株探米国株
エドガーで原本を確認する
false000001961700000196172026-07-142026-07-140000019617us-gaap:CommonStockMember2026-07-142026-07-140000019617jpm:DepositarySharesOneFourHundredthInterestinaShareof5.75NonCumulativePreferredStockSeriesDDMember2026-07-142026-07-140000019617jpm:DepositarySharesOneFourHundredthInterestinaShareof6.00NonCumulativePreferredStockSeriesEEMember2026-07-142026-07-140000019617jpm:DepositarySharesOneFourHundredthInterestinaShareof4.75NonCumulativePreferredStockSeriesGGMember2026-07-142026-07-140000019617jpm:DepositarySharesOneFourHundredthInterestInAShareOf455NonCumulativePreferredStockSeriesJJMember2026-07-142026-07-140000019617jpm:DepositarySharesOneFourHundredthInterestInAShareOf4625NonCumulativePreferredStockSeriesLLMember2026-07-142026-07-140000019617jpm:DepositarySharesOneFourHundredthInterestInAShareOf420NonCumulativePreferredStockSeriesMMMember2026-07-142026-07-140000019617jpm:GuaranteeOfCallableFixedRateNotesDueJune102032OfJPMorganChaseFinancialCompanyLLCMember2026-07-142026-07-140000019617jpm:GuaranteeOfAlerianMLPIndexETNsDueJanuary282044OfJPMorganChaseFinancialCompanyLLCDomain2026-07-142026-07-140000019617jpm:GuaranteeOfInverseVIXShortTermFuturesETNsDueMarch222045OfJPMorganChaseFinancialCompanyLLCMember2026-07-142026-07-14


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 14, 2026
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
Delaware 1-5805 13-2624428
(State or other jurisdiction of
incorporation or organization)		 (Commission File Number) (I.R.S. employer
identification no.)
270 Park Avenue,
New York, New York 10017
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 270-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock JPM The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD JPM PR D The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE JPM PR C The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG JPM PR J The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ JPM PR K The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL JPM PR L The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM JPM PR M The New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
 JPM/32 The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC AMJB NYSE Arca, Inc.
Guarantee of Inverse VIX Short-Term Futures ETNs due March 22, 2045 of JPMorgan Chase Financial Company LLC VYLD NYSE Arca, Inc.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition
On July 14, 2026, JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) reported 2026 second quarter net income of $21.2 billion, or $7.70 per share, compared with net income of $15.0 billion, or $5.24 per share, in the second quarter of 2025. A copy of the 2026 second quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.
Each of the Exhibits provided with this Form 8-K shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934.
This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of JPMorganChase’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorganChase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which have been filed with the Securities and Exchange Commission and are available on JPMorganChase’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorganChase does not undertake to update any forward-looking statements.









Item 9.01 Financial Statements and Exhibits

(d)    Exhibits
Exhibit No.   Description of Exhibit
     
99.1
99.2
101 Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

2


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
JPMorgan Chase & Co.
(Registrant)

By: /s/ Elena Korablina
Elena Korablina
Managing Director and Firmwide Controller
(Principal Accounting Officer)

Dated: July 14, 2026



3
EX-99.1 2 a2q26erfexhibit991narrative.htm JPMORGAN CHASE & CO. EARNINGS RELEASE - SECOND QUARTER 2026 RESULTS Document
Exhibit 99.1
JPMorgan Chase & Co.
270 Park Avenue, New York, NY 10017-2070
NYSE symbol: JPM
www.jpmorganchase.com
image28.jpg
JPMORGANCHASE REPORTS SECOND-QUARTER 2026 NET INCOME OF $21.2 BILLION ($7.70 PER SHARE), NET INCOME EXCLUDING SIGNIFICANT ITEMS OF $16.9 BILLION ($6.14 PER SHARE)
SECOND-QUARTER 2026 RESULTS 1
ROE 24%
ROTCE2 29%
ROTCE ex. significant items2 23%
CET1 Capital Ratios3
Std. 14.1% | Adv. 14.2%
Total Loss-Absorbing Capacity3 $590B
Std. RWA3 $2.1T
Cash and marketable securities4 $1.5T
Average loans $1.5T
Firmwide Metrics
 n
Reported revenue of $57.3 billion and managed revenue2 of $58.0 billion
n
Expense of $27.3 billion; reported overhead ratio of 48% and managed overhead ratio2 of 47%
n
Credit costs of $2.5 billion with $2.4 billion of net charge-offs and a $149 million net reserve build
n
Average loans up 10% YoY, up 2% QoQ; average deposits up 7% YoY, up 3% QoQ
CCB

ROE 34%
 n
Average deposits up 3% YoY, up 2% QoQ; client investment assets up 21% YoY
n
Average loans up 2% YoY, up 1% QoQ; Card Services net charge-off rate of 3.34%
n
Debit and credit card sales volume5 up 10% YoY
n
Active mobile customers6 up 6% YoY
CIB
  
ROE 22%
 n
Investment Banking fees up 30% YoY, up 14% QoQ; #1 ranking for Global Investment Banking fees with 9.3% wallet share YTD7
n
Markets revenue up 35% YoY, with Fixed Income Markets up 6% and Equity Markets up 86%
n
Average Banking & Payments loans up 13% YoY, up 5% QoQ; average client deposits8 up 11% YoY, up 3% QoQ
AWM

ROE 48%
n
AUM9 of $5.1 trillion, up 18% YoY
n
Average loans up 18% YoY, up 6% QoQ; average deposits up 5% YoY, up 3% QoQ
Jamie Dimon, Chairman and CEO, commented on the financial results: “The Firm reported very strong results in the quarter, generating net income of $16.9 billion and an ROTCE of 23%, excluding gains related to Visa and certain equity investments. These results were the product of a particularly favorable environment with an elevated level of market activity, as well as rigorous execution, years of consistent investment and thoughtful capital deployment.”

Dimon continued: “Performance was strong across the Firm, and revenue in each line of business hit a new record. In the CIB, revenue grew 27% and outperformed our expectations, with Markets revenue growing 35% due to elevated client activity, strong trading performance and continued demand for financing in Equities. IB activity also accelerated, with IB fees jumping 30% to the highest level since 2021, and market sentiment remains constructive for continued activity. Additionally, Payments and Securities Services each posted double-digit revenue growth led by ongoing deposit and fee growth. In CCB, revenue rose 8%, and we continued to add customers at a sustained pace across the franchise. In wealth management, first-time investors of nearly 44,000 set a new record. Additionally, Card annual fees grew more than 30%, reflecting healthy retention levels after recent product refreshes as well as demand for our premium products. Finally, in AWM, revenue increased 19%, and flows remained robust with $50 billion of long-term AUM net inflows, helping to drive AUM to over $5 trillion.”

Dimon added: “The U.S. economy has demonstrated notable resiliency this year, with stronger business investment and hiring. This strength is being supported by several tailwinds, including AI-driven capital investment, fiscal stimulus and the benefits of more efficient regulation. However, several risks are shifting below the surface like tectonic plates, including geopolitical tensions and wars, sticky inflation, large global fiscal deficits and elevated asset prices. We cannot predict how these forces will ultimately play out. They may remain manageable, but they could also cause meaningful disruptions when they shift or collide. We carefully monitor these risks and prepare the Firm for a wide range of scenarios to ensure that we can serve our customers and clients consistently in all environments.”

Dimon concluded: “I want to express my deep gratitude to our employees across the globe for how they work to support our customers and communities every single day.”









SIGNIFICANT ITEMS IN 2Q26 RESULTS
n    $4.6 billion net gain related to Visa shares10 ($1.27 increase in EPS11)
n    $1.0 billion of gains on certain equity investments12 ($0.29 increase in EPS)
CAPITAL DISTRIBUTIONS
n    Common dividend of $4.0 billion or $1.50 per share
n    $6.2 billion of common stock net repurchases13
n    Net payout LTM13,14 of 73%
FORTRESS PRINCIPLES
n     Book value per share of $133.01, up 9% YoY; tangible book value per share2 of $113.35, up 10% YoY
n    Basel III common equity Tier 1 capital3 of $303 billion, Standardized ratio3 of 14.1% and Advanced ratio3 of 14.2%
n    Firm supplementary leverage ratio of 5.5%
SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES
n    Approximately $1.9 trillion of credit and capital15 raised YTD:
n    $160 billion of credit for consumers
n    $17 billion of credit for U.S. small businesses
n    $1.7 trillion of credit and capital for corporations and non-U.S. government entities
n    $52 billion of credit and capital for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities
Investor Contact: Mikael Grubb (212) 270-2479
Media Contact: Joseph Evangelisti (212) 270-7438
Note: Totals may not sum due to rounding.
1 Percentage comparisons are for the second quarter of 2026 versus the prior-year second quarter, unless otherwise specified.
2 For notes on non-GAAP financial measures, including managed basis reporting, see page 6.
For additional notes, see page 7.
JPMorgan Chase & Co.
News Release
In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments and Corporate is also presented on a managed basis. For more information about managed basis and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.
Comparisons noted in the sections below are for the second quarter of 2026 versus the prior-year second quarter, unless otherwise specified.
JPMORGANCHASE (JPM)
Results for JPM 1Q26 2Q25
($ millions, except per share data) 2Q26 1Q26 2Q25 $ O/(U) O/(U) % $ O/(U) O/(U) %
Net revenue - reported $ 57,347  $ 49,836  $ 44,912  $ 7,511  15  % $ 12,435  28  %
Net revenue - managed 58,022  50,536  45,680  7,486  15  12,342  27 
Noninterest expense 27,316  26,850  23,779  466  2  3,537  15 
Provision for credit losses 2,515  2,507  2,849  8  —  (334) (12)
Net income $ 21,155  $ 16,494  $ 14,987  $ 4,661  28  % $ 6,168  41  %
Earnings per share - diluted $ 7.70  $ 5.94  $ 5.24  $ 1.76  30  % $ 2.46  47  %
Return on common equity 24  % 19  % 18  %
Return on tangible common equity 29  23  21 
Discussion of Results:
Net income was $21.2 billion, up 41%, or up 13% excluding significant items.2 The significant items, each in the current quarter, consisted of a $4.6 billion net gain related to Visa shares in Corporate as well as $1.0 billion of gains on certain equity investments, of which $763 million was in Corporate and $263 million was in CIB.
Net revenue was $58.0 billion, up 27%, or up 15% excluding significant items. Net interest income was $25.6 billion, up 10%. Noninterest revenue was $32.4 billion, up 45%, or up 20% excluding significant items.
Net interest income excluding Markets2 was $23.7 billion, up 4%, driven by higher deposit balances, higher revolving balances in Card Services and higher wholesale loan balances, largely offset by the impact of lower rates. Noninterest revenue excluding Markets2 was $22.3 billion, up 59%, or up 19% also excluding significant items, largely driven by higher asset management fees in AWM and CCB, higher Investment Banking revenue and higher auto operating lease income, partially offset by higher net investment securities losses. Markets revenue was $12.1 billion, up 35%, predominantly driven by higher Equity Markets revenue.
Noninterest expense was $27.3 billion, up 15%, predominantly driven by higher compensation, including higher revenue-related compensation and growth in the number of front office employees, as well as higher brokerage expense and distribution fees, higher marketing expense, higher technology expense and higher occupancy expense.
The provision for credit losses was $2.5 billion. Net charge-offs were $2.4 billion, down $44 million. The net reserve build was $149 million, primarily in Wholesale. In the prior year, the provision was $2.8 billion, net charge-offs were $2.4 billion and the net reserve build was $439 million.
The prior year included a $774 million income tax benefit in Corporate.

2
JPMorgan Chase & Co.
News Release
CONSUMER & COMMUNITY BANKING (CCB)
Results for CCB 1Q26 2Q25
($ millions) 2Q26 1Q26 2Q25 $ O/(U) O/(U) % $ O/(U) O/(U) %
Net revenue
 $ 20,272  $ 19,568  $ 18,847  $ 704  4  % $ 1,425  8  %
Banking & Wealth Management 11,229  10,577  10,698  652  6  531  5 
Home Lending 1,285  1,232  1,250  53  4  35  3 
Card Services & Auto 7,758  7,759  6,899  (1) —  859  12 
Noninterest expense 11,108  10,979  9,858  129  1  1,250  13 
Provision for credit losses 2,156  2,050  2,082  106  5  74  4 
Net income $ 5,311  $ 4,976  $ 5,169  $ 335  7  % $ 142  3  %
Discussion of Results:
Net income was $5.3 billion, up 3%.
Net revenue was $20.3 billion, up 8%. Banking & Wealth Management net revenue was $11.2 billion, up 5%, largely driven by higher asset management fees in J.P. Morgan Wealth Management and higher deposit-related fees. Home Lending net revenue was $1.3 billion, up 3%, driven by higher net interest income. Card Services & Auto net revenue was $7.8 billion, up 12%, predominantly driven by higher Card Services net interest income, largely on higher revolving balances, as well as higher auto operating lease income.
Noninterest expense was $11.1 billion, up 13%, predominantly driven by higher marketing expense, higher compensation for advisors and bankers, higher technology expense and higher auto lease depreciation.
The provision for credit losses was $2.2 billion. Net charge-offs were $2.2 billion, up $70 million, predominantly driven by Card Services. Reserves were flat. In the prior year, the provision was $2.1 billion, net charge-offs were $2.1 billion and reserves were relatively flat.

3
JPMorgan Chase & Co.
News Release
COMMERCIAL & INVESTMENT BANK (CIB)
Results for CIB 1Q26 2Q25
($ millions) 2Q26 1Q26 2Q25 $ O/(U) O/(U) % $ O/(U) O/(U) %
Net revenue $ 24,853  $ 23,379  $ 19,535  $ 1,474  6  % $ 5,318  27  %
Banking & Payments 11,162  10,425  9,248  737  7  1,914  21 
Markets & Securities Services 13,691  12,954  10,287  737  6  3,404  33 
Noninterest expense 11,390  11,136  9,641  254  2  1,749  18 
Provision for credit losses 356  482  696  (126) (26) (340) (49)
Net income $ 9,678  $ 9,044  $ 6,650  $ 634  7  % $ 3,028  46  %

Discussion of Results:
Net income was $9.7 billion, up 46%.
Net revenue was $24.9 billion, up 27%. Banking & Payments revenue was $11.2 billion, up 21%. Investment Banking revenue was $3.9 billion, up 45%, predominantly driven by higher Investment Banking fees and net gains on equity investments. Investment Banking fees were $3.3 billion, up 30%, driven by higher fees across all products, with particularly strong performance in equity underwriting fees. Payments revenue was $5.3 billion, up 12%, predominantly driven by higher deposit balances and fee growth. Lending revenue was $2.0 billion, up 7%, largely driven by higher loan balances.
Markets & Securities Services revenue was $13.7 billion, up 33%. Markets revenue was $12.1 billion, up 35%. Fixed Income Markets revenue was $6.1 billion, up 6%, driven by higher revenue in Credit, Currencies & Emerging Markets and Rates, partially offset by lower revenue in Commodities. Equity Markets revenue was $6.0 billion, up 86%, driven by strong performance across products and regions. Securities Services revenue was $1.7 billion, up 17%, predominantly driven by fee growth on higher market levels and client activity, as well as higher deposit balances.
Noninterest expense was $11.4 billion, up 18%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage expense.
The provision for credit losses was $356 million, driven by net lending activity and changes in the credit quality of certain exposures, partially offset by a reserve release for certain accounts receivable and an update to loss assumptions on certain loans in Markets. Net charge-offs were $207 million, and the net reserve build was $149 million. In the prior year, the provision was $696 million, the net reserve build was $371 million and net charge-offs were $325 million.

ASSET & WEALTH MANAGEMENT (AWM)
Results for AWM 1Q26 2Q25
($ millions) 2Q26 1Q26 2Q25 $ O/(U) O/(U) % $ O/(U) O/(U) %
Net revenue $ 6,851  $ 6,374  $ 5,760  $ 477  7  % $ 1,091  19  %
Noninterest expense 4,207  4,167  3,733  40  1  474  13 
Provision for credit losses 13  (24) 46  37  NM (33) (72)
Net income $ 1,957  $ 1,775  $ 1,473  $ 182  10  % $ 484  33  %
Discussion of Results:
Net income was $2.0 billion, up 33%.
Net revenue was $6.9 billion, up 19%, driven by growth in management fees on higher average market levels and strong net inflows, as well as investment valuation gains, higher loan balances and higher brokerage activity.
Noninterest expense was $4.2 billion, up 13%, largely driven by higher compensation, primarily due to higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.
Assets under management were $5.1 trillion, up 18%, and client assets were $7.7 trillion, up 19%, driven by higher market levels and continued net inflows.

4
JPMorgan Chase & Co.
News Release
CORPORATE
Results for Corporate 1Q26 2Q25
($ millions) 2Q26 1Q26 2Q25 $ O/(U) O/(U) % $ O/(U) O/(U) %
Net revenue
 $ 6,046  $ 1,215  $ 1,538  $ 4,831  398  % $ 4,508  293  %
Noninterest expense 611  568  547  43  8  64  12 
Provision for credit losses (10) (1) 25  (9) NM (35) NM
Net income
 $ 4,209  $ 699  $ 1,695  $ 3,510  NM $ 2,514  148  %
Discussion of Results:
Net income was $4.2 billion, up $2.5 billion, or down $1.5 billion excluding significant items, driven by lower net interest income and reflecting the absence of a $774 million income tax benefit in the prior year.
Net revenue was $6.0 billion, up $4.5 billion, or down $805 million excluding significant items. Net interest income was $822 million, down $667 million, predominantly driven by the impact of lower rates. Noninterest revenue was $5.2 billion, up $5.2 billion, or down $138 million excluding significant items. The decrease includes the impact of higher net investment securities losses.
Noninterest expense was $611 million, up $64 million.



5
JPMorgan Chase & Co.
News Release
2. Notes on non-GAAP financial measures:

a.The Firm prepares its Consolidated Financial Statements in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with the U.S. GAAP financial statements of other companies. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole and for each of the reportable business segments and Corporate on a fully taxable-equivalent basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by each of the lines of business and Corporate. For a reconciliation of the Firm’s results from a reported to managed basis, refer to page 7 of the Earnings Release Financial Supplement.

b.Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”) are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, refer to page 10 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. Book value per share was $133.01, $128.38 and $122.51 at June 30, 2026, March 31, 2026 and June 30, 2025, respectively. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

c.In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR from reported to excluding Markets, refer to page 28 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to pages 73-74 of the Firm’s 2025 Form 10-K.
d.The significant items, each in the current quarter, collectively refer to a $4.6 billion net gain related to Visa shares in Corporate as well as $1.0 billion of gains on certain equity investments, of which $763 million was in Corporate and $263 million was in CIB. Results excluding significant items are non-GAAP financial measures. Excluding these items from second-quarter 2026 net income, earnings per share and ROTCE resulted in a decrease of $4.2 billion (after tax) to reported net income from $21.2 billion to $16.9 billion, a decrease of $1.56 per share to reported EPS from $7.70 to $6.14 and a decrease of 6 percentage points to reported ROTCE from 29% to 23%. Management believes these measures provide useful information to investors and analysts in assessing the Firm’s results.










6
JPMorgan Chase & Co.
News Release
Additional notes:

3.Estimated.
4.Estimated. Cash and marketable securities include end-of-period eligible high-quality liquid assets (“HQLA”), excluding regulatory prescribed haircuts under the liquidity coverage ratio (“LCR”) rule where applicable, for both the Firm and the excess HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank affiliates and thus excluded from the Firm’s LCR. Also include other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 41-47 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 and pages 100-107 of the Firm’s 2025 Form 10-K for additional information.
5.Excludes Commercial Card.
6.Users of all mobile platforms who have logged in within the past 90 days.
7.According to Dealogic as of July 1, 2026.
8.Client deposits and other third party liabilities (“client deposits”) pertain to the Payments and Securities Services businesses.
9.Assets under management (“AUM”).
10.On April 13, 2026, Visa Inc. commenced an exchange offer for Visa Class B-2 common stock. On May 11, 2026, Visa accepted the Firm’s tender of its 18.6 million Visa Class B-2 common stock in exchange for a combination of Visa Class B-3 common stock and Visa Class C common stock. Visa’s acceptance resulted in a gain for the Firm relating to the Visa Class C common stock, which is held at fair value.
11.Earnings Per Share (“EPS”).
12.Represented a measurement alternative markup on an equity investment and initial gains on transition from measurement alternative to recurring fair value on certain other equity investments.
13.Includes the net impact of employee issuances. Excludes excise tax and commissions.
14.Last twelve months (“LTM”).
15.Credit provided to clients represents new and renewed credit, including loans and lending-related commitments, as well as unused amounts of advised uncommitted lines of credit where the Firm has discretion on whether or not to make a loan under these lines. Credit and capital for corporations and non-U.S. government entities includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.



7
JPMorgan Chase & Co.
News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $5.0 trillion in assets and $375 billion in stockholders’ equity as of June 30, 2026. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, July 14, 2026, at 8:30 a.m. (ET) to present second-quarter 2026 financial results. The general public can access the conference call by dialing the following numbers: 1 (888) 324-3618 in the U.S. and Canada; +1 (312) 470-7119 for international callers; use passcode 1364784#. Please dial in 15 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations, Events & Presentations.

A replay of the conference call also will be available by telephone beginning at approximately 11:00 a.m. (ET) on July 14, 2026 through 11:59 p.m. (ET) on July 29, 2026 at 1 (800) 391-9851 (U.S. and Canada); +1 (203) 369-3268 (International); use passcode 67371#. The replay will be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of JPMorgan Chase & Co.’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.


8
EX-99.2 3 a2q26erfex992supplement.htm JPMORGAN CHASE & CO. EARNINGS RELEASE FINANCIAL SUPPLEMENT - SECOND QUARTER 2026 Document

Exhibit 99.2




jpmc_logoxstandardxblackxra.jpg


EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER 2026












JPMORGAN CHASE & CO.
imagea.jpg
TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights 2–3
Consolidated Statements of Income 4
Consolidated Balance Sheets 5
Condensed Average Balance Sheets and Annualized Yields 6
Reconciliation from Reported to Managed Basis 7
Segment & Corporate Results - Managed Basis
 8
Capital and Other Selected Balance Sheet Items 9–10
Earnings Per Share and Related Information 11
Business Segment & Corporate Results
Consumer & Community Banking (“CCB”) 12–15
Commercial & Investment Bank (“CIB”) 16–19
Asset & Wealth Management (“AWM”)
20–22
Corporate 23
Credit-Related Information 24-27
Non-GAAP Financial Measures 28
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 320–327 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 170-176 and pages 177-178, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.























JPMORGAN CHASE & CO.
imagea.jpg
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
SELECTED INCOME STATEMENT DATA 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
Reported Basis
Total net revenue $ 57,347  (e) $ 49,836  $ 45,798  $ 46,427  $ 44,912  15  % 28  % $ 107,183  (e) $ 90,222  19  %
Total noninterest expense 27,316  26,850  23,983  24,281  23,779  2  15  54,166  47,376  14 
Pre-provision profit (a) 30,031  22,986  21,815  22,146  21,133  31  42  53,017  42,846  24 
Provision for credit losses 2,515  2,507  4,655  (g) 3,403  2,849  —  (12) 5,022  6,154  (18)
NET INCOME 21,155  16,494  13,025  14,393  14,987  28  41  37,649  29,630  27 
Managed Basis (b)
Total net revenue 58,022  (e) 50,536  46,767  47,120  45,680  15  27  108,558  (e) 91,694  18 
Total noninterest expense 27,316  26,850  23,983  24,281  23,779  2  15  54,166  47,376  14 
Pre-provision profit (a) 30,706  23,686  22,784  22,839  21,901  30  40  54,392  44,318  23 
Provision for credit losses 2,515  2,507  4,655  (g) 3,403  2,849  —  (12) 5,022  6,154  (18)
NET INCOME 21,155  16,494  13,025  14,393  14,987  28  41  37,649  29,630  27 
EARNINGS PER SHARE DATA
Net income: Basic $ 7.71  $ 5.95  $ 4.64  $ 5.08  $ 5.25  30  47  $ 13.65  $ 10.32  32 
Diluted 7.70  5.94  4.63  5.07  5.24  30  47  13.63  10.31  32 
Average shares: Basic 2,689.9  2,716.2  2,735.3  2,762.4  2,788.7  (1) (4) 2,703.1  2,804.0  (4)
Diluted 2,694.2  2,720.2  2,740.5  2,767.6  2,793.7  (1) (4) 2,707.2  2,809.0  (4)
MARKET AND PER COMMON SHARE DATA
Market capitalization $ 870,104  $ 788,205  $ 868,793  $ 858,683  $ 797,181  10  9  $ 870,104  $ 797,181  9 
Common shares at period-end 2,658.2  2,679.5  2,696.2  2,722.2  2,749.7  (1) (3) 2,658.2  2,749.7  (3)
Book value per share $ 133.01  $ 128.38  $ 126.99  $ 124.96  $ 122.51  4  9  $ 133.01  $ 122.51  9 
Tangible book value per share (“TBVPS”) (a) 113.35  108.87  107.56  105.70  103.40  4  10  113.35  103.40  10 
Cash dividends declared per share 1.50  1.50  1.50  1.50  1.40  —  7  3.00  2.80  7 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”) 24  % 19  % 15  % 17  % 18  % 22  % 18  %
Return on tangible common equity (“ROTCE”) (a) 29  23  18  20  21  26  21 
Return on assets 1.70  1.41  1.14  1.26  1.35  1.56  1.38 
CAPITAL RATIOS
Common equity Tier 1 (“CET1”) capital ratio - Standardized (d) 14.1  % (f) 14.3  % 14.6  % 14.8  % 15.1  % 14.1  % (f) 15.1  %
Tier 1 capital ratio - Standardized (d) 15.1  (f) 15.2  15.5  15.8  16.1  15.1  (f) 16.1 
Total capital ratio - Standardized (d) 16.9  (f) 17.2  17.4  17.7  17.8  16.9  (f) 17.8 
Tier 1 leverage ratio 6.6  (f) 6.6  6.9  6.9  6.9  6.6  (f) 6.9 
Supplementary leverage ratio (“SLR”) 5.5  (f) 5.6  5.8  5.8  5.9  5.5  (f) 5.9 
 
On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio (the “Apple Card transaction”), with an expected closing date approximately 24 months thereafter. Refer to Notes 4, 13, 27 and 28 of the Firm’s 2025 Form 10-K for additional information.
(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Ratios are based upon annualized amounts.
(d)At June 30, 2026, the Advanced total capital ratio was more binding on the Firm than the Standardized total capital ratio. At each of March 31, 2026 and December 31, 2025, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios. Refer to page 9 for further information on the Firm’s capital metrics.
(e)Included a $4.6 billion net gain in Corporate related to Visa Class C common stock held at fair value and received by the Firm in an exchange offer following the acceptance by Visa Inc. on May 11, 2026 of the Firm’s tender of its 18.6 million shares of Visa Class B-2 common stock. Also included $1.0 billion of gains, which represented a measurement alternative markup on an equity investment and initial gains on transition from measurement alternative to recurring fair value on certain other equity investments, in Corporate and CIB. Refer to page 8 and Note 2 of JPMorganChase’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further information on the Visa exchange offer.
(f)Estimated.
(g)Included $2.2 billion associated with the Apple Card transaction. Refer to Note 13 of the Firm’s 2025 Form 10-K for additional information.





Page 2

JPMORGAN CHASE & CO.
imagea.jpg
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
SELECTED BALANCE SHEET DATA (period-end)
Total assets $ 5,015,069  $ 4,900,475  $ 4,424,900  $ 4,560,205  $ 4,552,482  2  % 10  % $ 5,015,069  $ 4,552,482  10  %
Loans:
Consumer, excluding credit card loans 391,743  391,660  402,258  393,084  394,040  —  (1) 391,743  394,040  (1)
Credit card loans 249,876  239,123  247,797  235,475  232,943  4  7  249,876  232,943  7 
Wholesale loans 900,843  872,737  843,374  806,687  785,009  3  15  900,843  785,009  15 
Total loans 1,542,462  1,503,520  1,493,429  1,435,246  1,411,992  3  9  1,542,462  1,411,992  9 
Deposits:
U.S. offices:
Noninterest-bearing 625,874  595,424  583,342  589,105  591,177  5  6  625,874  591,177  6 
Interest-bearing 1,500,791  1,508,682  1,452,729  1,433,404  1,441,905  (1) 4  1,500,791  1,441,905  4 
Non-U.S. offices:
Noninterest-bearing 42,044  43,775  37,057  34,255  29,976  (4) 40  42,044  29,976  40 
Interest-bearing 544,991  527,639  486,192  491,712  499,322  3  9  544,991  499,322  9 
Total deposits 2,713,700  2,675,520  2,559,320  2,548,476  2,562,380  1  6  2,713,700  2,562,380  6 
Long-term debt 460,523  448,764  435,206  427,203  419,802  3  10  460,523  419,802  10 
Common stockholders’ equity 353,558  343,993  342,393  340,167  336,879  3  5  353,558  336,879  5 
Total stockholders’ equity 374,598  364,038  362,438  360,212  356,924  3  5  374,598  356,924  5 
Loans-to-deposits ratio 57  % 56  % 58  % 56  % 55  % 57  % 55  %
Employees 320,560  320,079  318,512  318,153  317,160  —  1  320,560  317,160  1 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR $ 49  $ 37  $ 35  $ 33  $ 42  32  17 
Earnings-at-Risk (in billions) (a)
Parallel shift:
+100 bps shift in rates $ 1.8  (c) $ 1.9  $ 2.1  $ 1.8  $ 1.8  (3) 2 
-100 bps shift in rates (2.4) (c) (2.2) (2.4) (2.2) (2.0) (10) (21)
LINE OF BUSINESS (“LOB”) & CORPORATE NET REVENUE (b)
Consumer & Community Banking $ 20,272  $ 19,568  $ 19,396  $ 19,473  $ 18,847  4  8  $ 39,840  $ 37,160  7 
Commercial & Investment Bank 24,853  23,379  19,375  19,878  19,535  6  27  48,232  39,201  23 
Asset & Wealth Management 6,851  6,374  6,516  6,066  5,760  7  19  13,225  11,491  15 
Corporate 6,046  1,215  1,480  1,703  1,538  398  293  7,261  3,842  89 
TOTAL NET REVENUE $ 58,022  $ 50,536  $ 46,767  $ 47,120  $ 45,680  15  27  $ 108,558  $ 91,694  18 
LOB & CORPORATE NET INCOME
Consumer & Community Banking $ 5,311  $ 4,976  $ 3,642  $ 5,009  $ 5,169  7  3  $ 10,287  $ 9,594  7 
Commercial & Investment Bank 9,678  9,044  7,268  6,901  6,650  7  46  18,722  13,592  38 
Asset & Wealth Management 1,957  1,775  1,808  1,658  1,473  10  33  3,732  3,056  22 
Corporate 4,209  699  307  825  1,695  NM 148  4,908  3,388  45 
NET INCOME $ 21,155  $ 16,494  $ 13,025  $ 14,393  $ 14,987  28  41  $ 37,649  $ 29,630  27 
(a)Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. The Firm’s actual net interest income results may differ compared to the instantaneous rate changes modelled in the earnings-at-risk estimates. Refer to pages 140-141 of the Firm’s 2025 Form 10-K for additional information.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Estimated.
Page 3

JPMORGAN CHASE & CO.
imagea.jpg
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
REVENUE 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
Investment banking fees $ 3,208  $ 2,858  $ 2,326  $ 2,612  $ 2,499  12  % 28  % $ 6,066  $ 4,677  30  %
Principal transactions 9,007  7,987  5,340  7,109  7,149  13  26  16,994  14,763  15 
Lending- and deposit-related fees 2,511  2,394  2,364  2,349  2,248  5  12  4,905  4,380  12 
Asset management fees 5,658  5,515  5,701  5,120  4,806  3  18  11,173  9,506  18 
Commissions and other fees 2,614  2,482  2,108  2,204  2,194  5  19  5,096  4,227  21 
Investment securities gains/(losses)
 (395) 64  (71) 105  (54) NM NM (331) (91) (264)
Mortgage fees and related income 336  309  357  383  363  9  (7) 645  641  1 
Card income 1,348  1,190  1,020  1,140  1,344  13  —  2,538  2,560  (1)
Other income 7,549  (d) 1,671  1,658  1,439  1,154  352  NM 9,220  (d) 3,077  200 
Noninterest revenue 31,836  24,470  20,803  22,461  21,703  30  47  56,306  43,740  29 
Interest income 50,624  49,191  48,808  49,439  48,241  3  5  99,815  95,094  5 
Interest expense 25,113  23,825  23,813  25,473  25,032  5  —  48,938  48,612  1 
Net interest income 25,511  25,366  24,995  23,966  23,209  1  10  50,877  46,482  9 
TOTAL NET REVENUE 57,347  49,836  45,798  46,427  44,912  15  28  107,183  90,222  19 
Provision for credit losses 2,515  2,507  4,655  (e) 3,403  2,849  —  (12) 5,022  6,154  (18)
NONINTEREST EXPENSE
Compensation expense 15,159  15,339  13,118  13,566  13,710  (1) 11  30,498  27,803  10 
Occupancy expense 1,482  1,447  1,475  1,420  1,264  2  17  2,929  2,566  14 
Technology, communications and equipment expense 3,107  3,021  2,908  2,839  2,704  3  15  6,128  5,282  16 
Professional and outside services 3,855  3,483  3,338  3,173  3,006  11  28  7,338  5,845  26 
Marketing 1,670  1,604  1,468  1,480  1,279  4  31  3,274  2,583  27 
Other expense (a) 2,043  1,956  1,676  (f) 1,803  1,816  4  13  3,999  3,297  21 
TOTAL NONINTEREST EXPENSE 27,316  26,850  23,983  24,281  23,779  2  15  54,166  47,376  14 
Income before income tax expense 27,516  20,479  17,160  18,743  18,284  34  50  47,995  36,692  31 
Income tax expense 6,361  3,985  4,135  4,350  3,297  (g) 60  93  10,346  7,062  (g) 47 
NET INCOME $ 21,155  $ 16,494  $ 13,025  $ 14,393  $ 14,987  28  41  $ 37,649  $ 29,630  27 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share $ 7.71  $ 5.95  $ 4.64  $ 5.08  $ 5.25  30  47  $ 13.65  $ 10.32  32 
Diluted earnings per share 7.70  5.94  4.63  5.07  5.24  30  47  13.63  10.31  32 
FINANCIAL RATIOS
Return on common equity (b) 24  % 19  % 15  % 17  % 18  % 22  % 18  %
Return on tangible common equity (b)(c) 29  23  18  20  21  26  21 
Return on assets (b) 1.70  1.41  1.14  1.26  1.35  1.56  1.38 
Effective income tax rate 23.1  19.5  24.1  23.2  18.0  (g) 21.6  19.2  (g)
Overhead ratio 48  54  52  52  53  51  53 
(a)Included Firmwide legal expense of $116 million, $223 million, $60 million, $62 million and $118 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $339 million and $239 million for the six months ended June 30, 2026 and 2025, respectively.
(b)Ratios are based upon annualized amounts.
(c)Refer to page 28 for a further discussion of ROTCE.
(d)Included a $4.6 billion net gain related to Visa Class C common stock in Corporate and $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. Refer to footnote (e) on page 2 for further information.
(e)Refer to footnote (g) on page 2 for additional information.
(f)Included an FDIC special assessment accrual release of $326 million for the three months ended December 31, 2025. Refer to Note 6 on page 221 of the Firm’s 2025 Form 10-K for additional information.
(g)Included a $774 million income tax benefit in Corporate driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.

Page 4

JPMORGAN CHASE & CO.
imagea.jpg
CONSOLIDATED BALANCE SHEETS
(in millions)
Jun 30, 2026
Change
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30,
2026 2026 2025 2025 2025 2026 2025
ASSETS
Cash and due from banks $ 24,720  $ 22,039  $ 21,742  $ 21,821  $ 23,759  12  % 4  %
Deposits with banks 285,091  290,103  321,596  281,615  396,568  (2) (28)
Federal funds sold and securities purchased under
resale agreements 446,143  482,704  336,426  425,815  470,589  (8) (5)
Securities borrowed 362,487  284,524  286,191  248,368  223,976  27  62 
Trading assets:
Debt and equity instruments 994,305  997,751  745,096  892,928  829,510  —  20 
Derivative receivables 67,767  71,584  57,777  59,849  60,346  (5) 12 
Available-for-sale (“AFS”) securities 536,048  549,037  507,198  490,499  (a) 485,380  (2) 10 
Held-to-maturity (”HTM”) securities 268,474  272,142  270,134  293,446  (a) 260,559  (1) 3 
Investment securities, net of allowance for credit losses 804,522  821,179  777,332  783,945  745,939  (2) 8 
Loans 1,542,462  1,503,520  1,493,429  1,435,246  1,411,992  3  9 
Less: Allowance for loan losses 26,152  25,928  25,765  25,735  24,953  1  5 
Loans, net of allowance for loan losses 1,516,310  1,477,592  1,467,664  1,409,511  1,387,039  3  9 
Accrued interest and accounts receivable
 179,939  142,334  111,599  141,876  124,463  26  45 
Premises and equipment 37,701  36,771  36,244  35,063  33,562  3  12 
Goodwill, MSRs and other intangible assets 64,304  64,289  64,458  64,442  64,465  —  — 
Other assets 231,780  209,605  198,775  194,972  192,266  11  21 
TOTAL ASSETS $ 5,015,069  $ 4,900,475  $ 4,424,900  $ 4,560,205  $ 4,552,482  2  10 
LIABILITIES
Deposits $ 2,713,700  $ 2,675,520  $ 2,559,320  $ 2,548,476  $ 2,562,380  1  6 
Federal funds purchased and securities loaned or sold
under repurchase agreements 704,918  716,623  442,396  567,574  595,340  (2) 18 
Short-term borrowings 72,430  68,048  64,776  69,355  65,293  6  11 
Trading liabilities:
Debt and equity instruments 208,648  196,546  169,690  195,859  173,292  6  20 
Derivative payables 66,488  51,290  46,329  46,403  48,110  30  38 
Accounts payable and other liabilities 384,290  352,561  316,794  316,896  303,641  9  27 
Beneficial interests issued by consolidated VIEs 29,474  27,085  27,951  28,227  27,700  9  6 
Long-term debt 460,523  448,764  435,206  427,203  419,802  3  10 
TOTAL LIABILITIES 4,640,471  4,536,437  4,062,462  4,199,993  4,195,558  2  11 
STOCKHOLDERS’ EQUITY
Preferred stock 21,040  20,045  20,045  20,045  20,045  5  5 
Common stock 4,105  4,105  4,105  4,105  4,105  —  — 
Additional paid-in capital 90,559  90,087  91,114  90,865  90,576  1  — 
Retained earnings 445,020  428,206  416,055  407,401  397,424  4  12 
Accumulated other comprehensive loss (“AOCI”)
 (7,693) (6,689) (4,290) (5,878) (7,243) (15) (6)
Treasury stock, at cost (178,433) (171,716) (164,591) (156,326) (147,983) (4) (21)
TOTAL STOCKHOLDERS’ EQUITY 374,598  364,038  362,438  360,212  356,924  3  5 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 5,015,069  $ 4,900,475  $ 4,424,900  $ 4,560,205  $ 4,552,482  2  10 
(a) During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.
Page 5

JPMORGAN CHASE & CO.
imagea.jpg
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
AVERAGE BALANCES 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
ASSETS
Deposits with banks $ 336,127  $ 312,890  $ 335,623  $ 360,156  $ 405,213  7  % (17) % $ 324,572  $ 425,516  (24) %
Federal funds sold and securities purchased under resale agreements 459,513  437,916  330,694  424,346  432,714  5  6  448,775  405,507  11 
Securities borrowed 313,154  286,689  261,877  234,112  234,024  9  34  299,995  237,494  26 
Trading assets - debt instruments 706,817  682,348  620,465  580,985  562,967  4  26  694,650  529,242  31 
Investment securities 807,893  802,265  788,922  768,599  727,651  1  11  805,094  696,484  16 
Loans 1,521,295  1,486,145  1,461,079  1,417,466  1,380,726  2  10  1,503,817  1,360,173  11 
All other interest-earning assets (a) 143,155  127,484  125,164  110,100  102,687  12  39  135,363  103,258  31 
Total interest-earning assets 4,287,954  4,135,737  3,923,824  3,895,764  3,845,982  4  11  4,212,266  3,757,674  12 
Trading assets - equity and other instruments 287,124  241,307  241,351  264,681  239,996  19  20  264,342  232,772  14 
Trading assets - derivative receivables 74,352  68,328  57,543  61,842  57,601  9  29  71,357  58,345  22 
All other noninterest-earning assets 327,658  313,365  306,700  297,658  294,039  5  11  320,551  288,233  11 
TOTAL ASSETS $ 4,977,088  $ 4,758,737  $ 4,529,418  $ 4,519,945  $ 4,437,618  5  12  $ 4,868,516  $ 4,337,024  12 
LIABILITIES
Interest-bearing deposits $ 2,047,761  $ 1,991,590  $ 1,949,049  $ 1,913,958  $ 1,902,337  3  8  $ 2,019,830  $ 1,872,777  8 
Federal funds purchased and securities loaned or
sold under repurchase agreements 725,804  657,816  517,849  567,920  558,043  10  30  691,998  511,880  35 
Short-term borrowings
 54,013  55,469  56,265  53,755  55,059  (3) (2) 54,737  52,190  5 
Trading liabilities - debt and all other interest-bearing liabilities (b)
 349,693  324,559  306,567  314,591  300,126  8  17  337,197  294,166  15 
Beneficial interests issued by consolidated VIEs 28,065  27,519  27,327  28,884  26,185  2  7  27,793  25,981  7 
Long-term debt 372,504  367,478  359,910  350,368  348,372  1  7  370,005  346,668  7 
Total interest-bearing liabilities 3,577,840  3,424,431  3,216,967  3,229,476  3,190,122  4  12  3,501,560  3,103,662  13 
Noninterest-bearing deposits 637,817  611,294  615,559  610,601  602,777  4  6  624,630  595,140  5 
Trading liabilities - equity and other instruments 67,958  57,021  52,059  48,628  44,159  19  54  62,520  40,933  53 
Trading liabilities - derivative payables 64,622  55,309  47,591  47,926  40,865  17  58  59,991  40,976  46 
All other noninterest-bearing liabilities 264,509  249,587  236,876  226,934  209,853  6  26  257,087  209,198  23 
TOTAL LIABILITIES 4,612,746  4,397,642  4,169,052  4,163,565  4,087,776  5  13  4,505,788  3,989,909  13 
Preferred stock 21,196  20,045  20,045  20,045  20,045  6  6  20,624  20,029  3 
Common stockholders’ equity 343,146  341,050  340,321  336,335  329,797  1  4  342,104  327,086  5 
TOTAL STOCKHOLDERS’ EQUITY 364,342  361,095  360,366  356,380  349,842  1  4  362,728  347,115  4 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,977,088  $ 4,758,737  $ 4,529,418  $ 4,519,945  $ 4,437,618  5  12  $ 4,868,516  $ 4,337,024  12 
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 2.81  % 3.00  % 3.10  % 3.25  % 3.36  % 2.90  % 3.57  %
Federal funds sold and securities purchased under resale agreements 3.68  3.88  4.06  4.24  4.24  3.78  4.37 
Securities borrowed 3.30  3.35  3.55  3.67  3.79  3.32  3.84 
Trading assets - debt instruments 4.23  4.30  4.33  4.30  4.50  4.26  4.53 
Investment securities 3.74  3.69  3.74  3.86  3.85  3.72  3.85 
Loans 6.48  6.57  6.63  6.74  6.71  6.53  6.76 
All other interest-earning assets (a)(d) 5.64  5.79  6.24  7.43  6.87  5.71  7.25 
Total interest-earning assets 4.75  4.83  4.95  5.05  5.04  4.79  5.11 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.11  2.09  2.24  2.41  2.40  2.10  2.42 
Federal funds purchased and securities loaned or
sold under repurchase agreements 3.69  3.79  3.99  4.22  4.29  3.74  4.39 
Short-term borrowings
 3.84  3.85  4.01  4.35  4.42  3.84  4.41 
Trading liabilities - debt and all other interest-bearing liabilities (b) 2.77  2.83  2.95  2.92  3.04  2.80  3.00 
Beneficial interests issued by consolidated VIEs 3.93  3.92  4.23  4.58  4.55  3.92  4.60 
Long-term debt 4.81  4.79  4.92  5.16  5.16  4.80  5.16 
Total interest-bearing liabilities 2.82  2.82  2.94  3.13  3.15  2.82  3.16 
INTEREST RATE SPREAD 1.93  2.01  2.01  1.92  1.89  1.97  1.95 
NET YIELD ON INTEREST-EARNING ASSETS 2.40  2.50  2.54  2.45  2.43  2.45  2.51 
Memo: Net yield on interest-earning assets excluding Markets (e) 3.65  3.72  3.76  3.73  3.71  3.69  3.75 
(a) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets.
(b)    All other interest-bearing liabilities include brokerage-related customer payables.
(c)    Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.
(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(e)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

Page 6

JPMORGAN CHASE & CO.
imagea.jpg
RECONCILIATION FROM REPORTED TO MANAGED BASIS
(in millions, except ratios)
The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the LOBs on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
OTHER INCOME
Other income - reported $ 7,549  $ 1,671  $ 1,658  $ 1,439  $ 1,154  352  % NM $ 9,220  $ 3,077  200  %
Fully taxable-equivalent adjustments (a) 564  587  856  588  663  (4) (15) 1,151  1,265  (9)
Other income - managed $ 8,113  $ 2,258  $ 2,514  $ 2,027  $ 1,817  259  347  $ 10,371  $ 4,342  139 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported $ 31,836  $ 24,470  $ 20,803  $ 22,461  $ 21,703  30  47  $ 56,306  $ 43,740  29 
Fully taxable-equivalent adjustments 564  587  856  588  663  (4) (15) 1,151  1,265  (9)
Total noninterest revenue - managed $ 32,400  $ 25,057  $ 21,659  $ 23,049  $ 22,366  29  45  $ 57,457  $ 45,005  28 
NET INTEREST INCOME
Net interest income - reported $ 25,511  $ 25,366  $ 24,995  $ 23,966  $ 23,209  1  10  $ 50,877  $ 46,482  9 
Fully taxable-equivalent adjustments (a) 111  113  113  105  105  (2) 6  224  207  8 
Net interest income - managed $ 25,622  $ 25,479  $ 25,108  $ 24,071  $ 23,314  1  10  $ 51,101  $ 46,689  9 
TOTAL NET REVENUE
Total net revenue - reported $ 57,347  $ 49,836  $ 45,798  $ 46,427  $ 44,912  15  28  $ 107,183  $ 90,222  19 
Fully taxable-equivalent adjustments 675  700  969  693  768  (4) (12) 1,375  1,472  (7)
Total net revenue - managed $ 58,022  $ 50,536  $ 46,767  $ 47,120  $ 45,680  15  27  $ 108,558  $ 91,694  18 
PRE-PROVISION PROFIT
Pre-provision profit - reported $ 30,031  $ 22,986  $ 21,815  $ 22,146  $ 21,133  31  42  $ 53,017  $ 42,846  24 
Fully taxable-equivalent adjustments 675  700  969  693  768  (4) (12) 1,375  1,472  (7)
Pre-provision profit - managed $ 30,706  $ 23,686  $ 22,784  $ 22,839  $ 21,901  30  40  $ 54,392  $ 44,318  23 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported $ 27,516  $ 20,479  $ 17,160  $ 18,743  $ 18,284  34  50  $ 47,995  $ 36,692  31 
Fully taxable-equivalent adjustments 675  700  969  693  768  (4) (12) 1,375  1,472  (7)
Income before income tax expense - managed $ 28,191  $ 21,179  $ 18,129  $ 19,436  $ 19,052  33  48  $ 49,370  $ 38,164  29 
INCOME TAX EXPENSE
Income tax expense - reported $ 6,361  $ 3,985  $ 4,135  $ 4,350  $ 3,297  60  93  $ 10,346  $ 7,062  47 
Fully taxable-equivalent adjustments 675  700  969  693  768  (4) (12) 1,375  1,472  (7)
Income tax expense - managed $ 7,036  $ 4,685  $ 5,104  $ 5,043  $ 4,065  50  73  $ 11,721  $ 8,534  37 
OVERHEAD RATIO
Overhead ratio - reported 48  % 54  % 52  % 52  % 53  % 51  % 53  %
Overhead ratio - managed 47  53  51  52  52  50  52 
(a)For other income, recognized in CIB, and for net interest income, predominantly recognized in CIB and Corporate.

Page 7

JPMORGAN CHASE & CO.
imagea.jpg
SEGMENT & CORPORATE RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking $ 20,272  $ 19,568  $ 19,396  $ 19,473  $ 18,847  4  % 8  % $ 39,840  $ 37,160  7  %
Commercial & Investment Bank
 24,853  23,379  19,375  19,878  19,535  6  27  48,232  39,201  23 
Asset & Wealth Management 6,851  6,374  6,516  6,066  5,760  7  19  13,225  11,491  15 
Corporate 6,046  1,215  1,480  1,703  1,538  398  293  7,261  3,842  89 
TOTAL NET REVENUE $ 58,022  (a) $ 50,536  $ 46,767  $ 47,120  $ 45,680  15  27  $ 108,558  (a) $ 91,694  18 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking $ 11,108  $ 10,979  $ 10,256  $ 10,296  $ 9,858  1  13  $ 22,087  $ 19,715  12 
Commercial & Investment Bank
 11,390  11,136  9,011  9,722  9,641  2  18  22,526  19,483  16 
Asset & Wealth Management 4,207  4,167  4,068  3,818  3,733  1  13  8,374  7,446  12 
Corporate 611  568  648  445  547  8  12  1,179  732  61 
TOTAL NONINTEREST EXPENSE $ 27,316  $ 26,850  $ 23,983  $ 24,281  $ 23,779  2  15  $ 54,166  $ 47,376  14 
PRE-PROVISION PROFIT
Consumer & Community Banking $ 9,164  $ 8,589  $ 9,140  $ 9,177  $ 8,989  7  2  $ 17,753  $ 17,445  2 
Commercial & Investment Bank
 13,463  12,243  10,364  10,156  9,894  10  36  25,706  19,718  30 
Asset & Wealth Management 2,644  2,207  2,448  2,248  2,027  20  30  4,851  4,045  20 
Corporate 5,435  647  832  1,258  991  NM 448  6,082  3,110  96 
PRE-PROVISION PROFIT $ 30,706  $ 23,686  $ 22,784  $ 22,839  $ 21,901  30  40  $ 54,392  $ 44,318  23 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking $ 2,156  $ 2,050  $ 4,244  $ 2,538  $ 2,082  5  4  $ 4,206  $ 4,711  (11)
Commercial & Investment Bank
 356  482  405  809  696  (26) (49) 838  1,401  (40)
Asset & Wealth Management 13  (24) 2  59  46  NM (72) (11) 36  NM
Corporate (10) (1) 4  (3) 25  NM NM (11) 6  NM
PROVISION FOR CREDIT LOSSES $ 2,515  $ 2,507  $ 4,655  $ 3,403  $ 2,849  —  (12) $ 5,022  $ 6,154  (18)
NET INCOME
Consumer & Community Banking $ 5,311  $ 4,976  $ 3,642  $ 5,009  $ 5,169  7  3  $ 10,287  $ 9,594  7 
Commercial & Investment Bank
 9,678  9,044  7,268  6,901  6,650  7  46  18,722  13,592  38 
Asset & Wealth Management 1,957  1,775  1,808  1,658  1,473  10  33  3,732  3,056  22 
Corporate 4,209  699  307  825  1,695  NM 148  4,908  3,388  45 
TOTAL NET INCOME $ 21,155  $ 16,494  $ 13,025  $ 14,393  $ 14,987  28  41  $ 37,649  $ 29,630  27 
(a)Included a $4.6 billion net gain related to Visa Class C common stock in Corporate and $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. Refer to footnote (e) on page 2 for further information.

Page 8

JPMORGAN CHASE & CO.
imagea.jpg
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Jun 30, 2026
Change SIX MONTHS ENDED JUNE 30,
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30, 2026 Change
2026 2026 2025 2025 2025 2026 2025 2026 2025 2025
CAPITAL
Risk-based capital metrics
Standardized
CET1 capital $ 302,620  (b) $ 291,152  $ 288,469  $ 287,297  $ 283,854  4  % 7  %
Tier 1 capital 322,576  (b) 310,317  307,630  306,599  303,189  4  6 
Total capital 362,691  (b) 349,931  343,843  343,215  335,307  4  8 
Risk-weighted assets 2,141,738  (b) 2,039,324  1,981,692  1,935,868  1,882,718  5  14 
CET1 capital ratio 14.1  % (b) 14.3  % 14.6  % 14.8  % 15.1  %
Tier 1 capital ratio 15.1  (b) 15.2  15.5  15.8  16.1 
Total capital ratio 16.9  (b) 17.2  17.4  17.7  17.8 
Advanced
CET1 capital $ 302,620  (b) $ 291,152  $ 288,469  $ 287,297  $ 283,854  4  7 
Tier 1 capital 322,576  (b) 310,317  307,630  306,599  303,189  4  6 
Total capital 346,124  (b) 334,355  328,962  328,356  320,809  4  8 
Risk-weighted assets 2,128,199  (b) 2,061,341  (c) 2,045,249  1,932,404  1,873,142  3  14 
CET1 capital ratio 14.2  %
(b)
 14.1  % 14.1  % 14.9  % 15.2  %
Tier 1 capital ratio 15.2 
(b)
 15.1  15.0  15.9  16.2 
Total capital ratio 16.3 
(b)
 16.2  16.1  17.0  17.1 
Leverage-based capital metrics
Adjusted average assets (a) $ 4,921,670  (b) $ 4,702,980  $ 4,472,394  $ 4,464,441  $ 4,382,220  5  12 
Tier 1 leverage ratio 6.6  % (b) 6.6  % 6.9  % 6.9  % 6.9  %
Total leverage exposure $ 5,847,063  (b) $ 5,576,930  $ 5,302,001  $ 5,272,950  $ 5,161,360  5  13 
SLR 5.5  % (b) 5.6  % 5.8  % 5.8  % 5.9  %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC $ 590,460  (b) $ 572,047  $ 563,743  $ 567,557  $ 559,897  3  5 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance $ 291,152  $ 288,469  $ 287,297  $ 283,854  $ 279,791  1  4  $ 288,469  $ 275,513  5  %
Net income applicable to common equity 20,847  16,218  12,745  14,111  14,705  29  42  37,065  29,093  27 
Dividends declared on common stock (4,033) (4,067) (4,091) (4,134) (3,897) 1  (3) (8,100) (7,835) (3)
Net purchase of treasury stock (6,717) (7,125) (8,265) (8,343) (7,525) 6  11  (13,842) (13,965) 1 
Changes in additional paid-in capital 472  (1,027) 249  289  353  NM 34  (555) (335) (66)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities 320  (2,401) 1,295  1,509  (188) NM NM (2,081) 765  NM
Translation adjustments, net of hedges (21) (167) (6) (12) 868  87  NM (188) 1,357  NM
Fair value hedges (9) 41  7  37  (8) NM (13) 32  20  60 
Defined benefit pension and other postretirement employee benefit plans 37  4  619  4  (28) NM NM 41  (44) NM
Changes related to other CET1 capital adjustments 572  (b) 1,207  (1,381) (18) (217) (53) NM 1,779  (b) (715) NM
Change in Standardized/Advanced CET1 capital 11,468  (b) 2,683  1,172  3,443  4,063  327  182  14,151  (b) 8,341  70 
Standardized/Advanced CET1 capital, ending balance $ 302,620  (b) $ 291,152  $ 288,469  $ 287,297  $ 283,854  4  7  $ 302,620  (b) $ 283,854  7 
(a)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill (inclusive of estimated equity method goodwill) and other intangible assets.
(b)Estimated.
(c)As of March 31, 2026, reflects the updated impact to the amount of risk-weighted assets (“RWA”) resulting from the completion of the necessary modeling steps for the Apple Card transaction of approximately $30 billion, as compared to the impact of approximately $110 billion as of December 31, 2025. Refer to Capital Risk Management on pages 33-40 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, and pages 89-99 of the Firm’s 2025 Form 10-K for additional information.

Page 9

JPMORGAN CHASE & CO.
imagea.jpg
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Jun 30, 2026
Change SIX MONTHS ENDED JUNE 30,
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30, 2026 Change
2026 2026 2025 2025 2025 2026 2025 2026 2025 2025
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity $ 353,558  $ 343,993  $ 342,393  $ 340,167  $ 336,879  3  % 5  %
Less: Goodwill 52,711  52,706  52,731  52,717  52,747  —  — 
Less: Other intangible assets 2,437  2,490  2,560  2,615  2,722  (2) (10)
Add: Certain deferred tax liabilities (b) 2,904  2,911  2,916  2,906  2,923  —  (1)
Total tangible common equity $ 301,314  $ 291,708  $ 290,018  $ 287,741  $ 284,333  3  6 
TANGIBLE COMMON EQUITY (average) (a)  
Common stockholders’ equity $ 343,146  $ 341,050  $ 340,321  $ 336,335  $ 329,797  1  4  $ 342,104  $ 327,086  5  %
Less: Goodwill 52,740  52,737  52,703  52,731  52,692  —  —  52,739  52,637  — 
Less: Other intangible assets 2,463  2,518  2,574  2,678  2,741  (2) (10) 2,490  2,785  (11)
Add: Certain deferred tax liabilities (b) 2,909  2,915  2,903  2,917  2,926  —  (1) 2,912  2,932  (1)
Total tangible common equity $ 290,852  $ 288,710  $ 287,947  $ 283,843  $ 277,290  1  5  $ 289,787  $ 274,596  6 
INTANGIBLE ASSETS (period-end)
Goodwill $ 52,711  $ 52,706  $ 52,731  $ 52,717  $ 52,747  —  — 
Mortgage servicing rights 9,156  9,093  9,167  9,110  8,996  1  2 
Other intangible assets 2,437  2,490  2,560  2,615  2,722  (2) (10)
Total intangible assets $ 64,304  $ 64,289  $ 64,458  $ 64,442  $ 64,465  —  — 
(a)Refer to page 28 for further discussion of TCE.
(b)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

Page 10

JPMORGAN CHASE & CO.
imagea.jpg
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)  
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
EARNINGS PER SHARE
Basic earnings per share
Net income $ 21,155  $ 16,494  $ 13,025  $ 14,393  $ 14,987  28  % 41  % $ 37,649  $ 29,630  27  %
Less: Preferred stock dividends 308  276  280  282  282  12  9  584  537  9 
Net income applicable to common equity 20,847  16,218  12,745  14,111  14,705  29  42  37,065  29,093  27 
Less: Dividends and undistributed earnings allocated to
participating securities 95  70  56  68  75  36  27  164  145  13 
Net income applicable to common stockholders $ 20,752  $ 16,148  $ 12,689  $ 14,043  $ 14,630  29  42  $ 36,901  $ 28,948  27 
Total weighted-average basic shares outstanding 2,689.9  2,716.2  2,735.3  2,762.4  2,788.7  (1) (4) 2,703.1  2,804.0  (4)
Net income per share $ 7.71  $ 5.95  $ 4.64  $ 5.08  $ 5.25  30  47  $ 13.65  $ 10.32  32 
Diluted earnings per share
Net income applicable to common stockholders $ 20,752  $ 16,148  $ 12,689  $ 14,043  $ 14,630  29  42  $ 36,901  $ 28,948  27 
Total weighted-average basic shares outstanding 2,689.9  2,716.2  2,735.3  2,762.4  2,788.7  (1) (4) 2,703.1  2,804.0  (4)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		 4.3  4.0  5.2  5.2  5.0  8  (14) 4.1  4.9  (17)
Total weighted-average diluted shares outstanding 2,694.2  2,720.2  2,740.5  2,767.6  2,793.7  (1) (4) 2,707.2  2,809.0  (4)
Net income per share $ 7.70  $ 5.94  $ 4.63  $ 5.07  $ 5.24  30  47  $ 13.63  $ 10.31  32 
COMMON DIVIDENDS
Cash dividends declared per share
 $ 1.50  $ 1.50  $ 1.50  $ 1.50 
(c)
 $ 1.40 

—  7  $ 3.00  $ 2.80  7 
Dividend payout ratio 19  % 25  % 32  % 29  % 27  % 22  % 27  %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased 21.7  27.5  26.7  28.0  29.8  (21) (27) 49.3  59.8  (18)
Average price paid per share of common stock $ 308.21  $ 302.75  $ 309.81  $ 297.10  $ 251.67  2  22  $ 305.16  $ 252.09  21 
Aggregate repurchases of common stock 6,703  8,328  8,262  8,315  7,500  (20) (11) 15,031  15,063  — 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans 0.4  10.8  0.7  0.4  0.4  (96) —  11.3  11.9  (5)
Net impact of employee issuances on stockholders’ equity (b)
 $ 518  $ 221  $ 322  $ 339  $ 419  134  24  $ 739  $ 895  (17)
(a)The Firm’s Board of Directors authorized a new common share repurchase program of up to $50 billion, effective July 1, 2026, which replaced the previous program that commenced in the third quarter of 2025 and authorized repurchases of up to $50 billion.
(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares.
(c)On September 16, 2025, the Board of Directors declared quarterly common stock dividends of $1.50 per share.



















Page 11

JPMORGAN CHASE & CO.
imagea.jpg
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees $ 971  $ 947  $ 973  $ 969  $ 888  3  % 9  % $ 1,918  $ 1,727  11  %
Asset management fees 1,379  1,303  1,277  1,189  1,110  6  24  2,682  2,203  22 
Mortgage fees and related income 325  303  344  372  347  7  (6) 628  610  3 
Card income 691  592  376  514  687  17  1  1,283  1,340  (4)
All other income (a) 1,814  1,685  1,585  1,573  1,420  8  28  3,499  2,743  28 
Noninterest revenue 5,180  4,830  4,555  4,617  4,452  7  16  10,010  8,623  16 
Net interest income 15,092  14,738  14,841  14,856  14,395  2  5  29,830  28,537  5 
TOTAL NET REVENUE 20,272  19,568  19,396  19,473  18,847  4  8  39,840  37,160  7 
Provision for credit losses 2,156  2,050  4,244  (d) 2,538  2,082  5  4  4,206  4,711  (11)
NONINTEREST EXPENSE
Compensation expense 4,682  4,622  4,392  (e) 4,357  (e) 4,260  (e) 1  10  9,304  8,635  (e) 8 
Noncompensation expense (b) 6,426  6,357  5,864  (e) 5,939  (e) 5,598  (e) 1  15  12,783  11,080  (e) 15 
TOTAL NONINTEREST EXPENSE 11,108  10,979  10,256  10,296  9,858  1  13  22,087  19,715  12 
Income before income tax expense 7,008  6,539  4,896  6,639  6,907  7  1  13,547  12,734  6 
Income tax expense 1,697  1,563  1,254  1,630  1,738  9  (2) 3,260  3,140  4 
NET INCOME $ 5,311  $ 4,976  $ 3,642  $ 5,009  $ 5,169  7  3  $ 10,287  $ 9,594  7 
REVENUE BY BUSINESS
Banking & Wealth Management $ 11,229  $ 10,577  $ 10,870  $ 11,040  $ 10,698  6  5  $ 21,806  $ 20,952  4 
Home Lending 1,285  1,232  1,249  1,260  1,250  4  3  2,517  2,457  2 
Card Services & Auto 7,758  7,759  7,277  7,173  6,899  —  12  15,517  13,751  13 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue 147  178  188  173  151  (17) (3) 325  261  25 
Net mortgage servicing revenue (c) 178  125  156  199  196  42  (9) 303  349  (13)
Mortgage fees and related income $ 325  $ 303  $ 344  $ 372  $ 347  7  (6) $ 628  $ 610  3 
FINANCIAL RATIOS
ROE 34  % 32  % 25  % 35  % 36  % 33  % 34  %
Overhead ratio 55  56  53  53  52  55  53 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $1.2 billion, $1.2 billion, $1.1 billion, $987 million and $896 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $2.4 billion and $1.7 billion for the six months ended June 30, 2026 and 2025, respectively.
(b)Included depreciation expense on leased assets of $694 million, $756 million, $670 million, $649 million and $577 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $1.5 billion and $1.1 billion for the six months ended June 30, 2026 and 2025, respectively.
(c)Included MSR risk management results of $39 million, $(15) million, $7 million, $55 million and $47 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $24 million and $56 million for the six months ended June 30, 2026 and 2025, respectively.
(d)Refer to footnote (g) on page 2 for additional information.
(e)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.


Page 12

JPMORGAN CHASE & CO.
imagea.jpg
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
SELECTED BALANCE SHEET DATA (period-end)
Total assets $ 672,612  $ 656,051  $ 664,669  $ 652,275  $ 652,379  3  % 3  % $ 672,612  $ 652,379  3  %
Loans:
Banking & Wealth Management
 34,337  32,992  33,005  33,259  33,749  4  2  34,337  33,749  2 
Home Lending (a)
 237,176  238,571  240,724  240,633  241,618  (1) (2) 237,176  241,618  (2)
Card Services 249,816  239,065  247,753  235,491  233,051  4  7  249,816  233,051  7 
Auto 72,220  70,958  70,585  71,095  72,182  2  —  72,220  72,182  — 
Total loans 593,549  581,586  592,067  580,478  580,600  2  2  593,549  580,600  2 
Deposits 1,093,862  1,112,078  1,072,792  1,058,388  1,063,137  (2) 3  1,093,862  1,063,137  3 
Equity 61,500  61,500  56,000  56,000  56,000  —  10  61,500  56,000  10 
SELECTED BALANCE SHEET DATA (average)
Total assets $ 662,460  $ 655,977  $ 654,851  $ 650,277  $ 642,284  1  3  $ 659,236  $ 640,981  3 
Loans:
Banking & Wealth Management 33,832  33,038  32,916  33,351  33,536  2  1  33,437  33,349  — 
Home Lending (b)
 238,808  240,429  241,701  241,772  242,665  (1) (2) 239,614  243,469  (2)
Card Services 243,501  239,153  239,335  234,412  228,446  2  7  241,339  226,480  7 
Auto 71,456  70,208  70,693  70,895  71,410  2  —  70,836  71,933  (2)
Total loans 587,597  582,828  584,645  580,430  576,057  1  2  585,226  575,231  2 
Deposits 1,095,646  1,075,951  1,056,819  1,058,025  1,060,363  2  3  1,085,853  1,057,038  3 
Equity 61,500  61,500  56,000  56,000  56,000  —  10  61,500  56,000  10 
Employees (c)
144,079  143,869  142,586  (c) 142,600  (c) 143,198  (c) —  1  144,079  143,198  (c) 1 
(a)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, Home Lending loans held-for-sale and loans at fair value were $13.1 billion, $11.3 billion, $11.0 billion, $9.4 billion and $8.9 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $13.0 billion, $11.8 billion, $11.2 billion, $10.1 billion and $8.9 billion for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $12.4 billion and $8.2 billion for the six months ended June 30, 2026 and 2025, respectively.
(c)Refer to footnote (e) on page 12 for further information on the centralization of Risk functions.


Page 13

JPMORGAN CHASE & CO.
imagea.jpg
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)
 $ 3,506  $ 3,493  $ 3,484  $ 3,596  $ 3,891  —  % (10) % $ 3,506  $ 3,891  (10) %
Net charge-offs/(recoveries)
Banking & Wealth Management 87  85  72  85  102  2  (15) 172  199  (14)
Home Lending (18) (15) (12) (63) (21) (20) 14  (33) (47) 30 
Card Services 2,025  2,044  1,897  1,860  1,938  (1) 4  4,069  3,921  4 
Auto 62  81  87  81  67  (23) (7) 143  167  (14)
Total net charge-offs/(recoveries) $ 2,156  $ 2,195  $ 2,044  $ 1,963  $ 2,086  (2) 3  $ 4,351  $ 4,240  3 
Net charge-off/(recovery) rate
Banking & Wealth Management
 1.03  % 1.04  % 0.87  % 1.01  % 1.22  % 1.04  % 1.20  %
Home Lending (0.03) (0.03) (0.02) (0.11) (0.04) (0.03) (0.04)
Card Services 3.34  3.47  3.14  3.15  3.40  3.40  3.49 
Auto 0.35  0.47  0.49  0.46  0.38  0.41  0.47 
Total net charge-off/(recovery) rate 1.51  1.56  1.41  1.37  1.48  1.53  1.51 
30+ day delinquency rate
Home Lending (b)
 0.83  % 0.88  % 0.86  % 0.89  % 0.93  % 0.83  % 0.93  %
Card Services 1.91  2.17  2.16  2.14  2.06  1.91  2.06 
Auto 1.03  1.09  1.33  (d) 1.17  1.12  1.03  1.12 
90+ day delinquency rate - Card Services 1.00  1.15  1.10  1.07  1.07  1.00  1.07 
Allowance for credit losses:
Allowance for loan losses
Banking & Wealth Management $ 765  $ 765  $ 765  $ 765  $ 790  —  (3) $ 765  $ 790  (3)
Home Lending 507  507  647  647  547  —  (7) 507  547  (7)
Card Services 15,563  15,563  15,558  15,558  15,008  —  4  15,563  15,008  4 
Auto 587  587  587  587  637  —  (8) 587  637  (8)
Total allowance for loan losses 17,422  17,422  17,557  17,557  16,982  —  3  17,422  16,982  3 
Allowance for lending-related commitments (c) 2,280  2,280  2,290  90  90  —  NM 2,280  90  NM
Total allowance for credit losses
 $ 19,702  $ 19,702  $ 19,847  $ 17,647  $ 17,072  —  15  $ 19,702  $ 17,072  15 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $61 million, $68 million, $70 million, $65 million and $68 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(b)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $85 million, $92 million, $102 million, $95 million and $99 million, respectively. These amounts have been excluded based upon the government guarantee.
(c)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to footnote (g) on page 2 for additional information.
(d)Prior-period rate has been revised to conform with the presentation in the Firm’s 2025 Form 10-K.



Page 14

JPMORGAN CHASE & CO.
imagea.jpg
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
BUSINESS METRICS
Number of:
Branches 5,135  5,095  5,083  5,018  4,994  1  % 3  % 5,135  4,994  3  %
    Active digital customers (in thousands) 76,706  76,246  74,646  74,041  73,014  1  5  76,706  73,014  5 
    Active mobile customers (in thousands) 63,746  62,960  61,736  60,924  59,898  1  6  63,746  59,898  6 
Debit and credit card sales volume (in billions) $ 535.8  $ 487.6  $ 512.5  $ 492.3  $ 487.2  10  10  $ 1,023.4  $ 935.9  9 
Total payments transaction volume (in trillions) 1.9  1.8  1.8  1.8  1.8  6  6  3.7  3.4  9 
Banking & Wealth Management
Average deposits $ 1,078,373  $ 1,059,463  $ 1,039,621  $ 1,040,402  $ 1,044,158  2  3  $ 1,068,970  $ 1,041,576  3 
Deposit margin 2.70  % 2.63  % 2.72  % 2.79  % 2.76  % 2.66  % 2.72  %
Business Banking average loans $ 18,324  $ 18,578  $ 18,747  $ 18,922  $ 19,217  (1) (5) $ 18,450  $ 19,345  (5)
Business Banking origination volume 748  733  691  824  893  2  (16) 1,481  1,708  (13)
Client investment assets (a) 1,394,864  1,272,180  1,269,883  1,232,390  1,155,017  10  21  1,394,864  1,155,017  21 
Number of client advisors 6,329  6,243  6,049  6,025  5,948  1  6  6,329  5,948  6 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $ 10.6  $ 8.7  $ 10.4  $ 8.4  $ 8.7  22  22  $ 19.3  $ 14.2  36 
Correspondent 6.6  5.0  5.6  5.5  4.8  32  38  11.6  8.7  33 
Total mortgage origination volume (b) $ 17.2  $ 13.7  $ 16.0  $ 13.9  $ 13.5  26  27  $ 30.9  $ 22.9  35 
Third-party mortgage loans serviced (period-end) 652.8  656.4  661.9  663.6  653.3  (1) —  652.8  653.3  — 
MSR carrying value (period-end) 9.1  9.1  9.1  9.1  9.0  —  1  9.1  9.0  1 
Card Services
Sales volume, excluding commercial card (in billions) $ 373.1  $ 337.6  $ 359.7  $ 344.4  $ 340.0  11  10  $ 710.7  $ 650.6  9 
Net revenue rate 10.37  % 10.78  % 9.86  % 10.03  % 10.06  % 10.57  % 10.22  %
Net yield on average loans 10.39  10.85  10.40  10.28  10.04  10.62  10.17 
Auto
Loan and lease origination volume (in billions) $ 12.3  $ 10.4  $ 10.8  $ 12.0  $ 11.3  18  9  $ 22.7  $ 22.0  3 
Average auto operating lease assets 21,123  20,398  18,893  16,986  15,218  4  39  20,762  14,434  44 
(a)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 20-22 for additional information.
(b)Firmwide mortgage origination volume was $21.2 billion, $16.6 billion, $19.0 billion, $16.9 billion and $16.3 billion for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $37.8 billion and $27.5 billion for the six months ended June 30, 2026 and 2025, respectively.

Page 15

JPMORGAN CHASE & CO.
imagea.jpg
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
INCOME STATEMENT
REVENUE
Investment banking fees $ 3,277  $ 2,883  $ 2,347  $ 2,627  $ 2,513  14  % 30  % $ 6,160  $ 4,761  29  %
Principal transactions 8,768  7,897  5,419  7,090  7,109  11  23  16,665  14,717  13 
Lending- and deposit-related fees 1,487  1,394  1,336  1,315  1,296  7  15  2,881  2,526  14 
Commissions and other fees 1,748  1,714  1,562  1,493  1,493  2  17  3,462  2,930  18 
Card income 649  585  627  613  645  11  1  1,234  1,196  3 
All other income 1,025  917  1,063  660  736  12  39  1,942  1,484  31 
Noninterest revenue 16,954  15,390  12,354  13,798  13,792  10  23  32,344  27,614  17 
Net interest income 7,899  7,989  7,021  6,080  5,743  (1) 38  15,888  11,587  37 
TOTAL NET REVENUE (a) 24,853  23,379  19,375  19,878  19,535  6  27  48,232  39,201  23 
Provision for credit losses 356  482  405  809  696  (26) (49) 838  1,401  (40)
NONINTEREST EXPENSE
Compensation expense 5,544  5,740  3,940  (d) 4,662  (d) 4,815  (d) (3) 15  11,284  9,942  (d) 13 
Noncompensation expense 5,846  5,396  5,071  (d) 5,060  (d) 4,826  (d) 8  21  11,242  9,541  (d) 18 
TOTAL NONINTEREST EXPENSE 11,390  11,136  9,011  9,722  9,641  2  18  22,526  19,483  16 
Income before income tax expense 13,107  11,761  9,959  9,347  9,198  11  42  24,868  18,317  36 
Income tax expense 3,429  2,717  2,691  2,446  2,548  26  35  6,146  4,725  30 
NET INCOME $ 9,678  $ 9,044  $ 7,268  $ 6,901  $ 6,650  7  46  $ 18,722  $ 13,592  38 
FINANCIAL RATIOS
ROE 22  % 21  % 19  % 18  % 17  % 22  % 18  %
Overhead ratio 46  48  47  49  49  47  50 
Compensation expense as percentage of total net revenue 22  25  20  (d) 23  (d) 25  (d) 23  25  (d)
REVENUE BY BUSINESS
Investment Banking $ 3,902  $ 3,136  $ 2,552  $ 2,694  $ 2,684  24  45  $ 7,038  $ 4,952  42 
Payments 5,296  5,123  5,114  4,917  4,735  3  12  10,419  9,300  12 
Lending 1,964  2,166  1,985  1,872  1,829  (9) 7  4,130  3,744  10 
Other —  —  —  —  —  —  —  —  6  NM
Total Banking & Payments 11,162  10,425  9,651  9,483  9,248  7  21  21,587  18,002  20 
Fixed Income Markets 6,053  7,078  5,380  5,613  5,690  (14) 6  13,131  11,539  14 
Equity Markets 6,025  4,481  2,859  3,331  3,246  34  86  10,506  7,060  49 
Securities Services 1,657  1,499  1,489  1,423  1,418  11  17  3,156  2,687  17 
Credit Adjustments & Other (b) (44) (104) (4) 28  (67) 58  34  (148) (87) (70)
Total Markets & Securities Services 13,691  12,954  9,724  10,395  10,287  6  33  26,645  21,199  26 
TOTAL NET REVENUE $ 24,853  $ 23,379  $ 19,375  $ 19,878  $ 19,535  6  27  $ 48,232  $ 39,201  23 
Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking $ 7,797  $ 7,265  $ 6,493  $ 6,544  $ 6,319  7  % 23  % $ 15,062  $ 12,248  23  %
Commercial Banking 3,365  3,160  3,158  2,939  2,929  6  15  6,525  5,754  13 
Commercial & Specialized Industries 2,472  2,280  2,245  2,038  2,067  8  20  4,752  4,023  18 
Commercial Real Estate Banking 893  880  913  901  862  1  4  1,773  1,731  2 
Total Banking & Payments revenue $ 11,162  $ 10,425  $ 9,651  $ 9,483  $ 9,248  7  21  $ 21,587  $ 18,002  20 
(a)Included taxable-equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $621 million, $646 million, $920 million, $644 million and $722 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $1.3 billion and $1.4 billion for the six months ended June 30, 2026 and 2025, respectively.
(b)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
(c)Refer to page 70 of the Firm’s 2025 Form 10-K for a description of each of the client coverage segments.
(d)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.

Page 16

JPMORGAN CHASE & CO.
imagea.jpg
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
SELECTED BALANCE SHEET DATA (period-end)
Total assets $ 2,709,357  $ 2,626,846  $ 2,142,534  $ 2,328,000  $ 2,260,825  3  % 20  % $ 2,709,357  $ 2,260,825  20  %
Loans:
Loans retained 586,807  576,917  558,528  538,016  526,174  2  12  586,807  526,174  12 
Loans held-for-sale and loans at fair value (a) 65,594  67,022  73,508  56,057  57,659  (2) 14  65,594  57,659  14 
Total loans
 652,401  643,939  632,036  594,073  583,833  1  12  652,401  583,833  12 
Equity 175,000  166,500  149,500  149,500  149,500  5  17  175,000  149,500  17 
Banking & Payments loans by client coverage segment
(period-end) (b)
Global Corporate Banking & Global Investment Banking $ 160,842  $ 158,989  $ 146,079  $ 132,560  $ 133,017  1  21  $ 160,842  $ 133,017  21 
Commercial Banking 226,320  224,253  222,139  222,464  222,044  1  2  226,320  222,044  2 
Commercial & Specialized Industries 78,897  77,425  75,865  76,010  75,859  2  4  78,897  75,859  4 
Commercial Real Estate Banking 147,423  146,828  146,274  146,454  146,185  —  1  147,423  146,185  1 
Total Banking & Payments loans 387,162  383,242  368,218  355,024  355,061  1  9  387,162  355,061  9 
SELECTED BALANCE SHEET DATA (average)
Total assets $ 2,665,978  $ 2,497,393  $ 2,260,671  $ 2,266,445  $ 2,205,619  7  21  $ 2,582,151  $ 2,125,805  21 
Trading assets - debt and equity instruments 952,230  874,262  815,438  796,017  758,113  9  26  913,462  721,778  27 
Trading assets - derivative receivables 73,390  67,591  56,598  61,132  56,815  9  29  70,507  57,895  22 
Loans:
Loans retained 573,945  558,751  546,219  528,135  511,562  3  12  566,390  497,014  14 
Loans held-for-sale and loans at fair value (a) 72,405  73,588  66,415  55,545  50,287  (2) 44  72,993  48,365  51 
Total loans 646,350  632,339  612,634  583,680  561,849  2  15  639,383  545,379  17 
Deposits 1,282,143  1,234,295  1,226,155  1,194,410  1,170,063  4  10  1,258,351  1,138,287  11 
Equity 172,198  166,500  149,500  149,500  149,500  3  15  169,365  149,500  13 
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking $ 165,538  $ 151,120  $ 138,491  $ 132,101  $ 125,554  10  32  $ 158,369  $ 123,482  28 
Commercial Banking 225,535  222,897  222,216  221,534  219,886  1  3  224,224  219,227  2 
Commercial & Specialized Industries 78,556  76,610  75,620  75,270  74,384  3  6  77,589  74,009  5 
Commercial Real Estate Banking 146,979  146,287  146,596  146,264  145,502  —  1  146,635  145,218  1 
Total Banking & Payments loans 391,073  374,017  360,707  353,635  345,440  5  13  382,593  342,709  12 
Employees 91,876  91,493  91,355  (c) 90,895  (c) 89,882  (c) —  2  91,876  89,882  (c) 2 
(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)Refer to page 70 of the Firm’s 2025 Form 10-K for a description of each of the client coverage segments.
(c)Refer to footnote (d) on page 16 for further information on the centralization of Risk functions.



Page 17

JPMORGAN CHASE & CO.
imagea.jpg
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries) $ 207  $ 120  $ 440  $ 567  $ 325  73  % (36) % $ 327  $ 502  (35) %
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a) 3,520  3,855  3,641  4,033  3,678  (9) (4) 3,520  3,678  (4)
Nonaccrual loans held-for-sale and loans at fair value (b) 1,290  1,192  1,518  1,338  1,207  8  7  1,290  1,207  7 
Total nonaccrual loans 4,810  5,047  5,159  5,371  4,885  (5) (2) 4,810  4,885  (2)
Derivative receivables 171  174  204  224  349  (2) (51) 171  349  (51)
Assets acquired in loan satisfactions 213  176  192  197  208  21  2  213  208  2 
Total nonperforming assets 5,194  5,397  5,555  5,792  5,442  (4) (5) 5,194  5,442  (5)
Allowance for credit losses:
Allowance for loan losses 8,159  7,947  7,632  7,609  7,408  3  10  8,159  7,408  10 
Allowance for lending-related commitments 2,836  2,777  2,738  2,798  2,757  2  3  2,836  2,757  3 
Total allowance for credit losses 10,995  10,724  10,370  10,407  10,165  3  8  10,995  10,165  8 
Net charge-off/(recovery) rate (c) 0.14  % 0.09  % 0.32  % 0.43  % 0.25  % 0.12  % 0.20  %
Allowance for loan losses to period-end loans retained 1.39  1.38  1.37  1.41  1.41  1.39  1.41 
Allowance for loan losses to nonaccrual loans retained (a) 232  206  210  189  201  232  201 
Nonaccrual loans to total period-end loans 0.74  0.78  0.82  0.90  0.84  0.74  0.84 
(a)Allowance for loan losses of $672 million, $740 million, $597 million, $724 million and $655 million were held against these nonaccrual loans at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively.
(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $171 million, $183 million, $128 million, $93 million and $45 million, respectively.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
























Page 18

JPMORGAN CHASE & CO.
imagea.jpg
COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
BUSINESS METRICS
Advisory $ 1,012  $ 1,266  $ 1,033  $ 926  $ 844  (20) % 20  % $ 2,278  $ 1,538  48  %
Equity underwriting 829  472  416  527  465  76  78  1,301  789  65 
Debt underwriting 1,436  1,145  898  1,174  1,204  25  19  2,581  2,434  6 
Total investment banking fees $ 3,277  $ 2,883  $ 2,347  $ 2,627  $ 2,513  14  30  $ 6,160  $ 4,761  29 
Client deposits and other third-party liabilities (average) (a) 1,205,156  1,167,128  1,153,559  1,111,143  1,089,781  3  11  1,186,247  1,062,235  12 
Assets under custody (“AUC”) (period-end) (in billions) $ 44,931  $ 40,905  $ 41,172  $ 40,128  $ 38,028  10  18  $ 44,931  $ 38,028  18 
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (b)
Fixed income $ 36  $ 39  $ 35  $ 33  $ 37  (8) (3)
Foreign exchange 13  13  9  9  10  —  30 
Equities 20  11  13  14  17  82  18 
Commodities and other 14  14  23  19  24  —  (42)
Diversification benefit to CIB trading VaR (c) (44) (47) (49) (50) (55) 6  20 
CIB trading VaR (b) 39  30  31  25  33  30  18 
Credit Portfolio VaR (d) 18  21  20  21  22  (14) (18)
Diversification benefit to CIB VaR (c) (17) (16) (17) (15) (17) (6) — 
CIB VaR $ 40  $ 35  $ 34  $ 31  $ 38  14  5 
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 135–138 of the Firm’s 2025 Form 10-K for further information.
(c)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.
(d)Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.
Page 19

JPMORGAN CHASE & CO.
imagea.jpg
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
INCOME STATEMENT
REVENUE
Asset management fees $ 4,227  $ 4,125  $ 4,372  $ 3,885  $ 3,642  2  % 16  % $ 8,352  $ 7,237  15  %
Commissions and other fees 445  369  301  296  314  21  42  814  587  39 
All other income 370  154  165  156  117  140  216  524  242  117 
Noninterest revenue 5,042  4,648  4,838  4,337  4,073  8  24  9,690  8,066  20 
Net interest income 1,809  1,726  1,678  1,729  1,687  5  7  3,535  3,425  3 
TOTAL NET REVENUE 6,851  6,374  6,516  6,066  5,760  7  19  13,225  11,491  15 
Provision for credit losses 13  (24) 2  59  46  NM (72) (11) 36  NM
NONINTEREST EXPENSE
Compensation expense 2,322  2,339  2,256  (a) 2,125  (a) 2,083  (a) (1) 11  4,661  4,150  (a) 12 
Noncompensation expense 1,885  1,828  1,812  (a) 1,693  (a) 1,650  (a) 3  14  3,713  3,296  (a) 13 
TOTAL NONINTEREST EXPENSE 4,207  4,167  4,068  3,818  3,733  1  13  8,374  7,446  12 
Income before income tax expense 2,631  2,231  2,446  2,189  1,981  18  33  4,862  4,009  21 
Income tax expense 674  456  638  531  508  48  33  1,130  953  19 
NET INCOME $ 1,957  $ 1,775  $ 1,808  $ 1,658  $ 1,473  10  33  $ 3,732  $ 3,056  22 
REVENUE BY BUSINESS
Asset Management $ 3,320  $ 3,072  $ 3,408  $ 2,916  $ 2,705  8  23  $ 6,392  $ 5,376  19 
Global Private Bank 3,531  3,302  3,108  3,150  3,055  7  16  6,833  6,115  12 
TOTAL NET REVENUE $ 6,851  $ 6,374  $ 6,516  $ 6,066  $ 5,760  7  19  $ 13,225  $ 11,491  15 
FINANCIAL RATIOS
ROE 48  % 44  % 44  % 40  % 36  % 46  % 38  %
Overhead ratio 61  65  62  63  65  63  65 
Pretax margin ratio:
Asset Management 36  34  38  35  33  35  33 
Global Private Bank 40  36  37  37  36  38  37 
Asset & Wealth Management 38  35  38  36  34  37  35 
Employees 29,773  29,357  29,181  (a) 29,135  (a) 28,770  (a) 1  3  29,773  28,770  (a) 3 
Number of Global Private Bank client advisors 4,119  4,110  4,101  4,050  3,756  —  10  4,119  3,756  10 
(a)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.




Page 20

JPMORGAN CHASE & CO.
imagea.jpg
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
SELECTED BALANCE SHEET DATA (period-end)
Total assets $ 323,243  $ 299,179  $ 288,065  $ 282,322  $ 268,966  8  % 20  % $ 323,243  $ 268,966  20  %
Loans 293,386  274,902  266,385  257,988  245,526  7  19  293,386  245,526  19 
Deposits 253,218  266,745  257,316  239,999  242,356  (5) 4  253,218  242,356  4 
Equity 16,000  16,000  16,000  16,000  16,000  —  —  16,000  16,000  — 
SELECTED BALANCE SHEET DATA (average)
Total assets $ 308,845  $ 291,058  $ 284,100  $ 272,954  $ 261,128  6  18  $ 300,001  $ 257,271  17 
Loans 284,281  267,986  260,792  250,730  240,585  6  18  276,178  237,279  16 
Deposits 260,092  253,706  247,065  241,454  248,375  3  5  256,916  246,253  4 
Equity 16,000  16,000  16,000  16,000  16,000  —  —  16,000  16,000  — 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries) $ 2  $ 1  $ 30  $ 62  $ (1) 100  NM $ 3  $ —  NM
Nonaccrual loans 1,041  1,035  1,199  1,129  1,035  1  1  1,041  1,035  1 
Allowance for credit losses:
Allowance for loan losses 530  520  536  555  552  2  (4) 530  552  (4)
Allowance for lending-related commitments 35  33  43  52  58  6  (40) 35  58  (40)
Total allowance for credit losses 565  553  579  607  610  2  (7) 565  610  (7)
Net charge-off/(recovery) rate —  % —  % 0.05  % 0.10  % —  % —  % —  %
Allowance for loan losses to period-end loans 0.18  0.19  0.20  0.22  0.22  0.18  0.22 
Allowance for loan losses to nonaccrual loans 51  50  45  49  53  51  53 
Nonaccrual loans to period-end loans 0.35  0.38  0.45  0.44  0.42  0.35  0.42 



Page 21

JPMORGAN CHASE & CO.
imagea.jpg
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions, except business metrics data)
Jun 30, 2026
Change SIX MONTHS ENDED JUNE 30,
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30, 2026 Change
CLIENT ASSETS 2026 2026 2025 2025 2025 2026 2025 2026 2025 2025
Assets by asset class
Liquidity $ 1,326  $ 1,297  $ 1,279  $ 1,174  $ 1,131  2  % 17  % $ 1,326  $ 1,131  17  %
Fixed income 1,061  1,014  998  971  925  5  15  1,061  925  15 
Equity 1,574  1,360  1,400  1,371  1,258  16  25  1,574  1,258  25 
Multi-asset 939  880  884  855  809  7  16  939  809  16 
Alternatives 240  238  230  228  220  1  9  240  220  9 
TOTAL ASSETS UNDER MANAGEMENT 5,140  4,789  4,791  4,599  4,343  7  18  5,140  4,343  18 
Custody/brokerage/administration/deposits 2,523  2,314  2,327  2,239  2,078  9  21  2,523  2,078  21 
TOTAL CLIENT ASSETS (a) $ 7,663  $ 7,103  $ 7,118  $ 6,838  $ 6,421  8  19  $ 7,663  $ 6,421  19 
Assets by client segment
Private Banking $ 1,559  $ 1,440  $ 1,414  $ 1,364  $ 1,270  8  23  $ 1,559  $ 1,270  23 
Global Institutional 2,079  1,964  1,953  1,837  1,772  6  17  2,079  1,772  17 
Global Funds 1,502  1,385  1,424  1,398  1,301  8  15  1,502  1,301  15 
TOTAL ASSETS UNDER MANAGEMENT $ 5,140  $ 4,789  $ 4,791  $ 4,599  $ 4,343  7  18  $ 5,140  $ 4,343  18 
Private Banking $ 3,824  $ 3,549  $ 3,549  $ 3,423  $ 3,191  8  20  $ 3,824  $ 3,191  20 
Global Institutional 2,312  2,145  2,121  1,994  1,907  8  21  2,312  1,907  21 
Global Funds 1,527  1,409  1,448  1,421  1,323  8  15  1,527  1,323  15 
TOTAL CLIENT ASSETS (a) $ 7,663  $ 7,103  $ 7,118  $ 6,838  $ 6,421  8  19  $ 7,663  $ 6,421  19 
Assets under management rollforward
Beginning balance $ 4,789  $ 4,791  $ 4,599  $ 4,343  $ 4,113  $ 4,791  $ 4,045 
Net asset flows:
Liquidity 22  13  105  37  5  35  41 
Fixed income 35  20  25  31  27  55  38 
Equity 12  18  11  31  16  30  53 
Multi-asset 6  10  11  4  (2) 16  1 
Alternatives (3) 6  5  6  (10) 3  (7)
Market/performance/other impacts 279  (69) 35  147  194  210  172 
Ending balance $ 5,140  $ 4,789  $ 4,791  $ 4,599  $ 4,343  $ 5,140  $ 4,343 
Client assets rollforward
Beginning balance $ 7,103  $ 7,118  $ 6,838  $ 6,421  $ 6,002  $ 7,118  $ 5,932 
Net asset flows 148  111  206  147  80  259  200 
Market/performance/other impacts 412  (126) 74  270  339  286  289 
Ending balance $ 7,663  $ 7,103  $ 7,118  $ 6,838  $ 6,421  $ 7,663  $ 6,421 
BUSINESS METRICS
Firmwide Wealth Management
Client assets (in billions) (b) $ 4,881  $ 4,516  $ 4,521  $ 4,373  $ 4,087  8  19  $ 4,881  $ 4,087  19 
Number of client advisors 10,448  10,353  10,150  10,075  9,704  1  8  10,448  9,704  8 
Stock Plan Administration
Number of stock plan participants (in thousands) 1,982  1,883  1,794  1,796  1,594  5  24  1,982  1,594  24 
Client assets (in billions) $ 406  $ 383  $ 372  $ 357  $ 314  6  29  $ 406  $ 314  29 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
(b)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.





Page 22

JPMORGAN CHASE & CO.
imagea.jpg
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
INCOME STATEMENT
REVENUE
Principal transactions $ 149  $ (31) $ (144) $ (54) $ (54) NM NM $ 118  $ (141) NM
Investment securities gains/(losses)
 (395) 60  (72) 105  (54) NM NM (335) (91) (268) %
All other income 5,470  (e) 160  128  246  157  NM NM 5,630  (e) 934  NM
Noninterest revenue 5,224  189  (88) 297  49  NM NM 5,413  702  NM
Net interest income 822  1,026  1,568  1,406  1,489  (20) % (45) % 1,848  3,140  (41)
TOTAL NET REVENUE (a) 6,046  1,215  1,480  1,703  1,538  398  293  7,261  3,842  89 
Provision for credit losses (10) (1) 4  (3) 25  NM NM (11) 6  NM
NONINTEREST EXPENSE 611  568  648  (f)(g) 445  (f) 547  (f) 8  12  1,179  732  (f) 61 
Income before income tax expense
 5,445  648  828  1,261  966  NM 464  6,093  3,104  96 
Income tax expense/(benefit)
 1,236  (51) 521  436  (729) (i) NM NM 1,185  (284) (i) NM
NET INCOME
 $ 4,209  $ 699  $ 307  $ 825  $ 1,695  NM 148  $ 4,908  $ 3,388  45 
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
793  1,337  1,601  1,687  1,649  (41) (52) 2,130  3,213  (34)
Other Corporate 5,253  (e) (122) (121) 16  (111) NM NM 5,131  (e) 629  NM
TOTAL NET REVENUE $ 6,046  $ 1,215  $ 1,480  $ 1,703  $ 1,538  398  293  $ 7,261  $ 3,842  89 
NET INCOME/(LOSS)
Treasury and CIO 529  842  1,120  1,166  1,121  (37) (53) 1,371  2,279  (40)
Other Corporate 3,680  (e) (143) (813) (341) 574  NM NM 3,537  (e) 1,109  219 
TOTAL NET INCOME
 $ 4,209  $ 699  $ 307  $ 825  $ 1,695  NM 148  $ 4,908  $ 3,388  45 
SELECTED BALANCE SHEET DATA (period-end)
Total assets $ 1,309,857  $ 1,318,399  $ 1,329,632  $ 1,297,608  $ 1,370,312  (1) (4) $ 1,309,857  $ 1,370,312  (4)
Loans 3,126  3,093  2,941  2,707  2,033  1  54  3,126  2,033  54 
Deposits (b) 59,437  41,173  35,874  34,145  27,952  44  113  59,437  27,952  113 
Employees 54,832  55,360  55,390  (f) 55,523  (f) 55,310  (f) (1) (1) 54,832  55,310  (f) (1)
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)
 $ (395) $ 60  $ (72) $ 105  $ (54) NM NM $ (335) $ (91) (268)
Available-for-sale securities (average) 533,510  529,500  502,641  495,777  (h) 462,179  1  15  531,516  427,282  24 
Held-to-maturity securities (average) (c) 270,893  269,482  283,009  269,717  (h) 262,479  1  3  270,191  266,172  2 
Investment securities portfolio (average) $ 804,403  $ 798,982  $ 785,650  $ 765,494  $ 724,658  1  11  $ 801,707  $ 693,454  16 
Available-for-sale securities (period-end) 532,368  545,706  503,896  487,277  (h) 482,269  (2) 10  532,368  482,269  10 
Held-to-maturity securities (period-end) (c) 268,474  272,142  270,134  293,446  (h) 260,559  (1) 3  268,474  260,559  3 
Investment securities portfolio, net of allowance for credit losses
(period-end) (d)
 $ 800,842  $ 817,848  $ 774,030  $ 780,723  $ 742,828  (2) 8  $ 800,842  $ 742,828  8 
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $44 million, $44 million, $41 million, $39 million and $38 million for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and $88 million and $74 million for the six months ended June 30, 2026 and 2025, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, the estimated fair value of the HTM securities portfolio was $250.3 billion, $254.5 billion, $253.3 billion, $274.9 billion and $239.3 billion, respectively.
(d)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, the allowance for credit losses on investment securities was $59 million, $73 million, $73 million, $72 million and $75 million, respectively.
(e)Included a $4.6 billion net gain related to Visa Class C common stock and $763 million of gains on certain equity investments. Refer to footnote (e) on page 2 for further information.
(f)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
(g)Included an FDIC special assessment accrual release of $326 million for the three months ended December 31, 2025. Refer to Note 6 on page 221 of the Firm’s 2025 Form 10-K for additional information.
(h)During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.
(i)Included a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.
Page 23

JPMORGAN CHASE & CO.
imagea.jpg
CREDIT-RELATED INFORMATION
(in millions)
Jun 30, 2026
Change
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30,
2026 2026 2025 2025 2025 2026 2025
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained $ 367,128  $ 367,274  $ 368,741  $ 369,859  $ 371,855  —  % (1) %
Loans held-for-sale and loans at fair value 24,615  24,386  33,517  23,225  22,185  1  11 
Total consumer, excluding credit card loans 391,743  391,660  402,258  393,084  394,040  —  (1)
Credit card loans
Loans retained 249,876  239,123  247,797  235,475  232,943  4  7 
Total credit card loans 249,876  239,123  247,797  235,475  232,943  4  7 
Total consumer loans 641,619  630,783  650,055  628,559  626,983  2  2 
Wholesale loans (b)
Loans retained 846,804  818,839  792,367  764,451  740,675  3  14 
Loans held-for-sale and loans at fair value 54,039  53,898  51,007  42,236  44,334  —  22 
Total wholesale loans 900,843  872,737  843,374  806,687  785,009  3  15 
Total loans 1,542,462  1,503,520  1,493,429  1,435,246  1,411,992  3  9 
Derivative receivables 67,767  71,584  57,777  59,849  60,346  (5) 12 
Receivables from customers (c) 82,203  64,844  47,336  68,493  53,099  27  55 
Total credit-related assets 1,692,432  1,639,948  1,598,542  1,563,588  1,525,437  3  11 
Lending-related commitments
Consumer, excluding credit card 49,116  46,236  43,587  48,015  47,064  6  4 
Credit card (d)(e) 1,224,431  1,204,016  1,177,766  1,069,963  1,050,275  2  17 
Wholesale 621,742  604,922  595,954  596,028  559,654 
(h)
 3  11 
Total lending-related commitments 1,895,289  1,855,174  1,817,307  1,714,006  1,656,993  2  14 
Total credit exposure $ 3,587,721  $ 3,495,122  $ 3,415,849  $ 3,277,594  $ 3,182,430  3  13 
Memo: Total by category
Consumer exposure (f) $ 1,915,166  $ 1,881,035  $ 1,871,408  $ 1,746,537  $ 1,724,322  2  11 
Wholesale exposure (g) 1,672,555  1,614,087  1,544,441  1,531,057  1,458,108  4  15 
Total credit exposure $ 3,587,721  $ 3,495,122  $ 3,415,849  $ 3,277,594  $ 3,182,430  3  13 
    
(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes loans held in CIB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(d)Also includes commercial card lending-related commitments primarily in CIB.
(e)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to Notes 4 and 28 of the Firm’s 2025 Form 10-K for additional information.
(f)Represents total consumer loans and lending-related commitments.
(g)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.
(h)Prior-period amount has been revised to conform with the presentation in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025.




Page 24

JPMORGAN CHASE & CO.
imagea.jpg
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Jun 30, 2026
Change
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30,
2026 2026 2025 2025 2025 2026 2025
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $ 3,843  $ 3,810  $ 3,875  $ 3,954  $ 3,938  1  % (2) %
   Loans held-for-sale and loans at fair value 605  589  798  646  731  3  (17)
Total consumer nonaccrual loans 4,448  4,399  4,673  4,600  4,669  1  (5)
Wholesale nonaccrual loans
Loans retained 4,191  4,524  4,398  4,740  4,479  (7) (6)
Loans held-for-sale and loans at fair value 725  660  786  766  673  10  8 
Total wholesale nonaccrual loans 4,916  5,184  5,184  5,506  5,152  (5) (5)
Total nonaccrual loans 9,364  9,583  9,857  10,106  9,821  (2) (5)
Derivative receivables 171  174  204  224  349  (2) (51)
Assets acquired in loan satisfactions 314  292  298  305  310  8  1 
Total nonperforming assets 9,849  10,049  10,359  10,635  10,480  (2) (6)
Wholesale lending-related commitments (b) 799  916  925  1,025  922  (13) (13)
Total nonperforming exposure $ 10,648  $ 10,965  $ 11,284  $ 11,660  $ 11,402  (3) (7)
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.61  % 0.64  % 0.66  % 0.70  % 0.70  %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.14  1.12  1.16  1.17  1.18 
Total wholesale nonaccrual loans to total
wholesale loans 0.55  0.59  0.61  0.68  0.66 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $232 million, $251 million, $198 million, $158 million and $113 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2025 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)Represents commitments that are risk rated as nonaccrual.


Page 25

JPMORGAN CHASE & CO.
imagea.jpg
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance $ 25,928  $ 25,765  $ 25,735  $ 24,953  $ 25,208  1  % 3  % $ 25,765  $ 24,345  6  %
Net charge-offs:
Gross charge-offs 2,995  2,911  3,099  3,181  2,944  3  2  5,906  5,760  3 
Gross recoveries collected (629) (595) (585) (588) (534) (6) (18) (1,224) (1,018) (20)
Net charge-offs 2,366  2,316  2,514  2,593  2,410  2  (2) 4,682  4,742  (1)
Provision for loan losses 2,590  2,481  2,544  3,376  2,151  4  20  5,071  5,344  (5)
Other —  (2) —  (1) 4  NM NM (2) 6  NM
Ending balance $ 26,152  $ 25,928  $ 25,765  $ 25,735  $ 24,953  1  5  $ 26,152  $ 24,953  5 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance $ 5,091  $ 5,071  $ 2,964  $ 2,932  $ 2,226  —  129  $ 5,071  $ 2,101  141 
Provision for lending-related commitments 63  23  2,107  (b) 31  706  174  (91) 86  831  (90)
Other (3) (3) —  1  —  —  NM (6) —  NM
Ending balance $ 5,151  $ 5,091  $ 5,071  $ 2,964  $ 2,932  1  76  $ 5,151  $ 2,932  76 
ALLOWANCE FOR INVESTMENT SECURITIES $ 63  $ 78  $ 106  $ 105  $ 108  (19) (42) $ 63  $ 108  (42)
Total allowance for credit losses (a) $ 31,366  $ 31,097  $ 30,942  $ 28,804  $ 27,993  1  12  $ 31,366  $ 27,993  12 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.15  % 0.17  % 0.19  % 0.12  % 0.14  % 0.16  % 0.16  %
Credit card retained loans 3.33  3.46  3.14  3.15  3.40  3.40  3.49 
Total consumer retained loans 1.42  1.47  1.35  1.29  1.38  1.44  1.42 
Wholesale retained loans 0.10  0.06  0.23  0.33  0.19  0.08  0.15 
Total retained loans 0.66  0.67  0.72  0.76  0.73  0.67  0.73 
Memo: Average retained loans
Consumer retained, excluding credit card loans $ 366,710  $ 367,880  $ 368,485  $ 370,073  $ 372,005  —  (1) $ 367,291  $ 373,229  (2)
Credit card retained loans 243,572  239,220  239,356  234,354  228,320  2  7  241,408  226,346  7 
Total average retained consumer loans 610,282  607,100  607,841  604,427  600,325  1  2  608,699  599,575  2 
Wholesale retained loans 825,356  793,654  775,282  747,045  721,105  4  14  809,594  703,952  15 
Total average retained loans $ 1,435,638  $ 1,400,754  $ 1,383,123  $ 1,351,472  $ 1,321,430  2  9  $ 1,418,293  $ 1,303,527  9 
(a)At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, excludes an allowance for credit losses associated with certain accounts receivable in CIB of $165 million, $286 million, $288 million, $285 million and $288 million, respectively.
(b)Refer to footnote (g) on page 2 for additional information.






Page 26

JPMORGAN CHASE & CO.
imagea.jpg
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Jun 30, 2026
Change
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Jun 30,
2026 2026 2025 2025 2025 2026 2025
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
 $ (621) $ (623) $ (647) $ (621) $ (683) —  % 9  %
Portfolio-based 2,417  2,412  2,567  2,524  2,532  —  (5)
Total consumer, excluding credit card 1,796  1,789  1,920  1,903  1,849  —  (3)
Credit card
Portfolio-based 15,561  15,559  15,557  15,554  15,001  —  4 
Total credit card 15,561  15,559  15,557  15,554  15,001  —  4 
Total consumer 17,357  17,348  17,477  17,457  16,850  —  3 
Wholesale
Asset-specific
 790  851  707  838  781  (7) 1 
Portfolio-based 8,005  7,729  7,581  7,440  7,322  4  9 
Total wholesale 8,795  8,580  8,288  8,278  8,103  3  9 
Total allowance for loan losses 26,152  25,928  25,765  25,735  24,953  1  5 
Allowance for lending-related commitments (a) 5,151  5,091  5,071  2,964  2,932  1  76 
Allowance for investment securities 63  78  106  105  108  (19) (42)
Total allowance for credit losses $ 31,366  $ 31,097  $ 30,942  $ 28,804  $ 27,993  1  12 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans 0.49  % 0.49  % 0.52  % 0.51  % 0.50  %
Credit card allowance to total credit card retained loans 6.23  6.51  6.28  6.61  6.44 
Wholesale allowance to total wholesale retained loans 1.04  1.05  1.05  1.08  1.09 
Total allowance to total retained loans 1.79  1.82  1.83  1.88  1.85 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (b) 47  47  50  48  47 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (b) 132  124  123  117  118 
Wholesale allowance to wholesale retained nonaccrual loans 210  190  188  175  181 
Total allowance to total retained nonaccrual loans 326  311  311  296  296 
(a)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to footnote (g) on page 2 for additional information.
(b)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.




Page 27

JPMORGAN CHASE & CO.
imagea.jpg
NON-GAAP FINANCIAL MEASURES
Non-GAAP Financial Measures
(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the LOBs on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole and for each of the reportable business segments and Corporate on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by each of the LOBs and Corporate.
(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
(d)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets, as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to pages 73-74 of the Firm’s 2025 Form 10-K.
QUARTERLY TRENDS SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
(in millions, except rates) 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
Net interest income - reported $ 25,511  $ 25,366  $ 24,995  $ 23,966  $ 23,209  1  % 10  % $ 50,877  $ 46,482  9  %
Fully taxable-equivalent adjustments 111  113  113  105  105  (2) 6  224  207  8 
Net interest income - managed basis
 $ 25,622  $ 25,479  $ 25,108  $ 24,071  $ 23,314  1  10  $ 51,101  $ 46,689  9 
Less: Markets net interest income 1,945  2,199  1,251  680  561  (12) 247  4,144  1,346  208 
Net interest income excluding Markets
 $ 23,677  $ 23,280  $ 23,857  $ 23,391  $ 22,753  2  4  $ 46,957  $ 45,343  4 
Average interest-earning assets $ 4,287,954  $ 4,135,737  $ 3,923,824  $ 3,895,764  $ 3,845,982  4  11  $ 4,212,266  $ 3,757,674  12 
Less: Average Markets interest-earning assets
1,686,445  1,599,089  1,403,245  1,404,633  1,387,584  5  22  1,643,008  1,321,732  24 
Average interest-earning assets excluding Markets $ 2,601,509  $ 2,536,648  $ 2,520,579  $ 2,491,131  $ 2,458,398  3  6  $ 2,569,258  $ 2,435,942  5 
Net yield on average interest-earning assets - managed basis (a) 2.40  % 2.50  % 2.54  % 2.45  % 2.43  % 2.45  % 2.51  %
Net yield on average Markets interest-earning assets
0.46  0.56  0.35  0.19  0.16  0.51  0.21 
Net yield on average interest-earning assets excluding Markets (a) 3.65  3.72  3.76  3.73  3.71  3.69  3.75 
Noninterest revenue - reported $ 31,836  $ 24,470  $ 20,803  $ 22,461  $ 21,703  30  47  $ 56,306  $ 43,740  29 
Fully taxable-equivalent adjustments 564  587  856  588  663  (4) (15) 1,151  1,265  (9)
Noninterest revenue - managed basis $ 32,400  $ 25,057  $ 21,659  $ 23,049  $ 22,366  29  45  $ 57,457  $ 45,005  28 
Less: Markets noninterest revenue
 10,133  9,360  6,988  8,264  8,375  8  21  19,493  17,253  13 
Noninterest revenue excluding Markets $ 22,267  $ 15,697  $ 14,671  $ 14,785  $ 13,991  42  59  $ 37,964  $ 27,752  37 
Memo: Markets total net revenue $ 12,078  $ 11,559  $ 8,239  $ 8,944  $ 8,936  4  35  $ 23,637  $ 18,599  27 
(a) Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.



Page 28