4.81		(9)			(4)				$	20.02			$	19.75				1
COMMON DIVIDENDS
Cash dividends declared per share (a)	$	1.50		$	1.50		$	1.40			$	1.40		$	1.25		—			20				$	5.80			$	4.80				21
Dividend payout ratio	32		%		29	%			27	%			27	%		26		%												29		%			24		%
COMMON SHARE REPURCHASE PROGRAM (b)
Total shares of common stock repurchased	26.7			28.0			29.8				30.0			18.5			(5)			44				114.4				91.7					25
Average price paid per share of common stock	$	309.81		$	297.10		$	251.67			$	252.50		$	233.37		4			33				$	276.55			$	205.43				35
Aggregate repurchases of common stock	8,262			8,315			7,500				7,563			4,313			(1)			92				31,640				18,841					68
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	0.7			0.4			0.4				11.5			0.8			75			(13)				13.0				12.7					2
Net impact of employee issuances on stockholders’ equity (c)	$	322		$	339		$	419			$	476		$	343		(5)			(6)				$	1,556			$	1,957				(20)

(a)On September 16, 2025 and March 18, 2025, the Board of Directors declared quarterly common stock dividends of $1.50 and $1.40 per share, respectively.

(b)The Firm’s Board of Directors has authorized a common share repurchase program of up to $50 billion, effective July 1, 2025, which replaced the previous program that commenced in the third quarter of 2024 and authorized repurchases of up to $30 billion.

(c)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.

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																													FULL YEAR
																				4Q25 Change																		2025 Change
	4Q25				3Q25				2Q25				1Q25			4Q24				3Q25			4Q24							2025					2024			2024
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	973		$	969		$	888			$	839		$	872		—		%		12	%				$	3,669			$	3,387			8		%
Asset management fees	1,277			1,189			1,110				1,093			1,067			7			20				4,669				4,014					16
Mortgage fees and related income	344			372			347				263			368			(8)			(7)				1,326				1,378					(4)
Card income	376			514			687				653			973			(27)			(61)				2,230				3,139					(29)
All other income (a)	1,585			1,573			1,420				1,323			1,214			1			31				5,901				4,731					25
Noninterest revenue	4,555			4,617			4,452				4,171			4,494			(1)			1				17,795				16,649					7
Net interest income	14,841			14,856			14,395				14,142			13,868			—			7				58,234				54,858					6
TOTAL NET REVENUE	19,396			19,473			18,847				18,313			18,362			—			6				76,029				71,507					6
Provision for credit losses	4,244		(d)	2,538			2,082				2,629			2,623			67			62				11,493		(d)		9,974					15
NONINTEREST EXPENSE
Compensation expense	4,461			4,424			4,336				4,448			4,301			1			4				17,669				17,045					4
Noncompensation expense (b)	5,795			5,872			5,522				5,409			5,427			(1)			7				22,598				20,991					8
TOTAL NONINTEREST EXPENSE	10,256			10,296			9,858				9,857			9,728			—			5				40,267				38,036					6
Income before income tax expense	4,896			6,639			6,907				5,827			6,011			(26)			(19)				24,269				23,497					3
Income tax expense	1,254			1,630			1,738				1,402			1,495			(23)			(16)				6,024				5,894					2
NET INCOME	$	3,642		$	5,009		$	5,169			$	4,425		$	4,516		(27)			(19)				$	18,245			$	17,603				4
REVENUE BY BUSINESS
Banking & Wealth Management	$	10,870		$	11,040		$	10,698			$	10,254		$	10,154		(2)			7				$	42,862			$	40,943				5
Home Lending	1,249			1,260			1,250				1,207			1,297			(1)			(4)				4,966				5,097					(3)
Card Services & Auto	7,277			7,173			6,899				6,852			6,911			1			5				28,201				25,467					11
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue	188			173			151				110			186			9			1				622				627					(1)
Net mortgage servicing revenue (c)	156			199			196				153			182			(22)			(14)				704				751					(6)
Mortgage fees and related income	$	344		$	372		$	347			$	263		$	368		(8)			(7)				$	1,326			$	1,378				(4)
FINANCIAL RATIOS
ROE	25		%		35	%			36	%			31	%		32		%												32		%			32		%
Overhead ratio	53			53			52				54			53												53				53

(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $1.1 billion, $987 million, $896 million, $824 million and $722 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $3.8 billion and $2.8 billion for the full year 2025 and 2024, respectively.

(b)Included depreciation expense on leased assets of $670 million, $649 million, $577 million, $499 million and $410 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $2.4 billion and $1.7 billion for the full year 2025 and 2024, respectively.

(c)Included MSR risk management results of $7 million, $55 million, $47 million, $9 million and $21 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $118 million and $159 million for the full year 2025 and 2024, respectively.

(d)Refer to footnote (f) on page 2 and footnote (g) on page 24 for further information.

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
	QUARTERLY TRENDS																										FULL YEAR
																	4Q25 Change																2025 Change
	4Q25			3Q25			2Q25				1Q25			4Q24			3Q25			4Q24							2025				2024		2024
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	664,669	$	652,275	$	652,379		$	636,105			$	650,268		2	%		2	%				$	664,669			$	650,268		2		%
Loans:
Banking & Wealth Management	33,005		33,259		33,749			33,098				33,221			(1)		(1)				33,005				33,221				(1)
Home Lending (a)	240,724		240,633		241,618			241,427				246,498			—		(2)				240,724				246,498				(2)
Card Services	247,753		235,491		233,051			223,517				233,016			5		6				247,753				233,016				6
Auto	70,585		71,095		72,182			72,116				73,619			(1)		(4)				70,585				73,619				(4)
Total loans	592,067		580,478		580,600			570,158				586,354			2		1				592,067				586,354				1
Deposits	1,072,792		1,058,388		1,063,137			1,080,138				1,056,652			1		2				1,072,792				1,056,652				2
Equity	56,000		56,000		56,000			56,000				54,500			—		3				56,000				54,500				3
SELECTED BALANCE SHEET DATA (average)
Total assets	$	654,851	$	650,277	$	642,284		$	639,664			$	638,783		1		3				$	646,820			$	631,648			2
Loans:
Banking & Wealth Management	32,916		33,351		33,536			33,160				32,599			(1)		1				33,241				31,544				5
Home Lending (b)	241,701		241,772		242,665			244,282				247,415			—		(2)				242,595				252,542				(4)
Card Services	239,335		234,412		228,446			224,493				224,263			2		7				231,720				214,139				8
Auto	70,693		70,895		71,410			72,462				73,323			—		(4)				71,359				75,009				(5)
Total loans	584,645		580,430		576,057			574,397				577,600			1		1				578,915				573,234				1
Deposits	1,056,819		1,058,025		1,060,363			1,053,677				1,050,636			—		1				1,057,232				1,064,215				(1)
Equity	56,000		56,000		56,000			56,000				54,500			—		3				56,000				54,500				3
Employees	144,196		144,235		144,898			145,530		(c)		144,989			—		(1)				144,196		(c)		144,989				(1)

(a)At December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, Home Lending loans held-for-sale and loans at fair value were $11.0 billion, $9.4 billion, $8.9 billion, $6.4 billion and $8.1 billion, respectively.

(b)Average Home Lending loans held-for sale and loans at fair value were $11.2 billion, $10.1 billion, $8.9 billion, $7.5 billion and $7.8 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $9.5 billion and $7.1 billion for the full year 2025 and 2024, respectively.

(c)In the first quarter of 2025, 419 employees were transferred to Corporate as a result of the centralization of certain functions.

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																														FULL YEAR
																					4Q25 Change																	2025 Change
	4Q25				3Q25				2Q25				1Q25				4Q24				3Q25				4Q24						2025				2024			2024
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)	$	3,484		$	3,596		$	3,891		$	3,266			$	3,366			(d)	(3)	%		4	%			$	3,484				$	3,366		(d)		4	%
Net charge-offs/(recoveries)
Banking & Wealth Management	72			85			102			97				105					(15)		(31)			356					442						(19)
Home Lending	(12)			(63)			(21)			(26)				(15)					81		20			(122)					(106)						(15)
Card Services	1,897			1,860			1,938			1,983				1,862					2		2			7,678					7,148						7
Auto	87			81			67			100				114					7		(24)			335					444						(25)
Total net charge-offs/(recoveries)	$	2,044		$	1,963		$	2,086		$	2,154			$	2,066				4		(1)			$	8,247				$	7,928					4
Net charge-off/(recovery) rate
Banking & Wealth Management	0.87		%	1.01		%	1.22		%	1.19		%		1.28		%										1.07		%			1.40		%
Home Lending	(0.02)			(0.11)			(0.04)			(0.04)				(0.02)												(0.05)					(0.04)
Card Services	3.14			3.15			3.40			3.58				3.30												3.31					3.34
Auto	0.49			0.46			0.38			0.56				0.62												0.47					0.59
Total net charge-off/(recovery) rate	1.41			1.37			1.48			1.54				1.44												1.45					1.40
30+ day delinquency rate
Home Lending (b)	0.86		%	0.89		%	0.93		%	1.04		%		0.78		%		(d)								0.86		%			0.78		%	(d)
Card Services	2.16			2.14			2.06			2.21				2.17												2.16					2.17
Auto	1.31			1.17			1.12			1.20				1.43												1.31					1.43
90+ day delinquency rate - Card Services	1.10			1.07			1.07			1.16				1.14												1.10					1.14
Allowance for credit losses:
Allowance for loan losses
Banking & Wealth Management	$	765		$	765		$	790		$	794			$	764				—		—			$	765				$	764					—
Home Lending	647			647			547			557				447					—		45			647					447						45
Card Services	15,558			15,558			15,008			15,008				14,608					—		7			15,558					14,608						7
Auto	587			587			637			637				692					—		(15)			587					692						(15)
Total allowance for loan losses	17,557			17,557			16,982			16,996				16,511					—		6			17,557					16,511						6
Allowance for lending-related commitments	2,290		(c)	90			90			81				91					NM			NM				2,290		(c)			91					NM
Total allowance for credit losses	$	19,847		$	17,647		$	17,072		$	17,077			$	16,602				12		20			$	19,847				$	16,602					20

(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 December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $70 million, $65 million, $68 million, $81 million and $84 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 December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $102 million, $95 million, $99 million, $114 million and $122 million, respectively. These amounts have been excluded based upon the government guarantee.

(c)Refer to footnote (f) on page 2 and footnote (g) on page 24 for further information.

(d)Prior-period amount and rate have been revised to conform with the presentation in the Firm’s 2024 Form 10-K.

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																													FULL YEAR
																				4Q25 Change																2025 Change
	4Q25				3Q25				2Q25				1Q25				4Q24			3Q25			4Q24							2025				2024		2024
BUSINESS METRICS
Number of:
Branches	5,083			5,018			4,994			4,972				4,966				1	%		2	%				5,083				4,966			2		%
Active digital customers (in thousands) (a)	74,646			74,041			73,014			72,480				70,813				1		5				74,646				70,813				5
Active mobile customers (in thousands) (b)	61,736			60,924			59,898			59,036				57,821				1		7				61,736				57,821				7
Debit and credit card sales volume (in billions)	$	512.5		$	492.3		$	487.2		$	448.7			$	477.6			4		7				$	1,940.7			$	1,805.4			7
Total payments transaction volume (in trillions) (c)	1.8			1.8			1.8			1.6				1.6				—		13				7.0				6.4				9
Banking & Wealth Management
Average deposits	$	1,039,621		$	1,040,402		$	1,044,158		$	1,038,964			$	1,035,184			—		—				$	1,040,787			$	1,049,333			(1)
Deposit margin	2.72		%	2.79		%	2.76		%	2.69		%		2.61		%										2.74	%			2.66	%
Business Banking average loans	$	18,747		$	18,922		$	19,217		$	19,474			$	19,538			(1)		(4)				$	19,087			$	19,479			(2)
Business Banking origination volume	691			824			893			815				985				(16)		(30)				3,223				4,518				(29)
Client investment assets (d)	1,269,883			1,232,390			1,155,017			1,079,833				1,087,608				3		17				1,269,883				1,087,608				17
Number of client advisors	6,049			6,025			5,948			5,860				5,755				—		5				6,049				5,755				5
Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	10.4		$	8.4		$	8.7		$	5.5			$	7.7			24		35				$	33.0			$	25.5			29
Correspondent	5.6			5.5			4.8			3.9				4.4				2		27				19.8				15.3				29
Total mortgage origination volume (e)	$	16.0		$	13.9		$	13.5		$	9.4			$	12.1			15		32				$	52.8			$	40.8			29
Third-party mortgage loans serviced (period-end)	661.9			663.6			653.3			661.6				648.0				—		2				661.9				648.0				2
MSR carrying value (period-end)	9.1			9.1			9.0			9.1				9.1				—		—				9.1				9.1				—
Card Services
Sales volume, excluding commercial card (in billions)	$	359.7		$	344.4		$	340.0		$	310.6			$	335.1			4		7				$	1,354.7			$	1,259.3			8
Net revenue rate	9.86		%	10.03		%	10.06		%	10.38		%		10.47		%										10.08	%			10.03	%
Net yield on average loans	10.40			10.28			10.04			10.31				9.86												10.26				9.73
Auto
Loan and lease origination volume (in billions)	$	10.8		$	12.0		$	11.3		$	10.7			$	10.6			(10)		2				$	44.8			$	40.3			11
Average auto operating lease assets	18,893			16,986			15,218			13,641				11,967				11		58				16,201				11,075				46

(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.

(b)Users of all mobile platforms who have logged in within the past 90 days.

(c)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.

(d)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.

(e)Firmwide mortgage origination volume was $19.0 billion, $16.9 billion, $16.3 billion, $11.2 billion and $14.2 billion for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $63.4 billion and $47.4 billion for the full year 2025 and 2024, respectively.

JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																													FULL YEAR
																				4Q25 Change																			2025 Change
	4Q25				3Q25				2Q25				1Q25			4Q24				3Q25			4Q24							2025						2024			2024
INCOME STATEMENT
REVENUE
Investment banking fees	$	2,347		$	2,627		$	2,513			$	2,248		$	2,479		(11)		%		(5)	%				$	9,735			$	9,116				7		%
Principal transactions	5,419			7,090			7,109				7,608			5,158			(24)			5				27,226				24,382					12
Lending- and deposit-related fees	1,336			1,315			1,296				1,230			1,020			2			31				5,177				3,914					32
Commissions and other fees	1,562			1,493			1,493				1,437			1,320			5			18				5,985				5,278					13
Card income	627			613			645				551			617			2			2				2,436				2,310					5
All other income	1,063			660			736				748			1,132			61			(6)				3,207				3,253					(1)
Noninterest revenue	12,354			13,798			13,792				13,822			11,726			(10)			5				53,766				48,253					11
Net interest income	7,021			6,080			5,743				5,844			5,872			15			20				24,688				21,861					13
TOTAL NET REVENUE (a)	19,375			19,878			19,535				19,666			17,598			(3)			10				78,454				70,114					12
Provision for credit losses	405			809			696				705			61			(50)			NM					2,615				762					243
NONINTEREST EXPENSE
Compensation expense	4,139			4,862			5,014				5,330			4,033			(15)			3				19,345				18,191					6
Noncompensation expense	4,872			4,860			4,627				4,512			4,679			—			4				18,871				17,162					10
TOTAL NONINTEREST EXPENSE	9,011			9,722			9,641				9,842			8,712			(7)			3				38,216				35,353					8
Income before income tax expense	9,959			9,347			9,198				9,119			8,825			7			13				37,623				33,999					11
Income tax expense	2,691			2,446			2,548				2,177			2,189			10			23				9,862				9,153					8
NET INCOME	$	7,268		$	6,901		$	6,650			$	6,942		$	6,636		5			10				$	27,761			$	24,846				12
FINANCIAL RATIOS
ROE	19		%		18	%			17	%			18	%		19		%												18		%				18		%
Overhead ratio	47			49			49				50			50												49				50
Compensation expense as percentage of total net revenue	21			24			26				27			23												25				26
REVENUE BY BUSINESS
Investment Banking	$	2,552		$	2,694		$	2,684			$	2,268		$	2,602		(5)			(2)				$	10,198			$	9,636				6
Payments	5,114			4,917			4,735				4,565			4,703			4			9				19,331				18,085					7
Lending	1,985			1,872			1,829				1,915			1,916			6			4				7,601				7,470					2
Other	—			—			—				6			47			—			NM					6				76					(92)
Total Banking & Payments	9,651			9,483			9,248				8,754			9,268			2			4				37,136				35,267					5
Fixed Income Markets	5,380			5,613			5,690				5,849			5,006			(4)			7				22,532				20,066					12
Equity Markets	2,859			3,331			3,246				3,814			2,043			(14)			40				13,250				9,941					33
Securities Services	1,489			1,423			1,418				1,269			1,314			5			13				5,599				5,084					10
Credit Adjustments & Other (b)	(4)			28			(67)				(20)			(33)			NM				88				(63)				(244)					74
Total Markets & Securities Services	9,724			10,395			10,287				10,912			8,330			(6)			17				41,318				34,847					19
TOTAL NET REVENUE	$	19,375		$	19,878		$	19,535			$	19,666		$	17,598		(3)			10				$	78,454			$	70,114				12
Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking (d)	$	6,493		$	6,544		$	6,319			$	5,929		$	6,369		(1)		%		2	%				$	25,285			$	23,780				6		%
Commercial Banking	3,158			2,939			2,929				2,825			2,899			7			9				11,851				11,487					3
Commercial & Specialized Industries (e)	2,245			2,038			2,067				1,956			1,965			10			14				8,306				7,759					7
Commercial Real Estate Banking	913			901			862				869			934			1			(2)				3,545				3,728					(5)
Total Banking & Payments revenue	$	9,651		$	9,483		$	9,248			$	8,754		$	9,268		2			4				$	37,136			$	35,267				5

(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 $920 million, $644 million, $722 million, $658 million and $915 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $2.9 billion and $2.8 billion for the full year 2025 and 2024, 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 78 of the Firm’s 2024 Form 10-K for a description of each of the client coverage segments.

(d)In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation.

(e)In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.

JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
	QUARTERLY TRENDS																										FULL YEAR
																	4Q25 Change																2025 Change
	4Q25			3Q25			2Q25				1Q25			4Q24			3Q25			4Q24							2025				2024		2024
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,142,534	$	2,328,000	$	2,260,825		$	2,174,123			$	1,773,194		(8)	%		21	%				$	2,142,534			$	1,773,194		21		%
Loans:
Loans retained	558,528		538,016		526,174			497,657				483,043			4		16				558,528				483,043				16
Loans held-for-sale and loans at fair value (a)	73,508		56,057		57,659			48,201				40,324			31		82				73,508				40,324				82
Total loans	632,036		594,073		583,833			545,858				523,367			6		21				632,036				523,367				21
Equity	149,500		149,500		149,500			149,500				132,000			—		13				149,500				132,000				13
Banking & Payments loans by client coverage segment (period-end) (b)
Global Corporate Banking & Global Investment Banking (c)	$	146,079	$	132,560	$	133,017		$	121,776	(e)		$	125,270		10		17				$	146,079			$	125,270			17
Commercial Banking	222,139		222,464		222,044			219,220				217,674			—		2				222,139				217,674				2
Commercial & Specialized Industries (d)	75,865		76,010		75,859			74,334				72,814			—		4				75,865				72,814				4
Commercial Real Estate Banking	146,274		146,454		146,185			144,886				144,860			—		1				146,274				144,860				1
Total Banking & Payments loans	368,218		355,024		355,061			340,996				342,944			4		7				368,218				342,944				7
SELECTED BALANCE SHEET DATA (average)
Total assets	$	2,260,671	$	2,266,445	$	2,205,619		$	2,045,105			$	1,930,491		—		17				$	2,195,248			$	1,912,466			15
Trading assets - debt and equity instruments	815,438		796,017		758,113			685,039				613,142			2		33				764,098				624,032				22
Trading assets - derivative receivables	56,598		61,132		56,815			58,987				57,884			(7)		(2)				58,384				57,028				2
Loans:
Loans retained	546,219		528,135		511,562			482,304				482,316			3		13				517,260				475,426				9
Loans held-for-sale and loans at fair value (a)	66,415		55,545		50,287			46,422				43,203			20		54				54,725				43,621				25
Total loans	612,634		583,680		561,849			528,726				525,519			5		17				571,985				519,047				10
Deposits	1,226,155		1,194,410		1,170,063			1,106,158				1,088,439			3		13				1,174,581				1,061,488				11
Equity	149,500		149,500		149,500			149,500				132,000			—		13				149,500				132,000				13
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking (c)	$	138,491	$	132,101	$	125,554		$	121,387	(e)		$	126,305		5		10				$	129,437			$	128,496			1
Commercial Banking	222,216		221,534		219,886			218,560				218,672			—		2				220,562				220,285				—
Commercial & Specialized Industries (d)	75,620		75,270		74,384			73,629				73,205			—		3				74,733				75,605				(1)
Commercial Real Estate Banking	146,596		146,264		145,502			144,931				145,467			—		1				145,829				144,680				1
Total Banking & Payments loans	360,707		353,635		345,440			339,947				344,977			2		5				349,999				348,781				—
Employees	94,563		94,191		93,237			92,755		(f)		93,231			—		1				94,563				93,231				1

(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 78 of the Firm’s 2024 Form 10-K for a description of each of the client coverage segments.

(c)In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation.

(d)In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.

(e)On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.

(f)In the first quarter of 2025, 219 employees were transferred to Corporate as a result of the centralization of certain functions.

JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
	QUARTERLY TRENDS																												FULL YEAR
																					4Q25 Change																2025 Change
	4Q25				3Q25				2Q25				1Q25				4Q24				3Q25			4Q24					2025					2024			2024
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	440		$	567		$	325			$	177		$	300	(d)		(22)		%		47	%			$	1,509		$	689			119		%
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)	3,641			4,033			3,678				3,413			3,258				(10)			12				3,641			3,258				12
Nonaccrual loans held-for-sale and loans at fair value (b)	1,518			1,338			1,207				1,255			1,502				13			1				1,518			1,502				1
Total nonaccrual loans	5,159			5,371			4,885				4,668			4,760				(4)			8				5,159			4,760				8
Derivative receivables	204			224			349				169			145				(9)			41				204			145				41
Assets acquired in loan satisfactions	192			197			208				211			213				(3)			(10)				192			213				(10)
Total nonperforming assets	5,555			5,792			5,442				5,048			5,118				(4)			9				5,555			5,118				9
Allowance for credit losses:
Allowance for loan losses	7,632			7,609			7,408				7,680			7,294				—			5				7,632			7,294				5
Allowance for lending-related commitments	2,738			2,798			2,757				2,113			1,976				(2)			39				2,738			1,976				39
Total allowance for credit losses	10,370			10,407			10,165				9,793			9,270				—			12				10,370			9,270				12
Net charge-off/(recovery) rate (c)	0.32		%		0.43	%			0.25	%			0.15	%			0.25		%										0.29		%			0.14		%
Allowance for loan losses to period-end loans retained	1.37			1.41			1.41				1.54			1.51												1.37			1.51
Allowance for loan losses to nonaccrual loans retained (a)	210			189			201				225			224												210			224
Nonaccrual loans to total period-end loans	0.82			0.90			0.84				0.86			0.91												0.82			0.91

(a)Allowance for loan losses of $597 million, $724 million, $655 million, $566 million and $435 million were held against these nonaccrual loans at December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, 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 December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $128 million, $93 million, $45 million, $36 million and $37 million, respectively.

(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(d)Includes $72 million related to a purchased credit deteriorated (“PCD”) loan that was charged off in the fourth quarter of 2024.

JPMORGAN CHASE & CO.
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS																									FULL YEAR
																4Q25 Change																2025 Change
	4Q25			3Q25			2Q25			1Q25			4Q24			3Q25			4Q24							2025				2024		2024
BUSINESS METRICS
Advisory	$	1,033	$	926	$	844		$	694		$	1,060		12	%		(3)	%				$	3,497			$	3,290		6		%
Equity underwriting	416		527		465			324			498			(21)		(16)				1,732				1,692				2
Debt underwriting	898		1,174		1,204			1,230			921			(24)		(2)				4,506				4,134				9
Total investment banking fees	$	2,347	$	2,627	$	2,513		$	2,248		$	2,479		(11)		(5)				$	9,735			$	9,116			7
Client deposits and other third-party liabilities (average) (a)	1,153,559		1,111,143		1,089,781			1,034,382			1,011,634			4		14				1,097,581				961,646				14
Assets under custody (“AUC”) (period-end) (in billions)	$	41,172	$	40,128	$	38,028		$	35,678		$	35,280		3		17				$	41,172			$	35,280			17
95% Confidence Level - Total CIB VaR (average) (b)
CIB trading VaR by risk type: (c)
Fixed income	$	35	$	33	$	37		$	37		$	34		6		3
Foreign exchange	9		9		10			9			14			—		(36)
Equities	13		14		17			25			10			(7)		30
Commodities and other	23		19		24			29			8			21		188
Diversification benefit to CIB trading VaR (d)	(49)		(50)		(55)			(55)			(33)			2		(48)
CIB trading VaR (c)	31		25		33			45			33			24		(6)
Credit Portfolio VaR (e)	20		21		22			21			20			(5)		—
Diversification benefit to CIB VaR (d)	(17)		(15)		(17)			(19)			(16)			(13)		(6)
CIB VaR	$	34	$	31	$	38		$	47		$	37		10		(8)

(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.

(b)Effective April 1, 2025, the Firm refined the historical proxy time series inputs to one of its VaR models to more appropriately reflect the risk exposure from certain securitization warehousing loan positions. With this refined time series, the average VaR for each of the following reported components would have been lower by the following amounts: CIB trading VaR by fixed income risk type of $(7) million and $(6) million, CIB trading VaR of $(6) million and $(5) million and CIB VaR of $(5) million and $(6) million for the three months ended March 31, 2025 and December 31, 2024, respectively.

(c)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 143–145 of the Firm’s 2024 Form 10-K and pages 79–82 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 for further information.

(d)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.

(e)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.

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
	QUARTERLY TRENDS																														FULL YEAR
																				4Q25 Change																			2025 Change
	4Q25				3Q25				2Q25				1Q25				4Q24			3Q25			4Q24								2025						2024		2024
INCOME STATEMENT
REVENUE
Asset management fees	$	4,372		$	3,885		$	3,642		$	3,595			$	3,792			13	%		15	%				$	15,494				$	13,693				13		%
Commissions and other fees	301			296			314			273				225				2		34				1,184					874					35
All other income	165			156			117			125				60				6		175				563					456					23
Noninterest revenue	4,838			4,337			4,073			3,993				4,077				12		19				17,241					15,023					15
Net interest income	1,678			1,729			1,687			1,738				1,701				(3)		(1)				6,832					6,555					4
TOTAL NET REVENUE	6,516			6,066			5,760			5,731				5,778				7		13				24,073					21,578					12
Provision for credit losses	2			59			46			(10)				(35)				(97)		NM					97					(68)					NM
NONINTEREST EXPENSE
Compensation expense	2,282			2,155			2,112			2,096				2,058				6		11				8,645					7,984					8
Noncompensation expense	1,786			1,663			1,621			1,617				1,714				7		4				6,687					6,430					4
TOTAL NONINTEREST EXPENSE	4,068			3,818			3,733			3,713				3,772				7		8				15,332					14,414					6
Income before income tax expense	2,446			2,189			1,981			2,028				2,041				12		20				8,644					7,232					20
Income tax expense	638			531			508			445				524				20		22				2,122					1,811					17
NET INCOME	$	1,808		$	1,658		$	1,473		$	1,583			$	1,517			9		19				$	6,522				$	5,421				20
REVENUE BY BUSINESS
Asset Management	$	3,408		$	2,916		$	2,705		$	2,671			$	2,887			17		18				$	11,700				$	10,175				15
Global Private Bank	3,108			3,150			3,055			3,060				2,891				(1)		8				12,373					11,403					9
TOTAL NET REVENUE	$	6,516		$	6,066		$	5,760		$	5,731			$	5,778			7		13				$	24,073				$	21,578				12
FINANCIAL RATIOS
ROE	44		%	40		%	36		%	39		%		38		%										40		%			34		%
Overhead ratio	62			63			65			65				65												64					67
Pretax margin ratio:
Asset Management	38			35			33			32				35												35					31
Global Private Bank	37			37			36			38				36												37					35
Asset & Wealth Management	38			36			34			35				35												36					34
Employees	29,722			29,714			29,363			29,516		(a)		29,403				—		1				29,722					29,403					1
Number of Global Private Bank client advisors	4,101			4,050			3,756			3,781				3,775				1		9				4,101					3,775					9

(a)In the first quarter of 2025, 130 employees were transferred to Corporate as a result of the centralization of certain functions.

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																														FULL YEAR
																				4Q25 Change																			2025 Change
	4Q25				3Q25				2Q25				1Q25				4Q24			3Q25			4Q24								2025						2024		2024
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	288,065		$	282,322		$	268,966		$	258,354			$	255,385			2	%		13	%				$	288,065				$	255,385				13		%
Loans	266,385			257,988			245,526			237,201				236,303				3		13				266,385					236,303					13
Deposits	257,316			239,999			242,356			250,219				248,287				7		4				257,316					248,287					4
Equity	16,000			16,000			16,000			16,000				15,500				—		3				16,000					15,500					3
SELECTED BALANCE SHEET DATA (average)
Total assets	$	284,100		$	272,954		$	261,128		$	253,372			$	253,612			4		12				$	267,986				$	246,254				9
Loans	260,792			250,730			240,585			233,937				233,768				4		12				246,596					227,676					8
Deposits	247,065			241,454			248,375			244,107				248,802				2		(1)				245,248					235,146					4
Equity	16,000			16,000			16,000			16,000				15,500				—		3				16,000					15,500					3
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	30		$	62		$	(1)		$	1			$	(2)			(52)		NM					$	92				$	21				338
Nonaccrual loans	1,199			1,129			1,035			675		(a)		700				6		71				1,199					700					71
Allowance for credit losses:
Allowance for loan losses	536			555			552			530				539				(3)		(1)				536					539					(1)
Allowance for lending-related commitments	43			52			58			33				35				(17)		23				43					35					23
Total allowance for credit losses	579			607			610			563				574				(5)		1				579					574					1
Net charge-off/(recovery) rate	0.05		%	0.10		%	—		%	—		%		—		%										0.04		%			0.01		%
Allowance for loan losses to period-end loans	0.20			0.22			0.22			0.22		(a)		0.23												0.20					0.23
Allowance for loan losses to nonaccrual loans	45			49			53			93		(a)		77												45					77
Nonaccrual loans to period-end loans	0.45			0.44			0.42			0.28				0.30												0.45					0.30

(a)Includes $107 million of nonaccrual loans held-for-sale at March 31, 2025, which are excluded from the allowance coverage ratio calculations.

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
																Dec 31, 2025
																Change										FULL YEAR
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Dec 31,													2025 Change
CLIENT ASSETS	2025			2025			2025			2025			2024			2025			2024							2025				2024		2024
Assets by asset class
Liquidity	$	1,279	$	1,174	$	1,131		$	1,120		$	1,083		9	%		18	%				$	1,279			$	1,083		18		%
Fixed income	998		971		925			879			851			3		17				998				851				17
Equity	1,400		1,371		1,258			1,128			1,128			2		24				1,400				1,128				24
Multi-asset	884		855		809			764			764			3		16				884				764				16
Alternatives	230		228		220			222			219			1		5				230				219				5
TOTAL ASSETS UNDER MANAGEMENT	4,791		4,599		4,343			4,113			4,045			4		18				4,791				4,045				18
Custody/brokerage/administration/deposits	2,327		2,239		2,078			1,889			1,887			4		23				2,327				1,887				23
TOTAL CLIENT ASSETS (a)	$	7,118	$	6,838	$	6,421		$	6,002		$	5,932		4		20				$	7,118			$	5,932			20
Assets by client segment
Private Banking (b)	$	1,414	$	1,364	$	1,270		$	1,201		$	1,162		4		22				$	1,414			$	1,162			22
Global Institutional	1,953		1,837		1,772			1,705			1,692			6		15				1,953				1,692				15
Global Funds (b)	1,424		1,398		1,301			1,207			1,191			2		20				1,424				1,191				20
TOTAL ASSETS UNDER MANAGEMENT	$	4,791	$	4,599	$	4,343		$	4,113		$	4,045		4		18				$	4,791			$	4,045			18
Private Banking (b)	$	3,549	$	3,423	$	3,191		$	2,949		$	2,902		4		22				$	3,549			$	2,902			22
Global Institutional	2,121		1,994		1,907			1,828			1,820			6		17				2,121				1,820				17
Global Funds (b)	1,448		1,421		1,323			1,225			1,210			2		20				1,448				1,210				20
TOTAL CLIENT ASSETS (a)	$	7,118	$	6,838	$	6,421		$	6,002		$	5,932		4		20				$	7,118			$	5,932			20
Assets under management rollforward
Beginning balance	$	4,599	$	4,343	$	4,113		$	4,045		$	3,904										$	4,045			$	3,422
Net asset flows:
Liquidity	105		37		5			36			94											183				140
Fixed income	25		31		27			11			18											94				91
Equity	11		31		16			37			41											95				114
Multi-asset	11		4		(2)			3			14											16				19
Alternatives	5		6		(10)			3			3											4				10
Market/performance/other impacts	35		147		194			(22)			(29)											354				249
Ending balance	$	4,791	$	4,599	$	4,343		$	4,113		$	4,045										$	4,791			$	4,045
Client assets rollforward
Beginning balance	$	6,838	$	6,421	$	6,002		$	5,932		$	5,721										$	5,932			$	5,012
Net asset flows	206		147		80			120			224											553				486
Market/performance/other impacts	74		270		339			(50)			(13)											633				434
Ending balance	$	7,118	$	6,838	$	6,421		$	6,002		$	5,932										$	7,118			$	5,932
BUSINESS METRICS
Firmwide Wealth Management
Client assets (in billions) (c)	$	4,521	$	4,373	$	4,087		$	3,791		$	3,756		3		20				$	4,521			$	3,756			20
Number of client advisors	10,150		10,075		9,704			9,641			9,530			1		7				10,150				9,530				7
Stock Plan Administration
Number of stock plan participants (in thousands)	1,794		1,796		1,594			1,500			1,327			—		35				1,794				1,327				35
Client assets (in billions)	372		357		314			281			270			4		38				372				270				38

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

(b)In the first quarter of 2025, the Firm realigned certain client assets from Private Banking to Global Funds to reflect them in the client segment where the assets are invested. Prior period amounts have been revised to conform with the current presentation.

(c)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.

JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
	QUARTERLY TRENDS																												FULL YEAR
																			4Q25 Change																	2025 Change
	4Q25				3Q25				2Q25				1Q25			4Q24			3Q25			4Q24							2025					2024		2024
INCOME STATEMENT
REVENUE
Principal transactions	$	(144)		$	(54)		$	(54)		$	(87)			$	28		(167)	%		NM					$	(339)			$	152			NM
Investment securities gains/(losses)	(72)			105			(54)			(37)				(92)			NM			22	%				(58)				(1,020)				94		%
All other income	128			246			157			777				34			(48)		276				1,308				8,476		(i)		(85)
Noninterest revenue	(88)			297			49			653				(30)			NM			(193)				911				7,608				(88)
Net interest income	1,568			1,406			1,489			1,651				2,030			12		(23)				6,114				9,786				(38)
TOTAL NET REVENUE (a)	1,480			1,703			1,538			2,304				2,000			(13)		(26)				7,025				17,394				(60)
Provision for credit losses	4			(3)			25			(19)				(18)			NM			NM					7				10				(30)
NONINTEREST EXPENSE	648		(e)	445			547			185		(e)		550			46		18				1,825		(e)		3,994		(e)(j)		(54)
Income before income tax expense	828			1,261			966			2,138				1,468			(34)		(44)				5,193				13,390				(61)
Income tax expense/(benefit)	521			436			(729)		(g)	445				132			19		295				673		(g)		2,789				(76)
NET INCOME	$	307		$	825		$	1,695		$	1,693			$	1,336		(63)		(77)				$	4,520			$	10,601			(57)
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	1,601			1,687			1,649			1,564				2,083			(5)		(23)				6,501				9,638				(33)
Other Corporate	(121)			16			(111)			740				(83)			NM			(46)				524				7,756				(93)
TOTAL NET REVENUE	$	1,480		$	1,703		$	1,538		$	2,304			$	2,000		(13)		(26)				$	7,025			$	17,394			(60)
NET INCOME/(LOSS)
Treasury and CIO	1,120			1,166			1,121			1,158				1,568			(4)		(29)				4,565				7,013				(35)
Other Corporate	(813)			(341)			574			535				(232)			(138)		(250)				(45)				3,588				NM
TOTAL NET INCOME	$	307		$	825		$	1,695		$	1,693			$	1,336		(63)		(77)				$	4,520			$	10,601			(57)
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,329,632		$	1,297,608		$	1,370,312		$	1,289,274			$	1,323,967		2		—				$	1,329,632			$	1,323,967			—
Loans	2,941			2,707			2,033			2,478				1,964			9		50				2,941				1,964				50
Deposits (b)	35,874			34,145			27,952			25,064				27,581			5		30				35,874				27,581				30
Employees	50,031			50,013			49,662			50,676		(h)		49,610			—		1				50,031		(h)		49,610				1
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)	$	(72)		$	105		$	(54)		$	(37)			$	(92)		NM			22				$	(58)			$	(1,020)			94
Available-for-sale securities (average)	502,641			495,777		(f)	462,179			391,997				371,415			1		35				463,541		(f)		287,260				61
Held-to-maturity securities (average) (c)	283,009			269,717		(f)	262,479			269,906				286,993			5		(1)				271,309		(f)		321,384				(16)
Investment securities portfolio (average)	$	785,650		$	765,494		$	724,658		$	661,903			$	658,408		3		19				$	734,850			$	608,644			21
Available-for-sale securities (period-end)	503,896			487,277		(f)	482,269			396,316				403,796			3		25				503,896		(f)		403,796				25
Held-to-maturity securities (period-end) (c)	270,134			293,446		(f)	260,559			265,084				274,468			(8)		(2)				270,134		(f)		274,468				(2)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)	$	774,030		$	780,723		$	742,828		$	661,400			$	678,264		(1)		14				$	774,030			$	678,264			14

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $41 million, $39 million, $38 million, $36 million and $44 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and $154 million and $182 million for the full year 2025 and 2024, respectively.

(b)Predominantly relates to the Firm's international consumer initiatives.

(c)At December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, the estimated fair value of the HTM securities portfolio was $253.3 billion, $274.9 billion, $239.3 billion, $242.3 billion and $247.9 billion, respectively.

(d)At December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, the allowance for credit losses on investment securities was $73 million, $72 million, $75 million, $85 million and $105 million, respectively.

(f)During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.

(g)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.

(h)In the first quarter of 2025, 768 employees were transferred from the lines of business to Corporate as a result of the centralization of certain functions.

(i)Included a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. Refer to footnote (i) on page 2 for further information.

(j)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Note 2 of the Firm’s 2024 Form 10-K for additional information.

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
																	Dec 31, 2025
																	Change
	Dec 31,				Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Dec 31,
	2025				2025			2025			2025			2024			2025			2024
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	368,741		$	369,859	$	371,855		$	372,892		$	376,334		—	%		(2)	%
Loans held-for-sale and loans at fair value	33,517			23,225		22,185			18,246			16,476			44		103
Total consumer, excluding credit card loans	402,258			393,084		394,040			391,138			392,810			2		2
Credit card loans
Loans retained	247,797			235,475		232,943			223,384			232,860			5		6
Total credit card loans	247,797			235,475		232,943			223,384			232,860			5		6
Total consumer loans	650,055			628,559		626,983			614,522			625,670			3		4
Wholesale loans (b)
Loans retained	792,367			764,451		740,675			704,714			690,396			4		15
Loans held-for-sale and loans at fair value	51,007			42,236		44,334			36,459			31,922			21		60
Total wholesale loans	843,374			806,687		785,009			741,173			722,318			5		17
Total loans	1,493,429			1,435,246		1,411,992			1,355,695			1,347,988			4		11
Derivative receivables	57,777			59,849		60,346			60,539			60,967			(3)		(5)
Receivables from customers (c)	47,336			68,493		53,099			49,403			51,929			(31)		(9)
Total credit-related assets	1,598,542			1,563,588		1,525,437			1,465,637			1,460,884			2		9
Lending-related commitments
Consumer, excluding credit card	43,587			48,015		47,064			46,149			44,844			(9)		(3)
Credit card (d)	1,177,766		(g)	1,069,963		1,050,275			1,031,481			1,001,311			10		18
Wholesale	595,954			596,028		559,654		(h)	548,853			531,467			—		12
Total lending-related commitments	1,817,307			1,714,006		1,656,993			1,626,483			1,577,622			6		15
Total credit exposure	$	3,415,849		$	3,277,594	$	3,182,430		$	3,092,120		$	3,038,506		4		12
Memo: Total by category
Consumer exposure (e)	$	1,871,408		$	1,746,537	$	1,724,322		$	1,692,152		$	1,671,825		7		12
Wholesale exposure (f)	1,544,441			1,531,057		1,458,108			1,399,968			1,366,681			1		13
Total credit exposure	$	3,415,849		$	3,277,594	$	3,182,430		$	3,092,120		$	3,038,506		4		12

(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)Represents total consumer loans and lending-related commitments.

(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.

(g)Includes approximately $104 billion associated with the Firm’s forward purchase commitment of the Apple credit card portfolio, as agreed upon on December 30, 2025 and announced on January 7, 2026. This reflects the portfolio’s forecasted total credit exposure at the time the acquisition closes, which is expected to be in approximately 24 months, and which includes approximately $23 billion of estimated drawn loans.

(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.

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																					Dec 31, 2025
																					Change
	Dec 31,				Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,			Dec 31,
	2025				2025				2025				2025				2024				2025			2024
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained	$	3,875		$	3,954		$	3,938			$	3,318		$	3,233	(c)		(2)		%		20	%
Loans held-for-sale and loans at fair value	798			646			731				441			693				24			15
Total consumer nonaccrual loans	4,673			4,600			4,669				3,759			3,926				2			19
Wholesale nonaccrual loans
Loans retained	4,398			4,740			4,479				3,895			3,942				(7)			12
Loans held-for-sale and loans at fair value	786			766			673				964			969				3			(19)
Total wholesale nonaccrual loans	5,184			5,506			5,152				4,859			4,911				(6)			6
Total nonaccrual loans	9,857			10,106			9,821				8,618			8,837				(2)			12
Derivative receivables	204			224			349				169			145				(9)			41
Assets acquired in loan satisfactions	298			305			310				318			318				(2)			(6)
Total nonperforming assets	10,359			10,635			10,480				9,105			9,300				(3)			11
Wholesale lending-related commitments (b)	925			1,025			922				793			737				(10)			26
Total nonperforming exposure	$	11,284		$	11,660		$	11,402			$	9,898		$	10,037			(3)			12
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.66		%		0.70	%			0.70	%			0.64	%			0.66		%	(c)
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.16			1.17			1.18				0.96			1.00
Total wholesale nonaccrual loans to total
wholesale loans	0.61			0.68			0.66				0.66			0.68

(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 December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $198 million, $158 million, $113 million, $117 million and $121 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 2024 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.

(c)Prior-period amount and ratio have been revised to conform with the presentation in the Firm’s 2024 Form 10-K.

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																														FULL YEAR
																				4Q25 Change																			2025 Change
	4Q25				3Q25				2Q25				1Q25			4Q24				3Q25			4Q24								2025					2024			2024
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	25,735		$	24,953		$	25,208			$	24,345		$	23,949		3		%		7	%				$	24,345				$	22,420			9		%
Net charge-offs:
Gross charge-offs	3,099			3,181			2,944				2,816			2,845			(3)			9				12,040					10,519					14
Gross recoveries collected	(585)			(588)			(534)				(484)			(481)			1			(22)				(2,191)					(1,881)					(16)
Net charge-offs	2,514			2,593			2,410				2,332			2,364			(3)			6				9,849					8,638					14
Provision for loan losses	2,544			3,376			2,151				3,193			2,696			(25)			(6)				11,264					10,494					7
Other	—			(1)			4				2			64			NM				NM					5					69				(93)
Ending balance	$	25,765		$	25,735		$	24,953			$	25,208		$	24,345		—			6				$	25,765				$	24,345				6
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,964		$	2,932		$	2,226			$	2,101		$	2,142		1			38				$	2,101				$	1,974				6
Provision for lending-related commitments	2,107		(b)	31			706				125			(40)			NM				NM					2,969		(b)			128				NM
Other	—			1			—				—			(1)			NM				NM					1					(1)				NM
Ending balance	$	5,071		$	2,964		$	2,932			$	2,226		$	2,101		71			141				$	5,071				$	2,101				141
ALLOWANCE FOR INVESTMENT SECURITIES	$	106		$	105		$	108			$	118		$	152		1			(30)				$	106				$	152				(30)
Total allowance for credit losses (a)	$	30,942		$	28,804		$	27,993			$	27,552		$	26,598		7			16				$	30,942				$	26,598				16
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.19		%		0.12	%			0.14	%			0.18	%		0.20		%													0.16		%			0.18		%
Credit card retained loans	3.14			3.15			3.40				3.58			3.30												3.31					3.34
Total consumer retained loans	1.35			1.29			1.38				1.45			1.36												1.37					1.31
Wholesale retained loans	0.23			0.33			0.19				0.11			0.18												0.22					0.12
Total retained loans	0.72			0.76			0.73				0.74			0.73												0.74					0.68
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	368,485		$	370,073		$	372,005			$	374,466		$	376,976		—			(2)				$	371,238				$	384,001				(3)
Credit card retained loans	239,356			234,354			228,320				224,350			224,124			2			7				231,644					214,033					8
Total average retained consumer loans	607,841			604,427			600,325				598,816			601,100			1			1				602,882					598,034					1
Wholesale retained loans	775,282			747,045			721,105				686,585			687,197			4			13				732,793					673,310					9
Total average retained loans	$	1,383,123		$	1,351,472		$	1,321,430			$	1,285,401		$	1,288,297		2			7				$	1,335,675				$	1,271,344				5

(a)At December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, excludes an allowance for credit losses associated with certain accounts receivable in CIB of $288 million, $285 million, $288 million, $283 million and $268 million, respectively.

(b)Refer to footnote (f) on page 2 and footnote (g) on page 24 for further information.

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																					Dec 31, 2025
																					Change
	Dec 31,				Sep 30,				Jun 30,				Mar 31,				Dec 31,				Sep 30,			Dec 31,
	2025				2025				2025				2025				2024				2025			2024
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific	$	(647)		$	(621)		$	(683)			$	(727)		$	(728)			(4)		%		11	%
Portfolio-based	2,567			2,524			2,532				2,585			2,535				2			1
Total consumer, excluding credit card	1,920			1,903			1,849				1,858			1,807				1			6
Credit card
Portfolio-based	15,557			15,554			15,001				15,000			14,600				—			7
Total credit card	15,557			15,554			15,001				15,000			14,600				—			7
Total consumer	17,477			17,457			16,850				16,858			16,407				—			7
Wholesale
Asset-specific	707			838			781				692			526				(16)			34
Portfolio-based	7,581			7,440			7,322				7,658			7,412				2			2
Total wholesale	8,288			8,278			8,103				8,350			7,938				—			4
Total allowance for loan losses	25,765			25,735			24,953				25,208			24,345				—			6
Allowance for lending-related commitments	5,071		(b)	2,964			2,932				2,226			2,101				71			141
Allowance for investment securities	106			105			108				118			152				1			(30)
Total allowance for credit losses	$	30,942		$	28,804		$	27,993			$	27,552		$	26,598			7			16
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.52		%		0.51	%			0.50	%			0.50	%			0.48		%
Credit card allowance to total credit card retained loans	6.28			6.61			6.44				6.71			6.27
Wholesale allowance to total wholesale retained loans	1.05			1.08			1.09				1.18			1.15
Total allowance to total retained loans	1.83			1.88			1.85				1.94			1.87
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (a)	50			48			47				56			56
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (a)	123			117			118				142			136
Wholesale allowance to wholesale retained nonaccrual loans	188			175			181				214			201
Total allowance to total retained nonaccrual loans	311			296			296				349			339		(c)

(a)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.

(b)Refer to footnote (f) on page 2 and footnote (g) on page 24 for further information.

(c)Prior-period ratio has been revised to conform with the presentation in the Firm’s 2024 Form 10-K.

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 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 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 lines of business 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 81-82 of the Firm’s 2024 Form 10-K.

	QUARTERLY TRENDS																												FULL YEAR
																				4Q25 Change																	2025 Change
(in millions, except rates)	4Q25				3Q25				2Q25				1Q25			4Q24				3Q25				4Q24					2025					2024			2024
Net interest income - reported	$	24,995		$	23,966		$	23,209			$	23,273		$	23,350		4		%		7	%			$	95,443			$	92,583			3		%
Fully taxable-equivalent adjustments	113			105			105				102			121			8			(7)			425				477					(11)
Net interest income - managed basis	$	25,108		$	24,071		$	23,314			$	23,375		$	23,471		4			7			$	95,868			$	93,060				3
Less: Markets net interest income	1,251			680			561				785			457			84			174			3,277				641					411
Net interest income excluding Markets	$	23,857		$	23,391		$	22,753			$	22,590		$	23,014		2			4			$	92,591			$	92,419				—
Average interest-earning assets	$	3,923,824		$	3,895,764		$	3,845,982			$	3,668,384		$	3,571,960		1			10			$	3,834,359			$	3,537,567				8
Less: Average Markets interest-earning assets	1,403,245			1,404,633			1,387,584				1,255,149			1,157,421			—			21			1,363,174				1,128,153					21
Average interest-earning assets excluding Markets	$	2,520,579		$	2,491,131		$	2,458,398			$	2,413,235		$	2,414,539		1			4			$	2,471,185			$	2,409,414				3
Net yield on average interest-earning assets - managed basis (a)	2.54		%		2.45	%			2.43	%			2.58	%		2.61		%											2.50		%			2.63		%
Net yield on average Markets interest-earning assets	0.35			0.19			0.16				0.25			0.16											0.24				0.06
Net yield on average interest-earning assets excluding Markets (a)	3.76			3.73			3.71				3.80			3.79											3.75				3.84
Noninterest revenue - reported	$	20,803		$	22,461		$	21,703			$	22,037		$	19,418		(7)			7			$	87,004			$	84,973				2
Fully taxable-equivalent adjustments	856			588			663				602			849			46			1			2,709				2,560					6
Noninterest revenue - managed basis	$	21,659		$	23,049		$	22,366			$	22,639		$	20,267		(6)			7			$	89,713			$	87,533				2
Less: Markets noninterest revenue	6,988			8,264			8,375				8,878			6,592			(15)			6			32,505				29,366					11
Noninterest revenue excluding Markets	$	14,671		$	14,785		$	13,991			$	13,761		$	13,675		(1)			7			$	57,208			$	58,167				(2)
Memo: Markets total net revenue	$	8,239		$	8,944		$	8,936			$	9,663		$	7,049		(8)			17			$	35,782			$	30,007				19

(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 2024 Form 10-K for additional information on hedge accounting.

Source: JPMorgan Chase & Co.. This release was filed with the U.S. Securities and Exchange Commission on Jan 13, 2026 and is reproduced here as issued. View the filing.

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EARNINGS RELEASE FINANCIAL SUPPLEMENT FOURTH QUARTER 2025

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