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EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2026











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 320–327 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).























JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q26 Change
SELECTED INCOME STATEMENT DATA 1Q264Q253Q252Q251Q254Q251Q25
Reported Basis
Total net revenue$49,836 $45,798 $46,427 $44,912 $45,310 9 %10 %
Total noninterest expense26,850 23,983 24,281 23,779 23,597 12 14 
Pre-provision profit (a)22,986 21,815 22,146 21,133 21,713 5 6 
Provision for credit losses2,507 4,655 (f)3,403 2,849 3,305 (46)(24)
NET INCOME16,494 13,025 14,393 14,987 14,643 27 13 
Managed Basis (b)
Total net revenue50,536 46,767 47,120 45,680 46,014 8 10 
Total noninterest expense26,850 23,983 24,281 23,779 23,597 12 14 
Pre-provision profit (a)23,686 22,784 22,839 21,901 22,417 4 6 
Provision for credit losses2,507 4,655 (f)3,403 2,849 3,305 (46)(24)
NET INCOME16,494 13,025 14,393 14,987 14,643 27 13 
EARNINGS PER SHARE DATA
Net income: Basic$5.95 $4.64 $5.08 $5.25 $5.08 28 17 
Diluted5.94 4.63 5.07 5.24 5.07 28 17 
Average shares: Basic2,716.2 2,735.3 2,762.4 2,788.7 2,819.4 (1)(4)
Diluted2,720.2 2,740.5 2,767.6 2,793.7 2,824.3 (1)(4)
MARKET AND PER COMMON SHARE DATA
Market capitalization$788,205 $868,793 $858,683 $797,181 $681,712 (9)16 
Common shares at period-end2,679.5 2,696.2 2,722.2 2,749.7 2,779.1 (1)(4)
Book value per share128.38 126.99 124.96 122.51 119.24 1 8 
Tangible book value per share (“TBVPS”) (a)108.87 107.56 105.70 103.40 100.36 1 8 
Cash dividends declared per share1.50 1.50 1.50 1.40 1.40 — 7 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)19 %15 %17 %18 %18 %
Return on tangible common equity (“ROTCE”) (a)23 18 20 21 21 
Return on assets1.41 1.14 1.26 1.35 1.40 
CAPITAL RATIOS
Common equity Tier 1 (“CET1”) capital ratio - Standardized (d)14.3 %(e)14.6 %14.8 %15.1 %15.4 %
Tier 1 capital ratio - Standardized (d)15.2 (e)15.5 15.8 16.1 16.5 
Total capital ratio - Standardized (d)17.1 (e)17.4 17.7 17.8 18.2 
Tier 1 leverage ratio6.6 (e)6.9 6.9 6.9 7.2 
Supplementary leverage ratio (“SLR”)5.6 (e)5.8 5.8 5.9 6.0 
​
On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio (the “Apple Card transaction”), with an expected closing date approximately 24 months thereafter. Refer to Notes 4, 13, 27 and 28 of the Firm’s 2025 Form 10-K for additional information.
(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Ratios are based upon annualized amounts.
(d)As of March 31, 2026 and December 31, 2025, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios. Refer to page 9 for further information on the Firm’s capital metrics.
(e)Estimated.
(f)Included $2.2 billion associated with the Apple Card transaction. Refer to Note 13 of the Firm’s 2025 Form 10-K for additional information.




Page 2

JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
SELECTED BALANCE SHEET DATA (period-end)
Total assets$4,900,475 $4,424,900 $4,560,205 $4,552,482 $4,357,856 11 %12 %
Loans:
Consumer, excluding credit card loans391,660 402,258 393,084 394,040 391,138 (3)— 
Credit card loans239,123 247,797 235,475 232,943 223,384 (4)7 
Wholesale loans872,737 843,374 806,687 785,009 741,173 3 18 
Total loans1,503,520 1,493,429 1,435,246 1,411,992 1,355,695 1 11 
Deposits:
U.S. offices:
Noninterest-bearing595,424 583,342 589,105 591,177 581,623 2 2 
Interest-bearing1,508,682 1,452,729 1,433,404 1,441,905 1,416,585 4 7 
Non-U.S. offices:
Noninterest-bearing43,775 37,057 34,255 29,976 29,856 18 47 
Interest-bearing527,639 486,192 491,712 499,322 467,813 9 13 
Total deposits2,675,520 2,559,320 2,548,476 2,562,380 2,495,877 5 7 
Long-term debt448,764 435,206 427,203 419,802 407,224 3 10 
Common stockholders’ equity343,993 342,393 340,167 336,879 331,375 — 4 
Total stockholders’ equity364,038 362,438 360,212 356,924 351,420 — 4 
Loans-to-deposits ratio56 %58 %56 %55 %54 %
Employees320,079 318,512 318,153 317,160 318,477 — 1 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)$37 $35 $33 $42 $50 6 (26)
Earnings-at-Risk (in billions) (b)
Parallel shift:
+100 bps shift in rates$1.8 
(d)
$2.1 $1.8 $1.8 $2.2 (14)(17)
-100 bps shift in rates(2.2)
(d)
(2.4)(2.2)(2.0)(2.2)10 — 
LINE OF BUSINESS (“LOB”) & CORPORATE NET REVENUE (c)
Consumer & Community Banking$19,568 $19,396 $19,473 $18,847 $18,313 1 7 
Commercial & Investment Bank23,379 19,375 19,878 19,535 19,666 21 19 
Asset & Wealth Management 6,374 6,516 6,066 5,760 5,731 (2)11 
Corporate1,215 1,480 1,703 1,538 2,304 (18)(47)
TOTAL NET REVENUE$50,536 $46,767 $47,120 $45,680 $46,014 8 10 
LOB & CORPORATE NET INCOME
Consumer & Community Banking$4,976 $3,642 $5,009 $5,169 $4,425 37 12 
Commercial & Investment Bank9,044 7,268 6,901 6,650 6,942 24 30 
Asset & Wealth Management 1,775 1,808 1,658 1,473 1,583 (2)12 
Corporate699 307 825 1,695 1,693 128 (59)
NET INCOME$16,494 $13,025 $14,393 $14,987 $14,643 27 13 
(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 would have been lower 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 140-141 of the Firm’s 2025 Form 10-K for additional information.
(c)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(d)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 TRENDS
1Q26 Change
REVENUE1Q264Q253Q252Q251Q254Q251Q25
Investment banking fees $2,858 $2,326 $2,612 $2,499 $2,178 23 %31 %
Principal transactions7,987 5,340 7,109 7,149 7,614 50 5 
Lending- and deposit-related fees2,394 2,364 2,349 2,248 2,132 1 12 
Asset management fees5,515 5,701 5,120 4,806 4,700 (3)17 
Commissions and other fees2,482 2,108 2,204 2,194 2,033 18 22 
Investment securities gains/(losses)
64 (71)105 (54)(37)NMNM
Mortgage fees and related income309 357 383 363 278 (13)11 
Card income1,190 1,020 1,140 1,344 1,216 17 (2)
Other income1,671 1,658 1,439 1,154 1,923 1 (13)
Noninterest revenue24,470 20,803 22,461 21,703 22,037 18 11 
Interest income49,191 48,808 49,439 48,241 46,853 1 5 
Interest expense23,825 23,813 25,473 25,032 23,580 — 1 
Net interest income25,366 24,995 23,966 23,209 23,273 1 9 
TOTAL NET REVENUE49,836 45,798 46,427 44,912 45,310 9 10 
Provision for credit losses2,507 4,655 (d)3,403 2,849 3,305 (46)(24)
NONINTEREST EXPENSE
Compensation expense 15,339 13,118 13,566 13,710 14,093 17 9 
Occupancy expense1,447 1,475 1,420 1,264 1,302 (2)11 
Technology, communications and equipment expense 3,021 2,908 2,839 2,704 2,578 4 17 
Professional and outside services 3,483 3,338 3,173 3,006 2,839 4 23 
Marketing1,604 1,468 1,480 1,279 1,304 9 23 
Other expense (a)1,956 1,676 
(e)
1,803 1,816 1,481 
(e)
17 32 
TOTAL NONINTEREST EXPENSE26,850 23,983 24,281 23,779 23,597 12 14 
Income before income tax expense20,479 17,160 18,743 18,284 18,408 19 11 
Income tax expense3,985 4,135 4,350 3,297 
(f)
3,765 (4)6 
NET INCOME$16,494 $13,025 $14,393 $14,987 $14,643 27 13 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$5.95 $4.64 $5.08 $5.25 $5.08 28 17 
Diluted earnings per share5.94 4.63 5.07 5.24 5.07 28 17 
FINANCIAL RATIOS
Return on common equity (b)19 %15 %17 %18 %18 %
Return on tangible common equity (b)(c)23 18 20 21 21 
Return on assets (b)1.41 1.14 1.26 1.35 1.40 
Effective income tax rate19.5 24.1 23.2 18.0 
(f)
20.5 
Overhead ratio54 52 52 53 52 
(a)Included Firmwide legal expense of $223 million, $60 million, $62 million, $118 million and $121 million for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, 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 for additional 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. Refer to Note 6 on page 221 of the Firm’s 2025 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.


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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Mar 31, 2026
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2026202520252025202520252025
ASSETS
Cash and due from banks $22,039 $21,742 $21,821 $23,759 $22,066 1 %— %
Deposits with banks 290,103 321,596 281,615 396,568 403,837 (10)(28)
Federal funds sold and securities purchased under
resale agreements482,704 336,426 425,815 470,589 429,506 43 12 
Securities borrowed284,524 286,191 248,368 223,976 238,702 (1)19 
Trading assets:
Debt and equity instruments997,751 745,096 892,928 829,510 814,664 34 22 
Derivative receivables71,584 57,777 59,849 60,346 60,539 24 18 
Available-for-sale (“AFS”) securities549,037 507,198 490,499 (a)485,380 399,363 8 37 
Held-to-maturity (”HTM”) securities272,142 270,134 293,446 (a)260,559 265,084 1 3 
Investment securities, net of allowance for credit losses821,179 777,332 783,945 745,939 664,447 6 24 
Loans1,503,520 1,493,429 1,435,246 1,411,992 1,355,695 1 11 
Less: Allowance for loan losses25,928 25,765 25,735 24,953 25,208 1 3 
Loans, net of allowance for loan losses1,477,592 1,467,664 1,409,511 1,387,039 1,330,487 1 11 
Accrued interest and accounts receivable
142,334 111,599 141,876 124,463 117,845 28 21 
Premises and equipment36,771 36,244 35,063 33,562 32,811 1 12 
Goodwill, MSRs and other intangible assets64,289 64,458 64,442 64,465 64,525 — — 
Other assets209,605 198,775 194,972 192,266 178,427 5 17 
TOTAL ASSETS$4,900,475 $4,424,900 $4,560,205 $4,552,482 $4,357,856 11 12 
LIABILITIES
Deposits$2,675,520 $2,559,320 $2,548,476 $2,562,380 $2,495,877 5 7 
Federal funds purchased and securities loaned or sold
under repurchase agreements716,623 442,396 567,574 595,340 533,046 62 34 
Short-term borrowings68,048 64,776 69,355 65,293 64,980 5 5 
Trading liabilities:
Debt and equity instruments196,546 169,690 195,859 173,292 149,871 16 31 
Derivative payables51,290 46,329 46,403 48,110 37,232 11 38 
Accounts payable and other liabilities 352,561 316,794 316,896 303,641 293,538 11 20 
Beneficial interests issued by consolidated VIEs27,085 27,951 28,227 27,700 24,668 (3)10 
Long-term debt448,764 435,206 427,203 419,802 407,224 3 10 
TOTAL LIABILITIES4,536,437 4,062,462 4,199,993 4,195,558 4,006,436 12 13 
STOCKHOLDERS’ EQUITY
Preferred stock20,045 20,045 20,045 20,045 20,045 — — 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital90,087 91,114 90,865 90,576 90,223 (1)— 
Retained earnings428,206 416,055 407,401 397,424 386,616 3 11 
Accumulated other comprehensive loss (“AOCI”)
(6,689)(4,290)(5,878)(7,243)(9,111)(56)27 
Treasury stock, at cost(171,716)(164,591)(156,326)(147,983)(140,458)(4)(22)
TOTAL STOCKHOLDERS’ EQUITY364,038 362,438 360,212 356,924 351,420 — 4 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,900,475 $4,424,900 $4,560,205 $4,552,482 $4,357,856 11 12 
(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 TRENDS
1Q26 Change
AVERAGE BALANCES1Q264Q253Q252Q251Q254Q251Q25
ASSETS
Deposits with banks $312,890 $335,623 $360,156 $405,213 $446,044 (7)%(30)%
Federal funds sold and securities purchased under resale agreements437,916 330,694 424,346 432,714 377,998 32 16 
Securities borrowed286,689 261,877 234,112 234,024 241,003 9 19 
Trading assets - debt instruments 682,348 620,465 580,985 562,967 495,143 10 38 
Investment securities802,265 788,922 768,599 727,651 664,970 2 21 
Loans1,486,145 1,461,079 1,417,466 1,380,726 1,339,391 2 11 
All other interest-earning assets (a)127,484 125,164 110,100 102,687 103,835 2 23 
Total interest-earning assets 4,135,737 3,923,824 3,895,764 3,845,982 3,668,384 5 13 
Trading assets - equity and other instruments241,307 241,351 264,681 239,996 225,468 — 7 
Trading assets - derivative receivables68,328 57,543 61,842 57,601 59,099 19 16 
All other noninterest-earning assets 313,365 306,700 297,658 294,039 282,363 2 11 
TOTAL ASSETS$4,758,737 $4,529,418 $4,519,945 $4,437,618 $4,235,314 5 12 
LIABILITIES
Interest-bearing deposits $1,991,590 $1,949,049 $1,913,958 $1,902,337 $1,842,888 2 8 
Federal funds purchased and securities loaned or
sold under repurchase agreements657,816 517,849 567,920 558,043 465,203 27 41 
Short-term borrowings
55,469 56,265 53,755 55,059 49,291 (1)13 
Trading liabilities - debt and all other interest-bearing liabilities (b)
324,559 306,567 314,591 300,126 288,140 6 13 
Beneficial interests issued by consolidated VIEs27,519 27,327 28,884 26,185 25,775 1 7 
Long-term debt 367,478 359,910 350,368 348,372 344,945 2 7 
Total interest-bearing liabilities 3,424,431 3,216,967 3,229,476 3,190,122 3,016,242 6 14 
Noninterest-bearing deposits 611,294 615,559 610,601 602,777 587,417 (1)4 
Trading liabilities - equity and other instruments 57,021 52,059 48,628 44,159 37,671 10 51 
Trading liabilities - derivative payables55,309 47,591 47,926 40,865 41,087 16 35 
All other noninterest-bearing liabilities 249,587 236,876 226,934 209,853 208,539 5 20 
TOTAL LIABILITIES4,397,642 4,169,052 4,163,565 4,087,776 3,890,956 5 13 
Preferred stock20,045 20,045 20,045 20,045 20,013 — — 
Common stockholders’ equity341,050 340,321 336,335 329,797 324,345 — 5 
TOTAL STOCKHOLDERS’ EQUITY361,095 360,366 356,380 349,842 344,358 — 5 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,758,737 $4,529,418 $4,519,945 $4,437,618 $4,235,314 5 12 
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 3.00 %3.10 %3.25 %3.36 %3.76 %
Federal funds sold and securities purchased under resale agreements3.88 4.06 4.24 4.24 4.52 
Securities borrowed3.35 3.55 3.67 3.79 3.88 
Trading assets - debt instruments 4.30 4.33 4.30 4.50 4.56 
Investment securities3.69 3.74 3.86 3.85 3.84 
Loans 6.57 6.63 6.74 6.71 6.80 
All other interest-earning assets (a)(d)5.79 6.24 7.43 6.87 7.63 
Total interest-earning assets 4.83 4.95 5.05 5.04 5.19 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.09 2.24 2.41 2.40 2.44 
Federal funds purchased and securities loaned or
sold under repurchase agreements3.79 3.99 4.22 4.29 4.52 
Short-term borrowings
3.85 4.01 4.35 4.42 4.40 
Trading liabilities - debt and all other interest-bearing liabilities (b)2.83 2.95 2.92 3.04 2.94 
Beneficial interests issued by consolidated VIEs3.92 4.23 4.58 4.55 4.66 
Long-term debt 4.79 4.92 5.16 5.16 5.16 
Total interest-bearing liabilities 2.82 2.94 3.13 3.15 3.17 
INTEREST RATE SPREAD2.01 2.01 1.92 1.89 2.02 
NET YIELD ON INTEREST-EARNING ASSETS2.50 2.54 2.45 2.43 2.58 
Memo: Net yield on interest-earning assets excluding Markets (e)3.72 3.76 3.73 3.71 3.80 
(a) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets.
(b)    All other interest-bearing liabilities include brokerage-related customer payables.
(c)    Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.
(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(e)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

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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 LOBs on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
OTHER INCOME
Other income - reported$1,671 $1,658 $1,439 $1,154 $1,923 1 %(13)%
Fully taxable-equivalent adjustments (a)587 856 588 663 602 (31)(2)
Other income - managed$2,258 $2,514 $2,027 $1,817 $2,525 (10)(11)
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$24,470 $20,803 $22,461 $21,703 $22,037 18 11 
Fully taxable-equivalent adjustments587 856 588 663 602 (31)(2)
Total noninterest revenue - managed$25,057 $21,659 $23,049 $22,366 $22,639 16 11 
NET INTEREST INCOME
Net interest income - reported$25,366 $24,995 $23,966 $23,209 $23,273 1 9 
Fully taxable-equivalent adjustments (a)113 113 105 105 102 — 11 
Net interest income - managed$25,479 $25,108 $24,071 $23,314 $23,375 1 9 
TOTAL NET REVENUE
Total net revenue - reported$49,836 $45,798 $46,427 $44,912 $45,310 9 10 
Fully taxable-equivalent adjustments700 969 693 768 704 (28)(1)
Total net revenue - managed$50,536 $46,767 $47,120 $45,680 $46,014 8 10 
PRE-PROVISION PROFIT
Pre-provision profit - reported$22,986 $21,815 $22,146 $21,133 $21,713 5 6 
Fully taxable-equivalent adjustments700 969 693 768 704 (28)(1)
Pre-provision profit - managed$23,686 $22,784 $22,839 $21,901 $22,417 4 6 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$20,479 $17,160 $18,743 $18,284 $18,408 19 11 
Fully taxable-equivalent adjustments700 969 693 768 704 (28)(1)
Income before income tax expense - managed$21,179 $18,129 $19,436 $19,052 $19,112 17 11 
INCOME TAX EXPENSE
Income tax expense - reported$3,985 $4,135 $4,350 $3,297 $3,765 (4)6 
Fully taxable-equivalent adjustments700 969 693 768 704 (28)(1)
Income tax expense - managed$4,685 $5,104 $5,043 $4,065 $4,469 (8)5 
OVERHEAD RATIO
Overhead ratio - reported54 %52 %52 %53 %52 %
Overhead ratio - managed53 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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SEGMENT & CORPORATE RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$19,568 $19,396 $19,473 $18,847 $18,313 1 %7 %
Commercial & Investment Bank
23,379 19,375 19,878 19,535 19,666 21 19 
Asset & Wealth Management 6,374 6,516 6,066 5,760 5,731 (2)11 
Corporate1,215 1,480 1,703 1,538 2,304 (18)(47)
TOTAL NET REVENUE$50,536 $46,767 $47,120 $45,680 $46,014 8 10 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$10,979 $10,256 $10,296 $9,858 $9,857 7 11 
Commercial & Investment Bank
11,136 9,011 9,722 9,641 9,842 24 13 
Asset & Wealth Management4,167 4,068 3,818 3,733 3,713 2 12 
Corporate568 648 445 547 185 (12)207 
TOTAL NONINTEREST EXPENSE$26,850 $23,983 $24,281 $23,779 $23,597 12 14 
PRE-PROVISION PROFIT
Consumer & Community Banking$8,589 $9,140 $9,177 $8,989 $8,456 (6)2 
Commercial & Investment Bank
12,243 10,364 10,156 9,894 9,824 18 25 
Asset & Wealth Management2,207 2,448 2,248 2,027 2,018 (10)9 
Corporate647 832 1,258 991 2,119 (22)(69)
PRE-PROVISION PROFIT$23,686 $22,784 $22,839 $21,901 $22,417 4 6 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$2,050 $4,244 $2,538 $2,082 $2,629 (52)(22)
Commercial & Investment Bank
482 405 809 696 705 19 (32)
Asset & Wealth Management(24)2 59 46 (10)NM(140)
Corporate(1)4 (3)25 (19)NM95 
PROVISION FOR CREDIT LOSSES$2,507 $4,655 $3,403 $2,849 $3,305 (46)(24)
NET INCOME
Consumer & Community Banking $4,976 $3,642 $5,009 $5,169 $4,425 37 12 
Commercial & Investment Bank
9,044 7,268 6,901 6,650 6,942 24 30 
Asset & Wealth Management 1,775 1,808 1,658 1,473 1,583 (2)12 
Corporate 699 307 825 1,695 1,693 128 (59)
TOTAL NET INCOME$16,494 $13,025 $14,393 $14,987 $14,643 27 13 


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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Mar 31, 2026
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2026202520252025202520252025
CAPITAL
Risk-based capital metrics
Standardized
CET1 capital$291,090 (b)$288,469 $287,297 $283,854 $279,791 1 %4 %
Tier 1 capital310,253 (b)307,630 306,599 303,189 299,132 1 4 
Total capital349,894 (b)343,843 343,215 335,307 330,533 2 6 
Risk-weighted assets 2,041,683 (b)1,981,692 1,935,868 1,882,718 1,815,045 3 12 
CET1 capital ratio14.3 %(b)14.6 %14.8 %15.1 %15.4 %
Tier 1 capital ratio15.2 (b)15.5 15.8 16.1 16.5 
Total capital ratio17.1 (b)17.4 17.7 17.8 18.2 
Advanced
CET1 capital$291,090 (b)$288,469 $287,297 $283,854 $279,791 1 4 
Tier 1 capital 310,253 (b)307,630 306,599 303,189 299,132 1 4 
Total capital334,305 (b)328,962 328,356 320,809 316,529 2 6 
Risk-weighted assets2,063,578 (b)(c)2,045,249 1,932,404 1,873,142 1,799,055 1 15 
CET1 capital ratio14.1 %
(b)
14.1 %14.9 %15.2 %15.6 %
Tier 1 capital ratio15.0 
(b)
15.0 15.9 16.2 16.6 
Total capital ratio16.2 
(b)
16.1 17.0 17.1 17.6 
Leverage-based capital metrics
Adjusted average assets (a)$4,702,917 (b)$4,472,394 $4,464,441 $4,382,220 $4,180,147 5 13 
Tier 1 leverage ratio6.6 %(b)6.9 %6.9 %6.9 %7.2 %
Total leverage exposure$5,576,092 (b)$5,302,001 $5,272,950 $5,161,360 $4,953,480 5 13 
SLR5.6 %(b)5.8 %5.8 %5.9 %6.0 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$572,078 (b)$563,743 $567,557 $559,897 $558,303 1 2 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$288,469 $287,297 $283,854 $279,791 $275,513 — 5 
Net income applicable to common equity16,218 12,745 14,111 14,705 14,388 27 13 
Dividends declared on common stock(4,067)(4,091)(4,134)(3,897)(3,938)1 (3)
Net purchase of treasury stock(7,125)(8,265)(8,343)(7,525)(6,440)14 (11)
Changes in additional paid-in capital(1,027)249 289 353 (688)NM(49)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities(2,401)1,295 1,509 (188)953 NMNM
Translation adjustments, net of hedges(167)(6)(12)868 489 NMNM
Fair value hedges41 7 37 (8)28 486 46 
Defined benefit pension and other postretirement employee benefit plans4 619 4 (28)(16)(99)NM
Changes related to other CET1 capital adjustments1,145 (b)(1,381)(18)(217)(498)NMNM
Change in Standardized/Advanced CET1 capital2,621 (b)1,172 3,443 4,063 4,278 124 (39)
Standardized/Advanced CET1 capital, ending balance$291,090 (b)$288,469 $287,297 $283,854 $279,791 1 4 
(a)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill (inclusive of estimated equity method goodwill) and other intangible assets.
(b)Estimated.
(c)As of March 31, 2026, reflects the updated impact to the amount of risk-weighted assets (“RWA”) resulting from the completion of the necessary modeling steps for the Apple Card transaction of approximately $30 billion, as compared to the impact of approximately $110 billion as of December 31, 2025. Refer to Capital Risk Management on pages 89-99 of the Firm’s 2025 Form 10-K for additional information.

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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Mar 31, 2026
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2026202520252025202520252025
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$343,993 $342,393 $340,167 $336,879 $331,375 — %4 %
Less: Goodwill52,706 52,731 52,717 52,747 52,621 — — 
Less: Other intangible assets2,490 2,560 2,615 2,722 2,777 (3)(10)
Add: Certain deferred tax liabilities (b)2,911 2,916 2,906 2,923 2,928 — (1)
Total tangible common equity$291,708 $290,018 $287,741 $284,333 $278,905 1 5 
TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity$341,050 $340,321 $336,335 $329,797 $324,345 — 5 
Less: Goodwill52,737 52,703 52,731 52,692 52,581 — — 
Less: Other intangible assets2,518 2,574 2,678 2,741 2,830 (2)(11)
Add: Certain deferred tax liabilities (b)2,915 2,903 2,917 2,926 2,938 — (1)
Total tangible common equity$288,710 $287,947 $283,843 $277,290 $271,872 — 6 
INTANGIBLE ASSETS (period-end)
Goodwill$52,706 $52,731 $52,717 $52,747 $52,621 — — 
Mortgage servicing rights9,093 9,167 9,110 8,996 9,127 (1)— 
Other intangible assets2,490 2,560 2,615 2,722 2,777 (3)(10)
Total intangible assets$64,289 $64,458 $64,442 $64,465 $64,525 — — 
(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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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
EARNINGS PER SHARE
Basic earnings per share
Net income$16,494 $13,025 $14,393 $14,987 $14,643 27 %13 %
Less: Preferred stock dividends276 280 282 282 255 (1)8 
Net income applicable to common equity16,218 12,745 14,111 14,705 14,388 27 13 
Less: Dividends and undistributed earnings allocated to
participating securities70 56 68 75 71 25 (1)
Net income applicable to common stockholders$16,148 $12,689 $14,043 $14,630 $14,317 27 13 
Total weighted-average basic shares outstanding2,716.2 2,735.3 2,762.4 2,788.7 2,819.4 (1)(4)
Net income per share$5.95 $4.64 $5.08 $5.25 $5.08 28 17 
Diluted earnings per share
Net income applicable to common stockholders$16,148 $12,689 $14,043 $14,630 $14,317 27 13 
Total weighted-average basic shares outstanding2,716.2 2,735.3 2,762.4 2,788.7 2,819.4 (1)(4)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		4.0 5.2 5.2 5.0 4.9 (23)(18)
Total weighted-average diluted shares outstanding2,720.2 2,740.5 2,767.6 2,793.7 2,824.3 (1)(4)
Net income per share$5.94 $4.63 $5.07 $5.24 $5.07 28 17 
COMMON DIVIDENDS
Cash dividends declared per share
$1.50 $1.50 $1.50 
(c)
$1.40 $1.40 

— 7 
Dividend payout ratio25 %32 %29 %27 %27 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased27.5 26.7 28.0 29.8 30.0 3 (8)
Average price paid per share of common stock$302.75 $309.81 $297.10 $251.67 $252.50 (2)20 
Aggregate repurchases of common stock8,328 8,262 8,315 7,500 7,563 1 10 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans10.8 0.7 0.4 0.4 11.5 NM(6)
Net impact of employee issuances on stockholders’ equity (b)
$221 $322 $339 $419 $476 (31)(54)
(a)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.
(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares.
(c)On September 16, 2025, the Board of Directors declared quarterly common stock dividends of $1.50 per share.














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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$947 $973 $969 $888 $839 (3)%13 %
Asset management fees1,303 1,277 1,189 1,110 1,093 2 19 
Mortgage fees and related income303 344 372 347 263 (12)15 
Card income592 376 514 687 653 57 (9)
All other income (a)1,685 1,585 1,573 1,420 1,323 6 27 
Noninterest revenue4,830 4,555 4,617 4,452 4,171 6 16 
Net interest income14,738 14,841 14,856 14,395 14,142 (1)4 
TOTAL NET REVENUE19,568 19,396 19,473 18,847 18,313 1 7 
Provision for credit losses2,050 4,244 (e)2,538 2,082 2,629 (52)(22)
NONINTEREST EXPENSE
Compensation expense (b)4,622 4,392 4,357 4,260 4,375 5 6 
Noncompensation expense (b)(c)6,357 5,864 5,939 5,598 5,482 8 16 
TOTAL NONINTEREST EXPENSE10,979 10,256 10,296 9,858 9,857 7 11 
Income before income tax expense6,539 4,896 6,639 6,907 5,827 34 12 
Income tax expense 1,563 1,254 1,630 1,738 1,402 25 11 
NET INCOME$4,976 $3,642 $5,009 $5,169 $4,425 37 12 
REVENUE BY BUSINESS
Banking & Wealth Management $10,577 $10,870 $11,040 $10,698 $10,254 (3)3 
Home Lending1,232 1,249 1,260 1,250 1,207 (1)2 
Card Services & Auto 7,759 7,277 7,173 6,899 6,852 7 13 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue178 188 173 151 110 (5)62 
Net mortgage servicing revenue (d)125 156 199 196 153 (20)(18)
Mortgage fees and related income$303 $344 $372 $347 $263 (12)15 
FINANCIAL RATIOS
ROE32 %25 %35 %36 %31 %
Overhead ratio 56 53 53 52 54 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $1.2 billion, $1.1 billion, $987 million, $896 million and $824 million for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
(b)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
(c)Included depreciation expense on leased assets of $756 million, $670 million, $649 million, $577 million and $499 million for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
(d)Included MSR risk management results of $(15) million, $7 million, $55 million, $47 million and $9 million for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
(e)Refer to footnote (f) on page 2 for additional information.


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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
SELECTED BALANCE SHEET DATA (period-end)
Total assets$656,051 $664,669 $652,275 $652,379 $636,105 (1)%3 %
Loans:
Banking & Wealth Management
32,992 33,005 33,259 33,749 33,098 — — 
Home Lending (a)
238,571 240,724 240,633 241,618 241,427 (1)(1)
Card Services239,065 247,753 235,491 233,051 223,517 (4)7 
Auto 70,958 70,585 71,095 72,182 72,116 1 (2)
Total loans 581,586 592,067 580,478 580,600 570,158 (2)2 
Deposits1,112,078 1,072,792 1,058,388 1,063,137 1,080,138 4 3 
Equity61,500 56,000 56,000 56,000 56,000 10 10 
SELECTED BALANCE SHEET DATA (average)
Total assets$655,977 $654,851 $650,277 $642,284 $639,664 — 3 
Loans:
Banking & Wealth Management33,038 32,916 33,351 33,536 33,160 — — 
Home Lending (b)
240,429 241,701 241,772 242,665 244,282 (1)(2)
Card Services239,153 239,335 234,412 228,446 224,493 — 7 
Auto 70,208 70,693 70,895 71,410 72,462 (1)(3)
Total loans582,828 584,645 580,430 576,057 574,397 — 1 
Deposits1,075,951 1,056,819 1,058,025 1,060,363 1,053,677 2 2 
Equity61,500 56,000 56,000 56,000 56,000 10 10 
Employees (c)
143,869 142,586 142,600 143,198 143,778 1 — 
(a)At March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, Home Lending loans held-for-sale and loans at fair value were $11.3 billion, $11.0 billion, $9.4 billion, $8.9 billion and $6.4 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $11.8 billion, $11.2 billion, $10.1 billion, $8.9 billion and $7.5 billion for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
(c)Refer to footnote (b) on page 12 for further information on the centralization of Risk functions.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)
$3,493 $3,484 $3,596 $3,891 $3,266 — %7 %
Net charge-offs/(recoveries)
Banking & Wealth Management85 72 85 102 97 18 (12)
Home Lending(15)(12)(63)(21)(26)(25)42 
Card Services2,044 1,897 1,860 1,938 1,983 8 3 
Auto81 87 81 67 100 (7)(19)
Total net charge-offs/(recoveries)$2,195 $2,044 $1,963 $2,086 $2,154 7 2 
Net charge-off/(recovery) rate
Banking & Wealth Management
1.04 %0.87 %1.01 %1.22 %1.19 %
Home Lending(0.03)(0.02)(0.11)(0.04)(0.04)
Card Services3.47 3.14 3.15 3.40 3.58 
Auto 0.47 0.49 0.46 0.38 0.56 
Total net charge-off/(recovery) rate1.56 1.41 1.37 1.48 1.54 
30+ day delinquency rate
Home Lending (b)
0.88 %0.86 %0.89 %0.93 %1.04 %
Card Services2.17 2.16 2.14 2.06 2.21 
Auto1.09 1.33 (d)1.17 1.12 1.20 
90+ day delinquency rate - Card Services1.15 1.10 1.07 1.07 1.16 
Allowance for credit losses:
Allowance for loan losses
Banking & Wealth Management $765 $765 $765 $790 $794 — (4)
Home Lending507 647 647 547 557 (22)(9)
Card Services15,563 15,558 15,558 15,008 15,008 — 4 
Auto 587 587 587 637 637 — (8)
Total allowance for loan losses17,422 17,557 17,557 16,982 16,996 (1)3 
Allowance for lending-related commitments (c)2,280 2,290 90 90 81 — NM
Total allowance for credit losses
$19,702 $19,847 $17,647 $17,072 $17,077 (1)15 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $68 million, $70 million, $65 million, $68 million and $81 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 March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $92 million, $102 million, $95 million, $99 million and $114 million, respectively. These amounts have been excluded based upon the government guarantee.
(c)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to footnote (f) on page 2 for additional information.
(d)Prior-period rate has been revised to conform with the presentation in the Firm’s 2025 Form 10-K.



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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 TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
BUSINESS METRICS
Number of:
Branches5,095 5,083 5,018 4,994 4,972 — %2 %
    Active digital customers (in thousands) (a)76,246 74,646 74,041 73,014 72,480 2 5 
    Active mobile customers (in thousands) (b)62,960 61,736 60,924 59,898 59,036 2 7 
Debit and credit card sales volume (in billions)$487.6 $512.5 $492.3 $487.2 $448.7 (5)9 
Total payments transaction volume (in trillions) (c)1.8 1.8 1.8 1.8 1.6 — 13 
Banking & Wealth Management
Average deposits $1,059,463 $1,039,621 $1,040,402 $1,044,158 $1,038,964 2 2 
Deposit margin 2.63 %2.72 %2.79 %2.76 %2.69 %
Business Banking average loans$18,578 $18,747 $18,922 $19,217 $19,474 (1)(5)
Business Banking origination volume 733 691 824 893 815 6 (10)
Client investment assets (d)1,272,180 1,269,883 1,232,390 1,155,017 1,079,833 — 18 
Number of client advisors6,243 6,049 6,025 5,948 5,860 3 7 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $8.7 $10.4 $8.4 $8.7 $5.5 (16)58 
Correspondent 5.0 5.6 5.5 4.8 3.9 (11)28 
Total mortgage origination volume (e)$13.7 $16.0 $13.9 $13.5 $9.4 (14)46 
Third-party mortgage loans serviced (period-end)656.4 661.9 663.6 653.3 661.6 (1)(1)
MSR carrying value (period-end)9.1 9.1 9.1 9.0 9.1 — — 
Card Services
Sales volume, excluding commercial card (in billions)$337.6 $359.7 $344.4 $340.0 $310.6 (6)9 
Net revenue rate10.78 %9.86 %10.03 %10.06 %10.38 %
Net yield on average loans10.85 10.40 10.28 10.04 10.31 
Auto
Loan and lease origination volume (in billions)$10.4 $10.8 $12.0 $11.3 $10.7 (4)(3)
Average auto operating lease assets20,398 18,893 16,986 15,218 13,641 8 50 
(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 $16.6 billion, $19.0 billion, $16.9 billion, $16.3 billion and $11.2 billion for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.

Page 15

JPMORGAN CHASE & CO.
imageb.jpg
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
INCOME STATEMENT
REVENUE
Investment banking fees$2,883 $2,347 $2,627 $2,513 $2,248 23 %28 %
Principal transactions7,897 5,419 7,090 7,109 7,608 46 4 
Lending- and deposit-related fees1,394 1,336 1,315 1,296 1,230 4 13 
Commissions and other fees1,714 1,562 1,493 1,493 1,437 10 19 
Card income585 627 613 645 551 (7)6 
All other income917 1,063 660 736 748 (14)23 
Noninterest revenue15,390 12,354 13,798 13,792 13,822 25 11 
Net interest income7,989 7,021 6,080 5,743 5,844 14 37 
TOTAL NET REVENUE (a)23,379 19,375 19,878 19,535 19,666 21 19 
Provision for credit losses482 405 809 696 705 19 (32)
NONINTEREST EXPENSE
Compensation expense (b)
5,740 3,940 4,662 4,815 5,127 46 12 
Noncompensation expense (b)
5,396 5,071 5,060 4,826 4,715 6 14 
TOTAL NONINTEREST EXPENSE11,136 9,011 9,722 9,641 9,842 24 13 
Income before income tax expense11,761 9,959 9,347 9,198 9,119 18 29 
Income tax expense 2,717 2,691 2,446 2,548 2,177 1 25 
NET INCOME$9,044 $7,268 $6,901 $6,650 $6,942 24 30 
FINANCIAL RATIOS
ROE21 %19 %18 %17 %18 %
Overhead ratio48 47 49 49 50 
Compensation expense as percentage of total net revenue (b)25 20 23 25 26 
REVENUE BY BUSINESS
Investment Banking$3,136 $2,552 $2,694 $2,684 $2,268 23 38 
Payments5,123 5,114 4,917 4,735 4,565 — 12 
Lending2,166 1,985 1,872 1,829 1,915 9 13 
Other— — — — 6 — NM
Total Banking & Payments10,425 9,651 9,483 9,248 8,754 8 19 
Fixed Income Markets7,078 5,380 5,613 5,690 5,849 32 21 
Equity Markets4,481 2,859 3,331 3,246 3,814 57 17 
Securities Services 1,499 1,489 1,423 1,418 1,269 1 18 
Credit Adjustments & Other (c)(104)(4)28 (67)(20)NM(420)
Total Markets & Securities Services12,954 9,724 10,395 10,287 10,912 33 19 
TOTAL NET REVENUE$23,379 $19,375 $19,878 $19,535 $19,666 21 19 
Banking & Payments revenue by client coverage segment (d)
Global Corporate Banking & Global Investment Banking (e)$7,265 $6,493 $6,544 $6,319 $5,929 12 %23 %
Commercial Banking3,160 3,158 2,939 2,929 2,825 — 12 
Commercial & Specialized Industries2,280 2,245 2,038 2,067 1,956 2 17 
Commercial Real Estate Banking880 913 901 862 869 (4)1 
Total Banking & Payments revenue$10,425 $9,651 $9,483 $9,248 $8,754 8 19 
(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 $646 million, $920 million, $644 million, $722 million and $658 million for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
(b)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
(c)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.
(d)Refer to page 70 of the Firm’s 2025 Form 10-K for a description of each of the client coverage segments.
(e)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.

Page 16

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
SELECTED BALANCE SHEET DATA (period-end)
Total assets$2,626,846 $2,142,534 $2,328,000 $2,260,825 $2,174,123 23 %21 %
Loans:
Loans retained576,917 558,528 538,016 526,174 497,657 3 16 
Loans held-for-sale and loans at fair value (a)67,022 73,508 56,057 57,659 48,201 (9)39 
Total loans
643,939 632,036 594,073 583,833 545,858 2 18 
Equity166,500 149,500 149,500 149,500 149,500 11 11 
Banking & Payments loans by client coverage segment (period-end) (b)
Global Corporate Banking & Global Investment Banking (c)$158,989 $146,079 $132,560 $133,017 $121,776 9 31 
Commercial Banking224,253 222,139 222,464 222,044 219,220 1 2 
Commercial & Specialized Industries77,425 75,865 76,010 75,859 74,334 2 4 
Commercial Real Estate Banking146,828 146,274 146,454 146,185 144,886 — 1 
Total Banking & Payments loans383,242 368,218 355,024 355,061 340,996 4 12 
SELECTED BALANCE SHEET DATA (average)
Total assets$2,497,393 $2,260,671 $2,266,445 $2,205,619 $2,045,105 10 22 
Trading assets - debt and equity instruments 874,262 815,438 796,017 758,113 685,039 7 28 
Trading assets - derivative receivables 67,591 56,598 61,132 56,815 58,987 19 15 
Loans:
Loans retained558,751 546,219 528,135 511,562 482,304 2 16 
Loans held-for-sale and loans at fair value (a)73,588 66,415 55,545 50,287 46,422 11 59 
Total loans632,339 612,634 583,680 561,849 528,726 3 20 
Deposits1,234,295 1,226,155 1,194,410 1,170,063 1,106,158 1 12 
Equity166,500 149,500 149,500 149,500 149,500 11 11 
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking (c)$151,120 $138,491 $132,101 $125,554 $121,387 9 24 
Commercial Banking222,897 222,216 221,534 219,886 218,560 — 2 
Commercial & Specialized Industries76,610 75,620 75,270 74,384 73,629 1 4 
Commercial Real Estate Banking146,287 146,596 146,264 145,502 144,931 — 1 
Total Banking & Payments loans374,017 360,707 353,635 345,440 339,947 4 10 
Employees (d)91,493 91,355 90,895 89,882 89,415 — 2 
(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)Refer to page 70 of the Firm’s 2025 Form 10-K for a description of each of the client coverage segments.
(c)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)Refer to footnote (b) on page 16 for further information on the centralization of Risk functions.



Page 17

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$120 $440 $567 $325 $177 (73)%(32)%
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)3,855 3,641 4,033 3,678 3,413 6 13 
Nonaccrual loans held-for-sale and loans at fair value (b)1,192 1,518 1,338 1,207 1,255 (21)(5)
Total nonaccrual loans 5,047 5,159 5,371 4,885 4,668 (2)8 
Derivative receivables174 204 224 349 169 (15)3 
Assets acquired in loan satisfactions176 192 197 208 211 (8)(17)
Total nonperforming assets 5,397 5,555 5,792 5,442 5,048 (3)7 
Allowance for credit losses:
Allowance for loan losses7,947 7,632 7,609 7,408 7,680 4 3 
Allowance for lending-related commitments2,777 2,738 2,798 2,757 2,113 1 31 
Total allowance for credit losses10,724 10,370 10,407 10,165 9,793 3 10 
Net charge-off/(recovery) rate (c)0.09 %0.32 %0.43 %0.25 %0.15 %
Allowance for loan losses to period-end loans retained1.38 1.37 1.41 1.41 1.54 
Allowance for loan losses to nonaccrual loans retained (a)206 210 189 201 225 
Nonaccrual loans to total period-end loans0.78 0.82 0.90 0.84 0.86 
(a)Allowance for loan losses of $740 million, $597 million, $724 million, $655 million and $566 million were held against these nonaccrual loans at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $183 million, $128 million, $93 million, $45 million and $36 million, respectively.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
























Page 18

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
BUSINESS METRICS
Advisory$1,266 $1,033 $926 $844 $694 23 %82 %
Equity underwriting472 416 527 465 324 13 46 
Debt underwriting1,145 898 1,174 1,204 1,230 28 (7)
Total investment banking fees$2,883 $2,347 $2,627 $2,513 $2,248 23 28 
Client deposits and other third-party liabilities (average) (a)1,167,128 1,153,559 1,111,143 1,089,781 1,034,382 1 13 
Assets under custody (“AUC”) (period-end) (in billions)$40,905 $41,172 $40,128 $38,028 $35,678 (1)15 
95% Confidence Level - Total CIB VaR (average) (b)
CIB trading VaR by risk type: (c)
Fixed income$39 $35 $33 $37 $37 11 5 
Foreign exchange13 9 9 10 9 44 44 
Equities11 13 14 17 25 (15)(56)
Commodities and other14 23 19 24 29 (39)(52)
Diversification benefit to CIB trading VaR (d)(47)(49)(50)(55)(55)4 15 
CIB trading VaR (c)30 31 25 33 45 (3)(33)
Credit Portfolio VaR (e)21 20 21 22 21 5 — 
Diversification benefit to CIB VaR (d)(16)(17)(15)(17)(19)6 16 
CIB VaR$35 $34 $31 $38 $47 3 (26)
(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, CIB trading VaR of $(6) million and CIB VaR of $(5) million for the three months ended March 31, 2025.
(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 135–138 of the Firm’s 2025 Form 10-K 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 TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
INCOME STATEMENT
REVENUE
Asset management fees$4,125 $4,372 $3,885 $3,642 $3,595 (6)%15 %
Commissions and other fees369 301 296 314 273 23 35 
All other income 154 165 156 117 125 (7)23 
Noninterest revenue 4,648 4,838 4,337 4,073 3,993 (4)16 
Net interest income1,726 1,678 1,729 1,687 1,738 3 (1)
TOTAL NET REVENUE6,374 6,516 6,066 5,760 5,731 (2)11 
Provision for credit losses (24)2 59 46 (10)NM(140)
NONINTEREST EXPENSE
Compensation expense (a)2,339 2,256 2,125 2,083 2,067 4 13 
Noncompensation expense (a)1,828 1,812 1,693 1,650 1,646 1 11 
TOTAL NONINTEREST EXPENSE4,167 4,068 3,818 3,733 3,713 2 12 
Income before income tax expense2,231 2,446 2,189 1,981 2,028 (9)10 
Income tax expense 456 638 531 508 445 (29)2 
NET INCOME $1,775 $1,808 $1,658 $1,473 $1,583 (2)12 
REVENUE BY BUSINESS
Asset Management $3,072 $3,408 $2,916 $2,705 $2,671 (10)15 
Global Private Bank3,302 3,108 3,150 3,055 3,060 6 8 
TOTAL NET REVENUE $6,374 $6,516 $6,066 $5,760 $5,731 (2)11 
FINANCIAL RATIOS
ROE44 %44 %40 %36 % 39 %
Overhead ratio65 62 63 65 65 
Pretax margin ratio:
Asset Management34 38 35 33 32 
Global Private Bank36 37 37 36 38 
Asset & Wealth Management35 38 36 34 35 
Employees (a)29,357 29,181 29,135 28,770 28,916 1 2 
Number of Global Private Bank client advisors4,110 4,101 4,050 3,756 3,781 — 9 
(a)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.




Page 20

JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
SELECTED BALANCE SHEET DATA (period-end)
Total assets $299,179 $288,065 $282,322 $268,966 $258,354 4 %16 %
Loans 274,902 266,385 257,988 245,526 237,201 3 16 
Deposits266,745 257,316 239,999 242,356 250,219 4 7 
Equity16,000 16,000 16,000 16,000 16,000 — — 
SELECTED BALANCE SHEET DATA (average)
Total assets $291,058 $284,100 $272,954 $261,128 $253,372 2 15 
Loans 267,986 260,792 250,730 240,585 233,937 3 15 
Deposits253,706 247,065 241,454 248,375 244,107 3 4 
Equity16,000 16,000 16,000 16,000 16,000 — — 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$1 $30 $62 $(1)$1 (97)— 
Nonaccrual loans1,035 1,199 1,129 1,035 675 (14)53 
Allowance for credit losses:
Allowance for loan losses 520 536 555 552 530 (3)(2)
Allowance for lending-related commitments33 43 52 58 33 (23)— 
Total allowance for credit losses553 579 607 610 563 (4)(2)
Net charge-off/(recovery) rate— %0.05 %0.10 %— %— %
Allowance for loan losses to period-end loans 0.19 0.20 0.22 0.22 0.22 
Allowance for loan losses to nonaccrual loans50 45 49 53 93 
Nonaccrual loans to period-end loans0.38 0.45 0.44 0.42 0.28 



Page 21

JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions, except business metrics data)
Mar 31, 2026
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
CLIENT ASSETS2026202520252025202520252025
Assets by asset class
Liquidity $1,297 $1,279 $1,174 $1,131 $1,120 1 %16 %
Fixed income 1,014 998 971 925 879 2 15 
Equity1,360 1,400 1,371 1,258 1,128 (3)21 
Multi-asset880 884 855 809 764 — 15 
Alternatives238 230 228 220 222 3 7 
TOTAL ASSETS UNDER MANAGEMENT4,789 4,791 4,599 4,343 4,113 — 16 
Custody/brokerage/administration/deposits2,314 2,327 2,239 2,078 1,889 (1)22 
TOTAL CLIENT ASSETS (a)$7,103 $7,118 $6,838 $6,421 $6,002 — 18 
Assets by client segment
Private Banking$1,440 $1,414 $1,364 $1,270 $1,201 2 20 
Global Institutional1,964 1,953 1,837 1,772 1,705 1 15 
Global Funds1,385 1,424 1,398 1,301 1,207 (3)15 
TOTAL ASSETS UNDER MANAGEMENT$4,789 $4,791 $4,599 $4,343 $4,113 — 16 
Private Banking$3,549 $3,549 $3,423 $3,191 $2,949 — 20 
Global Institutional2,145 2,121 1,994 1,907 1,828 1 17 
Global Funds1,409 1,448 1,421 1,323 1,225 (3)15 
TOTAL CLIENT ASSETS (a)$7,103 $7,118 $6,838 $6,421 $6,002 — 18 
Assets under management rollforward
Beginning balance$4,791 $4,599 $4,343 $4,113 $4,045 
Net asset flows:
Liquidity 13 105 37 5 36 
Fixed income 20 25 31 27 11 
Equity18 11 31 16 37 
Multi-asset10 11 4 (2)3 
Alternatives6 5 6 (10)3 
Market/performance/other impacts(69)35 147 194 (22)
Ending balance$4,789 $4,791 $4,599 $4,343 $4,113 
Client assets rollforward
Beginning balance$7,118 $6,838 $6,421 $6,002 $5,932 
Net asset flows111 206 147 80 120 
Market/performance/other impacts(126)74 270 339 (50)
Ending balance$7,103 $7,118 $6,838 $6,421 $6,002 
BUSINESS METRICS
Firmwide Wealth Management
Client assets (in billions) (b)$4,516 $4,521 $4,373 $4,087 $3,791 — 19 
Number of client advisors10,353 10,150 10,075 9,704 9,641 2 7 
Stock Plan Administration
Number of stock plan participants (in thousands)1,883 1,794 1,796 1,594 1,500 5 26 
Client assets (in billions)383 372 357 314 281 3 36 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
(b)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.





Page 22

JPMORGAN CHASE & CO.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
INCOME STATEMENT
REVENUE
Principal transactions$(31)$(144)$(54)$(54)$(87)78 %64 %
Investment securities gains/(losses)
60 (72)105 (54)(37)NMNM
All other income 160 128 246 157 777 25 (79)
Noninterest revenue189 (88)297 49 653 NM(71)
Net interest income 1,026 1,568 1,406 1,489 1,651 (35)(38)
TOTAL NET REVENUE (a)1,215 1,480 1,703 1,538 2,304 (18)(47)
Provision for credit losses(1)4 (3)25 (19)NM95 
NONINTEREST EXPENSE (b)568 648 (f)445 547 185 (f)(12)207 
Income before income tax expense
648 828 1,261 966 2,138 (22)(70)
Income tax expense/(benefit)
(51)521 436 (729)(h)445 NMNM
NET INCOME
$699 $307 $825 $1,695 $1,693 128 (59)
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
1,337 1,601 1,687 1,649 1,564 (16)(15)
Other Corporate(122)(121)16 (111)740 (1)NM
TOTAL NET REVENUE$1,215 $1,480 $1,703 $1,538 $2,304 (18)(47)
NET INCOME/(LOSS)
Treasury and CIO842 1,120 1,166 1,121 1,158 (25)(27)
Other Corporate (143)(813)(341)574 535 82 NM
TOTAL NET INCOME
$699 $307 $825 $1,695 $1,693 128 (59)
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,318,399 $1,329,632 $1,297,608 $1,370,312 $1,289,274 (1)2 
Loans3,093 2,941 2,707 2,033 2,478 5 25 
Deposits (c)41,173 35,874 34,145 27,952 25,064 15 64 
Employees (b)55,360 55,390 55,523 55,310 56,368 — (2)
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)
$60 $(72)$105 $(54)$(37)NMNM
Available-for-sale securities (average) 529,500 502,641 495,777 (g)462,179 391,997 5 35 
Held-to-maturity securities (average) (d)269,482 283,009 269,717 (g)262,479 269,906 (5)— 
Investment securities portfolio (average)$798,982 $785,650 $765,494 $724,658 $661,903 2 21 
Available-for-sale securities (period-end)545,706 503,896 487,277 (g)482,269 396,316 8 38 
Held-to-maturity securities (period-end) (d)272,142 270,134 293,446 (g)260,559 265,084 1 3 
Investment securities portfolio, net of allowance for credit losses (period-end) (e)$817,848 $774,030 $780,723 $742,828 $661,400 6 24 
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $44 million, $41 million, $39 million, $38 million and $36 million for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
(b)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
(c)Predominantly relates to the Firm's international consumer initiatives.
(d)At March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, the estimated fair value of the HTM securities portfolio was $254.5 billion, $253.3 billion, $274.9 billion, $239.3 billion and $242.3 billion, respectively.
(e)At March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, the allowance for credit losses on investment securities was $73 million, $73 million, $72 million, $75 million and $85 million, respectively.
(f)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. Refer to Note 6 on page 221 of the Firm’s 2025 Form 10-K for additional information.
(g)During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.
(h)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.

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CREDIT-RELATED INFORMATION
(in millions)
Mar 31, 2026
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2026202520252025202520252025
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$367,274 $368,741 $369,859 $371,855 $372,892 — %(2)%
Loans held-for-sale and loans at fair value 24,386 33,517 23,225 22,185 18,246 (27)34 
Total consumer, excluding credit card loans391,660 402,258 393,084 394,040 391,138 (3)— 
Credit card loans
Loans retained239,123 247,797 235,475 232,943 223,384 (4)7 
Total credit card loans239,123 247,797 235,475 232,943 223,384 (4)7 
Total consumer loans 630,783 650,055 628,559 626,983 614,522 (3)3 
Wholesale loans (b)
Loans retained818,839 792,367 764,451 740,675 704,714 3 16 
Loans held-for-sale and loans at fair value 53,898 51,007 42,236 44,334 36,459 6 48 
Total wholesale loans 872,737 843,374 806,687 785,009 741,173 3 18 
Total loans 1,503,520 1,493,429 1,435,246 1,411,992 1,355,695 1 11 
Derivative receivables 71,584 57,777 59,849 60,346 60,539 24 18 
Receivables from customers (c)64,844 47,336 68,493 53,099 49,403 37 31 
Total credit-related assets 1,639,948 1,598,542 1,563,588 1,525,437 1,465,637 3 12 
Lending-related commitments
Consumer, excluding credit card 46,236 43,587 48,015 47,064 46,149 6 — 
Credit card (d)(e)1,204,016 1,177,766 1,069,963 1,050,275 1,031,481 2 17 
Wholesale 604,922 595,954 596,028 559,654 
(h)
548,853 2 10 
Total lending-related commitments1,855,174 1,817,307 1,714,006 1,656,993 1,626,483 2 14 
Total credit exposure $3,495,122 $3,415,849 $3,277,594 $3,182,430 $3,092,120 2 13 
Memo: Total by category
Consumer exposure (f)$1,881,035 $1,871,408 $1,746,537 $1,724,322 $1,692,152 1 11 
Wholesale exposure (g)1,614,087 1,544,441 1,531,057 1,458,108 1,399,968 5 15 
Total credit exposure$3,495,122 $3,415,849 $3,277,594 $3,182,430 $3,092,120 2 13 
    
(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes loans held in CIB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(d)Also includes commercial card lending-related commitments primarily in CIB.
(e)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to Notes 4 and 28 of the Firm’s 2025 Form 10-K for additional information.
(f)Represents total consumer loans and lending-related commitments.
(g)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.
(h)Prior-period amount has been revised to conform with the presentation in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025.




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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Mar 31, 2026
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2026202520252025202520252025
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,810 $3,875 $3,954 $3,938 $3,318 (2)%15 %
   Loans held-for-sale and loans at fair value 589 798 646 731 441 (26)34 
Total consumer nonaccrual loans4,399 4,673 4,600 4,669 3,759 (6)17 
Wholesale nonaccrual loans
Loans retained4,524 4,398 4,740 4,479 3,895 3 16 
Loans held-for-sale and loans at fair value 660 786 766 673 964 (16)(32)
Total wholesale nonaccrual loans 5,184 5,184 5,506 5,152 4,859 — 7 
Total nonaccrual loans9,583 9,857 10,106 9,821 8,618 (3)11 
Derivative receivables 174 204 224 349 169 (15)3 
Assets acquired in loan satisfactions292 298 305 310 318 (2)(8)
Total nonperforming assets 10,049 10,359 10,635 10,480 9,105 (3)10 
Wholesale lending-related commitments (b) 916 925 1,025 922 793 (1)16 
Total nonperforming exposure$10,965 $11,284 $11,660 $11,402 $9,898 (3)11 
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.64 %0.66 %0.70 %0.70 %0.64 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.12 1.16 1.17 1.18 0.96 
Total wholesale nonaccrual loans to total
wholesale loans 0.59 0.61 0.68 0.66 0.66 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $251 million, $198 million, $158 million, $113 million and $117 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2025 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)Represents commitments that are risk rated as nonaccrual.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q26 Change
1Q264Q253Q252Q251Q254Q251Q25
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$25,765 $25,735 $24,953 $25,208 $24,345 — %6 %
Net charge-offs:
Gross charge-offs2,911 3,099 3,181 2,944 2,816 (6)3 
Gross recoveries collected(595)(585)(588)(534)(484)(2)(23)
Net charge-offs2,316 2,514 2,593 2,410 2,332 (8)(1)
Provision for loan losses 2,481 2,544 3,376 2,151 3,193 (2)(22)
Other(2)— (1)4 2 NMNM
Ending balance$25,928 $25,765 $25,735 $24,953 $25,208 1 3 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$5,071 $2,964 $2,932 $2,226 $2,101 71 141 
Provision for lending-related commitments 23 2,107 (b)31 706 125 (99)(82)
Other(3)— 1 — — NMNM
Ending balance$5,091 $5,071 $2,964 $2,932 $2,226 — 129 
ALLOWANCE FOR INVESTMENT SECURITIES$78 $106 $105 $108 $118 (26)(34)
Total allowance for credit losses (a)$31,097 $30,942 $28,804 $27,993 $27,552 1 13 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.17 %0.19 %0.12 %0.14 %0.18 %
Credit card retained loans3.46 3.14 3.15 3.40 3.58 
Total consumer retained loans1.47 1.35 1.29 1.38 1.45 
Wholesale retained loans0.06 0.23 0.33 0.19 0.11 
Total retained loans 0.67 0.72 0.76 0.73 0.74 
Memo: Average retained loans
Consumer retained, excluding credit card loans$367,880 $368,485 $370,073 $372,005 $374,466 — (2)
Credit card retained loans239,220 239,356 234,354 228,320 224,350 — 7 
Total average retained consumer loans607,100 607,841 604,427 600,325 598,816 — 1 
Wholesale retained loans793,654 775,282 747,045 721,105 686,585 2 16 
Total average retained loans$1,400,754 $1,383,123 $1,351,472 $1,321,430 $1,285,401 1 9 
(a)At March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, excludes an allowance for credit losses associated with certain accounts receivable in CIB of $286 million, $288 million, $285 million, $288 million and $283 million, respectively.
(b)Refer to footnote (f) on page 2 for additional information.






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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Mar 31, 2026
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2026202520252025202520252025
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
$(623)$(647)$(621)$(683)$(727)4 %14 %
Portfolio-based2,412 2,567 2,524 2,532 2,585 (6)(7)
Total consumer, excluding credit card1,789 1,920 1,903 1,849 1,858 (7)(4)
Credit card
Portfolio-based15,559 15,557 15,554 15,001 15,000 — 4 
Total credit card15,559 15,557 15,554 15,001 15,000 — 4 
Total consumer17,348 17,477 17,457 16,850 16,858 (1)3 
Wholesale
Asset-specific
851 707 838 781 692 20 23 
Portfolio-based7,729 7,581 7,440 7,322 7,658 2 1 
Total wholesale8,580 8,288 8,278 8,103 8,350 4 3 
Total allowance for loan losses 25,928 25,765 25,735 24,953 25,208 1 3 
Allowance for lending-related commitments (a)5,091 5,071 2,964 2,932 2,226 — 129 
Allowance for investment securities78 106 105 108 118 (26)(34)
Total allowance for credit losses$31,097 $30,942 $28,804 $27,993 $27,552 1 13 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.49 %0.52 %0.51 %0.50 %0.50 %
Credit card allowance to total credit card retained loans6.51 6.28 6.61 6.44 6.71 
Wholesale allowance to total wholesale retained loans1.05 1.05 1.08 1.09 1.18 
Total allowance to total retained loans1.82 1.83 1.88 1.85 1.94 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (b)47 50 48 47 56 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (b)124 123 117 118 142 
Wholesale allowance to wholesale retained nonaccrual loans190 188 175 181 214 
Total allowance to total retained nonaccrual loans311 311 296 296 349 
(a)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to footnote (f) on page 2 for additional information.
(b)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.




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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 LOBs on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole and for each of the reportable business segments and Corporate on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by each of the LOBs and Corporate.
(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
(d)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets, as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to pages 73-74 of the Firm’s 2025 Form 10-K.
QUARTERLY TRENDS
1Q26 Change
(in millions, except rates)1Q264Q253Q252Q251Q254Q251Q25
Net interest income - reported$25,366 $24,995 $23,966 $23,209 $23,273 1 %9 %
Fully taxable-equivalent adjustments113 113 105 105 102 — 11 
Net interest income - managed basis
$25,479 $25,108 $24,071 $23,314 $23,375 1 9 
Less: Markets net interest income2,199 1,251 680 561 785 76 180 
Net interest income excluding Markets
$23,280 $23,857 $23,391 $22,753 $22,590 (2)3 
Average interest-earning assets$4,135,737 $3,923,824 $3,895,764 $3,845,982 $3,668,384 5 13 
Less: Average Markets interest-earning assets
1,599,089 1,403,245 1,404,633 1,387,584 1,255,149 14 27 
Average interest-earning assets excluding Markets$2,536,648 $2,520,579 $2,491,131 $2,458,398 $2,413,235 1 5 
Net yield on average interest-earning assets - managed basis (a)2.50 %2.54 %2.45 %2.43 %2.58 %
Net yield on average Markets interest-earning assets
0.56 0.35 0.19 0.16 0.25 
Net yield on average interest-earning assets excluding Markets (a)3.72 3.76 3.73 3.71 3.80 
Noninterest revenue - reported$24,470 $20,803 $22,461 $21,703 $22,037 18 11 
Fully taxable-equivalent adjustments587 856 588 663 602 (31)(2)
Noninterest revenue - managed basis$25,057 $21,659 $23,049 $22,366 $22,639 16 11 
Less: Markets noninterest revenue
9,360 6,988 8,264 8,375 8,878 34 5 
Noninterest revenue excluding Markets$15,697 $14,671 $14,785 $13,991 $13,761 7 14 
Memo: Markets total net revenue$11,559 $8,239 $8,944 $8,936 $9,663 40 20 
(a) Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.



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