# EDGAR Filing Document

**Accession Number:** 0000019617
**File Stem:** 0000019617-25-000518
**Filing Date:** 2025-7
**Character Count:** 197614
**Document Hash:** 1a40f9283d95174e469e5864390ed3ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000019617-25-000518.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0000019617-25-000518

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250715

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN CHASE & CO
- **CENTRAL INDEX KEY:** 0000019617
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132624428
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05805
- **FILM NUMBER:** 251123036

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2122706000

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** J P MORGAN CHASE & CO
- **DATE OF NAME CHANGE:** 20010102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHASE MANHATTAN CORP /DE/
- **DATE OF NAME CHANGE:** 19960402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHEMICAL BANKING CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? jpm-20250715

**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 15, 2025** 

**JPMorgan Chase & Co.**

**(Exact name of registrant as specified in its charter)**

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **1-5805** | **13-2624428** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(State or other jurisdiction of<br>incorporation or organization)** | **(Commission File Number)** | **(I.R.S. employer<br>identification no.)** |
| **383 Madison Avenue,** | **383 Madison Avenue,** | | |
| **New York,** | **New York** | | **10179** |
| **(Address of principal executive offices)** | **(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:**

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| **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 15, 2025, JPMorgan Chase & Co. ("JPMorganChase" or the "Firm") reported 2025 second quarter net income of $15.0 billion, or $5.24 per share, compared with net income of $18.1 billion, or $6.12 per share, in the second quarter of 2024. A copy of the 2025 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 current beliefs and expectations of JPMorganChase's management 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, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which have been filed with the Securities and Exchange Commission and are available on JPMorganChase's website (<u>https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview</u>) 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)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 99.1 | <u>[JPMorgan Chase & Co. Earnings Release - Second Quarter 2025 Results](a2q25erfexhibit991narrative.htm)</u> |
| 99.2 | <u>[JPMorgan Chase & Co. Earnings Release Financial Supplement - Second Quarter 2025](a2q25erfex992supplement.htm)</u> |
| 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). |

---

------

<u>SIGNATURE</u>

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. <br> (Registrant)

---

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

---

Dated: July 15, 2025

## Exhibit 99.1

Exhibit 99.1

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.<br>383 Madison Avenue, New York, NY 10179-0001<br>NYSE symbol: JPM<br>www.jpmorganchase.com | ![imagea.jpg](imagea.jpg) |

---

**JPMORGANCHASE REPORTS SECOND-QUARTER 2025 NET INCOME OF $15.0 BILLION ($5.24 PER SHARE), NET INCOME, EXCLUDING A SIGNIFICANT ITEM, OF $14.2 BILLION ($4.96 PER SHARE)**

**SECOND-QUARTER 2025 RESULTS** <sup>1</sup>

---

| | | |
|:---|:---|:---|
| ROE **18%**<br>ROTCE<sup>2</sup> **21%**  | CET1 Capital Ratios<sup>3</sup><br>Std. **15.0%** \| Adv. **15.1%**<br>Total Loss-Absorbing Capacity<sup>3</sup> **$560B** | Std. RWA<sup>3</sup> **$1.9T** <br>Cash and marketable securities<sup>4</sup> **$1.5T** <br>Average loans **$1.4T**  |

---

---

| | |
|:---|:---|
| **Firmwide Metrics** | Reported revenue of $44.9 billion and managed revenue of $45.7 billion<sup>2</sup> |
| **Firmwide Metrics** | Expense of $23.8 billion; reported overhead ratio of 53% and managed overhead ratio<sup>2</sup> of 52% |
| **Firmwide Metrics** | Credit costs of $2.8 billion with $2.4 billion of net charge-offs and a $439 million net reserve build |
| **Firmwide Metrics** | Average loans up 5% YoY, up 3% QoQ; average deposits up 6% YoY, up 3% QoQ  |
| **CCB**<br>***ROE 36%*** | Average deposits down 1% YoY, up 1% QoQ; client investment assets up 14% YoY |
| **CCB**<br>***ROE 36%*** | Average loans up 1% YoY, flat QoQ; Card Services net charge-off rate of 3.40% |
| **CCB**<br>***ROE 36%*** | Debit and credit card sales volume<sup>5</sup> up 7% YoY |
| **CCB**<br>***ROE 36%*** | Active mobile customers<sup>6</sup> up 8% YoY |
| **CIB**<br>***ROE 17%*** | Investment Banking fees up 7% YoY, up 12% QoQ; #1 ranking for Global Investment Banking fees with 8.9% wallet share YTD |
| **CIB**<br>***ROE 17%*** | Markets revenue up 15% YoY, with Fixed Income Markets up 14% and Equity Markets up 15% |
| **CIB**<br>***ROE 17%*** | Average Banking & Payments loans<sup>7</sup> down 2% YoY, up 2% QoQ; average client deposits<sup>8</sup> up 16% YoY, up 5% QoQ |
| **AWM**<br>***ROE 36%*** | AUM<sup>9</sup> of $4.3 trillion, up 18% YoY |
| **AWM**<br>***ROE 36%*** | Average loans up 7% YoY, up 3% QoQ; average deposits up 9% YoY, up 2% QoQ |

---

Jamie Dimon, Chairman and CEO, commented on the financial results: *"We reported another quarter of strong results, generating net income of $15.0 billion or net income of $14.2 billion excluding a significant item."* <br>Dimon continued: *"Each of the lines of business performed well. In the CIB, Markets revenue rose to $8.9 billion, and we supported clients as they navigated volatile market conditions at the beginning of the quarter. Meanwhile, IB activity started slow but gained momentum as market sentiment improved, and IB fees were up 7% for the quarter. In CCB, we added approximately 500,000 net new checking accounts, which drove sequential growth in checking account balances. In Card, we launched a refreshed Sapphire Reserve along with a new Sapphire Reserve for Business, with positive early reactions and strong new card acquisitions. Finally, in AWM, asset management fees rose 10%, and we saw continued client asset net inflows of $80 billion, with client assets crossing over $6.4 trillion."* <br>Dimon added: *"Earlier this month, we announced that the Board intends to increase our common dividend for the second time this year, resulting in a 20% cumulative increase compared with the fourth quarter of 2024. We also repurchased $7 billion of common stock. We ended the quarter with a 15% CET1 ratio, which remains far in excess of our required capital levels. In addition, we have an extraordinary amount of liquidity, with $1.5 trillion of cash and marketable securities."* <br>Dimon added: *"The U.S. economy remained resilient in the quarter. The finalization of tax reform and potential deregulation are positive for the economic outlook, however, significant risks persist – including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices. As always, we hope for the best but prepare the Firm for a wide range of scenarios."*<br>Dimon concluded: *"I want to thank our exceptional employees across the globe. Their passion and dedication are what set us apart and enable us to be trusted partners for our clients and communities, including consumers, small and large-sized businesses, schools, cities, states and countries."*<br>

**SIGNIFICANT ITEMS IN 2Q25 RESULTS**

■&nbsp;&nbsp;&nbsp;&nbsp;$774 million income tax benefit in Corporate ($0.28 increase in EPS<sup>10</sup>)

**CAPITAL DISTRIBUTIONS**

■&nbsp;&nbsp;&nbsp;&nbsp;Common dividend of $3.9 billion or $1.40 per share

■&nbsp;&nbsp;&nbsp;&nbsp;$7.1 billion of common stock net repurchases<sup>11</sup>

■&nbsp;&nbsp;&nbsp;&nbsp;Net payout LTM<sup>11,12</sup> of 71%

**FORTRESS PRINCIPLES**

■ Book value per share of $122.51, up 10% YoY; tangible book value per share<sup>2</sup> of $103.40, up 11% YoY

■&nbsp;&nbsp;&nbsp;&nbsp;Basel III common equity Tier 1 capital<sup>3</sup> of $284 billion, Standardized ratio<sup>3</sup> of 15.0% and Advanced ratio<sup>3</sup> of 15.1%

■&nbsp;&nbsp;&nbsp;&nbsp;Firm supplementary leverage ratio of 5.9%

**SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES**

■&nbsp;&nbsp;&nbsp;&nbsp;Approximately **$1.7 trillion** of credit and capital<sup>13</sup> raised YTD:

■&nbsp;&nbsp;&nbsp;&nbsp;**$135 billion** of credit for consumers

■&nbsp;&nbsp;&nbsp;&nbsp;**$17 billion** of credit for U.S. small businesses

■&nbsp;&nbsp;&nbsp;&nbsp;**$1.5 trillion** of credit and capital for corporations and non-U.S. government entities

■&nbsp;&nbsp;&nbsp;&nbsp;**$37 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: Michael Fusco (212) 270-2495 |
| Note: Totals may not sum due to rounding. <br><sup>1</sup> Percentage comparisons are for the second quarter of 2025 versus the prior-year second quarter, unless otherwise specified. <br><sup>2</sup> For notes on non-GAAP financial measures, including managed basis reporting, see page 6. <br>For additional notes, see page 7. | Note: Totals may not sum due to rounding. <br><sup>1</sup> Percentage comparisons are for the second quarter of 2025 versus the prior-year second quarter, unless otherwise specified. <br><sup>2</sup> For notes on non-GAAP financial measures, including managed basis reporting, see page 6. <br>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 2025 versus the prior-year second quarter, unless otherwise specified.*

**JPMORGANCHASE (JPM)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Results for JPM |  |  |  | 1Q25 | 1Q25 | 2Q24 | 2Q24 |
| ($ millions, except per share data) | 2Q25 | 1Q25 | 2Q24 | $ O/(U) | O/(U) % | $ O/(U) | O/(U) % |
| Net revenue - reported | $44912 | $45310 | $50200 | $(398) | (1)% | $(5288) | (11)% |
| Net revenue - managed | 45680 | 46014 | 50992 | (334) | (1) | (5312) | (10) |
| Noninterest expense | 23779 | 23597 | 23713 | 182 | 1 | 66 |  |
| Provision for credit losses | 2849 | 3305 | 3052 | (456) | (14) | (203) | (7) |
| Net income | $14987 | $14643 | $18149 | $344 | 2% | $(3162) | (17)% |
| Earnings per share - diluted | $5.24 | $5.07 | $6.12 | $0.17 | 3% | $(0.88) | (14)% |
| Return on common equity | 18% | 18% | 23% |  |  |  |  |
| Return on tangible common equity | 21 | 21 | 28 |  |  |  |  |

---

***Discussion of Results:***

Net income was $15.0 billion, down 17%.

Net revenue was $45.7 billion, down 10%. Net interest income was $23.3 billion , up 2% . Noninterest revenue was $22.4 billion, down 20%.

Net interest income excluding Markets<sup>2</sup> was $22.8 billion, down 1%, driven by the impact of lower rates and deposit margin compression, predominantly offset by higher wholesale deposit balances and higher revolving balances in Card Services, as well as the impact of securities activity including activity in prior quarters. Noninterest revenue excluding Markets<sup>2</sup> was $14.0 billion, down 31%. Excluding the $7.9 billion net gain related to Visa shares<sup>14</sup> and $546 million of securities losses in the prior year, noninterest revenue excluding Markets<sup>2</sup> was up 8%, driven by higher asset management fees in AWM and CCB, higher auto operating lease income, higher investment banking fees and higher Payments fees. Markets revenue was $8.9 billion, up 15%.

Noninterest expense was $23.8 billion, flat to the prior year. Excluding the $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation in the prior year, noninterest expense was up 5%, driven by higher compensation, including higher revenue-related compensation and growth in front office and technology employees, as well as higher brokerage expense and distribution fees, auto lease depreciation and technology expense, partially offset by lower legal expense.

The provision for credit losses was $2.8 billion. Net charge-offs of $2.4 billion, predominantly in Card Services, were up $179 million. The net reserve build of $439 million, primarily in Wholesale, was driven by the impact of net lending activity, largely offset by a decrease in the weight placed on the adverse scenarios. In the prior year, the provision was $3.1 billion, net charge-offs were $2.2 billion and the net reserve build was $821 million.

The current quarter included a $774 million income tax benefit in Corporate, driven by the resolution of certain tax audits and the impact of tax regulations finalized in 2024 related to foreign currency translation gains and losses.

------

JPMorgan Chase & Co.

News Release

**CONSUMER & COMMUNITY BANKING (CCB)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Results for CCB |  |  |  | 1Q25 | 1Q25 | 2Q24 | 2Q24 |
| ($ millions) | 2Q25 | 1Q25 | 2Q24 | $ O/(U) | O/(U) % | $ O/(U) | O/(U) % |
| Net revenue<sup>15</sup> | $18847 | $18313 | $17701 | $534 | 3% | $1146 | 6% |
| &nbsp;&nbsp;&nbsp;Banking & Wealth Management | 10698 | 10254 | 10375 | 444 | 4 | 323 | 3 |
| &nbsp;&nbsp;&nbsp;Home Lending | 1250 | 1207 | 1319 | 43 | 4 | (69) | (5) |
| &nbsp;&nbsp;&nbsp;Card Services & Auto | 6899 | 6852 | 6007 | 47 | 1 | 892 | 15 |
| Noninterest expense | 9858 | 9857 | 9425 | 1 |  | 433 | 5 |
| Provision for credit losses | 2082 | 2629 | 2643 | (547) | (21) | (561) | (21) |
| Net income | $5169 | $4425 | $4210 | $744 | 17% | $959 | 23% |

---

***Discussion of Results:***

Net income was $5.2 billion, up 23%.

Net revenue<sup>15</sup> was $18.8 billion, up 6%. Banking & Wealth Management net revenue was $10.7 billion, up 3%, predominantly driven by higher noninterest revenue, largely due to higher asset management fees in J.P. Morgan Wealth Management and higher card income. Home Lending net revenue was $1.3 billion, down 5%, predominantly driven by lower net interest income. Card Services & Auto net revenue was $6.9 billion, up 15%, predominantly driven by higher Card Services net interest income on higher revolving balances, as well as higher auto operating lease income.

Noninterest expense was $9.9 billion, up 5%, largely driven by higher technology expense and higher auto lease depreciation.

The provision for credit losses was $2.1 billion. Net charge-offs were $2.1 billion, up $22 million, primarily driven by Card Services. Reserves were relatively flat, as changes in the weighted-average macroeconomic outlook were offset by loan growth in Card Services. In the prior year, the provision was $2.6 billion, net charge-offs were $2.1 billion and the net reserve build was $579 million.

------

JPMorgan Chase & Co.

News Release

**COMMERCIAL & INVESTMENT BANK (CIB)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Results for CIB |  |  |  | 1Q25 | 1Q25 | 2Q24 | 2Q24 |
| ($ millions) | 2Q25 | 1Q25 | 2Q24 | $ O/(U) | O/(U) % | $ O/(U) | O/(U) % |
| Net revenue | $19535 | $19666 | $17917 | $(131) | (1)% | $1618 | 9% |
| &nbsp;&nbsp;&nbsp;Banking & Payments | 9248 | 8754 | 8950 | 494 | 6 | 298 | 3 |
| &nbsp;&nbsp;&nbsp;Markets & Securities Services | 10287 | 10912 | 8967 | (625) | (6) | 1320 | 15 |
| Noninterest expense | 9641 | 9842 | 9166 | (201) | (2) | 475 | 5 |
| Provision for credit losses | 696 | 705 | 384 | (9) | (1) | 312 | 81 |
| Net income | $6650 | $6942 | $5897 | $(292) | (4)% | $753 | 13% |

---

***Discussion of Results:***

Net income was $6.7 billion, up 13%.

Net revenue was $19.5 billion, up 9%. Banking & Payments revenue was $9.2 billion, up 3%. Investment Banking revenue was $2.7 billion, up 9%. Investment Banking fees were $2.5 billion, up 7%, driven by higher debt underwriting and advisory fees, partially offset by lower equity underwriting fees. Payments revenue was $4.7 billion, up 4%. Excluding the net impact of equity investments, Payments revenue was up 3%, driven by higher deposit balances and fee growth, predominantly offset by deposit margin compression. Lending revenue was $1.8 billion, down 6%, largely driven by higher losses on hedges of the retained lending portfolio.

Markets & Securities Services revenue was $10.3 billion, up 15%. Markets revenue was $8.9 billion, up 15%. Fixed Income Markets revenue was $5.7 billion, up 14%, driven by higher revenue in Currencies & Emerging Markets, Rates and Commodities, partially offset by lower revenue in the Securitized Products Group<sup>16</sup> and Fixed Income Financing. Equity Markets revenue was $3.2 billion, up 15%, predominantly driven by higher revenue across products, notably in Derivatives. Securities Services revenue was $1.4 billion, up 12%, driven by higher deposit balances as well as fee growth on higher client activity and market levels.

Noninterest expense was $9.6 billion, up 5%, driven by higher compensation, brokerage and technology expense, partially offset by lower legal expense.

The provision for credit losses was $696 million, driven by a reserve build in the Commercial & Industrial portfolio, which reflected the impact of net lending activity and credit quality changes on certain exposures, partially offset by a decrease in the weight placed on the adverse scenarios. The net reserve build was $371 million and net charge-offs were $325 million. In the prior year, the provision was $384 million, the net reserve build was $220 million and net charge-offs were $164 million.

**ASSET & WEALTH MANAGEMENT (AWM)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Results for AWM |  |  |  | 1Q25 | 1Q25 | 2Q24 | 2Q24 |
| ($ millions) | 2Q25 | 1Q25 | 2Q24 | $ O/(U) | O/(U) % | $ O/(U) | O/(U) % |
| Net revenue | $5760 | $5731 | $5252 | $29 | 1% | $508 | 10% |
| Noninterest expense | 3733 | 3713 | 3543 | 20 | 1 | 190 | 5 |
| Provision for credit losses | 46 | (10) | 20 | 56 | NM | 26 | 130 |
| Net income | $1473 | $1583 | $1263 | $(110) | (7)% | $210 | 17% |

---

***Discussion of Results:***

Net income was $1.5 billion, up 17%.

Net revenue was $5.8 billion, up 10%, driven by growth in management fees on strong net inflows and higher average market levels, as well as higher brokerage activity and higher deposit balances.

Noninterest expense was $3.7 billion, up 5%, driven by higher compensation, including higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.

Assets under management were $4.3 trillion, up 18%, and client assets were $6.4 trillion, up 19%. These increases were each driven by continued net inflows and higher market levels.

------

JPMorgan Chase & Co.

News Release

&nbsp;&nbsp;&nbsp;&nbsp;

**CORPORATE**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Results for Corporate |  |  |  | 1Q25 | 1Q25 | 2Q24 | 2Q24 |
| ($ millions) | 2Q25 | 1Q25 | 2Q24 | $ O/(U) | O/(U) % | $ O/(U) | O/(U) % |
| Net revenue<sup>15</sup> | $1538 | $2304 | $10122 | $(766) | (33)% | $(8584) | (85)% |
| Noninterest expense | 547 | 185 | 1579 | 362 | 196 | (1032) | (65) |
| Provision for credit losses | 25 | (19) | 5 | 44 | NM | 20 | 400 |
| Net income | $1695 | $1693 | $6779 | $2 | —% | $(5084) | (75)% |

---

***Discussion of Results:***

Net income was $1.7 billion, down $5.1 billion.

Net revenue was $1.5 billion, down $8.6 billion. Net interest income was $1.5 billion, down $875 million, driven by the impact of changes in funds transfer pricing<sup>15</sup> for consumer deposits as well as lower rates, partially offset by the impact of securities activity including activity in prior quarters. Noninterest revenue was $49 million, down $7.7 billion, driven by the absence of the $7.9 billion net gain related to Visa shares in the prior year, partially offset by lower net investment securities losses.

Noninterest expense was $547 million, down $1.0 billion, driven by the absence of the $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation in the prior year.

The current quarter included a $774 million income tax benefit, driven by the resolution of certain tax audits and the impact of tax regulations finalized in 2024 related to foreign currency translation gains and losses.

------

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 $122.51, $119.24 and $111.29 at June 30, 2025, March 31, 2025 and June 30, 2024, 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 81-82 of the Firm's 2024 Form 10-K.

d.Second-quarter 2025 net income and earnings per share excluding the $774 million income tax benefit are non-GAAP financial measures. Excluding this item resulted in a decrease of $774 million (after tax) to reported net income from $15.0 billion to $14.2 billion and a decrease of $0.28 per share to reported EPS from $5.24 to $4.96. Management believes these measures provide useful information to investors and analysts in assessing the Firm's results.

------

JPMorgan Chase & Co.

News Release

**Additional notes:**

3. Estimated. As of January 1, 2025, the benefit from the Current Expected Credit Losses ("CECL") capital transition provision had been fully phased-out. Refer to Note 21 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 and Note 27 of the Firm's 2024 Form 10-K for additional information.

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 40-46 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 and pages 108-115 of the Firm's 2024 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. On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.

8. Client deposits and other third party liabilities ("client deposits") pertain to the Payments and Securities Services businesses.

9. Assets under management ("AUM").

10. Earnings per share ("EPS").

11. Includes the net impact of employee issuances. Excludes excise tax and commissions.

12. Last twelve months ("LTM").

13. 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.

14. On April 8, 2024, Visa Inc. announced the commencement of an exchange offer for Visa Class B-1 common stock. On May 6, 2024, the Firm announced that Visa accepted the Firm's tender of its 37.2 million shares of Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 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. Refer to pages 54 and 200 of the Firm's 2024 Form 10-K for additional information.

15. During the fourth quarter of 2024, the Firm made a change to its funds transfer pricing with respect to consumer deposits, resulting in an increase in the funding benefit reflected within CCB net interest income which is fully offset within Corporate net interest income. Refer to page 17 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 and page 71 of the Firm's 2024 Form 10-K for additional information.

16. Securitized Products Group is comprised of Securitized Products and tax-oriented investments.

------

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 $4.6 trillion in assets and $357 billion in stockholders' equity as of June 30, 2025. 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 15, 2025, at 8:30 a.m. (ET) to present second-quarter 2025 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 15, 2025 through 11:59 p.m. (ET) on July 29, 2025 at 1 (800) 841-4034 (U.S. and Canada); +1 (203) 369-3360 (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 current beliefs and expectations of JPMorgan Chase & Co.'s management 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, 2024 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, 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.*

## Exhibit 99.2

Exhibit 99.2

![jpmc_logoxstandardxblackxra.jpg](jpmc_logoxstandardxblackxra.jpg)

**EARNINGS RELEASE FINANCIAL SUPPLEMENT**

**SECOND QUARTER 2025**

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| | |
|:---|:---|
| **JPMORGAN CHASE & CO.** | ![image1a.jpg](image1a.jpg) |
| **TABLE OF CONTENTS** | ![image1a.jpg](image1a.jpg) |
|  | ![image1a.jpg](image1a.jpg) |
|  | **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)&nbsp;&nbsp;&nbsp;&nbsp;Refer to the Glossary of Terms and Acronyms on pages 327–333 of JPMorgan Chase & Co.'s (the "Firm's") Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K").

------

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except per share and ratio data)** | **(in millions, except per share and ratio data)** |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  |  |  | **2025 Change** |
| **<u>SELECTED INCOME STATEMENT DATA</u>** | **2Q25** |  | **1Q25** |  | **4Q24** | **3Q24** | **2Q24** |  | **1Q25** | **2Q24** | **2025** |  | **2024** |  | **2024** |
| **Reported Basis** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total net revenue | $44912 |  | $45310 |  | $42768 | $42654 | $50200 | (h) | (1)% | (11)% | $90222 |  | $92134 |  | (2)% |
| Total noninterest expense | 23779 |  | 23597 | (g) | 22762 | 22565 | 23713 |  | 1 |  | 47376 |  | 46470 | (g) | 2 |
| Pre-provision profit (a) | 21133 |  | 21713 |  | 20006 | 20089 | 26487 |  | (3) | (20) | 42846 |  | 45664 |  | (6) |
| Provision for credit losses | 2849 |  | 3305 |  | 2631 | 3111 | 3052 |  | (14) | (7) | 6154 |  | 4936 |  | 25 |
| &nbsp;&nbsp;&nbsp;**NET INCOME** | 14987 |  | 14643 |  | 14005 | 12898 | 18149 |  | 2 | (17) | 29630 |  | 31568 |  | (6) |
| **Managed Basis (b)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total net revenue | 45680 |  | 46014 |  | 43738 | 43315 | 50992 | (h) | (1) | (10) | 91694 |  | 93540 |  | (2) |
| Total noninterest expense | 23779 |  | 23597 | (g) | 22762 | 22565 | 23713 |  | 1 |  | 47376 |  | 46470 | (g) | 2 |
| Pre-provision profit (a) | 21901 |  | 22417 |  | 20976 | 20750 | 27279 |  | (2) | (20) | 44318 |  | 47070 |  | (6) |
| Provision for credit losses | 2849 |  | 3305 |  | 2631 | 3111 | 3052 |  | (14) | (7) | 6154 |  | 4936 |  | 25 |
| &nbsp;&nbsp;&nbsp;**NET INCOME** | 14987 |  | 14643 |  | 14005 | 12898 | 18149 |  | 2 | (17) | 29630 |  | 31568 |  | (6) |
| **<u>EARNINGS PER SHARE DATA</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income: Basic | $5.25 |  | $5.08 |  | $4.82 | $4.38 | $6.13 |  | 3 | (14) | $10.32 |  | $10.58 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 5.24 |  | 5.07 |  | 4.81 | 4.37 | 6.12 |  | 3 | (14) | 10.31 |  | 10.56 |  | (2) |
| Average shares: Basic | 2788.7 |  | 2819.4 |  | 2836.9 | 2860.6 | 2889.8 |  | (1) | (3) | 2804.0 |  | 2899.1 |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 2793.7 |  | 2824.3 |  | 2842.4 | 2865.9 | 2894.9 |  | (1) | (3) | 2809.0 |  | 2903.9 |  | (3) |
| **<u>MARKET AND PER COMMON SHARE DATA</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Market capitalization | $797181 |  | $681712 |  | $670618 | $593643 | $575463 |  | 17 | 39 | $797181 |  | $575463 |  | 39 |
| Common shares at period-end | 2749.7 |  | 2779.1 |  | 2797.6 | 2815.3 | 2845.1 |  | (1) | (3) | 2749.7 |  | 2845.1 |  | (3) |
| Book value per share | 122.51 |  | 119.24 |  | 116.07 | 115.15 | 111.29 |  | 3 | 10 | 122.51 |  | 111.29 |  | 10 |
| Tangible book value per share ("TBVPS") (a) | 103.40 |  | 100.36 |  | 97.30 | 96.42 | 92.77 |  | 3 | 11 | 103.40 |  | 92.77 |  | 11 |
| Cash dividends declared per share | 1.40 |  | 1.40 |  | 1.25 | 1.25 | 1.15 |  |  | 22 | 2.80 |  | 2.30 |  | 22 |
| **<u>FINANCIAL RATIOS (c)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Return on common equity ("ROE") | 18% |  | 18% |  | 17% | 16% | 23% |  |  |  | 18% |  | 20% |  |  |
| Return on tangible common equity ("ROTCE") (a) | 21 |  | 21 |  | 21 | 19 | 28 |  |  |  | 21 |  | 25 |  |  |
| Return on assets | 1.35 |  | 1.40 |  | 1.35 | 1.23 | 1.79 |  |  |  | 1.38 |  | 1.58 |  |  |
| **<u>CAPITAL RATIOS (d)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Common equity Tier 1 ("CET1") capital ratio (e) | 15.0% | (f) | 15.4% |  | 15.7% | 15.3% | 15.3% |  |  |  | 15.0% | (f) | 15.3% |  |  |
| Tier 1 capital ratio (e) | 16.1 | (f) | 16.5 |  | 16.8 | 16.4 | 16.7 |  |  |  | 16.1 | (f) | 16.7 |  |  |
| Total capital ratio (e) | 17.8 | (f) | 18.2 |  | 18.5 | 18.2 | 18.5 |  |  |  | 17.8 | (f) | 18.5 |  |  |
| Tier 1 leverage ratio | 6.9 | (f) | 7.2 |  | 7.2 | 7.1 | 7.2 |  |  |  | 6.9 | (f) | 7.2 |  |  |
| Supplementary leverage ratio ("SLR") | 5.9 | (f) | 6.0 |  | 6.1 | 6.0 | 6.1 |  |  |  | 5.9 | (f) | 6.1 |  |  |

---

(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity ("TCE") is also a non-GAAP financial measure; refer to page 10 for a reconciliation of common stockholders' equity to TCE. Refer to page 28 for a further discussion of these measures.

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

(c)Ratios are based upon annualized amounts.

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

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

(f)Estimated.

(g)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual increase of $725 million for the three months ended March 31, 2024. Refer to Note 6 on page 228 of the Firm's 2024 Form 10-K for additional information.

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

------

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED** | **CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratios, employee data and where otherwise noted)** | **(in millions, except ratios, employee data and where otherwise noted)** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  | **2025 Change** |
|  | **2Q25** |  | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q25** | **2Q24** | **2025** | **2024** | **2024** |
| **<u>SELECTED BALANCE SHEET DATA (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $4552482 |  | $4357856 | $4002814 | $4210048 | $4143003 | 4% | 10% | $4552482 | $4143003 | 10% |
| Loans: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer, excluding credit card loans | 394040 |  | 391138 | 392810 | 394945 | 396955 | 1 | (1) | 394040 | 396955 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card loans | 232943 |  | 223384 | 232860 | 219542 | 216100 | 4 | 8 | 232943 | 216100 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale loans | 785009 |  | 741173 | 722318 | 725524 | 707645 | 6 | 11 | 785009 | 707645 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | **1411992** |  | **1355695** | **1347988** | **1340011** | **1320700** | 4 | 7 | **1411992** | **1320700** | 7 |
| Deposits: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. offices: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | 591177 |  | 581623 | 592500 | 611334 | 632316 | 2 | (7) | 591177 | 632316 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 1441905 |  | 1416585 | 1345914 | 1326489 | 1291737 | 2 | 12 | 1441905 | 1291737 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. offices: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | 29976 |  | 29856 | 26806 | 31607 | 26362 |  | 14 | 29976 | 26362 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 499322 |  | 467813 | 440812 | 461342 | 446115 | 7 | 12 | 499322 | 446115 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total deposits** | **2562380** |  | **2495877** | **2406032** | **2430772** | **2396530** | 3 | 7 | **2562380** | **2396530** | 7 |
| Long-term debt | 419802 |  | 407224 | 401418 | 410157 | 394028 | 3 | 7 | 419802 | 394028 | 7 |
| Common stockholders' equity | 336879 |  | 331375 | 324708 | 324186 | 316652 | 2 | 6 | 336879 | 316652 | 6 |
| Total stockholders' equity | 356924 |  | 351420 | 344758 | 345836 | 340552 | 2 | 5 | 356924 | 340552 | 5 |
| Loans-to-deposits ratio | 55% |  | 54% | 56% | 55% | 55% |  |  | 55% | 55% |  |
| **Employees** | 317160 |  | 318477 | 317233 | 316043 | 313206 |  | 1 | 317160 | 313206 | 1 |
| **<u>95% CONFIDENCE LEVEL - TOTAL VaR</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Average VaR (a) | $42 |  | $50 | $40 | $45 | $56 | (16) | (25) |  |  |  |
| **<u>Earnings-at-Risk (in billions) (b)(c)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Parallel shift:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;+100 bps shift in rates | $2.0 | (e) | $2.2 | $2.3 | $2.8 | $3.5 | (9) | (43) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;-100 bps shift in rates | (2.3) | (e) | (2.2) | (2.5) | (2.9) | (3.2) | (5) | 28 |  |  |  |
| **<u>LINE OF BUSINESS & CORPORATE NET REVENUE (d)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $18847 |  | $18313 | $18362 | $17791 | $17701 | 3 | 6 | $37160 | $35354 | 5 |
| Commercial & Investment Bank | 19535 |  | 19666 | 17598 | 17015 | 17917 | (1) | 9 | 39201 | 35501 | 10 |
| Asset & Wealth Management | 5760 |  | 5731 | 5778 | 5439 | 5252 | 1 | 10 | 11491 | 10361 | 11 |
| Corporate | 1538 |  | 2304 | 2000 | 3070 | 10122 | (33) | (85) | 3842 | 12324 | (69) |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | $**45680** |  | $**46014** | $**43738** | $**43315** | $**50992** | (1) | (10) | $**91694** | $**93540** | (2) |
| **<u>LINE OF BUSINESS & CORPORATE NET INCOME</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $5169 |  | $4425 | $4516 | $4046 | $4210 | 17 | 23 | $9594 | $9041 | 6 |
| Commercial & Investment Bank | 6650 |  | 6942 | 6636 | 5691 | 5897 | (4) | 13 | 13592 | 12519 | 9 |
| Asset & Wealth Management | 1473 |  | 1583 | 1517 | 1351 | 1263 | (7) | 17 | 3056 | 2553 | 20 |
| Corporate | 1695 |  | 1693 | 1336 | 1810 | 6779 |  | (75) | 3388 | 7455 | (55) |
| &nbsp;&nbsp;&nbsp;**NET INCOME** | $**14987** |  | $**14643** | $**14005** | $**12898** | $**18149** | 2 | (17) | $**29630** | $**31568** | (6) |

---

(a)Effective April 1, 2025, the Firm refined the historical proxy time series inputs to one of its VaR models to more appropriately reflect the risk exposure from certain securitization warehousing loan positions. With this refined time series, the average Total VaR for the three months ended March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024 would have been lower by $(5) million, $(5) million, $(4) million and $(1) million, respectively. Refer to Commercial & Investment Bank VaR on page 19 for further information.

(b)Earnings-at-risk estimates the Firm's interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline reflects certain assumptions relating to the Federal Reserve's balance sheet policy (e.g., quantitative tightening and usage at the Reverse Repurchase Facility) that require management judgment. The Firm's actual net interest income for the rate shifts presented may differ as the earnings-at-risk scenarios are modelled as instantaneous shifts and exclude any actions that could be taken by the Firm or its clients and customers in response to instantaneous rate changes. Other significant assumptions in the earnings-at-risk scenarios may also differ from actual results, including mortgage prepayments and deposits rates paid. Refer to pages 147-148 of the Firm's Annual Report on Form 10-K for the year ended December 31, 2024 for additional information.

(c)Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates. At September 30, 2024 and June 30, 2024, represents the total of the Firm's U.S. dollar and non-U.S. dollar sensitivities as presented in Structural interest rate risk management of the Firm's Quarterly Reports on Form 10-Q for the respective periods.

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

(e)Estimated.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CONSOLIDATED STATEMENTS OF INCOME** |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except per share and ratio data)** |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  |  |  | **2025 Change** |
| **<u>REVENUE</u>** | **2Q25** |  | **1Q25** |  | **4Q24** | **3Q24** | **2Q24** |  | **1Q25** | **2Q24** | **2025** |  | **2024** |  | **2024** |
| Investment banking fees | $2499 |  | $2178 |  | $2421 | $2231 | $2304 |  | 15% | 8% | $4677 |  | $4258 |  | 10% |
| Principal transactions | 7149 |  | 7614 |  | 5195 | 5988 | 6814 |  | (6) | 5 | 14763 |  | 13604 |  | 9 |
| Lending- and deposit-related fees | 2248 |  | 2132 |  | 1952 | 1924 | 1828 |  | 5 | 23 | 4380 |  | 3730 |  | 17 |
| Asset management fees | 4806 |  | 4700 |  | 4874 | 4479 | 4302 |  | 2 | 12 | 9506 |  | 8448 |  | 13 |
| Commissions and other fees | 2194 |  | 2033 |  | 1865 | 1936 | 1924 |  | 8 | 14 | 4227 |  | 3729 |  | 13 |
| Investment securities losses | (54) |  | (37) |  | (92) | (16) | (547) |  | (46) | 90 | (91) |  | (913) |  | 90 |
| Mortgage fees and related income | 363 |  | 278 |  | 376 | 402 | 348 |  | 31 | 4 | 641 |  | 623 |  | 3 |
| Card income | 1344 |  | 1216 |  | 1602 | 1345 | 1332 |  | 11 | 1 | 2560 |  | 2550 |  |  |
| Other income | 1154 |  | 1923 |  | 1225 | 960 | 9149 | (f) | (40) | (87) | 3077 |  | 10277 | (f) | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Noninterest revenue** | **21703** |  | **22037** |  | **19418** | **19249** | **27454** |  | (2) | (21) | **43740** |  | **46306** |  | (6) |
| Interest income | 48241 |  | 46853 |  | 47566 | 50416 | 48513 |  | 3 | (1) | 95094 |  | 95951 |  | (1) |
| Interest expense | 25032 |  | 23580 |  | 24216 | 27011 | 25767 |  | 6 | (3) | 48612 |  | 50123 |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net interest income** | **23209** |  | **23273** |  | **23350** | **23405** | **22746** |  |  | 2 | **46482** |  | **45828** |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | **44912** |  | **45310** |  | **42768** | **42654** | **50200** |  | (1) | (11) | **90222** |  | **92134** |  | (2) |
| Provision for credit losses | 2849 |  | 3305 |  | 2631 | 3111 | 3052 |  | (14) | (7) | 6154 |  | 4936 |  | 25 |
| **<u>NONINTEREST EXPENSE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Compensation expense | 13710 |  | 14093 |  | 12469 | 12817 | 12953 |  | (3) | 6 | 27803 |  | 26071 |  | 7 |
| Occupancy expense | 1264 |  | 1302 |  | 1309 | 1258 | 1248 |  | (3) | 1 | 2566 |  | 2459 |  | 4 |
| Technology, communications and equipment expense | 2704 |  | 2578 |  | 2516 | 2447 | 2447 |  | 5 | 11 | 5282 |  | 4868 |  | 9 |
| Professional and outside services | 3006 |  | 2839 |  | 3007 | 2780 | 2722 |  | 6 | 10 | 5845 |  | 5270 |  | 11 |
| Marketing | 1279 |  | 1304 |  | 1335 | 1258 | 1221 |  | (2) | 5 | 2583 |  | 2381 |  | 8 |
| Other expense (a) | 1816 |  | 1481 | (e) | 2126 | 2005 | 3122 | (g) | 23 | (42) | 3297 |  | 5421 | (e)(g) | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NONINTEREST EXPENSE** | **23779** |  | **23597** |  | **22762** | **22565** | **23713** |  | 1 |  | **47376** |  | **46470** |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income before income tax expense** | **18284** |  | **18408** |  | **17375** | **16978** | **23435** |  | (1) | (22) | **36692** |  | **40728** |  | (10) |
| Income tax expense | 3297 | (d) | 3765 |  | 3370 | 4080 | 5286 |  | (12) | (38) | 7062 | (d) | 9160 |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INCOME** | $**14987** |  | $**14643** |  | $**14005** | $**12898** | $**18149** |  | 2 | (17) | $**29630** |  | $**31568** |  | (6) |
| **<u>NET INCOME PER COMMON SHARE DATA</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Basic earnings per share | $5.25 |  | $5.08 |  | $4.82 | $4.38 | $6.13 |  | 3 | (14) | $10.32 |  | $10.58 |  | (2) |
| Diluted earnings per share | 5.24 |  | 5.07 |  | 4.81 | 4.37 | 6.12 |  | 3 | (14) | 10.31 |  | 10.56 |  | (2) |
| **<u>FINANCIAL RATIOS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Return on common equity (b) | 18% |  | 18% |  | 17% | 16% | 23% |  |  |  | 18% |  | 20% |  |  |
| Return on tangible common equity (b)(c) | 21 |  | 21 |  | 21 | 19 | 28 |  |  |  | 21 |  | 25 |  |  |
| Return on assets (b) | 1.35 |  | 1.40 |  | 1.35 | 1.23 | 1.79 |  |  |  | 1.38 |  | 1.58 |  |  |
| Effective income tax rate | 18.0 | (d) | 20.5 |  | 19.4 | 24.0 | 22.6 |  |  |  | 19.2 | (d) | 22.5 |  |  |
| Overhead ratio | 53 |  | 52 |  | 53 | 53 | 47 |  |  |  | 53 |  | 50 |  |  |

---

(a)Included Firmwide legal expense of $118 million, $121 million, $236 million, $259 million and $317 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $239 million and $245 million for the six months ended June 30, 2025 and June 30, 2024 respectively.

(b)Ratios are based upon annualized amounts.

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

(d)Included a $774 million income tax benefit in Corporate driven by the resolution of certain tax audits and the impact of tax regulations finalized in 2024 related to foreign currency translation gains and losses.

(e)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual increase of $725 million for the three months ended March 31, 2024. Refer to Note 6 on page 228 of the Firm's 2024 Form 10-K for additional information.

(f)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (h) on page 2 for further information.

(g)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CONSOLIDATED BALANCE SHEETS** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions)** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  |  |  |  |  |  | **Jun 30, 2025** | **Jun 30, 2025** |
|  |  |  |  |  |  | **Change** | **Change** |
|  | **Jun 30,** | **Mar 31,** | **Dec 31,** | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Jun 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** | **2025** | **2024** |
| **<u>ASSETS</u>** |  |  |  |  |  |  |  |
| Cash and due from banks | $23759 | $22066 | $23372 | $22896 | $27265 | 8% | (13)% |
| Deposits with banks | 396568 | 403837 | 445945 | 411364 | 503554 | (2) | (21) |
| Federal funds sold and securities purchased under |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;resale agreements | 470589 | 429506 | 295001 | 390821 | 392763 | 10 | 20 |
| Securities borrowed | 223976 | 238702 | 219546 | 252434 | 199062 | (6) | 13 |
| Trading assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt and equity instruments | 829510 | 814664 | 576817 | 734928 | 679209 | 2 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative receivables | 60346 | 60539 | 60967 | 52561 | 54673 |  | 10 |
| Available-for-sale ("AFS") securities | 485380 | 399363 | 406852 | 334548 | 266252 | 22 | 82 |
| Held-to-maturity ("HTM") securities | 260559 | 265084 | 274468 | 299954 | 323746 | (2) | (20) |
| &nbsp;&nbsp;&nbsp;**Investment securities, net of allowance for credit losses** | 745939 | 664447 | 681320 | 634502 | 589998 | 12 | 26 |
| Loans | 1411992 | 1355695 | 1347988 | 1340011 | 1320700 | 4 | 7 |
| Less: Allowance for loan losses | 24953 | 25208 | 24345 | 23949 | 22991 | (1) | 9 |
| &nbsp;&nbsp;&nbsp;**Loans, net of allowance for loan losses** | 1387039 | 1330487 | 1323643 | 1316062 | 1297709 | 4 | 7 |
| Accrued interest and accounts receivable | 124463 | 117845 | 101223 | 122565 | 135692 | 6 | (8) |
| Premises and equipment | 33562 | 32811 | 32223 | 31525 | 30582 | 2 | 10 |
| Goodwill, MSRs and other intangible assets | 64465 | 64525 | 64560 | 64455 | 64525 |  |  |
| Other assets | 192266 | 178427 | 178197 | 175935 | 167971 | 8 | 14 |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $**4552482** | $**4357856** | $**4002814** | $**4210048** | $**4143003** | 4 | 10 |
| **<u>LIABILITIES</u>** |  |  |  |  |  |  |  |
| Deposits | $2562380 | $2495877 | $2406032 | $2430772 | $2396530 | 3 | 7 |
| Federal funds purchased and securities loaned or sold |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;under repurchase agreements | 595340 | 533046 | 296835 | 389337 | 400832 | 12 | 49 |
| Short-term borrowings | 65293 | 64980 | 52893 | 50638 | 47308 |  | 38 |
| Trading liabilities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt and equity instruments | 173292 | 149871 | 153222 | 204593 | 206018 | 16 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative payables | 48110 | 37232 | 39661 | 38665 | 34818 | 29 | 38 |
| Accounts payable and other liabilities | 303641 | 293538 | 280672 | 314356 | 295813 | 3 | 3 |
| Beneficial interests issued by consolidated VIEs | 27700 | 24668 | 27323 | 25694 | 27104 | 12 | 2 |
| Long-term debt | 419802 | 407224 | 401418 | 410157 | 394028 | 3 | 7 |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | **4195558** | **4006436** | **3658056** | **3864212** | **3802451** | 5 | 10 |
| **<u>STOCKHOLDERS' EQUITY</u>** |  |  |  |  |  |  |  |
| Preferred stock | 20045 | 20045 | 20050 | 21650 | 23900 |  | (16) |
| Common stock | 4105 | 4105 | 4105 | 4105 | 4105 |  |  |
| Additional paid-in capital | 90576 | 90223 | 90911 | 90638 | 90328 |  |  |
| Retained earnings | 397424 | 386616 | 376166 | 365966 | 356924 | 3 | 11 |
| Accumulated other comprehensive loss ("AOCI") | (7243) | (9111) | (12456) | (6784) | (11338) | 21 | 36 |
| Treasury stock, at cost | (147983) | (140458) | (134018) | (129739) | (123367) | (5) | (20) |
| &nbsp;&nbsp;&nbsp;**TOTAL STOCKHOLDERS' EQUITY** | **356924** | **351420** | **344758** | **345836** | **340552** | 2 | 5 |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $**4552482** | $**4357856** | $**4002814** | $**4210048** | $**4143003** | 4 | 10 |

---

------

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS** | **CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS** | **CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS** | **CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS** |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except rates)** |  |  |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  |  |  | **2025 Change** |
| **<u>AVERAGE BALANCES</u>** | **2Q25** |  | **1Q25** |  | **4Q24** |  | **3Q24** |  | **2Q24** |  | **1Q25** | **2Q24** | **2025** |  | **2024** |  | **2024** |
| **ASSETS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deposits with banks | $405213 |  | $446044 |  | $448992 |  | $464704 |  | $512150 |  | (9)% | (21)% | $425516 |  | $523929 |  | (19)% |
| Federal funds sold and securities purchased under resale agreements | 432714 |  | 377998 |  | 337553 |  | 404174 |  | 370817 |  | 14 | 17 | 405507 |  | 347402 |  | 17 |
| Securities borrowed | 234024 |  | 241003 |  | 232500 |  | 217716 |  | 195877 |  | (3) | 19 | 237494 |  | 194211 |  | 22 |
| Trading assets - debt instruments | 562967 |  | 495143 |  | 452091 |  | 496176 |  | 452933 |  | 14 | 24 | 529242 |  | 437725 |  | 21 |
| Investment securities | 727651 |  | 664970 |  | 661361 |  | 622835 |  | 580044 |  | 9 | 25 | 696484 |  | 580045 |  | 20 |
| Loans | 1380726 |  | 1339391 |  | 1339378 |  | 1325440 |  | 1313085 |  | 3 | 5 | 1360173 |  | 1312332 |  | 4 |
| All other interest-earning assets (a) | 102687 |  | 103835 |  | 100085 |  | 90721 |  | 84819 |  | (1) | 21 | 103258 |  | 81976 |  | 26 |
| &nbsp;&nbsp;&nbsp;**Total interest-earning assets** | **3845982** |  | **3668384** |  | **3571960** |  | **3621766** |  | **3509725** |  | 5 | 10 | **3757674** |  | **3477620** |  | 8 |
| Trading assets - equity and other instruments | 239996 |  | 225468 |  | 204126 |  | 217790 |  | 221382 |  | 6 | 8 | 232772 |  | 206082 |  | 13 |
| Trading assets - derivative receivables | 57601 |  | 59099 |  | 58643 |  | 54575 |  | 57175 |  | (3) | 1 | 58345 |  | 57405 |  | 2 |
| All other noninterest-earning assets | 294039 |  | 282363 |  | 290438 |  | 282877 |  | 283161 |  | 4 | 4 | 288233 |  | 278933 |  | 3 |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $**4437618** |  | $**4235314** |  | $**4125167** |  | $**4177008** |  | $**4071443** |  | 5 | 9 | $**4337024** |  | $**4020040** |  | 8 |
| **LIABILITIES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits | $1902337 |  | $1842888 |  | $1793337 |  | $1749353 |  | $1722856 |  | 3 | 10 | $1872777 |  | $1724499 |  | 9 |
| Federal funds purchased and securities loaned or |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under repurchase agreements | 558043 |  | 465203 |  | 358508 |  | 425795 |  | 375371 |  | 20 | 49 | 511880 |  | 335177 |  | 53 |
| Short-term borrowings | 55059 |  | 49291 |  | 41346 |  | 40234 |  | 38234 |  | 12 | 44 | 52190 |  | 38381 |  | 36 |
| Trading liabilities - debt and all other interest-bearing liabilities (b) | 300126 |  | 288140 |  | 304599 |  | 329850 |  | 318703 |  | 4 | (6) | 294166 |  | 310849 |  | (5) |
| Beneficial interests issued by consolidated VIEs | 26185 |  | 25775 |  | 25881 |  | 26556 |  | 26222 |  | 2 |  | 25981 |  | 26815 |  | (3) |
| Long-term debt | 348372 |  | 344945 |  | 346485 |  | 347910 |  | 342516 |  | 1 | 2 | 346668 |  | 341464 |  | 2 |
| &nbsp;&nbsp;&nbsp;**Total interest-bearing liabilities** | **3190122** |  | **3016242** |  | **2870156** |  | **2919698** |  | **2823902** |  | 6 | 13 | **3103662** |  | **2777185** |  | 12 |
| Noninterest-bearing deposits | 602777 |  | 587417 |  | 623654 |  | 633957 |  | 648327 |  | 3 | (7) | 595140 |  | 648486 |  | (8) |
| Trading liabilities - equity and other instruments | 44159 |  | 37671 |  | 36228 |  | 32739 |  | 30456 |  | 17 | 45 | 40933 |  | 29539 |  | 39 |
| Trading liabilities - derivative payables | 40865 |  | 41087 |  | 40621 |  | 39936 |  | 37538 |  | (1) | 9 | 40976 |  | 38707 |  | 6 |
| All other noninterest-bearing liabilities | 209853 |  | 208539 |  | 216082 |  | 206376 |  | 196590 |  | 1 | 7 | 209198 |  | 194694 |  | 7 |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | **4087776** |  | **3890956** |  | **3786741** |  | **3832706** |  | **3736813** |  | 5 | 9 | **3989909** |  | **3688611** |  | 8 |
| Preferred stock | 20045 |  | 20013 |  | 20050 |  | 22408 |  | 25867 |  |  | (23) | 20029 |  | 26910 |  | (26) |
| Common stockholders' equity | 329797 |  | 324345 |  | 318376 |  | 321894 |  | 308763 |  | 2 | 7 | 327086 |  | 304519 |  | 7 |
| &nbsp;&nbsp;&nbsp;**TOTAL STOCKHOLDERS' EQUITY** | **349842** |  | **344358** |  | **338426** |  | **344302** |  | **334630** |  | 2 | 5 | **347115** |  | **331429** |  | 5 |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $**4437618** |  | $**4235314** |  | $**4125167** |  | $**4177008** |  | $**4071443** |  | 5 | 9 | $**4337024** |  | $**4020040** |  | 8 |
| **<u>AVERAGE RATES (c)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **INTEREST-EARNING ASSETS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deposits with banks | 3.36 | % | 3.76 | % | 3.97 | % | 4.59 | % | 4.76 | % |  |  | 3.57 | % | 4.78 | % |  |
| Federal funds sold and securities purchased under resale agreements | 4.24 |  | 4.52 |  | 4.76 |  | 5.14 |  | 5.23 |  |  |  | 4.37 |  | 5.23 |  |  |
| Securities borrowed | 3.79 |  | 3.88 |  | 4.09 |  | 4.53 |  | 4.47 |  |  |  | 3.84 |  | 4.50 |  |  |
| Trading assets - debt instruments | 4.50 |  | 4.56 |  | 4.52 |  | 4.51 |  | 4.44 |  |  |  | 4.53 |  | 4.41 |  |  |
| Investment securities | 3.85 |  | 3.84 |  | 3.86 |  | 3.96 |  | 3.80 |  |  |  | 3.85 |  | 3.72 |  |  |
| Loans | 6.71 |  | 6.80 |  | 6.87 |  | 7.07 |  | 7.03 |  |  |  | 6.76 |  | 7.03 |  |  |
| All other interest-earning assets (a)(d) | 6.87 |  | 7.63 |  | 8.26 |  | 9.11 |  | 10.14 |  |  |  | 7.25 |  | 10.18 |  |  |
| **Total interest-earning assets** | **5.04** |  | **5.19** |  | **5.31** |  | **5.55** |  | **5.57** |  |  |  | **5.11** |  | **5.56** |  |  |
| **INTEREST-BEARING LIABILITIES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits | 2.40 |  | 2.44 |  | 2.66 |  | 2.94 |  | 2.90 |  |  |  | 2.42 |  | 2.88 |  |  |
| Federal funds purchased and securities loaned or |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under repurchase agreements | 4.29 |  | 4.52 |  | 4.81 |  | 5.36 |  | 5.47 |  |  |  | 4.39 |  | 5.45 |  |  |
| Short-term borrowings | 4.42 |  | 4.40 |  | 5.03 |  | 5.38 |  | 5.27 |  |  |  | 4.41 |  | 5.42 |  |  |
| Trading liabilities - debt and all other interest-bearing liabilities (b) | 3.04 |  | 2.94 |  | 3.09 |  | 3.17 |  | 3.29 |  |  |  | 3.00 |  | 3.39 |  |  |
| Beneficial interests issued by consolidated VIEs | 4.55 |  | 4.66 |  | 4.85 |  | 5.27 |  | 5.40 |  |  |  | 4.60 |  | 5.37 |  |  |
| Long-term debt | 5.16 |  | 5.16 |  | 5.38 |  | 5.53 |  | 5.61 |  |  |  | 5.16 |  | 5.53 |  |  |
| &nbsp;&nbsp;&nbsp;**Total interest-bearing liabilities** | **3.15** |  | **3.17** |  | **3.36** |  | **3.68** |  | **3.67** |  |  |  | **3.16** |  | **3.63** |  |  |
| **INTEREST RATE SPREAD** | **1.89** |  | **2.02** |  | **1.95** |  | **1.87** |  | **1.90** |  |  |  | **1.95** |  | **1.93** |  |  |
| **NET YIELD ON INTEREST-EARNING ASSETS** | **2.43** |  | **2.58** |  | **2.61** |  | **2.58** |  | **2.62** |  |  |  | **2.51** |  | **2.66** |  |  |
| **Memo: Net yield on interest-earning assets excluding Markets (e)** | **3.71** |  | **3.80** |  | **3.79** |  | **3.86** |  | **3.86** |  |  |  | **3.75** |  | **3.85** |  |  |

---

(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)&nbsp;&nbsp;&nbsp;&nbsp;All other interest-bearing liabilities include brokerage-related customer payables.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm's 2024 Form 10-K for additional information on hedge accounting.

(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.

(e)&nbsp;&nbsp;&nbsp;&nbsp;Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

------

---

| | |
|:---|:---|
| **JPMORGAN CHASE & CO.** | ![image1a.jpg](image1a.jpg) |
| **RECONCILIATION FROM REPORTED TO MANAGED BASIS** | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratios)** | ![image1a.jpg](image1a.jpg) |

---

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. ("U.S. GAAP"). That presentation, which is referred to as "reported" basis, provides the reader with an understanding of the Firm's results that can be tracked consistently from year-to-year and enables a comparison of the Firm's performance with other companies' U.S. GAAP financial statements. In addition to analyzing the Firm's results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a "managed" basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
| | | | | | | | | | | | **2Q25 Change** | **2Q25 Change** | | | | | **2025 Change** |
| |<br>**2Q25** | |<br>**1Q25** | |<br>**4Q24** | |<br>**3Q24** | |<br>**2Q24** | | **1Q25** | **2Q24** | **2025** | | **2024** | | **2024** |
| **<u>OTHER INCOME</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Other income - reported** | $1154 |  | $1923 |  | $1225 |  | $960 |  | $9149 |  | (40)% | (87)% | $3077 |  | $10277 |  | (70)% |
| Fully taxable-equivalent adjustments (a) | 663 |  | 602 |  | 849 |  | 541 |  | 677 |  | 10 | (2) | 1265 |  | 1170 |  | 8 |
| **Other income - managed** | $**1817** |  | $**2525** |  | $**2074** |  | $**1501** |  | $**9826** |  | (28) | (82) | $**4342** |  | $**11447** |  | (62) |
| **<u>TOTAL NONINTEREST REVENUE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Total noninterest revenue - reported** | $21703 |  | $22037 |  | $19418 |  | $19249 |  | $27454 |  | (2) | (21) | $43740 |  | $46306 |  | (6) |
| Fully taxable-equivalent adjustments | 663 |  | 602 |  | 849 |  | 541 |  | 677 |  | 10 | (2) | 1265 |  | 1170 |  | 8 |
| **Total noninterest revenue - managed** | $**22366** |  | $**22639** |  | $**20267** |  | $**19790** |  | $**28131** |  | (1) | (20) | $**45005** |  | $**47476** |  | (5) |
| **<u>NET INTEREST INCOME</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Net interest income - reported** | $23209 |  | $23273 |  | $23350 |  | $23405 |  | $22746 |  |  | 2 | $46482 |  | $45828 |  | 1 |
| Fully taxable-equivalent adjustments (a) | 105 |  | 102 |  | 121 |  | 120 |  | 115 |  | 3 | (9) | 207 |  | 236 |  | (12) |
| **Net interest income - managed** | $**23314** |  | $**23375** |  | $**23471** |  | $**23525** |  | $**22861** |  |  | 2 | $**46689** |  | $**46064** |  | 1 |
| **<u>TOTAL NET REVENUE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Total net revenue - reported** | $44912 |  | $45310 |  | $42768 |  | $42654 |  | $50200 |  | (1) | (11) | $90222 |  | $92134 |  | (2) |
| Fully taxable-equivalent adjustments | 768 |  | 704 |  | 970 |  | 661 |  | 792 |  | 9 | (3) | 1472 |  | 1406 |  | 5 |
| **Total net revenue - managed** | $**45680** |  | $**46014** |  | $**43738** |  | $**43315** |  | $**50992** |  | (1) | (10) | $**91694** |  | $**93540** |  | (2) |
| **<u>PRE-PROVISION PROFIT</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Pre-provision profit - reported** | $21133 |  | $21713 |  | $20006 |  | $20089 |  | $26487 |  | (3) | (20) | $42846 |  | $45664 |  | (6) |
| Fully taxable-equivalent adjustments | 768 |  | 704 |  | 970 |  | 661 |  | 792 |  | 9 | (3) | 1472 |  | 1406 |  | 5 |
| **Pre-provision profit - managed** | $**21901** |  | $**22417** |  | $**20976** |  | $**20750** |  | $**27279** |  | (2) | (20) | $**44318** |  | $**47070** |  | (6) |
| **<u>INCOME BEFORE INCOME TAX EXPENSE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Income before income tax expense - reported** | $18284 |  | $18408 |  | $17375 |  | $16978 |  | $23435 |  | (1) | (22) | $36692 |  | $40728 |  | (10) |
| Fully taxable-equivalent adjustments | 768 |  | 704 |  | 970 |  | 661 |  | 792 |  | 9 | (3) | 1472 |  | 1406 |  | 5 |
| **Income before income tax expense - managed** | $**19052** |  | $**19112** |  | $**18345** |  | $**17639** |  | $**24227** |  |  | (21) | $**38164** |  | $**42134** |  | (9) |
| **<u>INCOME TAX EXPENSE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Income tax expense - reported** | $3297 |  | $3765 |  | $3370 |  | $4080 |  | $5286 |  | (12) | (38) | $7062 |  | $9160 |  | (23) |
| Fully taxable-equivalent adjustments | 768 |  | 704 |  | 970 |  | 661 |  | 792 |  | 9 | (3) | 1472 |  | 1406 |  | 5 |
| **Income tax expense - managed** | $**4065** |  | $**4469** |  | $**4340** |  | $**4741** |  | $**6078** |  | (9) | (33) | $**8534** |  | $**10566** |  | (19) |
| **<u>OVERHEAD RATIO</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Overhead ratio - reported** | **53** | % | **52** | % | **53** | % | **53** | % | **47** | % |  |  | **53** | % | **50** | % |  |
| **Overhead ratio - managed** | **52** |  | **51** |  | **52** |  | **52** |  | **47** |  |  |  | **52** |  | **50** |  |  |

---

(a)Predominantly recognized in CIB and Corporate.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **SEGMENT & CORPORATE RESULTS - MANAGED BASIS**  | **SEGMENT & CORPORATE RESULTS - MANAGED BASIS**  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions)** | **(in millions)** |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  |  | **2025 Change** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** |  | **1Q25** | **2Q24** | **2025** | **2024** |  | **2024** |
| **<u>TOTAL NET REVENUE (fully taxable-equivalent ("FTE"))</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $18847 | $18313 | $18362 | $17791 | $17701 |  | 3% | 6% | $37160 | $35354 |  | 5% |
| Commercial & Investment Bank | 19535 | 19666 | 17598 | 17015 | 17917 |  | (1) | 9 | 39201 | 35501 |  | 10 |
| Asset & Wealth Management | 5760 | 5731 | 5778 | 5439 | 5252 |  | 1 | 10 | 11491 | 10361 |  | 11 |
| Corporate | 1538 | 2304 | 2000 | 3070 | 10122 | (a) | (33) | (85) | 3842 | 12324 | (a) | (69) |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | $**45680** | $**46014** | $**43738** | $**43315** | $**50992** |  | (1) | (10) | $**91694** | $**93540** |  | (2) |
| **<u>TOTAL NONINTEREST EXPENSE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $9858 | $9857 | $9728 | $9586 | $9425 |  |  | 5 | $19715 | $18722 |  | 5 |
| Commercial & Investment Bank | 9641 | 9842 | 8712 | 8751 | 9166 |  | (2) | 5 | 19483 | 17890 |  | 9 |
| Asset & Wealth Management | 3733 | 3713 | 3772 | 3639 | 3543 |  | 1 | 5 | 7446 | 7003 |  | 6 |
| Corporate | 547 | 185 | 550 | 589 | 1579 | (b) | 196 | (65) | 732 | 2855 | (b) | (74) |
| &nbsp;&nbsp;&nbsp;**TOTAL NONINTEREST EXPENSE** | $**23779** | $**23597** | $**22762** | $**22565** | $**23713** |  | 1 |  | $**47376** | $**46470** |  | 2 |
| **<u>PRE-PROVISION PROFIT</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $8989 | $8456 | $8634 | $8205 | $8276 |  | 6 | 9 | $17445 | $16632 |  | 5 |
| Commercial & Investment Bank | 9894 | 9824 | 8886 | 8264 | 8751 |  | 1 | 13 | 19718 | 17611 |  | 12 |
| Asset & Wealth Management | 2027 | 2018 | 2006 | 1800 | 1709 |  |  | 19 | 4045 | 3358 |  | 20 |
| Corporate | 991 | 2119 | 1450 | 2481 | 8543 |  | (53) | (88) | 3110 | 9469 |  | (67) |
| &nbsp;&nbsp;&nbsp;**PRE-PROVISION PROFIT** | $**21901** | $**22417** | $**20976** | $**20750** | $**27279** |  | (2) | (20) | $**44318** | $**47070** |  | (6) |
| **<u>PROVISION FOR CREDIT LOSSES</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $2082 | $2629 | $2623 | $2795 | $2643 |  | (21) | (21) | $4711 | $4556 |  | 3 |
| Commercial & Investment Bank | 696 | 705 | 61 | 316 | 384 |  | (1) | 81 | 1401 | 385 |  | 264 |
| Asset & Wealth Management | 46 | (10) | (35) | 4 | 20 |  | NM | 130 | 36 | (37) |  | NM |
| Corporate | 25 | (19) | (18) | (4) | 5 |  | NM | 400 | 6 | 32 |  | (81) |
| &nbsp;&nbsp;&nbsp;**PROVISION FOR CREDIT LOSSES** | $**2849** | $**3305** | $**2631** | $**3111** | $**3052** |  | (14) | (7) | $**6154** | $**4936** |  | 25 |
| **<u>NET INCOME</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Consumer & Community Banking | $5169 | $4425 | $4516 | $4046 | $4210 |  | 17 | 23 | $9594 | $9041 |  | 6 |
| Commercial & Investment Bank | 6650 | 6942 | 6636 | 5691 | 5897 |  | (4) | 13 | 13592 | 12519 |  | 9 |
| Asset & Wealth Management | 1473 | 1583 | 1517 | 1351 | 1263 |  | (7) | 17 | 3056 | 2553 |  | 20 |
| Corporate | 1695 | 1693 | 1336 | 1810 | 6779 |  |  | (75) | 3388 | 7455 |  | (55) |
| &nbsp;&nbsp;&nbsp;**TOTAL NET INCOME** | $**14987** | $**14643** | $**14005** | $**12898** | $**18149** |  | 2 | (17) | $**29630** | $**31568** |  | (6) |

---

(a)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (h) on page 2 for further information.

(b)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** | **JPMORGAN CHASE & CO.** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS** | **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS** | **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS** | **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio data)** | **(in millions, except ratio data)** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  |  |  |  |  |  |  | **Jun 30, 2025** | **Jun 30, 2025** |  |  |  |  |
|  |  |  |  |  |  |  | **Change** | **Change** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  | **Jun 30,** |  | **Mar 31,** | **Dec 31,** | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Jun 30,** |  |  |  | **2025 Change** |
|  | **2025** |  | **2025** | **2024** | **2024** | **2024** | **2025** | **2024** | **2025** |  | **2024** | **2024** |
| **<u>CAPITAL (a)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Risk-based capital metrics** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Standardized** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CET1 capital | $283830 | (c) | $279791 | $275513 | $272964 | $267196 | 1% | 6% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital | 303173 | (c) | 299132 | 294881 | 292333 | 290442 | 1 | 4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital | 335343 | (c) | 330533 | 325589 | 324585 | 322175 | 1 | 4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk-weighted assets | 1886301 | (c) | 1815045 | 1757460 | 1782722 | 1743481 | 4 | 8 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CET1 capital ratio | 15.0% | (c) | 15.4% | 15.7% | 15.3% | 15.3% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital ratio | 16.1 | (c) | 16.5 | 16.8 | 16.4 | 16.7 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital ratio | 17.8 | (c) | 18.2 | 18.5 | 18.2 | 18.5 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Advanced** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CET1 capital | $283830 | (c) | $279791 | $275513 | $272964 | $267196 | 1 | 6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital | 303173 | (c) | 299132 | 294881 | 292333 | 290442 | 1 | 4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital | 320820 | (c) | 316529 | 311898 | 310764 | 308639 | 1 | 4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk-weighted assets | 1875953 | (c) | 1799055 | 1740429 | 1762991 | 1726204 | 4 | 9 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CET1 capital ratio | 15.1% | (c) | 15.6% | 15.8% | 15.5% | 15.5% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital ratio | 16.2 | (c) | 16.6 | 16.9 | 16.6 | 16.8 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital ratio | 17.1 | (c) | 17.6 | 17.9 | 17.6 | 17.9 |  |  |  |  |  |  |
| **Leverage-based capital metrics** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted average assets (b) | $4382204 | (c) | $4180147 | $4070499 | $4122332 | $4016654 | 5 | 9 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 leverage ratio | 6.9% | (c) | 7.2% | 7.2% | 7.1% | 7.2% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total leverage exposure | $5163051 | (c) | $4953480 | $4837568 | $4893662 | $4768202 | 4 | 8 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SLR | 5.9% | (c) | 6.0% | 6.1% | 6.0% | 6.1% |  |  |  |  |  |  |
| **Total Loss-Absorbing Capacity ("TLAC")** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eligible external TLAC | $559922 | (c) | $558303 | $546564 | $543616 | $533949 |  | 5 |  |  |  |  |
| **MEMO: CET1 CAPITAL ROLLFORWARD** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Standardized/Advanced CET1 capital, beginning balance | $279791 |  | $275513 | $272964 | $267196 | $257569 | 2 | 9 | $275513 |  | $250585 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to common equity | 14705 |  | 14388 | 13746 | 12612 | 17832 | 2 | (18) | 29093 |  | 30854 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared on common stock | (3897) |  | (3938) | (3546) | (3570) | (3322) | 1 | (17) | (7835) |  | (6670) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net purchase of treasury stock | (7525) |  | (6440) | (4279) | (6372) | (5321) | (17) | (41) | (13965) |  | (7150) | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in additional paid-in capital | 353 |  | (688) | 273 | 310 | 425 | NM | (17) | (335) |  | 200 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes related to AOCI applicable to capital: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains/(losses) on investment securities | (188) |  | 953 | (2633) | 2297 | 108 | NM | NM | 765 |  | 249 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation adjustments, net of hedges | 868 |  | 489 | (887) | 389 | (156) | 78 | NM | 1357 |  | (360) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value hedges | (8) |  | 28 | (54) | (20) | 8 | NM | NM | 20 |  | (13) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit pension and other postretirement employee benefit plans | (28) |  | (16) | (58) | (28) | (3) | (75) | NM | (44) |  | 23 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes related to other CET1 capital adjustments | (241) | (c) | (498) | (13) | 150 | 56 | 52 | NM | (739) | (c) | (522) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Standardized/Advanced CET1 capital | 4039 | (c) | 4278 | 2549 | 5768 | 9627 | (6) | (58) | 8317 | (c) | 16611 | (50) |
| &nbsp;&nbsp;&nbsp;**Standardized/Advanced CET1 capital, ending balance** | $283830 | (c) | $279791 | $275513 | $272964 | $267196 | 1 | 6 | $283830 | (c) | $267196 | 6 |

---

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

(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.

(c)Estimated.

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** | **JPMORGAN CHASE & CO.** |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED** | **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED** | **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED** | **CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED** |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio data)** | **(in millions, except ratio data)** |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  |  |  |  |  |  | **Jun 30, 2025** | **Jun 30, 2025** |  |  |  |
|  |  |  |  |  |  | **Change** | **Change** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  | **Jun 30,** | **Mar 31,** | **Dec 31,** | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Jun 30,** |  |  | **2025 Change** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** | **2025** | **2024** | **2025** | **2024** | **2024** |
| **<u>TANGIBLE COMMON EQUITY (period-end) (a)</u>** |  |  |  |  |  |  |  |  |  |  |
| Common stockholders' equity | $336879 | $331375 | $324708 | $324186 | $316652 | 2% | 6% |  |  |  |
| Less: Goodwill | 52747 | 52621 | 52565 | 52711 | 52620 |  |  |  |  |  |
| Less: Other intangible assets | 2722 | 2777 | 2874 | 2991 | 3058 | (2) | (11) |  |  |  |
| Add: Certain deferred tax liabilities (b) | 2923 | 2928 | 2943 | 2962 | 2969 |  | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total tangible common equity** | $**284333** | $**278905** | $**272212** | $**271446** | $**263943** | 2 | 8 |  |  |  |
| **<u>TANGIBLE COMMON EQUITY (average) (a)</u>** |  |  |  |  |  |  |  |  |  |  |
| Common stockholders' equity | $329797 | $324345 | $318376 | $321894 | $308763 | 2 | 7 | $327086 | $304519 | 7% |
| Less: Goodwill | 52692 | 52581 | 52617 | 52658 | 52618 |  |  | 52637 | 52616 |  |
| Less: Other intangible assets | 2741 | 2830 | 2921 | 3007 | 3086 | (3) | (11) | 2785 | 3122 | (11) |
| Add: Certain deferred tax liabilities (b) | 2926 | 2938 | 2952 | 2963 | 2975 |  | (2) | 2932 | 2982 | (2) |
| &nbsp;&nbsp;&nbsp;**Total tangible common equity** | $**277290** | $**271872** | $**265790** | $**269192** | $**256034** | 2 | 8 | $**274596** | $**251763** | 9 |
| **<u>INTANGIBLE ASSETS (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |
| Goodwill | $52747 | $52621 | $52565 | $52711 | $52620 |  |  |  |  |  |
| Mortgage servicing rights | 8996 | 9127 | 9121 | 8753 | 8847 | (1) | 2 |  |  |  |
| Other intangible assets | 2722 | 2777 | 2874 | 2991 | 3058 | (2) | (11) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total intangible assets** | $**64465** | $**64525** | $**64560** | $**64455** | $**64525** |  |  |  |  |  |

---

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

(b)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **EARNINGS PER SHARE AND RELATED INFORMATION** | **EARNINGS PER SHARE AND RELATED INFORMATION** | **EARNINGS PER SHARE AND RELATED INFORMATION** |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except per share and ratio data)** |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  | **2025 Change** |
|  | **2Q25** | **1Q25** |  | **4Q24** | **3Q24** |  | **2Q24** | **1Q25** | **2Q24** | **2025** | **2024** | **2024** |
| **<u>EARNINGS PER SHARE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Basic earnings per share** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $14987 | $14643 |  | $14005 | $12898 |  | $18149 | 2% | (17)% | $29630 | $31568 | (6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | 282 | 255 |  | 259 | 286 |  | 317 | 11 | (11) | 537 | 714 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income applicable to common equity** | **14705** | **14388** |  | **13746** | **12612** |  | **17832** | 2 | (18) | **29093** | **30854** | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Dividends and undistributed earnings allocated to |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;participating securities | 75 | 71 |  | 77 | 75 |  | 114 | 6 | (34) | 145 | 193 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income applicable to common stockholders** | $**14630** | $**14317** |  | $**13669** | $**12537** |  | $**17718** | 2 | (17) | $**28948** | $**30661** | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total weighted-average basic shares outstanding | 2788.7 | 2819.4 |  | 2836.9 | 2860.6 |  | 2889.8 | (1) | (3) | 2804.0 | 2899.1 | (3) |
| &nbsp;&nbsp;&nbsp;**Net income per share** | $**5.25** | $**5.08** |  | $**4.82** | $**4.38** |  | $**6.13** | 3 | (14) | $**10.32** | $**10.58** | (2) |
| **Diluted earnings per share** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net income applicable to common stockholders** | $14630 | $14317 |  | $13669 | $12537 |  | $17718 | 2 | (17) | $28948 | $30661 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total weighted-average basic shares outstanding | 2788.7 | 2819.4 |  | 2836.9 | 2860.6 |  | 2889.8 | (1) | (3) | 2804.0 | 2899.1 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Dilutive impact of unvested performance share units<br>&nbsp;&nbsp;&nbsp;&nbsp;("PSUs"), nondividend-earning restricted stock units<br>&nbsp;&nbsp;&nbsp;&nbsp;("RSUs") and stock appreciation rights ("SARs") | 5.0 | 4.9 |  | 5.5 | 5.3 |  | 5.1 | 2 | (2) | 4.9 | 4.8 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total weighted-average diluted shares outstanding** | **2793.7** | **2824.3** |  | **2842.4** | **2865.9** |  | **2894.9** | (1) | (3) | **2809.0** | **2903.9** | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income per share** | $**5.24** | $**5.07** |  | $**4.81** | $**4.37** |  | $**6.12** | 3 | (14) | $**10.31** | $**10.56** | (2) |
| **<u>COMMON DIVIDENDS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash dividends declared per share | $1.40 | $1.40 | (c) | $1.25 | $1.25 | (d) | $1.15 |  | 22 | $2.80 | $2.30 | 22 |
| Dividend payout ratio | 27% | 27% |  | 26% | 28% |  | 19% |  |  | 27% | 22% |  |
| **<u>COMMON SHARE REPURCHASE PROGRAM (a)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total shares of common stock repurchased | 29.8 | 30.0 |  | 18.5 | 30.3 |  | 27.0 | (1) | 10 | 59.8 | 42.9 | 39 |
| Average price paid per share of common stock | $251.67 | $252.50 |  | $233.37 | $209.61 |  | $196.83 |  | 28 | $252.09 | $190.42 | 32 |
| Aggregate repurchases of common stock | 7500 | 7563 |  | 4313 | 6361 |  | 5318 | (1) | 41 | 15063 | 8167 | 84 |
| **<u>EMPLOYEE ISSUANCE</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Shares issued from treasury stock related to employee |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;stock-based compensation awards and employee stock |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;purchase plans | 0.4 | 11.5 |  | 0.8 | 0.5 |  | 0.5 | (97) | (20) | 11.9 | 11.4 | 4 |
| Net impact of employee issuances on stockholders' equity (b) | $419 | $476 |  | $343 | $354 |  | $459 | (12) | (9) | $895 | $1260 | (29) |

---

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

(b)The net impact of employee issuances on stockholders' equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares.

(c)On March 18, 2025, the Board of Directors declared a quarterly common stock dividend of $1.40 per share.

(d)On September 17, 2024, the Board of Directors declared a quarterly common stock dividend of $1.25 per share.

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CONSUMER & COMMUNITY BANKING** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **FINANCIAL HIGHLIGHTS** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio data)** |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  | **2025 Change** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q25** | **2Q24** | **2025** | **2024** | **2024** |
| **<u>INCOME STATEMENT</u>** |  |  |  |  |  |  |  |  |  |  |
| **REVENUE** |  |  |  |  |  |  |  |  |  |  |
| Lending- and deposit-related fees | $888 | $839 | $872 | $863 | $830 | 6% | 7% | $1727 | $1652 | 5% |
| Asset management fees | 1110 | 1093 | 1067 | 1022 | 978 | 2 | 13 | 2203 | 1925 | 14 |
| Mortgage fees and related income | 347 | 263 | 368 | 390 | 346 | 32 |  | 610 | 620 | (2) |
| Card income | 687 | 653 | 973 | 743 | 741 | 5 | (7) | 1340 | 1423 | (6) |
| All other income (a) | 1420 | 1323 | 1214 | 1196 | 1101 | 7 | 29 | 2743 | 2321 | 18 |
| &nbsp;&nbsp;&nbsp;**Noninterest revenue** | **4452** | **4171** | **4494** | **4214** | **3996** | 7 | 11 | **8623** | **7941** | 9 |
| Net interest income | 14395 | 14142 | 13868 | 13577 | 13705 | 2 | 5 | 28537 | 27413 | 4 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | **18847** | **18313** | **18362** | **17791** | **17701** | 3 | 6 | **37160** | **35354** | 5 |
| Provision for credit losses | 2082 | 2629 | 2623 | 2795 | 2643 | (21) | (21) | 4711 | 4556 | 3 |
| **NONINTEREST EXPENSE** |  |  |  |  |  |  |  |  |  |  |
| Compensation expense | 4336 | 4448 | 4301 | 4275 | 4240 | (3) | 2 | 8784 | 8469 | 4 |
| Noncompensation expense (b) | 5522 | 5409 | 5427 | 5311 | 5185 | 2 | 6 | 10931 | 10253 | 7 |
| &nbsp;&nbsp;&nbsp;**TOTAL NONINTEREST EXPENSE** | **9858** | **9857** | **9728** | **9586** | **9425** |  | 5 | **19715** | **18722** | 5 |
| **Income before income tax expense** | **6907** | **5827** | **6011** | **5410** | **5633** | 19 | 23 | **12734** | **12076** | 5 |
| Income tax expense | 1738 | 1402 | 1495 | 1364 | 1423 | 24 | 22 | 3140 | 3035 | 3 |
| &nbsp;&nbsp;&nbsp;**NET INCOME** | $**5169** | $**4425** | $**4516** | $**4046** | $**4210** | 17 | 23 | $**9594** | $**9041** | 6 |
| **<u>REVENUE BY BUSINESS</u>** |  |  |  |  |  |  |  |  |  |  |
| Banking & Wealth Management | $10698 | $10254 | $10154 | $10090 | $10375 | 4 | 3 | $20952 | $20699 | 1 |
| Home Lending | 1250 | 1207 | 1297 | 1295 | 1319 | 4 | (5) | 2457 | 2505 | (2) |
| Card Services & Auto | 6899 | 6852 | 6911 | 6406 | 6007 | 1 | 15 | 13751 | 12150 | 13 |
| **<u>MORTGAGE FEES AND RELATED INCOME DETAILS</u>** |  |  |  |  |  |  |  |  |  |  |
| Production revenue | 151 | 110 | 186 | 154 | 157 | 37 | (4) | 261 | 287 | (9) |
| Net mortgage servicing revenue (c) | 196 | 153 | 182 | 236 | 189 | 28 | 4 | 349 | 333 | 5 |
| **Mortgage fees and related income** | $**347** | $**263** | $**368** | $**390** | $**346** | 32 |  | $**610** | $**620** | (2) |
| **<u>FINANCIAL RATIOS</u>** |  |  |  |  |  |  |  |  |  |  |
| ROE | 36% | 31% | 32% | 29% | 30% |  |  | 34% | 33% |  |
| Overhead ratio | 52 | 54 | 53 | 54 | 53 |  |  | 53 | 53 |  |

---

(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $896 million, $824 million, $722 million, $699 million and $682 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $1.7 billion and $1.3 billion for the six months ended June 30, 2025 and 2024, respectively.

(b)Included depreciation expense on leased assets of $577 million, $499 million, $410 million, $387 million and $430 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $1.1 billion and $857 million for the six months ended June 30, 2025 and 2024, respectively.

(c)Included MSR risk management results of $47 million, $9 million, $21 million, $100 million and $39 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $56 million and $38 million for the six months ended June 30, 2025 and 2024, respectively.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CONSUMER & COMMUNITY BANKING** |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except employee data)** |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  |  | **2025 Change** |
|  | **2Q25** | **1Q25** |  | **4Q24** | **3Q24** | **2Q24** | **1Q25** | **2Q24** | **2025** |  | **2024** | **2024** |
| **<u>SELECTED BALANCE SHEET DATA (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $652379 | $636105 |  | $650268 | $633038 | $638493 | 3% | 2% | $652379 |  | $638493 | 2% |
| Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Wealth Management | 33749 | 33098 |  | 33221 | 31614 | 31078 | 2 | 9 | 33749 |  | 31078 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Lending (a) | 241618 | 241427 |  | 246498 | 247663 | 250032 |  | (3) | 241618 |  | 250032 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Card Services | 233051 | 223517 |  | 233016 | 219671 | 216213 | 4 | 8 | 233051 |  | 216213 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 72182 | 72116 |  | 73619 | 73215 | 75310 |  | (4) | 72182 |  | 75310 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | **580600** | **570158** |  | **586354** | **572163** | **572633** | 2 | 1 | **580600** |  | **572633** | 1 |
| Deposits | 1063137 | 1080138 |  | 1056652 | 1054027 | 1069753 | (2) | (1) | 1063137 |  | 1069753 | (1) |
| Equity | 56000 | 56000 |  | 54500 | 54500 | 54500 |  | 3 | 56000 |  | 54500 | 3 |
| **<u>SELECTED BALANCE SHEET DATA (average)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $642284 | $639664 |  | $638783 | $631117 | $628757 |  | 2 | $640981 |  | $628309 | 2 |
| Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Wealth Management | 33536 | 33160 |  | 32599 | 30910 | 31419 | 1 | 7 | 33349 |  | 31330 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Lending (b) | 242665 | 244282 |  | 247415 | 250581 | 254385 | (1) | (5) | 243469 |  | 256126 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Card Services | 228446 | 224493 |  | 224263 | 217327 | 210119 | 2 | 9 | 226480 |  | 207410 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 71410 | 72462 |  | 73323 | 73675 | 75804 | (1) | (6) | 71933 |  | 76535 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | **576057** | **574397** |  | **577600** | **572493** | **571727** |  | 1 | **575231** |  | **571401** | 1 |
| Deposits | 1060363 | 1053677 |  | 1050636 | 1053701 | 1073544 | 1 | (1) | 1057038 |  | 1076393 | (2) |
| Equity | 56000 | 56000 |  | 54500 | 54500 | 54500 |  | 3 | 56000 |  | 54500 | 3 |
| **Employees** | 144898 | 145530 | (c) | 144989 | 143964 | 143412 |  | 1 | 144898 | (c) | 143412 | 1 |

---

(a)At June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, Home Lending loans held-for-sale and loans at fair value were $8.9 billion, $6.4 billion, $8.1 billion, $6.9 billion and $5.9 billion, respectively.

(b)Average Home Lending loans held-for sale and loans at fair value were $8.9 billion, $7.5 billion, $7.8 billion, $8.4 billion and $7.7 billion for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $8.2 billion and $6.2 billion for the six months ended June 30, 2025 and 2024, respectively.

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

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CONSUMER & COMMUNITY BANKING** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio data)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  |  |  | **2025 Change** |
|  | **2Q25** |  | **1Q25** |  | **4Q24** |  |  | **3Q24** |  | **2Q24** |  | **1Q25** | **2Q24** | **2025** |  | **2024** |  | **2024** |
| **<u>CREDIT DATA AND QUALITY STATISTICS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Nonaccrual loans (a) | $3891 |  | $3266 |  | $3366 |  | (c) | $3252 |  | $3413 |  | 19% | 14% | $3891 |  | $3413 |  | 14% |
| Net charge-offs/(recoveries) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Wealth Management | 102 |  | 97 |  | 105 |  |  | 82 |  | 176 |  | 5 | (42) | 199 |  | 255 |  | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Lending | (21) |  | (26) |  | (15) |  |  | (44) |  | (40) |  | 19 | 48 | (47) |  | (47) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card Services | 1938 |  | 1983 |  | 1862 |  |  | 1768 |  | 1830 |  | (2) | 6 | 3921 |  | 3518 |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 67 |  | 100 |  | 114 |  |  | 113 |  | 98 |  | (33) | (32) | 167 |  | 217 |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net charge-offs/(recoveries)** | $**2086** |  | $**2154** |  | $**2066** |  |  | $**1919** |  | $**2064** |  | (3) | 1 | $**4240** |  | $**3943** |  | 8 |
| Net charge-off/(recovery) rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Wealth Management | 1.22 | % | 1.19 | % | 1.28 | % |  | 1.06 | % | 2.25 | % |  |  | 1.20 | % | 1.64 | % |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Lending | (0.04) |  | (0.04) |  | (0.02) |  |  | (0.07) |  | (0.07) |  |  |  | (0.04) |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card Services | 3.40 |  | 3.58 |  | 3.30 |  |  | 3.24 |  | 3.50 |  |  |  | 3.49 |  | 3.41 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 0.38 |  | 0.56 |  | 0.62 |  |  | 0.62 |  | 0.52 |  |  |  | 0.47 |  | 0.57 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net charge-off/(recovery) rate** | **1.48** |  | **1.54** |  | **1.44** |  |  | **1.35** |  | **1.47** |  |  |  | **1.51** |  | **1.40** |  |  |
| 30+ day delinquency rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Lending (b) | 0.93 | % | 1.04 | % | 0.78 | % | (c) | 0.77 | % | 0.70 | % |  |  | 0.93 | % | 0.70 | % |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card Services | 2.06 |  | 2.21 |  | 2.17 |  |  | 2.20 |  | 2.08 |  |  |  | 2.06 |  | 2.08 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 1.12 |  | 1.20 |  | 1.43 |  |  | 1.23 |  | 1.12 |  |  |  | 1.12 |  | 1.12 |  |  |
| 90+ day delinquency rate - Card Services | 1.07 |  | 1.16 |  | 1.14 |  |  | 1.10 |  | 1.07 |  |  |  | 1.07 |  | 1.07 |  |  |
| Allowance for loan losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Wealth Management | $790 |  | $794 |  | $764 |  |  | $709 |  | $685 |  | (1) | 15 | $790 |  | $685 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Lending | 547 |  | 557 |  | 447 |  |  | 447 |  | 437 |  | (2) | 25 | 547 |  | 437 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Card Services | 15008 |  | 15008 |  | 14608 |  |  | 14106 |  | 13206 |  |  | 14 | 15008 |  | 13206 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 637 |  | 637 |  | 692 |  |  | 692 |  | 742 |  |  | (14) | 637 |  | 742 |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total allowance for loan losses** | $**16982** |  | $**16996** |  | $**16511** |  |  | $**15954** |  | $**15070** |  |  | 13 | $**16982** |  | $**15070** |  | 13 |

---

(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, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $68 million, $81 million, $84 million, $88 million and $96 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, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $99 million, $114 million, $122 million, $126 million and $137 million, respectively. These amounts have been excluded based upon the government guarantee.

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

------

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CONSUMER & COMMUNITY BANKING** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio data and where otherwise noted)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  |  |  | **2025 Change** |
|  | **2Q25** |  | **1Q25** |  | **4Q24** |  | **3Q24** |  | **2Q24** |  | **1Q25** | **2Q24** | **2025** |  | **2024** |  | **2024** |
| **<u>BUSINESS METRICS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Number of:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Branches | 4994 |  | 4972 |  | 4966 |  | 4906 |  | 4884 |  | —% | 2% | 4994 |  | 4884 |  | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Active digital customers (in thousands) (a) | 73014 |  | 72480 |  | 70813 |  | 70063 |  | 69011 |  | 1 | 6 | 73014 |  | 69011 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Active mobile customers (in thousands) (b) | 59898 |  | 59036 |  | 57821 |  | 56985 |  | 55564 |  | 1 | 8 | 59898 |  | 55564 |  | 8 |
| Debit and credit card sales volume (in billions) | $487.2 |  | $448.7 |  | $477.6 |  | $453.4 |  | $453.7 |  | 9 | 7 | $935.9 |  | $874.4 |  | 7 |
| Total payments transaction volume (in trillions) (c) | 1.8 |  | 1.6 |  | 1.6 |  | 1.7 |  | 1.6 |  | 13 | 13 | 3.4 |  | 3.1 |  | 10 |
| **Banking & Wealth Management** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Average deposits | $1044158 |  | $1038964 |  | $1035184 |  | $1037953 |  | $1058914 |  |  | (1) | $1041576 |  | $1062238 |  | (2) |
| Deposit margin | 2.76 | % | 2.69 | % | 2.61 | % | 2.60 | % | 2.72 | % |  |  | 2.72 | % | 2.71 | % |  |
| Business Banking average loans | $19217 |  | $19474 |  | $19538 |  | $19472 |  | $19461 |  | (1) | (1) | $19345 |  | $19454 |  | (1) |
| Business Banking origination volume | 893 |  | 815 |  | 985 |  | 1091 |  | 1312 |  | 10 | (32) | 1708 |  | 2442 |  | (30) |
| Client investment assets (d) | 1155017 |  | 1079833 |  | 1087608 |  | 1067931 |  | 1013680 |  | 7 | 14 | 1155017 |  | 1013680 |  | 14 |
| Number of client advisors | 5948 |  | 5860 |  | 5755 |  | 5775 |  | 5672 |  | 2 | 5 | 5948 |  | 5672 |  | 5 |
| **Home Lending (in billions)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage origination volume by channel |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail | $8.7 |  | $5.5 |  | $7.7 |  | $6.5 |  | $6.9 |  | 58 | 26 | $14.2 |  | $11.3 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Correspondent | 4.8 |  | 3.9 |  | 4.4 |  | 4.9 |  | 3.8 |  | 23 | 26 | 8.7 |  | 6.0 |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total mortgage origination volume (e)** | $**13.5** |  | $**9.4** |  | $**12.1** |  | $**11.4** |  | $**10.7** |  | 44 | 26 | $**22.9** |  | $**17.3** |  | 32 |
| Third-party mortgage loans serviced (period-end) | 653.3 |  | 661.6 |  | 648.0 |  | 656.1 |  | 642.8 |  | (1) | 2 | 653.3 |  | 642.8 |  | 2 |
| MSR carrying value (period-end) | 9.0 |  | 9.1 |  | 9.1 |  | 8.7 |  | 8.8 |  | (1) | 2 | 9.0 |  | 8.8 |  | 2 |
| **Card Services** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sales volume, excluding commercial card (in billions) | $340.0 |  | $310.6 |  | $335.1 |  | $316.6 |  | $316.6 |  | 9 | 7 | $650.6 |  | $607.6 |  | 7 |
| Net revenue rate | 10.06 | % | 10.38 | % | 10.47 | % | 9.91 | % | 9.61 | % |  |  | 10.22 | % | 9.85 | % |  |
| Net yield on average loans | 10.04 |  | 10.31 |  | 9.86 |  | 9.71 |  | 9.46 |  |  |  | 10.17 |  | 9.67 |  |  |
| **Auto** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Loan and lease origination volume (in billions) | $11.3 |  | $10.7 |  | $10.6 |  | $10.0 |  | $10.8 |  | 6 | 5 | $22.0 |  | $19.7 |  | 12 |
| Average auto operating lease assets | 15218 |  | 13641 |  | 11967 |  | 11192 |  | 10693 |  | 12 | 42 | 14434 |  | 10564 |  | 37 |

---

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

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

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

(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 20-22 for additional information.

(e)Firmwide mortgage origination volume was $16.3 billion, $11.2 billion, $14.2 billion, $13.3 billion and $12.3 billion for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $27.5 billion and $19.9 billion for the six months ended June 30, 2025 and 2024, respectively.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **COMMERCIAL & INVESTMENT BANK** |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio data)** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  |  | **2025 Change** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** |  | **2Q24** |  | **1Q25** | **2Q24** | **2025** | **2024** |  | **2024** |
| **<u>INCOME STATEMENT</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **REVENUE** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment banking fees | $2513 | $2248 | $2479 | $2267 |  | $2356 |  | 12% | 7% | $4761 | $4370 |  | 9% |
| Principal transactions | 7109 | 7608 | 5158 | 5899 |  | 6691 |  | (7) | 6 | 14717 | 13325 |  | 10 |
| Lending- and deposit-related fees | 1296 | 1230 | 1020 | 997 |  | 924 |  | 5 | 40 | 2526 | 1897 |  | 33 |
| Commissions and other fees | 1493 | 1437 | 1320 | 1349 |  | 1337 |  | 4 | 12 | 2930 | 2609 |  | 12 |
| Card income | 645 | 551 | 617 | 589 |  | 579 |  | 17 | 11 | 1196 | 1104 |  | 8 |
| All other income | 736 | 748 | 1132 | 521 |  | 857 |  | (2) | (14) | 1484 | 1600 |  | (7) |
| &nbsp;&nbsp;&nbsp;**Noninterest revenue** | **13792** | **13822** | **11726** | **11622** |  | **12744** |  |  | 8 | **27614** | **24905** |  | 11 |
| Net interest income | 5743 | 5844 | 5872 | 5393 |  | 5173 |  | (2) | 11 | 11587 | 10596 |  | 9 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE (a)** | **19535** | **19666** | **17598** | **17015** |  | **17917** |  | (1) | 9 | **39201** | **35501** |  | 10 |
| Provision for credit losses | 696 | 705 | 61 | 316 |  | 384 |  | (1) | 81 | 1401 | 385 |  | 264 |
| **NONINTEREST EXPENSE** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Compensation expense | 5014 | 5330 | 4033 | 4510 |  | 4752 |  | (6) | 6 | 10344 | 9648 |  | 7 |
| Noncompensation expense | 4627 | 4512 | 4679 | 4241 |  | 4414 |  | 3 | 5 | 9139 | 8242 |  | 11 |
| &nbsp;&nbsp;&nbsp;**TOTAL NONINTEREST EXPENSE** | **9641** | **9842** | **8712** | **8751** |  | **9166** |  | (2) | 5 | **19483** | **17890** |  | 9 |
| **Income before income tax expense** | **9198** | **9119** | **8825** | **7948** |  | **8367** |  | 1 | 10 | **18317** | **17226** |  | 6 |
| Income tax expense | 2548 | 2177 | 2189 | 2257 |  | 2470 |  | 17 | 3 | 4725 | 4707 |  |  |
| **NET INCOME** | $**6650** | $**6942** | $**6636** | $**5691** |  | $**5897** |  | (4) | 13 | $**13592** | $**12519** |  | 9 |
| **<u>FINANCIAL RATIOS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ROE | 17% | 18% | 19% | 17% |  | 17% |  |  |  | 18% | 18% |  |  |
| Overhead ratio | 49 | 50 | 50 | 51 |  | 51 |  |  |  | 50 | 50 |  |  |
| Compensation expense as percentage of total net revenue | 26 | 27 | 23 | 27 |  | 27 |  |  |  | 26 | 27 |  |  |
| **<u>REVENUE BY BUSINESS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment Banking | $2684 | $2268 | $2602 | $2354 |  | $2464 |  | 18 | 9 | $4952 | $4680 |  | 6 |
| Payments | 4735 | 4565 | 4703 | 4370 |  | 4546 |  | 4 | 4 | 9300 | 9012 |  | 3 |
| Lending | 1829 | 1915 | 1916 | 1894 |  | 1936 |  | (4) | (6) | 3744 | 3660 |  | 2 |
| Other |  | 6 | 47 | 28 |  | 4 |  | NM | NM | 6 | 1 |  | 500 |
| &nbsp;&nbsp;&nbsp;**Total Banking & Payments** | **9248** | **8754** | **9268** | **8646** |  | **8950** |  | 6 | 3 | **18002** | **17353** |  | 4 |
| Fixed Income Markets | 5690 | 5849 | 5006 | 4651 | (f) | 4981 | (f) | (3) | 14 | 11539 | 10409 | (f) | 11 |
| Equity Markets | 3246 | 3814 | 2043 | 2501 | (f) | 2812 | (f) | (15) | 15 | 7060 | 5397 | (f) | 31 |
| Securities Services | 1418 | 1269 | 1314 | 1326 |  | 1261 |  | 12 | 12 | 2687 | 2444 |  | 10 |
| Credit Adjustments & Other (b) | (67) | (20) | (33) | (109) |  | (87) |  | (235) | 23 | (87) | (102) |  | 15 |
| &nbsp;&nbsp;&nbsp;**Total Markets & Securities Services** | **10287** | **10912** | **8330** | **8369** |  | **8967** |  | (6) | 15 | **21199** | **18148** |  | 17 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | $**19535** | $**19666** | $**17598** | $**17015** |  | $**17917** |  | (1) | 9 | $**39201** | $**35501** |  | 10 |
| **Banking & Payments revenue by client coverage segment (c)** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Global Corporate Banking & Global Investment Banking (d) | $6319 | $5929 | $6369 | $5755 |  | $6090 |  | 7% | 4% | $12248 | $11656 |  | 5% |
| Commercial Banking | 2929 | 2825 | 2899 | 2891 |  | 2860 |  | 4 | 2 | 5754 | 5697 |  | 1 |
| &nbsp;&nbsp;&nbsp;Commercial & Specialized Industries (e) | 2067 | 1956 | 1965 | 1931 |  | 1936 |  | 6 | 7 | 4023 | 3863 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate Banking | 862 | 869 | 934 | 960 |  | 924 |  | (1) | (7) | 1731 | 1834 |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Banking & Payments revenue** | $**9248** | $**8754** | $**9268** | $**8646** |  | $**8950** |  | 6 | 3 | $**18002** | $**17353** |  | 4 |

---

(a)Included tax 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 $722 million, $658 million, $915 million, $607 million and $737 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $1.4 billion and $1.3 billion for the six months ended June 30, 2025 and 2024, respectively.

(b)Consists primarily of centrally managed credit valuation adjustments ("CVA"), funding valuation adjustments ("FVA") on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

(c)Refer to page 78 of the Firm's Annual Report on Form 10-K for the annual period ended December 31, 2024 for a description of each of the client coverage segments.

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

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

(f)In the fourth quarter of 2024, certain net funding costs that were previously allocated to Fixed Income Markets were reclassified to Equity Markets. Prior-period amounts have been revised to conform with the current presentation.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **COMMERCIAL & INVESTMENT BANK** |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio and employee data)** |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  | **2025 Change** |
|  | **2Q25** | **1Q25** |  | **4Q24** | **3Q24** |  | **2Q24** | **1Q25** | **2Q24** | **2025** | **2024** | **2024** |
| **<u>SELECTED BALANCE SHEET DATA (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $2260825 | $2174123 |  | $1773194 | $2047022 | (g) | $1939038 | 4% | 17% | $2260825 | $1939038 | 17% |
| Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | 526174 | 497657 |  | 483043 | 483915 |  | 475880 | 6 | 11 | 526174 | 475880 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value (a) | 57659 | 48201 |  | 40324 | 47728 |  | 41737 | 20 | 38 | 57659 | 41737 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | **583833** | **545858** |  | **523367** | **531643** |  | **517617** | 7 | 13 | **583833** | **517617** | 13 |
| Equity | 149500 | 149500 |  | 132000 | 132000 |  | 132000 |  | 13 | 149500 | 132000 | 13 |
| **Banking & Payments loans by client coverage segment (period-end) (b)** |  |  |  |  |  |  |  |  |  |  |  |  |
| Global Corporate Banking & Global Investment Banking (c) | $133017 | $121776 | (e) | $125270 | $134750 |  | $132858 | 9 |  | $133017 | $132858 |  |
| Commercial Banking | 222044 | 219220 |  | 217674 | 218733 |  | 220222 | 1 | 1 | 222044 | 220222 | 1 |
| &nbsp;&nbsp;&nbsp;Commercial & Specialized Industries (d) | 75859 | 74334 |  | 72814 | 73782 |  | 75488 | 2 |  | 75859 | 75488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate Banking | 146185 | 144886 |  | 144860 | 144951 |  | 144734 | 1 | 1 | 146185 | 144734 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Banking & Payments loans** | 355061 | 340996 |  | 342944 | 353483 |  | 353080 | 4 | 1 | 355061 | 353080 | 1 |
| **<u>SELECTED BALANCE SHEET DATA (average)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $2205619 | $2045105 |  | $1930491 | $2008127 | (g) | $1915880 | 8 | 15 | $2125805 | $1854999 | 15 |
| Trading assets - debt and equity instruments | 758113 | 685039 |  | 613142 | 663302 |  | 638473 | 11 | 19 | 721778 | 609686 | 18 |
| Trading assets - derivative receivables | 56815 | 58987 |  | 57884 | 54133 |  | 58850 | (4) | (3) | 57895 | 58059 |  |
| Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | 511562 | 482304 |  | 482316 | 476256 |  | 471861 | 6 | 8 | 497014 | 471524 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value (a) | 50287 | 46422 |  | 43203 | 44868 |  | 42868 | 8 | 17 | 48365 | 43202 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | **561849** | **528726** |  | **525519** | **521124** |  | **514729** | 6 | 9 | **545379** | **514726** | 6 |
| Deposits | 1170063 | 1106158 |  | 1088439 | 1064402 |  | 1046993 | 6 | 12 | 1138287 | 1046391 | 9 |
| Equity | 149500 | 149500 |  | 132000 | 132000 |  | 132000 |  | 13 | 149500 | 132000 | 13 |
| **Banking & Payments loans by client coverage segment (average) (b)** |  |  |  |  |  |  |  |  |  |  |  |  |
| Global Corporate Banking & Global Investment Banking (c) | $125554 | $121387 | (e) | $126305 | $129024 |  | $130680 | 3 | (4) | $123482 | $129336 | (5) |
| Commercial Banking | 219886 | 218560 |  | 218672 | 219406 |  | 220767 | 1 |  | 219227 | 221545 | (1) |
| &nbsp;&nbsp;&nbsp;Commercial & Specialized Industries (d) | 74384 | 73629 |  | 73205 | 74660 |  | 76229 | 1 | (2) | 74009 | 77296 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate Banking | 145502 | 144931 |  | 145467 | 144746 |  | 144538 |  | 1 | 145218 | 144249 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Banking & Payments loans** | 345440 | 339947 |  | 344977 | 348430 |  | 351447 | 2 | (2) | 342709 | 350881 | (2) |
| **Employees** | 93237 | 92755 | (f) | 93231 | 93754 |  | 93387 | 1 |  | 93237 | 93387 |  |

---

(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.

(b)Refer to page 78 of the Firm's Annual Report on Form 10-K for the annual period ended December 31, 2024 for a description of each of the client coverage segments.

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

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

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

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

(g)Prior-period amounts have been revised to conform with the presentation in the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **COMMERCIAL & INVESTMENT BANK** |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio and employee data)** |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  | **2025 Change** |
|  | **2Q25** | **1Q25** | **4Q24** |  | **3Q24** | **2Q24** | **1Q25** | **2Q24** | **2025** | **2024** | **2024** |
| **<u>CREDIT DATA AND QUALITY STATISTICS</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Net charge-offs/(recoveries) | $325 | $177 | $300 | (d) | $156 | $164 | 84 | 98 | $502 | $233 | 115 |
| Nonperforming assets: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans retained (a) | 3678 | 3413 | 3258 |  | 2857 | 2631 | 8 | 40 | 3678 | 2631 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans held-for-sale and loans at fair value (b) | 1207 | 1255 | 1502 |  | 1187 | 988 | (4) | 22 | 1207 | 988 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total nonaccrual loans** | **4885** | **4668** | **4760** |  | **4044** | **3619** | 5 | 35 | **4885** | **3619** | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative receivables | 349 | 169 | 145 |  | 210 | 290 | 107 | 20 | 349 | 290 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets acquired in loan satisfactions | 208 | 211 | 213 |  | 216 | 220 | (1) | (5) | 208 | 220 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total nonperforming assets** | **5442** | **5048** | **5118** |  | **4470** | **4129** | 8 | 32 | **5442** | **4129** | 32 |
| Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | 7408 | 7680 | 7294 |  | 7427 | 7344 | (4) | 1 | 7408 | 7344 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for lending-related commitments | 2757 | 2113 | 1976 |  | 2013 | 1930 | 30 | 43 | 2757 | 1930 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total allowance for credit losses** | **10165** | **9793** | **9270** |  | **9440** | **9274** | 4 | 10 | **10165** | **9274** | 10 |
| Net charge-off/(recovery) rate (c) | 0.25% | 0.15% | 0.25% |  | 0.13% | 0.14% |  |  | 0.20% | 0.10% |  |
| Allowance for loan losses to period-end loans retained | 1.41 | 1.54 | 1.51 |  | 1.53 | 1.54 |  |  | 1.41 | 1.54 |  |
| Allowance for loan losses to nonaccrual loans retained (a) | 201 | 225 | 224 |  | 260 | 279 |  |  | 201 | 279 |  |
| Nonaccrual loans to total period-end loans | 0.84 | 0.86 | 0.91 |  | 0.76 | 0.70 |  |  | 0.84 | 0.70 |  |

---

(a)Allowance for loan losses of $655 million, $566 million, $435 million, $366 million and $452 million were held against these nonaccrual loans at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.

(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $45 million, $36 million, $37 million, $38 million and $42 million, respectively.

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

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **COMMERCIAL & INVESTMENT BANK** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except where otherwise noted)** |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  | **2025 Change** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q25** | **2Q24** | **2025** | **2024** | **2024** |
| **<u>BUSINESS METRICS</u>** |  |  |  |  |  |  |  |  |  |  |
| Advisory | $844 | $694 | $1060 | $847 | $785 | 22% | 8% | $1538 | $1383 | 11% |
| Equity underwriting | 465 | 324 | 498 | 344 | 495 | 44 | (6) | 789 | 850 | (7) |
| Debt underwriting | 1204 | 1230 | 921 | 1076 | 1076 | (2) | 12 | 2434 | 2137 | 14 |
| &nbsp;&nbsp;&nbsp;**Total investment banking fees** | $**2513** | $**2248** | $**2479** | $**2267** | $**2356** | 12 | 7 | $**4761** | $**4370** | 9 |
| Client deposits and other third-party liabilities (average) (a) | 1089781 | 1034382 | 1011634 | 966025 | 936725 | 5 | 16 | 1062235 | 934164 | 14 |
| Assets under custody ("AUC") (period-end) (in billions) | $38028 | $35678 | $35280 | $35832 | $34024 | 7 | 12 | $38028 | $34024 | 12 |
| **<u>95% Confidence Level - Total CIB VaR (average) (b)</u>** |  |  |  |  |  |  |  |  |  |  |
| **CIB trading VaR by risk type: (c)** |  |  |  |  |  |  |  |  |  |  |
| Fixed income | $37 | $37 | $34 | $37 | $31 |  | 19 |  |  |  |
| Foreign exchange | 10 | 9 | 14 | 15 | 18 | 11 | (44) |  |  |  |
| Equities | 17 | 25 | 10 | 8 | 7 | (32) | 143 |  |  |  |
| Commodities and other | 24 | 29 | 8 | 8 | 9 | (17) | 167 |  |  |  |
| Diversification benefit to CIB trading VaR (d) | (55) | (55) | (33) | (33) | (32) |  | (72) |  |  |  |
| &nbsp;&nbsp;&nbsp;**CIB trading VaR (c)** | **33** | **45** | **33** | **35** | **33** | (27) |  |  |  |  |
| Credit Portfolio VaR (e) | 22 | 21 | 20 | 21 | 21 | 5 | 5 |  |  |  |
| Diversification benefit to CIB VaR (d) | (17) | (19) | (16) | (14) | (16) | 11 | (6) |  |  |  |
| &nbsp;&nbsp;&nbsp;**CIB VaR** | $**38** | $**47** | $**37** | $**42** | $**38** | (19) |  |  |  |  |

---

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

(b)Effective April 1, 2025, the Firm refined the historical proxy time series inputs to one of its VaR models to more appropriately reflect the risk exposure from certain securitization warehousing loan positions. With this refined time series, the average VaR for each of the following reported components would have been lower by the following amounts: CIB trading VaR by fixed income risk type of $(7) million, $(6) million, $(6) million, and $(2) million, CIB trading VaR of $(6) million, $(5) million, $(4) million and $(1) million and CIB VaR of $(5) million, $(6) million, $(5) million and $(1) million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.

(c)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 143–145 of the Firm's 2024 Form 10-K and pages 65–67 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 for further information.

(d)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.

(e)Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.

------

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **ASSET & WEALTH MANAGEMENT** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio and employee data)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  |  |  | **2025 Change** |
|  | **2Q25** |  | **1Q25** |  | **4Q24** |  | **3Q24** |  | **2Q24** |  | **1Q25** | **2Q24** | **2025** |  | **2024** |  | **2024** |
| **<u>INCOME STATEMENT</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **REVENUE** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset management fees | $3642 |  | $3595 |  | $3792 |  | $3427 |  | $3304 |  | 1% | 10% | $7237 |  | $6474 |  | 12% |
| Commissions and other fees | 314 |  | 273 |  | 225 |  | 224 |  | 232 |  | 15 | 35 | 587 |  | 425 |  | 38 |
| All other income | 117 |  | 125 |  | 60 |  | 148 |  | 97 |  | (6) | 21 | 242 |  | 248 |  | (2) |
| &nbsp;&nbsp;&nbsp;**Noninterest revenue** | **4073** |  | **3993** |  | **4077** |  | **3799** |  | **3633** |  | 2 | 12 | **8066** |  | **7147** |  | 13 |
| Net interest income | 1687 |  | 1738 |  | 1701 |  | 1640 |  | 1619 |  | (3) | 4 | 3425 |  | 3214 |  | 7 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | **5760** |  | **5731** |  | **5778** |  | **5439** |  | **5252** |  | 1 | 10 | **11491** |  | **10361** |  | 11 |
| Provision for credit losses | 46 |  | (10) |  | (35) |  | 4 |  | 20 |  | NM | 130 | 36 |  | (37) |  | NM |
| **NONINTEREST EXPENSE** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Compensation expense | 2112 |  | 2096 |  | 2058 |  | 1994 |  | 1960 |  | 1 | 8 | 4208 |  | 3932 |  | 7 |
| Noncompensation expense | 1621 |  | 1617 |  | 1714 |  | 1645 |  | 1583 |  |  | 2 | 3238 |  | 3071 |  | 5 |
| &nbsp;&nbsp;&nbsp;**TOTAL NONINTEREST EXPENSE** | **3733** |  | **3713** |  | **3772** |  | **3639** |  | **3543** |  | 1 | 5 | **7446** |  | **7003** |  | 6 |
| **Income before income tax expense** | **1981** |  | **2028** |  | **2041** |  | **1796** |  | **1689** |  | (2) | 17 | **4009** |  | **3395** |  | 18 |
| Income tax expense | 508 |  | 445 |  | 524 |  | 445 |  | 426 |  | 14 | 19 | 953 |  | 842 |  | 13 |
| &nbsp;&nbsp;&nbsp;**NET INCOME** | $**1473** |  | $**1583** |  | $**1517** |  | $**1351** |  | $**1263** |  | (7) | 17 | $**3056** |  | $**2553** |  | 20 |
| **<u>REVENUE BY BUSINESS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset Management | $2705 |  | $2671 |  | $2887 |  | $2525 |  | $2437 |  | 1 | 11 | $5376 |  | $4763 |  | 13 |
| Global Private Bank | 3055 |  | 3060 |  | 2891 |  | 2914 |  | 2815 |  |  | 9 | 6115 |  | 5598 |  | 9 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | $**5760** |  | $**5731** |  | $**5778** |  | $**5439** |  | $**5252** |  | 1 | 10 | $**11491** |  | $**10361** |  | 11 |
| **<u>FINANCIAL RATIOS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ROE | 36 | % | 39 | % | 38 | % | 34 | % | 32 | % |  |  | 38 | % | 32 | % |  |
| Overhead ratio | 65 |  | 65 |  | 65 |  | 67 |  | 67 |  |  |  | 65 |  | 68 |  |  |
| Pretax margin ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Management | 33 |  | 32 |  | 35 |  | 32 |  | 30 |  |  |  | 33 |  | 29 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Private Bank | 36 |  | 38 |  | 36 |  | 34 |  | 34 |  |  |  | 37 |  | 36 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset & Wealth Management | 34 |  | 35 |  | 35 |  | 33 |  | 32 |  |  |  | 35 |  | 33 |  |  |
| **Employees** | 29363 |  | 29516 | (a) | 29403 |  | 29112 |  | 28579 |  | (1) | 3 | 29363 |  | 28579 |  | 3 |
| Number of Global Private Bank client advisors | 3756 |  | 3781 |  | 3775 |  | 3753 |  | 3509 |  | (1) | 7 | 3756 |  | 3509 |  | 7 |

---

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

------

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **ASSET & WEALTH MANAGEMENT** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio data)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  |  |  | **2025 Change** |
|  | **2Q25** |  | **1Q25** |  | **4Q24** |  | **3Q24** |  | **2Q24** |  | **1Q25** | **2Q24** | **2025** |  | **2024** |  | **2024** |
| **<u>SELECTED BALANCE SHEET DATA (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $268966 |  | $258354 |  | $255385 |  | $253750 |  | $247353 |  | 4% | 9% | $268966 |  | $247353 |  | 9% |
| Loans | 245526 |  | 237201 |  | 236303 |  | 233903 |  | 228042 |  | 4 | 8 | 245526 |  | 228042 |  | 8 |
| Deposits | 242356 |  | 250219 |  | 248287 |  | 248984 |  | 236492 |  | (3) | 2 | 242356 |  | 236492 |  | 2 |
| Equity | 16000 |  | 16000 |  | 15500 |  | 15500 |  | 15500 |  |  | 3 | 16000 |  | 15500 |  | 3 |
| **<u>SELECTED BALANCE SHEET DATA (average)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $261128 |  | $253372 |  | $253612 |  | $247768 |  | $242155 |  | 3 | 8 | $257271 |  | $241770 |  | 6 |
| Loans | 240585 |  | 233937 |  | 233768 |  | 229299 |  | 224122 |  | 3 | 7 | 237279 |  | 223775 |  | 6 |
| Deposits | 248375 |  | 244107 |  | 248802 |  | 236470 |  | 227423 |  | 2 | 9 | 246253 |  | 227573 |  | 8 |
| Equity | 16000 |  | 16000 |  | 15500 |  | 15500 |  | 15500 |  |  | 3 | 16000 |  | 15500 |  | 3 |
| **<u>CREDIT DATA AND QUALITY STATISTICS</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net charge-offs/(recoveries) | $(1) |  | $1 |  | $(2) |  | $12 |  | $3 |  | NM | NM | $— |  | $11 |  | NM |
| Nonaccrual loans | 1035 |  | 675 | (a) | 700 |  | 764 |  | 745 |  | 53 | 39 | 1035 |  | 745 |  | 39 |
| Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | 552 |  | 530 |  | 539 |  | 566 |  | 575 |  | 4 | (4) | 552 |  | 575 |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for lending-related commitments | 58 |  | 33 |  | 35 |  | 38 |  | 40 |  | 76 | 45 | 58 |  | 40 |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total allowance for credit losses** | **610** |  | **563** |  | **574** |  | **604** |  | **615** |  | 8 | (1) | **610** |  | **615** |  | (1) |
| Net charge-off/(recovery) rate |  | % |  | % |  | % | 0.02 | % | 0.01 | % |  |  |  | % | 0.01 | % |  |
| Allowance for loan losses to period-end loans | 0.22 |  | 0.22 | (a) | 0.23 |  | 0.24 |  | 0.25 |  |  |  | 0.22 |  | 0.25 |  |  |
| Allowance for loan losses to nonaccrual loans | 53 |  | 93 | (a) | 77 |  | 74 |  | 77 |  |  |  | 53 |  | 77 |  |  |
| Nonaccrual loans to period-end loans | 0.42 |  | 0.28 |  | 0.30 |  | 0.33 |  | 0.33 |  |  |  | 0.42 |  | 0.33 |  |  |

---

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **ASSET & WEALTH MANAGEMENT** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **FINANCIAL HIGHLIGHTS, CONTINUED** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in billions)** |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | **Jun 30, 2025** | **Jun 30, 2025** |  |  |  |
|  |  |  |  |  |  | **Change** | **Change** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  | **Jun 30,** | **Mar 31,** | **Dec 31,** | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Jun 30,** |  |  | **2025 Change** |
| **<u>CLIENT ASSETS</u>** | **2025** | **2025** | **2024** | **2024** | **2024** | **2025** | **2024** | **2025** | **2024** | **2024** |
| **Assets by asset class** |  |  |  |  |  |  |  |  |  |  |
| Liquidity | $1131 | $1120 | $1083 | $983 | $953 | 1% | 19% | $1131 | $953 | 19% |
| Fixed income | 925 | 879 | 851 | 854 | 785 | 5 | 18 | 925 | 785 | 18 |
| Equity | 1258 | 1128 | 1128 | 1094 | 1017 | 12 | 24 | 1258 | 1017 | 24 |
| Multi-asset | 809 | 764 | 764 | 763 | 719 | 6 | 13 | 809 | 719 | 13 |
| Alternatives | 220 | 222 | 219 | 210 | 208 | (1) | 6 | 220 | 208 | 6 |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS UNDER MANAGEMENT** | **4343** | **4113** | **4045** | **3904** | **3682** | 6 | 18 | **4343** | **3682** | 18 |
| Custody/brokerage/administration/deposits | 2078 | 1889 | 1887 | 1817 | 1705 | 10 | 22 | 2078 | 1705 | 22 |
| &nbsp;&nbsp;&nbsp;**TOTAL CLIENT ASSETS (a)** | $**6421** | $**6002** | $**5932** | $**5721** | $**5387** | 7 | 19 | $**6421** | $**5387** | 19 |
| **Assets by client segment** |  |  |  |  |  |  |  |  |  |  |
| Private Banking (b) | $1270 | $1201 | $1162 | $1115 | $1036 | 6 | 23 | $1270 | $1036 | 23 |
| Global Institutional | 1772 | 1705 | 1692 | 1622 | 1540 | 4 | 15 | 1772 | 1540 | 15 |
| Global Funds (b) | 1301 | 1207 | 1191 | 1167 | 1106 | 8 | 18 | 1301 | 1106 | 18 |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS UNDER MANAGEMENT** | $**4343** | $**4113** | $**4045** | $**3904** | $**3682** | 6 | 18 | $**4343** | $**3682** | 18 |
| Private Banking (b) | $3191 | $2949 | $2902 | $2806 | $2620 | 8 | 22 | $3191 | $2620 | 22 |
| Global Institutional | 1907 | 1828 | 1820 | 1739 | 1654 | 4 | 15 | 1907 | 1654 | 15 |
| Global Funds (b) | 1323 | 1225 | 1210 | 1176 | 1113 | 8 | 19 | 1323 | 1113 | 19 |
| &nbsp;&nbsp;&nbsp;**TOTAL CLIENT ASSETS (a)** | $**6421** | $**6002** | $**5932** | $**5721** | $**5387** | 7 | 19 | $**6421** | $**5387** | 19 |
| **Assets under management rollforward** |  |  |  |  |  |  |  |  |  |  |
| Beginning balance | $4113 | $4045 | $3904 | $3682 | $3564 |  |  | $4045 | $3422 |  |
| Net asset flows: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidity | 5 | 36 | 94 | 34 | 16 |  |  | 41 | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income | 27 | 11 | 18 | 37 | 22 |  |  | 38 | 36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity | 16 | 37 | 41 | 21 | 31 |  |  | 53 | 52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-asset | (2) | 3 | 14 | 10 | (3) |  |  | 1 | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternatives | (10) | 3 | 3 | 4 | 2 |  |  | (7) | 3 |  |
| Market/performance/other impacts | 194 | (22) | (29) | 116 | 50 |  |  | 172 | 162 |  |
| &nbsp;&nbsp;&nbsp;**Ending balance** | $**4343** | $**4113** | $**4045** | $**3904** | $**3682** |  |  | $**4343** | $**3682** |  |
| **Client assets rollforward** |  |  |  |  |  |  |  |  |  |  |
| Beginning balance | $6002 | $5932 | $5721 | $5387 | $5219 |  |  | $5932 | $5012 |  |
| Net asset flows | 80 | 120 | 224 | 140 | 79 |  |  | 200 | 122 |  |
| Market/performance/other impacts | 339 | (50) | (13) | 194 | 89 |  |  | 289 | 253 |  |
| &nbsp;&nbsp;&nbsp;**Ending balance** | $**6421** | $**6002** | $**5932** | $**5721** | $**5387** |  |  | $**6421** | $**5387** |  |
| **BUSINESS METRICS** |  |  |  |  |  |  |  |  |  |  |
| **Firmwide Wealth Management** |  |  |  |  |  |  |  |  |  |  |
| Client assets (in billions) (c) | $4087 | $3791 | $3756 | $3648 | $3427 | 8 | 19 | $4087 | $3427 | 19 |
| Number of client advisors | 9704 | 9641 | 9530 | 9528 | 9181 | 1 | 6 | 9704 | 9181 | 6 |
| **Stock Plan Administration (d)** |  |  |  |  |  |  |  |  |  |  |
| Number of stock plan participants (in thousands) | 1594 | 1500 | 1327 | 1118 | 1118 | 6 | 43 | 1594 | 1118 | 43 |
| Client assets (in billions) | 314 | 281 | 270 | 254 | 249 | 12 | 26 | 314 | 249 | 26 |

---

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

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

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

(d)The increase in the fourth quarter of 2024 includes the impact of onboarding participants in the Firm's employee stock plans into an equity plan administration platform that was acquired in 2022.

------

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CORPORATE** |  |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **FINANCIAL HIGHLIGHTS** |  |  |  |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except employee data)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  |  |  | **2025 Change** |
|  | **2Q25** |  | **1Q25** |  | **4Q24** | **3Q24** |  | **2Q24** |  | **1Q25** | **2Q24** | **2025** |  | **2024** |  | **2024** |
| **<u>INCOME STATEMENT</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **REVENUE** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Principal transactions | $(54) |  | $(87) |  | $28 | $(1) |  | $60 |  | 38% | NM | $(141) |  | $125 |  | NM |
| Investment securities losses | (54) |  | (37) |  | (92) | (16) |  | (546) |  | (46) | 90% | (91) |  | (912) |  | 90% |
| All other income | 157 |  | 777 |  | 34 | 172 |  | 8244 | (i) | (80) | (98) | 934 |  | 8270 | (i) | (89) |
| &nbsp;&nbsp;&nbsp;**Noninterest revenue** | **49** |  | **653** |  | **(30)** | **155** |  | **7758** |  | (92) | (99) | **702** |  | **7483** |  | (91) |
| Net interest income | 1489 |  | 1651 |  | 2030 | 2915 |  | 2364 |  | (10) | (37) | 3140 |  | 4841 |  | (35) |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE (a)** | **1538** |  | **2304** |  | **2000** | **3070** |  | **10122** |  | (33) | (85) | **3842** |  | **12324** |  | (69) |
| Provision for credit losses | 25 |  | (19) |  | (18) | (4) |  | 5 |  | NM | 400 | 6 |  | 32 |  | (81) |
| **NONINTEREST EXPENSE** | **547** |  | **185** | (f) | **550** | **589** |  | **1579** | (j) | 196 | (65) | **732** | (f) | **2855** | (f)(j) | (74) |
| **Income before income tax expense** | **966** |  | **2138** |  | **1468** | **2485** |  | **8538** |  | (55) | (89) | **3104** |  | **9437** |  | (67) |
| Income tax expense/(benefit) | (729) | (e) | 445 |  | 132 | 675 |  | 1759 |  | NM | NM | (284) | (e) | 1982 |  | NM |
| &nbsp;&nbsp;**NET INCOME** | $**1695** |  | $**1693** |  | $**1336** | $**1810** |  | $**6779** |  |  | (75) | $**3388** |  | $**7455** |  | (55) |
| **MEMO:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **TOTAL NET REVENUE** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Treasury and Chief Investment Office ("CIO")  | 1649 |  | 1564 |  | 2083 | 3154 |  | 2084 |  | 5 | (21) | 3213 |  | 4401 |  | (27) |
| Other Corporate | (111) |  | 740 |  | (83) | (84) |  | 8038 |  | NM | NM | 629 |  | 7923 |  | (92) |
| &nbsp;&nbsp;&nbsp;**TOTAL NET REVENUE** | $**1538** |  | $**2304** |  | $**2000** | $**3070** |  | $**10122** |  | (33) | (85) | $**3842** |  | $**12324** |  | (69) |
| **NET INCOME/(LOSS)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Treasury and CIO | 1121 |  | 1158 |  | 1568 | 2291 |  | 1513 |  | (3) | (26) | 2279 |  | 3154 |  | (28) |
| Other Corporate | 574 |  | 535 |  | (232) | (481) |  | 5266 |  | 7 | (89) | 1109 |  | 4301 |  | (74) |
| &nbsp;&nbsp;**TOTAL NET INCOME** | $**1695** |  | $**1693** |  | $**1336** | $**1810** |  | $**6779** |  |  | (75) | $**3388** |  | $**7455** |  | (55) |
| **<u>SELECTED BALANCE SHEET DATA (period-end)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total assets | $1370312 |  | $1289274 |  | $1323967 | $1276238 | (h) | $1318119 |  | 6 | 4 | $1370312 |  | $1318119 |  | 4 |
| Loans | 2033 |  | 2478 |  | 1964 | 2302 |  | 2408 |  | (18) | (16) | 2033 |  | 2408 |  | (16) |
| Deposits (b) | 27952 |  | 25064 |  | 27581 | 30170 |  | 26073 |  | 12 | 7 | 27952 |  | 26073 |  | 7 |
| **Employees** | 49662 |  | 50676 | (g) | 49610 | 49213 |  | 47828 |  | (2) | 4 | 49662 | (g) | 47828 |  | 4 |
| **<u>SUPPLEMENTAL INFORMATION</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **TREASURY and CIO** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment securities losses | $(54) |  | $(37) |  | $(92) | $(16) |  | $(546) |  | (46) | 90 | $(91) |  | $(912) |  | 90 |
| Available-for-sale securities (average) | 462179 |  | 391997 |  | 371415 | 306244 |  | 247304 |  | 18 | 87 | 427282 |  | 235124 |  | 82 |
| Held-to-maturity securities (average) (c) | 262479 |  | 269906 |  | 286993 | 313898 |  | 330347 |  | (3) | (21) | 266172 |  | 342553 |  | (22) |
| Investment securities portfolio (average) | $**724658** |  | $**661903** |  | $**658408** | $**620142** |  | $**577651** |  | 9 | 25 | $**693454** |  | $**577677** |  | 20 |
| Available-for-sale securities (period-end) | 482269 |  | 396316 |  | 403796 | 331715 |  | 263624 |  | 22 | 83 | 482269 |  | 263624 |  | 83 |
| Held-to-maturity securities (period-end) (c) | 260559 |  | 265084 |  | 274468 | 299954 |  | 323746 |  | (2) | (20) | 260559 |  | 323746 |  | (20) |
| Investment securities portfolio, net of allowance for credit losses (period-end) (d) | $**742828** |  | $**661400** |  | $**678264** | $**631669** |  | $**587370** |  | 12 | 26 | $**742828** |  | $**587370** |  | 26 |

---

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $38 million, $36 million, $44 million, $44 million and $45 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively, and $74 million and $94 million for the six months ended June 30, 2025 and 2024, respectively.

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

(c)At June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, the estimated fair value of the HTM securities portfolio was $239.3 billion, $242.3 billion, $247.9 billion, $279.6 billion and $294.8 billion, respectively.

(d)At June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, the allowance for credit losses on investment securities was $75 million, $85 million, $105 million, $123 million and $125 million, respectively.

(e)Included a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations finalized in 2024 related to foreign currency translation gains and losses.

(f)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual increase of $725 million for the three months ended March 31, 2024. Refer to Note 6 on page 228 of the Firm's 2024 Form 10-K for additional information.

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

(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 September 30, 2024.

(i)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (h) on page 2 for further information.

(j)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CREDIT-RELATED INFORMATION** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions)** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  |  |  |  |  |  |  | **Jun 30, 2025** | **Jun 30, 2025** |
|  |  |  |  |  |  |  | **Change** | **Change** |
|  | **Jun 30,** | **Mar 31,** | **Dec 31,** | **Sep 30,** |  | **Jun 30,** | **Mar 31,** | **Jun 30,** |
|  | **2025** | **2025** | **2024** | **2024** |  | **2024** | **2025** | **2024** |
| **<u>CREDIT EXPOSURE</u>** |  |  |  |  |  |  |  |  |
| **Consumer, excluding credit card loans (a)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | $371855 | $372892 | $376334 | $377938 |  | $382795 | —% | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value | 22185 | 18246 | 16476 | 17007 |  | 14160 | 22 | 57 |
| **Total consumer, excluding credit card loans** | **394040** | **391138** | **392810** | **394945** |  | **396955** | 1 | (1) |
| **Credit card loans** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | 232943 | 223384 | 232860 | 219542 |  | 216100 | 4 | 8 |
| **Total credit card loans** | **232943** | **223384** | **232860** | **219542** |  | **216100** | 4 | 8 |
| **Total consumer loans** | **626983** | **614522** | **625670** | **614487** |  | **613055** | 2 | 2 |
| **Wholesale loans (b)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | 740675 | 704714 | 690396 | 687890 |  | 674152 | 5 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value | 44334 | 36459 | 31922 | 37634 |  | 33493 | 22 | 32 |
| **Total wholesale loans** | **785009** | **741173** | **722318** | **725524** |  | **707645** | 6 | 11 |
| **Total loans** | **1411992** | **1355695** | **1347988** | **1340011** |  | **1320700** | 4 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative receivables | 60346 | 60539 | 60967 | 52561 |  | 54673 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables from customers (c) | 53099 | 49403 | 51929 | 53270 |  | 56018 | 7 | (5) |
| **Total credit-related assets** | **1525437** | **1465637** | **1460884** | **1445842** |  | **1431391** | 4 | 7 |
| **Lending-related commitments** |  |  |  |  |  |  |  |  |
| Consumer, excluding credit card | 47064 | 46149 | 44844 | 45322 |  | 47215 | 2 |  |
| Credit card (d) | 1050275 | 1031481 | 1001311 | 989594 |  | 964727 | 2 | 9 |
| Wholesale | 560054 | 548853 | 531467 | 541560 | (g) | 545020 | 2 | 3 |
| **Total lending-related commitments** | **1657393** | **1626483** | **1577622** | **1576476** |  | **1556962** | 2 | 6 |
| **Total credit exposure** | $**3182830** | $**3092120** | $**3038506** | $**3022318** |  | $**2988353** | 3 | 7 |
| **Memo: Total by category** |  |  |  |  |  |  |  |  |
| Consumer exposure (e) | $1724322 | $1692152 | $1671825 | $1649403 |  | $1624997 | 2 | 6 |
| Wholesale exposure (f) | 1458508 | 1399968 | 1366681 | 1372915 |  | 1363356 | 4 | 7 |
| **Total credit exposure** | $**3182830** | $**3092120** | $**3038506** | $**3022318** |  | $**2988353** | 3 | 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.

(b)Includes loans held in CIB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.

(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(d)Also includes commercial card lending-related commitments primarily in CIB.

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

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

(g)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 September 30, 2024.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CREDIT-RELATED INFORMATION, CONTINUED** | **CREDIT-RELATED INFORMATION, CONTINUED** |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio data)** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  |  |  |  |  |  |  | **Jun 30, 2025** | **Jun 30, 2025** |
|  |  |  |  |  |  |  | **Change** | **Change** |
|  | **Jun 30,** | **Mar 31,** | **Dec 31,** |  | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Jun 30,** |
|  | **2025** | **2025** | **2024** |  | **2024** | **2024** | **2025** | **2024** |
| **<u>NONPERFORMING ASSETS (a)</u>** |  |  |  |  |  |  |  |  |
| **Consumer nonaccrual loans** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | $3938 | $3318 | $3233 | (c) | $3316 | $3423 | 19% | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value | 731 | 441 | 693 |  | 397 | 382 | 66 | 91 |
| **Total consumer nonaccrual loans** | **4669** | **3759** | **3926** |  | **3713** | **3805** | 24 | 23 |
| **Wholesale nonaccrual loans** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans retained | 4479 | 3895 | 3942 |  | 3517 | 3289 | 15 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale and loans at fair value | 673 | 964 | 969 |  | 845 | 697 | (30) | (3) |
| **Total wholesale nonaccrual loans** | **5152** | **4859** | **4911** |  | **4362** | **3986** | 6 | 29 |
| **Total nonaccrual loans** | **9821** | **8618** | **8837** |  | **8075** | **7791** | 14 | 26 |
| Derivative receivables | 349 | 169 | 145 |  | 210 | 290 | 107 | 20 |
| Assets acquired in loan satisfactions | 310 | 318 | 318 |  | 343 | 342 | (3) | (9) |
| **Total nonperforming assets** | **10480** | **9105** | **9300** |  | **8628** | **8423** | 15 | 24 |
| Wholesale lending-related commitments (b) | 922 | 793 | 737 |  | 619 | 541 | 16 | 70 |
| **Total nonperforming exposure** | $**11402** | $**9898** | $**10037** |  | $**9247** | $**8964** | 15 | 27 |
| **<u>NONACCRUAL LOAN-RELATED RATIOS</u>** |  |  |  |  |  |  |  |  |
| Total nonaccrual loans to total loans | 0.70% | 0.64% | 0.66% | (c) | 0.60% | 0.59% |  |  |
| Total consumer, excluding credit card nonaccrual loans to |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;total consumer, excluding credit card loans | 1.18 | 0.96 | 1.00 |  | 0.94 | 0.96 |  |  |
| Total wholesale nonaccrual loans to total |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;wholesale loans | 0.66 | 0.66 | 0.68 |  | 0.60 | 0.56 |  |  |

---

(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, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $113 million, $117 million, $121 million, $126 million and $138 million, respectively. In addition, the Firm's policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm's 2024 Form 10-K for additional information on the Firm's credit card nonaccrual and charge-off policies.

(b)Represents commitments that are risk rated as nonaccrual.

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CREDIT-RELATED INFORMATION, CONTINUED** | **CREDIT-RELATED INFORMATION, CONTINUED** |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio data)** |  |  |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  |  |  |  |  |  | **2Q25 Change** | **2Q25 Change** |  |  | **2025 Change** |
|  | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q25** | **2Q24** | **2025** | **2024** | **2024** |
| **<u>SUMMARY OF CHANGES IN THE ALLOWANCES</u>** |  |  |  |  |  |  |  |  |  |  |
| **ALLOWANCE FOR LOAN LOSSES** |  |  |  |  |  |  |  |  |  |  |
| Beginning balance | $25208 | $24345 | $23949 | $22991 | $22351 | 4% | 13% | $24345 | $22420 | 9% |
| Net charge-offs: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs | 2944 | 2816 | 2845 | 2567 | 2726 | 5 | 8 | 5760 | 5107 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries collected | (534) | (484) | (481) | (480) | (495) | (10) | (8) | (1018) | (920) | (11) |
| Net charge-offs | 2410 | 2332 | 2364 | 2087 | 2231 | 3 | 8 | 4742 | 4187 | 13 |
| Provision for loan losses | 2151 | 3193 | 2696 | 3040 | 2871 | (33) | (25) | 5344 | 4758 | 12 |
| Other | 4 | 2 | 64 | 5 |  | 100 | NM | 6 |  | NM |
| **Ending balance** | $**24953** | $**25208** | $**24345** | $**23949** | $**22991** | (1) | 9 | $**24953** | $**22991** | 9 |
| **ALLOWANCE FOR LENDING-RELATED COMMITMENTS** |  |  |  |  |  |  |  |  |  |  |
| Beginning balance | $2226 | $2101 | $2142 | $2068 | $1916 | 6 | 16 | $2101 | $1974 | 6 |
| Provision for lending-related commitments | 706 | 125 | (40) | 74 | 154 | 465 | 358 | 831 | 94 | NM |
| Other |  |  | (1) |  | (2) |  | NM |  |  |  |
| **Ending balance** | $**2932** | $**2226** | $**2101** | $**2142** | $**2068** | 32 | 42 | $**2932** | $**2068** | 42 |
| **ALLOWANCE FOR INVESTMENT SECURITIES** | $**108** | $**118** | $**152** | $**175** | $**177** | (8) | (39) | $**108** | $**177** | (39) |
| **Total allowance for credit losses (a)** | $**27993** | $**27552** | $**26598** | $**26266** | $**25236** | 2 | 11 | $**27993** | $**25236** | 11 |
| **<u>NET CHARGE-OFF/(RECOVERY) RATES</u>** |  |  |  |  |  |  |  |  |  |  |
| Consumer retained, excluding credit card loans | 0.14% | 0.18% | 0.20% | 0.17% | 0.14% |  |  | 0.16% | 0.16% |  |
| Credit card retained loans | 3.40 | 3.58 | 3.30 | 3.23 | 3.50 |  |  | 3.49 | 3.41 |  |
| Total consumer retained loans | 1.38 | 1.45 | 1.36 | 1.29 | 1.33 |  |  | 1.42 | 1.29 |  |
| Wholesale retained loans | 0.19 | 0.11 | 0.18 | 0.09 | 0.16 |  |  | 0.15 | 0.11 |  |
| **Total retained loans** | **0.73** | **0.74** | **0.73** | **0.65** | **0.71** |  |  | **0.73** | **0.67** |  |
| **<u>Memo: Average retained loans</u>** |  |  |  |  |  |  |  |  |  |  |
| Consumer retained, excluding credit card loans | $372005 | $374466 | $376976 | $379459 | $385662 | (1) | (4) | $373229 | $389847 | (4) |
| Credit card retained loans | 228320 | 224350 | 224124 | 217204 | 210020 | 2 | 9 | 226346 | 207329 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total average retained consumer loans | 600325 | 598816 | 601100 | 596663 | 595682 |  | 1 | 599575 | 597176 |  |
| Wholesale retained loans | 721105 | 686585 | 687197 | 674939 | 666347 | 5 | 8 | 703952 | 665468 | 6 |
| &nbsp;&nbsp;&nbsp;**Total average retained loans** | $**1321430** | $**1285401** | $**1288297** | $**1271602** | $**1262029** | 3 | 5 | $**1303527** | $**1262644** | 3 |

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(a)At June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, excludes an allowance for credit losses associated with certain accounts receivable in CIB of $288 million, $283 million, $268 million, $277 million and $278 million, respectively.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMORGAN CHASE & CO.** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **CREDIT-RELATED INFORMATION, CONTINUED** | **CREDIT-RELATED INFORMATION, CONTINUED** |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
| **(in millions, except ratio data)** |  |  | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) | ![image1a.jpg](image1a.jpg) |
|  |  |  |  |  |  |  | **Jun 30, 2025** | **Jun 30, 2025** |
|  |  |  |  |  |  |  | **Change** | **Change** |
|  | **Jun 30,** | **Mar 31,** | **Dec 31,** |  | **Sep 30,** | **Jun 30,** | **Mar 31,** | **Jun 30,** |
|  | **2025** | **2025** | **2024** |  | **2024** | **2024** | **2025** | **2024** |
| **<u>ALLOWANCE COMPONENTS AND RATIOS</u>** |  |  |  |  |  |  |  |  |
| **ALLOWANCE FOR LOAN LOSSES** |  |  |  |  |  |  |  |  |
| **Consumer, excluding credit card** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-specific | $(683) | $(727) | $(728) |  | $(756) | $(856) | 6% | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio-based | 2532 | 2585 | 2535 |  | 2491 | 2599 | (2) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consumer, excluding credit card** | **1849** | **1858** | **1807** |  | **1735** | **1743** |  | 6 |
| **Credit card** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio-based | 15001 | 15000 | 14600 |  | 14100 | 13200 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total credit card** | **15001** | **15000** | **14600** |  | **14100** | **13200** |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consumer** | **16850** | **16858** | **16407** |  | **15835** | **14943** |  | 13 |
| **Wholesale** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-specific | 781 | 692 | 526 |  | 499 | 562 | 13 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio-based | 7322 | 7658 | 7412 |  | 7615 | 7486 | (4) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total wholesale** | **8103** | **8350** | **7938** |  | **8114** | **8048** | (3) | 1 |
| **Total allowance for loan losses** | **24953** | **25208** | **24345** |  | **23949** | **22991** | (1) | 9 |
| Allowance for lending-related commitments | 2932 | 2226 | 2101 |  | 2142 | 2068 | 32 | 42 |
| Allowance for investment securities | 108 | 118 | 152 |  | 175 | 177 | (8) | (39) |
| **Total allowance for credit losses** | $**27993** | $**27552** | $**26598** |  | $**26266** | $**25236** | 2 | 11 |
| **<u>CREDIT RATIOS</u>** |  |  |  |  |  |  |  |  |
| Consumer, excluding credit card allowance, to total |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;consumer, excluding credit card retained loans | 0.50% | 0.50% | 0.48% |  | 0.46% | 0.46% |  |  |
| Credit card allowance to total credit card retained loans | 6.44 | 6.71 | 6.27 |  | 6.42 | 6.11 |  |  |
| Wholesale allowance to total wholesale retained loans | 1.09 | 1.18 | 1.15 |  | 1.18 | 1.19 |  |  |
| **Total allowance to total retained loans** | **1.85** | **1.94** | **1.87** |  | **1.86** | **1.81** |  |  |
| Consumer, excluding credit card allowance, to consumer, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;excluding credit card retained nonaccrual loans (a) | 47 | 56 | 56 |  | 52 | 51 |  |  |
| Total allowance, excluding credit card allowance, to retained |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; nonaccrual loans, excluding credit card nonaccrual loans (a) | 118 | 142 | 136 |  | 144 | 146 |  |  |
| Wholesale allowance to wholesale retained nonaccrual loans | 181 | 214 | 201 |  | 231 | 245 |  |  |
| **Total allowance to total retained nonaccrual loans** | **296** | **349** | **339** | (b) | **350** | **343** |  |  |

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

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

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| | |
|:---|:---|
| **JPMORGAN CHASE & CO.** | ![image1a.jpg](image1a.jpg) |
| **NON-GAAP FINANCIAL MEASURES** | ![image1a.jpg](image1a.jpg) |
| | ![image1a.jpg](image1a.jpg) |

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**Non-GAAP Financial Measures**

(a)In addition to analyzing the Firm's results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a **"managed" basis**; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm's definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole and for each of the reportable business segments and Corporate on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by each of the lines of business and Corporate.

(b)**Pre-provision profit** is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

(c)**TCE, ROTCE, and TBVPS** are each non-GAAP financial measures. TCE represents the Firm's common stockholders' equity (i.e., total stockholders' equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm's net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm's TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm's use of equity.

(d)In addition to reviewing net interest income ("NII"), net yield, and noninterest revenue ("NIR") on a managed basis, management also reviews these metrics **excluding Markets**, which is composed of Fixed Income Markets and Equity Markets, as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income.These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm's lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to pages 81-82 of the Firm's 2024 Form 10-K.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **QUARTERLY TRENDS** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
| | | | | | | **2Q25 Change** | **2Q25 Change** | | | **2025 Change** |
| (in millions, except rates) | **2Q25** | **1Q25** | **4Q24** | **3Q24** | **2Q24** | **1Q25** | **2Q24** | **2025** | **2024** | **2024** |
| Net interest income - reported | $23209 | $23273 | $23350 | $23405 | $22746 | —% | 2% | $46482 | $45828 | 1% |
| Fully taxable-equivalent adjustments | 105 | 102 | 121 | 120 | 115 | 3 | (9) | 207 | 236 | (12) |
| Net interest income - managed basis | $23314 | $23375 | $23471 | $23525 | $22861 |  | 2 | $46689 | $46064 | 1 |
| Less: Markets net interest income | 561 | 785 | 457 | 78 | (77) | (29) | NM | 1346 | 106 | NM |
| **Net interest income excluding Markets** | $**22753** | $**22590** | $**23014** | $**23447** | $**22938** | 1 | (1) | $**45343** | $**45958** | (1) |
| Average interest-earning assets | $3845982 | $3668384 | $3571960 | $3621766 | $3509725 | 5 | 10 | $3757674 | $3477620 | 8 |
| Less: Average Markets interest-earning assets | 1387584 | 1255149 | 1157421 | 1206085 | 1116853 | 11 | 24 | 1321732 | 1073964 | 23 |
| **Average interest-earning assets excluding Markets** | $**2458398** | $**2413235** | $**2414539** | $**2415681** | $**2392872** | 2 | 3 | $**2435942** | $**2403656** | 1 |
| Net yield on average interest-earning assets - managed basis (a) | 2.43% | 2.58% | 2.61% | 2.58% | 2.62% |  |  | 2.51% | 2.66% |  |
| Net yield on average Markets interest-earning assets | 0.16 | 0.25 | 0.16 | 0.03 | (0.03) |  |  | 0.21 | 0.02 |  |
| **Net yield on average interest-earning assets excluding Markets (a)** | **3.71** | **3.80** | **3.79** | **3.86** | **3.86** |  |  | **3.75** | **3.85** |  |
| Noninterest revenue - reported | $21703 | $22037 | $19418 | $19249 | $27454 | (2) | (21) | $43740 | $46306 | (6) |
| Fully taxable-equivalent adjustments | 663 | 602 | 849 | 541 | 677 | 10 | (2) | 1265 | 1170 | 8 |
| Noninterest revenue - managed basis | $22366 | $22639 | $20267 | $19790 | $28131 | (1) | (20) | $45005 | $47476 | (5) |
| Less: Markets noninterest revenue | 8375 | 8878 | 6592 | 7074 | 7870 | (6) | 6 | 17253 | 15700 | 10 |
| **Noninterest revenue excluding Markets** | $**13991** | $**13761** | $**13675** | $**12716** | $**20261** | 2 | (31) | $**27752** | $**31776** | (13) |
| **Memo: Markets total net revenue** | $**8936** | $**9663** | $**7049** | $**7152** | $**7793** | (8) | 15 | $**18599** | $**15806** | 18 |

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&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm's 2024 Form 10-K for additional information on hedge accounting.

<br>