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EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH QUARTER 2025









JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment & Corporate Results - Managed Basis
8
Capital and Other Selected Balance Sheet Items9–10
Earnings Per Share and Related Information11
Business Segment & Corporate Results
Consumer & Community Banking (“CCB”)12–15
Commercial & Investment Bank (“CIB”)16–19
Asset & Wealth Management (“AWM”)
20–22
Corporate23
Credit-Related Information24-27
Non-GAAP Financial Measures28
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.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
SELECTED INCOME STATEMENT DATA 4Q253Q252Q251Q254Q243Q254Q24202520242024
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 expense23,983 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 losses4,655 
(f)
3,403 2,849 3,305 2,631 37 77 14,212 
(f)
10,678 33 
NET INCOME13,025 14,393 14,987 14,643 14,005 (10)(7)57,048 58,471 (2)
Managed Basis (b)
Total net revenue46,767 47,120 45,680 46,014 43,738 (1)7 185,581 180,593 
(i)
3 
Total noninterest expense23,983 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 losses4,655 
(f)
3,403 2,849 3,305 2,631 37 77 14,212 
(f)
10,678 33 
NET INCOME13,025 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 
Diluted4.63 5.07 5.24 5.07 4.81 (9)(4)20.02 19.75 1 
Average shares: Basic2,735.3 2,762.4 2,788.7 2,819.4 2,836.9 (1)(4)2,776.5 2,873.9 (3)
Diluted2,740.5 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-end2,696.2 2,722.2 2,749.7 2,779.1 2,797.6 (1)(4)2,696.2 2,797.6 (4)
Book value per share126.99 124.96 122.51 119.24 116.07 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 share1.50 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 assets1.14 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 ratio6.9 
(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.


Page 2

JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
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 loans402,258 393,084 394,040 391,138 392,810 2 2 402,258 392,810 2 
Credit card loans247,797 235,475 232,943 223,384 232,860 5 6 247,797 232,860 6 
Wholesale loans843,374 806,687 785,009 741,173 722,318 5 17 843,374 722,318 17 
Total loans1,493,429 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-bearing583,342 589,105 591,177 581,623 592,500 (1)(2)583,342 592,500 (2)
Interest-bearing1,452,729 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-bearing37,057 34,255 29,976 29,856 26,806 8 38 37,057 26,806 38 
Interest-bearing486,192 491,712 499,322 467,813 440,812 (1)10 486,192 440,812 10 
Total deposits2,559,320 2,548,476 2,562,380 2,495,877 2,406,032 — 6 2,559,320 2,406,032 6 
Long-term debt435,206 427,203 419,802 407,224 401,418 2 8 435,206 401,418 8 
Common stockholders’ equity342,393 340,167 336,879 331,375 324,708 1 5 342,393 324,708 5 
Total stockholders’ equity362,438 360,212 356,924 351,420 344,758 1 5 362,438 344,758 5 
Loans-to-deposits ratio58 %56 %55 %54 %56 %58 %56 %
Employees318,512 318,153 317,160 318,477 317,233 — — 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 Bank19,375 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 
Corporate1,480 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 Bank7,268 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 
Corporate307 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.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
REVENUE4Q253Q252Q251Q254Q243Q254Q24202520242024
Investment banking fees $2,326 $2,612 $2,499 $2,178 $2,421 (11)%(4)%$9,615 $8,910 8 %
Principal transactions5,340 7,109 7,149 7,614 5,195 (25)3 27,212 24,787 10 
Lending- and deposit-related fees2,364 2,349 2,248 2,132 1,952 1 21 9,093 7,606 20 
Asset management fees5,701 5,120 4,806 4,700 4,874 11 17 20,327 17,801 14 
Commissions and other fees2,108 2,204 2,194 2,033 1,865 (4)13 8,539 7,530 13 
Investment securities gains/(losses)
(71)105 (54)(37)(92)NM23 (57)(1,021)94 
Mortgage fees and related income357 383 363 278 376 (7)(5)1,381 1,401 (1)
Card income1,020 1,140 1,344 1,216 1,602 (11)(36)4,720 5,497 (14)
Other income1,658 1,439 1,154 1,923 1,225 15 35 6,174 12,462 (g)(50)
Noninterest revenue20,803 22,461 21,703 22,037 19,418 (7)7 87,004 84,973 2 
Interest income48,808 49,439 48,241 46,853 47,566 (1)3 193,341 193,933 — 
Interest expense23,813 25,473 25,032 23,580 24,216 (7)(2)97,898 101,350 (3)
Net interest income24,995 23,966 23,209 23,273 23,350 4 7 95,443 92,583 3 
TOTAL NET REVENUE45,798 46,427 44,912 45,310 42,768 (1)7 182,447 177,556 3 
Provision for credit losses4,655 
(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 expense1,475 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 
Marketing1,468 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 EXPENSE23,983 24,281 23,779 23,597 22,762 (1)5 95,640 91,797 4 
Income before income tax expense17,160 18,743 18,284 18,408 17,375 (8)(1)72,595 75,081 (3)
Income tax expense4,135 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 share4.63 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 rate24.1 23.2 18.0 
(f)
20.5 19.4 21.4 
(f)
22.1 
Overhead ratio52 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.


Page 4

JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Dec 31, 2025
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2025202520252025202420252024
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 agreements336,426 425,815 470,589 429,506 295,001 (21)14 
Securities borrowed286,191 248,368 223,976 238,702 219,546 15 30 
Trading assets:
Debt and equity instruments745,096 892,928 829,510 814,664 576,817 (17)29 
Derivative receivables57,777 59,849 60,346 60,539 60,967 (3)(5)
Available-for-sale (“AFS”) securities507,198 490,499 (a)485,380 399,363 406,852 3 25 
Held-to-maturity (”HTM”) securities270,134 293,446 (a)260,559 265,084 274,468 (8)(2)
Investment securities, net of allowance for credit losses777,332 783,945 745,939 664,447 681,320 (1)14 
Loans1,493,429 1,435,246 1,411,992 1,355,695 1,347,988 4 11 
Less: Allowance for loan losses25,765 25,735 24,953 25,208 24,345 — 6 
Loans, net of allowance for loan losses1,467,664 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 equipment36,244 35,063 33,562 32,811 32,223 3 12 
Goodwill, MSRs and other intangible assets64,458 64,442 64,465 64,525 64,560 — — 
Other assets198,775 194,972 192,266 178,427 178,197 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 agreements442,396 567,574 595,340 533,046 296,835 (22)49 
Short-term borrowings64,776 69,355 65,293 64,980 52,893 (7)22 
Trading liabilities:
Debt and equity instruments169,690 195,859 173,292 149,871 153,222 (13)11 
Derivative payables46,329 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 VIEs27,951 28,227 27,700 24,668 27,323 (1)2 
Long-term debt435,206 427,203 419,802 407,224 401,418 2 8 
TOTAL LIABILITIES4,062,462 4,199,993 4,195,558 4,006,436 3,658,056 (3)11 
STOCKHOLDERS’ EQUITY
Preferred stock20,045 20,045 20,045 20,045 20,050 — — 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital91,114 90,865 90,576 90,223 90,911 — — 
Retained earnings416,055 407,401 397,424 386,616 376,166 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’ EQUITY362,438 360,212 356,924 351,420 344,758 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.
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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
AVERAGE BALANCES4Q253Q252Q251Q254Q243Q254Q24202520242024
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 agreements330,694 424,346 432,714 377,998 337,553 (22)(2)391,398 359,197 9 
Securities borrowed261,877 234,112 234,024 241,003 232,500 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 securities788,922 768,599 727,651 664,970 661,361 3 19 737,960 611,241 21 
Loans1,461,079 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 instruments241,351 264,681 239,996 225,468 204,126 (9)18 242,977 208,534 17 
Trading assets - derivative receivables57,543 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 agreements517,849 567,920 558,043 465,203 358,508 (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 VIEs27,327 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 payables47,591 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 LIABILITIES4,169,052 4,163,565 4,087,776 3,890,956 3,786,741 — 10 4,078,833 3,749,498 9 
Preferred stock20,045 20,045 20,045 20,013 20,050 — — 20,037 24,054 (17)
Common stockholders’ equity340,321 336,335 329,797 324,345 318,376 1 7 332,754 312,370 7 
TOTAL STOCKHOLDERS’ EQUITY360,366 356,380 349,842 344,358 338,426 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 agreements4.06 4.24 4.24 4.52 4.76 4.27 5.09 
Securities borrowed3.55 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 securities3.74 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 agreements3.99 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 VIEs4.23 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 SPREAD2.01 1.92 1.89 2.02 1.95 1.96 1.93 
NET YIELD ON INTEREST-EARNING ASSETS2.54 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.

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JPMORGAN CHASE & CO.
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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 TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
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 adjustments856 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 adjustments969 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 adjustments969 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 adjustments969 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 adjustments969 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 - reported52 %52 %53 %52 %53 %52 %52 %
Overhead ratio - managed51 52 52 51 52 52 51 
(a)For other income, recognized in CIB, and for net interest income, predominantly recognized in CIB and Corporate.

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JPMORGAN CHASE & CO.
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SEGMENT & CORPORATE RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
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 
Corporate1,480 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 Management4,068 3,818 3,733 3,713 3,772 7 8 15,332 14,414 6 
Corporate648 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 Management2,448 2,248 2,027 2,018 2,006 9 22 8,741 7,164 22 
Corporate832 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)NM2,615 762 243 
Asset & Wealth Management2 59 46 (10)(35)(97)NM97 (68)NM
Corporate4 (3)25 (19)(18)NMNM7 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.
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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Dec 31, 2025
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2025 Change
2025202520252025202420252024202520242024
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$288,483 (c)$287,297 $283,854 $279,791 $275,513 — %5 %
Tier 1 capital307,725 (c)306,599 303,189 299,132 294,881 — 4 
Total capital343,970 (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 ratio14.5 %
(c)(e)
14.8 %15.1 %15.4 %15.7 %
Tier 1 capital ratio15.5 
(c)(e)
15.8 16.1 16.5 16.8 
Total capital ratio17.3 
(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 capital329,075 (c)328,356 320,809 316,529 311,898 — 6 
Risk-weighted assets2,049,797 
(c)(d)
1,932,404 1,873,142 1,799,055 1,740,429 6 18 
CET1 capital ratio14.1 %
(c)(e)
14.9 %15.2 %15.6 %15.8 %
Tier 1 capital ratio15.0 
(c)(e)
15.9 16.2 16.6 16.9 
Total capital ratio16.1 
(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 ratio6.9 %(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 
SLR5.8 %(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 equity12,745 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 capital249 289 353 (688)273 (14)(9)203 783 (74)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities1,295 1,509 (188)953 (2,633)(14)NM3,569 (87)NM
Translation adjustments, net of hedges(6)(12)868 489 (887)50 99 1,339 (858)NM
Fair value hedges7 37 (8)28 (54)(81)NM64 (87)NM
Defined benefit pension and other postretirement employee benefit plans
619 4 (28)(16)(58)NMNM579 (63)NM
Changes related to other CET1 capital adjustments(1,367)(c)(18)(217)(498)(13)NMNM(2,100)(c)(385)(445)
Change in Standardized/Advanced CET1 capital1,186 (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.




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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Dec 31, 2025
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2025 Change
2025202520252025202420252024202520242024
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$342,393 $340,167 $336,879 $331,375 $324,708 1 %5 %
Less: Goodwill52,731 52,717 52,747 52,621 52,565 — — 
Less: Other intangible assets2,560 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: Goodwill52,703 52,731 52,692 52,581 52,617 — — 52,677 52,627 — 
Less: Other intangible assets2,574 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 rights9,167 9,110 8,996 9,127 9,121 1 1 
Other intangible assets2,560 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.

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JPMORGAN CHASE & CO.
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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
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 dividends280 282 282 255 259 (1)8 1,099 1,259 (13)
Net income applicable to common equity12,745 14,111 14,705 14,388 13,746 (10)(7)55,949 57,212 (2)
Less: Dividends and undistributed earnings allocated to
participating securities56 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 outstanding2,735.3 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 outstanding2,735.3 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 outstanding2,740.5 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 ratio32 %29 %27 %27 %26 %29 %24 %
COMMON SHARE REPURCHASE PROGRAM (b)
Total shares of common stock repurchased26.7 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 stock8,262 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 plans0.7 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.













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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$973 $969 $888 $839 $872 — %12 %$3,669 $3,387 8 %
Asset management fees1,277 1,189 1,110 1,093 1,067 7 20 4,669 4,014 16 
Mortgage fees and related income344 372 347 263 368 (8)(7)1,326 1,378 (4)
Card income376 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 revenue4,555 4,617 4,452 4,171 4,494 (1)1 17,795 16,649 7 
Net interest income14,841 14,856 14,395 14,142 13,868 — 7 58,234 54,858 6 
TOTAL NET REVENUE19,396 19,473 18,847 18,313 18,362 — 6 76,029 71,507 6 
Provision for credit losses4,244 
(d)
2,538 2,082 2,629 2,623 67 62 11,493 
(d)
9,974 15 
NONINTEREST EXPENSE
Compensation expense4,461 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 EXPENSE10,256 10,296 9,858 9,857 9,728 — 5 40,267 38,036 6 
Income before income tax expense4,896 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 Lending1,249 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 revenue188 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
ROE25 %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.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
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 Services247,753 235,491 233,051 223,517 233,016 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 
Deposits1,072,792 1,058,388 1,063,137 1,080,138 1,056,652 1 2 1,072,792 1,056,652 2 
Equity56,000 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 Management32,916 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 Services239,335 234,412 228,446 224,493 224,263 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 loans584,645 580,430 576,057 574,397 577,600 1 1 578,915 573,234 1 
Deposits1,056,819 1,058,025 1,060,363 1,053,677 1,050,636 — 1 1,057,232 1,064,215 (1)
Equity56,000 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.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
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 Management72 85 102 97 105 (15)(31)356 442 (19)
Home Lending(12)(63)(21)(26)(15)81 20 (122)(106)(15)
Card Services1,897 1,860 1,938 1,983 1,862 2 2 7,678 7,148 7 
Auto87 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 Services3.14 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) rate1.41 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 Services2.16 2.14 2.06 2.21 2.17 2.16 2.17 
Auto1.31 1.17 1.12 1.20 1.43 1.31 1.43 
90+ day delinquency rate - Card Services1.10 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 Lending647 647 547 557 447 — 45 647 447 45 
Card Services15,558 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 losses17,557 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 NMNM2,290 (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.




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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
BUSINESS METRICS
Number of:
Branches5,083 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 advisors6,049 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 rate9.86 %10.03 %10.06 %10.38 %10.47 %10.08 %10.03 %
Net yield on average loans10.40 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 assets18,893 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.


Page 15

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
INCOME STATEMENT
REVENUE
Investment banking fees$2,347 $2,627 $2,513 $2,248 $2,479 (11)%(5)%$9,735 $9,116 7 %
Principal transactions5,419 7,090 7,109 7,608 5,158 (24)5 27,226 24,382 12 
Lending- and deposit-related fees1,336 1,315 1,296 1,230 1,020 2 31 5,177 3,914 32 
Commissions and other fees1,562 1,493 1,493 1,437 1,320 5 18 5,985 5,278 13 
Card income627 613 645 551 617 2 2 2,436 2,310 5 
All other income1,063 660 736 748 1,132 61 (6)3,207 3,253 (1)
Noninterest revenue12,354 13,798 13,792 13,822 11,726 (10)5 53,766 48,253 11 
Net interest income7,021 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 losses405 809 696 705 61 (50)NM2,615 762 243 
NONINTEREST EXPENSE
Compensation expense4,139 4,862 5,014 5,330 4,033 (15)3 19,345 18,191 6 
Noncompensation expense4,872 4,860 4,627 4,512 4,679 — 4 18,871 17,162 10 
TOTAL NONINTEREST EXPENSE9,011 9,722 9,641 9,842 8,712 (7)3 38,216 35,353 8 
Income before income tax expense9,959 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
ROE19 %18 %17 %18 %19 %18 %18 %
Overhead ratio47 49 49 50 50 49 50 
Compensation expense as percentage of total net revenue21 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 
Payments5,114 4,917 4,735 4,565 4,703 4 9 19,331 18,085 7 
Lending1,985 1,872 1,829 1,915 1,916 6 4 7,601 7,470 2 
Other— — — 6 47 — NM6 76 (92)
Total Banking & Payments9,651 9,483 9,248 8,754 9,268 2 4 37,136 35,267 5 
Fixed Income Markets5,380 5,613 5,690 5,849 5,006 (4)7 22,532 20,066 12 
Equity Markets2,859 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)NM88 (63)(244)74 
Total Markets & Securities Services9,724 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 Banking3,158 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 Banking913 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.



Page 16

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
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 retained558,528 538,016 526,174 497,657 483,043 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 
Equity149,500 149,500 149,500 149,500 132,000 — 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 Banking222,139 222,464 222,044 219,220 217,674 — 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 Banking146,274 146,454 146,185 144,886 144,860 — 1 146,274 144,860 1 
Total Banking & Payments loans368,218 355,024 355,061 340,996 342,944 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 retained546,219 528,135 511,562 482,304 482,316 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 loans612,634 583,680 561,849 528,726 525,519 5 17 571,985 519,047 10 
Deposits1,226,155 1,194,410 1,170,063 1,106,158 1,088,439 3 13 1,174,581 1,061,488 11 
Equity149,500 149,500 149,500 149,500 132,000 — 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 Banking222,216 221,534 219,886 218,560 218,672 — 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 Banking146,596 146,264 145,502 144,931 145,467 — 1 145,829 144,680 1 
Total Banking & Payments loans360,707 353,635 345,440 339,947 344,977 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.



Page 17

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
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 receivables204 224 349 169 145 (9)41 204 145 41 
Assets acquired in loan satisfactions192 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 losses7,632 7,609 7,408 7,680 7,294 — 5 7,632 7,294 5 
Allowance for lending-related commitments2,738 2,798 2,757 2,113 1,976 (2)39 2,738 1,976 39 
Total allowance for credit losses10,370 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 retained1.37 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 loans0.82 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.
























Page 18

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
BUSINESS METRICS
Advisory$1,033 $926 $844 $694 $1,060 12 %(3)%$3,497 $3,290 6 %
Equity underwriting416 527 465 324 498 (21)(16)1,732 1,692 2 
Debt underwriting898 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 exchange9 9 10 9 14 — (36)
Equities13 14 17 25 10 (7)30 
Commodities and other23 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.
Page 19

JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
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 fees301 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 income1,678 1,729 1,687 1,738 1,701 (3)(1)6,832 6,555 4 
TOTAL NET REVENUE6,516 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)NM97 (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 EXPENSE4,068 3,818 3,733 3,713 3,772 7 8 15,332 14,414 6 
Income before income tax expense2,446 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 Bank3,108 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
ROE44 %40 %36 %39 % 38 % 40 %34 %
Overhead ratio62 63 65 65 65 64 67 
Pretax margin ratio:
Asset Management38 35 33 32 35 35 31 
Global Private Bank37 37 36 38 36 37 35 
Asset & Wealth Management38 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 advisors4,101 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.



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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
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 
Deposits257,316 239,999 242,356 250,219 248,287 7 4 257,316 248,287 4 
Equity16,000 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 
Deposits247,065 241,454 248,375 244,107 248,802 2 (1)245,248 235,146 4 
Equity16,000 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 loans1,199 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 commitments43 52 58 33 35 (17)23 43 35 23 
Total allowance for credit losses579 607 610 563 574 (5)1 579 574 1 
Net charge-off/(recovery) rate0.05 %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 loans45 49 53 93 
(a)
77 45 77 
Nonaccrual loans to period-end loans0.45 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.


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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Dec 31, 2025
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2025 Change
CLIENT ASSETS2025202520252025202420252024202520242024
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 
Equity1,400 1,371 1,258 1,128 1,128 2 24 1,400 1,128 24 
Multi-asset884 855 809 764 764 3 16 884 764 16 
Alternatives230 228 220 222 219 1 5 230 219 5 
TOTAL ASSETS UNDER MANAGEMENT4,791 4,599 4,343 4,113 4,045 4 18 4,791 4,045 18 
Custody/brokerage/administration/deposits2,327 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 Institutional1,953 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 Institutional2,121 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 
Equity11 31 16 37 41 95 114 
Multi-asset11 4 (2)3 14 16 19 
Alternatives5 6 (10)3 3 4 10 
Market/performance/other impacts35 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 flows206 147 80 120 224 553 486 
Market/performance/other impacts74 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 advisors10,150 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.





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JPMORGAN CHASE & CO.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
INCOME STATEMENT
REVENUE
Principal transactions$(144)$(54)$(54)$(87)$28 (167)%NM$(339)$152 NM
Investment securities gains/(losses)
(72)105 (54)(37)(92)NM22 %(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 losses4 (3)25 (19)(18)NMNM7 10 (30)
NONINTEREST EXPENSE648 (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 CIO1,120 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 — 
Loans2,941 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)NM22 $(58)$(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.
(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)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.
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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION
(in millions)
Dec 31, 2025
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2025202520252025202420252024
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 loans402,258 393,084 394,040 391,138 392,810 2 2 
Credit card loans
Loans retained247,797 235,475 232,943 223,384 232,860 5 6 
Total credit card loans247,797 235,475 232,943 223,384 232,860 5 6 
Total consumer loans 650,055 628,559 626,983 614,522 625,670 3 4 
Wholesale loans (b)
Loans retained792,367 764,451 740,675 704,714 690,396 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 commitments1,817,307 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.




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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,
2025202520252025202420252024
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 loans4,673 4,600 4,669 3,759 3,926 2 19 
Wholesale nonaccrual loans
Loans retained4,398 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 loans9,857 10,106 9,821 8,618 8,837 (2)12 
Derivative receivables 204 224 349 169 145 (9)41 
Assets acquired in loan satisfactions298 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.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
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-offs3,099 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-offs2,514 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 NMNM5 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)NMNM2,969 
(b)
128 NM
Other— 1 — — (1)NMNM1 (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 loans3.14 3.15 3.40 3.58 3.30 3.31 3.34 
Total consumer retained loans1.35 1.29 1.38 1.45 1.36 1.37 1.31 
Wholesale retained loans0.23 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 loans239,356 234,354 228,320 224,350 224,124 2 7 231,644 214,033 8 
Total average retained consumer loans607,841 604,427 600,325 598,816 601,100 1 1 602,882 598,034 1 
Wholesale retained loans775,282 747,045 721,105 686,585 687,197 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.






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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,
2025202520252025202420252024
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
$(647)$(621)$(683)$(727)$(728)(4)%11 %
Portfolio-based2,567 2,524 2,532 2,585 2,535 2 1 
Total consumer, excluding credit card1,920 1,903 1,849 1,858 1,807 1 6 
Credit card
Portfolio-based15,557 15,554 15,001 15,000 14,600 — 7 
Total credit card15,557 15,554 15,001 15,000 14,600 — 7 
Total consumer17,477 17,457 16,850 16,858 16,407 — 7 
Wholesale
Asset-specific
707 838 781 692 526 (16)34 
Portfolio-based7,581 7,440 7,322 7,658 7,412 2 2 
Total wholesale8,288 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 commitments5,071 
(b)
2,964 2,932 2,226 2,101 71 141 
Allowance for investment securities106 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 loans0.52 %0.51 %0.50 %0.50 %0.48 %
Credit card allowance to total credit card retained loans6.28 6.61 6.44 6.71 6.27 
Wholesale allowance to total wholesale retained loans1.05 1.08 1.09 1.18 1.15 
Total allowance to total retained loans1.83 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 loans188 175 181 214 201 
Total allowance to total retained nonaccrual loans311 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.



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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 TRENDSFULL YEAR
4Q25 Change2025 Change
(in millions, except rates)4Q253Q252Q251Q254Q243Q254Q24202520242024
Net interest income - reported$24,995 $23,966 $23,209 $23,273 $23,350 4 %7 %$95,443 $92,583 3 %
Fully taxable-equivalent adjustments113 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 income1,251 680 561 785 457 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 adjustments856 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.



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