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EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND 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”) and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 170-176 and pages 177-178, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.























JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
SELECTED INCOME STATEMENT DATA 2Q261Q264Q253Q252Q251Q262Q25202620252025
Reported Basis
Total net revenue$57,347 (e)$49,836 $45,798 $46,427 $44,912 15 %28 %$107,183 (e)$90,222 19 %
Total noninterest expense27,316 26,850 23,983 24,281 23,779 2 15 54,166 47,376 14 
Pre-provision profit (a)30,031 22,986 21,815 22,146 21,133 31 42 53,017 42,846 24 
Provision for credit losses2,515 2,507 4,655 (g)3,403 2,849 — (12)5,022 6,154 (18)
NET INCOME21,155 16,494 13,025 14,393 14,987 28 41 37,649 29,630 27 
Managed Basis (b)
Total net revenue58,022 (e)50,536 46,767 47,120 45,680 15 27 108,558 (e)91,694 18 
Total noninterest expense27,316 26,850 23,983 24,281 23,779 2 15 54,166 47,376 14 
Pre-provision profit (a)30,706 23,686 22,784 22,839 21,901 30 40 54,392 44,318 23 
Provision for credit losses2,515 2,507 4,655 (g)3,403 2,849 — (12)5,022 6,154 (18)
NET INCOME21,155 16,494 13,025 14,393 14,987 28 41 37,649 29,630 27 
EARNINGS PER SHARE DATA
Net income: Basic$7.71 $5.95 $4.64 $5.08 $5.25 30 47 $13.65 $10.32 32 
Diluted7.70 5.94 4.63 5.07 5.24 30 47 13.63 10.31 32 
Average shares: Basic2,689.9 2,716.2 2,735.3 2,762.4 2,788.7 (1)(4)2,703.1 2,804.0 (4)
Diluted2,694.2 2,720.2 2,740.5 2,767.6 2,793.7 (1)(4)2,707.2 2,809.0 (4)
MARKET AND PER COMMON SHARE DATA
Market capitalization$870,104 $788,205 $868,793 $858,683 $797,181 10 9 $870,104 $797,181 9 
Common shares at period-end2,658.2 2,679.5 2,696.2 2,722.2 2,749.7 (1)(3)2,658.2 2,749.7 (3)
Book value per share$133.01 $128.38 $126.99 $124.96 $122.51 4 9 $133.01 $122.51 9 
Tangible book value per share (“TBVPS”) (a)113.35 108.87 107.56 105.70 103.40 4 10 113.35 103.40 10 
Cash dividends declared per share1.50 1.50 1.50 1.50 1.40 — 7 3.00 2.80 7 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)24 %19 %15 %17 %18 %22 %18 %
Return on tangible common equity (“ROTCE”) (a)29 23 18 20 21 26 21 
Return on assets1.70 1.41 1.14 1.26 1.35 1.56 1.38 
CAPITAL RATIOS
Common equity Tier 1 (“CET1”) capital ratio - Standardized (d)14.1 %(f)14.3 %14.6 %14.8 %15.1 %14.1 %(f)15.1 %
Tier 1 capital ratio - Standardized (d)15.1 (f)15.2 15.5 15.8 16.1 15.1 (f)16.1 
Total capital ratio - Standardized (d)16.9 (f)17.2 17.4 17.7 17.8 16.9 (f)17.8 
Tier 1 leverage ratio6.6 (f)6.6 6.9 6.9 6.9 6.6 (f)6.9 
Supplementary leverage ratio (“SLR”)5.5 (f)5.6 5.8 5.8 5.9 5.5 (f)5.9 
 
On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio (the “Apple Card transaction”), with an expected closing date approximately 24 months thereafter. Refer to Notes 4, 13, 27 and 28 of the Firm’s 2025 Form 10-K for additional information.
(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Ratios are based upon annualized amounts.
(d)At June 30, 2026, the Advanced total capital ratio was more binding on the Firm than the Standardized total capital ratio. At each of March 31, 2026 and December 31, 2025, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios. Refer to page 9 for further information on the Firm’s capital metrics.
(e)Included a $4.6 billion net gain in Corporate related to Visa Class C common stock held at fair value and received by the Firm in an exchange offer following the acceptance by Visa Inc. on May 11, 2026 of the Firm’s tender of its 18.6 million shares of Visa Class B-2 common stock. Also included $1.0 billion of gains, which represented a measurement alternative markup on an equity investment and initial gains on transition from measurement alternative to recurring fair value on certain other equity investments, in Corporate and CIB. Refer to page 8 and Note 2 of JPMorganChase’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further information on the Visa exchange offer.
(f)Estimated.
(g)Included $2.2 billion associated with the Apple Card transaction. Refer to Note 13 of the Firm’s 2025 Form 10-K for additional information.





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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
SELECTED BALANCE SHEET DATA (period-end)
Total assets$5,015,069 $4,900,475 $4,424,900 $4,560,205 $4,552,482 2 %10 %$5,015,069 $4,552,482 10 %
Loans:
Consumer, excluding credit card loans391,743 391,660 402,258 393,084 394,040 — (1)391,743 394,040 (1)
Credit card loans249,876 239,123 247,797 235,475 232,943 4 7 249,876 232,943 7 
Wholesale loans900,843 872,737 843,374 806,687 785,009 3 15 900,843 785,009 15 
Total loans1,542,462 1,503,520 1,493,429 1,435,246 1,411,992 3 9 1,542,462 1,411,992 9 
Deposits:
U.S. offices:
Noninterest-bearing625,874 595,424 583,342 589,105 591,177 5 6 625,874 591,177 6 
Interest-bearing1,500,791 1,508,682 1,452,729 1,433,404 1,441,905 (1)4 1,500,791 1,441,905 4 
Non-U.S. offices:
Noninterest-bearing42,044 43,775 37,057 34,255 29,976 (4)40 42,044 29,976 40 
Interest-bearing544,991 527,639 486,192 491,712 499,322 3 9 544,991 499,322 9 
Total deposits2,713,700 2,675,520 2,559,320 2,548,476 2,562,380 1 6 2,713,700 2,562,380 6 
Long-term debt460,523 448,764 435,206 427,203 419,802 3 10 460,523 419,802 10 
Common stockholders’ equity353,558 343,993 342,393 340,167 336,879 3 5 353,558 336,879 5 
Total stockholders’ equity374,598 364,038 362,438 360,212 356,924 3 5 374,598 356,924 5 
Loans-to-deposits ratio57 %56 %58 %56 %55 %57 %55 %
Employees320,560 320,079 318,512 318,153 317,160 — 1 320,560 317,160 1 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR$49 $37 $35 $33 $42 32 17 
Earnings-at-Risk (in billions) (a)
Parallel shift:
+100 bps shift in rates$1.8 (c)$1.9 $2.1 $1.8 $1.8 (3)2 
-100 bps shift in rates(2.4)(c)(2.2)(2.4)(2.2)(2.0)(10)(21)
LINE OF BUSINESS (“LOB”) & CORPORATE NET REVENUE (b)
Consumer & Community Banking$20,272 $19,568 $19,396 $19,473 $18,847 4 8 $39,840 $37,160 7 
Commercial & Investment Bank24,853 23,379 19,375 19,878 19,535 6 27 48,232 39,201 23 
Asset & Wealth Management 6,851 6,374 6,516 6,066 5,760 7 19 13,225 11,491 15 
Corporate6,046 1,215 1,480 1,703 1,538 398 293 7,261 3,842 89 
TOTAL NET REVENUE$58,022 $50,536 $46,767 $47,120 $45,680 15 27 $108,558 $91,694 18 
LOB & CORPORATE NET INCOME
Consumer & Community Banking$5,311 $4,976 $3,642 $5,009 $5,169 7 3 $10,287 $9,594 7 
Commercial & Investment Bank9,678 9,044 7,268 6,901 6,650 7 46 18,722 13,592 38 
Asset & Wealth Management 1,957 1,775 1,808 1,658 1,473 10 33 3,732 3,056 22 
Corporate4,209 699 307 825 1,695 NM148 4,908 3,388 45 
NET INCOME$21,155 $16,494 $13,025 $14,393 $14,987 28 41 $37,649 $29,630 27 
(a)Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. The Firm’s actual net interest income results may differ compared to the instantaneous rate changes modelled in the earnings-at-risk estimates. Refer to pages 140-141 of the Firm’s 2025 Form 10-K for additional information.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Estimated.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
REVENUE2Q261Q264Q253Q252Q251Q262Q25202620252025
Investment banking fees $3,208 $2,858 $2,326 $2,612 $2,499 12 %28 %$6,066 $4,677 30 %
Principal transactions9,007 7,987 5,340 7,109 7,149 13 26 16,994 14,763 15 
Lending- and deposit-related fees2,511 2,394 2,364 2,349 2,248 5 12 4,905 4,380 12 
Asset management fees5,658 5,515 5,701 5,120 4,806 3 18 11,173 9,506 18 
Commissions and other fees2,614 2,482 2,108 2,204 2,194 5 19 5,096 4,227 21 
Investment securities gains/(losses)
(395)64 (71)105 (54)NMNM(331)(91)(264)
Mortgage fees and related income336 309 357 383 363 9 (7)645 641 1 
Card income1,348 1,190 1,020 1,140 1,344 13 — 2,538 2,560 (1)
Other income7,549 (d)1,671 1,658 1,439 1,154 352 NM9,220 (d)3,077 200 
Noninterest revenue31,836 24,470 20,803 22,461 21,703 30 47 56,306 43,740 29 
Interest income50,624 49,191 48,808 49,439 48,241 3 5 99,815 95,094 5 
Interest expense25,113 23,825 23,813 25,473 25,032 5 — 48,938 48,612 1 
Net interest income25,511 25,366 24,995 23,966 23,209 1 10 50,877 46,482 9 
TOTAL NET REVENUE57,347 49,836 45,798 46,427 44,912 15 28 107,183 90,222 19 
Provision for credit losses2,515 2,507 4,655 (e)3,403 2,849 — (12)5,022 6,154 (18)
NONINTEREST EXPENSE
Compensation expense 15,159 15,339 13,118 13,566 13,710 (1)11 30,498 27,803 10 
Occupancy expense1,482 1,447 1,475 1,420 1,264 2 17 2,929 2,566 14 
Technology, communications and equipment expense 3,107 3,021 2,908 2,839 2,704 3 15 6,128 5,282 16 
Professional and outside services 3,855 3,483 3,338 3,173 3,006 11 28 7,338 5,845 26 
Marketing1,670 1,604 1,468 1,480 1,279 4 31 3,274 2,583 27 
Other expense (a)2,043 1,956 1,676 (f)1,803 1,816 4 13 3,999 3,297 21 
TOTAL NONINTEREST EXPENSE27,316 26,850 23,983 24,281 23,779 2 15 54,166 47,376 14 
Income before income tax expense27,516 20,479 17,160 18,743 18,284 34 50 47,995 36,692 31 
Income tax expense6,361 3,985 4,135 4,350 3,297 (g)60 93 10,346 7,062 (g)47 
NET INCOME$21,155 $16,494 $13,025 $14,393 $14,987 28 41 $37,649 $29,630 27 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$7.71 $5.95 $4.64 $5.08 $5.25 30 47 $13.65 $10.32 32 
Diluted earnings per share7.70 5.94 4.63 5.07 5.24 30 47 13.63 10.31 32 
FINANCIAL RATIOS
Return on common equity (b)24 %19 %15 %17 %18 %22 %18 %
Return on tangible common equity (b)(c)29 23 18 20 21 26 21 
Return on assets (b)1.70 1.41 1.14 1.26 1.35 1.56 1.38 
Effective income tax rate23.1 19.5 24.1 23.2 18.0 (g)21.6 19.2 (g)
Overhead ratio48 54 52 52 53 51 53 
(a)Included Firmwide legal expense of $116 million, $223 million, $60 million, $62 million and $118 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $339 million and $239 million for the six months ended June 30, 2026 and 2025, respectively.
(b)Ratios are based upon annualized amounts.
(c)Refer to page 28 for a further discussion of ROTCE.
(d)Included a $4.6 billion net gain related to Visa Class C common stock in Corporate and $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. Refer to footnote (e) on page 2 for further information.
(e)Refer to footnote (g) on page 2 for additional information.
(f)Included an FDIC special assessment accrual release of $326 million for the three months ended December 31, 2025. Refer to Note 6 on page 221 of the Firm’s 2025 Form 10-K for additional information.
(g)Included a $774 million income tax benefit in Corporate driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.

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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Jun 30, 2026
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2026202620252025202520262025
ASSETS
Cash and due from banks $24,720 $22,039 $21,742 $21,821 $23,759 12 %4 %
Deposits with banks 285,091 290,103 321,596 281,615 396,568 (2)(28)
Federal funds sold and securities purchased under
resale agreements446,143 482,704 336,426 425,815 470,589 (8)(5)
Securities borrowed362,487 284,524 286,191 248,368 223,976 27 62 
Trading assets:
Debt and equity instruments994,305 997,751 745,096 892,928 829,510 — 20 
Derivative receivables67,767 71,584 57,777 59,849 60,346 (5)12 
Available-for-sale (“AFS”) securities536,048 549,037 507,198 490,499 (a)485,380 (2)10 
Held-to-maturity (”HTM”) securities268,474 272,142 270,134 293,446 (a)260,559 (1)3 
Investment securities, net of allowance for credit losses804,522 821,179 777,332 783,945 745,939 (2)8 
Loans1,542,462 1,503,520 1,493,429 1,435,246 1,411,992 3 9 
Less: Allowance for loan losses26,152 25,928 25,765 25,735 24,953 1 5 
Loans, net of allowance for loan losses1,516,310 1,477,592 1,467,664 1,409,511 1,387,039 3 9 
Accrued interest and accounts receivable
179,939 142,334 111,599 141,876 124,463 26 45 
Premises and equipment37,701 36,771 36,244 35,063 33,562 3 12 
Goodwill, MSRs and other intangible assets64,304 64,289 64,458 64,442 64,465 — — 
Other assets231,780 209,605 198,775 194,972 192,266 11 21 
TOTAL ASSETS$5,015,069 $4,900,475 $4,424,900 $4,560,205 $4,552,482 2 10 
LIABILITIES
Deposits$2,713,700 $2,675,520 $2,559,320 $2,548,476 $2,562,380 1 6 
Federal funds purchased and securities loaned or sold
under repurchase agreements704,918 716,623 442,396 567,574 595,340 (2)18 
Short-term borrowings72,430 68,048 64,776 69,355 65,293 6 11 
Trading liabilities:
Debt and equity instruments208,648 196,546 169,690 195,859 173,292 6 20 
Derivative payables66,488 51,290 46,329 46,403 48,110 30 38 
Accounts payable and other liabilities 384,290 352,561 316,794 316,896 303,641 9 27 
Beneficial interests issued by consolidated VIEs29,474 27,085 27,951 28,227 27,700 9 6 
Long-term debt460,523 448,764 435,206 427,203 419,802 3 10 
TOTAL LIABILITIES4,640,471 4,536,437 4,062,462 4,199,993 4,195,558 2 11 
STOCKHOLDERS’ EQUITY
Preferred stock21,040 20,045 20,045 20,045 20,045 5 5 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital90,559 90,087 91,114 90,865 90,576 1 — 
Retained earnings445,020 428,206 416,055 407,401 397,424 4 12 
Accumulated other comprehensive loss (“AOCI”)
(7,693)(6,689)(4,290)(5,878)(7,243)(15)(6)
Treasury stock, at cost(178,433)(171,716)(164,591)(156,326)(147,983)(4)(21)
TOTAL STOCKHOLDERS’ EQUITY374,598 364,038 362,438 360,212 356,924 3 5 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$5,015,069 $4,900,475 $4,424,900 $4,560,205 $4,552,482 2 10 
(a) During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.
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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
AVERAGE BALANCES2Q261Q264Q253Q252Q251Q262Q25202620252025
ASSETS
Deposits with banks $336,127 $312,890 $335,623 $360,156 $405,213 7 %(17)%$324,572 $425,516 (24)%
Federal funds sold and securities purchased under resale agreements459,513 437,916 330,694 424,346 432,714 5 6 448,775 405,507 11 
Securities borrowed313,154 286,689 261,877 234,112 234,024 9 34 299,995 237,494 26 
Trading assets - debt instruments 706,817 682,348 620,465 580,985 562,967 4 26 694,650 529,242 31 
Investment securities807,893 802,265 788,922 768,599 727,651 1 11 805,094 696,484 16 
Loans1,521,295 1,486,145 1,461,079 1,417,466 1,380,726 2 10 1,503,817 1,360,173 11 
All other interest-earning assets (a)143,155 127,484 125,164 110,100 102,687 12 39 135,363 103,258 31 
Total interest-earning assets 4,287,954 4,135,737 3,923,824 3,895,764 3,845,982 4 11 4,212,266 3,757,674 12 
Trading assets - equity and other instruments287,124 241,307 241,351 264,681 239,996 19 20 264,342 232,772 14 
Trading assets - derivative receivables74,352 68,328 57,543 61,842 57,601 9 29 71,357 58,345 22 
All other noninterest-earning assets 327,658 313,365 306,700 297,658 294,039 5 11 320,551 288,233 11 
TOTAL ASSETS$4,977,088 $4,758,737 $4,529,418 $4,519,945 $4,437,618 5 12 $4,868,516 $4,337,024 12 
LIABILITIES
Interest-bearing deposits $2,047,761 $1,991,590 $1,949,049 $1,913,958 $1,902,337 3 8 $2,019,830 $1,872,777 8 
Federal funds purchased and securities loaned or
sold under repurchase agreements725,804 657,816 517,849 567,920 558,043 10 30 691,998 511,880 35 
Short-term borrowings
54,013 55,469 56,265 53,755 55,059 (3)(2)54,737 52,190 5 
Trading liabilities - debt and all other interest-bearing liabilities (b)
349,693 324,559 306,567 314,591 300,126 8 17 337,197 294,166 15 
Beneficial interests issued by consolidated VIEs28,065 27,519 27,327 28,884 26,185 2 7 27,793 25,981 7 
Long-term debt 372,504 367,478 359,910 350,368 348,372 1 7 370,005 346,668 7 
Total interest-bearing liabilities 3,577,840 3,424,431 3,216,967 3,229,476 3,190,122 4 12 3,501,560 3,103,662 13 
Noninterest-bearing deposits 637,817 611,294 615,559 610,601 602,777 4 6 624,630 595,140 5 
Trading liabilities - equity and other instruments 67,958 57,021 52,059 48,628 44,159 19 54 62,520 40,933 53 
Trading liabilities - derivative payables64,622 55,309 47,591 47,926 40,865 17 58 59,991 40,976 46 
All other noninterest-bearing liabilities 264,509 249,587 236,876 226,934 209,853 6 26 257,087 209,198 23 
TOTAL LIABILITIES4,612,746 4,397,642 4,169,052 4,163,565 4,087,776 5 13 4,505,788 3,989,909 13 
Preferred stock21,196 20,045 20,045 20,045 20,045 6 6 20,624 20,029 3 
Common stockholders’ equity343,146 341,050 340,321 336,335 329,797 1 4 342,104 327,086 5 
TOTAL STOCKHOLDERS’ EQUITY364,342 361,095 360,366 356,380 349,842 1 4 362,728 347,115 4 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,977,088 $4,758,737 $4,529,418 $4,519,945 $4,437,618 5 12 $4,868,516 $4,337,024 12 
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 2.81 %3.00 %3.10 %3.25 %3.36 %2.90 %3.57 %
Federal funds sold and securities purchased under resale agreements3.68 3.88 4.06 4.24 4.24 3.78 4.37 
Securities borrowed3.30 3.35 3.55 3.67 3.79 3.32 3.84 
Trading assets - debt instruments 4.23 4.30 4.33 4.30 4.50 4.26 4.53 
Investment securities3.74 3.69 3.74 3.86 3.85 3.72 3.85 
Loans 6.48 6.57 6.63 6.74 6.71 6.53 6.76 
All other interest-earning assets (a)(d)5.64 5.79 6.24 7.43 6.87 5.71 7.25 
Total interest-earning assets 4.75 4.83 4.95 5.05 5.04 4.79 5.11 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.11 2.09 2.24 2.41 2.40 2.10 2.42 
Federal funds purchased and securities loaned or
sold under repurchase agreements3.69 3.79 3.99 4.22 4.29 3.74 4.39 
Short-term borrowings
3.84 3.85 4.01 4.35 4.42 3.84 4.41 
Trading liabilities - debt and all other interest-bearing liabilities (b)2.77 2.83 2.95 2.92 3.04 2.80 3.00 
Beneficial interests issued by consolidated VIEs3.93 3.92 4.23 4.58 4.55 3.92 4.60 
Long-term debt 4.81 4.79 4.92 5.16 5.16 4.80 5.16 
Total interest-bearing liabilities 2.82 2.82 2.94 3.13 3.15 2.82 3.16 
INTEREST RATE SPREAD1.93 2.01 2.01 1.92 1.89 1.97 1.95 
NET YIELD ON INTEREST-EARNING ASSETS2.40 2.50 2.54 2.45 2.43 2.45 2.51 
Memo: Net yield on interest-earning assets excluding Markets (e)3.65 3.72 3.76 3.73 3.71 3.69 3.75 
(a) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets.
(b)    All other interest-bearing liabilities include brokerage-related customer payables.
(c)    Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.
(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(e)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

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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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
OTHER INCOME
Other income - reported$7,549 $1,671 $1,658 $1,439 $1,154 352 %NM$9,220 $3,077 200 %
Fully taxable-equivalent adjustments (a)564 587 856 588 663 (4)(15)1,151 1,265 (9)
Other income - managed$8,113 $2,258 $2,514 $2,027 $1,817 259 347 $10,371 $4,342 139 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$31,836 $24,470 $20,803 $22,461 $21,703 30 47 $56,306 $43,740 29 
Fully taxable-equivalent adjustments564 587 856 588 663 (4)(15)1,151 1,265 (9)
Total noninterest revenue - managed$32,400 $25,057 $21,659 $23,049 $22,366 29 45 $57,457 $45,005 28 
NET INTEREST INCOME
Net interest income - reported$25,511 $25,366 $24,995 $23,966 $23,209 1 10 $50,877 $46,482 9 
Fully taxable-equivalent adjustments (a)111 113 113 105 105 (2)6 224 207 8 
Net interest income - managed$25,622 $25,479 $25,108 $24,071 $23,314 1 10 $51,101 $46,689 9 
TOTAL NET REVENUE
Total net revenue - reported$57,347 $49,836 $45,798 $46,427 $44,912 15 28 $107,183 $90,222 19 
Fully taxable-equivalent adjustments675 700 969 693 768 (4)(12)1,375 1,472 (7)
Total net revenue - managed$58,022 $50,536 $46,767 $47,120 $45,680 15 27 $108,558 $91,694 18 
PRE-PROVISION PROFIT
Pre-provision profit - reported$30,031 $22,986 $21,815 $22,146 $21,133 31 42 $53,017 $42,846 24 
Fully taxable-equivalent adjustments675 700 969 693 768 (4)(12)1,375 1,472 (7)
Pre-provision profit - managed$30,706 $23,686 $22,784 $22,839 $21,901 30 40 $54,392 $44,318 23 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$27,516 $20,479 $17,160 $18,743 $18,284 34 50 $47,995 $36,692 31 
Fully taxable-equivalent adjustments675 700 969 693 768 (4)(12)1,375 1,472 (7)
Income before income tax expense - managed$28,191 $21,179 $18,129 $19,436 $19,052 33 48 $49,370 $38,164 29 
INCOME TAX EXPENSE
Income tax expense - reported$6,361 $3,985 $4,135 $4,350 $3,297 60 93 $10,346 $7,062 47 
Fully taxable-equivalent adjustments675 700 969 693 768 (4)(12)1,375 1,472 (7)
Income tax expense - managed$7,036 $4,685 $5,104 $5,043 $4,065 50 73 $11,721 $8,534 37 
OVERHEAD RATIO
Overhead ratio - reported48 %54 %52 %52 %53 %51 %53 %
Overhead ratio - managed47 53 51 52 52 50 52 
(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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$20,272 $19,568 $19,396 $19,473 $18,847 4 %8 %$39,840 $37,160 7 %
Commercial & Investment Bank
24,853 23,379 19,375 19,878 19,535 6 27 48,232 39,201 23 
Asset & Wealth Management 6,851 6,374 6,516 6,066 5,760 7 19 13,225 11,491 15 
Corporate6,046 1,215 1,480 1,703 1,538 398 293 7,261 3,842 89 
TOTAL NET REVENUE$58,022 (a)$50,536 $46,767 $47,120 $45,680 15 27 $108,558 (a)$91,694 18 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$11,108 $10,979 $10,256 $10,296 $9,858 1 13 $22,087 $19,715 12 
Commercial & Investment Bank
11,390 11,136 9,011 9,722 9,641 2 18 22,526 19,483 16 
Asset & Wealth Management4,207 4,167 4,068 3,818 3,733 1 13 8,374 7,446 12 
Corporate611 568 648 445 547 8 12 1,179 732 61 
TOTAL NONINTEREST EXPENSE$27,316 $26,850 $23,983 $24,281 $23,779 2 15 $54,166 $47,376 14 
PRE-PROVISION PROFIT
Consumer & Community Banking$9,164 $8,589 $9,140 $9,177 $8,989 7 2 $17,753 $17,445 2 
Commercial & Investment Bank
13,463 12,243 10,364 10,156 9,894 10 36 25,706 19,718 30 
Asset & Wealth Management2,644 2,207 2,448 2,248 2,027 20 30 4,851 4,045 20 
Corporate5,435 647 832 1,258 991 NM448 6,082 3,110 96 
PRE-PROVISION PROFIT$30,706 $23,686 $22,784 $22,839 $21,901 30 40 $54,392 $44,318 23 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$2,156 $2,050 $4,244 $2,538 $2,082 5 4 $4,206 $4,711 (11)
Commercial & Investment Bank
356 482 405 809 696 (26)(49)838 1,401 (40)
Asset & Wealth Management13 (24)2 59 46 NM(72)(11)36 NM
Corporate(10)(1)4 (3)25 NMNM(11)6 NM
PROVISION FOR CREDIT LOSSES$2,515 $2,507 $4,655 $3,403 $2,849 — (12)$5,022 $6,154 (18)
NET INCOME
Consumer & Community Banking $5,311 $4,976 $3,642 $5,009 $5,169 7 3 $10,287 $9,594 7 
Commercial & Investment Bank
9,678 9,044 7,268 6,901 6,650 7 46 18,722 13,592 38 
Asset & Wealth Management 1,957 1,775 1,808 1,658 1,473 10 33 3,732 3,056 22 
Corporate 4,209 699 307 825 1,695 NM148 4,908 3,388 45 
TOTAL NET INCOME$21,155 $16,494 $13,025 $14,393 $14,987 28 41 $37,649 $29,630 27 
(a)Included a $4.6 billion net gain related to Visa Class C common stock in Corporate and $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. Refer to footnote (e) on page 2 for further information.

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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Jun 30, 2026
ChangeSIX MONTHS ENDED JUNE 30,
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,2026 Change
2026202620252025202520262025202620252025
CAPITAL
Risk-based capital metrics
Standardized
CET1 capital$302,620 (b)$291,152 $288,469 $287,297 $283,854 4 %7 %
Tier 1 capital322,576 (b)310,317 307,630 306,599 303,189 4 6 
Total capital362,691 (b)349,931 343,843 343,215 335,307 4 8 
Risk-weighted assets 2,141,738 (b)2,039,324 1,981,692 1,935,868 1,882,718 5 14 
CET1 capital ratio14.1 %(b)14.3 %14.6 %14.8 %15.1 %
Tier 1 capital ratio15.1 (b)15.2 15.5 15.8 16.1 
Total capital ratio16.9 (b)17.2 17.4 17.7 17.8 
Advanced
CET1 capital$302,620 (b)$291,152 $288,469 $287,297 $283,854 4 7 
Tier 1 capital 322,576 (b)310,317 307,630 306,599 303,189 4 6 
Total capital346,124 (b)334,355 328,962 328,356 320,809 4 8 
Risk-weighted assets2,128,199 (b)2,061,341 (c)2,045,249 1,932,404 1,873,142 3 14 
CET1 capital ratio14.2 %
(b)
14.1 %14.1 %14.9 %15.2 %
Tier 1 capital ratio15.2 
(b)
15.1 15.0 15.9 16.2 
Total capital ratio16.3 
(b)
16.2 16.1 17.0 17.1 
Leverage-based capital metrics
Adjusted average assets (a)$4,921,670 (b)$4,702,980 $4,472,394 $4,464,441 $4,382,220 5 12 
Tier 1 leverage ratio6.6 %(b)6.6 %6.9 %6.9 %6.9 %
Total leverage exposure$5,847,063 (b)$5,576,930 $5,302,001 $5,272,950 $5,161,360 5 13 
SLR5.5 %(b)5.6 %5.8 %5.8 %5.9 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$590,460 (b)$572,047 $563,743 $567,557 $559,897 3 5 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$291,152 $288,469 $287,297 $283,854 $279,791 1 4 $288,469 $275,513 5 %
Net income applicable to common equity20,847 16,218 12,745 14,111 14,705 29 42 37,065 29,093 27 
Dividends declared on common stock(4,033)(4,067)(4,091)(4,134)(3,897)1 (3)(8,100)(7,835)(3)
Net purchase of treasury stock(6,717)(7,125)(8,265)(8,343)(7,525)6 11 (13,842)(13,965)1 
Changes in additional paid-in capital472 (1,027)249 289 353 NM34 (555)(335)(66)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities320 (2,401)1,295 1,509 (188)NMNM(2,081)765 NM
Translation adjustments, net of hedges(21)(167)(6)(12)868 87 NM(188)1,357 NM
Fair value hedges(9)41 7 37 (8)NM(13)32 20 60 
Defined benefit pension and other postretirement employee benefit plans37 4 619 4 (28)NMNM41 (44)NM
Changes related to other CET1 capital adjustments572 (b)1,207 (1,381)(18)(217)(53)NM1,779 (b)(715)NM
Change in Standardized/Advanced CET1 capital11,468 (b)2,683 1,172 3,443 4,063 327 182 14,151 (b)8,341 70 
Standardized/Advanced CET1 capital, ending balance$302,620 (b)$291,152 $288,469 $287,297 $283,854 4 7 $302,620 (b)$283,854 7 
(a)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill (inclusive of estimated equity method goodwill) and other intangible assets.
(b)Estimated.
(c)As of March 31, 2026, reflects the updated impact to the amount of risk-weighted assets (“RWA”) resulting from the completion of the necessary modeling steps for the Apple Card transaction of approximately $30 billion, as compared to the impact of approximately $110 billion as of December 31, 2025. Refer to Capital Risk Management on pages 33-40 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, and pages 89-99 of the Firm’s 2025 Form 10-K for additional information.

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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Jun 30, 2026
ChangeSIX MONTHS ENDED JUNE 30,
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,2026 Change
2026202620252025202520262025202620252025
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$353,558 $343,993 $342,393 $340,167 $336,879 3 %5 %
Less: Goodwill52,711 52,706 52,731 52,717 52,747 — — 
Less: Other intangible assets2,437 2,490 2,560 2,615 2,722 (2)(10)
Add: Certain deferred tax liabilities (b)2,904 2,911 2,916 2,906 2,923 — (1)
Total tangible common equity$301,314 $291,708 $290,018 $287,741 $284,333 3 6 
TANGIBLE COMMON EQUITY (average) (a) 
Common stockholders’ equity$343,146 $341,050 $340,321 $336,335 $329,797 1 4 $342,104 $327,086 5 %
Less: Goodwill52,740 52,737 52,703 52,731 52,692 — — 52,739 52,637 — 
Less: Other intangible assets2,463 2,518 2,574 2,678 2,741 (2)(10)2,490 2,785 (11)
Add: Certain deferred tax liabilities (b)2,909 2,915 2,903 2,917 2,926 — (1)2,912 2,932 (1)
Total tangible common equity$290,852 $288,710 $287,947 $283,843 $277,290 1 5 $289,787 $274,596 6 
INTANGIBLE ASSETS (period-end)
Goodwill$52,711 $52,706 $52,731 $52,717 $52,747 — — 
Mortgage servicing rights9,156 9,093 9,167 9,110 8,996 1 2 
Other intangible assets2,437 2,490 2,560 2,615 2,722 (2)(10)
Total intangible assets$64,304 $64,289 $64,458 $64,442 $64,465 — — 
(a)Refer to page 28 for further discussion of TCE.
(b)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

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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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
EARNINGS PER SHARE
Basic earnings per share
Net income$21,155 $16,494 $13,025 $14,393 $14,987 28 %41 %$37,649 $29,630 27 %
Less: Preferred stock dividends308 276 280 282 282 12 9 584 537 9 
Net income applicable to common equity20,847 16,218 12,745 14,111 14,705 29 42 37,065 29,093 27 
Less: Dividends and undistributed earnings allocated to
participating securities95 70 56 68 75 36 27 164 145 13 
Net income applicable to common stockholders$20,752 $16,148 $12,689 $14,043 $14,630 29 42 $36,901 $28,948 27 
Total weighted-average basic shares outstanding2,689.9 2,716.2 2,735.3 2,762.4 2,788.7 (1)(4)2,703.1 2,804.0 (4)
Net income per share$7.71 $5.95 $4.64 $5.08 $5.25 30 47 $13.65 $10.32 32 
Diluted earnings per share
Net income applicable to common stockholders$20,752 $16,148 $12,689 $14,043 $14,630 29 42 $36,901 $28,948 27 
Total weighted-average basic shares outstanding2,689.9 2,716.2 2,735.3 2,762.4 2,788.7 (1)(4)2,703.1 2,804.0 (4)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		4.3 4.0 5.2 5.2 5.0 8 (14)4.1 4.9 (17)
Total weighted-average diluted shares outstanding2,694.2 2,720.2 2,740.5 2,767.6 2,793.7 (1)(4)2,707.2 2,809.0 (4)
Net income per share$7.70 $5.94 $4.63 $5.07 $5.24 30 47 $13.63 $10.31 32 
COMMON DIVIDENDS
Cash dividends declared per share
$1.50 $1.50 $1.50 $1.50 
(c)
$1.40 

— 7 $3.00 $2.80 7 
Dividend payout ratio19 %25 %32 %29 %27 %22 %27 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased21.7 27.5 26.7 28.0 29.8 (21)(27)49.3 59.8 (18)
Average price paid per share of common stock$308.21 $302.75 $309.81 $297.10 $251.67 2 22 $305.16 $252.09 21 
Aggregate repurchases of common stock6,703 8,328 8,262 8,315 7,500 (20)(11)15,031 15,063 — 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans0.4 10.8 0.7 0.4 0.4 (96)— 11.3 11.9 (5)
Net impact of employee issuances on stockholders’ equity (b)
$518 $221 $322 $339 $419 134 24 $739 $895 (17)
(a)The Firm’s Board of Directors authorized a new common share repurchase program of up to $50 billion, effective July 1, 2026, which replaced the previous program that commenced in the third quarter of 2025 and authorized repurchases of up to $50 billion.
(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares.
(c)On September 16, 2025, the Board of Directors declared quarterly common stock dividends of $1.50 per share.



















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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$971 $947 $973 $969 $888 3 %9 %$1,918 $1,727 11 %
Asset management fees1,379 1,303 1,277 1,189 1,110 6 24 2,682 2,203 22 
Mortgage fees and related income325 303 344 372 347 7 (6)628 610 3 
Card income691 592 376 514 687 17 1 1,283 1,340 (4)
All other income (a)1,814 1,685 1,585 1,573 1,420 8 28 3,499 2,743 28 
Noninterest revenue5,180 4,830 4,555 4,617 4,452 7 16 10,010 8,623 16 
Net interest income15,092 14,738 14,841 14,856 14,395 2 5 29,830 28,537 5 
TOTAL NET REVENUE20,272 19,568 19,396 19,473 18,847 4 8 39,840 37,160 7 
Provision for credit losses2,156 2,050 4,244 (d)2,538 2,082 5 4 4,206 4,711 (11)
NONINTEREST EXPENSE
Compensation expense4,682 4,622 4,392 (e)4,357 (e)4,260 (e)1 10 9,304 8,635 (e)8 
Noncompensation expense (b)6,426 6,357 5,864 (e)5,939 (e)5,598 (e)1 15 12,783 11,080 (e)15 
TOTAL NONINTEREST EXPENSE11,108 10,979 10,256 10,296 9,858 1 13 22,087 19,715 12 
Income before income tax expense7,008 6,539 4,896 6,639 6,907 7 1 13,547 12,734 6 
Income tax expense 1,697 1,563 1,254 1,630 1,738 9 (2)3,260 3,140 4 
NET INCOME$5,311 $4,976 $3,642 $5,009 $5,169 7 3 $10,287 $9,594 7 
REVENUE BY BUSINESS
Banking & Wealth Management $11,229 $10,577 $10,870 $11,040 $10,698 6 5 $21,806 $20,952 4 
Home Lending1,285 1,232 1,249 1,260 1,250 4 3 2,517 2,457 2 
Card Services & Auto 7,758 7,759 7,277 7,173 6,899 — 12 15,517 13,751 13 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue147 178 188 173 151 (17)(3)325 261 25 
Net mortgage servicing revenue (c)178 125 156 199 196 42 (9)303 349 (13)
Mortgage fees and related income$325 $303 $344 $372 $347 7 (6)$628 $610 3 
FINANCIAL RATIOS
ROE34 %32 %25 %35 %36 %33 %34 %
Overhead ratio 55 56 53 53 52 55 53 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $1.2 billion, $1.2 billion, $1.1 billion, $987 million and $896 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $2.4 billion and $1.7 billion for the six months ended June 30, 2026 and 2025, respectively.
(b)Included depreciation expense on leased assets of $694 million, $756 million, $670 million, $649 million and $577 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $1.5 billion and $1.1 billion for the six months ended June 30, 2026 and 2025, respectively.
(c)Included MSR risk management results of $39 million, $(15) million, $7 million, $55 million and $47 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $24 million and $56 million for the six months ended June 30, 2026 and 2025, respectively.
(d)Refer to footnote (g) on page 2 for additional information.
(e)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
SELECTED BALANCE SHEET DATA (period-end)
Total assets$672,612 $656,051 $664,669 $652,275 $652,379 3 %3 %$672,612 $652,379 3 %
Loans:
Banking & Wealth Management
34,337 32,992 33,005 33,259 33,749 4 2 34,337 33,749 2 
Home Lending (a)
237,176 238,571 240,724 240,633 241,618 (1)(2)237,176 241,618 (2)
Card Services249,816 239,065 247,753 235,491 233,051 4 7 249,816 233,051 7 
Auto 72,220 70,958 70,585 71,095 72,182 2 — 72,220 72,182 — 
Total loans 593,549 581,586 592,067 580,478 580,600 2 2 593,549 580,600 2 
Deposits1,093,862 1,112,078 1,072,792 1,058,388 1,063,137 (2)3 1,093,862 1,063,137 3 
Equity61,500 61,500 56,000 56,000 56,000 — 10 61,500 56,000 10 
SELECTED BALANCE SHEET DATA (average)
Total assets$662,460 $655,977 $654,851 $650,277 $642,284 1 3 $659,236 $640,981 3 
Loans:
Banking & Wealth Management33,832 33,038 32,916 33,351 33,536 2 1 33,437 33,349 — 
Home Lending (b)
238,808 240,429 241,701 241,772 242,665 (1)(2)239,614 243,469 (2)
Card Services243,501 239,153 239,335 234,412 228,446 2 7 241,339 226,480 7 
Auto 71,456 70,208 70,693 70,895 71,410 2 — 70,836 71,933 (2)
Total loans587,597 582,828 584,645 580,430 576,057 1 2 585,226 575,231 2 
Deposits1,095,646 1,075,951 1,056,819 1,058,025 1,060,363 2 3 1,085,853 1,057,038 3 
Equity61,500 61,500 56,000 56,000 56,000 — 10 61,500 56,000 10 
Employees (c)
144,079 143,869 142,586 (c)142,600 (c)143,198 (c)— 1 144,079 143,198 (c)1 
(a)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, Home Lending loans held-for-sale and loans at fair value were $13.1 billion, $11.3 billion, $11.0 billion, $9.4 billion and $8.9 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $13.0 billion, $11.8 billion, $11.2 billion, $10.1 billion and $8.9 billion for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $12.4 billion and $8.2 billion for the six months ended June 30, 2026 and 2025, respectively.
(c)Refer to footnote (e) on page 12 for further information on the centralization of Risk functions.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)
$3,506 $3,493 $3,484 $3,596 $3,891 — %(10)%$3,506 $3,891 (10)%
Net charge-offs/(recoveries)
Banking & Wealth Management87 85 72 85 102 2 (15)172 199 (14)
Home Lending(18)(15)(12)(63)(21)(20)14 (33)(47)30 
Card Services2,025 2,044 1,897 1,860 1,938 (1)4 4,069 3,921 4 
Auto62 81 87 81 67 (23)(7)143 167 (14)
Total net charge-offs/(recoveries)$2,156 $2,195 $2,044 $1,963 $2,086 (2)3 $4,351 $4,240 3 
Net charge-off/(recovery) rate
Banking & Wealth Management
1.03 %1.04 %0.87 %1.01 %1.22 %1.04 %1.20 %
Home Lending(0.03)(0.03)(0.02)(0.11)(0.04)(0.03)(0.04)
Card Services3.34 3.47 3.14 3.15 3.40 3.40 3.49 
Auto 0.35 0.47 0.49 0.46 0.38 0.41 0.47 
Total net charge-off/(recovery) rate1.51 1.56 1.41 1.37 1.48 1.53 1.51 
30+ day delinquency rate
Home Lending (b)
0.83 %0.88 %0.86 %0.89 %0.93 %0.83 %0.93 %
Card Services1.91 2.17 2.16 2.14 2.06 1.91 2.06 
Auto1.03 1.09 1.33 (d)1.17 1.12 1.03 1.12 
90+ day delinquency rate - Card Services1.00 1.15 1.10 1.07 1.07 1.00 1.07 
Allowance for credit losses:
Allowance for loan losses
Banking & Wealth Management $765 $765 $765 $765 $790 — (3)$765 $790 (3)
Home Lending507 507 647 647 547 — (7)507 547 (7)
Card Services15,563 15,563 15,558 15,558 15,008 — 4 15,563 15,008 4 
Auto 587 587 587 587 637 — (8)587 637 (8)
Total allowance for loan losses17,422 17,422 17,557 17,557 16,982 — 3 17,422 16,982 3 
Allowance for lending-related commitments (c)2,280 2,280 2,290 90 90 — NM2,280 90 NM
Total allowance for credit losses
$19,702 $19,702 $19,847 $17,647 $17,072 — 15 $19,702 $17,072 15 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $61 million, $68 million, $70 million, $65 million and $68 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(b)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $85 million, $92 million, $102 million, $95 million and $99 million, respectively. These amounts have been excluded based upon the government guarantee.
(c)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to footnote (g) on page 2 for additional information.
(d)Prior-period rate has been revised to conform with the presentation in the Firm’s 2025 Form 10-K.



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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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
BUSINESS METRICS
Number of:
Branches5,135 5,095 5,083 5,018 4,994 1 %3 %5,135 4,994 3 %
    Active digital customers (in thousands)76,706 76,246 74,646 74,041 73,014 1 5 76,706 73,014 5 
    Active mobile customers (in thousands)63,746 62,960 61,736 60,924 59,898 1 6 63,746 59,898 6 
Debit and credit card sales volume (in billions)$535.8 $487.6 $512.5 $492.3 $487.2 10 10 $1,023.4 $935.9 9 
Total payments transaction volume (in trillions)1.9 1.8 1.8 1.8 1.8 6 6 3.7 3.4 9 
Banking & Wealth Management
Average deposits $1,078,373 $1,059,463 $1,039,621 $1,040,402 $1,044,158 2 3 $1,068,970 $1,041,576 3 
Deposit margin 2.70 %2.63 %2.72 %2.79 %2.76 %2.66 %2.72 %
Business Banking average loans$18,324 $18,578 $18,747 $18,922 $19,217 (1)(5)$18,450 $19,345 (5)
Business Banking origination volume 748 733 691 824 893 2 (16)1,481 1,708 (13)
Client investment assets (a)1,394,864 1,272,180 1,269,883 1,232,390 1,155,017 10 21 1,394,864 1,155,017 21 
Number of client advisors6,329 6,243 6,049 6,025 5,948 1 6 6,329 5,948 6 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $10.6 $8.7 $10.4 $8.4 $8.7 22 22 $19.3 $14.2 36 
Correspondent 6.6 5.0 5.6 5.5 4.8 32 38 11.6 8.7 33 
Total mortgage origination volume (b)$17.2 $13.7 $16.0 $13.9 $13.5 26 27 $30.9 $22.9 35 
Third-party mortgage loans serviced (period-end)652.8 656.4 661.9 663.6 653.3 (1)— 652.8 653.3 — 
MSR carrying value (period-end)9.1 9.1 9.1 9.1 9.0 — 1 9.1 9.0 1 
Card Services
Sales volume, excluding commercial card (in billions)$373.1 $337.6 $359.7 $344.4 $340.0 11 10 $710.7 $650.6 9 
Net revenue rate10.37 %10.78 %9.86 %10.03 %10.06 %10.57 %10.22 %
Net yield on average loans10.39 10.85 10.40 10.28 10.04 10.62 10.17 
Auto
Loan and lease origination volume (in billions)$12.3 $10.4 $10.8 $12.0 $11.3 18 9 $22.7 $22.0 3 
Average auto operating lease assets21,123 20,398 18,893 16,986 15,218 4 39 20,762 14,434 44 
(a)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 20-22 for additional information.
(b)Firmwide mortgage origination volume was $21.2 billion, $16.6 billion, $19.0 billion, $16.9 billion and $16.3 billion for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $37.8 billion and $27.5 billion for the six months ended June 30, 2026 and 2025, respectively.

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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
INCOME STATEMENT
REVENUE
Investment banking fees$3,277 $2,883 $2,347 $2,627 $2,513 14 %30 %$6,160 $4,761 29 %
Principal transactions8,768 7,897 5,419 7,090 7,109 11 23 16,665 14,717 13 
Lending- and deposit-related fees1,487 1,394 1,336 1,315 1,296 7 15 2,881 2,526 14 
Commissions and other fees1,748 1,714 1,562 1,493 1,493 2 17 3,462 2,930 18 
Card income649 585 627 613 645 11 1 1,234 1,196 3 
All other income1,025 917 1,063 660 736 12 39 1,942 1,484 31 
Noninterest revenue16,954 15,390 12,354 13,798 13,792 10 23 32,344 27,614 17 
Net interest income7,899 7,989 7,021 6,080 5,743 (1)38 15,888 11,587 37 
TOTAL NET REVENUE (a)24,853 23,379 19,375 19,878 19,535 6 27 48,232 39,201 23 
Provision for credit losses356 482 405 809 696 (26)(49)838 1,401 (40)
NONINTEREST EXPENSE
Compensation expense5,544 5,740 3,940 (d)4,662 (d)4,815 (d)(3)15 11,284 9,942 (d)13 
Noncompensation expense5,846 5,396 5,071 (d)5,060 (d)4,826 (d)8 21 11,242 9,541 (d)18 
TOTAL NONINTEREST EXPENSE11,390 11,136 9,011 9,722 9,641 2 18 22,526 19,483 16 
Income before income tax expense13,107 11,761 9,959 9,347 9,198 11 42 24,868 18,317 36 
Income tax expense 3,429 2,717 2,691 2,446 2,548 26 35 6,146 4,725 30 
NET INCOME$9,678 $9,044 $7,268 $6,901 $6,650 7 46 $18,722 $13,592 38 
FINANCIAL RATIOS
ROE22 %21 %19 %18 %17 %22 %18 %
Overhead ratio46 48 47 49 49 47 50 
Compensation expense as percentage of total net revenue22 25 20 (d)23 (d)25 (d)23 25 (d)
REVENUE BY BUSINESS
Investment Banking$3,902 $3,136 $2,552 $2,694 $2,684 24 45 $7,038 $4,952 42 
Payments5,296 5,123 5,114 4,917 4,735 3 12 10,419 9,300 12 
Lending1,964 2,166 1,985 1,872 1,829 (9)7 4,130 3,744 10 
Other— — — — — — — — 6 NM
Total Banking & Payments11,162 10,425 9,651 9,483 9,248 7 21 21,587 18,002 20 
Fixed Income Markets6,053 7,078 5,380 5,613 5,690 (14)6 13,131 11,539 14 
Equity Markets6,025 4,481 2,859 3,331 3,246 34 86 10,506 7,060 49 
Securities Services 1,657 1,499 1,489 1,423 1,418 11 17 3,156 2,687 17 
Credit Adjustments & Other (b)(44)(104)(4)28 (67)58 34 (148)(87)(70)
Total Markets & Securities Services13,691 12,954 9,724 10,395 10,287 6 33 26,645 21,199 26 
TOTAL NET REVENUE$24,853 $23,379 $19,375 $19,878 $19,535 6 27 $48,232 $39,201 23 
Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking$7,797 $7,265 $6,493 $6,544 $6,319 7 %23 %$15,062 $12,248 23 %
Commercial Banking3,365 3,160 3,158 2,939 2,929 6 15 6,525 5,754 13 
Commercial & Specialized Industries2,472 2,280 2,245 2,038 2,067 8 20 4,752 4,023 18 
Commercial Real Estate Banking893 880 913 901 862 1 4 1,773 1,731 2 
Total Banking & Payments revenue$11,162 $10,425 $9,651 $9,483 $9,248 7 21 $21,587 $18,002 20 
(a)Included taxable-equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $621 million, $646 million, $920 million, $644 million and $722 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $1.3 billion and $1.4 billion for the six months ended June 30, 2026 and 2025, respectively.
(b)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
(c)Refer to page 70 of the Firm’s 2025 Form 10-K for a description of each of the client coverage segments.
(d)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.

Page 16

JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
SELECTED BALANCE SHEET DATA (period-end)
Total assets$2,709,357 $2,626,846 $2,142,534 $2,328,000 $2,260,825 3 %20 %$2,709,357 $2,260,825 20 %
Loans:
Loans retained586,807 576,917 558,528 538,016 526,174 2 12 586,807 526,174 12 
Loans held-for-sale and loans at fair value (a)65,594 67,022 73,508 56,057 57,659 (2)14 65,594 57,659 14 
Total loans
652,401 643,939 632,036 594,073 583,833 1 12 652,401 583,833 12 
Equity175,000 166,500 149,500 149,500 149,500 5 17 175,000 149,500 17 
Banking & Payments loans by client coverage segment
(period-end) (b)
Global Corporate Banking & Global Investment Banking$160,842 $158,989 $146,079 $132,560 $133,017 1 21 $160,842 $133,017 21 
Commercial Banking226,320 224,253 222,139 222,464 222,044 1 2 226,320 222,044 2 
Commercial & Specialized Industries78,897 77,425 75,865 76,010 75,859 2 4 78,897 75,859 4 
Commercial Real Estate Banking147,423 146,828 146,274 146,454 146,185 — 1 147,423 146,185 1 
Total Banking & Payments loans387,162 383,242 368,218 355,024 355,061 1 9 387,162 355,061 9 
SELECTED BALANCE SHEET DATA (average)
Total assets$2,665,978 $2,497,393 $2,260,671 $2,266,445 $2,205,619 7 21 $2,582,151 $2,125,805 21 
Trading assets - debt and equity instruments 952,230 874,262 815,438 796,017 758,113 9 26 913,462 721,778 27 
Trading assets - derivative receivables 73,390 67,591 56,598 61,132 56,815 9 29 70,507 57,895 22 
Loans:
Loans retained573,945 558,751 546,219 528,135 511,562 3 12 566,390 497,014 14 
Loans held-for-sale and loans at fair value (a)72,405 73,588 66,415 55,545 50,287 (2)44 72,993 48,365 51 
Total loans646,350 632,339 612,634 583,680 561,849 2 15 639,383 545,379 17 
Deposits1,282,143 1,234,295 1,226,155 1,194,410 1,170,063 4 10 1,258,351 1,138,287 11 
Equity172,198 166,500 149,500 149,500 149,500 3 15 169,365 149,500 13 
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking$165,538 $151,120 $138,491 $132,101 $125,554 10 32 $158,369 $123,482 28 
Commercial Banking225,535 222,897 222,216 221,534 219,886 1 3 224,224 219,227 2 
Commercial & Specialized Industries78,556 76,610 75,620 75,270 74,384 3 6 77,589 74,009 5 
Commercial Real Estate Banking146,979 146,287 146,596 146,264 145,502 — 1 146,635 145,218 1 
Total Banking & Payments loans391,073 374,017 360,707 353,635 345,440 5 13 382,593 342,709 12 
Employees91,876 91,493 91,355 (c)90,895 (c)89,882 (c)— 2 91,876 89,882 (c)2 
(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)Refer to page 70 of the Firm’s 2025 Form 10-K for a description of each of the client coverage segments.
(c)Refer to footnote (d) on page 16 for further information on the centralization of Risk functions.



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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$207 $120 $440 $567 $325 73 %(36)%$327 $502 (35)%
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)3,520 3,855 3,641 4,033 3,678 (9)(4)3,520 3,678 (4)
Nonaccrual loans held-for-sale and loans at fair value (b)1,290 1,192 1,518 1,338 1,207 8 7 1,290 1,207 7 
Total nonaccrual loans 4,810 5,047 5,159 5,371 4,885 (5)(2)4,810 4,885 (2)
Derivative receivables171 174 204 224 349 (2)(51)171 349 (51)
Assets acquired in loan satisfactions213 176 192 197 208 21 2 213 208 2 
Total nonperforming assets 5,194 5,397 5,555 5,792 5,442 (4)(5)5,194 5,442 (5)
Allowance for credit losses:
Allowance for loan losses8,159 7,947 7,632 7,609 7,408 3 10 8,159 7,408 10 
Allowance for lending-related commitments2,836 2,777 2,738 2,798 2,757 2 3 2,836 2,757 3 
Total allowance for credit losses10,995 10,724 10,370 10,407 10,165 3 8 10,995 10,165 8 
Net charge-off/(recovery) rate (c)0.14 %0.09 %0.32 %0.43 %0.25 %0.12 %0.20 %
Allowance for loan losses to period-end loans retained1.39 1.38 1.37 1.41 1.41 1.39 1.41 
Allowance for loan losses to nonaccrual loans retained (a)232 206 210 189 201 232 201 
Nonaccrual loans to total period-end loans0.74 0.78 0.82 0.90 0.84 0.74 0.84 
(a)Allowance for loan losses of $672 million, $740 million, $597 million, $724 million and $655 million were held against these nonaccrual loans at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively.
(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $171 million, $183 million, $128 million, $93 million and $45 million, respectively.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
























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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
BUSINESS METRICS
Advisory$1,012 $1,266 $1,033 $926 $844 (20)%20 %$2,278 $1,538 48 %
Equity underwriting829 472 416 527 465 76 78 1,301 789 65 
Debt underwriting1,436 1,145 898 1,174 1,204 25 19 2,581 2,434 6 
Total investment banking fees$3,277 $2,883 $2,347 $2,627 $2,513 14 30 $6,160 $4,761 29 
Client deposits and other third-party liabilities (average) (a)1,205,156 1,167,128 1,153,559 1,111,143 1,089,781 3 11 1,186,247 1,062,235 12 
Assets under custody (“AUC”) (period-end) (in billions)$44,931 $40,905 $41,172 $40,128 $38,028 10 18 $44,931 $38,028 18 
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (b)
Fixed income$36 $39 $35 $33 $37 (8)(3)
Foreign exchange13 13 9 9 10 — 30 
Equities20 11 13 14 17 82 18 
Commodities and other14 14 23 19 24 — (42)
Diversification benefit to CIB trading VaR (c)(44)(47)(49)(50)(55)6 20 
CIB trading VaR (b)39 30 31 25 33 30 18 
Credit Portfolio VaR (d)18 21 20 21 22 (14)(18)
Diversification benefit to CIB VaR (c)(17)(16)(17)(15)(17)(6)— 
CIB VaR$40 $35 $34 $31 $38 14 5 
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 135–138 of the Firm’s 2025 Form 10-K for further information.
(c)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.
(d)Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.
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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
INCOME STATEMENT
REVENUE
Asset management fees$4,227 $4,125 $4,372 $3,885 $3,642 2 %16 %$8,352 $7,237 15 %
Commissions and other fees445 369 301 296 314 21 42 814 587 39 
All other income 370 154 165 156 117 140 216 524 242 117 
Noninterest revenue 5,042 4,648 4,838 4,337 4,073 8 24 9,690 8,066 20 
Net interest income1,809 1,726 1,678 1,729 1,687 5 7 3,535 3,425 3 
TOTAL NET REVENUE6,851 6,374 6,516 6,066 5,760 7 19 13,225 11,491 15 
Provision for credit losses 13 (24)2 59 46 NM(72)(11)36 NM
NONINTEREST EXPENSE
Compensation expense2,322 2,339 2,256 (a)2,125 (a)2,083 (a)(1)11 4,661 4,150 (a)12 
Noncompensation expense1,885 1,828 1,812 (a)1,693 (a)1,650 (a)3 14 3,713 3,296 (a)13 
TOTAL NONINTEREST EXPENSE4,207 4,167 4,068 3,818 3,733 1 13 8,374 7,446 12 
Income before income tax expense2,631 2,231 2,446 2,189 1,981 18 33 4,862 4,009 21 
Income tax expense 674 456 638 531 508 48 33 1,130 953 19 
NET INCOME $1,957 $1,775 $1,808 $1,658 $1,473 10 33 $3,732 $3,056 22 
REVENUE BY BUSINESS
Asset Management $3,320 $3,072 $3,408 $2,916 $2,705 8 23 $6,392 $5,376 19 
Global Private Bank3,531 3,302 3,108 3,150 3,055 7 16 6,833 6,115 12 
TOTAL NET REVENUE $6,851 $6,374 $6,516 $6,066 $5,760 7 19 $13,225 $11,491 15 
FINANCIAL RATIOS
ROE48 %44 %44 %40 % 36 % 46 %38 %
Overhead ratio61 65 62 63 65 63 65 
Pretax margin ratio:
Asset Management36 34 38 35 33 35 33 
Global Private Bank40 36 37 37 36 38 37 
Asset & Wealth Management38 35 38 36 34 37 35 
Employees29,773 29,357 29,181 (a)29,135 (a)28,770 (a)1 3 29,773 28,770 (a)3 
Number of Global Private Bank client advisors4,119 4,110 4,101 4,050 3,756 — 10 4,119 3,756 10 
(a)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.




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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
SELECTED BALANCE SHEET DATA (period-end)
Total assets $323,243 $299,179 $288,065 $282,322 $268,966 8 %20 %$323,243 $268,966 20 %
Loans 293,386 274,902 266,385 257,988 245,526 7 19 293,386 245,526 19 
Deposits253,218 266,745 257,316 239,999 242,356 (5)4 253,218 242,356 4 
Equity16,000 16,000 16,000 16,000 16,000 — — 16,000 16,000 — 
SELECTED BALANCE SHEET DATA (average)
Total assets $308,845 $291,058 $284,100 $272,954 $261,128 6 18 $300,001 $257,271 17 
Loans 284,281 267,986 260,792 250,730 240,585 6 18 276,178 237,279 16 
Deposits260,092 253,706 247,065 241,454 248,375 3 5 256,916 246,253 4 
Equity16,000 16,000 16,000 16,000 16,000 — — 16,000 16,000 — 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$2 $1 $30 $62 $(1)100 NM$3 $— NM
Nonaccrual loans1,041 1,035 1,199 1,129 1,035 1 1 1,041 1,035 1 
Allowance for credit losses:
Allowance for loan losses 530 520 536 555 552 2 (4)530 552 (4)
Allowance for lending-related commitments35 33 43 52 58 6 (40)35 58 (40)
Total allowance for credit losses565 553 579 607 610 2 (7)565 610 (7)
Net charge-off/(recovery) rate— %— %0.05 %0.10 %— %— %— %
Allowance for loan losses to period-end loans 0.18 0.19 0.20 0.22 0.22 0.18 0.22 
Allowance for loan losses to nonaccrual loans51 50 45 49 53 51 53 
Nonaccrual loans to period-end loans0.35 0.38 0.45 0.44 0.42 0.35 0.42 



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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions, except business metrics data)
Jun 30, 2026
ChangeSIX MONTHS ENDED JUNE 30,
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,2026 Change
CLIENT ASSETS2026202620252025202520262025202620252025
Assets by asset class
Liquidity $1,326 $1,297 $1,279 $1,174 $1,131 2 %17 %$1,326 $1,131 17 %
Fixed income 1,061 1,014 998 971 925 5 15 1,061 925 15 
Equity1,574 1,360 1,400 1,371 1,258 16 25 1,574 1,258 25 
Multi-asset939 880 884 855 809 7 16 939 809 16 
Alternatives240 238 230 228 220 1 9 240 220 9 
TOTAL ASSETS UNDER MANAGEMENT5,140 4,789 4,791 4,599 4,343 7 18 5,140 4,343 18 
Custody/brokerage/administration/deposits2,523 2,314 2,327 2,239 2,078 9 21 2,523 2,078 21 
TOTAL CLIENT ASSETS (a)$7,663 $7,103 $7,118 $6,838 $6,421 8 19 $7,663 $6,421 19 
Assets by client segment
Private Banking$1,559 $1,440 $1,414 $1,364 $1,270 8 23 $1,559 $1,270 23 
Global Institutional2,079 1,964 1,953 1,837 1,772 6 17 2,079 1,772 17 
Global Funds1,502 1,385 1,424 1,398 1,301 8 15 1,502 1,301 15 
TOTAL ASSETS UNDER MANAGEMENT$5,140 $4,789 $4,791 $4,599 $4,343 7 18 $5,140 $4,343 18 
Private Banking$3,824 $3,549 $3,549 $3,423 $3,191 8 20 $3,824 $3,191 20 
Global Institutional2,312 2,145 2,121 1,994 1,907 8 21 2,312 1,907 21 
Global Funds1,527 1,409 1,448 1,421 1,323 8 15 1,527 1,323 15 
TOTAL CLIENT ASSETS (a)$7,663 $7,103 $7,118 $6,838 $6,421 8 19 $7,663 $6,421 19 
Assets under management rollforward
Beginning balance$4,789 $4,791 $4,599 $4,343 $4,113 $4,791 $4,045 
Net asset flows:
Liquidity 22 13 105 37 5 35 41 
Fixed income 35 20 25 31 27 55 38 
Equity12 18 11 31 16 30 53 
Multi-asset6 10 11 4 (2)16 1 
Alternatives(3)6 5 6 (10)3 (7)
Market/performance/other impacts279 (69)35 147 194 210 172 
Ending balance$5,140 $4,789 $4,791 $4,599 $4,343 $5,140 $4,343 
Client assets rollforward
Beginning balance$7,103 $7,118 $6,838 $6,421 $6,002 $7,118 $5,932 
Net asset flows148 111 206 147 80 259 200 
Market/performance/other impacts412 (126)74 270 339 286 289 
Ending balance$7,663 $7,103 $7,118 $6,838 $6,421 $7,663 $6,421 
BUSINESS METRICS
Firmwide Wealth Management
Client assets (in billions) (b)$4,881 $4,516 $4,521 $4,373 $4,087 8 19 $4,881 $4,087 19 
Number of client advisors10,448 10,353 10,150 10,075 9,704 1 8 10,448 9,704 8 
Stock Plan Administration
Number of stock plan participants (in thousands)1,982 1,883 1,794 1,796 1,594 5 24 1,982 1,594 24 
Client assets (in billions)$406 $383 $372 $357 $314 6 29 $406 $314 29 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
(b)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.





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JPMORGAN CHASE & CO.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
INCOME STATEMENT
REVENUE
Principal transactions$149 $(31)$(144)$(54)$(54)NMNM$118 $(141)NM
Investment securities gains/(losses)
(395)60 (72)105 (54)NMNM(335)(91)(268)%
All other income 5,470 (e)160 128 246 157 NMNM5,630 (e)934 NM
Noninterest revenue5,224 189 (88)297 49 NMNM5,413 702 NM
Net interest income 822 1,026 1,568 1,406 1,489 (20)%(45)%1,848 3,140 (41)
TOTAL NET REVENUE (a)6,046 1,215 1,480 1,703 1,538 398 293 7,261 3,842 89 
Provision for credit losses(10)(1)4 (3)25 NMNM(11)6 NM
NONINTEREST EXPENSE611 568 648 (f)(g)445 (f)547 (f)8 12 1,179 732 (f)61 
Income before income tax expense
5,445 648 828 1,261 966 NM464 6,093 3,104 96 
Income tax expense/(benefit)
1,236 (51)521 436 (729)(i)NMNM1,185 (284)(i)NM
NET INCOME
$4,209 $699 $307 $825 $1,695 NM148 $4,908 $3,388 45 
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
793 1,337 1,601 1,687 1,649 (41)(52)2,130 3,213 (34)
Other Corporate5,253 (e)(122)(121)16 (111)NMNM5,131 (e)629 NM
TOTAL NET REVENUE$6,046 $1,215 $1,480 $1,703 $1,538 398 293 $7,261 $3,842 89 
NET INCOME/(LOSS)
Treasury and CIO529 842 1,120 1,166 1,121 (37)(53)1,371 2,279 (40)
Other Corporate 3,680 (e)(143)(813)(341)574 NMNM3,537 (e)1,109 219 
TOTAL NET INCOME
$4,209 $699 $307 $825 $1,695 NM148 $4,908 $3,388 45 
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,309,857 $1,318,399 $1,329,632 $1,297,608 $1,370,312 (1)(4)$1,309,857 $1,370,312 (4)
Loans3,126 3,093 2,941 2,707 2,033 1 54 3,126 2,033 54 
Deposits (b)59,437 41,173 35,874 34,145 27,952 44 113 59,437 27,952 113 
Employees54,832 55,360 55,390 (f)55,523 (f)55,310 (f)(1)(1)54,832 55,310 (f)(1)
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)
$(395)$60 $(72)$105 $(54)NMNM$(335)$(91)(268)
Available-for-sale securities (average) 533,510 529,500 502,641 495,777 (h)462,179 1 15 531,516 427,282 24 
Held-to-maturity securities (average) (c)270,893 269,482 283,009 269,717 (h)262,479 1 3 270,191 266,172 2 
Investment securities portfolio (average)$804,403 $798,982 $785,650 $765,494 $724,658 1 11 $801,707 $693,454 16 
Available-for-sale securities (period-end)532,368 545,706 503,896 487,277 (h)482,269 (2)10 532,368 482,269 10 
Held-to-maturity securities (period-end) (c)268,474 272,142 270,134 293,446 (h)260,559 (1)3 268,474 260,559 3 
Investment securities portfolio, net of allowance for credit losses
(period-end) (d)
$800,842 $817,848 $774,030 $780,723 $742,828 (2)8 $800,842 $742,828 8 
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $44 million, $44 million, $41 million, $39 million and $38 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $88 million and $74 million for the six months ended June 30, 2026 and 2025, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, the estimated fair value of the HTM securities portfolio was $250.3 billion, $254.5 billion, $253.3 billion, $274.9 billion and $239.3 billion, respectively.
(d)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, the allowance for credit losses on investment securities was $59 million, $73 million, $73 million, $72 million and $75 million, respectively.
(e)Included a $4.6 billion net gain related to Visa Class C common stock and $763 million of gains on certain equity investments. Refer to footnote (e) on page 2 for further information.
(f)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
(g)Included an FDIC special assessment accrual release of $326 million for the three months ended December 31, 2025. Refer to Note 6 on page 221 of the Firm’s 2025 Form 10-K for additional information.
(h)During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.
(i)Included a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.
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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION
(in millions)
Jun 30, 2026
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2026202620252025202520262025
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$367,128 $367,274 $368,741 $369,859 $371,855 — %(1)%
Loans held-for-sale and loans at fair value 24,615 24,386 33,517 23,225 22,185 1 11 
Total consumer, excluding credit card loans391,743 391,660 402,258 393,084 394,040 — (1)
Credit card loans
Loans retained249,876 239,123 247,797 235,475 232,943 4 7 
Total credit card loans249,876 239,123 247,797 235,475 232,943 4 7 
Total consumer loans 641,619 630,783 650,055 628,559 626,983 2 2 
Wholesale loans (b)
Loans retained846,804 818,839 792,367 764,451 740,675 3 14 
Loans held-for-sale and loans at fair value 54,039 53,898 51,007 42,236 44,334 — 22 
Total wholesale loans 900,843 872,737 843,374 806,687 785,009 3 15 
Total loans 1,542,462 1,503,520 1,493,429 1,435,246 1,411,992 3 9 
Derivative receivables 67,767 71,584 57,777 59,849 60,346 (5)12 
Receivables from customers (c)82,203 64,844 47,336 68,493 53,099 27 55 
Total credit-related assets 1,692,432 1,639,948 1,598,542 1,563,588 1,525,437 3 11 
Lending-related commitments
Consumer, excluding credit card 49,116 46,236 43,587 48,015 47,064 6 4 
Credit card (d)(e)1,224,431 1,204,016 1,177,766 1,069,963 1,050,275 2 17 
Wholesale 621,742 604,922 595,954 596,028 559,654 
(h)
3 11 
Total lending-related commitments1,895,289 1,855,174 1,817,307 1,714,006 1,656,993 2 14 
Total credit exposure $3,587,721 $3,495,122 $3,415,849 $3,277,594 $3,182,430 3 13 
Memo: Total by category
Consumer exposure (f)$1,915,166 $1,881,035 $1,871,408 $1,746,537 $1,724,322 2 11 
Wholesale exposure (g)1,672,555 1,614,087 1,544,441 1,531,057 1,458,108 4 15 
Total credit exposure$3,587,721 $3,495,122 $3,415,849 $3,277,594 $3,182,430 3 13 
    
(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes loans held in CIB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(d)Also includes commercial card lending-related commitments primarily in CIB.
(e)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to Notes 4 and 28 of the Firm’s 2025 Form 10-K for additional information.
(f)Represents total consumer loans and lending-related commitments.
(g)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.
(h)Prior-period amount has been revised to conform with the presentation in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025.




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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Jun 30, 2026
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2026202620252025202520262025
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,843 $3,810 $3,875 $3,954 $3,938 1 %(2)%
   Loans held-for-sale and loans at fair value 605 589 798 646 731 3 (17)
Total consumer nonaccrual loans4,448 4,399 4,673 4,600 4,669 1 (5)
Wholesale nonaccrual loans
Loans retained4,191 4,524 4,398 4,740 4,479 (7)(6)
Loans held-for-sale and loans at fair value 725 660 786 766 673 10 8 
Total wholesale nonaccrual loans 4,916 5,184 5,184 5,506 5,152 (5)(5)
Total nonaccrual loans9,364 9,583 9,857 10,106 9,821 (2)(5)
Derivative receivables 171 174 204 224 349 (2)(51)
Assets acquired in loan satisfactions314 292 298 305 310 8 1 
Total nonperforming assets 9,849 10,049 10,359 10,635 10,480 (2)(6)
Wholesale lending-related commitments (b) 799 916 925 1,025 922 (13)(13)
Total nonperforming exposure$10,648 $10,965 $11,284 $11,660 $11,402 (3)(7)
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.61 %0.64 %0.66 %0.70 %0.70 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.14 1.12 1.16 1.17 1.18 
Total wholesale nonaccrual loans to total
wholesale loans 0.55 0.59 0.61 0.68 0.66 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $232 million, $251 million, $198 million, $158 million and $113 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2025 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)Represents commitments that are risk rated as nonaccrual.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$25,928 $25,765 $25,735 $24,953 $25,208 1 %3 %$25,765 $24,345 6 %
Net charge-offs:
Gross charge-offs2,995 2,911 3,099 3,181 2,944 3 2 5,906 5,760 3 
Gross recoveries collected(629)(595)(585)(588)(534)(6)(18)(1,224)(1,018)(20)
Net charge-offs2,366 2,316 2,514 2,593 2,410 2 (2)4,682 4,742 (1)
Provision for loan losses 2,590 2,481 2,544 3,376 2,151 4 20 5,071 5,344 (5)
Other— (2)— (1)4 NMNM(2)6 NM
Ending balance$26,152 $25,928 $25,765 $25,735 $24,953 1 5 $26,152 $24,953 5 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$5,091 $5,071 $2,964 $2,932 $2,226 — 129 $5,071 $2,101 141 
Provision for lending-related commitments 63 23 2,107 (b)31 706 174 (91)86 831 (90)
Other(3)(3)— 1 — — NM(6)— NM
Ending balance$5,151 $5,091 $5,071 $2,964 $2,932 1 76 $5,151 $2,932 76 
ALLOWANCE FOR INVESTMENT SECURITIES$63 $78 $106 $105 $108 (19)(42)$63 $108 (42)
Total allowance for credit losses (a)$31,366 $31,097 $30,942 $28,804 $27,993 1 12 $31,366 $27,993 12 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.15 %0.17 %0.19 %0.12 %0.14 %0.16 %0.16 %
Credit card retained loans3.33 3.46 3.14 3.15 3.40 3.40 3.49 
Total consumer retained loans1.42 1.47 1.35 1.29 1.38 1.44 1.42 
Wholesale retained loans0.10 0.06 0.23 0.33 0.19 0.08 0.15 
Total retained loans 0.66 0.67 0.72 0.76 0.73 0.67 0.73 
Memo: Average retained loans
Consumer retained, excluding credit card loans$366,710 $367,880 $368,485 $370,073 $372,005 — (1)$367,291 $373,229 (2)
Credit card retained loans243,572 239,220 239,356 234,354 228,320 2 7 241,408 226,346 7 
Total average retained consumer loans610,282 607,100 607,841 604,427 600,325 1 2 608,699 599,575 2 
Wholesale retained loans825,356 793,654 775,282 747,045 721,105 4 14 809,594 703,952 15 
Total average retained loans$1,435,638 $1,400,754 $1,383,123 $1,351,472 $1,321,430 2 9 $1,418,293 $1,303,527 9 
(a)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, excludes an allowance for credit losses associated with certain accounts receivable in CIB of $165 million, $286 million, $288 million, $285 million and $288 million, respectively.
(b)Refer to footnote (g) on page 2 for additional information.






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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Jun 30, 2026
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2026202620252025202520262025
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
$(621)$(623)$(647)$(621)$(683)— %9 %
Portfolio-based2,417 2,412 2,567 2,524 2,532 — (5)
Total consumer, excluding credit card1,796 1,789 1,920 1,903 1,849 — (3)
Credit card
Portfolio-based15,561 15,559 15,557 15,554 15,001 — 4 
Total credit card15,561 15,559 15,557 15,554 15,001 — 4 
Total consumer17,357 17,348 17,477 17,457 16,850 — 3 
Wholesale
Asset-specific
790 851 707 838 781 (7)1 
Portfolio-based8,005 7,729 7,581 7,440 7,322 4 9 
Total wholesale8,795 8,580 8,288 8,278 8,103 3 9 
Total allowance for loan losses 26,152 25,928 25,765 25,735 24,953 1 5 
Allowance for lending-related commitments (a)5,151 5,091 5,071 2,964 2,932 1 76 
Allowance for investment securities63 78 106 105 108 (19)(42)
Total allowance for credit losses$31,366 $31,097 $30,942 $28,804 $27,993 1 12 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.49 %0.49 %0.52 %0.51 %0.50 %
Credit card allowance to total credit card retained loans6.23 6.51 6.28 6.61 6.44 
Wholesale allowance to total wholesale retained loans1.04 1.05 1.05 1.08 1.09 
Total allowance to total retained loans1.79 1.82 1.83 1.88 1.85 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (b)47 47 50 48 47 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (b)132 124 123 117 118 
Wholesale allowance to wholesale retained nonaccrual loans210 190 188 175 181 
Total allowance to total retained nonaccrual loans326 311 311 296 296 
(a)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to footnote (g) on page 2 for additional information.
(b)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.




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JPMORGAN CHASE & CO.
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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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
(in millions, except rates)2Q261Q264Q253Q252Q251Q262Q25202620252025
Net interest income - reported$25,511 $25,366 $24,995 $23,966 $23,209 1 %10 %$50,877 $46,482 9 %
Fully taxable-equivalent adjustments111 113 113 105 105 (2)6 224 207 8 
Net interest income - managed basis
$25,622 $25,479 $25,108 $24,071 $23,314 1 10 $51,101 $46,689 9 
Less: Markets net interest income1,945 2,199 1,251 680 561 (12)247 4,144 1,346 208 
Net interest income excluding Markets
$23,677 $23,280 $23,857 $23,391 $22,753 2 4 $46,957 $45,343 4 
Average interest-earning assets$4,287,954 $4,135,737 $3,923,824 $3,895,764 $3,845,982 4 11 $4,212,266 $3,757,674 12 
Less: Average Markets interest-earning assets
1,686,445 1,599,089 1,403,245 1,404,633 1,387,584 5 22 1,643,008 1,321,732 24 
Average interest-earning assets excluding Markets$2,601,509 $2,536,648 $2,520,579 $2,491,131 $2,458,398 3 6 $2,569,258 $2,435,942 5 
Net yield on average interest-earning assets - managed basis (a)2.40 %2.50 %2.54 %2.45 %2.43 %2.45 %2.51 %
Net yield on average Markets interest-earning assets
0.46 0.56 0.35 0.19 0.16 0.51 0.21 
Net yield on average interest-earning assets excluding Markets (a)3.65 3.72 3.76 3.73 3.71 3.69 3.75 
Noninterest revenue - reported$31,836 $24,470 $20,803 $22,461 $21,703 30 47 $56,306 $43,740 29 
Fully taxable-equivalent adjustments564 587 856 588 663 (4)(15)1,151 1,265 (9)
Noninterest revenue - managed basis$32,400 $25,057 $21,659 $23,049 $22,366 29 45 $57,457 $45,005 28 
Less: Markets noninterest revenue
10,133 9,360 6,988 8,264 8,375 8 21 19,493 17,253 13 
Noninterest revenue excluding Markets$22,267 $15,697 $14,671 $14,785 $13,991 42 59 $37,964 $27,752 37 
Memo: Markets total net revenue$12,078 $11,559 $8,239 $8,944 $8,936 4 35 $23,637 $18,599 27 
(a) Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.



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