Document: SEC Filing

Company: JPMorgan Chase & Co.
Ticker: JPM
CIK: 19617
Form Type: 10-Q
Filing Date: 2026-05-01
Accession Number: 0001628280-26-029344
Source: 10-Q_2026-05-01_0001628280-26-029344.txt

---

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q

Quarterly report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period ended Commission file
March 31, 2026 number 1-5805

JPMorgan Chase & Co
.
(Exact name of registrant as specified in its charter)
Delaware 13-2624428
(State or other jurisdiction of incorporation or organization) (I.R.S. employer identification no.)
270 Park Avenue,
New York, New York 10017
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (
212
)
270-6000

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock JPM The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD JPM PR D The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE JPM PR C The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG JPM PR J The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ JPM PR K The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL JPM PR L The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM JPM PR M The New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC JPM/32 The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC AMJB NYSE Arca, Inc.
Guarantee of Inverse VIX Short-Term Futures ETNs due March 22, 2045 of JPMorgan Chase Financial Company LLC VYLD NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports

required to be filed by Section 13 or 15(d) of the Securities Exchange Act of

1934 during the preceding 12 months (or for such shorter period that the

registrant was required to file such reports), and (2) has been subject to such

filing requirements for the past 90 days.
☒

Yes

☐

No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒

Yes

☐

No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐

Yes

☒

No

Number of shares of common stock outstanding as of March 31, 2026:
2,679,511,418

FORM 10-Q
TABLE OF CONTENTS
Part I – Financial information Page
Item 1. Financial Statements
Consolidated Financial Statements – JPMorgan Chase & Co.:
Consolidated statements of income (unaudited) for the three months ended March 3 1 , 202 6 and 202 5 80
Consolidated statements of comprehensive income (unaudited) for the three months ended March 3 1 , 202 6 and 202 5 81
Consolidated balance sheets (unaudited) at March 3 1 , 202 6 and December 31, 202 5 82
Consolidated statements of changes in stockholders' equity (unaudited) for the three months ended March 3 1 , 202 6 and 202 5 83
Consolidated statements of cash flows (unaudited) for the three months ended March 3 1 , 202 6 and 202 5 84
Notes to Consolidated Financial Statements (unaudited)
Note 1 - Basis of presentation 85
Note 2 - Fair value measurement 86
Note 3 - Fair value option 98
Note 4 - Derivative instruments 101
Note 5 - Noninterest revenue and noninterest expense 113
Note 6 - Interest income and interest expense 115
Note 7 - Pension and other postretirement employee benefit plans 116
Note 8 - Employee share-based incentives 116
Note 9 - Investment securities 117
Note 10 - Securities financing activities 121
Note 11 - Loans 123
Note 12 - Allowance for credit losses 139
Note 13 - Variable interest entities 142
Note 14 - Goodwill and mortgage servicing rights 149
Note 15 - Deposits 152
Note 16 - Leases 152
Note 17 - Preferred stock 153
Note 18 - Earnings per share 154
Note 19 - Accumulated other comprehensive income/(loss) 155
Note 20 - Restricted cash and other restricted assets 156
Note 21 - Regulatory capital 157
Note 22 - Off-balance sheet lending-related financial instruments, guarantees, and other commitments 159
Note 23 - Pledged assets and collateral 162
Note 24 - Litigation 163
Note 25 - Business segments & Corporate 166

Page
Report of Independent Registered Public Accounting Firm 168
Consolidated Average Balance Sheets, Interest and Rates (unaudited) for the three months ended March 3 1 , 202 6 and 202 5 169
Glossary of Terms and Acronyms and Line of Business Metrics 170
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Consolidated Financial Highlights 3
Introduction 4
Executive Overview 5
Consolidated Results of Operations 9
Consolidated Balance Sheets and Cash Flows Analysis 12
Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures 15
Business Segment & Corporate Results 17
Firmwide Risk Management 32
Capital Risk Management 33
Liquidity Risk Management 41
Consumer Credit Portfolio 50
Wholesale Credit Portfolio 54
Allowance for Credit Losses 63
Investment Portfolio Risk Management 66
Market Risk Management 67
Country Risk Management 74
Critical Accounting Estimates Used by the Firm 75
Accounting and Reporting Developments 78
Forward-Looking Statements 79
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 179
Item 4. Controls and Procedures 179
Part II – Other information
Item 1. Legal Proceedings. 179
Item 1A. Risk Factors. 179
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 179
Item 3. Defaults Upon Senior Securities. 180
Item 4. Mine Safety Disclosures. 180
Item 5. Other Information. 180
Item 6. Exhibits. 181

2
JPMorgan Chase & Co.
Consolidated financial highlights (unaudited)
As of or for the period ended, (in millions, except per share, ratio, employee data and where otherwise noted)
1Q26 4Q25 3Q25 2Q25 1Q25
Selected income statement data
Total net revenue $ 49,836 $ 45,798 $ 46,427 $ 44,912 $ 45,310
Total noninterest expense 26,850 23,983 24,281 23,779 23,597
Pre-provision profit (a) 22,986 21,815 22,146 21,133 21,713
Provision for credit losses 2,507 4,655 (d) 3,403 2,849 3,305
Income before income tax expense 20,479 17,160 18,743 18,284 18,408
Income tax expense 3,985 4,135 4,350 3,297 3,765
Net income $ 16,494 $ 13,025 $ 14,393 $ 14,987 $ 14,643
Earnings per share data
Net income:     Basic $ 5.95 $ 4.64 $ 5.08 $ 5.25 $ 5.08
Diluted 5.94 4.63 5.07 5.24 5.07
Average shares: Basic 2,716.2 2,735.3 2,762.4 2,788.7 2,819.4
Diluted 2,720.2 2,740.5 2,767.6 2,793.7 2,824.3
Market and per common share data
Market capitalization $ 788,205 $ 868,793 $ 858,683 $ 797,181 $ 681,712
Common shares at period-end 2,679.5 2,696.2 2,722.2 2,749.7 2,779.1
Book value per share $ 128.38 $ 126.99 $ 124.96 $ 122.51 $ 119.24
Tangible book value per share (“TBVPS”) (a) 108.87 107.56 105.70 103.40 100.36
Cash dividends declared per share 1.50 1.50 1.50 1.40 1.40
Selected ratios and metrics
Return on common equity (“ROE”) (b) 19 % 15 % 17 % 18 % 18 %
Return on tangible common equity (“ROTCE”) (a)(b) 23 18 20 21 21
Return on assets (b) 1.41 1.14 1.26 1.35 1.40
Overhead ratio 54 52 52 53 52
Loans-to-deposits ratio 56 58 56 55 54
Firm Liquidity coverage ratio (“LCR”) (average) 112 111 110 113 113
JPMorgan Chase Bank, N.A. LCR (average) 120 115 117 120 124
Common equity Tier 1 (“CET1”) capital ratio – Standardized (c) 14.3 14.6 14.8 15.1 15.4
Tier 1 capital ratio – Standardized (c) 15.2 15.5 15.8 16.1 16.5
Total capital ratio – Standardized (c) 17.2 17.4 17.7 17.8 18.2
Tier 1 leverage ratio 6.6 6.9 6.9 6.9 7.2
Supplementary leverage ratio (“SLR”) 5.6 5.8 5.8 5.9 6.0
Selected balance sheet data (period-end)
Trading assets $ 1,069,335 $ 802,873 $ 952,777 $ 889,856 $ 875,203
Investment securities, net of allowance for credit losses 821,179 777,332 783,945 745,939 664,447
Loans 1,503,520 1,493,429 1,435,246 1,411,992 1,355,695
Total assets 4,900,475 4,424,900 4,560,205 4,552,482 4,357,856
Deposits 2,675,520 2,559,320 2,548,476 2,562,380 2,495,877
Long-term debt 448,764 435,206 427,203 419,802 407,224
Common stockholders’ equity 343,993 342,393 340,167 336,879 331,375
Total stockholders’ equity 364,038 362,438 360,212 356,924 351,420
Employees 320,079 318,512 318,153 317,160 318,477
Credit quality metrics
Allowances for credit losses $ 31,383 $ 31,230 $ 29,089 $ 28,281 $ 27,835
Allowance for loan losses to total retained loans 1.82 % 1.83 % 1.88 % 1.85 % 1.94 %
Nonperforming assets $ 10,049 $ 10,359 $ 10,635 $ 10,480 $ 9,105
Net charge-offs 2,316 2,514 2,593 2,410 2,332
Net charge-off rate 0.67 % 0.72 % 0.76 % 0.73 % 0.74 %

On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio (the “Apple Card transaction”), with an expected closing date approximately 24 months thereafter. Refer to Notes 4, 13, 27 and 28 of JPMorganChase’s 2025 Form 10-K for additional information.
(a)
Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a further discussion of these measures.
(b)
Ratios are based upon annualized amounts.
(c)
At each of March 31, 2026 and December 31, 2025, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios. Refer to Capital Risk Management on pages 33-40 of this Form 10-Q and pages 89–99 of JPMorganChase’s 2025 Form 10-K for additional information.
(d)
Included $2.2 billion associated with the Apple Card transaction. Refer to Note 13 of JPMorganChase’s 2025 Form 10-K for additional information.
3
INTRODUCTION

The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) for the first quarter of 2026.
This Quarterly Report on Form 10-Q for the first quarter of 2026 (“Form 10-Q”) should be read together with JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 170-178 for definitions of terms and acronyms used throughout this Form 10-Q.
This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorganChase’s management, speak only as of the date of this Form 10-Q and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 79

of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9–31 of the 2025 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.9 trillion in assets and $364.0 billion in stockholders’ equity as of March 31, 2026. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.
JPMorganChase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorganChase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorganChase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities
plc and J.P. Morgan SE (“JPMSE”), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (“U.K.”) and Germany, respectively.
For management reporting purposes, the Firm has three reportable business segments – Consumer & Community Banking (“CCB”), Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) – with the remaining activities in Corporate. The Firm's consumer business segment is CCB, and the Firm's wholesale business segments are CIB and AWM. Refer to Business Segment & Corporate Results on pages 17-31 and Note 25 of this Form 10-Q, and Note 32 of JPMorganChase's 2025 Form 10-K, for a description of the Firm’s reportable business segments and the products and services they provide to their respective client bases, as well as a description of Corporate activities.
The Firm's website is www.jpmorganchase.com. JPMorganChase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorganChase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website, including documents on the website that are referenced in this Form 10-Q, is not incorporated by reference into this Form 10-Q or the Firm’s other filings with the SEC.
4
EXECUTIVE OVERVIEW

This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm, this Form 10-Q and the 2025 Form 10-K should be read together and in their entirety.
Financial performance of JPMorganChase
(unaudited) As of or for the period ended, (in millions, except per share data and ratios) Three months ended March 31,
2026 2025 Change
Selected income statement data
Noninterest revenue $ 24,470 $ 22,037 11 %
Net interest income 25,366 23,273 9
Total net revenue 49,836 45,310 10
Total noninterest expense 26,850 23,597 14
Pre-provision profit 22,986 21,713 6
Provision for credit losses 2,507 3,305 (24)
Net income 16,494 14,643 13
Diluted earnings per share 5.94 5.07 17
Selected ratios and metrics
Return on common equity 19 % 18 %
Return on tangible common equity 23 21
Book value per share $ 128.38 $ 119.24 8
Tangible book value per share 108.87 100.36 8
Capital ratios - Standardized (a)
CET1 capital 14.3 % 15.4 %
Tier 1 capital 15.2 16.5
Total capital 17.2 18.2
Memo:
NII excluding Markets (b) $ 23,280 $ 22,590 3
NIR excluding Markets (b) 15,697 13,761 14
Markets (c) 11,559 9,663 20
Total net revenue - managed basis $ 50,536 $ 46,014 10 %

(a)
At March 31, 2026, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios. Refer to Capital Risk Management on pages 33-40 of this Form 10-Q and pages 89–99 of JPMorganChase’s
2025 Form 10-K
for additional information.
(b)
NII and NIR refer to net interest income and noninterest revenue, respectively.
(c)
Markets consists of CIB's Fixed Income Markets and Equity Markets businesses. The Firm assesses the performance of its Markets business on a total net revenue basis, as revenues in NII generally have offsets across other revenue lines, primarily Principal transactions revenue.
Comparisons noted in the sections below are for the first quarter of 2026 versus the first quarter of 2025, unless otherwise specified.
Firmwide overview
For the first quarter of 2026, JPMorganChase reported net income of $16.5 billion, up 13%, with earnings per share of $5.94, ROE of 19% and ROTCE of 23%.
•
Total net revenue
was $49.8 billion, up 10%, reflecting:
–
Net interest income
("NII") was $25.4 billion, up 9%, driven by higher Markets net interest income, higher deposit balances, and higher revolving balances in Card Services, partially offset by the impact of lower rates. NII excluding Markets was $23.3 billion, up 3%.
–
Noninterest revenue
("NIR") was $24.5 billion, up 11%, driven by higher asset management fees in AWM and CCB, higher investment banking fees, higher Markets noninterest revenue, higher auto operating lease income, and higher Payments fees. These increases were partially offset by the absence of the $588 million First Republic-related gain recorded in the prior year.
•
Noninterest expense
was $26.9 billion, up 14%, predominantly driven by higher compensation expense, including higher revenue-related compensation and growth in the number of employees, as well as higher brokerage expense and distribution fees, continued investments in marketing, and higher auto lease depreciation. The increase also reflected the absence of an FDIC special assessment accrual release recorded in the prior year.
•
The
provision for credit losses
was $2.5 billion. Net charge-offs were $2.3 billion, down $16 million. The net addition to the allowance for credit losses was $191 million, which included a net addition of $327 million in wholesale and a net reduction of $139 million in consumer.
In the prior year, the provision was $3.3 billion, net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $973 million.
5
•
The total
allowance for credit losses
was $31.4 billion at
March 31, 2026
. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.82%, compared with 1.94% in the prior year.
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-11 and pages 12-13, respectively, for a further discussion of the Firm's results, including the provision for credit losses.
Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a further discussion of each of these measures.
•
The Firm’s
nonperforming assets
totaled $10.0 billion at
March 31, 2026
, up 10%, driven by:
–
higher consumer nonaccrual loans, predominantly due to the impact of the wildfires in California in January 2025, which resulted in forbearance activities starting in the second quarter of 2025, as well as higher loans at fair value in CIB, and
–
higher wholesale nonaccrual loans, reflecting net downgrades, predominantly offset by net portfolio activity.
Refer to Consumer Credit Portfolio and Wholesale Credit Portfolio on pages 50-53 and pages 54-62, respectively, for additional information.
•
Firmwide
average loans
of $1.5 trillion were up 11%, predominantly driven by higher loans in CIB and AWM.
•
Firmwide
average deposits
of $2.6 trillion were up 7%, reflecting:
–
net inflows related to client-driven activities in Payments and Securities Services,
–
growth in new accounts in CCB,
–
growth in new accounts related to the Firm's international consumer initiatives, and
–
growth in both new accounts and balances in existing accounts in AWM.
Refer to Liquidity Risk Management on pages 41-47 for additional information.
Selected capital and other metrics
•
CET1 capital
was $291 billion, and the Standardized and Advanced CET1 ratios were 14.3% and 14.1%, respectively.
•
SLR
was 5.6%.
•
TBVPS
grew 8%, ending the first quarter of 2026 at $108.87.
•
As of
March 31, 2026
, the Firm had eligible end-of-period
High Quality Liquid Assets
(“HQLA”) of approximately $941 billion and
unencumbered marketable securities
with a fair value of approximately $565 billion, resulting in approximately $1.5 trillion of liquidity sources.
Refer to Capital Risk Management and Liquidity Risk Management on pages 33-40 and pages 41-47, respectively, for additional information.
6
Business segment highlights
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the first quarter of 2026.
CCB ROE 32% • Average deposits up 2% year-over-year ("YoY") and quarter-over-quarter ("QoQ"); client investment assets up 18% • Average loans up 1% YoY and flat QoQ; Card Services net charge-off rate of 3.47% • Debit and credit card sales volume (a) up 9% • Active mobile customers up 7%
CIB ROE 21% • Investment Banking fees up 28% YoY, up 23% QoQ; #1 ranking for Global Investment Banking fees with 9.8% wallet share in 1Q26 • Markets revenue up 20%, with Fixed Income Markets up 21% and Equity Markets up 17% • Average Banking & Payments loans up 10% YoY, up 4% QoQ; average client deposits (b) up 13% YoY, up 1% QoQ
AWM ROE 44% • Assets under management ("AUM") of $4.8 trillion, up 16% • Average loans up 15% YoY, up 3% QoQ; average deposits up 4% YoY, up 3% QoQ

(a)
Excludes Commercial Card.
(b)
Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.
Refer to the Business Segment & Corporate Results on pages 17-31 for a detailed discussion of results by business segment.
Credit provided and capital raised
JPMorganChase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first three months of 2026, consisting of approximately:
$855 billion Total credit provided and capital raised (including loans and commitments)
$72 billion Credit for consumers
$8 billion Credit for U.S. small businesses
$750 billion Credit and capital for corporations and non-U.S. government entities (a)
$25 billion Credit and capital for nonprofit and U.S. government entities (b)

(a)
Includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.
(b)
Includes states, municipalities, hospitals and universities.
7
Recent events
•
On April 13, 2026, Visa commenced an exchange offer expiring on May 8, 2026 for any and all outstanding shares of Visa Class B-1 common stock ("Visa B-1 shares") and Visa Class B-2 common stock ("Visa B-2 shares"). Holders participating in the exchange offer would receive a combination of Visa Class B-3 common stock ("Visa B-3 shares") and Visa Class C common stock ("Visa C shares") in exchange for Visa B-1 shares or Visa B-2 shares that are validly tendered and accepted for exchange by Visa. The Firm has tendered its 18.6 million Visa B-2 shares, and that tender is pending Visa’s acceptance. Upon acceptance by Visa of the Firm’s tender, the Visa C shares received by the Firm would be recognized at fair value, which is expected to result in a gain that may be recorded as early as the second quarter of 2026. Refer to Note 2 for additional information.
Outlook
The statements set forth below are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the beliefs and expectations of JPMorganChase’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 79

of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9–31 of the 2025 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in 2026 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.
JPMorganChase’s outlook for full year 2026 should be viewed against the backdrop of the global and U.S. economies,

financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates.
The Firm provided the following outlook information on April 14, 2026 in connection with announcing its results for the quarter ended March 31, 2026:
Full-year 2026
•
Management expects net interest income to be approximately $103 billion and net interest income excluding Markets to be approximately $95 billion, market dependent.
•
Management expects adjusted expense to be approximately $105 billion, market dependent.
•
Management expects the net charge-off rate in Card Services to be approximately 3.4%.
Net interest income excluding Markets and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16.
8
CONSOLIDATED RESULTS OF OPERATIONS

This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three months ended March 31, 2026 and 2025, unless otherwise specified. Factors that relate primarily to a single business segment or Corporate are discussed in more detail in the results of that segment or Corporate. Refer to pages 75-77 of this Form 10-Q and pages 154–157 of JPMorganChase’s 2025 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
Revenue
Three months ended March 31,
(in millions) 2026 2025 Change
Investment banking fees $ 2,858 $ 2,178 31 %
Principal transactions 7,987 7,614 5
Lending- and deposit-related fees 2,394 2,132 12
Asset management fees 5,515 4,700 17
Commissions and other fees 2,482 2,033 22
Investment securities gains/(losses) 64 (37) NM
Mortgage fees and related income 309 278 11
Card income 1,190 1,216 (2)
Other income (a) 1,671 1,923 (13)
Noninterest revenue 24,470 22,037 11
Net interest income 25,366 23,273 9
Total net revenue $ 49,836 $ 45,310 10 %

(a)
Included operating lease income of $1.2 billion and $829 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 5 for additional information.
Quarterly results
Investment banking fees
increased, reflecting in CIB
:
•
higher advisory fees largely driven by higher fees from deals in the Diversified Industries and Natural Resource Group sectors, and
•
higher equity underwriting fees predominantly driven by higher revenue across all products,
partially offset by
•
lower debt underwriting fees largely driven by lower non-investment grade loans.
Refer to CIB segment results on pages 22-26 and Note 5 for additional information.
Principal transactions revenue
increased, reflecting the net impact in CIB of:
•
higher Fixed Income Markets revenue driven by higher revenue in Commodities and Credit, largely offset by lower revenue in Securitized Products and Rates, and
•
lower Equity Markets revenue, particularly in Equity Derivatives, predominantly offset by higher revenue in Prime Finance.
Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.
Refer to CIB segment results on pages 22-26 and Note 5 for additional information.
Lending- and deposit-related fees
increased, reflecting:
•
in CIB, higher cash management fees in Payments as a result of higher volume, and
•
in CCB, higher deposit-related fees as a result of higher transaction volume and new accounts.
Refer to CCB and CIB segment results on pages 19-21 and pages 22-26, respectively, and Note 5 for additional information.
Asset management fees
increased predominantly driven by higher average market levels and net inflows in AWM and CCB. Refer to CCB and AWM segment results on pages 19-21 and pages 27-29, respectively, and Note 5 for additional information.
Commissions and other fees
increased in CIB and AWM, predominantly due to higher brokerage commissions on higher volume and, to a lesser extent, higher custody fees as a result of higher market levels and client activity. Refer to CIB and AWM segment results on pages 22-26 and pages 27-29, respectively, and Note 5 for additional information.
Investment securities

was a net gain compared with a net loss in the prior year; these results were associated with repositioning the investment securities portfolio in Treasury and CIO. Refer to Corporate results on pages 30-31 and Note 9 for additional information.
Mortgage fees and related income
: refer to Note 14 for additional information.
Card income
decreased driven by lower income in CCB, reflecting an increase in amortization related to new account origination costs, predominantly offset by higher annual fees. Net interchange income was relatively flat as the impact of increased debit and credit card sales volume was offset by higher rewards costs and partner payments. Refer to CCB segment results on pages 19-21 and Note 5 for additional information.
9
Other income
decreased, reflecting:
•
lower First Republic-related revenue primarily driven by the absence of the $588 million gain recorded in the prior year in Corporate,
largely offset by
•
higher auto operating lease income in CCB due to growth in volume.
Refer to CCB segment and Corporate results on pages 19-21 and pages 30-31, respectively, for additional information; and Note 5 for additional information on the First Republic acquisition.
Net interest income
increased driven by higher Markets net interest income, higher deposit balances, and higher revolving balances in Card Services, partially offset by the impact of lower rates.
The Firm’s average interest-earning assets were $4.1 trillion, up $467 billion, and the yield was 4.83%, down 36 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.50%, a decrease of 8 bps. The net yield excluding Markets was 3.72%, down 8 bps.
Refer to the Consolidated average balance sheets, interest and rates schedule on page 169 for additional information. Net yield excluding Markets is a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for an additional discussion of net yield excluding Markets.
Provision for credit losses
Three months ended March 31,
(in millions) 2026 2025 Change
Consumer, excluding credit card $ 13 $ 204 (94) %
Credit card 2,044 2,382 (14)
Total consumer 2,057 2,586 (20)
Wholesale 447 736 (39)
Investment securities 3 (17) NM
Total provision for credit losses $ 2,507 $ 3,305 (24) %

Quarterly results
The

provision for credit losses
was $2.5 billion. Net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $191 million.
The provision for credit losses included:
•
$2.1 billion in
consumer
, consisting of net charge-offs of $2.2 billion, predominantly driven by Card Services, and a net reduction in the allowance for credit losses of $139 million. The net reduction was predominantly driven by improvements in home prices, and
•
$447 million in
wholesale
, predominantly driven by changes in the credit quality of certain exposures. The net addition to the allowance for credit losses was $327 million and net charge-offs were $120 million.
In the prior year, the provision was $3.3 billion, net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $973 million.
Refer to CCB, CIB and AWM segment and Corporate results on pages 19-21, pages 22-26, pages 27-29, and pages 30-31, respectively; Allowance for Credit Losses on pages 63-65; Critical Accounting Estimates Used by the Firm on pages 75-77; and Notes 11 and 12 for additional information on the credit portfolio and the allowance for credit losses.
10
Noninterest expense
(in millions) Three months ended March 31,
2026 2025 Change
Compensation expense $ 15,339 $ 14,093 9 %
Noncompensation expense:
Occupancy 1,447 1,302 11
Technology, communications and equipment (a) 3,021 2,578 17
Professional and outside services 3,483 2,839 23
Marketing 1,604 1,304 23
Other expense 1,956 1,481 32
Total noncompensation expense 11,511 9,504 21
Total noninterest expense $ 26,850 $ 23,597 14 %
Certain components of other expense (b)
Legal expense $ 223 $ 121
FDIC-related expense 332 (11)
Operating losses 286 386

(a)
Includes depreciation expense associated with auto operating lease assets. Refer to Note 16 for additional information.
(b)
Refer to Note 5 for additional information.
Quarterly results
Compensation expense
increased predominantly driven by:
•
higher revenue-related compensation across the LOBs, and
•
growth in the number of employees, primarily front office employees.
Noncompensation expense
increased, reflecting:
•
higher investments in technology across the LOBs and Corporate and in marketing in CCB,
•
higher brokerage expense in CIB and higher distribution fees in AWM,
•
higher FDIC-related expense as the prior year included an FDIC special assessment accrual release of $323 million in Corporate,
•
higher depreciation expense on higher auto operating lease assets in CCB, and
•
higher occupancy expense, reflecting net additions and improvements to the Firm’s properties, including its new headquarters, bank branches and other corporate offices.
Refer to Note 5 for additional information on other expense.
Income tax expense
(in millions) Three months ended March 31,
2026 2025 Change
Income before income tax expense $ 20,479 $ 18,408 11 %
Income tax expense 3,985 3,765 6
Effective tax rate 19.5 % 20.5 %

Quarterly results
The
effective tax rate

decreased predominantly driven by higher tax benefits related to the vesting of employee share-based awards as a result of the higher market price of the Firm's common shares.
11
CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS

Consolidated balance sheets analysis
The following is a discussion of the significant changes between March 31, 2026 and December 31, 2025. Refer to pages 154–157 for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Balance Sheets.
Selected Consolidated balance sheets data
(in millions) March 31, 2026 December 31, 2025 Change
Assets
Cash and due from banks $ 22,039 $ 21,742 1 %
Deposits with banks 290,103 321,596 (10)
Federal funds sold and securities purchased under resale agreements 482,704 336,426 43
Securities borrowed 284,524 286,191 (1)
Trading assets 1,069,335 802,873 33
Available-for-sale securities 549,037 507,198 8
Held-to-maturity securities 272,142 270,134 1
Investment securities, net of allowance for credit losses 821,179 777,332 6
Loans 1,503,520 1,493,429 1
Allowance for loan losses (25,928) (25,765) 1
Loans, net of allowance for loan losses 1,477,592 1,467,664 1
Accrued interest and accounts receivable 142,334 111,599 28
Premises and equipment 36,771 36,244 1
Goodwill, MSRs and other intangible assets 64,289 64,458 —
Other assets 209,605 198,775 5
Total assets $ 4,900,475 $ 4,424,900 11 %

Cash and due from banks and deposits with banks

decreased driven by Markets activities in CIB and net purchases of investment securities in Treasury and CIO, predominantly offset by the impact of higher deposits across the LOBs.
Federal funds sold and securities purchased under resale agreements
increased driven by Markets, reflecting higher client-driven market-making activities and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.
Refer to Note 10 for additional information on securities purchased under resale agreements and
securities borrowed
.
Trading assets
increased due to higher levels of equity and debt instruments in Markets, primarily related to client-driven market-making activities, as well as when compared with seasonally lower levels at year-end. Refer to Notes 2 and 4 for additional information.
Investment securities
increased due to:
•
higher available-for-sale ("AFS") securities, reflecting net purchases, predominantly U.S. Treasuries, partially offset by maturities and paydowns; and
•
higher held to-maturity (“HTM”) securities driven by purchases of U.S. Treasuries, predominantly offset by maturities and paydowns.
Refer to Corporate results on pages 30-31, Investment Portfolio Risk Management on page 66, and Notes 2 and 9 for additional information.
Loans
increased, driven by:
•
higher wholesale loans in CIB due to higher client demand, and
•
higher securities-based lending in AWM due to higher client demand,
partially offset by
•
a reduction in Card Services due to the impact of seasonality.
The
allowance for loan losses
increased, reflecting a net addition of $163 million, and consisted of:
•
$292 million in
wholesale
, largely driven by changes in the credit quality of certain exposures, and
•
a net reduction of $129 million in
consumer
, predominantly driven by improvements in home prices.
Refer to Consolidated Results of Operations and Credit and Investment Risk Management on pages 9-11 and pages 48-66, respectively, Critical Accounting
12
Estimates Used by the Firm on pages 75-77, and Notes 2, 3, 11 and 12 for additional information on loans and the total allowance for credit losses.
Accrued interest and accounts receivable
increased predominantly due to client-driven activities in Markets, including prime brokerage.
Premises and equipment
:
refer to Note 16 for additional information.
Goodwill, MSRs and other intangible assets
:

refer to Note 14 for additional information.
Selected Consolidated balance sheets data (continued)
(in millions) March 31, 2026 December 31, 2025 Change
Liabilities
Deposits $ 2,675,520 $ 2,559,320 5 %
Federal funds purchased and securities loaned or sold under repurchase agreements 716,623 442,396 62
Short-term borrowings 68,048 64,776 5
Trading liabilities 247,836 216,019 15
Accounts payable and other liabilities 352,561 316,794 11
Beneficial interests issued by consolidated variable interest entities (“VIEs”) 27,085 27,951 (3)
Long-term debt 448,764 435,206 3
Total liabilities 4,536,437 4,062,462 12
Stockholders’ equity 364,038 362,438 —
Total liabilities and stockholders’ equity $ 4,900,475 $ 4,424,900 11 %

Deposits

increased, reflecting:
•
an increase in CIB

predominantly due to net inflows related to client-driven activities in Payments

and Securities Services,
•
an increase in CCB predominantly driven by growth in new accounts, and
•
an increase in AWM primarily driven by growth in both new accounts and balances in existing accounts, including the impact of higher-yielding product offerings,

partially offset by migration into other investment products.
Federal funds purchased and securities loaned or sold under repurchase agreements
increased driven by Markets, reflecting higher client-driven market-making activities, higher secured financing of trading assets, and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.
Refer to Liquidity Risk Management on pages 41-47 for additional information on deposits, federal funds purchased and securities loaned or sold under repurchase agreements, and
short-term borrowings
; and Notes 2 and 15 for deposits; and Note 10 for federal funds purchased and securities loaned or sold under repurchase agreements.
Trading liabilities
increased predominantly due to client-driven market-making activities, which resulted in higher levels of short positions. Refer to Notes 2 and 4 for additional information.
Accounts payable and other liabilities
increased predominantly due to client-driven activities in Markets, including prime brokerage.
Beneficial interests issued by consolidated VIEs
:

refer to Liquidity Risk Management on pages 41-47 and Notes 13 and 22 for additional information related to Firm-sponsored VIEs and loan securitization trusts.
Long-term debt
increased driven by net issuances of structured notes in Markets due to client demand and net issuances of long-term debt in Treasury and CIO. Refer to Liquidity Risk Management on pages 41-47 for additional information.
Stockholders’ equity

increased, reflecting:
•
net income,
predominantly offset by
•
the impact of capital actions, including net repurchases of common shares and dividend payments on common and preferred stock, and
•
higher net unrealized losses in AOCI in Treasury and CIO, driven by the impact of higher interest rates on AFS securities and cash flow hedges, and widening spreads on AFS securities.
Refer to Consolidated statements of changes in stockholders’ equity on page 83, Capital Actions on page 38, and Note 19 for additional information.
13
Consolidated cash flows analysis
The following is a discussion of cash flow activities during the three months ended March 31, 2026 and 2025.
(in millions) Three months ended March 31,
2026 2025
Net cash provided by/(used in)
Operating activities $ (211,761) $ (251,839)
Investing activities (217,769) (118,076)
Financing activities 400,677 318,059
Effect of exchange rate changes on cash (2,343) 8,442
Net decrease in cash and due from banks and deposits with banks $ (31,196) $ (43,414)

Operating activities
•
In 2026, cash used resulted from higher trading assets, higher accrued interest and accounts receivable and higher other assets, partially offset by higher accounts payable and other liabilities, and higher trading liabilities.
•
In 2025, cash used resulted from higher trading assets, higher securities borrowed, higher accrued interest and accounts receivable and lower trading liabilities.
Investing activities
•
In 2026, cash used resulted from higher securities purchased under resale agreements, net purchases of investment securities and net originations of loans.
•
In 2025, cash used resulted from higher securities purchased under resale agreements, partially offset by net proceeds from investment securities.
Financing activities
•
In 2026, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long- and short-term borrowings.
•
In 2025, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long-and short-term borrowings.
•
For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.
* * *
Refer to Consolidated Balance Sheets Analysis on pages 12-13, Capital Risk Management on pages 33-40, and Liquidity Risk Management on pages 41-47, and the Consolidated Statements of Cash Flows on page 84 of this Form 10-Q, and pages 100–107 of JPMorganChase’s 2025 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.
14
EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES

The Firm prepares its Consolidated Financial Statements in accordance with U.S. GAAP and this presentation is referred to as “reported” basis; these financial statements appear on pages 80-84.
In addition to analyzing the Firm’s results on a reported basis, the Firm also reviews and uses certain non-GAAP financial measures at the Firmwide and segment level. These non-GAAP measures include:
•
Firmwide “managed” basis results, including the overhead ratio, which include certain reclassifications to present total net revenue from investments that receive tax credits and tax-exempt securities on a basis comparable to taxable investments and securities (“FTE” basis). 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 the LOBs;
•
Pre-provision profit, which represents total net revenue less total noninterest expense;
•
Net interest income, net yield, and noninterest revenue excluding Markets;
•
TCE, ROTCE, and TBVPS; and
•
Adjusted expense, which represents noninterest expense excluding Firmwide legal expense.
Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 59–61 of JPMorganChase’s 2025 Form 10-K for a further discussion of management’s use of non-GAAP financial measures.
The following summary table provides a reconciliation from the Firm’s reported U.S. GAAP results to managed basis.
Three months ended March 31,
2026 2025
(in millions, except ratios) Reported Fully taxable-equivalent adjustments (a) Managed basis Reported Fully taxable-equivalent adjustments (a) Managed basis
Other income $ 1,671 $ 587 $ 2,258 $ 1,923 $ 602 $ 2,525
Total noninterest revenue 24,470 587 25,057 22,037 602 22,639
Net interest income 25,366 113 25,479 23,273 102 23,375
Total net revenue 49,836 700 50,536 45,310 704 46,014
Total noninterest expense 26,850 NA 26,850 23,597 NA 23,597
Pre-provision profit 22,986 700 23,686 21,713 704 22,417
Provision for credit losses 2,507 NA 2,507 3,305 NA 3,305
Income before income tax expense 20,479 700 21,179 18,408 704 19,112
Income tax expense 3,985 700 4,685 3,765 704 4,469
Net income $ 16,494 NA $ 16,494 $ 14,643 NA $ 14,643
Overhead ratio 54 % NM 53 % 52 % NM 51 %

(a)
For other income, recognized in CIB, and for net interest income, predominantly recognized in CIB and Corporate.
15
The following table provides information on net interest income, net yield, and noninterest revenue excluding Markets.
(in millions, except rates) Three months ended March 31,
2026 2025 Change
Net interest income – reported (a) $ 25,366 $ 23,273 9 %
Fully taxable-equivalent adjustments 113 102 11
Net interest income – managed basis $ 25,479 $ 23,375 9
Less: Markets net interest income (b) 2,199 785 180
Net interest income excluding Markets $ 23,280 $ 22,590 3
Average interest-earning assets (a) $ 4,135,737 $ 3,668,384 13
Less: Average Markets interest-earning assets (b) 1,599,089 1,255,149 27
Average interest-earning assets excluding Markets $ 2,536,648 $ 2,413,235 5
Net yield on average interest-earning assets – managed basis 2.50 % 2.58 %
Net yield on average Markets interest-earning assets (b) 0.56 0.25
Net yield on average interest-earning assets excluding Markets 3.72 % 3.80 %
Noninterest revenue – reported $ 24,470 $ 22,037 11
Fully taxable-equivalent adjustments 587 602 (2)
Noninterest revenue – managed basis $ 25,057 $ 22,639 11
Less: Markets noninterest revenue (b) 9,360 8,878 5
Noninterest revenue excluding Markets $ 15,697 $ 13,761 14
Memo: Total Markets net revenue (b) $ 11,559 $ 9,663 20 %

(a)
Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.
(b)
Refer to page 25 for further information on Markets.
The following summary table provides a reconciliation from the Firm’s common stockholders’ equity to TCE.
Period-end Average
(in millions, except per share and ratio data) Mar 31, 2026 Dec 31, 2025 Three months ended March 31,
2026 2025
Common stockholders’ equity $ 343,993 $ 342,393 $ 341,050 $ 324,345
Less: Goodwill 52,706 52,731 52,737 52,581
Less: Other intangible assets 2,490 2,560 2,518 2,830
Add: Certain deferred tax liabilities (a) 2,911 2,916 2,915 2,938
Tangible common equity $ 291,708 $ 290,018 $ 288,710 $ 271,872
Return on tangible common equity NA NA 23 % 21 %
Tangible book value per share $ 108.87 $ 107.56 NA NA

(a)
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.
16
BUSINESS SEGMENT & CORPORATE RESULTS

The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.
The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a definition of managed basis.
Description of business segment reporting methodology
Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.
Funds transfer pricing
Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.
The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.
As a result of lower average interest rates in the current year, the cost of funding for assets and the funding benefit earned for liabilities generally decreased compared with the prior year.
Foreign exchange risk
Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results. Refer to Market Risk Management on pages 67-73 for additional information.
Capital allocation
The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Line of business and Corporate equity on page 37, and page 96 of JPMorganChase’s 2025 Form 10-K for additional information on capital allocation.
Refer to Business Segment & Corporate Results – Description of business segment reporting methodology on pages 62–82 and Note 32 of JPMorganChase’s 2025 Form 10-K for a further discussion of those methodologies.
17
Segment & Corporate Results – Managed basis
The following tables summarize the Firm’s results by business segments and Corporate for the periods indicated.
Three months ended March 31, Consumer & Community Banking Commercial & Investment Bank Asset & Wealth Management
(in millions, except ratios) 2026 2025 Change 2026 2025 Change 2026 2025 Change
Total net revenue $ 19,568 $ 18,313 7 % $ 23,379 $ 19,666 19 % $ 6,374 $ 5,731 11 %
Total noninterest expense 10,979 9,857 11 11,136 9,842 13 4,167 3,713 12
Pre-provision profit 8,589 8,456 2 12,243 9,824 25 2,207 2,018 9
Provision for credit losses 2,050 2,629 (22) 482 705 (32) (24) (10) (140)
Net income 4,976 4,425 12 9,044 6,942 30 1,775 1,583 12
Return on equity (“ROE”) 32 % 31 % 21 % 18 % 44 % 39 %

Three months ended March 31, Corporate Total
(in millions, except ratios) 2026 2025 Change 2026 2025 Change
Total net revenue $ 1,215 $ 2,304 (47) % $ 50,536 $ 46,014 10 %
Total noninterest expense 568 185 207 26,850 23,597 14
Pre-provision profit 647 2,119 (69) 23,686 22,417 6
Provision for credit losses (1) (19) 95 2,507 3,305 (24)
Net income 699 1,693 (59) 16,494 14,643 13
ROE NM NM 19 % 18 %

Refer to Note 25 for further details on total net revenue and total noninterest expense.
The following sections provide a comparative discussion of the Firm’s results by business segments and Corporate as of or for the three months ended March 31, 2026 and 2025, unless otherwise specified.
18
CONSUMER & COMMUNITY BANKING

Refer to pages 65–68 of JPMorganChase's 2025 Form 10-K and Line of Business Metrics on page 177 for a discussion of the business profile of CCB.
Selected income statement data
Three months ended March 31,
(in millions, except ratios) 2026 2025 Change
Revenue
Lending- and deposit-related fees $ 947 $ 839 13 %
Asset management fees 1,303 1,093 19
Mortgage fees and related income 303 263 15
Card income 592 653 (9)
All other income (a) 1,685 1,323 27
Noninterest revenue 4,830 4,171 16
Net interest income 14,738 14,142 4
Total net revenue 19,568 18,313 7
Provision for credit losses 2,050 2,629 (22)
Noninterest expense
Compensation expense 4,622 4,375 (e) 6
Noncompensation expense (b)(c) 6,357 5,482 (e) 16
Total noninterest expense 10,979 9,857 11
Income before income tax expense 6,539 5,827 12
Income tax expense 1,563 1,402 11
Net income $ 4,976 $ 4,425 12
Revenue by business
Banking & Wealth Management $ 10,577 $ 10,254 3
Home Lending 1,232 1,207 2
Card Services & Auto 7,759 6,852 13
Mortgage fees and related income details:
Production revenue 178 110 62
Net mortgage servicing revenue (d) 125 153 (18)
Mortgage fees and related income $ 303 $ 263 15 %
Financial ratios
Return on equity 32 % 31 %
Overhead ratio 56 54

(a)
Primarily includes operating lease income and commissions and other fees. Operating lease income was $1.2 billion and $824 million for the three months ended March 31, 2026 and 2025, respectively.
(b)
Included compensation expense recorded in and allocated from Corporate of $814 million and $789 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.
(c)
Included depreciation expense on leased assets of $756 million and $499 million for the three months ended March 31, 2026 and 2025, respectively.
(d)
Included MSR risk management results of $(15) million and $9 million for the three months ended March 31, 2026 and 2025, respectively.
(e)
In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
Quarterly results
Net income was $5.0 billion, up 12%.
Net revenue was $19.6 billion, up 7%.
Net interest income was $14.7 billion, up 4%, reflecting higher Card Services NII, largely driven by higher revolving balances.
Noninterest revenue was $4.8 billion, up 16%, driven by:
•
higher auto operating lease income as a result of growth in volume, and
•
in BWM, higher asset management fees, reflecting higher average market levels and net inflows, as well as higher deposit-related fees as a result of higher transaction volume and new accounts,
partially offset by
•
lower card income, reflecting an increase in amortization related to new account origination costs, predominantly offset by higher annual fees. Net interchange was relatively flat as the impact of increased debit and credit card sales volume was offset by higher rewards costs and partner payments.
Refer to Note 5 for additional information on card income, asset management fees and deposit-related fees; and Critical Accounting Estimates on pages 75-77 for additional information on the credit card rewards liability.
Noninterest expense was $11.0 billion, up 11%, reflecting:
•
higher noncompensation expense, predominantly driven by continued investments in marketing and technology, higher auto lease depreciation on higher auto operating lease assets and higher legal expense, as well as
•
higher compensation expense, predominantly for bankers and advisors, including higher revenue-related compensation.
The provision for credit losses was $2.1 billion. Net charge-offs were $2.2 billion, up $41 million, primarily driven by Card Services. The net reduction in the allowance for credit losses was $145 million, predominantly driven by improvements in home prices.
19
In the prior year, the provision was $2.6 billion, net charge-offs were $2.2 billion and the net addition to the allowance for credit losses was $475 million.
Refer to Credit and Investment Risk Management on pages 48-66 and Allowance for Credit Losses on pages 63-65 for a further discussion of the credit portfolios and the allowance for credit losses.
Selected metrics
As of or for the three months ended March 31,
(in millions, except employees) 2026 2025 Change
Selected balance sheet data (period-end)
Total assets $ 656,051 $ 636,105 3 %
Loans:
Banking & Wealth Management 32,992 33,098 —
Home Lending (a) 238,571 241,427 (1)
Card Services 239,065 223,517 7
Auto 70,958 72,116 (2)
Total loans 581,586 570,158 2
Deposits 1,112,078 1,080,138 3
Equity 61,500 56,000 10
Selected balance sheet data (average)
Total assets $ 655,977 $ 639,664 3
Loans:
Banking & Wealth Management 33,038 33,160 —
Home Lending (b) 240,429 244,282 (2)
Card Services 239,153 224,493 7
Auto 70,208 72,462 (3)
Total loans 582,828 574,397 1
Deposits 1,075,951 1,053,677 2
Equity 61,500 56,000 10
Employees 143,869 143,778 (c) — %

(a)
At March 31, 2026 and 2025, Home Lending loans held-for-sale and loans at fair value were $11.3 billion and $6.4 billion, respectively.
(b)
Average Home Lending loans held-for sale and loans at fair value were $11.8 billion and $7.5 billion for the three months ended March 31, 2026 and 2025, respectively.
(c)
Refer to footnote (e) on page 19 for further information concerning the centralization of Risk functions.
20
Selected metrics
As of or for the three months ended March 31,
(in millions, except ratio data) 2026 2025 Change
Credit data and quality statistics
Nonaccrual loans (a) $ 3,493 $ 3,266 7 %
Net charge-offs/(recoveries)
Banking & Wealth Management 85 97 (12)
Home Lending (15) (26) 42
Card Services 2,044 1,983 3
Auto 81 100 (19)
Total net charge-offs/(recoveries) $ 2,195 $ 2,154 2
Net charge-off/(recovery) rate
Banking & Wealth Management 1.04 % 1.19 %
Home Lending (0.03) (0.04)
Card Services 3.47 3.58
Auto 0.47 0.56
Total net charge-off/(recovery) rate 1.56 % 1.54 %
30+ day delinquency rate
Home Lending (b) 0.88 % 1.04 %
Card Services 2.17 2.21
Auto 1.09 1.20
90+ day delinquency rate - Card Services 1.15 % 1.16 %
Allowance for credit losses:
Allowance for loan losses
Banking & Wealth Management $ 765 $ 794 (4)
Home Lending 507 557 (9)
Card Services 15,563 15,008 4
Auto 587 637 (8)
Total allowance for loan losses $ 17,422 $ 16,996 3
Allowance for lending-related commitments $ 2,280 (c) $ 81 NM
Total allowance for credit losses $ 19,702 $ 17,077 15 %

(a)
Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026 and 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $68 million and $81 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(b)
At March 31, 2026 and 2025, excluded mortgage loans insured by U.S. government agencies of $92 million and $114 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.
(c)
Included $2.2 billion associated with the Apple Card transaction. Refer to Note 13 of the Firm's 2025 Form 10-K for additional information.
Selected metrics
As of or for the three months ended March 31,
(in billions, except ratios and where otherwise noted) 2026 2025 Change
Business Metrics
Number of branches 5,095 4,972 2 %
Active digital customers (in thousands) 76,246 72,480 5
Active mobile customers (in thousands) 62,960 59,036 7
Debit and credit card sales volume $ 487.6 $ 448.7 9
Total payments transaction volume (in trillions) 1.8 1.6 13
Banking & Wealth Management
Average deposits $ 1,059.5 $ 1,039.0 2
Deposit margin 2.63 % 2.69 %
Business Banking average loans $ 18.6 $ 19.5 (5)
Business banking origination volume 0.7 0.8 (10)
Client investment assets (a) 1,272.2 1,079.8 18
Number of client advisors 6,243 5,860 7
Home Lending
Mortgage origination volume by channel
Retail $ 8.7 $ 5.5 58
Correspondent 5.0 3.9 28
Total mortgage origination volume (b) $ 13.7 $ 9.4 46
Third-party mortgage loans serviced (period-end) $ 656.4 $ 661.6 (1)
MSR carrying value (period-end) 9.1 9.1 —
Card Services
Sales volume, excluding commercial card $ 337.6 $ 310.6 9
Net revenue rate 10.78 % 10.38 %
Net yield on average loans 10.85 10.31
Auto
Loan and lease origination volume $ 10.4 $ 10.7 (3)
Average auto operating lease assets 20.4 13.6 50 %

(a)
Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 27-29 for additional information.
(b)
Firmwide mortgage origination volume was $16.6 billion and $11.2 billion for the three months ended March 31, 2026 and 2025, respectively.
21
COMMERCIAL & INVESTMENT BANK

Refer to pages 69–75 of JPMorganChase’s 2025 Form 10-K and Line of Business Metrics on page 177 for a discussion of the business profile of CIB.
Selected income statement data
Three months ended March 31,
(in millions, except ratios) 2026 2025 Change
Revenue
Investment banking fees $ 2,883 $ 2,248 28 %
Principal transactions 7,897 7,608 4
Lending- and deposit-related fees 1,394 1,230 13
Commissions and other fees 1,714 1,437 19
Card income 585 551 6
All other income 917 748 23
Noninterest revenue 15,390 13,822 11
Net interest income 7,989 5,844 37
Total net revenue (a) 23,379 19,666 19
Provision for credit losses 482 705 (32)
Noninterest expense
Compensation expense 5,740 5,127 (c) 12
Noncompensation expense (b) 5,396 4,715 (c) 14
Total noninterest expense 11,136 9,842 13
Income before income tax expense 11,761 9,119 29
Income tax expense 2,717 2,177 25
Net income $ 9,044 $ 6,942 30 %
Financial ratios
Return on equity 21 % 18 %
Overhead ratio 48 50
Compensation expense as percentage of total net revenue 25 26 (c)

(a)
Included taxable-equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $646 million and $658 million for the three months ended March 31, 2026 and 2025, respectively.
(b)
Included compensation expense recorded in and allocated from Corporate of $1.2 billion for each of the three months ended March 31, 2026 and 2025. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.
(c)
In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
Selected income statement data
Three months ended March 31,
(in millions) 2026 2025 Change
Revenue by business
Investment Banking $ 3,136 $ 2,268 38 %
Payments 5,123 4,565 12
Lending 2,166 1,915 13
Other — 6 NM
Total Banking & Payments 10,425 8,754 19
Fixed Income Markets 7,078 5,849 21
Equity Markets 4,481 3,814 17
Securities Services 1,499 1,269 18
Credit Adjustments & Other (a) (104) (20) (420)
Total Markets & Securities Services 12,954 10,912 19
Total net revenue $ 23,379 $ 19,666 19 %

(a)
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. Refer to Notes 2, 3 and 19 for additional information.
Selected income statement data
Three months ended March 31,
(in millions) 2026 2025 Change
Banking & Payments revenue by client coverage segment (a)
Global Corporate Banking & Global Investment Banking $ 7,265 $ 5,929 23 %
Commercial Banking 3,160 2,825 12
Commercial & Specialized Industries 2,280 1,956 17
Commercial Real Estate Banking 880 869 1
Total Banking & Payments revenue $ 10,425 $ 8,754 19 %

(a)
Refer to Line of Business Metrics on page 177 for a description of each of the client coverage segments.
22
Quarterly

results
Net income was $9.0 billion, up 30%.
Net revenue was $23.4 billion, up 19%.
Banking & Payments revenue was $10.4 billion, up 19%.
•
Investment Banking revenue was $3.1 billion, up 38%. Investment Banking fees were up 28%, driven by higher advisory and equity underwriting fees, partially offset by lower debt underwriting fees. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.
–
Advisory fees were $1.3 billion, up 82%, largely driven by higher fees from deals in the Diversified Industries and Natural Resource Group sectors.
–
Equity underwriting fees were $472 million, up 46%, predominantly driven by higher revenue across all products.
–
Debt underwriting fees were $1.1 billion, down 7%, largely driven by lower non-investment grade loans.
•
Payments revenue was $5.1 billion, up 12%, predominantly driven by higher average deposits and fee growth.
•
Lending revenue was $2.2 billion, up 13%, largely driven by fair value gains on credit protection purchased against certain retained loans and lending-related commitments, compared to losses in the prior year, and higher loan balances.
Markets & Securities Services revenue was $13.0 billion, up 19%. Markets revenue was $11.6 billion, up 20%.
•
Fixed Income Markets revenue was $7.1 billion, up 21%, driven by higher revenue on strong client activity in Commodities, Credit and Currencies & Emerging Markets, as well as strong results in Securitized Products, partially offset by lower revenue in Rates.
•
Equity Markets revenue was $4.5 billion, up 17%, predominantly due to increased client activity.
•
Securities Services revenue was $1.5 billion, up 18%, predominantly driven by fee growth on higher market levels and client activity, as well as higher average deposits.
•
Credit Adjustments & Other was a loss of $104 million, compared with a loss of $20 million in the prior year.
Noninterest expense was $11.1 billion, up 13%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage expense.
The provision for credit losses was $482 million, largely driven by changes in the credit quality of certain exposures. The net addition to the allowance for credit losses was $362 million and net charge-offs were $120 million.
In the prior year, the provision was $705 million, the net addition to the allowance for credit losses was $528 million and net charge-offs were $177 million.
Refer to Credit and Investment Risk Management on pages 48-66, Allowance for Credit Losses on pages 63-65, and Critical Accounting Estimates on pages 75-77 for a further discussion of the credit portfolios and the allowance for credit losses.
23
Selected metrics
(in millions, except employees) As of or for the three months ended March 31,
2026 2025 Change
Selected balance sheet data (period-end)
Total assets $ 2,626,846 $ 2,174,123 21 %
Loans:
Loans retained 576,917 497,657 16
Loans held-for-sale and loans at fair value (a) 67,022 48,201 39
Total loans 643,939 545,858 18
Equity 166,500 149,500 11
Banking & Payments loans by client coverage segment (period-end) (b)
Global Corporate Banking & Global Investment Banking $ 158,989 $ 121,776 31
Commercial Banking 224,253 219,220 2
Commercial & Specialized Industries 77,425 74,334 4
Commercial Real Estate Banking 146,828 144,886 1
Total Banking & Payments loans 383,242 340,996 12
Selected balance sheet data (average)
Total assets $ 2,497,393 $ 2,045,105 22
Trading assets-debt and equity instruments 874,262 685,039 28
Trading assets-derivative receivables 67,591 58,987 15
Loans:
Loans retained $ 558,751 $ 482,304 16
Loans held-for-sale and loans at fair value (a) 73,588 46,422 59
Total loans $ 632,339 $ 528,726 20
Deposits 1,234,295 1,106,158 12
Equity 166,500 149,500 11
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking $ 151,120 $ 121,387 24
Commercial Banking 222,897 218,560 2
Commercial & Specialized Industries 76,610 73,629 4
Commercial Real Estate Banking 146,287 144,931 1
Total Banking & Payments loans $ 374,017 $ 339,947 10
Employees 91,493 89,415 (c) 2 %

(a)
Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)
Refer to Line of Business Metrics on page 177 for a description of each of the client coverage segments.
(c)
Refer to footnote (c) on page 22 for further information concerning the centralization of Risk functions.
Selected metrics
As of or for the three months ended March 31,
(in millions, except ratios) 2026 2025 Change
Credit data and quality statistics
Net charge-offs/(recoveries) $ 120 $ 177 (32) %
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a) $ 3,855 $ 3,413 13
Nonaccrual loans held-for-sale and loans at fair value (b) 1,192 1,255 (5)
Total nonaccrual loans 5,047 4,668 8
Derivative receivables 174 169 3
Assets acquired in loan satisfactions 176 211 (17)
Total nonperforming assets $ 5,397 $ 5,048 7
Allowance for credit losses:
Allowance for loan losses $ 7,947 $ 7,680 3
Allowance for lending-related commitments 2,777 2,113 31
Total allowance for credit losses $ 10,724 $ 9,793 10 %
Net charge-off/(recovery) rate (c) 0.09 % 0.15 %
Allowance for loan losses to period-end loans retained 1.38 1.54
Allowance for loan losses to nonaccrual loans retained (a) 206 225
Nonaccrual loans to total period-end loans 0.78 % 0.86 %

(a)
Allowance for loan losses of $740 million and $566 million were held against these nonaccrual loans at March 31, 2026 and 2025, respectively.
(b)
Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At

March 31, 2026 and 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $183 million and $36 million, respectively.
(c)
Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
Investment banking fees
Three months ended March 31,
(in millions) 2026 2025 Change
Advisory $ 1,266 $ 694 82 %
Equity underwriting 472 324 46
Debt underwriting (a) 1,145 1,230 (7)
Total investment banking fees $ 2,883 $ 2,248 28 %

(a)
Represents long-term debt and loan syndications.
24
League table results – wallet share
Three months ended March 31, Full-year 2025
2026 2025
Rank Share Rank Share Rank Share
Based on fees (a)
M&A (b)
Global # 2 10.9 % # 2 7.6 % # 2 8.1 %
U.S. 2 11.4 3 7.7 2 8.6
Equity and equity-related (c)
Global 1 9.0 1 10.5 1 9.4
U.S. 1 11.4 1 12.8 1 12.5
Long-term debt (d)
Global 1 7.8 1 7.5 1 7.1
U.S. 1 11.0 1 10.2 1 10.2
Loan syndications
Global 1 12.7 1 11.6 2 10.0
U.S. 1 13.8 1 13.2 2 11.4
Global investment banking fees (e) # 1 9.8 % # 1 8.5 % # 1 8.2 %

(a)
Source: Dealogic as of April 1, 2026. Reflects the ranking of revenue wallet and market share.
(b)
Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.
(c)
Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.
(d)
Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities ("ABS") and mortgage-backed securities ("MBS"); and exclude money market, short-term debt and U.S. municipal securities.
(e)
Global investment banking fees exclude money market, short-term debt and shelf securities.
Markets revenue
The following table summarizes selected income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets generally occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives
that are reflected at fair value in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 73 of JPMorganChase’s 2025 Form 10-K for further information.
For the periods presented below, the primary source of principal transactions revenue was the amount recognized upon executing new transactions.
Three months ended March 31, Three months ended March 31,
2026 2025
(in millions) Fixed Income Markets Equity Markets Total Markets Fixed Income Markets Equity Markets Total Markets
Principal transactions $ 3,808 $ 4,035 $ 7,843 $ 3,422 $ 4,174 $ 7,596
Lending- and deposit-related fees 100 53 153 110 33 143
Commissions and other fees 169 807 976 161 606 767
All other income 433 (45) 388 383 (11) 372
Noninterest revenue 4,510 4,850 9,360 4,076 4,802 8,878
Net interest income 2,568 (369) 2,199 1,773 (988) 785
Total net revenue $ 7,078 $ 4,481 $ 11,559 $ 5,849 $ 3,814 $ 9,663

25
Selected metrics
(in millions, except where otherwise noted) As of or for the three months ended March 31,
2026 2025 Change
Assets under custody ("AUC") by asset class (period-end) (in billions):
Fixed Income $ 18,687 $ 16,943 10 %
Equity 17,319 14,615 19
Other (a) 4,899 4,120 19
Total AUC $ 40,905 $ 35,678 15
Client deposits and other third-party liabilities (average) (b) $ 1,167,128 $ 1,034,382 13 %

(a)
Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.
(b)
Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
International metrics
(in millions, except where otherwise noted) As of or for the three months ended March 31,
2026 2025 Change
Total net revenue (a)
Europe/Middle East/Africa $ 5,254 $ 4,542 16 %
Asia-Pacific 3,665 2,619 40
Latin America/Caribbean 836 545 53
Total international net revenue 9,755 7,706 27
North America 13,624 11,960 14
Total net revenue $ 23,379 $ 19,666 19
Loans retained (period-end) (a)
Europe/Middle East/Africa $ 61,634 $ 48,681 27
Asia-Pacific 22,360 17,231 30
Latin America/Caribbean 12,356 10,401 19
Total international loans 96,350 76,313 26
North America 480,567 421,344 14
Total loans retained $ 576,917 $ 497,657 16
Client deposits and other third-party liabilities (average) (b)
Europe/Middle East/Africa $ 305,949 $ 281,119 9
Asia-Pacific 165,266 152,609 8
Latin America/Caribbean 53,545 44,037 22
Total international $ 524,760 $ 477,765 10
North America 642,368 556,617 15
Total client deposits and other third-party liabilities $ 1,167,128 $ 1,034,382 13
AUC (period-end) (b) (in billions)
North America $ 27,522 $ 23,753 16
All other regions 13,383 11,925 12
Total AUC $ 40,905 $ 35,678 15 %

(a)
Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.
(b)
Client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses, and AUC, are based on the domicile of the client or booking location, as applicable.
26
ASSET & WEALTH MANAGEMENT

Refer to pages 76–79 of JPMorganChase’s 2025 Form 10-K and Line of Business Metrics on page 178 for a discussion of the business profile of AWM.
Selected income statement data
(in millions, except ratios) Three months ended March 31,
2026 2025 Change
Revenue
Asset management fees $ 4,125 $ 3,595 15 %
Commissions and other fees 369 273 35
All other income 154 125 23
Noninterest revenue 4,648 3,993 16
Net interest income 1,726 1,738 (1)
Total net revenue 6,374 5,731 11
Provision for credit losses (24) (10) (140)
Noninterest expense
Compensation expense 2,339 2,067 (b) 13
Noncompensation expense (a) 1,828 1,646 (b) 11
Total noninterest expense 4,167 3,713 12
Income before income tax expense 2,231 2,028 10
Income tax expense 456 445 2
Net income $ 1,775 $ 1,583 12
Revenue by line of business
Asset Management $ 3,072 $ 2,671 15
Global Private Bank 3,302 3,060 8
Total net revenue $ 6,374 $ 5,731 11 %
Financial ratios
Return on equity 44 % 39 %
Overhead ratio 65 65
Pre-tax margin ratio:
Asset Management 34 32
Global Private Bank 36 38
Asset & Wealth Management 35 35

(a)
Included compensation expense recorded in and allocated from Corporate of $300 million and $269 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.
(b)
In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
Quarterly results
Net income was $1.8 billion, up 12%.
Net revenue was $6.4 billion, up 11%. Net interest income was $1.7 billion, down 1%. Noninterest revenue was $4.6 billion, up 16%.
Revenue from Asset Management was $3.1 billion, up 15%, predominantly driven by higher asset management fees, reflecting higher average market levels and strong net inflows.
Revenue from Global Private Bank was $3.3 billion, up 8%, driven by:
•
higher noninterest revenue, reflecting higher management fees due to strong net inflows and higher average market levels, as well as higher brokerage commissions,
partially offset by
•
lower net interest income driven by narrower spreads on loans and deposit margin compression, which were offset by higher average loans and deposits.
Noninterest expense was $4.2 billion, up 12%, largely driven by higher compensation, primarily higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.
27
Selected metrics
As of or for the three months ended March 31,
(in millions, except ranking data, ratios and employees) 2026 2025 Change
% of JPM mutual fund assets and ETFs rated as 4- or 5-star (a) 61 % 67 %
% of JPM mutual fund assets and ETFs ranked in 1 st or 2 nd quartile: (b)
1 year 48 71
3 years 63 73
5 years 73 73
Selected balance sheet data (period-end) (c)
Total assets $ 299,179 $ 258,354 16 %
Loans 274,902 237,201 16
Deposits 266,745 250,219 7
Equity 16,000 16,000 —
Selected balance sheet data (average) (c)
Total assets $ 291,058 $ 253,372 15
Loans 267,986 233,937 15
Deposits 253,706 244,107 4
Equity 16,000 16,000 —
Employees 29,357 28,916 (d) 2
Number of Global Private Bank client advisors 4,110 3,781 9
Credit data and quality statistics (c)
Net charge-offs/(recoveries) $ 1 $ 1 —
Nonaccrual loans 1,035 675 53
Allowance for credit losses:
Allowance for loan losses $ 520 $ 530 (2)
Allowance for lending-related commitments 33 33 —
Total allowance for credit losses $ 553 $ 563 (2) %
Net charge-off/(recovery) rate — % — %
Allowance for loan losses to period-end loans 0.19 0.22
Allowance for loan losses to nonaccrual loans 50 93
Nonaccrual loans to period-end loans 0.38 0.28

(a)
Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura. Includes only Asset Management retail active open-ended mutual funds and active ETFs that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.
(b)
Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management retail active open-ended mutual funds and active ETFs that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.
(c)
Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.
(d)
Refer to footnote (b) on page 27 for further information concerning the centralization of Risk functions.
Client assets
Assets under management were $4.8 trillion, up 16%, and client assets were $7.1 trillion, up 18%. These increases were driven by higher market levels and continued net inflows.
As of March 31,
(in billions) 2026 2025 Change
Assets by asset class
Liquidity $ 1,297 $ 1,120 16 %
Fixed income 1,014 879 15
Equity 1,360 1,128 21
Multi-asset 880 764 15
Alternatives 238 222 7
Total assets under management 4,789 4,113 16
Custody/brokerage/administration/deposits 2,314 1,889 22
Total client assets (a) $ 7,103 $ 6,002 18
Assets by client segment
Private Banking $ 1,440 $ 1,201 20
Global Institutional 1,964 1,705 15
Global Funds 1,385 1,207 15
Total assets under management $ 4,789 $ 4,113 16
Private Banking $ 3,549 $ 2,949 20
Global Institutional 2,145 1,828 17
Global Funds 1,409 1,225 15
Total client assets (a) $ 7,103 $ 6,002 18 %

(a)
Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
28
Client assets (continued)
Three months ended March 31,
(in billions) 2026 2025
Assets under management rollforward
Beginning balance $ 4,791 $ 4,045
Net asset flows:
Liquidity 13 36
Fixed income 20 11
Equity 18 37
Multi-asset 10 3
Alternatives 6 3
Market/performance/other impacts (69) (22)
Ending balance, March 31 $ 4,789 $ 4,113
Client assets rollforward
Beginning balance $ 7,118 $ 5,932
Net asset flows 111 120
Market/performance/other impacts (126) (50)
Ending balance, March 31 $ 7,103 $ 6,002

Selected Metrics
As of March 31,
2026 2025 Change
Firmwide Wealth Management
Client assets (in billions) (a) $ 4,516 $ 3,791 19 %
Number of client advisors 10,353 9,641 7
Stock Plan Administration
Number of stock plan participants (in thousands) 1,883 1,500 26
Client assets (in billions) $ 383 $ 281 36 %

(a)
Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.
International Metrics
Three months ended March 31,
(in millions) 2026 2025 Change
Total net revenue (a)
Europe/Middle East/Africa $ 1,015 $ 922 10 %
Asia-Pacific 731 550 33
Latin America/Caribbean 355 286 24
Total international net revenue 2,101 1,758 20
North America 4,273 3,973 8
Total net revenue (a) $ 6,374 $ 5,731 11 %

(a)
Regional revenue is based on the domicile of the client.
As of March 31,
(in billions) 2026 2025 Change
Assets under management
Europe/Middle East/Africa $ 717 $ 616 16 %
Asia-Pacific 383 321 19
Latin America/Caribbean 127 110 15
Total international assets under management 1,227 1,047 17
North America 3,562 3,066 16
Total assets under management $ 4,789 $ 4,113 16
Client assets
Europe/Middle East/Africa $ 1,037 $ 867 20
Asia-Pacific 616 509 21
Latin America/Caribbean 312 259 20
Total international client assets 1,965 1,635 20
North America 5,138 4,367 18
Total client assets $ 7,103 $ 6,002 18 %

29
CORPORATE

Refer to pages 80–82 of JPMorganChase’s 2025 Form 10-K for a discussion of Corporate.
Selected income statement and balance sheet data
As of or for the three months ended March 31,
(in millions, except employees) 2026 2025 Change
Revenue
Principal transactions $ (31) $ (87) 64 %
Investment securities gains/(losses) 60 (37) NM
All other income 160 777 (79)
Noninterest revenue 189 653 (71)
Net interest income 1,026 1,651 (38)
Total net revenue (a) 1,215 2,304 (47)
Provision for credit losses (1) (19) 95
Noninterest expense 568 185 (c)(d) 207
Income before income tax expense 648 2,138 (70)
Income tax expense/(benefit) (51) 445 NM
Net income $ 699 $ 1,693 (59)
Total net revenue
Treasury and CIO $ 1,337 $ 1,564 (15)
Other Corporate (122) 740 NM
Total net revenue $ 1,215 $ 2,304 (47)
Net income
Treasury and CIO $ 842 $ 1,158 (27)
Other Corporate (143) 535 (d) NM
Total net income $ 699 $ 1,693 (59)
Total assets (period-end) $ 1,318,399 $ 1,289,274 2
Loans (period-end) 3,093 2,478 25
Deposits (period-end) (b) 41,173 25,064 64
Employees 55,360 56,368 (c) (2) %

(a)
Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $44 million and $36 million for the three months ended March 31, 2026 and 2025, respectively.
(b)
Predominantly relates to the Firm's international consumer initiatives.
(c)
In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
(d)
Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025.
Quarterly results
Net income was $699 million, compared with $1.7 billion in the prior year.
Net revenue was $1.2 billion, compared with $2.3 billion in the prior year.
Net interest income was $1.0 billion, down $625 million, predominantly driven by the impact of lower rates.
Noninterest revenue was $189 million, compared with $653 million in the prior year, reflecting lower First Republic-related revenue, primarily driven by the absence of the $588 million First Republic-related gain in the prior year.
Refer to Note 5 for additional information on the First Republic acquisition, and Notes 9 and 12 for additional information on the investment securities portfolio and the allowance for credit losses.
Noninterest expense was $568 million, compared with $185 million in the prior year, predominantly due to the absence of an FDIC special assessment accrual release in the prior year.
Income tax benefit was $51 million, compared with $445 million expense in the prior year, driven by the changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.
Other Corporate includes the Strategic Investment Group within the Firm’s Security and Resiliency Initiative, as well as the Firm's international consumer initiatives, which primarily consist of Chase U.K., J.P. Morgan Personal Investing and an ownership stake in C6 Bank.
The deposits within Corporate relate to the Firm’s international consumer initiatives and have increased as a result of growth in new accounts.
30
Treasury and CIO overview
At March 31, 2026, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.
Refer to Liquidity Risk Management on pages 41-47 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 67-73 for information on interest rate and foreign exchange risks.
Selected income statement and balance sheet data
As of or for the three months ended March 31,
(in millions) 2026 2025 Change
Investment securities gains/(losses) $ 60 $ (37) NM
Available-for-sale securities (average) (a) $ 529,500 $ 391,997 35 %
Held-to-maturity securities (average) (a) 269,482 269,906 —
Investment securities portfolio (average) $ 798,982 $ 661,903 21
Available-for-sale securities (period-end) (a) $ 545,706 $ 396,316 38
Held-to-maturity securities (period-end) (a) 272,142 265,084 3
Investment securities portfolio, net of allowance for credit losses (period-end) (b) $ 817,848 $ 661,400 24 %

(a)
During 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes. Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for additional information concerning transfers from AFS to HTM securities.
(b)
As of March 31, 2026 and 2025, the allowance for credit losses on investment securities was $73 million and $85 million, respectively.
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FIRMWIDE RISK MANAGEMENT

Risk is an inherent part of JPMorganChase’s business activities. When the Firm extends a consumer or wholesale loan, advises customers and clients on their investment decisions, makes markets in securities, or offers other products or services, the Firm takes on some degree of risk. The Firm’s overall objective is to manage its business, and the associated risks, in a manner that balances serving the interests of its clients, customers and investors, and protecting the safety and soundness of the Firm.
The Firm believes that effective risk management requires, among other things:
•
Acceptance of responsibility, including identification and escalation of risks by all individuals within the Firm;
•
Ownership of risk identification, assessment, data and management within each of the LOBs and Corporate; and
•
A Firmwide risk governance and oversight structure.
The Firm follows a disciplined and balanced compensation framework with strong internal governance and independent oversight by the Board of Directors. The impact of risk and control issues is carefully considered in the Firm’s performance evaluation and incentive compensation processes.
Risk governance framework
The Firm’s risk governance framework involves understanding drivers of risks, types of risks, and impacts of risks.
Refer to pages 83–87 of JPMorganChase’s 2025 Form 10-K for a further discussion of Firmwide risk management governance and oversight.
Risk governance and oversight functions
The following sections of this Form 10-Q and the 2025 Form 10-K discuss the risk governance and oversight functions in place to oversee the risks inherent in the Firm’s business activities.
Risk governance and oversight functions Form 10-Q page reference Form 10-K page reference
Strategic Risk 88
Capital Risk 33-40 89-99
Liquidity Risk 41-47 100-107
Reputation Risk 108
Consumer Credit Risk 50-53 112–117
Wholesale Credit Risk 54-62 118-128
Investment Portfolio Risk 66 132
Market Risk 67-73 133-142
Country Risk 74 143-144
Climate Risk 145
Operational Risk 146-149
Compliance Risk 150
Conduct Risk 151
Legal Risk 152
Estimations and Model Risk 153

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CAPITAL RISK MANAGEMENT

Capital risk is the risk that the Firm has an insufficient level or composition of capital to support the Firm’s business activities and associated risks during normal economic environments and under stressed conditions.
Refer to pages 89–99 of JPMorganChase’s 2025 Form 10-K, Note 21 of this Form 10-Q and the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for a further discussion of the Firm’s capital risk management.
Basel III Overview
The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. Bank Holding Companies (“BHCs”) and banks, including the Firm and JPMorgan Chase Bank, N.A. The minimum amount of regulatory capital that must be held by BHCs and banks is determined by calculating risk-weighted assets ("RWA"), which are on-balance sheet assets and off-balance sheet exposures, weighted according to risk. Under the rules currently in effect, two comprehensive approaches are prescribed for calculating Basel III RWA: a standardized approach (“Standardized”), and an advanced approach (“Advanced”).
For each of these risk-based capital ratios, the capital adequacy of the Firm is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements.
At March 31, 2026, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios.
Additionally, Basel III requires that Advanced Approaches banking organizations, including the Firm, calculate their SLRs. Refer to page 37 of this Form 10-Q and page 96 of JPMorganChase's 2025 Form 10-K for additional information on SLR.
Key Regulatory Developments
U.S. Basel III Finalization and GSIB Surcharge
In March 2026, the Federal Reserve, the OCC and the FDIC (collectively, “the Agencies”) released a proposal to amend the risk-based capital framework entitled "Regulatory capital rule: Category I and II Banking Organizations, Banking Organizations with Significant Trading Activity, and Optional Adoption for Other Banking Organizations," which is referred to in this Form 10-Q as the “U.S. Basel III Re-Proposal.” This proposal reflects changes from the amendments to the risk-based capital framework previously proposed by the Agencies, including replacement of the current dual calculation of Advanced and Standardized RWA with a single calculation based on the expanded risk-based approach (which, among other changes, would
not permit the use of internal models for the calculation of RWA, other than for Market risk) as well as a new Operational Risk RWA component. Based on the Firm's understanding of the U.S. Basel III Re-Proposal, as applied to its positions as of December 31, 2025, the estimated impact would be an increase to the Firm's required CET1 capital of approximately 6%.
The Agencies also released a concurrent proposal, “Regulatory Capital Rule: Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies; Systemic Risk Report (FR Y-15),” which would amend the calculation of the surcharge for Global Systemically Important Banks (“GSIB”) and which is referred to in this Form 10-Q as the “GSIB Surcharge Re-Proposal.” If adopted as proposed, the amendments reflected in the GSIB Surcharge Re-Proposal would require the Firm to assess its GSIB surcharge on an annual basis, calculated using an average of the underlying measures throughout the calendar year, with daily averaging required for certain measures. The increments in which the GSIB surcharge is assessed would be reduced from 50 basis points to 10 basis points. The GSIB Surcharge Re-Proposal includes an annual adjustment for the relative weights assigned to each indicator based on an average of the growth in nominal GDP, and applies a set weight for Short-Term Wholesale Funding rather than its current weighting relative to average RWA. Under the rules currently in effect, the Firm's GSIB surcharge, calculated as of December 31, 2025, would be 5.5% with an effective date of January 1, 2028. If the GSIB Surcharge Re-Proposal were to be adopted as proposed, the Firm estimates that the 5.5% GSIB surcharge would be reduced to 5.2%.
The Firm expects that the changes in requirements reflected in the U.S. Basel III Re-Proposal and the GSIB Surcharge Re-Proposal, taken together, would result in an increase in the Firm’s required CET1 capital of approximately 4% as compared to the CET1 capital requirement that, under current rules, would become effective on January 1, 2028. The estimates do not reflect any actions that the Firm could take to mitigate these impacts.
Comments on the proposals are due by June 18, 2026.
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Enhanced SLR Final Rule
On January 1, 2026, the Firm early adopted the enhanced Supplementary Leverage Ratio (“eSLR”) final rule. The final rule amended the eSLR requirements for GSIB BHCs and their insured depository institution (“IDI”) subsidiaries by revising the previous static leverage buffers at the BHC and IDI levels to 50% of the BHC’s U.S. Method 1 GSIB Surcharge, which is referred to as the “eSLR buffer.” For IDI subsidiaries, the eSLR buffer is capped at 1%. In addition, the rule made corresponding adjustments to the leverage-based total loss-absorbing capacity (“TLAC”) and eligible long-term debt (“eligible LTD”) requirements by replacing the former TLAC leverage buffer with the eSLR buffer and replacing the former static leverage-based eligible LTD requirement with a requirement of 2.5% plus the eSLR buffer. Further, the rule removed the eSLR threshold for an IDI subsidiary of a U.S. GSIB to be considered “well capitalized” under the prompt corrective action framework and instead applied the eSLR as a capital buffer requirement.
Refer to page 92 of JPMorganChase's 2025 Form 10-K for information on the U.S. Method 1 GSIB Surcharge.
Enhanced Transparency and Public Accountability of the Supervisory Stress Test
In October 2025, the Federal Reserve issued proposals to enhance the transparency and public accountability of its annual stress test. The proposals would require the Federal Reserve to publish for public comment comprehensive documentation concerning the supervisory stress test models and annual stress test scenarios, including the scenarios for the upcoming 2026 stress test. The proposals also introduce an enhanced disclosure process under which material changes to stress test models and scenarios would be subject to public comment prior to implementation. Based on the Federal Reserve’s analysis, the proposed changes to the stress test models and scenarios are not expected to change materially the Stress Capital Buffer (“SCB”) for firms, such as JPMorganChase, that are subject to the supervisory stress test. In February 2026, the Federal Reserve released the final 2026 supervisory stress test scenarios, while announcing that SCB requirements for large banks, including the Firm, will remain at current levels through September 30, 2027 with new requirements to be calculated in 2027 based on revised models that incorporate public feedback.
Refer to page 91 of JPMorganChase's 2025 Form 10-K for information on other Key Regulatory Developments.
34
Selected capital and RWA data
The following tables present the Firm’s risk-based capital metrics under both the Standardized and Advanced approaches and leverage-based capital metrics. Refer to Capital Risk Management on pages 89–99 of JPMorganChase’s 2025 Form 10-K for a further discussion of these capital metrics. Refer to Note 21 for JPMorgan Chase Bank, N.A.’s risk-based and leverage-based capital metrics.
Standardized Advanced
(in millions, except ratios) March 31, 2026 December 31, 2025 Capital ratio requirements (a) March 31, 2026 December 31, 2025 Capital ratio requirements (a)
Risk-based capital metrics:
CET1 capital $ 291,152 $ 288,469 $ 291,152 $ 288,469
Tier 1 capital 310,317 307,630 310,317 307,630
Total capital 349,931 343,843 334,355 328,962 (c)
Risk-weighted assets 2,039,324 1,981,692 2,061,341 (b) 2,045,249 (b)(c)
CET1 capital ratio 14.3 % 14.6 % 11.5 % 14.1 % 14.1 % 11.5 %
Tier 1 capital ratio 15.2 15.5 13.0 15.1 15.0 13.0
Total capital ratio 17.2 17.4 15.0 16.2 16.1 15.0

(a)
Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.
(b)
As of March 31, 2026, the impact to the RWA for the Apple Card transaction was approximately $30 billion, which reflects the completion of the necessary modeling steps, as compared to the impact of approximately $110 billion as of December 31, 2025. Refer to Capital Risk Management on pages 89–99 of JPMorganChase's 2025 Form 10-K for additional information.
(c)
Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules. Refer to page 94 and Note 34 of JPMorganChase’s 2025 Form 10-K for additional information on the First Republic acquisition.
Three months ended (in millions, except ratios) March 31, 2026 December 31, 2025 Capital ratio requirements (b)
Leverage-based capital metrics:
Adjusted average assets (a) $ 4,702,980 $ 4,472,394
Tier 1 leverage ratio 6.6 % 6.9 % 4.0 %
Total leverage exposure $ 5,576,930 $ 5,302,001
SLR 5.6 % 5.8 % 4.3 %

(a)
Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill (inclusive of estimated equity method goodwill) and other intangible assets.
(b)
Represents minimum requirements and regulatory buffers applicable to the Firm for the quarter ended March 31, 2026. The current requirement reflects the eSLR final rule which the Firm early adopted effective January 1, 2026. For the year ended December 31, 2025, the SLR requirement was 5.0%. Refer to Key Regulatory Developments on pages 33-34 and Note 21 for additional information related to the eSLR final rule.
35
Capital components
The following table presents reconciliations of total stockholders’ equity to CET1 capital, Tier 1 capital and Total capital as of March 31, 2026 and December 31, 2025.
(in millions) March 31, 2026 December 31, 2025
Total stockholders’ equity $ 364,038 $ 362,438
Less: Preferred stock 20,045 20,045
Common stockholders’ equity 343,993 342,393
Add:
Certain deferred tax liabilities (a) 2,911 2,916
Other CET1 capital adjustments (b) 864 (198)
Less:
Goodwill (c) 54,126 54,082
Other intangible assets 2,490 2,560
Standardized/Advanced CET1 capital $ 291,152 $ 288,469
Add: Preferred stock 20,045 20,045
Less: Other Tier 1 adjustments 880 884
Standardized/Advanced Tier 1 capital $ 310,317 $ 307,630
Long-term debt and other instruments qualifying as Tier 2 capital $ 16,471 $ 13,539
Qualifying allowance for credit losses (d) 24,202 23,733
Other (1,059) (1,059)
Standardized Tier 2 capital $ 39,614 $ 36,213
Standardized Total capital $ 349,931 $ 343,843
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital (e)(f) (15,576) (14,881)
Advanced Tier 2 capital $ 24,038 $ 21,332
Advanced Total capital $ 334,355 $ 328,962

(a)
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 CET1 capital.
(b)
As of March 31, 2026 and December 31, 2025, included a net reduction for certain deferred tax assets related to tax attribute carryforwards of $556 million and $1.8 billion, respectively, and a net benefit associated with cash flow hedges and debit valuation adjustments ("DVA") related to structured notes recorded in AOCI of $2.5 billion and $2.6 billion, respectively.
(c)
Goodwill deducted from capital includes goodwill associated with equity method investments in nonconsolidated financial institutions based on regulatory requirements. Refer to page 66 for additional information on principal investment risk.
(d)
Represents the allowance for credit losses eligible for inclusion in Tier 2 capital up to 1.25% of credit risk RWA with any excess deducted from RWA.
(e)
Represents an adjustment to qualifying allowance for credit losses for the excess of eligible credit reserves over expected credit losses up to 0.6% of credit risk RWA with any excess deducted from RWA.
(f)
As of December 31, 2025, included an incremental $468 million allowance for credit losses, on certain assets associated with First Republic to which the Standardized approach was applied, as permitted by the transition provisions in the U.S. capital rules.
Capital rollforward
The following table presents the changes in CET1 capital, Tier 1 capital and Tier 2 capital for the three months ended March 31, 2026.
Three months ended March 31, (in millions) 2026
Standardized/Advanced CET1 capital at December 31, 2025 $ 288,469
Net income applicable to common equity 16,218
Dividends declared on common stock (4,067)
Net purchase of treasury stock (7,125)
Changes in additional paid-in capital (1,027)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities (2,401)
Translation adjustments, net of hedges (a) (167)
Fair value hedges 41
Defined benefit pension and other postretirement employee benefit (“OPEB”) plans 4
Changes related to other CET1 capital adjustments (b) 1,207
Change in Standardized/Advanced CET1 capital 2,683
Standardized/Advanced CET1 capital at March 31, 2026 $ 291,152
Standardized/Advanced Tier 1 capital at December 31, 2025 $ 307,630
Change in CET1 capital 2,683
Net redemptions of noncumulative perpetual preferred stock —
Other 4
Change in Standardized/Advanced Tier 1 capital 2,687
Standardized/Advanced Tier 1 capital at March 31, 2026 $ 310,317
Standardized Tier 2 capital at December 31, 2025 $ 36,213
Change in long-term debt and other instruments qualifying as Tier 2 (c) 2,932
Change in qualifying allowance for credit losses 469
Other —
Change in Standardized Tier 2 capital 3,401
Standardized Tier 2 capital at March 31, 2026 $ 39,614
Standardized Total capital at March 31, 2026 $ 349,931
Advanced Tier 2 capital at December 31, 2025 $ 21,332
Change in long-term debt and other instruments qualifying as Tier 2 (c) 2,932
Change in qualifying allowance for credit losses (d) (226)
Other —
Change in Advanced Tier 2 capital 2,706
Advanced Tier 2 capital at March 31, 2026 $ 24,038
Advanced Total capital at March 31, 2026 $ 334,355

(a)
Includes foreign currency translation adjustments and the impact of related derivatives.
(b)
Includes deductions for certain deferred tax assets related to tax attribute carryforwards.
(c)
Includes the issuance of $3.0 billion of subordinated notes due 2037. Refer to Long-term funding on page 46 of this Form 10-Q and Note 20 of JPMorganChase’s 2025 Form 10-K for additional information on the Firm’s subordinated debt.
(d)
As of December 31, 2025, included an incremental $468 million allowance for credit losses, on certain assets associated with First Republic to which the Standardized approach was applied, as permitted by the transition provisions in the U.S. capital rules.
36
RWA rollforward
The following table presents changes in the components of RWA under Standardized and Advanced approaches for the three months ended March 31, 2026. The amounts in the rollforward categories are estimates, based on the predominant driver of the change.
Standardized Advanced
Three months ended March 31, 2026 (in millions) Credit risk RWA (c) Market risk RWA Total RWA Credit risk RWA (c)(d) Market risk RWA Operational risk RWA Total RWA
December 31, 2025 $ 1,889,409 $ 92,283 $ 1,981,692 $ 1,493,805 $ 92,998 $ 458,446 $ 2,045,249
Model & data changes (a) (730) — (730) (61,411) — — (61,411)
Movement in portfolio levels (b) 38,515 19,847 58,362 58,183 19,871 (551) 77,503
Changes in RWA 37,785 19,847 57,632 (3,228) 19,871 (551) 16,092
March 31, 2026 $ 1,927,194 $ 112,130 $ 2,039,324 $ 1,490,577 $ 112,869 $ 457,895 $ 2,061,341

(a)
Model & data changes refer to material movements in levels of RWA as a result of revised methodologies and/or treatment per regulatory guidance (exclusive of rule changes) including the completion of the necessary modeling steps required for the Apple Card transaction and other modeling updates.
(b)
Movement in portfolio levels (inclusive of rule changes) refers to: for Credit risk RWA, changes in book size, changes in composition and credit quality, market movements, and deductions for excess eligible allowances for credit losses not eligible for inclusion in Tier 2 capital; for Market risk RWA, changes in position and market movements; and for Operational risk RWA, updates to cumulative losses, macroeconomic model inputs, and other model parameters.
(c)
As of March 31, 2026 and December 31, 2025, the Standardized Credit risk RWA included wholesale and retail off balance-sheet RWA of $270.1 billion and $268.5 billion, respectively; and the Advanced Credit risk RWA included wholesale and retail off balance-sheet RWA of $287.5 billion and $223.0 billion, respectively.
(d)
As of December 31, 2025, Credit risk RWA reflected approximately $37.4 billion of RWA calculated under the Standardized approach includes certain assets associated with First Republic as permitted by the transition provisions in the U.S. capital rules.
Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for further information on Credit risk RWA, Market risk RWA and Operational risk RWA.
Supplementary leverage ratio
Refer to Supplementary Leverage Ratio on page 96 of JPMorganChase’s 2025 Form 10-K for additional information.
The following table presents the components of the Firm’s SLR.
Three months ended (in millions, except ratio) March 31, 2026 December 31, 2025
Tier 1 capital $ 310,317 $ 307,630
Total average assets 4,758,737 4,529,418
Less: Regulatory capital adjustments (a) 55,757 57,024
Total adjusted average assets (b) 4,702,980 4,472,394
Add: Off-balance sheet exposures (c) 873,950 829,607
Total leverage exposure $ 5,576,930 $ 5,302,001
SLR 5.6 % 5.8 %

(a)
For purposes of calculating the SLR, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill (inclusive of estimated equity method goodwill) and other intangible assets.
(b)
Adjusted average assets used for the calculation of Tier 1 leverage ratio.
(c)
Off-balance sheet exposures are calculated as the average of the three month-end spot balances on applicable regulatory exposures during the reporting quarter. Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports for additional information.
Line of business and Corporate equity
Each LOB and Corporate is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. Refer to Line of business and Corporate equity on page 96 of JPMorganChase’s 2025 Form 10-K for additional information on capital allocation.
The following table presents the capital allocated to each LOB and Corporate.
(in billions) March 31, 2026 December 31, 2025
Consumer & Community Banking $ 61.5 $ 56.0
Commercial & Investment Bank 166.5 149.5
Asset & Wealth Management 16.0 16.0
Corporate 100.0 120.9
Total common stockholders’ equity $ 344.0 $ 342.4

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Capital actions

Common stock dividends
The Firm’s common stock dividends are planned as part of the Capital Management governance framework in line with the Firm’s capital management objectives.
On March 17, 2026, the Firm announced that its Board of Directors had declared a quarterly common stock dividend of $1.50 per share, payable on April 30, 2026. The Firm’s dividends are subject to approval by the Board of Directors on a quarterly basis.
Common stock repurchases
On July 1, 2025, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2025. Through June 30, 2025, the Firm was authorized to purchase up to $30 billion of common shares under its previously-approved common share repurchase program that was announced on June 28, 2024.
The following table sets forth the Firm’s repurchases of common stock for the three months ended March 31, 2026 and 2025.
Three months ended March 31,
(in millions) 2026 2025
Total number of shares of common stock repurchased 27.5 30.0
Aggregate purchase price of common stock repurchases (a) $ 8,328 $ 7,563

(a)
Excludes excise tax and commissions.
The Board of Directors’ authorization to repurchase common shares is utilized at management’s discretion. The common share repurchase program approved by the Board of Directors does not establish specific price targets or timetables. Management determines the amount and timing of common share repurchases based on various factors, including market conditions; legal and regulatory considerations affecting the amount and timing of repurchase activity; the Firm’s capital position (taking into account goodwill and intangibles); organic capital generation; current and proposed future capital requirements; and other investment opportunities. The amount of common shares that the Firm repurchases in any period may be substantially more or less than the amounts estimated or actually repurchased in prior periods, reflecting the dynamic nature of the decision-making process. The Firm’s common share repurchases may be suspended by management at any time.
Refer to Capital actions on page 97 of JPMorganChase’s 2025 Form 10-K for additional information.
Refer to Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds and Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities on pages 179-180 of this Form 10-Q and page 33 of JPMorganChase’s 2025 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.
Preferred stock

Preferred stock dividends were $276 million and $255 million for the three months ended March 31, 2026 and 2025, respectively.
Refer to Note 17 of this Form 10-Q and Note 21 of JPMorganChase’s 2025 Form 10-K for additional information on the Firm’s preferred stock.
38
Capital planning and stress testing
Comprehensive Capital Analysis and Review
On April 6, 2026, the Firm submitted its 2026 Capital Plan to the Federal Reserve under the Federal Reserve's Comprehensive Capital Analysis and Review ("CCAR") process. The Firm anticipates that the Federal Reserve will disclose summary information regarding the Firm's stress test results by June 30, 2026. The Firm's current SCB requirement is 2.5% and will remain in effect through September 30, 2027, based on the current rules. The Firm’s Standardized CET1 capital ratio requirement, including regulatory buffers, was 11.5% as of March 31, 2026. Refer to Key Regulatory Developments on pages 33-34 for information related to proposed changes to the SCB requirement and stress testing framework.
Refer to Capital planning and stress testing on pages 89–90 of JPMorganChase’s 2025 Form 10-K for additional information on CCAR.
Other capital requirements
Total Loss-Absorbing Capacity
The Federal Reserve’s TLAC rule requires the U.S. GSIB top-tier holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible LTD. The current requirements reflect the eSLR final rule which the Firm early adopted effective January 1, 2026. Refer to Key Regulatory Developments on pages 33-34 for additional information related to the eSLR final rule.
The following table presents the eligible external TLAC and eligible LTD amounts, as well as a representation of these amounts as a percentage of the Firm’s total RWA and total leverage exposure.
March 31, 2026 December 31, 2025
(in billions, except ratio) External TLAC LTD External TLAC LTD
Total eligible amount $ 572.0 $ 249.8 $ 563.7 $ 246.0
% of RWA 27.8 % 12.1 % 27.6 % 12.0 %
Regulatory requirements 23.0 10.5 23.0 10.5
Surplus/(shortfall) $ 97.9 $ 33.3 $ 93.3 $ 31.2
% of total leverage exposure 10.3 % 4.5 % 10.6 % 4.6 %
Regulatory requirements 8.8 3.8 9.5 4.5
Surplus/(shortfall) $ 84.1 $ 40.6 $ 60.1 $ 7.4

Refer to Liquidity Risk Management on pages 41-47 for further information on long-term debt issued by the Parent Company.
Refer to Part I, Item 1A: Risk Factors on pages 9–31 of JPMorganChase’s 2025 Form 10-K for information on the financial consequences to holders of the Firm’s debt and equity securities in a resolution scenario.
Refer to Other capital requirements on page 98 of JPMorganChase’s 2025 Form 10-K for additional information on TLAC.
39
U.S. broker-dealer regulatory capital
J.P. Morgan Securities
JPMorganChase’s principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to the regulatory capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934 (the “Net Capital Rule”). J.P. Morgan Securities is also registered as a futures commission merchant and is subject to regulatory capital requirements, including those imposed by the SEC, the Commodity Futures Trading Commission (“CFTC”), the Financial Industry Regulatory Authority (“FINRA”) and the National Futures Association (“NFA”).
The following table presents J.P. Morgan Securities’ net capital.
March 31, 2026
(in millions) Actual Minimum
Net capital $ 25,604 $ 7,932

Non-U.S. subsidiary regulatory capital    
J.P. Morgan Securities plc
J.P. Morgan Securities plc is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and broker-dealer activities. J.P. Morgan Securities plc is jointly regulated in the U.K. by the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”). J.P. Morgan Securities plc is subject to the Capital Requirements Regulation (“CRR”), as adopted and amended in the U.K., and the capital rules in the PRA Rulebook. These requirements collectively represent the U.K.’s implementation of the Basel III standards. The PRA has announced that it intends to delay the U.K.’s implementation of the final Basel III standards until January 1, 2027, with a three-year transitional period for certain aspects.
The Bank of England requires that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain minimum requirements for own funds and eligible liabilities (“MREL”). As of March 31, 2026, J.P. Morgan Securities plc was compliant with its MREL requirements.
The following table presents J.P. Morgan Securities plc’s risk-based and leverage-based capital metrics.
March 31, 2026 Estimated Regulatory Minimum ratios (a)
(in millions, except ratios)
Total capital $ 55,261
CET1 capital ratio 15.3 % 4.5 %
Tier 1 capital ratio 19.5 6.0
Total capital ratio 22.9 8.0
Tier 1 leverage ratio 5.3 3.3 (b)

(a)
Represents minimum Pillar 1 requirements specified by the PRA. J.P. Morgan Securities plc's capital ratios as of March 31, 2026 exceeded the minimum requirements, including the additional capital requirements specified by the PRA.
(b)
At least 75% of the Tier 1 leverage ratio minimum must be met with CET1 capital.
J.P. Morgan SE
JPMSE is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and markets activities. JPMSE is regulated by the European Central Bank (“ECB”), the German Financial Supervisory Authority and the German Central Bank, as well as the local regulators in each of the countries in which it operates, and it is subject to EU capital requirements under Basel III. JPMSE is subject to the EU implementation of the final Basel III standards. Those standards became effective beginning on January 1, 2025, with the exception of market risk aspects for which the effective date is January 1, 2027.
JPMSE is required by the EU Single Resolution Board to maintain MREL. As of March 31, 2026, JPMSE was compliant with its MREL requirements.    
The following table presents JPMSE’s risk-based and leverage-based capital metrics.
March 31, 2026 Estimated Regulatory Minimum ratios (a)
(in millions, except ratios)
Total capital $ 53,160
CET1 capital ratio 17.8 % 4.5 %
Tier 1 capital ratio 17.8 6.0
Total capital ratio 32.1 8.0
Tier 1 leverage ratio 6.1 3.0

(a)
Represents minimum Pillar 1 requirements specified by the EU CRR. J.P. Morgan SE’s capital and leverage ratios as of March 31, 2026 exceeded the minimum requirements, including the additional capital requirements specified by EU regulators.
Refer to U.S. broker-dealer and Non-U.S. subsidiary regulatory capital on page 99 of JPMorganChase’s 2025 Form 10-K for further information.
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LIQUIDITY RISK MANAGEMENT

Liquidity risk is the risk that the Firm will be unable to meet its cash and collateral needs as they arise or that it does not have the appropriate amount, composition and tenor of funding and liquidity to support its assets and liabilities. For a further discussion of the Firm's liquidity risk management, refer to pages 100–107 of JPMorganChase’s 2025 Form 10-K and to the Firm’s U.S. LCR Disclosure reports, which are available on the Firm’s website.
LCR and HQLA
The LCR rule requires that the Firm and JPMorgan Chase Bank, N.A. maintain an amount of eligible HQLA that is sufficient to meet their respective estimated total net cash outflows over a prospective 30 calendar-day period of significant stress.
Under the LCR rule, the amount of eligible HQLA held by JPMorgan Chase Bank, N.A. that is in excess of its stand-alone 100% minimum LCR requirement, and that is not transferable to non-bank affiliates, must be excluded from the Firm’s reported eligible HQLA. The LCR for both the Firm and JPMorgan Chase Bank, N.A. is required to be a minimum of 100%.
The following table summarizes the Firm and JPMorgan Chase Bank, N.A.’s average LCR for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 based on the Firm’s interpretation of the LCR framework.
Three months ended
Average amount (in millions) March 31, 2026 December 31, 2025 March 31, 2025
JPMorgan Chase & Co.:
HQLA
Eligible cash (a) $ 258,543 $ 281,117 $ 389,423
Eligible securities (b)(c) 683,866 680,862 475,194
Total HQLA (d) $ 942,409 $ 961,979 $ 864,617
Net cash outflows $ 844,905 $ 868,500 $ 767,151
LCR 112 % 111 % 113 %
Net excess eligible HQLA (d) $ 97,504 $ 93,479 $ 97,466
JPMorgan Chase Bank, N.A.:
LCR 120 % 115 % 124 %
Net excess eligible HQLA $ 174,733 $ 138,052 $ 194,652

(a)
Represents cash on deposit at central banks, including the Federal Reserve Banks.
(b)
Eligible HQLA securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets. For purposes of calculating the LCR, HQLA securities are included at fair value, which may differ from the accounting treatment under U.S. GAAP.
(c)
Predominantly U.S. Treasuries, U.S. GSE and government agency MBS, and sovereign bonds net of regulatory haircuts under the LCR rule.
(d)
Excludes average excess eligible HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.
JPMorgan Chase Bank, N.A.’s average LCR for the three months ended March 31, 2026 increased, compared with the three months ended December 31, 2025, primarily due to higher deposits, increased eligible HQLA investment securities, and long-term debt issuances, largely offset by lending activities and the use of liquidity resources in support of Markets activities in CIB.
JPMorgan Chase Bank, N.A.’s average LCR for the three months ended March 31, 2026 decreased, compared with the three months ended March 31, 2025, primarily driven by higher lending and the use of liquidity resources in support of Markets activities in CIB, predominantly offset by higher deposits, increased eligible HQLA investment securities and long-term debt issuances.
Each of the Firm and JPMorgan Chase Bank, N.A.'s average LCR may fluctuate from period to period due to changes in their respective eligible HQLA and estimated net cash outflows as a result of ongoing business activity and from the impacts of Federal Reserve actions as well as other factors.
Refer to pages 101-102 of JPMorganChase’s 2025 Form 10-K and the Firm’s U.S. LCR Disclosure reports for additional information on HQLA and net cash outflows.
Internal stress testing
The Firm conducts internal liquidity stress testing to identify liquidity risks and monitor liquidity positions at the Firm and its material legal entities under a variety of adverse scenarios, including scenarios analyzed as part of the Firm’s resolution and recovery planning. Internal stress tests are produced on a daily basis, and other stress tests are performed in response to specific market events or concerns. Results of stress tests are considered in the formulation of the Firm’s funding plan and assessment of its liquidity position.
The Firm manages liquidity at the Parent Company, the Intermediate Holding Company (“IHC”), and operating subsidiaries at levels sufficient to comply with liquidity risk tolerances and minimum liquidity requirements, and to manage through periods of stress when access to normal funding sources may be disrupted.
41
Liquidity sources
In addition to the assets reported in the Firm’s eligible HQLA discussed above, the Firm had unencumbered marketable securities, such as equity and debt securities, that the Firm believes would be available to raise liquidity. This includes excess eligible HQLA securities at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. The fair value of these securities was approximately $565 billion and $548 billion as of March 31, 2026 and December 31, 2025, respectively, although the amount of liquidity that could be raised at any particular time would be dependent on prevailing market conditions. The increase compared to December 31, 2025 was driven by an increase in securities from Markets activities in CIB, largely offset by a decrease in excess eligible HQLA securities at JPMorgan Chase Bank, N.A. and reductions in unencumbered investment securities in Treasury and CIO.
The Firm had approximately $1.5 trillion of available cash and securities as of both March 31, 2026 and December 31, 2025. For each respective period, the amount was comprised of eligible end-of-period HQLA, excluding the impact of regulatory haircuts, of approximately $941 billion and $915 billion, and unencumbered marketable securities with a fair value of approximately $565 billion and $548 billion.
The Firm also had available borrowing capacity at the FHLBs and the discount window at the Federal Reserve Banks as a result of collateral pledged by the Firm to such banks of approximately $450 billion and $449 billion as of March 31, 2026 and December 31, 2025, respectively. This borrowing capacity excludes the benefit of cash and securities reported in the Firm’s eligible HQLA or other unencumbered securities that are currently pledged at the Federal Reserve Banks discount window and other central banks. Although available, the Firm does not view this borrowing capacity at the Federal Reserve Banks discount window and the other central banks as a primary source of liquidity.
NSFR
The net stable funding ratio (“NSFR”) is a liquidity requirement for large banking organizations that is intended to measure the adequacy of “available” stable funding that is sufficient to meet their “required” amounts of stable funding over a one-year horizon.
For the three months ended March 31, 2026, both the Firm and JPMorgan Chase Bank, N.A. were compliant with the 100% minimum NSFR requirement, based on the Firm's interpretation of the final NSFR rule. Refer to the Firm's U.S. NSFR Disclosure report for the quarters ended December 31, 2025 and September 30, 2025 on the Firm’s website for additional information.
42
Funding
Sources of funds
Management believes that the Firm’s unsecured and secured funding capacity is sufficient to meet its on- and off-balance sheet obligations, which includes both short- and long-term cash requirements.
The Firm funds its global balance sheet through diverse sources of funding including deposits, secured and unsecured funding in the capital markets and stockholders’ equity. Deposits are the primary funding source for JPMorgan Chase Bank, N.A. Additionally, JPMorgan Chase Bank, N.A. may access funding through short- or long-term secured borrowings, the issuance of unsecured long-term debt, or from
borrowings from the IHC. The Firm’s non-bank subsidiaries are primarily funded from long-term unsecured borrowings and short-term secured borrowings which are primarily securities loaned or sold under repurchase agreements. Excess funding is invested by Treasury and CIO in the Firm’s investment securities portfolio or deployed in cash or other short-term liquid investments based on their interest rate and liquidity risk characteristics.
Refer to Note 22 for additional information on off-balance sheet obligations.
Deposits
The table below summarizes, by LOB and Corporate, the period-end deposit balances as of March 31, 2026 and December 31, 2025, and the average deposit balances for the three months ended March 31, 2026 and 2025, respectively.
March 31, 2026 December 31, 2025 Average
Three months ended March 31,
(in millions) 2026 2025
Consumer & Community Banking $ 1,112,078 $ 1,072,792 $ 1,075,951 $ 1,053,677
Commercial & Investment Bank 1,255,524 1,193,338 1,234,295 1,106,158
Asset & Wealth Management 266,745 257,316 253,706 244,107
Corporate 41,173 35,874 38,932 26,363
Total Firm $ 2,675,520 $ 2,559,320 $ 2,602,884 $ 2,430,305

The Firm believes that deposits provide a stable source of funding and reduce the Firm’s reliance on the wholesale funding markets. A significant portion of the Firm’s deposits are consumer deposits and wholesale operating deposits, which are both considered to be stable sources of liquidity. Wholesale operating deposits are generally considered to be stable sources of liquidity because they are generated from clients that maintain operating service relationships with the Firm.
The Firm believes that average deposit balances are generally more representative of deposit trends than period-end deposit balances. However, during periods of market disruption, average deposit trends may be impacted.
Average deposits

increased

for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, reflecting:
•
an increase in CIB due to net inflows related to client-driven activities in Payments

and Securities Services, partially offset by net maturities of structured notes in Markets,
•
an increase in CCB

primarily driven by growth in new accounts, predominantly offset by continued customer spending,
•
an increase in Corporate

as a result of growth in new
accounts related to the Firm's international consumer initiatives, and
•
an increase in AWM

primarily driven by growth in both new accounts and balances in existing accounts.
Period-end deposits
increased

from December 31, 2025, reflecting:
•
an increase in CIB

predominantly due to net inflows related to client-driven activities in Payments

and Securities Services,
•
an increase in CCB predominantly driven by growth in new accounts, and
•
an increase in AWM primarily driven by growth in both new accounts and balances in existing accounts, including the impact of higher-yielding product offerings,

partially offset by migration into other investment products.
Refer to the Firm’s Consolidated Balance Sheets Analysis and the Business Segment & Corporate Results on pages 12-13 and pages 17-31, respectively, for further information on deposit and liability balance trends. Refer to Note 3 for further information on structured notes.
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Certain deposits are covered by insurance protection that provides additional funding stability and results in a benefit to the LCR. Deposit insurance protection may be available to depositors in the countries in which the deposits are placed. For example, the FDIC provides deposit insurance protection for deposits placed in a U.S. depository institution.
R
efer to pages 103–104 of JPMorganChase's 2025 Form 10-K for additional information on the Firm's total uninsured deposits.
The table below presents an estimate of uninsured U.S. and non-U.S. time deposits, and their remaining maturities. The Firm’s estimates of its uninsured U.S. time deposits are based on data that the Firm calculates periodically under applicable FDIC regulations. For purposes of this presentation, all non-U.S. time deposits are deemed to be uninsured.
(in millions) March 31, 2026 December 31, 2025
U.S. Non-U.S. U.S. Non-U.S.
Three months or less $ 135,427 $ 85,249 $ 123,236 $ 71,477
Over three months but within 6 months 8,822 8,819 14,381 14,184
Over six months but within 12 months 5,229 2,046 4,004 1,256
Over 12 months 679 2,398 664 2,382
Total $ 150,157 $ 98,512 $ 142,285 $ 89,299

The table below shows the deposit and loan balances, deposits as a percentage of total liabilities, and the loans-to-deposits ratios, as of March 31, 2026 and December 31, 2025.
(in billions except ratios) March 31, 2026 December 31, 2025
Deposits $ 2,675.5 $ 2,559.3
Deposits as a % of total liabilities 59 % 63 %
Loans $ 1,503.5 $ 1,493.4
Loans-to-deposits ratio 56 % 58 %

The following table provides a summary of the average balances and average interest rates of JPMorganChase’s deposits for the three months ended March 31, 2026 and 2025.
(in millions) Average balances Average interest rates
Three months ended Three months ended
March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025
U.S. offices
Noninterest-bearing $ 573,808 $ 558,389 NA NA
Interest-bearing
Demand (a) 339,727 303,595 2.72 % 3.77 %
Savings (b) 913,452 855,481 1.26 % 1.22 %
Time 231,562 225,656 3.73 % 4.10 %
Total interest-bearing deposits 1,484,741 1,384,732 1.99 % 2.23 %
Total deposits in U.S. offices 2,058,549 1,943,121 1.42 % 1.58 %
Non-U.S. offices
Noninterest-bearing 37,486 29,028 NA NA
Interest-bearing
Demand 418,422 366,357 2.07 % 2.56 %
Time 88,427 91,799 4.26 % 5.03 %
Total interest-bearing deposits 506,849 458,156 2.43 % 3.04 %
Total deposits in non-U.S. offices 544,335 487,184 2.27 % 2.88 %
Total deposits $ 2,602,884 $ 2,430,305 1.62 % 1.87 %

(a)
Includes Negotiable Order of Withdrawal accounts, and certain trust accounts.
(b)
Includes Money Market Deposit Accounts.
Refer to Note 15 for additional information on deposits.
44
The following table summarizes short-term and long-term funding, excluding deposits, as of March 31, 2026 and December 31, 2025, and average balances for the three months ended March 31, 2026 and 2025, respectively. Refer to the Consolidated Balance Sheets Analysis on pages 12-13 and Note 10 for additional information.
Sources of funds (excluding deposits)
March 31, 2026 December 31, 2025 Average
Three months ended March 31,
(in millions) 2026 2025
Commercial paper $ 10,012 $ 12,111 $ 10,255 $ 13,181
Other borrowed funds 16,532 15,031 18,188 14,384
Federal funds purchased 217 199 1,272 1,702
Total short-term unsecured funding $ 26,761 $ 27,341 $ 29,715 $ 29,267
Securities sold under agreements to repurchase (a) $ 701,740 $ 433,161 $ 643,105 $ 456,454
Securities loaned (a) 14,666 9,036 13,439 7,047
Other borrowed funds 41,504 37,634 41,792 32,967
Obligations of Firm-administered multi-seller conduits (b) 16,940 18,174 17,534 17,036
Total short-term secured funding $ 774,850 $ 498,005 $ 715,870 $ 513,504
Senior notes $ 211,188 $ 210,571 $ 213,689 $ 208,129
Subordinated debt 23,028 20,101 22,017 16,113
Structured notes (c) 140,943 130,621 137,035 101,300
Total long-term unsecured funding $ 375,159 $ 361,293 $ 372,741 $ 325,542
Credit card securitization (b) $ 5,855 $ 5,884 $ 5,884 $ 5,324
FHLB advances 17,970 18,159 19,095 26,719
Purchase Money Note (d) 49,492 49,435 49,455 49,227
Other long-term secured funding (e) 6,143 6,319 6,414 4,642
Total long-term secured funding $ 79,460 $ 79,797 $ 80,848 $ 85,912
Preferred stock (f) $ 20,045 $ 20,045 $ 20,045 $ 20,013
Common stockholders’ equity (f) $ 343,993 $ 342,393 $ 341,050 $ 324,345

(a)
Primarily consists of short-term securities loaned or sold under agreements to repurchase.
(b)
Included in beneficial interests issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.
(c)
Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
(d)
Reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 34 of JPMorganChase’s 2025 Form 10-K for additional information.
(e)
Includes long-term structured notes that are secured.
(f)
Refer to Capital Risk Management on pages 33-40 and Consolidated statements of changes in stockholders’ equity on page 83 of this Form 10-Q, and Note 21 and Note 22 of JPMorganChase’s 2025 Form 10-K for additional information on preferred stock and common stockholders’ equity.
Short-term funding
The Firm’s primary source of short-term secured funding is securities sold under agreements to repurchase. These instruments are secured predominantly by high-quality securities collateral, including government-issued debt and U.S. GSE and government agency MBS. Securities sold under agreements to repurchase increased at March 31, 2026, compared with December 31, 2025, driven by Markets, reflecting higher client-driven market-making activities, higher secured financing of trading assets, and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.
The increases in secured other borrowed funds at March 31, 2026 from December 31, 2025, and for the average three months ended March 31, 2026, compared to the prior year, were primarily due to higher financing requirements in Markets.
The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to investment and financing activities of clients, the
Firm’s demand for financing, the ongoing management of the mix of the Firm’s liabilities, including with respect to liquidity and capital considerations, as well as other market and portfolio factors.
The Firm’s primary sources of short-term unsecured funding consist of issuances of wholesale commercial paper and other borrowed funds.
The decreases in commercial paper at March 31, 2026 from December 31, 2025, and for the average three months ended March 31, 2026, compared to the prior year, were primarily driven by strategic short-term liquidity management.
The increase in unsecured other borrowed funds for the average three months ended March 31, 2026, compared to the prior year, was primarily driven by net issuances of structured notes in Markets due to client demand and an increase in the fair value of such instruments.
45
Long-term funding
Long-term funding provides an additional source of stable funding and liquidity for the Firm. The Firm’s long-term funding plan is driven primarily by expected client activity, liquidity considerations and regulatory requirements. Long-term funding objectives include maintaining diversification, maximizing market access and optimizing funding costs through various funding markets, tenors and currencies.
Unsecured funding and issuance
The significant majority of the Firm’s total outstanding long-term debt has been issued by the Parent Company to provide flexibility in support of the funding needs of both bank and non-bank subsidiaries. The Parent Company advances substantially all net funding proceeds to its subsidiary, the IHC. The IHC does not issue debt to external counterparties. The increase in structured notes at March 31, 2026 from December 31, 2025 was primarily driven by net issuances of structured notes in Markets due to client demand. For the average three months ended March 31, 2026, compared to the prior year, the increase in structured notes was primarily driven by net issuances of structured notes in Markets due to client demand and an increase in the fair value of such instruments.
The following table summarizes long-term unsecured issuance and maturities or redemptions for the three months ended March 31, 2026 and 2025. Refer to Liquidity Risk Management on pages 100–107 and Note 20 of JPMorganChase’s 2025 Form 10-K for additional information on the IHC and long-term debt.
Long-term unsecured funding
Three months ended March 31,
2026 2025 2026 2025
(Notional in millions) Parent Company Subsidiaries
Issuance
Senior notes issued in the U.S. market $ 6,000 $ 8,000 $ — $ —
Senior notes issued in non-U.S. markets 3,831 2,084 — —
Total senior notes 9,831 10,084 — —
Subordinated debt 3,000 — — —
Structured notes (a) 853 1,079 31,410 18,636
Total long-term unsecured funding – issuance $ 13,684 $ 11,163 $ 31,410 $ 18,636
Maturities/redemptions
Senior notes $ 7,658 $ 8,525 $ 25 $ 65
Structured notes 886 371 18,339 13,440
Total long-term unsecured funding – maturities/redemptions $ 8,544 $ 8,896 $ 18,364 $ 13,505

(a)
Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
Secured funding and issuance
The Firm can also raise secured long-term funding through securitization of consumer credit card loans and FHLB advances. The following table summarizes the credit card securitization and the FHLB advances, as well as other long-term secured funding sources, with their respective maturities or redemptions, as applicable, for the three months ended March 31, 2026 and 2025, respectively.
Long-term secured funding
Three months ended March 31,
2026 2025 2026 2025
(in millions) Issuance Maturities/Redemptions
Credit card securitization $ — $ — $ — $ —
FHLB advances 4,500 — 4,701 5,941
Other long-term secured funding (a) 313 134 322 111
Total long-term secured funding $ 4,813 $ 134 $ 5,023 $ 6,052

(a)
Includes long-term structured notes that are secured.
The Firm’s wholesale businesses also securitize loans for client-driven transactions which are not considered to be a source of funding for the Firm and are not included in the table above. Refer to Note 14 of JPMorganChase’s 2025 Form 10-K for a further description of client-driven loan securitizations.
46
Credit ratings
The cost and availability of financing are influenced by credit ratings. Reductions in these ratings could have an adverse effect on the Firm’s access to liquidity sources, increase the cost of funds, trigger additional collateral or funding requirements and decrease the number of investors and counterparties willing to lend to the Firm. The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors, which the Firm
believes are incorporated in its liquidity risk and stress testing metrics. The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.
Additionally, the Firm’s funding requirements for VIEs and other third-party commitments may be adversely affected by a decline in credit ratings. Refer to Notes 4 and 13 for additional information.
The credit ratings of the Parent Company and certain of its principal subsidiaries as of March 31, 2026 were as follows:
JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. J.P. Morgan SE J.P. Morgan Securities LLC J.P. Morgan Securities plc
March 31, 2026 Long-term issuer Short-term issuer Outlook Long-term issuer Short-term issuer Outlook Long-term issuer Short-term issuer Outlook Long-term issuer Short-term issuer Outlook
Moody’s Investors Service A1 P-1 Stable Aa2 P-1 Stable Aa2 P-1 Stable Aa3 P-1 Stable
Standard & Poor’s A A-1 Stable AA- A-1+ Stable AA- A-1+ Stable AA- A-1+ Stable
Fitch Ratings AA- F1+ Stable AA F1+ Stable AA F1+ Stable AA F1+ Stable

Refer to page 107 of JPMorganChase’s 2025 Form 10-K for a discussion of the factors that could affect the credit ratings of the Parent Company and the above subsidiaries.
47
CREDIT AND INVESTMENT RISK MANAGEMENT

Credit and investment risk is the risk associated with the default or change in credit profile of a client, counterparty or customer; or loss of principal or a reduction in expected returns on investments, including consumer credit risk, wholesale credit risk, and investment portfolio risk. Refer to Consumer Credit Portfolio, Wholesale Credit Portfolio and Allowance for Credit Losses on pages 50-65 for a further discussion of Credit Risk.
Refer to page 66 for a further discussion of Investment Portfolio Risk. Refer to Credit and Investment Risk Management on pages 109–132 of JPMorganChase’s 2025 Form 10-K for a further discussion of the Firm’s Credit and Investment Risk Management framework.
48
CREDIT PORTFOLIO

Credit risk is the risk associated with the default or change in credit profile of a client, counterparty or customer.
In the following tables, total loans include loans retained (i.e., held-for-investment); loans held-for-sale; and certain loans accounted for at fair value. The following tables do not include loans which the Firm accounts for at fair value and classifies as trading assets; refer to Notes 2 and 3 for further information regarding these loans. Refer to Notes 11, 22 and 4 for additional information on the Firm’s loans, lending-related commitments and derivative receivables.
Refer to Note 9 for information regarding the credit risk inherent in the Firm’s investment securities portfolio; and refer to Note 10 for information regarding credit risk inherent in the securities financing portfolio. Refer to Consumer Credit Portfolio on pages 50-53 and Note 11 for further discussions of the consumer credit environment, consumer loans and nonperforming exposure. Refer to Wholesale Credit Portfolio on pages 54-62 and Note 11 for further discussions of the wholesale credit environment, wholesale loans and nonperforming exposure.
Total credit portfolio
Credit exposure Nonperforming (c)
(in millions) Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025
Loans retained $ 1,425,236 $ 1,408,905 $ 8,334 $ 8,273
Loans held-for-sale 16,029 13,840 106 67
Loans at fair value 62,255 70,684 1,143 1,517
Total loans 1,503,520 1,493,429 9,583 9,857
Derivative receivables 71,584 57,777 174 204
Receivables from customers (a) 64,844 47,336 — —
Total credit-related assets 1,639,948 1,598,542 9,757 10,061
Assets acquired in loan satisfactions
Real estate owned NA NA 252 267
Other NA NA 40 31
Total assets acquired in loan satisfactions NA NA 292 298
Lending-related commitments 1,855,174 1,817,307 916 925
Total credit portfolio $ 3,495,122 $ 3,415,849 $ 10,965 $ 11,284
Credit derivatives and credit-related notes used in credit portfolio management activities (b) $ (28,060) $ (24,383) $ — $ —
Liquid securities and other cash collateral held against derivatives (32,366) (28,891) NA NA

(a)
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.
(b)
Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage credit exposures.
(c)
Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026 and December 31, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $251 million and $198 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.
The following table provides information about the Firm’s net charge-offs.
Three months ended March 31,
(in millions, except ratios) 2026 2025
Net charge-offs $ 2,316 $ 2,332
Average retained loans 1,400,754 1,285,401
Net charge-off rates 0.67 % 0.74 %

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CONSUMER CREDIT PORTFOLIO

The Firm’s retained consumer portfolio consists primarily of loans and lending-related commitments for residential real estate, credit card, scored auto and business banking. The consumer credit portfolio also includes loans at fair value, predominantly in residential real estate. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. For further information on consumer loans, as well as the Firm’s nonaccrual and charge-off accounting policies, refer to Note 11 of this Form 10-Q and Consumer Credit Portfolio on pages 112–117 and Note 12 of JPMorganChase's 2025 Form 10-K. Refer to Note 22 of this Form 10-Q and Note 28 of JPMorganChase's 2025 Form 10-K for further information on lending-related commitments.
The following tables present consumer credit-related information with respect to the scored credit portfolio held in CCB, AWM, CIB and Corporate.
Consumer credit portfolio
(in millions) Credit exposure Nonaccrual loans (i)
Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025
Consumer, excluding credit card
Residential real estate (a) $ 301,947 $ 303,531 $ 3,574 $ 3,632
Auto and other (b)(c) 65,327 65,210 236 243
Total loans – retained 367,274 368,741 3,810 3,875
Loans held-for-sale 317 334 52 59
Loans at fair value (d) 24,069 33,183 537 739
Total consumer, excluding credit card loans 391,660 402,258 4,399 4,673
Lending-related commitments (e) 46,236 43,587
Total consumer exposure, excluding credit card 437,896 445,845
Credit card
Loans retained (f) 239,123 247,797 NA NA
Total credit card loans 239,123 247,797 NA NA
Lending-related commitments (e)(g) 1,204,016 1,177,766
Total credit card exposure 1,443,139 1,425,563
Total consumer credit portfolio $ 1,881,035 $ 1,871,408 $ 4,399 $ 4,673
Credit-related notes used in credit portfolio management activities (h) $ (451) $ (485)

Three months ended March 31,
(in millions, except ratios) Net charge-offs/(recoveries) Average loans - retained Net charge-off/(recovery) rate (j)
2026 2025 2026 2025 2026 2025
Consumer, excluding credit card
Residential real estate $ (14) $ (25) $ 302,756 $ 307,907 (0.02) % (0.03) %
Auto and other 168 188 65,124 66,559 1.05 1.15
Total consumer, excluding credit card - retained 154 163 367,880 374,466 0.17 0.18
Credit card - retained 2,042 1,982 239,220 224,350 3.46 3.58
Total consumer - retained $ 2,196 $ 2,145 $ 607,100 $ 598,816 1.47 % 1.45 %

(a)
Includes scored mortgage and home equity loans held in CCB and AWM.
(b)
At March 31, 2026 and December 31, 2025, excluded operating lease assets of $20.9 billion and $20.0 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.
(c)
Includes scored auto and business banking loans, and overdrafts.
(d)
Includes scored mortgage loans held in CCB and CIB, and other consumer unsecured loans in CIB.
(e)
Credit card, home equity and certain business banking lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. Refer to Note 22 for further information.
(f)
Includes billed interest and fees.
(g)
Also includes commercial card lending-related commitments primarily in CIB.
(h)
Represents the notional amount of protection obtained through the issuance of credit-related notes that reference certain pools of residential real estate and auto loans in the retained consumer portfolio.
(i)
Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026 and December 31, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $251 million and $198 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.
(j)
Average consumer loans held-for-sale and loans at fair value were $31.7 billion and $18.4 billion for the three months ended March 31, 2026 and 2025, respectively
.
These amounts were excluded when calculating net charge-off/(recovery) rates.
50
Consumer, excluding credit card
Portfolio analysis
Loans decreased compared to December 31, 2025, predominantly driven by lower residential real estate loans at fair value.
Residential real estate
The residential real estate portfolio, including loans held-for-sale and loans at fair value, predominantly consists of prime mortgage loans and home equity lines of credit.
Retained loans decreased compared to December 31, 2025, driven by paydowns, predominantly offset by originations. Net recoveries were lower for the three months ended March 31, 2026 compared to the same period in the prior year, driven by the absence of loan sales in the current quarter.
Loans at fair value decreased compared to December 31, 2025 as sales outpaced purchases in CIB, partially offset by originations outpacing warehouse loan sales in Home Lending. Nonaccrual loans at fair value decreased compared to December 31, 2025, primarily driven by loan sales in CIB.
The carrying value of retained interest-only residential mortgage loans was $88.8 billion at both March 31, 2026 and December 31, 2025. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers. The credit performance of this portfolio is comparable to the performance of the broader prime mortgage portfolio.
The carrying value of retained home equity lines of credit outstanding was $13.1 billion at March 31, 2026, including $3.3 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified, and $3.1 billion of interest-only balloon HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by reducing or canceling the undrawn line in accordance with the contract or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of the underlying property.
The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, predominantly loans held-for-sale and loans at fair value. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.
(in millions) March 31, 2026 December 31, 2025
Current $ 708 $ 840
30-89 days past due 139 121
90 or more days past due 251 198
Total government guaranteed loans $ 1,098 $ 1,159

Geographic composition and current estimated loan-to-value ratio of residential real estate loans
Refer to Note 11 for information on the geographic composition and current estimated LTVs of the Firm’s residential real estate loans.
51
Auto and other
The auto and other loan portfolio, including loans at fair value, generally consists of prime-quality scored auto and business banking loans, other consumer unsecured loans, and overdrafts. Net charge-offs decreased for the three months ended March 31, 2026 compared to the same period in the prior year, predominantly due to lower scored auto net charge-offs, reflecting improved used vehicle valuations.
Nonperforming assets

The following table presents information as of March 31, 2026 and December 31, 2025, concerning consumer, excluding credit card, nonperforming assets.
Nonperforming assets (a)
(in millions) March 31, 2026 December 31, 2025
Nonaccrual loans
Residential real estate $ 4,108 $ 4,381
Auto and other 291 292
Total nonaccrual loans 4,399 4,673
Assets acquired in loan satisfactions
Real estate owned 101 103
Other 40 31
Total assets acquired in loan satisfactions 141 134
Total nonperforming assets $ 4,540 $ 4,807

(a)
Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026 and December 31, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $251 million and $198 million, respectively.
Nonaccrual loans
The following table presents changes in consumer, excluding credit card, nonaccrual loans for the three months ended March 31, 2026 and 2025.
Nonaccrual loan activity
Three months ended March 31, (in millions) 2026 2025
Beginning balance $ 4,673 $ 3,926
Additions 789 857
Reductions:
Principal payments and other 296 209
Sales 313 303
Charge-offs 156 168
Returned to performing status 271 276
Foreclosures and other liquidations 27 68
Total reductions 1,063 1,024
Net changes (274) (167)
Ending balance $ 4,399 $ 3,759

Refer to Note 11 for further information concerning the consumer credit portfolio, including information concerning delinquencies, other credit quality indicators and loans that were in the process of active or suspended foreclosure.
52
Credit card
Total credit card loans decreased compared to December 31, 2025, reflecting the impact of seasonality. The March 31, 2026 30+ and 90+ day delinquency rates of 2.17% and 1.15%, respectively, increased compared to the December 31, 2025 30+ and 90+ day delinquency rates of 2.16% and 1.10%, respectively, in line with the Firm's expectations. Net charge-offs increased for the three months ended March 31, 2026 compared to the same period in the prior year, reflecting loan growth.
Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm’s allowance for loan losses includes the estimated uncollectible portion of accrued and billed interest and fee income. Refer to Note 11 for further information about this portfolio, including information about delinquencies.
Geographic and FICO composition of credit card loans
Refer to Note 11 for information on the geographic and FICO composition of the Firm’s credit card loans.
53
WHOLESALE CREDIT PORTFOLIO

In its wholesale businesses, the Firm is exposed to credit risk primarily through its underwriting, lending, market-making, and hedging activities with and for clients and counterparties, as well as through various operating services (such as cash management and clearing activities), securities financing activities and cash placed with banks. A portion of the loans originated or acquired by the Firm’s wholesale businesses is generally retained on the balance sheet. The Firm distributes a significant percentage of the loans that it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk. The wholesale portfolio is actively managed, in part by conducting ongoing, in-depth reviews of client credit quality and transaction structure, inclusive of collateral where applicable, and of industry, product and client concentrations. Refer to the industry discussion on pages 56-59 for further information.
The Firm’s wholesale credit portfolio includes exposure held in CIB, AWM and Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses.
As of March 31, 2026, loans increased by $29.4 billion, predominantly driven by higher loans in CIB and higher securities-based lending in AWM, both associated with higher client demand. Lending-related commitments increased by $9.0 billion, driven by higher held-for-sale commitments in CIB.
As of March 31, 2026, nonperforming exposure was relatively flat, with decreases to certain exposures in Real Estate, Technology, Media & Telecommunications, and Industrials, primarily due to upgrades and paydowns, predominantly offset by certain exposures in Consumer & Retail and Oil & Gas, in each case primarily resulting from downgrades.
Wholesale credit portfolio
Credit exposure Nonperforming
(in millions) Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025
Loans retained $ 818,839 $ 792,367 $ 4,524 $ 4,398
Loans held-for-sale 15,712 13,506 54 8
Loans at fair value 38,186 37,501 606 778
Loans 872,737 843,374 5,184 5,184
Derivative receivables 71,584 57,777 174 204
Receivables from customers (a) 64,844 47,336 — —
Total wholesale credit-related assets 1,009,165 948,487 5,358 5,388
Assets acquired in loan satisfactions
Real estate owned NA NA 151 164
Total assets acquired in loan satisfactions NA NA 151 164
Lending-related commitments 604,922 595,954 916 925
Total wholesale credit portfolio $ 1,614,087 $ 1,544,441 $ 6,425 $ 6,477
Credit derivatives and credit-related notes used in credit portfolio management activities (b) $ (27,609) $ (23,898) $ — $ —
Liquid securities and other cash collateral held against derivatives (32,366) (28,891) NA NA

(a)
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.
(b)
Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 62 and Note 4 for additional information.

54
Wholesale credit exposure – maturity and ratings profile
The following tables present the maturity and internal risk ratings profiles of the wholesale credit portfolio as of March 31, 2026 and December 31, 2025. The Firm generally considers internal ratings with qualitative characteristics equivalent to BBB-/Baa3 or higher as investment grade, and takes into consideration collateral and structural support when determining the internal risk rating for each credit facility. Refer to Note 12 of JPMorganChase's 2025 Form 10-K for further information on internal risk ratings.
Maturity profile (d) Ratings profile
March 31, 2026 (in millions, except ratios) 1 year or less After 1 year through 5 years After 5 years Total Investment-grade Noninvestment-grade Total Total % of IG
Loans retained $ 290,300 $ 340,350 $ 188,189 $ 818,839 $ 561,767 $ 257,072 $ 818,839 69 %
Derivative receivables 71,584 71,584
Less: Liquid securities and other cash collateral held against derivatives (32,366) (32,366)
Total derivative receivables, net of collateral 15,806 8,033 15,379 39,218 27,279 11,939 39,218 70
Lending-related commitments 161,726 415,051 28,145 604,922 381,741 223,181 604,922 63
Subtotal 467,832 763,434 231,713 1,462,979 970,787 492,192 1,462,979 66
Loans held-for-sale and loans at fair value (a) 53,898 53,898
Receivables from customers 64,844 64,844
Total exposure – net of liquid securities and other cash collateral held against derivatives $ 1,581,721 $ 1,581,721
Credit derivatives and credit-related notes used in credit portfolio management activities (b)(c) $ (4,035) $ (14,043) $ (9,531) $ (27,609) $ (20,197) $ (7,412) $ (27,609) 73 %

Maturity profile (d) Ratings profile
December 31, 2025 (in millions, except ratios) 1 year or less After 1 year through 5 years After 5 years Total Investment-grade Noninvestment-grade Total Total % of IG
Loans retained $ 271,648 $ 330,900 $ 189,819 $ 792,367 $ 541,364 $ 251,003 $ 792,367 68 %
Derivative receivables 57,777 57,777
Less: Liquid securities and other cash collateral held against derivatives (28,891) (28,891)
Total derivative receivables, net of collateral 7,941 6,836 14,109 28,886 19,721 9,165 28,886 68
Lending-related commitments 155,797 412,594 27,563 595,954 383,106 212,848 595,954 64
Subtotal 435,386 750,330 231,491 1,417,207 944,191 473,016 1,417,207 67
Loans held-for-sale and loans at fair value (a) 51,007 51,007
Receivables from customers 47,336 47,336
Total exposure – net of liquid securities and other cash collateral held against derivatives $ 1,515,550 $ 1,515,550
Credit derivatives and credit-related notes used in credit portfolio management activities (b)(c) $ (5,356) $ (17,424) $ (1,118) $ (23,898) $ (17,831) $ (6,067) $ (23,898) 75 %

(a)
Loans held-for-sale are primarily related to syndicated loans and loans transferred from the retained portfolio.
(b)
These derivatives do not qualify for hedge accounting under U.S. GAAP.
(c)
The notional amounts are presented on a net basis by underlying reference entity and the ratings profile shown is based on the ratings of the reference entity on which protection has been purchased. Predominantly all of the credit derivatives entered into by the Firm where it has purchased protection used in credit portfolio management activities are executed with investment-grade counterparties. In addition, the Firm obtains credit protection against certain loans in the retained loan portfolio through the issuance of credit-related notes.
(d)
The maturity profile of retained loans, lending-related commitments and derivative receivables is generally based on remaining contractual maturity. Derivative contracts that are in a receivable position at March 31, 2026, may become payable prior to maturity based on their cash flow profile or changes in market conditions.
55
Wholesale credit exposure – industry exposures
The Firm focuses on the management and diversification of its industry exposures, and pays particular attention to industries with actual or potential credit concerns.
Exposures that are deemed to be criticized align with the U.S. banking regulators’ definition of criticized exposures, which consist of the special mention, substandard and doubtful categories. Total criticized exposure, excluding loans held-for-sale and loans at fair value, was $51.4 billion and $48.5 billion as of March 31, 2026 and December 31, 2025, respectively, representing approximately 3.4% of total wholesale credit exposure at both periods; of the $51.4 billion, $45.7 billion was performing. The increase in criticized exposure was driven by certain exposures in Technology, Media & Telecommunications, Oil & Gas, Consumer & Retail, Transportation, and Banks & Finance Companies, primarily resulting from new lending-related commitments, including held-for-sale commitments, and downgrades, partially offset by certain exposures in Healthcare, primarily resulting from net upgrades.
The table below summarizes by industry the Firm’s exposures as of March 31, 2026 and December 31, 2025. The industry of risk category is generally based on the client or counterparty’s primary business activity. Refer to Note 4 of JPMorganChase's 2025 Form 10-K for additional information on industry concentrations.
Wholesale credit exposure – industries (a)
Selected metrics
Noninvestment-grade 30 days or more past due and accruing loans Net charge-offs/ (recoveries) Credit derivative and credit-related notes (h) Liquid securities and other cash collateral held against derivative receivables
As of or for the three months ended March 31, 2026 (in millions) Credit exposure (f)(g) Investment- grade Noncriticized Criticized performing Criticized nonperforming
Real Estate $ 227,219 $ 157,391 $ 58,268 $ 9,929 $ 1,631 $ 685 $ 7 $ (98) $ —
Individuals and Individual Entities (b) 174,507 144,194 29,438 438 437 591 (3) — —
Asset Managers 168,851 131,792 36,692 362 5 43 — (5) (13,954)
Consumer & Retail 134,254 64,028 61,425 7,875 926 117 56 (340) —
Technology, Media & Telecommunications 117,695 48,146 57,667 11,259 623 53 (2) (1,887) —
Industrials 79,639 43,191 32,996 3,296 156 138 2 (184) (5)
Banks & Finance Companies 79,113 46,456 31,421 1,221 15 7 5 (193) (887)
Healthcare 68,355 45,469 19,663 2,669 554 36 3 (224) (45)
Utilities 41,738 27,170 13,029 1,190 349 3 5 (219) (5)
Oil & Gas 38,925 22,613 14,827 1,036 449 38 — (24) —
Automotive 35,967 20,052 14,729 1,171 15 58 1 (577) —
State & Municipal Govt (c) 32,017 30,996 1,008 3 10 13 5 (3) —
Insurance 24,665 17,167 7,332 166 — 15 — (11) (8,231)
Chemicals & Plastics 22,457 11,272 9,168 1,900 117 2 — (236) —
Transportation 22,090 11,502 9,836 728 24 9 12 (166) —
Metals & Mining 18,694 8,056 10,236 378 24 6 — (37) (11)
Central Govt 13,177 12,541 402 45 189 20 — (2,467) (872)
Securities Firms 8,513 4,339 4,172 — 2 — — (13) (2,453)
Financial Markets Infrastructure 8,156 7,487 600 69 — — — (31) —
All other (d) 179,313 147,345 29,873 2,007 88 183 29 (20,894) (5,903)
Subtotal $ 1,495,345 $ 1,001,207 $ 442,782 $ 45,742 $ 5,614 $ 2,017 $ 120 $ (27,609) $ (32,366)
Loans held-for-sale and loans at fair value 53,898
Receivables from customers 64,844
Total (e) $ 1,614,087

56
(continued from previous page)
Selected metrics
Noninvestment-grade 30 days or more past due and accruing loans Net charge-offs/ (recoveries) Credit derivative and credit-related notes (h) Liquid securities and other cash collateral held against derivative receivables
As of or for the year ended December 31, 2025 (in millions) Credit exposure (f)(g) Investment- grade Noncriticized Criticized performing Criticized nonperforming
Real Estate $ 224,858 $ 155,712 $ 57,478 $ 9,967 $ 1,701 $ 959 $ 380 $ (99) $ —
Individuals and Individual Entities (b) 167,700 138,142 28,677 460 421 1,012 (15) — —
Asset Managers 152,848 117,426 35,113 304 5 105 1 (5) (10,626)
Consumer & Retail 133,945 63,523 62,382 7,425 615 115 234 (311) —
Technology, Media & Telecommunications 97,816 44,373 42,507 10,135 801 37 281 (1,078) —
Industrials 80,606 44,078 33,166 3,101 261 470 18 (68) —
Banks & Finance Companies 75,653 41,904 32,826 903 20 16 8 (574) (657)
Healthcare 72,218 48,888 19,713 3,059 558 12 191 (67) —
Utilities 39,005 24,840 12,519 1,254 392 1 63 (203) —
Oil & Gas 36,497 21,825 14,076 347 249 52 48 (51) —
Automotive 35,984 19,602 15,397 958 27 109 3 (277) —
State & Municipal Govt (c) 32,484 31,372 1,100 3 9 30 — (3) —
Insurance 25,031 17,511 7,352 168 — 6 — (20) (8,310)
Chemicals & Plastics 23,790 11,251 10,355 2,091 93 2 82 (239) —
Transportation 20,861 11,450 9,097 285 29 11 (3) (135) —
Metals & Mining 17,767 7,459 9,883 406 19 22 4 (39) (67)
Central Govt 15,164 14,666 245 44 209 8 — (1,258) (1,273)
Securities Firms 7,966 4,372 3,593 — 1 1 — (13) (2,458)
Financial Markets Infrastructure 5,734 5,306 358 70 — — — — —
All other (d) 180,171 148,214 29,887 1,953 117 3 303 (19,458) (5,500)
Subtotal $ 1,446,098 $ 971,914 $ 425,724 $ 42,933 $ 5,527 $ 2,971 $ 1,598 $ (23,898) $ (28,891)
Loans held-for-sale and loans at fair value 51,007
Receivables from customers 47,336
Total (e) $ 1,544,441

(a)
The industry rankings presented in the table as of December 31, 2025, are based on the industry rankings of the corresponding exposures as of March 31, 2026, not actual rankings of such exposures as of December 31, 2025.
(b)
Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB, and includes exposure to personal investment companies and personal and testamentary trusts.
(c)
In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at March 31, 2026 and December 31, 2025 noted above, the Firm held: $6.4 billion and $6.1 billion, respectively, of trading assets; $19.0 billion and $20.2 billion, respectively, of AFS securities; and $8.2 billion and $8.6 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Notes 2 and 9 for further information.
(d)
All other includes: SPEs and Private education and civic organizations, representing approximately 94% and 6%, respectively, at March 31, 2026, and 95% and 5%, respectively, at December 31, 2025. Refer to Note 13 for more information on exposures to SPEs.
(e)
Excludes cash placed with banks of $303.6 billion

and $333.8 billion, at March 31, 2026 and December 31, 2025, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.
(f)
Credit exposure is net of risk participations and excludes the benefit of credit derivatives and credit-related notes used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.
(g)
Credit exposure includes held-for-sale and fair value option elected lending-related commitments.
(h)
Represents the net notional amounts of protection purchased and sold through credit derivatives and credit-related notes used to manage the credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. The All other category includes purchased credit protection on certain credit indices.
57
Presented below is additional detail on certain of the Firm’s industry exposures.
Real Estate
Real Estate exposure was $227.2 billion as of March 31, 2026. Criticized exposure decreased by $108 million from $11.7 billion at December 31, 2025 to $11.6 billion at March 31, 2026.
March 31, 2026 (in millions, except ratios) Loans and Lending-related Commitments Derivative Receivables Credit exposure % Investment-grade % Drawn (d)
Multifamily (a) $ 129,394 $ 8 $ 129,402 79 % 91 %
Other Income Producing Properties (b) 23,799 83 23,882 44 55
Services and Non Income Producing 20,758 142 20,900 58 35
Industrial 19,888 4 19,892 68 68
Office 15,301 28 15,329 51 77
Retail 13,573 21 13,594 78 71
Lodging 4,216 4 4,220 25 54
Total Real Estate Exposure (c) $ 226,929 $ 290 $ 227,219 69 % 77 %
December 31, 2025 (in millions, except ratios) Loans and Lending-related Commitments Derivative Receivables Credit exposure % Investment-grade % Drawn (d)
Multifamily (a) $ 128,864 $ 25 $ 128,889 78 % 91 %
Other Income Producing Properties (b) 23,390 229 23,619 46 53
Services and Non Income Producing 20,325 130 20,455 63 35
Industrial 19,541 13 19,554 67 69
Office 15,016 39 15,055 47 80
Retail 12,879 33 12,912 79 74
Lodging 4,366 8 4,374 26 48
Total Real Estate Exposure $ 224,381 $ 477 $ 224,858 69 % 77 %

(a)
Total Multifamily exposure is approximately 99% performing. Multifamily exposure is largely in California.
(b)
Other Income Producing Properties consists of clients with diversified property types or other property types, including data centers, outside of categories listed in the table above.
(c)
Real Estate exposure is approximately 83% secured; unsecured exposure is largely investment-grade primarily to Real Estate Investment Trusts (“REITs”) and Real Estate Operating Companies (“REOCs”) whose underlying assets are generally diversified.
(d)
Represents drawn exposure as a percentage of credit exposure.
58
Consumer & Retail
Consumer & Retail exposure was $134.3 billion as of March 31, 2026. Criticized exposure increased by $761 million from $8.0 billion at December 31, 2025 to $8.8 billion at March 31, 2026, driven by net downgrades.
March 31, 2026 (in millions, except ratios) Loans and Lending-related Commitments Derivative Receivables Credit exposure % Investment-grade % Drawn (d)
Business and Consumer Services $ 37,836 $ 556 $ 38,392 40 % 43 %
Retail (a) 37,213 392 37,605 55 31
Food and Beverage 30,277 870 31,147 55 38
Consumer Hard Goods 15,377 264 15,641 46 34
Leisure (b) 11,403 66 11,469 32 43
Total Consumer & Retail (c) $ 132,106 $ 2,148 $ 134,254 48 % 37 %
December 31, 2025 (in millions, except ratios) Loans and Lending-related Commitments Derivative Receivables Credit exposure % Investment-grade % Drawn (d)
Business and Consumer Services $ 38,160 $ 501 $ 38,661 41 % 43 %
Retail (a) 36,492 434 36,926 55 29
Food and Beverage 31,513 855 32,368 53 36
Consumer Hard Goods 14,824 309 15,133 43 33
Leisure (b) 10,721 136 10,857 33 45
Total Consumer & Retail $ 131,710 $ 2,235 $ 133,945 47 % 37 %

(a)
Retail consists of Home Improvement & Specialty Retailers, Discount & Drug Stores, Restaurants, Specialty Apparel, Supermarkets, and Department Stores.
(b)
Leisure consists of Arts & Culture, Travel Services, Gaming, and Sports & Recreation. As of March 31, 2026, approximately 87% of the noninvestment-grade Leisure portfolio is secured.
(c)
Consumer & Retail exposure is approximately 58% secured; unsecured exposure is approximately 78% investment-grade.
(d)
Represents drawn exposure as a percentage of credit exposure.
59
Loans
In its wholesale businesses, the Firm provides loans to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. Refer to Note 11 for a further discussion on loans, including information about delinquencies, loan modifications and other credit quality indicators.
The following table presents the change in the nonaccrual loan portfolio for the three months ended March 31, 2026 and 2025. Since March 31, 2025, nonaccrual loan exposure increased by $325 million, driven by certain exposures in Oil & Gas, Central Govt, Utilities, and Consumer & Retail, in each case primarily resulting from downgrades, partially offset by certain exposures in Healthcare and Technology, Media & Telecommunications, in each case primarily resulting from charge-off activity, upgrades, and loan sales.
Wholesale nonaccrual loan activity
Three months ended March 31, (in millions) 2026 2025
Beginning balance $ 5,184 $ 4,911
Additions 932 1,044
Reductions:
Paydowns and other 567 480
Gross charge-offs 143 163
Returned to performing status 194 438
Sales 28 15
Total reductions 932 1,096
Net changes — (52)
Ending balance $ 5,184 $ 4,859

The following table presents net charge-offs/recoveries, which are defined as gross charge-offs less recoveries, for the three months ended March 31, 2026 and 2025. The amounts in the table below do not include gains or losses from sales of nonaccrual loans recognized in noninterest revenue.
Wholesale net charge-offs decreased by $67 million for the three months ended March 31, 2026, compared to the same period in the prior year, due to lower net charge-offs in Real Estate.
Wholesale net charge-offs/(recoveries)
Three months ended March 31, (in millions, except ratios) 2026 2025
Loans
Average loans retained $ 793,654 $ 686,585
Gross charge-offs 164 213
Gross recoveries collected (44) (26)
Net charge-offs 120 187
Net charge-off rate 0.06 % 0.11 %

The following table presents net charge-offs/recoveries, average retained loans and net charge-off/recovery rate by loan class for the three months ended March 31, 2026 and 2025.
Three months ended March 31, (in millions, except ratios) Secured by real estate Commercial and industrial Other Total
2026 2025 2026 2025 2026 2025 2026 2025
Net charge-offs $ 2 $ 85 $ 76 $ 91 $ 42 $ 11 $ 120 $ 187
Average retained loans 164,920 160,980 184,338 168,652 444,396 356,953 793,654 686,585
Net charge-off rate — % 0.21 % 0.17 % 0.22 % 0.04 % 0.01 % 0.06 % 0.11 %

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Lending-related commitments
The Firm uses lending-related financial instruments, such as commitments (including revolving credit facilities) and guarantees, to address the financing needs of its clients. The contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or when the Firm fulfills its obligations under these guarantees, and the clients subsequently fail to perform according to the terms of these contracts. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn upon or a default occurring. As a result, the Firm does not believe that the total contractual amount of these wholesale lending-related commitments is representative of the Firm’s expected future credit exposure or funding requirements. Refer to Note 22 for further information on wholesale lending-related commitments.
Receivables from customers
Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (including cash on deposit, and primarily liquid and readily marketable debt or equity securities). To manage its credit risk, the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. Credit risk arising from lending activities subject to collateral maintenance requirements is generally mitigated by factors such as the short-term nature of the activity, the fair value of collateral held and the Firm’s right to call for, and the borrower’s obligation to provide, additional margin when the fair value of the collateral declines. Because of these mitigating factors, these receivables generally do not require an allowance for credit losses. However, if in management’s judgment, an allowance for credit losses is required, the Firm estimates expected credit losses based on the value of the collateral and probability of borrower default. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.
Refer to Note 13 of JPMorganChase's 2025 Form 10-K for further information on the Firm’s accounting policies for the allowance for credit losses.
Derivative contracts
Derivatives enable clients and counterparties to manage risk, including credit risk and risks arising from fluctuations in interest rates, foreign exchange and equities and commodities prices. The Firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty
credit risk arising from derivative receivables. The Firm also uses derivative instruments to manage its own credit risk and other market risk exposure. The nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the Firm is exposed. For over-the-counter ("OTC") derivatives, the Firm is exposed to the credit risk of the derivative counterparty. For exchange-traded derivatives (“ETD”), such as futures and options, and cleared over-the-counter (“OTC-cleared”) derivatives, the Firm can also be exposed to the credit risk of the relevant CCP. Where possible, the Firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements. The percentage of the Firm’s OTC derivative transactions subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily — was approximately 88% and 86% at March 31, 2026 and December 31, 2025, respectively. Refer to Note 4 for additional information on the Firm’s use of collateral agreements and for a further discussion of derivative contracts, counterparties and settlement types.
The fair value of derivative receivables reported on the Consolidated balance sheets was $71.6 billion and $57.8 billion at March 31, 2026 and December 31, 2025, respectively. The increase was predominantly driven by commodity, equity and foreign exchange derivatives, as a result of market movements. Derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and the related cash collateral held by the Firm.
In addition, the Firm holds liquid securities and other cash collateral that may be used as security when the fair value of the client’s exposure is in the Firm’s favor. For these purposes, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule.
In management’s view, the appropriate measure of current credit risk should also take into consideration other collateral, which generally represents securities that do not qualify as high quality liquid assets under the LCR rule. The benefits of these additional collateral amounts for each counterparty are subject to a legally enforceable master netting agreement and limited to the net amount of the derivative receivables for each counterparty.
The Firm also holds additional collateral (primarily cash, G7 government securities, other liquid government agency and guaranteed securities, and corporate debt and equity securities) delivered by clients at the initiation of transactions, as well as collateral related to contracts that have a non-daily call
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frequency and collateral that the Firm has agreed to return but has not yet settled as of the reporting date. Although this collateral does not reduce the receivables balances and is not included in the tables below, it is available as security against potential
exposure that could arise should the fair value of the client’s derivative contracts move in the Firm’s favor. Refer to Note 4 for additional information on the Firm’s use of collateral agreements for derivative transactions.
The following tables summarize the net derivative receivables and the internal ratings profile for the periods presented.
Derivative receivables
(in millions) March 31, 2026 December 31, 2025
Total, net of cash collateral $ 71,584 $ 57,777
Liquid securities and other cash collateral held against derivative receivables (32,366) (28,891)
Total, net of liquid securities and other cash collateral $ 39,218 $ 28,886
Other collateral held against derivative receivables (1,124) (949)
Total, net of collateral $ 38,094 $ 27,937

Ratings profile of derivative receivables
March 31, 2026 December 31, 2025
(in millions, except ratios) Exposure net of collateral % of exposure net of collateral Exposure net of collateral % of exposure net of collateral
Investment-grade $ 26,367 69 % $ 18,877 68 %
Noninvestment-grade 11,727 31 9,060 32
Total $ 38,094 100 % $ 27,937 100 %

Credit portfolio management activities
The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker, and second, as an end-user, to manage the Firm’s own credit risk associated with traditional lending activities (loans and lending-related commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses. In addition, the Firm obtains credit protection against certain loans in the retained wholesale portfolio through the issuance of credit-related notes. Information on credit portfolio management activities is provided in the table below.
Credit derivatives and credit-related notes used in credit portfolio management activities
Notional amount of protection purchased and sold (a)
(in millions) March 31, 2026 December 31, 2025
Credit derivatives and credit-related notes used to manage:
Loans and lending-related commitments $ 10,320 $ 9,899
Derivative receivables 17,289 13,999
Credit derivatives and credit-related notes used in credit portfolio management activities $ 27,609 $ 23,898

(a)
Amounts are presented net, considering the Firm’s net protection purchased or sold with respect to each underlying reference entity or index.
Refer to Credit derivatives in Note 4 of this Form 10-Q and Note 5 of JPMorganChase’s 2025 Form 10-K for further information on credit derivatives and derivatives used in credit portfolio management activities.
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ALLOWANCE FOR CREDIT LOSSES

The Firm’s allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The Firm's allowance for credit losses generally consists of:
•
the allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated) and is presented separately on the Consolidated balance sheets,
•
the allowance for lending-related commitments, which is reflected in accounts payable and other liabilities on the Consolidated balance sheets, and
•
the allowance for credit losses on investment securities, which is reflected in investment securities on the Consolidated balance sheets.
Discussion of changes in the allowance
The allowance for credit losses as of March 31, 2026 was $31.4 billion, reflecting a net addition of $154 million from December 31, 2025.
The net addition to the allowance for credit losses included:
•
$321 million in
wholesale
, largely driven by changes in the credit quality of certain exposures, and
•
a net reduction of $139 million in
consumer
, predominantly driven by improvements in home prices.
The Firm's qualitative adjustments and its weighted-average macroeconomic outlook continued to include additional weight placed on the adverse scenarios to reflect ongoing uncertainties and downside risks related to the geopolitical and macroeconomic environment.
The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the following table, resulting in:
•
a weighted average U.S. unemployment rate peaking at 5.6% in the first quarter of 2027, and
•
a weighted average U.S. real GDP level that is 2.2% lower than the central case at the end of the second quarter of 2027.
The following table presents the Firm’s central case assumptions for the periods presented:
Central case assumptions at March 31, 2026
2Q26 4Q26 2Q27
U.S. unemployment rate (a) 4.3 % 4.2 % 4.0 %
YoY growth in U.S. real GDP (b) 2.9 % 1.9 % 1.9 %
Central case assumptions at December 31, 2025
2Q26 4Q26 2Q27
U.S. unemployment rate (a) 4.6 % 4.4 % 4.2 %
YoY growth in U.S. real GDP (b) 2.0 % 1.8 % 1.9 %

(a)
Reflects quarterly average of forecasted U.S. unemployment rate.
(b)
The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year.
Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Refer to Note 13 and Note 10 of JPMorganChase’s 2025 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowance for credit losses on loans, lending-related commitments, and investment securities.
Refer to Consumer Credit Portfolio on pages 50-53, Wholesale Credit Portfolio on pages 54-62 and Note 11 for additional information on the consumer and wholesale credit portfolios.
Refer to Critical Accounting Estimates Used by the Firm on pages 75-77 for further information on the allowance for credit losses and related management judgments.
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Allowance for credit losses and related information
2026 2025
Three months ended March 31, Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total
(in millions, except ratios)
Allowance for loan losses
Beginning balance at January 1, $ 1,920 $ 15,557 $ 8,288 $ 25,765 $ 1,807 $ 14,600 $ 7,938 $ 24,345
Gross charge-offs 261 2,486 164 2,911 287 2,316 213 2,816
Gross recoveries collected (107) (444) (44) (595) (124) (334) (26) (484)
Net charge-offs 154 2,042 120 2,316 163 1,982 187 2,332
Provision for loan losses 23 2,044 414 2,481 214 2,382 597 3,193
Other — — (2) (2) — — 2 2
Ending balance at March 31, $ 1,789 $ 15,559 $ 8,580 $ 25,928 $ 1,858 $ 15,000 $ 8,350 $ 25,208
Allowance for lending-related commitments
Beginning balance at January 1, $ 83 $ 2,200 (d) $ 2,788 $ 5,071 $ 82 $ — $ 2,019 $ 2,101
Provision for lending-related commitments (10) — 33 23 (10) — 135 125
Other — — (3) (3) — — — —
Ending balance at March 31, $ 73 $ 2,200 $ 2,818 $ 5,091 $ 72 $ — $ 2,154 $ 2,226
Impairment methodology
Asset-specific (a) $ (623) $ — $ 851 $ 228 $ (727) $ — $ 692 $ (35)
Portfolio-based 2,412 15,559 7,729 25,700 2,585 15,000 7,658 25,243
Total allowance for loan losses $ 1,789 $ 15,559 $ 8,580 $ 25,928 $ 1,858 $ 15,000 $ 8,350 $ 25,208
Impairment methodology
Asset-specific $ — $ — $ 135 $ 135 $ — $ — $ 135 $ 135
Portfolio-based 73 2,200 (d) 2,683 4,956 72 — 2,019 2,091
Total allowance for lending-related commitments $ 73 $ 2,200 $ 2,818 $ 5,091 $ 72 $ — $ 2,154 $ 2,226
Total allowance for investment securities NA NA NA $ 78 NA NA NA $ 118
Total allowance for credit losses (b) $ 1,862 $ 17,759 $ 11,398 $ 31,097 $ 1,930 $ 15,000 $ 10,504 $ 27,552
Memo:
Retained loans, end-of-period $ 367,274 $ 239,123 $ 818,839 $ 1,425,236 $ 372,892 $ 223,384 $ 704,714 $ 1,300,990
Retained loans, average 367,880 239,220 793,654 1,400,754 374,466 224,350 686,585 1,285,401
Credit ratios
Allowance for loan losses to retained loans 0.49 % 6.51 % 1.05 % 1.82 % 0.50 % 6.71 % 1.18 % 1.94 %
Allowance for loan losses to retained nonaccrual loans (c) 47 NA 190 311 56 NA 214 349
Allowance for loan losses to retained nonaccrual loans excluding credit card 47 NA 190 124 56 NA 214 142
Net charge-off/(recovery) rates 0.17 3.46 0.06 0.67 0.18 3.58 0.11 0.74

(a)
Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.
(b)
At March 31, 2026 and 2025, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $286 million and $283 million, respectively, associated with certain accounts receivable in CIB.
(c)
The Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(d)
Represents the impact of the Apple Card transaction. Refer to Note 13 of the Firm's 2025 Form 10-K for additional information.
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Allocation of allowance for loan losses
The table below presents a breakdown of the allowance for loan losses by loan class. Refer to Note 11 for further information on loan classes.
March 31, 2026 December 31, 2025
(in millions, except ratios) Allowance for loan losses Percentage of retained loans to total retained loans Allowance for loan losses Percentage of retained loans to total retained loans
Residential real estate $ 746 21 % $ 869 21 %
Auto and other 1,043 5 1,051 5
Consumer, excluding credit card 1,789 26 1,920 26
Credit card 15,559 17 15,557 18
Total consumer 17,348 43 17,477 44
Secured by real estate 2,147 12 2,226 12
Commercial and industrial 4,671 13 4,240 12
Other 1,762 32 1,822 32
Total wholesale 8,580 57 8,288 56
Total $ 25,928 100 % $ 25,765 100 %

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INVESTMENT PORTFOLIO RISK MANAGEMENT

Investment portfolio risk is the risk associated with the loss of principal or a reduction in expected returns on investments arising from the investment securities portfolio or from principal investments. The investment securities portfolio is predominantly held by Treasury and CIO in connection with the Firm’s balance sheet and asset-liability management objectives. Principal investments are predominantly privately-held financial instruments and are managed in the LOBs and Corporate. Investments are typically intended to be held over extended periods and, accordingly, the Firm has no expectation for short-term realized gains with respect to these investments.
Investment securities risk
Investment securities risk includes the exposure associated with a default in the payment of principal and interest. This risk is mitigated given that the investment securities portfolio held by Treasury and CIO predominantly consists of high-quality securities. At March 31, 2026, the size of the Treasury and CIO investment securities portfolio, net of the allowance for credit losses, was $817.8 billion, and the average credit rating of the securities comprising the portfolio was AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings). Refer to Corporate results on pages 30-31 and Note 9 for further information on the investment securities portfolio and internal risk ratings. Refer to Liquidity Risk Management on pages 41-47 for further information on related liquidity risk. Refer to Market Risk Management on pages 67-73 for further information on the market risk inherent in the portfolio.
Principal investment risk
Principal investments are typically privately-held financial instruments representing ownership interests or other forms of junior capital. In general, principal investments include tax-oriented investments and investments made to enhance or accelerate the Firm’s business strategies and exclude those that are consolidated on the Firm's balance sheets. These investments are made by dedicated investing businesses or as part of a broader business strategy. The Firm’s principal investments are managed by the LOBs and Corporate and are reflected within their respective financial results. The Firm’s investments will continue to evolve based on market circumstances and in line with its strategic initiatives.
The table below presents the aggregate carrying values of the principal investment portfolios as of March 31, 2026 and December 31, 2025.
(in billions) March 31, 2026 December 31, 2025
Tax-oriented investments, primarily in alternative energy and affordable housing $ 35.3 $ 35.7
Private equity, various debt and equity instruments, and real assets 12.4 11.3
Total carrying value $ 47.7 $ 47.0

Refer to page 132 of JPMorganChase’s 2025 Form 10-K for a discussion of the Firm’s Investment Portfolio Risk Management governance and oversight.
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MARKET RISK MANAGEMENT

Market risk is the risk associated with the effect of changes in market factors such as interest and foreign exchange rates, equity and commodity prices, credit spreads or implied volatilities, on the value of assets and liabilities held for both the short and long term. Refer to Market Risk Management on pages 133-142 of JPMorganChase’s 2025 Form 10-K for a discussion of the Firm’s Market Risk Management organization, market risk measurement, risk monitoring and control, and predominant business activities that give rise to market risk.
Models used to measure market risk are inherently imprecise and are limited in their ability to measure certain risks or to predict losses. This imprecision may be heightened when sudden or severe shifts in market conditions occur. For additional discussion on model uncertainty refer to Estimations and Model Risk Management on page 153 of JPMorganChase’s 2025 Form 10-K.
Market Risk Management periodically reviews the Firm’s existing market risk measures to identify opportunities for enhancement, and to the extent appropriate, will calibrate those measures accordingly over time.
Value-at-risk

JPMorganChase utilizes value-at-risk (“VaR”), a statistical risk measure, to estimate the potential loss from adverse market moves in the current market environment. The Firm has a single VaR framework used as a basis for calculating Risk Management VaR and Regulatory VaR.
The Firm’s Risk Management VaR is calculated assuming a one-day holding period and an expected tail-loss methodology which approximates a 95% confidence level. For risk management purposes, the Firm believes this methodology provides a daily measure of risk that is closely aligned to risk management decisions made by the LOBs and Corporate and, along with other market risk measures, provides the appropriate information needed to respond to risk events. The Firm calculates separately a daily aggregated VaR in accordance with regulatory rules (“Regulatory VaR”), which is used to derive the Firm’s regulatory VaR-based capital requirements under Basel III.
The Firm’s VaR model calculations are periodically evaluated and enhanced in response to changes in the composition of the Firm’s portfolios, changes in market conditions, improvements in the Firm’s modeling techniques and measurements, and other factors. Such changes may affect historical comparisons of VaR results. Refer to Estimations and Model Risk Management on page 153 of JPMorganChase’s 2025 Form 10-K for information regarding model reviews and approvals.
Refer to page 135 of JPMorganChase’s 2025 Form 10-K for further information regarding VaR, including its inherent limitations, and the key differences between Risk Management VaR and Regulatory VaR. Refer to JPMorganChase’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for additional information on Regulatory VaR and the other components of market risk regulatory capital for the Firm (e.g., VaR-based measure, stressed VaR-based measure and the respective backtesting). Refer to Other risk measures on pages 139–140 of JPMorganChase’s 2025 Form 10-K for further information regarding nonstatistical market risk measures used by the Firm.
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The table below shows the results of the Firm’s Risk Management VaR measure using a 95% confidence level. VaR can vary significantly as positions change, market volatility fluctuates, and diversification benefits change.
Total VaR
Three months ended
March 31, 2026 December 31, 2025 March 31, 2025
(in millions) Avg. Min Max Avg. Min Max Avg. Min Max
CIB trading VaR by risk type
Fixed income $ 39 $ 32 $ 49 $ 35 $ 29 $ 45 $ 37 $ 27 $ 51
Foreign exchange 13 9 20 9 6 15 9 6 12
Equities 11 7 16 13 7 20 25 (d) 10 138 (d)
Commodities and other 14 10 21 23 14 35 29 10 48
Diversification benefit to CIB trading VaR (a) (47) NM NM (49) NM NM (55) NM NM
CIB trading VaR 30 23 40 31 22 40 45 32 142
Credit Portfolio VaR (b) 21 17 24 20 17 24 21 18 26
Diversification benefit to CIB VaR (a) (16) NM NM (17) NM NM (19) NM NM
CIB VaR 35 26 48 34 24 44 47 33 133
CCB VaR 4 3 6 3 2 5 4 3 7
AWM VaR (c) 9 8 10 9 8 10 9 8 9
Corporate VaR 11 9 12 10 9 11 10 9 12
Diversification benefit to other VaR (a) (11) NM NM (10) NM NM (11) NM NM
Other VaR 13 12 14 12 11 13 12 11 14
Diversification benefit to CIB and other VaR (a) (11) NM NM (11) NM NM (9) NM NM
Total VaR $ 37 $ 27 $ 50 $ 35 $ 25 $ 47 $ 50 $ 36 $ 136

(a)
Divers
ification 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 LOBs, Corporate, and risk types. For maximum and minimum VaR, diversification benefit is not meaningful as the maximum and minimum VaR for each portfolio may have occurred on different trading days than the components.
(b)
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.
(c)
Includes credit protection purchased against certain retained loans and lending-related commitments. This VaR does not include the retained loan portfolio, which is not reported at fair value.
(d)
In the first quarter of 2025, the elevated average and maximum VaR was due to a client-driven equity position that has since matured.
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. If this refined time series was effective at the beginning of the quarter presented, the average Total VaR and each of the components would have been lower by the amounts reported in the following table:
(In millions) Amounts by which reported average VaR would have been lower for the three months ended March 31, 2025:
CIB trading VaR by risk type: Fixed income $ (7)
CIB trading VaR (6)
CIB VaR (5)
Total VaR (5)

Quarter over quarter results
Average Total VaR for the three months ended March 31, 2026 increased by $2 million, when compared with December 31, 2025, driven by increases in the foreign exchange and fixed income risk types, predominantly offset by decreases in the commodities risk type, primarily associated with bullion.
Year over year results
Average total VaR for the three months ended March 31, 2026 decreased by $13 million compared with the same period in the prior year. Adjusted for the aforementioned refinement, average total VaR decreased by $8 million, driven by reduced exposure in the equities risk type and decreases in the commodities risk type associated with bullion, partially offset by increases in the fixed income risk type.
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The following graph presents daily Risk Management VaR for the five trailing quarters. The movements in the first quarter of 2025 were due to a client-driven equity position that has since matured.
Daily Risk Management VaR
First Quarter 2025 Second Quarter 2025 Third Quarter 2025 Fourth Quarter 2025 First Quarter 2026

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VaR backtesting
The Firm performs daily VaR model backtesting, which compares the daily Risk Management VaR results with the daily gains and losses that are utilized for VaR backtesting purposes. The gains and losses depicted in the chart below do not reflect the Firm’s reported revenue as they exclude certain components of total net revenue, such as those associated with the execution of new transactions (i.e., intraday client-driven trading and intraday risk management activities), fees, commissions, other valuation adjustments and net interest income. These excluded components of total net revenue may more than offset the backtesting gain or loss on a particular day. The definition of backtesting gains and losses above is consistent with the requirements for backtesting under Basel III capital rules.
A backtesting exception occurs when the daily backtesting loss exceeds the daily Risk Management VaR for the prior day. Under the Firm’s Risk Management VaR methodology, assuming current changes in market values are consistent with the historical changes used in the simulation, the Firm would expect to incur VaR backtesting exceptions five times every 100 trading days on average. The number of VaR backtesting exceptions observed can differ from the statistically expected number of backtesting exceptions if the current level of market volatility is materially different from the level of market volatility during the 12 months of historical data used in the VaR calculation.
For the 12 months ended March 31, 2026, the Firm posted backtesting gains on 179 of the 259 days, and observed 15 VaR backtesting exceptions. For the three months ended March 31, 2026, the Firm posted backtesting gains on
47 of the 63 days,
and observed six VaR backtesting
exceptions.
The following chart presents the distribution of Firmwide daily backtesting gains and losses for the trailing 12 months and three months ended March 31, 2026. The daily backtesting losses are displayed as a percentage of the corresponding daily Risk Management VaR. The count of days with backtesting losses are shown in aggregate, in fifty percentage point intervals. Backtesting exceptions are displayed within the intervals that are greater than one hundred percent. The results in the chart below differ from the results of backtesting disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to the Firm’s covered positions.
Distribution of Daily Backtesting Gains and Losses
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Structural interest rate risk management
The effect of interest rate exposure on the Firm’s reported net income is important as interest rate risk represents one of the Firm’s significant market risks. Interest rate risk arises not only from trading activities which are included in VaR, but also from the Firm’s traditional banking activities, which include extension of loans and credit facilities, taking deposits, issuing debt, as well as the investment securities portfolio, and associated derivative instruments.
Refer to the table on page 134 of JPMorganChase’s 2025 Form 10-K for a summary by LOB and Corporate identifying positions included in earnings-at-risk.
Earnings-at-risk
One way that the Firm evaluates its structural interest rate risk is through earnings-at-risk. 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 uses market interest rates and, in the case of deposits, pricing assumptions. The Firm conducts simulations of changes to this baseline for interest rate-sensitive assets and liabilities denominated in U.S. dollars and other currencies (“non-U.S. dollar” currencies). These simulations primarily include retained and held-for-sale loans, deposits, deposits with banks and financing activities, investment securities, long-term debt, related interest rate hedges, and funds transfer pricing of other positions in risk management VaR and other sensitivity-based measures as described on page 134 of JPMorganChase’s 2025 Form 10-K. These simulations also include hedges of non-U.S. dollar foreign exchange exposures arising from capital investments. Refer to non-U.S. dollar foreign exchange risk on page 142 of JPMorganChase’s 2025 Form 10-K for more information.
Earnings-at-risk scenarios estimate the potential change to a baseline, over the following 12 months utilizing multiple assumptions. These scenarios include a parallel shift involving changes to both short-term and long-term rates by an equal amount; a steeper yield curve involving holding short-term rates constant and increasing long-term rates; and a flatter yield curve involving increasing short-term rates and holding long-term rates constant or holding short-term rates constant and decreasing long-term rates. These scenarios consider many different factors, including:
•
The impact on exposures as a result of instantaneous changes in interest rates from baseline rates.
•
Forecasted balance sheet, as well as modeled prepayment and reinvestment behavior, but excluding assumptions about actions that could be taken by the Firm or its clients and customers in response to instantaneous rate changes. Mortgage prepayment assumptions are based on the interest rates used in the scenarios compared with underlying contractual rates, the time since origination, and other factors which are updated periodically based on historical experience. Deposit forecasts are a key assumption in the Firm’s earnings-at-risk. 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 amount of deposits that the Firm holds at any given time may be influenced by Federal Reserve actions, as well as broader monetary conditions and competition for deposits.
•
The pricing sensitivity of deposits, known as deposit betas, represent the amount by which deposit rates paid could change upon a given change in market interest rates. Actual deposit rates paid may differ from the modeled assumptions, primarily due to customer behavior and competition for deposits.
The Firm performs sensitivity analyses of the assumptions used in earnings-at-risk scenarios, including with respect to deposit betas and forecasts of deposit balances, both of which are especially significant in the case of consumer deposits. The results of these sensitivity analyses are reported to the CTC Risk Committee and the Board Risk Committee.
The Firm’s earnings-at-risk scenarios are periodically evaluated and enhanced in response to changes in the composition of the Firm’s balance sheet, changes in market conditions, improvements in the Firm’s simulation and other factors.
The Firm’s earnings-at-risk sensitivities are measures of the Firm’s interest rate exposure. The Firm’s actual net interest income for the rate changes presented may differ as the earnings-at-risk scenarios are modelled as instantaneous changes and exclude any actions that could be taken by the Firm or its clients or customers in response to rate changes. Other significant assumptions in the earnings-at-risk scenarios, including mortgage prepayments and deposit rates paid, may also differ from actual results. The Firm’s forecast for net interest income is included in the Firm’s outlook on page 8.
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The Firm’s sensitivities are presented in the table below.
(In billions) March 31, 2026 (a) December 31, 2025 (a)
Parallel shift:
+100 bps shift in rates $ 1.9 $ 2.1
-100 bps shift in rates (2.2) (2.4)
+200 bps shift in rates 2.9 3.7
-200 bps shift in rates (4.8) (6.0)
Steeper yield curve:
+100 bps shift in long-term rates 1.7 1.4
-100 bps shift in short-term rates (0.5) (1.0)
Flatter yield curve:
+100 bps shift in short-term rates 0.2 0.7
-100 bps shift in long-term rates (1.8) (1.4)

(a)
Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates, including hedges of non-U.S. dollar capital investments. Non-U.S. dollar sensitivities were insignificant.
The change in the Firm’s sensitivities as of March 31, 2026 compared to December 31, 2025 was primarily driven by the net impact of Treasury and CIO actions including an increase in investment securities, which adds duration, as well as the impact of higher rates. This was partially offset by the effects from changes in Firmwide deposits.
Economic value sensitivity
In addition to earnings-at-risk, which is measured as a sensitivity to a baseline of earnings over the next 12 months, the Firm also measures economic value sensitivity (“EVS”). EVS stress tests the longer-term economic value of equity by measuring the sensitivity of the Firm’s current balance sheet, primarily retained loans, deposits, debt and investment securities as well as related hedges, under various interest rate scenarios. The Firm's pricing and cash flow assumptions associated with deposits, as well as prepayment assumptions for loans and securities, are significant factors in the EVS measure. In accordance with the CTC interest rate risk management policy, the Firm has established limits on EVS as a percentage of TCE.
Certain assumptions used in the EVS measure may differ from those required in the fair value measurement note to the Consolidated Financial Statements. For example, certain assets and liabilities with no stated maturity, such as credit card receivables and deposits, have longer assumed durations in the EVS measure. Additional information on long-term debt and held to maturity investment securities is disclosed on page 97 in Note 2.
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Other sensitivity-based measures
The Firm quantifies the market risk of certain debt and equity and funding-related exposures by assessing the potential impact on net revenue, other comprehensive income (“OCI”) and noninterest expense due to changes in relevant market variables. Refer to the predominant business activities that give rise to market risk on page 134 of JPMorganChase’s 2025 Form 10-K for additional information on the positions captured in other sensitivity-based measures.
The table below represents the potential impact to net revenue, OCI or noninterest expense for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported net of the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at March 31, 2026 and December 31, 2025, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future changes in these sensitivities.
Gain/(loss) (in millions) March 31, 2026 December 31, 2025
Activity Description Sensitivity measure
Debt and equity (a)
Asset Management activities Consists of seed capital and related hedges; fund co-investments (b) ; and certain deferred compensation and related hedges (c) 10% decline in market value $ (61) $ (60)
Other debt and equity Consists of certain real estate-related fair value option elected loans, privately held equity and other investments held at fair value (b) 10% decline in market value (1,532) (1,549)
Funding-related exposures
Non-USD LTD cross-currency basis Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD (d) 1 basis point parallel tightening of cross currency basis (11) (11)
Non-USD LTD hedges foreign currency (“FX”) exposure Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges (d) 10% depreciation of currency 13 19
Derivatives – funding spread risk Impact of changes in the spread related to derivatives FVA (b) 1 basis point parallel increase in spread (3) (2)
Fair value option elected liabilities – funding spread risk Impact of changes in the spread related to fair value option elected liabilities DVA (d) 1 basis point parallel increase in spread 62 55

(a)
Excludes equity securities without readily determinable fair values that are measured under the measurement alternative. Refer to Note 2 for additional information.
(b)
Impact recognized through net revenue.
(c)
Impact recognized through noninterest expense.
(d)
Impact recognized through OCI.
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COUNTRY RISK MANAGEMENT

The Firm, through its LOBs and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.
Refer to pages 143–144 of JPMorganChase’s 2025 Form 10-K for a further discussion of the Firm’s country risk management.
Risk Reporting
The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of March 31, 2026 and their comparative exposures as of December 31, 2025. The top 20 country exposures represent the Firm’s largest total exposures by individual country. Country exposures may fluctuate from period to period due to a variety of factors, including client activity, market flows and liquidity management activities undertaken by the Firm.
Top 20 country exposures (excluding the U.S.) (a)
March 31, 2026 December 31, 2025 (f)
(in billions) Deposits with banks (b) Lending (c) Trading and investing (d) Other (e) Total exposure Total exposure
Germany $ 92.4 $ 15.7 $ 4.8 $ 0.8 $ 113.7 $ 100.3
United Kingdom 20.5 25.2 47.8 1.4 94.9 93.2
Japan 52.7 17.0 9.1 0.3 79.1 77.3
France 0.7 17.1 14.3 1.6 33.7 24.9
Australia 5.4 11.3 4.0 — 20.7 17.6
Brazil 6.3 5.1 7.5 — 18.9 20.9
Canada 1.6 12.3 4.4 0.2 18.5 16.2
Mainland China 4.0 6.5 4.8 — 15.3 13.2
India 1.2 7.3 5.6 1.0 15.1 13.0
Switzerland 3.9 5.6 1.9 2.8 14.2 15.0
Italy 0.1 9.0 4.4 0.2 13.7 11.6
Saudi Arabia 1.0 8.6 3.8 0.1 13.5 12.4
South Korea 2.2 4.1 5.7 0.6 12.6 13.4
Mexico 2.1 7.7 2.6 — 12.4 13.6
Singapore 1.7 3.2 4.2 0.5 9.6 9.3
Netherlands 0.3 7.9 — 0.2 8.4 6.5
Belgium 5.3 1.7 1.1 — 8.1 6.6
Spain 0.1 4.6 2.7 0.1 7.5 4.6
United Arab Emirates — 4.8 0.9 — 5.7 5.7
Malaysia 3.0 0.4 1.2 0.1 4.7 4.1

(a)
Country exposures presented in the table reflect 87% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country based on the Firm’s internal country risk management approach, at both March 31, 2026 and December 31, 2025.
(b)
Predominantly represents cash placed with central banks.
(c)
Includes loans and accrued interest receivable, lending-related commitments (net of eligible collateral and the allowance for credit losses). Excludes intra-day and operating exposures, such as those from settlement and clearing activities.
(d)
Includes market-making positions and hedging, investment securities, and counterparty exposure on derivative and securities financings net of eligible collateral. Market-making positions and hedging includes exposure from single reference entity (“single-name”), index and other multiple reference entity transactions for which one or more of the underlying reference entities is in a country listed in the above table.
(e)
Includes physical commodities inventory and clearing house guarantee funds.
(f)
The country rankings presented in the table as of December 31, 2025, are based on the country rankings of the corresponding exposures at
March 31, 2026
, not actual rankings of such exposures at December 31, 2025.
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CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM

JPMorganChase’s accounting policies and use of estimates are integral to understanding its reported results. The Firm’s most complex accounting estimates require management’s judgment to ascertain the appropriate carrying value of assets and liabilities. The Firm has established policies and control procedures intended to ensure that estimation methods, including any judgments made as part of such methods, are well-controlled, independently reviewed and applied consistently from period to period. The methods used and judgments made reflect, among other factors, the nature of the assets or liabilities and the related business and risk management strategies, which may vary across the Firm’s businesses and portfolios. In addition, the policies and procedures are intended to ensure that the process for changing methodologies occurs in an appropriate manner. The Firm believes its estimates for determining the carrying value of its assets and liabilities are appropriate. The following is a brief description of the Firm’s critical accounting estimates involving significant judgments.
Allowance for credit losses
The Firm’s allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Firm’s financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses generally comprises:
•
The allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated),
•
The allowance for lending-related commitments, and
•
The allowance for credit losses on investment securities.
The allowance for credit losses involves significant judgment on a number of matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. Refer to Notes 10 and 13 of JPMorganChase's 2025 Form 10-K for further information on these judgments as well as the Firm’s policies and methodologies used to determine the Firm’s allowance for credit losses, and Allowance for credit losses on pages 63-65 and Note 12 of this Form 10-Q for further information.
One of the most significant judgments involved in estimating the Firm’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the eight-quarter forecast period within the Firm’s methodology. The eight-
quarter forecast incorporates hundreds of macroeconomic variables ("MEVs") that are relevant for exposures across the Firm, with modeled credit losses being driven primarily by a subset of less than twenty variables. The specific variables that have the greatest effect on the modeled losses vary by portfolio and geography.
•
Key MEVs for the consumer portfolio include regional U.S. unemployment rates and U.S. HPI.
•
Key MEVs for the wholesale portfolio include U.S. unemployment, U.S. real GDP growth rate, U.S. equity prices, U.S. interest rates, U.S. corporate credit spreads, oil prices, U.S. commercial real estate prices and U.S. HPI.
Changes in the Firm’s assumptions and forecasts of economic conditions could significantly affect its estimate of expected credit losses in the portfolio at the balance sheet date or lead to significant changes in the estimate from one reporting period to the next.
It is difficult to estimate how potential changes in any one factor or input might affect the overall allowance for credit losses because management considers a wide variety of factors and inputs in estimating the allowance for credit losses. Changes in the factors and inputs considered may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors and inputs may be directionally inconsistent, such that improvement in one factor or input may offset deterioration in others.
To consider the impact of a hypothetical alternate macroeconomic forecast, the Firm compared the modeled credit losses determined using its central and relative adverse macroeconomic scenarios, which are two of the five scenarios considered in estimating the allowances for loan losses and lending-related commitments. The central and relative adverse scenarios each included a full suite of MEVs, but differed in the levels, paths and peaks/troughs of those variables over the eight-quarter forecast period.
For example, compared to the Firm’s central scenario shown on page 63 and in Note 12, the Firm’s relative adverse scenario assumes an elevated U.S. unemployment rate, averaging approximately 2.4% higher over the eight-quarter forecast, with a peak difference of approximately 3.3% in the first quarter of 2027.
This analysis is not intended to estimate expected future changes in the allowance for credit losses, for a number of reasons, including:
•
The allowance as of March 31, 2026, reflects credit losses beyond those estimated under the central scenario due to the weight placed on the adverse scenarios.
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•
The impacts of changes in many MEVs are both interrelated and nonlinear, so the results of this analysis cannot be simply extrapolated for more severe changes in macroeconomic variables.
•
Expectations of future changes in portfolio composition and borrower behavior can significantly affect the allowance for credit losses.
To demonstrate the sensitivity of credit loss estimates to macroeconomic forecasts as of March 31, 2026, the Firm compared the modeled estimates under its relative adverse scenario to its central scenario. Without considering offsetting or correlated effects in other qualitative components of the Firm’s allowance for credit losses, the comparison between these two scenarios for the exposures below reflect the following differences:
•
An increase of approximately $1.0 billion for residential real estate loans and lending-related commitments
•
An increase of approximately $5.0 billion for credit card loans
•
An increase of approximately $5.3 billion for wholesale loans and lending-related commitments
This analysis relates only to the modeled credit loss estimates and is not intended to estimate changes in the overall allowance for credit losses as it does not reflect any potential changes in other adjustments to the quantitative calculation, which would also be influenced by the judgment management applies to the modeled lifetime loss estimates to reflect the uncertainty and imprecision of these modeled lifetime loss estimates based on then-current circumstances and conditions.
In the fourth quarter of 2025, the Firm recorded an allowance related to the Apple Card transaction, which was estimated based on certain forward-looking assumptions of the portfolio’s risk characteristics and expected credit losses at the time of closing. The forecasted Apple credit card portfolio is excluded from the modeled estimates sensitivity analysis above as the Firm integrates the Apple Card transaction into its allowance model.
Recognizing that forecasts of macroeconomic conditions are inherently uncertain, the Firm believes that its process to consider the available information and associated risks and uncertainties is appropriately governed and that its estimates of expected credit losses were reasonable and appropriate for the period ended March 31, 2026.
Fair value
JPMorganChase carries a portion of its assets and liabilities at fair value. The majority of such assets and liabilities are measured at fair value on a recurring basis, including trading assets and liabilities, AFS securities, structured note products and certain securities financing agreements. Certain assets and liabilities are measured at fair value on a nonrecurring basis, including certain mortgage, home equity and other loans, where the carrying value is based on the fair value of the underlying collateral.
Assets measured at fair value
The following table includes the Firm’s assets measured at fair value and the portion of such assets that are classified within level 3 of the fair value hierarchy. Refer to Note 2 for further information.
March 31, 2026 (in millions, except ratios) Total assets at fair value Total level 3 assets
Federal funds sold and securities purchased under resale agreements $ 472,506 $ —
Securities borrowed 105,987 —
Trading assets:
Trading–debt and equity instruments 997,751 2,706
Derivative receivables (a) 71,584 11,881
Total trading assets 1,069,335 14,587
AFS securities 549,037 108
Loans 62,255 3,184
MSRs 9,093 9,093
Other 20,264 1,071
Total assets measured at fair value on a recurring basis 2,288,477 28,043
Total assets measured at fair value on a nonrecurring basis 2,493 896
Total assets measured at fair value $ 2,290,970 $ 28,939
Total Firm assets $ 4,900,475
Level 3 assets at fair value as a percentage of total Firm assets (a) 1 %
Level 3 assets at fair value as a percentage of total Firm assets at fair value (a) 1 %

(a)
For purposes of the table above, the derivative receivables total reflects the impact of netting adjustments; however, the $11.9 billion of derivative receivables classified as level 3 does not reflect the netting adjustment as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
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Valuation
Details of the Firm’s processes for determining fair value are set out in Note 2. Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available to the Firm. For instruments valued using internally developed valuation models and other valuation techniques that use significant unobservable inputs and are therefore classified within level 3 of the fair value hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.
In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation model or other valuation technique to use. Second, the lack of observability of certain significant inputs requires management to assess relevant empirical data in deriving valuation inputs including, for example, transaction details, yield curves, interest rates, prepayment speeds, default rates, volatilities, correlations, prices (such as commodity, equity or debt prices), valuations of comparable instruments, foreign exchange rates and credit curves. Refer to Note 2 for a further discussion of the valuation of level 3 instruments, including unobservable inputs used.
For instruments classified in levels 2 and 3, management judgment must be applied to assess the appropriate level of valuation adjustments to reflect counterparty credit quality, the Firm’s creditworthiness, market funding rates, liquidity considerations, unobservable parameters, and for portfolios that meet specified criteria, the size of the net open risk position. The judgments made are typically affected by the type of product and its specific contractual terms, and the level of liquidity for the product or within the market as a whole. In periods of heightened market volatility and uncertainty judgments are further affected by the wider variation of reasonable valuation estimates, particularly for positions that are less liquid. Refer to Note 2 for a further discussion of valuation adjustments applied by the Firm.
Imprecision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios.
The Firm uses various methodologies and assumptions in the determination of fair value. The use of methodologies or assumptions different than those used by the Firm could result in a different estimate of
fair value at the reporting date. Refer to Note 2 for a detailed discussion of the Firm’s valuation process and hierarchy, and its determination of fair value for individual financial instruments.
Credit card rewards liability
The credit card rewards liability was $15.9 billion and $16.0 billion at March 31, 2026 and December 31, 2025, respectively, and is recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to pages 156–157 of JPMorganChase’s 2025 Form 10-K for a description of the significant assumptions and sensitivities, associated with the Firm’s credit card rewards liability.
Income taxes
Refer to Income taxes on page 157 of JPMorganChase’s 2025 Form 10-K for a description of the significant assumptions, judgments and interpretations associated with the accounting for income taxes.
Goodwill impairment
Management applies significant judgment when testing goodwill for impairment. Refer to Goodwill impairment on page 156 of JPMorganChase’s 2025 Form 10-K for a description of the significant valuation judgments associated with goodwill impairment.
Refer to Note 14 for additional information on goodwill, including the goodwill impairment assessment as of March 31, 2026.
Litigation reserves
Refer to Note 24 of this Form 10-Q, and Note 30 of JPMorganChase’s 2025 Form 10-K for a description of the significant estimates and judgments associated with establishing litigation reserves.
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ACCOUNTING AND REPORTING DEVELOPMENTS

FASB Standards Issued but not yet Adopted
Standard Summary of guidance Effects on financial statements
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses Issued November 2024 • Requires additional disaggregation of specific types of expenses within the Notes to the Consolidated Financial Statements on an annual and interim basis. • Required effective date: Annual financial statements for the year ending December 31, 2027. (a) • The guidance may be applied on a prospective or retrospective basis. • The Firm is evaluating the potential impact on the Consolidated Financial Statements disclosures, as well as the Firm’s planned date of adoption.
Derivatives and Hedging and Revenue from Contracts with Customers: Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract Issued September 2025 • No longer requires derivative accounting treatment for certain contracts where the underlying variable is solely based on the specific operations or activities of one of the contracting parties. The new guidance also clarifies the applicability of derivative accounting treatment to contracts with both in scope and out of scope terms. • Clarifies the accounting for share-based payments from a customer in exchange for goods or services. • Required effective date: January 1, 2027. (a) • The guidance may be applied on a prospective or modified retrospective basis. • The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm's planned date of adoption.
Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software Issued September 2025 • Amends the cost capitalization guidance by removing all references to software development project stages to better align with current software development methods. • Requires software cost capitalization to begin when 1) management has authorized and committed to funding the software project, and 2) it is probable that the software will be completed and used to perform its intended function. • Required effective date: January 1, 2028. (a) • The guidance may be applied on a prospective, modified, or retrospective transition basis. • The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm’s planned date of adoption.
Financial Instruments - Credit Losses: Purchased Loans Issued November 2025 • Establishes an additional allowance framework for purchased, seasoned held-for-investment loans, excluding credit cards. • Requires that management’s initial estimate of expected credit losses be recognized as an increase to the allowance for credit losses with a corresponding increase to the loan’s amortized cost. • Required effective date: January 1, 2027. (a) • The guidance is required to be applied on a prospective basis. • The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm’s planned date of adoption.
Derivatives and Hedging: Hedge Accounting Improvements Issued November 2025 • Amends the hedge accounting guidance to allow different risks to be pooled in the same portfolio for cash flow hedging, if the hedging instrument is highly effective against each hedged risk in the portfolio. • Provides greater flexibility and expands eligibility for hedge accounting, including hedges of nonfinancial transactions, variable rate borrowings, net investment hedges, and hedges involving the use of written options. • Required effective date: January 1, 2027. (a) • The guidance is required to be applied on a prospective basis. • The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm’s planned date of adoption.

(a)
Early adoption is permitted.
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FORWARD-LOOKING STATEMENTS

From time to time, the Firm has made and will make forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipate,” “target,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” or other words of similar meaning. Forward-looking statements provide JPMorganChase’s current expectations or forecasts of future events, circumstances, results or aspirations. JPMorganChase’s disclosures in this Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Firm also may make forward-looking statements in its other documents filed or furnished with the SEC. In addition, the Firm’s senior management may make forward-looking statements orally to investors, analysts, representatives of the media and others.
All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Firm’s control. JPMorganChase’s actual future results may differ materially from those set forth in its forward-looking statements. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ from those in the forward-looking statements:
•
Local, regional and global business, economic and political conditions and geopolitical events, including geopolitical tensions and hostilities;
•
Changes in laws, rules and regulatory requirements, including capital and liquidity requirements affecting the Firm’s businesses, and the ability of the Firm to address those requirements;
•
Heightened regulatory and governmental oversight and scrutiny of JPMorganChase’s business practices, including dealings with retail customers;
•
Changes in trade, monetary and fiscal policies and laws;
•
Changes in the level of inflation;
•
Changes in income tax laws, rules, and regulations;
•
Securities and capital markets behavior, including changes in market liquidity and volatility;
•
Changes in investor sentiment or consumer spending or savings behavior;
•
Ability of the Firm to manage effectively its capital and liquidity;
•
Changes in credit ratings assigned to the Firm or its subsidiaries;
•
Damage to the Firm’s reputation;
•
Ability of the Firm to appropriately address public criticism of its business activities;
•
Ability of the Firm to deal effectively with an economic slowdown or other economic or market
disruption, including in the interest rate environment;
•
Technology changes instituted by the Firm, its counterparties or competitors, including AI;
•
The effectiveness of the Firm’s control agenda;
•
Ability of the Firm to develop or discontinue products and services, and the extent to which products or services previously sold by the Firm require the Firm to incur liabilities or absorb losses not contemplated at their initiation or origination;
•
Acceptance of the Firm’s new and existing products and services by the marketplace and the ability of the Firm to innovate and to increase market share;
•
Ability of the Firm to attract and retain qualified employees;
•
Ability of the Firm to control expenses;
•
Competitive pressures;
•
Changes in the credit quality of the Firm’s clients, customers and counterparties;
•
Adequacy of the Firm’s risk management framework, disclosure controls and procedures and internal control over financial reporting;
•
Adverse judicial or regulatory proceedings;
•
Ability of the Firm to determine accurate values of certain assets and liabilities;
•
Occurrence of natural or man-made disasters or calamities, including health emergencies, an outbreak or escalation of hostilities or other geopolitical instabilities, the effects of climate change or extraordinary events beyond the Firm's control, and the Firm’s ability to deal effectively with disruptions caused by the foregoing;
•
Ability of the Firm to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;
•
Ability of the Firm to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;
•
Ability of the Firm to effectively defend itself against cyber attacks and other attempts by unauthorized parties to access information of the Firm or its customers and clients or to disrupt the Firm’s systems; and
•
The other risks and uncertainties detailed in Part I, Item 1A: Risk Factors in JPMorganChase’s 2025 Form 10-K.
Any forward-looking statements made by or on behalf of the Firm speak only as of the date they are made, and JPMorganChase does not undertake to update any forward-looking statements. The reader should, however, consult any further disclosures of a forward-looking nature the Firm may make in any subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
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JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
Three months ended March 31,
(in millions, except per share data) 2026 2025
Revenue
Investment banking fees $ 2,858 $ 2,178
Principal transactions 7,987 7,614
Lending- and deposit-related fees 2,394 2,132
Asset management fees 5,515 4,700
Commissions and other fees 2,482 2,033
Investment securities gains/(losses) 64 ( 37 )
Mortgage fees and related income 309 278
Card income 1,190 1,216
Other income 1,671 1,923
Noninterest revenue 24,470 22,037
Interest income 49,191 46,853
Interest expense 23,825 23,580
Net interest income 25,366 23,273
Total net revenue 49,836 45,310
Provision for credit losses 2,507 3,305
Noninterest expense
Compensation expense 15,339 14,093
Occupancy expense 1,447 1,302
Technology, communications and equipment expense 3,021 2,578
Professional and outside services 3,483 2,839
Marketing 1,604 1,304
Other expense 1,956 1,481
Total noninterest expense 26,850 23,597
Income before income tax expense 20,479 18,408
Income tax expense 3,985 3,765
Net income $ 16,494 $ 14,643
Net income applicable to common stockholders $ 16,148 $ 14,317
Net income per common share data
Basic earnings per share $ 5.95 $ 5.08
Diluted earnings per share 5.94 5.07
Weighted-average basic shares 2,716.2 2,819.4
Weighted-average diluted shares 2,720.2 2,824.3

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
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JPMorgan Chase & Co.
Consolidated statements of comprehensive income (unaudited)
Three months ended March 31,
(in millions) 2026 2025
Net income $ 16,494 $ 14,643
Other comprehensive income/(loss), after–tax
Unrealized gains/(losses) on investment securities ( 2,401 ) 953
Translation adjustments, net of hedges ( 167 ) 489
Fair value hedges 41 28
Cash flow hedges ( 901 ) 1,674
Defined benefit pension and OPEB plans 4 ( 16 )
DVA on fair value option elected liabilities 1,025 217
Total other comprehensive income/(loss), after–tax ( 2,399 ) 3,345
Comprehensive income $ 14,095 $ 17,988

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
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JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
(in millions, except share data) March 31, 2026 December 31, 2025
Assets
Cash and due from banks $ 22,039 $ 21,742
Deposits with banks 290,103 321,596
Federal funds sold and securities purchased under resale agreements (included $ 472,506 and $ 327,018 at fair value) 482,704 336,426
Securities borrowed (included $ 105,987 and $ 98,111 at fair value) 284,524 286,191
Trading assets (included assets pledged of $ 255,035 and $ 165,927 ) 1,069,335 802,873
Available-for-sale securities (amortized cost of $ 552,160 and $ 507,226 ; included assets pledged of $ 9,416 and $ 7,735 ) 549,037 507,198
Held-to-maturity securities 272,142 270,134
Investment securities, net of allowance for credit losses 821,179 777,332
Loans (included $ 62,255 and $ 70,684 at fair value) 1,503,520 1,493,429
Allowance for loan losses ( 25,928 ) ( 25,765 )
Loans, net of allowance for loan losses 1,477,592 1,467,664
Accrued interest and accounts receivable 142,334 111,599
Premises and equipment 36,771 36,244
Goodwill, MSRs and other intangible assets 64,289 64,458
Other assets (included $ 21,292 and $ 15,849 at fair value and assets pledged of $ 18,279 and $ 11,984 ) 209,605 198,775
Total assets (a) $ 4,900,475 $ 4,424,900
Liabilities
Deposits (included $ 19,803 and $ 20,930 at fair value) $ 2,675,520 $ 2,559,320
Federal funds purchased and securities loaned or sold under repurchase agreements (included $ 620,136 and $ 360,194 at fair value) 716,623 442,396
Short-term borrowings (included $ 28,937 and $ 32,460 at fair value) 68,048 64,776
Trading liabilities 247,836 216,019
Accounts payable and other liabilities (included $ 10,738 and $ 6,660 at fair value) 352,561 316,794
Beneficial interests issued by consolidated VIEs (included $ 5 and $ 5 at fair value) 27,085 27,951
Long-term debt (included $ 144,704 and $ 134,559 at fair value) 448,764 435,206
Total liabilities (a) 4,536,437 4,062,462
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($ 1 par value; authorized 200,000,000 shares; issued 2,005,375 and 2,005,375 shares) 20,045 20,045
Common stock ($ 1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) 4,105 4,105
Additional paid-in capital 90,087 91,114
Retained earnings 428,206 416,055
Accumulated other comprehensive losses ( 6,689 ) ( 4,290 )
Treasury stock, at cost ( 1,425,422,477 and 1,408,661,319 shares) ( 171,716 ) ( 164,591 )
Total stockholders’ equity 364,038 362,438
Total liabilities and stockholders’ equity $ 4,900,475 $ 4,424,900

(a)
The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2026 and December 31, 2025. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorganChase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.
(in millions) March 31, 2026 December 31, 2025
Assets
Trading assets $ 4,689 $ 4,835
Loans 35,452 37,777
All other assets 738 683
Total assets $ 40,879 $ 43,295
Liabilities
Beneficial interests issued by consolidated VIEs $ 27,085 $ 27,951
All other liabilities 637 691
Total liabilities $ 27,722 $ 28,642

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
82
JPMorgan Chase & Co.
Consolidated statements of changes in stockholders’ equity (unaudited)
Three months ended March 31,
(in millions, except per share data) 2026 2025
Preferred stock
Balance at the beginning of the period $ 20,045 $ 20,050
Issuance — 2,995
Redemption — ( 3,000 )
Balance at March 31 20,045 20,045
Common stock
Balance at the beginning and end of the period 4,105 4,105
Additional paid-in capital
Balance at the beginning of the period 91,114 90,911
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects ( 1,027 ) ( 692 )
Other — 4
Balance at March 31 90,087 90,223
Retained earnings
Balance at the beginning of the period 416,055 376,166
Net income 16,494 14,643
Preferred stock dividends ( 276 ) ( 255 )
Common stock dividends ( $ 1.50 and $ 1.40 per share, respectively) ( 4,067 ) ( 3,938 )
Balance at March 31 428,206 386,616
Accumulated other comprehensive income/(loss)
Balance at the beginning of the period ( 4,290 ) ( 12,456 )
Other comprehensive income/(loss), after-tax ( 2,399 ) 3,345
Balance at March 31 ( 6,689 ) ( 9,111 )
Treasury stock, at cost
Balance at the beginning of the period ( 164,591 ) ( 134,018 )
Repurchase ( 8,378 ) ( 7,611 )
Reissuance 1,253 1,171
Balance at March 31 ( 171,716 ) ( 140,458 )
Total stockholders’ equity $ 364,038 $ 351,420

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
83
JPMorgan Chase & Co.
Consolidated statements of cash flows (unaudited)
Three months ended March 31,
(in millions) 2026 2025
Operating activities
Net income $ 16,494 $ 14,643
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses 2,507 3,305
Depreciation and amortization 2,364 2,030
Deferred tax (benefit)/expense 123 524
Other 513 600
Originations and purchases of loans held-for-sale ( 57,663 ) ( 68,533 )
Proceeds from sales, securitizations and paydowns of loans held-for-sale 64,432 62,724
Net change in:
Trading assets ( 272,429 ) ( 231,665 )
Securities borrowed 1,656 ( 19,156 )
Accrued interest and accounts receivable ( 31,294 ) ( 17,070 )
Other assets ( 11,614 ) 7,578
Trading liabilities 35,793 ( 10,486 )
Accounts payable and other liabilities 36,857 1,276
Other operating adjustments 500 2,391
Net cash (used in) operating activities ( 211,761 ) ( 251,839 )
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements ( 146,278 ) ( 134,479 )
Held-to-maturity securities:
Proceeds from paydowns and maturities 17,343 11,341
Purchases ( 19,574 ) ( 1,628 )
Available-for-sale securities:
Proceeds from paydowns and maturities 11,705 10,709
Proceeds from sales 42,640 55,847
Purchases ( 101,040 ) ( 53,721 )
Proceeds from sales and securitizations of loans held-for-investment 11,585 11,960
Other changes in loans, net ( 31,078 ) ( 16,134 )
All other investing activities, net ( 3,072 ) ( 1,971 )
Net cash (used in) investing activities ( 217,769 ) ( 118,076 )
Financing activities
Net change in:
Deposits 120,390 85,029
Federal funds purchased and securities loaned or sold under repurchase agreements 274,236 236,204
Short-term borrowings 3,438 10,817
Beneficial interests issued by consolidated VIEs ( 1,322 ) ( 2,431 )
Proceeds from long-term borrowings 49,898 29,927
Payments of long-term borrowings ( 31,938 ) ( 28,457 )
Proceeds from issuance of preferred stock — 3,000
Redemption of preferred stock — ( 3,000 )
Treasury stock repurchased ( 8,325 ) ( 7,528 )
Dividends paid ( 4,374 ) ( 3,823 )
All other financing activities, net ( 1,326 ) ( 1,679 )
Net cash provided by financing activities 400,677 318,059
Effect of exchange rate changes on cash and due from banks and deposits with banks ( 2,343 ) 8,442
Net decrease in cash and due from banks and deposits with banks ( 31,196 ) ( 43,414 )
Cash and due from banks and deposits with banks at the beginning of the period 343,338 469,317
Cash and due from banks and deposits with banks at the end of the period $ 312,142 $ 425,903
Cash interest paid $ 23,414 $ 23,587
Cash income taxes paid, net 917 1,651

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
84

Refer to the Glossary of Terms and Acronyms on pages 170-176 for definitions of terms and acronyms used throughout the Notes to Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Note 1 –
Basis of presentation
JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Refer to Note 25 for further discussion of the Firm's reportable business segments.
The accounting and financial reporting policies of JPMorganChase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities.

The preparation of the unaudited Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated.
These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes thereto included in JPMorganChase’s 2025 Form 10-K.
Consolidation
The Consolidated Financial Statements include the accounts of JPMorganChase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated.
Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorganChase and are not included on the Consolidated balance sheets.
The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.

Refer to Notes 1 and 14 of JPMorganChase’s 2025 Form 10-K for a further description of JPMorganChase’s accounting policies regarding consolidation.
Offsetting assets and liabilities
U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities sold and purchased under repurchase agreements and securities borrowed or loaned under securities loan agreements to be presented net when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances where it has determined that the specified conditions are met. Refer to Note 1 of JPMorganChase’s 2025 Form 10-K for further information on offsetting assets and liabilities.

85
Note 2 –
Fair value measurement
Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.
86
The following table presents the assets and liabilities reported at fair value as of March 31, 2026 and December 31, 2025, by major product category and fair value hierarchy.
Assets and liabilities measured at fair value on a recurring basis
Fair value hierarchy Derivative netting adjustments (e)
March 31, 2026 (in millions) Level 1 Level 2 Level 3 Total fair value
Federal funds sold and securities purchased under resale agreements $ — $ 472,506 $ — $ — $ 472,506
Securities borrowed — 105,987 — — 105,987
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies (a) — 158,383 268 — 158,651
Residential – nonagency — 6,481 5 — 6,486
Commercial – nonagency — 1,649 — — 1,649
Total mortgage-backed securities — 166,513 273 — 166,786
U.S. Treasury, GSEs and government agencies (a) 288,401 19,782 — — 308,183
Obligations of U.S. states and municipalities — 6,358 30 — 6,388
Certificates of deposit, bankers’ acceptances and commercial paper — 4,685 — — 4,685
Non-U.S. government debt securities 112,409 67,223 207 — 179,839
Corporate debt securities — 51,780 482 — 52,262
Loans — 12,337 1,051 — 13,388
Asset-backed securities — 3,338 26 — 3,364
Total debt instruments 400,810 332,016 2,069 — 734,895
Equity securities 234,003 2,152 172 — 236,327
Physical commodities (b) 14,421 843 11 — 15,275
Other — 10,800 454 — 11,254
Total debt and equity instruments (c) 649,234 345,811 2,706 — 997,751
Derivative receivables:
Interest rate 4,788 277,839 4,468 ( 261,318 ) 25,777
Credit — 13,207 2,322 ( 13,941 ) 1,588
Foreign exchange 339 211,575 1,919 ( 189,883 ) 23,950
Equity 3,564 106,374 2,419 ( 102,952 ) 9,405
Commodity — 39,268 753 ( 29,157 ) 10,864
Total derivative receivables 8,691 648,263 11,881 ( 597,251 ) 71,584
Total trading assets (d) 657,925 994,074 14,587 ( 597,251 ) 1,069,335
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies (a) 16 86,883 — — 86,899
Residential – nonagency — 5,467 — — 5,467
Commercial – nonagency — 4,317 — — 4,317
Total mortgage-backed securities 16 96,667 — — 96,683
U.S. Treasury and government agencies 355,307 951 — — 356,258
Obligations of U.S. states and municipalities — 18,980 — — 18,980
Non-U.S. government debt securities 39,887 13,324 — — 53,211
Corporate debt securities — 16 108 — 124
Asset-backed securities:
Collateralized loan obligations — 21,995 — — 21,995
Other (a) — 1,786 — — 1,786
Total available-for-sale securities 395,210 153,719 108 — 549,037
Loans — 59,071 3,184 — 62,255
Mortgage servicing rights — — 9,093 — 9,093
Other assets (d) 8,494 10,699 1,071 — 20,264
Total assets measured at fair value on a recurring basis $ 1,061,629 $ 1,796,056 $ 28,043 $ ( 597,251 ) $ 2,288,477
Deposits $ — $ 18,499 $ 1,304 $ — $ 19,803
Federal funds purchased and securities loaned or sold under repurchase agreements — 620,136 — — 620,136
Short-term borrowings — 23,070 5,867 — 28,937
Trading liabilities:
Debt and equity instruments (c) 152,659 43,552 335 — 196,546
Derivative payables:
Interest rate 3,303 257,304 2,739 ( 254,756 ) 8,590
Credit — 16,471 2,262 ( 16,755 ) 1,978
Foreign exchange 329 205,067 1,347 ( 190,941 ) 15,802
Equity 2,389 118,744 5,558 ( 110,324 ) 16,367
Commodity — 35,211 608 ( 27,266 ) 8,553
Total derivative payables 6,021 632,797 12,514 ( 600,042 ) 51,290
Total trading liabilities 158,680 676,349 12,849 ( 600,042 ) 247,836
Accounts payable and other liabilities 5,061 5,630 47 — 10,738
Beneficial interests issued by consolidated VIEs — 5 — — 5
Long-term debt — 95,532 49,172 — 144,704
Total liabilities measured at fair value on a recurring basis $ 163,741 $ 1,439,221 $ 69,239 $ ( 600,042 ) $ 1,072,159

87
Fair value hierarchy Derivative netting adjustments (e)
December 31, 2025 (in millions) Level 1 Level 2 Level 3 Total fair value
Federal funds sold and securities purchased under resale agreements $ — $ 327,018 $ — $ — $ 327,018
Securities borrowed — 98,111 — — 98,111
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies (a) — 157,834 307 — 158,141
Residential – nonagency — 2,002 5 — 2,007
Commercial – nonagency — 1,937 — — 1,937
Total mortgage-backed securities — 161,773 312 — 162,085
U.S. Treasury, GSEs and government agencies (a) 225,255 18,629 — — 243,884
Obligations of U.S. states and municipalities — 6,129 1 — 6,130
Certificates of deposit, bankers’ acceptances and commercial paper — 1,345 — — 1,345
Non-U.S. government debt securities 77,385 47,054 245 — 124,684
Corporate debt securities — 45,053 454 — 45,507
Loans — 11,782 1,143 — 12,925
Asset-backed securities — 3,986 27 — 4,013
Total debt instruments 302,640 295,751 2,182 — 600,573
Equity securities 107,585 2,153 138 — 109,876
Physical commodities (b) 20,880 947 30 — 21,857
Other — 12,346 444 — 12,790
Total debt and equity instruments (c) 431,105 311,197 2,794 — 745,096
Derivative receivables:
Interest rate 1,579 276,565 3,740 ( 256,483 ) 25,401
Credit — 12,018 1,006 ( 12,545 ) 479
Foreign exchange 111 181,318 1,807 ( 163,881 ) 19,355
Equity 806 95,098 1,819 ( 91,856 ) 5,867
Commodity — 29,961 554 ( 23,840 ) 6,675
Total derivative receivables 2,496 594,960 8,926 ( 548,605 ) 57,777
Total trading assets (d) 433,601 906,157 11,720 ( 548,605 ) 802,873
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies (a) 1 90,971 — — 90,972
Residential – nonagency — 5,991 — — 5,991
Commercial – nonagency — 4,481 3 — 4,484
Total mortgage-backed securities 1 101,443 3 — 101,447
U.S. Treasury and government agencies 315,361 461 — — 315,822
Obligations of U.S. states and municipalities — 20,240 — — 20,240
Non-U.S. government debt securities 34,308 11,347 — — 45,655
Corporate debt securities — 20 108 — 128
Asset-backed securities:
Collateralized loan obligations — 21,947 — — 21,947
Other (a) — 1,959 — — 1,959
Total available-for-sale securities 349,670 157,417 111 — 507,198
Loans — 67,622 3,062 — 70,684
Mortgage servicing rights — — 9,167 — 9,167
Other assets (d) 6,864 6,890 1,047 — 14,801
Total assets measured at fair value on a recurring basis $ 790,135 $ 1,563,215 $ 25,107 $ ( 548,605 ) $ 1,829,852
Deposits $ — $ 18,574 $ 2,356 $ — $ 20,930
Federal funds purchased and securities loaned or sold under repurchase agreements — 360,194 — — 360,194
Short-term borrowings — 26,902 5,558 — 32,460
Trading liabilities:
Debt and equity instruments (c) 135,366 33,998 326 — 169,690
Derivative payables:
Interest rate 2,071 253,078 2,434 ( 250,122 ) 7,461
Credit — 15,487 2,141 ( 15,612 ) 2,016
Foreign exchange 118 176,521 1,502 ( 163,308 ) 14,833
Equity 1,210 110,451 5,356 ( 102,211 ) 14,806
Commodity — 25,799 570 ( 19,156 ) 7,213
Total derivative payables 3,399 581,336 12,003 ( 550,409 ) 46,329
Total trading liabilities 138,765 615,334 12,329 ( 550,409 ) 216,019
Accounts payable and other liabilities 3,967 2,655 38 — 6,660
Beneficial interests issued by consolidated VIEs — 5 — — 5
Long-term debt — 87,886 46,673 — 134,559
Total liabilities measured at fair value on a recurring basis $ 142,732 $ 1,111,550 $ 66,954 $ ( 550,409 ) $ 770,827

(a)
At March 31, 2026 and December 31, 2025, included total U.S. GSE obligations of $
169.2
billion and $
158.4
billion, respectively, which were mortgage-related.
(b)
Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in
88
fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.
(c)
Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).
(d)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At both March 31, 2026 and December 31, 2025, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $
1.0
billion, primarily reported in other assets.
(e)
As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
Level 3 valuations
Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.
The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.
The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.
In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of
the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.
89
Level 3 inputs (a)
March 31, 2026
Product/Instrument Fair value (in millions) Principal valuation technique Unobservable inputs (g) Range of input values Average (i)
Residential mortgage-backed securities and loans (b) $ 917 Discounted cash flows Yield 0 % 40 % 7 %
Prepayment speed 6 % 14 % 9 %
Conditional default rate 0 % 3 % 0 %
Loss severity 0 % 100 % 7 %
Commercial mortgage-backed securities and loans (c) 1,192 Market comparables Price $ 0 $ 93 $ 81
Corporate debt securities 590 Market comparables Price $ 0 $ 177 $ 107
Loans (d) 2,399 Market comparables Price $ 0 $ 101 $ 83
Non-U.S. government debt securities 207 Market comparables Price $ 2 $ 122 $ 99
Net interest rate derivatives 1,733 Option pricing Interest rate volatility 24 bps 503 bps 100 bps
Interest rate spread volatility 44 bps 59 bps 49 bps
Bermudan switch value 0 % 52 % 17 %
Interest rate correlation ( 64 )% 97 % 56 %
IR-FX correlation ( 35 )% 60 % 4 %
Inflation Volatility 11 bps 174 bps 63 bps
( 4 ) Discounted cash flows Prepayment speed 0 % 21 % 7 %
Interest Rate Curve 3 % 15 % 5 %
Net credit derivatives 21 Discounted cash flows Credit correlation 29 % 79 % 52 %
Credit spread 0 bps 6,941 bps 393 bps
Recovery rate 10 % 90 % 52 %
39 Market comparables Price $ 0 $ 115 $ 79
Net foreign exchange derivatives 621 Option pricing IR-FX correlation ( 50 )% 60 % 16 %
( 49 ) Discounted cash flows Prepayment speed 11 % 11 %
Interest rate curve 3 % 18 % 9 %
Net equity derivatives ( 3,139 ) Option pricing Forward equity price (h) 84 % 141 % 101 %
Equity volatility 2 % 135 % 36 %
Equity correlation 0 % 100 % 54 %
Equity-FX correlation ( 78 )% 71 % ( 33 )%
Equity-IR correlation 0 % 10 % 6 %
Net commodity derivatives 145 Option pricing Oil commodity forward $ 47 /BBL $ 1,680 /BBL $ 302 /BBL
Natural gas commodity forward $ 1 /MMBTU $ 6 /MMBTU $ 3 /MMBTU
Commodity volatility 2 % 41 % 6 %
Commodity correlation ( 15 )% 98 % 11 %
MSRs 9,093 Discounted cash flows Refer to Note 14
Long-term debt, short-term borrowings, and deposits (e) 54,683 Option pricing Interest rate volatility 24 bps 503 bps 100 bps
Bermudan switch value 0 % 52 % 17 %
Interest rate correlation ( 64 )% 97 % 56 %
IR-FX correlation ( 35 )% 60 % 4 %
Equity volatility 3 % 117 % 35 %
Equity correlation 0 % 100 % 60 %
Equity-FX correlation ( 84 )% 65 % ( 33 )%
Equity-IR correlation 5 % 20 % 13 %
1,660 Discounted cash flows Credit correlation 27 % 76 % 52 %
Credit spread 1 bps 345 bps 63 bps
Recovery rate 20 % 40 % 36 %
Yield 5 % 20 % 10 %
Loss severity 0 % 100 % 50 %
Other level 3 assets and liabilities, net (f) 1,382

(a)
The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.
(b)
Comprises U.S. GSE and government agency securities of $
268
million, nonagency securities of $
5
million and non-trading loans of $
644
million.
(c)
Comprises trading loans of $
93
million and non-trading loans of $
1.1
billion.
(d)
Comprises trading loans of $
958
million and non-trading loans of $
1.4
billion.
(e)
Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.
(f)
Includes equity securities of $
938
million, including $
765
million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.
(g)
Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $
100
.
(h)
Forward equity price is expressed as a percentage of the current equity price.
(i)
Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.
90
Changes in and ranges of unobservable inputs
Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.
Changes in level 3 recurring fair value measurements
The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three months ended March 31, 2026 and 2025. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. The Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.
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Fair value measurements using significant unobservable inputs
Three months ended March 31, 2026 (in millions) Fair value at Jan. 1, 2026 Total realized/unrealized gains/(losses) Transfers into level 3 Transfers (out of) level 3 Fair value at Mar. 31, 2026 Change in unrealized gains/(losses) related to financial instruments held at Mar. 31, 2026
Purchases (g) Sales Settlements (h)
Assets: (a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies $ 307 $ 1 $ 1 $ ( 28 ) $ ( 13 ) $ — $ — $ 268 $ ( 1 )
Residential – nonagency 5 2 4 ( 6 ) — — — 5 —
Commercial – nonagency — — — — — — — — —
Total mortgage-backed securities 312 3 5 ( 34 ) ( 13 ) — — 273 ( 1 )
Obligations of U.S. states and municipalities 1 24 — — — 5 — 30 24
Non-U.S. government debt securities 245 ( 7 ) 38 ( 61 ) — — ( 8 ) 207 ( 6 )
Corporate debt securities 454 ( 1 ) 63 ( 30 ) — 1 ( 5 ) 482 2
Loans 1,143 ( 29 ) 201 ( 94 ) ( 3 ) 69 ( 236 ) 1,051 ( 29 )
Asset-backed securities 27 — — — ( 1 ) — — 26 —
Total debt instruments 2,182 ( 10 ) 307 ( 219 ) ( 17 ) 75 ( 249 ) 2,069 ( 10 )
Equity securities 138 7 46 ( 108 ) ( 4 ) 96 ( 3 ) 172 14
Physical commodities 30 32 — — ( 51 ) — — 11 29
Other 444 ( 47 ) 49 — ( 15 ) 54 ( 31 ) 454 ( 31 )
Total trading assets – debt and equity instruments 2,794 ( 18 ) (c) 402 ( 327 ) ( 87 ) 225 ( 283 ) 2,706 2 (c)
Net derivative receivables: (b)
Interest rate 1,306 318 32 ( 105 ) 49 110 19 1,729 356
Credit ( 1,135 ) 1,496 1 ( 42 ) ( 324 ) ( 8 ) 72 60 1,483
Foreign exchange 305 68 89 ( 114 ) 88 79 57 572 68
Equity ( 3,537 ) 690 356 ( 800 ) 89 107 ( 44 ) ( 3,139 ) 426
Commodity ( 16 ) 210 4 ( 130 ) 80 ( 25 ) 22 145 228
Total net derivative receivables ( 3,077 ) 2,782 (c) 482 ( 1,191 ) ( 18 ) 263 126 ( 633 ) 2,561 (c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency 3 ( 3 ) — — — — — — —
Corporate debt securities 108 6 — — — — ( 6 ) 108 6
Total available-for-sale securities 111 3 (d) — — — — ( 6 ) 108 6 (d)
Loans 3,062 93 (c) 148 ( 107 ) ( 176 ) 340 ( 176 ) 3,184 83 (c)
Mortgage servicing rights 9,167 38 (e) 156 2 ( 270 ) — — 9,093 38 (e)
Other assets 1,047 9 (c) 21 ( 2 ) ( 4 ) 1 ( 1 ) 1,071 9 (c)
Fair value measurements using significant unobservable inputs
Three months ended March 31, 2026 (in millions) Fair value at Jan. 1, 2026 Total realized/unrealized (gains)/losses Transfers into level 3 Transfers (out of) level 3 Fair value at Mar. 31, 2026 Change in unrealized (gains)/losses related to financial instruments held at Mar. 31, 2026
Purchases Sales Issuances Settlements (h)
Liabilities: (a)
Deposits $ 2,356 $ ( 88 ) (c)(f) $ — $ — $ 304 $ ( 1,089 ) $ — $ ( 179 ) $ 1,304 $ ( 89 ) (c)(f)
Short-term borrowings 5,558 ( 74 ) (c)(f) — — 3,923 ( 3,544 ) 7 ( 3 ) 5,867 ( 130 ) (c)(f)
Trading liabilities – debt and equity instruments 326 4 (c) ( 5 ) 10 — — — — 335 8 (c)
Accounts payable and other liabilities 38 7 (c) ( 2 ) 3 — — 1 — 47 7 (c)
Long-term debt 46,673 ( 1,190 ) (c)(f) — — 10,613 ( 6,428 ) 103 ( 599 ) 49,172 ( 1,262 ) (c)(f)

92
Fair value measurements using significant unobservable inputs
Three months ended March 31, 2025 (in millions) Fair value at Jan 1, 2025 Total realized/unrealized gains/(losses) Transfers into level 3 Transfers (out of) level 3 Fair value at Mar. 31, 2025 Change in unrealized gains/(losses) related to financial instruments held at Mar. 31, 2025
Purchases (g) Sales Settlements (h)
Assets: (a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies $ 488 $ 3 $ 3 $ ( 88 ) $ ( 16 ) $ — $ — $ 390 $ ( 4 )
Residential – nonagency 5 — — — — — — 5 —
Commercial – nonagency 10 ( 3 ) — — — — — 7 ( 3 )
Total mortgage-backed securities 503 — 3 ( 88 ) ( 16 ) — — 402 ( 7 )
Obligations of U.S. states and municipalities 1 — — — — — — 1 —
Non-U.S. government debt securities 152 12 76 ( 78 ) ( 1 ) — — 161 29
Corporate debt securities 390 7 99 ( 51 ) ( 5 ) 10 ( 8 ) 442 75
Loans 1,088 ( 6 ) 351 ( 214 ) ( 110 ) 141 ( 447 ) 803 ( 7 )
Asset-backed securities 10 — — — — — — 10 —
Total debt instruments 2,144 13 529 ( 431 ) ( 132 ) 151 ( 455 ) 1,819 90
Equity securities 62 ( 4 ) 61 ( 40 ) — 61 ( 7 ) 133 ( 3 )
Physical commodities 26 ( 10 ) — — ( 2 ) — — 14 ( 4 )
Other 210 ( 42 ) 9 — ( 14 ) 76 — 239 ( 41 )
Total trading assets – debt and equity instruments 2,442 ( 43 ) (c) 599 ( 471 ) ( 148 ) 288 ( 462 ) 2,205 42 (c)
Net derivative receivables: (b)
Interest rate 301 597 89 ( 117 ) 139 ( 60 ) 45 994 666
Credit ( 363 ) ( 117 ) 79 — ( 138 ) ( 146 ) ( 18 ) ( 703 ) ( 97 )
Foreign exchange 20 232 63 ( 153 ) 69 73 ( 6 ) 298 175
Equity ( 2,866 ) 1,747 272 ( 777 ) ( 954 ) ( 577 ) 194 ( 2,961 ) 1,600
Commodity ( 73 ) 103 26 ( 62 ) 62 1 ( 17 ) 40 111
Total net derivative receivables ( 2,981 ) 2,562 (c) 529 ( 1,109 ) ( 822 ) ( 709 ) 198 ( 2,332 ) 2,455 (c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency 8 — — — — — — 8 —
Corporate debt securities — — — — — — — — —
Total available-for-sale securities 8 — — — — — — 8 —
Loans 2,416 29 (c) 54 ( 72 ) ( 300 ) 453 ( 182 ) 2,398 ( 13 ) (c)
Mortgage servicing rights 9,121 ( 127 ) (e) 390 4 ( 261 ) — — 9,127 ( 127 ) (e)
Other assets 1,344 32 (c) 12 ( 31 ) ( 10 ) 56 ( 33 ) 1,370 32 (c)
Fair value measurements using significant unobservable inputs
Three months ended March 31, 2025 (in millions) Fair value at Jan 1, 2025 Total realized/unrealized (gains)/losses Transfers into level 3 Transfers (out of) level 3 Fair value at Mar. 31, 2025 Change in unrealized (gains)/losses related to financial instruments held at Mar. 31, 2025
Purchases Sales Issuances Settlements (h)
Liabilities: (a)
Deposits $ 2,185 $ 52 (c)(f) $ — $ — $ 362 $ ( 625 ) $ — $ ( 25 ) $ 1,949 $ 48 (c)(f)
Short-term borrowings 3,476 49 (c)(f) — — 2,360 ( 1,812 ) 10 ( 38 ) 4,045 20 (c)(f)
Trading liabilities – debt and equity instruments 46 ( 10 ) (c) — 11 — — 16 ( 19 ) 44 ( 8 ) (c)
Accounts payable and other liabilities 76 ( 8 ) (c) — 1 — — — ( 33 ) 36 ( 8 ) (c)
Long-term debt 34,564 ( 210 ) (c)(f) — — 7,654 ( 5,091 ) 158 ( 593 ) 36,482 ( 316 ) (c)(f)

93
(a)
Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were
1
% at both March 31, 2026 and December 31, 2025. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were
6
% and
9
% at March 31, 2026 and December 31, 2025, respectively.
(b)
All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.
(c)
Primarily reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.
(d)
Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. Realized and unrealized gains/(losses) recorded on level 3 AFS securities were not material for the three months ended March 31, 2026 and 2025.
(e)
Changes in fair value for MSRs are reported in mortgage fees and related income.
(f)
Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three months ended March 31, 2026 and 2025. Unrealized (gains)/losses are reported in OCI, and were $(
445
) million and $(
73
) million for the three months ended March 31, 2026 and 2025, respectively.
(g)
Loan originations are included in purchases.
(h)
Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.
Level 3 analysis

Consolidated balance sheets changes
The following describes significant changes to level 3 assets since December 31, 2025, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 95 for further information on changes impacting items measured at fair value on a nonrecurring basis.
Three months ended March 31, 2026
Level 3 assets were $
28.0
billion at March 31, 2026, reflecting an increase of $
2.9
billion from December 31, 2025.
The increase for the three months ended March 31, 2026 was driven by higher:
•
Gross derivative receivables of $
3.0
 billion due to gains, purchases and net transfers partially offset by settlements.
Refer to the sections below for additional information.
Transfers between levels for instruments carried at fair value on a recurring basis

For the three months ended March 31, 2026 and 2025, there were no significant transfers from level 2 into level 3 or from level 3 into level 2.
All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.
Gains and losses
The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 91-94 for further information on these instruments.
Three months ended March 31, 2026
•
$
2.9
billion of net gains on assets, driven by gains in net derivative receivables due to market movements.
•
$
1.3
billion of net gains on liabilities, predominantly driven by gains in long-term debt due to market movements.
Three months ended March 31, 2025
•
$
2.5
billion of net gains on assets, driven by gains in net derivative receivables due to market movements partially offset by losses on MSRs reflecting faster prepayment speeds on lower rates.
•
$
127
million of net net gains on liabilities, driven by gains in long-term debt due to market movements partially offset by losses in deposits and short-term borrowings due to market movements.
Refer to Note 14 for information on MSRs.
Credit and funding adjustments — derivatives
The following table provides the gains/(losses) resulting from credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.
Three months ended March 31,
(in millions) 2026 2025
Credit and funding adjustments:
Derivatives CVA $ ( 111 ) $ ( 45 )
Derivatives FVA ( 35 ) ( 25 )

Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.
94
Assets and liabilities measured at fair value on a nonrecurring basis
The following tables present the assets and liabilities held as of
March 31, 2026 and 2025
, for which nonrecurring fair value adjustments were recorded during the three months ended
March 31, 2026 and 2025
, by major product category and fair value hierarchy.
March 31, 2026 (in millions) Fair value hierarchy Total fair value
Level 1 Level 2 Level 3
Loans $ — $ 1,594 $ 471 $ 2,065
Other assets (a) — 3 425 428
Total assets measured at fair value on a nonrecurring basis $ — $ 1,597 $ 896 $ 2,493
Accounts payable and other liabilities — — 129 129
Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ 129 $ 129

March 31, 2025 (in millions) Fair value hierarchy Total fair value
Level 1 Level 2 Level 3
Loans $ — $ 994 $ 441 $ 1,435
Other assets — 6 258 264
Total assets measured at fair value on a nonrecurring basis $ — $ 1,000 $ 699 $ 1,699
Accounts payable and other liabilities — — 1 1
Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ 1 $ 1

(a)
Included equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $
425
million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2026, $
373
million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.
Nonrecurring fair value changes
The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three months ended March 31, 2026 and 2025, related to assets and liabilities held at those dates.
Three months ended March 31,
(in millions) 2026 2025
Loans $ ( 39 ) $ ( 74 )
Other assets (a) 129 27
Accounts payable and other liabilities ( 129 ) ( 1 )
Total nonrecurring fair value gains/(losses) $ ( 39 ) $ ( 48 )

(a)
Included $
121
million and $
34
million for the three months ended March 31, 2026 and 2025, respectively, of net gains/(losses) as a result of the measurement alternative.

95
Equity securities without readily determinable fair values
The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (i.e., measurement alternative), with such changes recognized in other income.
In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.
The following table presents the carrying value of equity securities without readily determinable fair values held as of March 31, 2026 and 2025, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.
Three months ended March 31,
As of or for the period ended, (in millions) 2026 2025
Other assets
Carrying value (a) $ 5,797 $ 3,988
Upward carrying value changes (b) 147 52
Downward carrying value changes/impairment (c) ( 26 ) ( 18 )

(a)
The carrying value as of December 31, 2025 was $
4.9
billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.
(b)
The cumulative upward carrying value changes between January 1, 2018 and March 31, 2026 were $
1.5
billion.
(c)
The cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2026 were $(
1.5
) billion.
Included in other assets above is the Firm’s interest in approximately
18.6
million Visa Class B-2 common shares ("Visa B-2 shares") reflected in the Firm's principal investment portfolio at both March 31, 2026 and 2025.
The Visa B-2 shares are subject to certain transfer restrictions and are convertible into Visa Class A common shares (“Visa A shares”) at a specified conversion rate upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa B-2 shares to Visa A shares was
1.5075
at March 31, 2026 and may be adjusted by Visa depending on developments related to the litigation matters. The outcome of those litigation matters, and the effect that the resolution of those matters may have on the conversion rate, is unknown. Accordingly, as of March 31, 2026, there is significant uncertainty regarding when the transfer restrictions on Visa B-2 shares may be terminated and what the final conversion rate for the Visa B-2 shares will be. As a result of these considerations, as well as differences in voting rights, Visa B-2 shares are not considered to be similar to Visa A shares, and are held at their nominal carryover basis.
On April 13, 2026, Visa commenced an exchange offer expiring May 8, 2026 for any and all outstanding shares of Visa Class B-1 common stock ("Visa B-1 shares") and Visa B-2 shares. Holders participating in the exchange offer would receive a combination of Visa Class B-3 common stock (“Visa B-3 shares”) and Visa Class C common stock (“Visa C shares”) in exchange for Visa B-1 shares or Visa B-2 shares that are validly tendered and accepted for exchange by Visa. The Firm has tendered its
18.6
million Visa B-2 shares, and that tender is pending Visa’s acceptance. In exchange for each Visa B-2 share that is validly tendered and accepted for exchange by Visa, the Firm would receive one half of a newly issued Visa B-3 share and newly issued Visa C shares in an amount equivalent to one half of a Visa B-2 share. Upon acceptance by Visa of the Firm’s tender, the Visa C shares received by the Firm would be recognized at fair value, which is expected to result in a gain that may be recorded as early as the second quarter of 2026. The Visa B-3 shares would continue to be held at their nominal carrying value and would continue to be subject to transfer restrictions. The Firm would be entitled to sell the Visa C shares received after a brief lock-up period expires. Visa is also authorized to extend offers for potential future exchanges, each enabling the release of additional Visa B shares if certain conditions are met. The timing of future exchange offers is dependent upon actions taken by Visa and other factors that are outside of the Firm’s control.
Separately, in connection with sales of Visa B shares prior to 2024, the Firm has entered into derivative instruments with the purchasers of the shares under which the Firm retains the risk associated with changes in the conversion rate. As of March 31, 2026, the Firm held derivative instruments associated with
11.6
 million Visa B-2 shares related to Visa B share sales prior to 2024, which are all subject to similar terms and conditions. Refer to page 193 of JPMorganChase’s 2025 Form 10-K for further information.
96
Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value
The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at March 31, 2026 and December 31, 2025, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.
March 31, 2026 December 31, 2025
Estimated fair value hierarchy Estimated fair value hierarchy
(in billions) Carrying value Level 1 Level 2 Level 3 Total estimated fair value Carrying value Level 1 Level 2 Level 3 Total estimated fair value
Financial assets
Cash and due from banks $ 22.0 $ 22.0 $ — $ — $ 22.0 $ 21.7 $ 21.7 $ — $ — $ 21.7
Deposits with banks 290.1 290.1 — — 290.1 321.6 321.6 — — 321.6
Accrued interest and accounts receivable 141.9 — 141.7 0.2 141.9 111.1 — 111.0 0.1 111.1
Federal funds sold and securities purchased under resale agreements 10.2 — 10.2 — 10.2 9.4 — 9.4 — 9.4
Securities borrowed 178.5 — 178.5 — 178.5 188.1 — 188.1 — 188.1
Investment securities, held-to-maturity 272.1 134.4 120.1 — 254.5 270.1 126.4 126.9 — 253.3
Loans, net of allowance for loan losses (a) 1,415.3 — 316.7 1,102.6 1,419.3 1,397.0 — 314.6 1,089.2 1,403.8
Other 97.6 — 97.2 0.6 97.8 93.0 — 91.7 1.5 93.2
Financial liabilities
Deposits $ 2,655.7 $ — $ 2,655.9 $ — $ 2,655.9 $ 2,538.4 $ — $ 2,538.8 $ — $ 2,538.8
Federal funds purchased and securities loaned or sold under repurchase agreements 96.5 — 96.5 — 96.5 82.2 — 82.2 — 82.2
Short-term borrowings 39.1 — 39.1 — 39.1 32.3 — 32.3 — 32.3
Accounts payable and other liabilities (b) 300.7 — 287.3 12.4 299.7 262.6 — 248.7 13.0 261.7
Beneficial interests issued by consolidated VIEs 27.1 — 27.1 — 27.1 27.9 — 28.0 — 28.0
Long-term debt 304.0 — 254.0 51.9 305.9 300.6 — 253.0 52.1 305.1

(a)
Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.
(b)
Excludes lending-related commitments disclosed in the table below.
The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.
March 31, 2026 December 31, 2025
Estimated fair value hierarchy Estimated fair value hierarchy
(in billions) Carrying value (a)(b) Level 1 Level 2 Level 3 Total estimated fair value Carrying value (a)(b) Level 1 Level 2 Level 3 Total estimated fair value
Wholesale lending-related commitments $ 3.2 $ — $ — $ 4.2 $ 4.2 $ 3.2 $ — $ — $ 4.5 $ 4.5

(a)
Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.
(b)
Includes the wholesale allowance for lending-related commitments.
The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments with or without notice to the borrower, as permitted by law, or in accordance with the contract. Refer to page 176 of JPMorganChase’s 2025 Form 10-K for a further discussion of the valuation of lending-related commitments.

97
Note 3 –
Fair value option
The fair value option provides an option to elect fair value for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments.
The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis.
The Firm’s election of fair value includes the following instruments:
•
Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments
•
Certain securities financing agreements
•
Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument
•
Structured notes and other hybrid instruments, which are predominantly financial instruments that contain embedded derivatives, that are issued or transacted as part of client-driven activities
•
Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value
Changes in fair value under the fair value option election

The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended March 31, 2026 and 2025, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table.

Three months ended March 31,
2026 2025
(in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements $ — $ — $ — $ 26 $ — $ 26
Securities borrowed ( 11 ) — ( 11 ) — — —
Trading assets:
Debt and equity instruments, excluding loans ( 417 ) — ( 417 ) ( 199 ) — ( 199 )
Loans reported as trading assets:
Changes in instrument-specific credit risk 136 — 136 24 — 24
Other changes in fair value 7 2 (c) 9 3 3 (c) 6
Loans:
Changes in instrument-specific credit risk 164 3 (c) 167 269 — 269
Other changes in fair value ( 56 ) 69 (c) 13 170 181 (c) 351
Other assets 17 ( 2 ) (d) 15 28 — 28
Deposits (a) ( 17 ) — ( 17 ) ( 461 ) — ( 461 )
Federal funds purchased and securities loaned or sold under repurchase agreements 9 — 9 ( 7 ) — ( 7 )
Short-term borrowings (a) 115 — 115 ( 147 ) — ( 147 )
Trading liabilities ( 57 ) — ( 57 ) 18 — 18
Other liabilities — — — 2 — 2
Long-term debt (a)(b) 1,665 ( 5 ) (c)(d) 1,660 ( 185 ) ( 6 ) (c)(d) ( 191 )

(a)
Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were not material for the three months ended March 31, 2026 and 2025.
(b)
Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.
(c)
Reported in mortgage fees and related income.
(d)
Reported in other income.
(e)
Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments in CIB. Refer to Note 6 for further information regarding interest income and interest expense.
98
Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding
The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of March 31, 2026 and December 31, 2025, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.
March 31, 2026 December 31, 2025
(in millions) Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding
Loans
Nonaccrual loans
Loans reported as trading assets $ 3,581 $ 651 $ ( 2,930 ) $ 3,443 $ 545 $ ( 2,898 )
Loans 1,599 1,141 ( 458 ) 1,994 1,518 ( 476 )
Subtotal 5,180 1,792 ( 3,388 ) 5,437 2,063 ( 3,374 )
90 or more days past due and government guaranteed
Loans (a) 208 199 ( 9 ) 152 144 ( 8 )
All other performing loans (b)
Loans reported as trading assets 15,177 12,737 ( 2,440 ) 14,852 12,380 ( 2,472 )
Loans (c) 61,429 60,915 ( 514 ) 68,802 69,022 220
Subtotal 76,606 73,652 ( 2,954 ) 83,654 81,402 ( 2,252 )
Total loans $ 81,994 $ 75,643 $ ( 6,351 ) $ 89,243 $ 83,609 $ ( 5,634 )
Long-term debt
Principal-protected debt $ 85,048 (e) $ 72,199 $ ( 12,849 ) $ 73,984 (e) $ 63,770 $ ( 10,214 )
Nonprincipal-protected debt (d) NA 72,505 NA NA 70,789 NA
Total long-term debt NA $ 144,704 NA NA $ 134,559 NA
Long-term beneficial interests
Nonprincipal-protected debt (d) NA $ 5 NA NA $ 5 NA
Total long-term beneficial interests NA $ 5 NA NA $ 5 NA

(a)
These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies.
(b)
There were
no
performing loans that were ninety days or more past due as of March 31, 2026 and December 31, 2025.
(c)
Includes loans insured and/or guaranteed by U.S. government agencies less than 90 days past due.
(d)
Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes.
(e)
Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date.
At March 31, 2026 and December 31, 2025, the contractual amount of lending-related commitments for which the fair value option was elected was $
21.6
billion and $
18.9
billion, respectively, with a corresponding fair value of $
82
million and $
42
million, respectively. Refer to Note 28 of JPMorganChase’s 2025 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments.
99
Structured note products by balance sheet classification and risk component
The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type.
March 31, 2026 December 31, 2025
(in millions) Long-term debt Short-term borrowings Deposits Total Long-term debt Short-term borrowings Deposits Total
Risk exposure
Interest rate $ 69,576 $ 2,769 $ 16,049 $ 88,394 $ 61,398 $ 3,273 $ 17,184 $ 81,855
Credit 9,138 702 — 9,840 8,677 817 — 9,494
Foreign exchange 2,512 805 483 3,800 2,617 606 448 3,671
Equity 57,913 11,230 3,094 72,237 55,890 9,978 3,095 68,963
Commodity 943 328 — (a) 1,271 828 154 — (a) 982
Total structured notes $ 140,082 $ 15,834 $ 19,626 $ 175,542 $ 129,410 $ 14,828 $ 20,727 $ 164,965

(a)
Excludes deposits linked to precious metals for which the fair value option has not been elected of $
3.2
billion and $
2.8
billion for the periods ended March 31, 2026 and December 31, 2025, respectively.
100
Note 4 –
Derivative instruments
JPMorganChase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorganChase’s 2025 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments.
The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in
hedge accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage risks associated with specified assets and liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes.
The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.
Type of Derivative Use of Derivative Designation and disclosure Affected segment or unit 10-Q page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
• Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 107-108
• Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 109
• Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 107-108
• Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 109
• Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 109
• Commodity Hedge commodity inventory Fair value hedge CIB, AWM 107-108
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
• Interest rate Manage the risk associated with mortgage commitments, warehouse loans and MSRs Specified risk management CCB 110
• Credit Manage the credit risk associated with wholesale lending exposures Specified risk management CIB, AWM 110
• Interest rate and foreign exchange Manage the risk associated with certain other specified assets and liabilities Specified risk management Corporate, CIB 110
Market-making derivatives and other activities:
• Various Market-making and related risk management Market-making and other CIB 110
• Various Other derivatives Market-making and other CIB, AWM, Corporate 110

101
Notional amount of derivative contracts
The following table summarizes the notional amount of free-standing derivative contracts outstanding as of March 31, 2026 and December 31, 2025.
Notional amounts (b)
(in billions) March 31, 2026 December 31, 2025
Interest rate contracts
Swaps $ 24,128 $ 19,056
Futures and forwards 5,026 3,305
Written options 4,366 3,775
Purchased options 4,225 3,400
Total interest rate contracts 37,745 29,536
Credit derivatives (a) 1,949 1,381
Foreign exchange contracts
Cross-currency swaps 5,900 5,476
Spot, futures and forwards 11,299 8,187
Written options 1,185 979
Purchased options 1,172 953
Total foreign exchange contracts 19,556 15,595
Equity contracts
Swaps 1,255 1,147
Futures and forwards 246 196
Written options 1,158 1,118
Purchased options 998 971
Total equity contracts 3,657 3,432
Commodity contracts
Swaps 204 189
Spot, futures and forwards 319 270
Written options 161 119
Purchased options 144 120
Total commodity contracts 828 698
Total derivative notional amounts $ 63,735 $ 50,642

(a)
Refer to the Credit derivatives discussion on pages 111-112 for more information on volumes and types of credit derivative contracts.
(b)
Represents the sum of gross long and gross short third-party notional derivative contracts.
While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is simply a reference amount used to calculate payments.

102
Impact of derivatives on the Consolidated balance sheets
The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of March 31, 2026 and December 31, 2025, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.
Free-standing derivative receivables and payables (a)
Gross derivative receivables Gross derivative payables
March 31, 2026 (in millions) Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b)
Trading assets and liabilities
Interest rate $ 287,095 $ — $ 287,095 $ 25,777 $ 263,345 $ 1 $ 263,346 $ 8,590
Credit 15,529 — 15,529 1,588 18,733 — 18,733 1,978
Foreign exchange 212,620 1,213 213,833 23,950 205,602 1,141 206,743 15,802
Equity 112,357 — 112,357 9,405 126,691 — 126,691 16,367
Commodity 39,311 710 40,021 10,864 34,743 1,076 35,819 8,553
Total fair value of trading assets and liabilities $ 666,912 $ 1,923 $ 668,835 $ 71,584 $ 649,114 $ 2,218 $ 651,332 $ 51,290
Gross derivative receivables Gross derivative payables
December 31, 2025 (in millions) Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b)
Trading assets and liabilities
Interest rate $ 281,884 $ — $ 281,884 $ 25,401 $ 257,582 $ 1 $ 257,583 $ 7,461
Credit 13,024 — 13,024 479 17,628 — 17,628 2,016
Foreign exchange 182,887 349 183,236 19,355 177,158 983 178,141 14,833
Equity 97,723 — 97,723 5,867 117,017 — 117,017 14,806
Commodity 29,932 583 30,515 6,675 24,744 1,625 26,369 7,213
Total fair value of trading assets and liabilities $ 605,450 $ 932 $ 606,382 $ 57,777 $ 594,129 $ 2,609 $ 596,738 $ 46,329

(a)
Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.
(b)
As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.
103
Derivatives netting
The following tables present, as of March 31, 2026 and December 31, 2025, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables.
In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:
•
collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as "Collateral not nettable on the Consolidated balance sheets" in the tables, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule;
•
the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables; and
•
collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables.
March 31, 2026 December 31, 2025
(in millions) Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”) $ 162,822 $ ( 139,552 ) $ 23,270 $ 162,300 $ ( 138,107 ) $ 24,193
OTC–cleared 121,854 ( 121,351 ) 503 118,377 ( 118,303 ) 74
Exchange-traded (a) 434 ( 415 ) 19 128 ( 73 ) 55
Total interest rate contracts 285,110 ( 261,318 ) 23,792 280,805 ( 256,483 ) 24,322
Credit contracts:
OTC 12,189 ( 10,844 ) 1,345 9,723 ( 9,433 ) 290
OTC–cleared 3,265 ( 3,097 ) 168 3,233 ( 3,112 ) 121
Total credit contracts 15,454 ( 13,941 ) 1,513 12,956 ( 12,545 ) 411
Foreign exchange contracts:
OTC 207,360 ( 186,979 ) 20,381 180,120 ( 163,029 ) 17,091
OTC–cleared 3,135 ( 2,892 ) 243 904 ( 849 ) 55
Exchange-traded (a) 16 ( 12 ) 4 21 ( 3 ) 18
Total foreign exchange contracts 210,511 ( 189,883 ) 20,628 181,045 ( 163,881 ) 17,164
Equity contracts:
OTC 50,477 ( 46,041 ) 4,436 33,418 ( 31,170 ) 2,248
Exchange-traded (a) 60,030 ( 56,911 ) 3,119 63,168 ( 60,686 ) 2,482
Total equity contracts 110,507 ( 102,952 ) 7,555 96,586 ( 91,856 ) 4,730
Commodity contracts:
OTC 28,221 ( 20,205 ) 8,016 18,244 ( 14,469 ) 3,775
OTC–cleared 64 ( 49 ) 15 109 ( 79 ) 30
Exchange-traded (a) 9,122 ( 8,903 ) 219 9,565 ( 9,292 ) 273
Total commodity contracts 37,407 ( 29,157 ) 8,250 27,918 ( 23,840 ) 4,078
Derivative receivables with appropriate legal opinion 658,989 ( 597,251 ) 61,738 (d) 599,310 ( 548,605 ) 50,705 (d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained 9,846 9,846 7,072 7,072
Total derivative receivables recognized on the Consolidated balance sheets $ 668,835 $ 71,584 $ 606,382 $ 57,777
Collateral not nettable on the Consolidated balance sheets (b)(c) ( 32,366 ) ( 28,891 )
Net amounts $ 39,218 $ 28,886

104
March 31, 2026 December 31, 2025
(in millions) Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC $ 135,569 $ ( 128,745 ) $ 6,824 $ 135,045 $ ( 128,464 ) $ 6,581
OTC–cleared 125,836 ( 125,560 ) 276 121,702 ( 121,557 ) 145
Exchange-traded (a) 568 ( 451 ) 117 104 ( 101 ) 3
Total interest rate contracts 261,973 ( 254,756 ) 7,217 256,851 ( 250,122 ) 6,729
Credit contracts:
OTC 15,789 ( 14,251 ) 1,538 14,848 ( 13,196 ) 1,652
OTC–cleared 2,536 ( 2,504 ) 32 2,446 ( 2,416 ) 30
Total credit contracts 18,325 ( 16,755 ) 1,570 17,294 ( 15,612 ) 1,682
Foreign exchange contracts:
OTC 202,066 ( 188,038 ) 14,028 175,485 ( 162,455 ) 13,030
OTC–cleared 2,992 ( 2,893 ) 99 897 ( 850 ) 47
Exchange-traded (a) 13 ( 10 ) 3 9 ( 3 ) 6
Total foreign exchange contracts 205,071 ( 190,941 ) 14,130 176,391 ( 163,308 ) 13,083
Equity contracts:
OTC 66,477 ( 53,413 ) 13,064 53,530 ( 41,552 ) 11,978
Exchange-traded (a) 57,622 ( 56,911 ) 711 61,363 ( 60,659 ) 704
Total equity contracts 124,099 ( 110,324 ) 13,775 114,893 ( 102,211 ) 12,682
Commodity contracts:
OTC 23,214 ( 18,347 ) 4,867 14,176 ( 9,786 ) 4,390
OTC–cleared 49 ( 49 ) — 79 ( 79 ) —
Exchange-traded (a) 9,596 ( 8,870 ) 726 9,334 ( 9,291 ) 43
Total commodity contracts 32,859 ( 27,266 ) 5,593 23,589 ( 19,156 ) 4,433
Derivative payables with appropriate legal opinion 642,327 ( 600,042 ) 42,285 (d) 589,018 ( 550,409 ) 38,609 (d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained 9,005 9,005 7,720 7,720
Total derivative payables recognized on the Consolidated balance sheets $ 651,332 $ 51,290 $ 596,738 $ 46,329
Collateral not nettable on the Consolidated balance sheets (b)(c) ( 18,473 ) ( 18,478 )
Net amounts $ 32,817 $ 27,851

(a)
Exchange-traded derivative balances that relate to futures contracts are settled daily.
(b)
Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.
(c)
Derivative collateral relates only to OTC and OTC-cleared derivative instruments.
(d)
Net derivatives receivable included cash collateral netted of $
58.7
billion and $
54.7
billion at March 31, 2026 and December 31, 2025, respectively. Net derivatives payable included cash collateral netted of $
61.5
billion and $
56.5
billion at March 31, 2026 and December 31, 2025, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.
105
Liquidity risk and credit-related contingent features
Refer to Note 5 of JPMorganChase’s 2025 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts.
The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at March 31, 2026 and December 31, 2025.
OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions) March 31, 2026 December 31, 2025
Aggregate fair value of net derivative payables $ 19,713 $ 19,986
Collateral posted 19,488 20,555

The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at March 31, 2026 and December 31, 2025, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined rating threshold is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payment requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
March 31, 2026 December 31, 2025
(in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade
Amount of additional collateral to be posted upon downgrade (a) $ 53 $ 221 $ 28 $ 124
Amount required to settle contracts with termination triggers upon downgrade (b) 14 91 15 96

(a)
Includes the additional collateral to be posted for initial margin.
(b)
Amounts represent fair values of derivative payables, and do not reflect collateral posted.
106
Impact of derivatives on the Consolidated statements of income
The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose.
Fair value hedge gains and losses
The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three months ended March 31, 2026 and 2025, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.
Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact
Three months ended March 31, 2026 (in millions) Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f)
Contract type
Interest rate (a)(b) $ 63 $ 230 $ 293 $ — $ 321 $ —
Foreign exchange (c) 395 ( 322 ) 73 ( 158 ) 74 55
Commodity (d) ( 2,002 ) 1,997 ( 5 ) — ( 9 ) —
Total $ ( 1,544 ) $ 1,905 $ 361 $ ( 158 ) $ 386 $ 55

Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact
Three months ended March 31, 2025 (in millions) Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f)
Contract type
Interest rate (a)(b) $ 41 $ 292 $ 333 $ — $ 302 $ —
Foreign exchange (c) 247 ( 204 ) 43 ( 135 ) 43 37
Commodity (d) ( 1,329 ) 1,400 71 — 56 —
Total $ ( 1,041 ) $ 1,488 $ 447 $ ( 135 ) $ 401 $ 37

(a)
Primarily consists of hedges of the benchmark (e.g., Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.
(b)
Includes the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item. Excludes the accrual of interest on interest rate swaps and the related hedged items.
(c)
Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.
(d)
Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.
(e)
The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period.
(f)
Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.
107
As of March 31, 2026 and December 31, 2025, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.
Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
March 31, 2026 (in millions) Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total
Assets
Investment securities - AFS $ 245,236 (c) $ 2,396 $ ( 1,236 ) $ 1,160
Liabilities
Long-term debt 221,555 ( 895 ) ( 8,596 ) ( 9,491 )
Beneficial interests issued by consolidated VIEs 5,855 8 — 8
Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2025 (in millions) Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total
Assets
Investment securities - AFS $ 255,109 (c) $ 3,693 $ ( 1,374 ) $ 2,319
Liabilities
Long-term debt 222,611 232 ( 8,689 ) ( 8,457 )
Beneficial interests issued by consolidated VIEs 5,884 37 — 37

(a)
Excludes physical commodities with a carrying value of $
14.3
billion and $
22.9
billion at March 31, 2026 and December 31, 2025, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.
(b)
Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At March 31, 2026 and December 31, 2025, the carrying amount excluded for AFS securities was $
41.3
billion and $
33.6
billion, respectively. At March 31, 2026 and December 31, 2025, the carrying amount excluded for long-term debt was $
577
million and $
587
million, respectively.
(c)
Carrying amount represents the amortized cost, net of allowance if applicable. At March 31, 2026 and December 31, 2025, the amortized cost of the portfolio layer method closed portfolios was $
82.1
billion and $
91.9
billion, of which $
65.7
billion and $
68.9
billion was designated as hedged, respectively. The amount designated as hedged is the sum of the notional amounts of all outstanding layers in each portfolio, which includes both spot starting and forward starting layers. At March 31, 2026 and December 31, 2025, the cumulative amount of basis adjustments was $(
399
) million and $(
32
) million, which is comprised of $
179
million and $
641
million for active hedging relationships, and $(
578
) million and $(
673
) million for discontinued hedging relationships, respectively. Refer to Note 9 for additional information.
(d)
Positive (negative) amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce (increase) net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.
(e)
Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.
108
Cash flow hedge gains and losses
The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three months ended March 31, 2026 and 2025, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2026 (in millions) Amounts reclassified from AOCI to income Amounts recorded in OCI Total change in OCI for period
Contract type
Interest rate (a) $ ( 409 ) $ ( 1,317 ) $ ( 908 )
Foreign exchange (b) 40 ( 242 ) ( 282 )
Total $ ( 369 ) $ ( 1,559 ) $ ( 1,190 )
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2025 (in millions) Amounts reclassified from AOCI to income Amounts recorded in OCI Total change in OCI for period
Contract type
Interest rate (a) $ ( 599 ) $ 1,446 $ 2,045
Foreign exchange (b) ( 22 ) 141 163
Total $ ( 621 ) $ 1,587 $ 2,208

(a)
Primarily consists of hedges of SOFR-indexed and Prime-indexed floating-rate assets. Gains and losses were recorded in net interest income.
(b)
Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.

The Firm did not experience any forecasted transactions that failed to occur for the three months ended March 31, 2026 and 2025.
Over the next 12 months, the Firm expects that approximately $(
1.5
) billion (after-tax) of net losses recorded in AOCI at March 31, 2026, related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately
ten years
, corresponding to the timing of the originally hedged forecasted cash flows. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately
ten years
. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities.
Net investment hedge gains and losses
The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three months ended March 31, 2026 and 2025.
Gains/(losses) recorded in income (a) and other comprehensive income/(loss)
2026 2025
Three months ended March 31, (in millions) Amounts recorded in income (b) Amounts recorded in OCI Amounts recorded in income (b) Amounts recorded in OCI
Foreign exchange derivatives $ 45 $ 1,065 $ 33 $ ( 2,134 )

(a)
Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The changes in fair value of these amounts are recorded in net interest income.
(b)
Excludes amounts reclassified from AOCI to income associated with net investment hedges. There were no sales or liquidations of legal entities that resulted in reclassifications for the three months ended March 31, 2026 and 2025. Refer to Note 19 for further information.
109
Gains and losses on derivatives used for specified risk management purposes
The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.
Derivatives gains/(losses) recorded in income
Three months ended March 31,
(in millions) 2026 2025
Contract type
Interest rate (a) $ 104 $ 56
Credit (b) 20 ( 60 )
Foreign exchange (c) ( 9 ) 41
Equity (d) 19 ( 2 )
Total $ 134 $ 35

(a)
Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.
(b)
Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.
(c)
Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.
(d)
Gains and losses were recorded in principal transactions revenue.
Gains and losses on derivatives related to market-making activities and other derivatives
The Firm makes markets in derivatives in order to meet the needs of clients and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue.

110
Credit derivatives
Refer to Note 5 of JPMorganChase’s 2025 Form 10-K for a more detailed discussion of credit derivatives.
The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of March 31, 2026 and December 31, 2025. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives.
Total credit derivatives and credit-related notes
Maximum payout/Notional amount
March 31, 2026 (in millions) Protection sold Protection purchased with identical underlyings (c) Net protection (sold)/purchased (d) Other protection purchased (e)
Credit derivatives
Credit default swaps $ ( 724,598 ) $ 766,627 $ 42,029 $ 6,942
Other credit derivatives (a) ( 193,990 ) 244,846 50,856 11,999
Total credit derivatives ( 918,588 ) 1,011,473 92,885 18,941
Credit-related notes (b) — — — 14,108
Total $ ( 918,588 ) $ 1,011,473 $ 92,885 $ 33,049
Maximum payout/Notional amount
December 31, 2025 (in millions) Protection sold Protection purchased with identical underlyings (c) Net protection (sold)/purchased (d) Other protection purchased (e)
Credit derivatives
Credit default swaps $ ( 503,480 ) $ 549,440 $ 45,960 $ 6,840
Other credit derivatives (a) ( 124,650 ) 187,090 62,440 9,495
Total credit derivatives ( 628,130 ) 736,530 108,400 16,335
Credit-related notes (b) — — — 13,162
Total $ ( 628,130 ) $ 736,530 $ 108,400 $ 29,497

(a)
Other credit derivatives predominantly consist of credit swap options and total return swaps.
(b)
Predominantly represents Other protection purchased by CIB.
(c)
Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.
(d)
Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.
(e)
Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. Also includes credit protection against certain loans and lending-related commitments in the retained lending portfolio through the issuance of credit derivatives and credit-related notes.
111
The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of March 31, 2026 and December 31, 2025, where JPMorganChase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives where JPMorganChase is the purchaser of protection are comparable to the profile reflected below.
Protection sold — credit derivatives ratings (a) /maturity profile
March 31, 2026 (in millions) <1 year 1–5 years >5 years Total notional amount Fair value of receivables (b) Fair value of payables (b) Net fair value
Risk rating of reference entity
Investment-grade $ ( 214,528 ) $ ( 331,370 ) $ ( 141,320 ) $ ( 687,218 ) $ 4,526 $ ( 1,432 ) $ 3,094
Noninvestment-grade ( 43,808 ) ( 134,738 ) ( 52,824 ) ( 231,370 ) 3,386 ( 2,900 ) 486
Total $ ( 258,336 ) $ ( 466,108 ) $ ( 194,144 ) $ ( 918,588 ) $ 7,912 $ ( 4,332 ) $ 3,580

December 31, 2025 (in millions) <1 year 1–5 years >5 years Total notional amount Fair value of receivables (b) Fair value of payables (b) Net fair value
Risk rating of reference entity
Investment-grade $ ( 146,799 ) $ ( 314,100 ) $ ( 28,117 ) $ ( 489,016 ) $ 4,969 $ ( 908 ) $ 4,061
Noninvestment-grade ( 43,863 ) ( 91,220 ) ( 4,031 ) ( 139,114 ) 3,439 ( 2,085 ) 1,354
Total $ ( 190,662 ) $ ( 405,320 ) $ ( 32,148 ) $ ( 628,130 ) $ 8,408 $ ( 2,993 ) $ 5,415

(a)
The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.
(b)
Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.
112
Note 5 –
Noninterest revenue and noninterest expense
Noninterest revenue
Refer to Note 6 of JPMorganChase’s 2025 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue.
Investment banking fees
The following table presents the components of investment banking fees.
Three months ended March 31,
(in millions) 2026 2025
Underwriting
Equity $ 476 $ 321
Debt 1,107 1,169
Total underwriting 1,583 1,490
Advisory 1,275 688
Total investment banking fees $ 2,858 $ 2,178

Principal transactions
The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue by instrument type. This table excludes interest income and interest expense on interest-earning assets and interest-bearing liabilities recorded within net interest income. Refer to Note 6 for further information on interest income and interest expense.
The Firm’s businesses and other activities generally utilize a variety of instrument types in connection with their transactions; accordingly, the principal transactions revenue presented in the table below is not representative of the total revenue of any individual business or activity.

Three months ended March 31,
(in millions) 2026 2025
Principal transactions revenue by instrument type
Interest rate (a) $ 1,095 $ 1,358
Credit (b) 552 238
Foreign exchange 1,315 1,376
Equity 4,059 4,174
Commodity 966 481
Total revenue by instrument type 7,987 7,627
Private equity losses — ( 13 )
Principal transactions $ 7,987 $ 7,614

(a)
Includes the impact of changes in funding valuation adjustments on derivatives.
(b)
Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.
Lending- and deposit-related fees
The following table presents the components of lending- and deposit-related fees.
Three months ended March 31,
(in millions) 2026 2025
Lending-related fees $ 555 $ 533
Deposit-related fees 1,839 1,599
Total lending- and deposit-related fees $ 2,394 $ 2,132

Deposit-related fees include the impact of credits earned by clients that reduce such fees.
Asset management fees
The following table presents the components of asset management fees.
Three months ended March 31,
(in millions) 2026 2025
Asset management fees
Investment management fees $ 5,408 $ 4,603
All other asset management fees 107 97
Total asset management fees $ 5,515 $ 4,700

Commissions and other fees
The following table presents the components of commissions and other fees.
Three months ended March 31,
(in millions) 2026 2025
Commissions and other fees
Brokerage commissions $ 1,195 $ 900
Administration fees 758 649
All other commissions and fees (a) 529 484
Total commissions and other fees $ 2,482 $ 2,033

(a)
Includes depositary receipt-related service fees, annuity and travel-related sales commissions, as well as other service fees, which are recognized as revenue when the services are rendered.

113
Mortgage fees and related income
: refer to Note 14 for additional information.
Card income
The following
table presents the components of card income.
Three months ended March 31,
(in millions) 2026 2025
Interchange and merchant processing income $ 9,115 $ 8,398
Rewards costs and partner payments ( 7,483 ) ( 6,785 )
All other (a) ( 442 ) ( 397 )
Total card income $ 1,190 $ 1,216

(a)
Predominantly represents the amortization of account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a
12-month
period.
Other income
The following table presents certain components of other income.
Three months ended March 31,
(in millions) 2026 2025
Operating lease income $ 1,153 $ 829
First Republic-related gain — 588 (a)

(a)
Relates to the settlement of outstanding items with the FDIC in 2025.
Refer to Note 16 for information on operating lease income included within other income.
First Republic-related gain
: On January 17, 2025, the Firm reached an agreement with the FDIC with respect to certain outstanding items related to the First Republic acquisition. As a result of the agreement, the Firm made a payment of $
609
million to the FDIC on January 31, 2025 and reduced its additional payable to the FDIC, which resulted in a gain of $
588
million recorded in other income in the first quarter of 2025. In addition, as of June 30, 2025, all outstanding matters between the Firm and the FDIC related to the final settlement of the purchase price for the First Republic acquisition had been resolved. Refer to Note 34 on pages 312–314 of the Firm’s 2025 Form 10-K for additional information.
Noninterest expense
Other expense
Other expense on the Firm’s Consolidated statements of income includes the following:
Three months ended March 31,
(in millions) 2026 2025
Legal expense $ 223 $ 121
FDIC-related expense 332 ( 11 ) (a)
Operating losses 286 386

(a)
Included an FDIC special assessment accrual release of $
323
million for the three months ended March 31, 2025.

114
Note 6 –
Interest income and interest expense
Refer to Note 7 of JPMorganChase’s 2025 Form 10-K for a description of JPMorganChase’s accounting policies regarding interest income and interest expense.
The following table presents the components of interest income and interest expense.
Three months ended March 31,
(in millions) 2026 2025
Interest income
Loans (a) $ 24,024 $ 22,420
Taxable securities 6,975 5,992
Non-taxable securities (b) 282 270
Total investment securities (a) 7,257 6,262
Trading assets - debt instruments 7,221 5,557
Federal funds sold and securities purchased under resale agreements 4,185 4,216
Securities borrowed 2,368 2,307
Deposits with banks 2,317 4,139
All other interest-earning assets (c) 1,819 1,952
Total interest income $ 49,191 $ 46,853
Interest expense
Interest-bearing deposits $ 10,284 $ 11,077
Federal funds purchased and securities loaned or sold under repurchase agreements 6,145 5,189
Short-term borrowings 525 535
Trading liabilities – debt and all other interest-bearing liabilities (d) 2,263 2,091
Long-term debt 4,342 4,392
Beneficial interest issued by consolidated VIEs 266 296
Total interest expense $ 23,825 $ 23,580
Net interest income $ 25,366 $ 23,273
Provision for credit losses 2,507 3,305
Net interest income after provision for credit losses $ 22,859 $ 19,968

(a)
Includes the amortization and accretion of purchase premiums and discounts, as well as net deferred fees and costs on loans.
(b)
Represents securities that are tax-exempt for U.S. federal income tax purposes.
(c)
Includes interest earned on 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.
(d)
All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.
115
Note 7 –
Pension and other postretirement employee benefit plans
Refer to Note 8 of JPMorganChase’s 2025 Form 10-K for a discussion of JPMorganChase’s pension and OPEB plans.
The following table presents the net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans.
Three months ended March 31,
(in millions) 2026 2025
Total net periodic defined benefit plan credit $ ( 89 ) $ ( 65 )
Total defined contribution plans 421 435
Total pension and OPEB cost included in noninterest expense $ 332 $ 370

As of March 31, 2026 and December 31, 2025, the fair values of plan assets for the Firm’s significant defined benefit pension and OPEB plans were $
22.8
billion and $
23.6
billion, respectively.
Note 8 –
Employee share-based incentives
Refer to Note 9 of JPMorganChase’s 2025 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives.
The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income.
Three months ended March 31,
(in millions) 2026 2025
Cost of prior grants of restricted stock units (“RSUs”), performance share units (“PSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods $ 440 $ 424
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees 733 629
Total noncash compensation expense related to employee share-based incentive plans $ 1,173 $ 1,053

In the first quarter of 2026, in connection with its annual incentive grant for the 2025 performance year, the Firm granted
12
million RSUs and
370
thousand PSUs with weighted-average grant date fair values of $
305.68
per RSU and $
306.51
per PSU.
116
Note 9 –
Investment securities
Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At March 31, 2026, the investment securities portfolio consisted of debt securities with an average credit
rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).
Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for additional information regarding the investment securities portfolio.
The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.
March 31, 2026 December 31, 2025
(in millions) Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair value Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies $ 88,354 $ 654 $ 2,109 $ 86,899 $ 92,112 $ 1,075 $ 2,215 $ 90,972
Residential:
U.S. 5,171 17 22 5,166 5,564 38 17 5,585
Non-U.S. 300 1 — 301 405 1 — 406
Commercial 4,315 27 25 4,317 4,466 48 30 4,484
Total mortgage-backed securities 98,140 699 2,156 96,683 102,547 1,162 2,262 101,447
U.S. Treasury and government agencies 356,193 843 778 356,258 313,470 2,384 32 315,822
Obligations of U.S. states and municipalities 19,964 72 1,056 18,980 20,915 118 793 20,240
Non-U.S. government debt securities 53,787 51 627 53,211 45,676 215 236 45,655
Corporate debt securities 132 — 8 124 139 — 11 128
Asset-backed securities:
Collateralized loan obligations 21,989 15 9 21,995 21,897 51 1 21,947
Other 1,776 17 7 1,786 1,941 25 7 1,959
Unallocated portfolio layer fair value basis adjustments (a) 179 ( 179 ) — NA 641 ( 641 ) — NA
Total available-for-sale securities 552,160 1,518 4,641 549,037 507,226 3,314 3,342 507,198
Held-to-maturity securities (b)
Mortgage-backed securities:
U.S. GSEs and government agencies 86,990 37 9,387 77,640 89,073 57 9,200 79,930
U.S. Residential 7,271 4 597 6,678 7,542 6 570 6,978
Commercial 6,234 12 258 5,988 6,493 19 234 6,278
Total mortgage-backed securities 100,495 53 10,242 90,306 103,108 82 10,004 93,186
U.S. Treasury and government agencies 141,204 6 6,799 134,411 132,727 134 6,414 126,447
Obligations of U.S. states and municipalities 8,245 7 625 7,627 8,600 17 609 8,008
Asset-backed securities:
Collateralized loan obligations 21,277 9 18 21,268 24,695 29 6 24,718
Other 921 1 21 901 1,004 1 20 985
Total held-to-maturity securities 272,142 76 17,705 254,513 270,134 263 17,053 253,344
Total investment securities, net of allowance for credit losses $ 824,302 $ 1,594 $ 22,346 $ 803,550 $ 777,360 $ 3,577 $ 20,395 $ 760,542

(a)
Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 4 for additional information.
(b)
The Firm purchased $
19.6
 billion and $
1.6
 billion of HTM securities for the three months ended March 31, 2026 and 2025 respectively.
(c)
The amortized cost of investment securities is reported net of allowance for credit losses of $
78
 million and $
106
 million at March 31, 2026 and December 31, 2025, respectively.
(d)
Excludes $
5.2
billion and $
4.6
billion of accrued interest receivable at March 31, 2026 and December 31, 2025, respectively. The Firm did
not
reverse through interest income any accrued interest receivable for the three months ended March 31, 2026 and 2025. Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for further discussion of accounting policies for accrued interest receivable on investment securities.
117
AFS securities impairment
The following tables present the fair value and gross unrealized losses by aging category for AFS securities at March 31, 2026 and December 31, 2025. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $
2.9
billion and $
2.2
billion, at March 31, 2026 and December 31, 2025, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government.
Available-for-sale securities with gross unrealized losses
Less than 12 months 12 months or more
March 31, 2026 (in millions) Fair value Gross unrealized losses Fair value Gross unrealized losses Total fair value Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S. $ 904 $ 4 $ 576 $ 18 $ 1,480 $ 22
Non-U.S. — — 19 — 19 —
Commercial 1,114 3 474 22 1,588 25
Total mortgage-backed securities 2,018 7 1,069 40 3,087 47
Obligations of U.S. states and municipalities 4,404 120 10,131 936 14,535 1,056
Non-U.S. government debt securities 33,805 428 4,694 199 38,499 627
Corporate debt securities 117 8 — — 117 8
Asset-backed securities:
Collateralized loan obligations 6,182 8 139 1 6,321 9
Other 80 1 121 6 201 7
Total available-for-sale securities with gross unrealized losses $ 46,606 $ 572 $ 16,154 $ 1,182 $ 62,760 $ 1,754

Available-for-sale securities with gross unrealized losses
Less than 12 months 12 months or more
December 31, 2025 (in millions) Fair value Gross unrealized losses Fair value Gross unrealized losses Total fair value Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S. $ 36 $ — $ 609 $ 17 $ 645 $ 17
Non-U.S. 3 — 20 — 23 —
Commercial 142 1 576 29 718 30
Total mortgage-backed securities 181 1 1,205 46 1,386 47
Obligations of U.S. states and municipalities 5,519 131 9,597 662 15,116 793
Non-U.S. government debt securities 9,324 76 4,954 160 14,278 236
Corporate debt securities 114 11 — — 114 11
Asset-backed securities:
Collateralized loan obligations 814 — 143 1 957 1
Other 63 — 131 7 194 7
Total available-for-sale securities with gross unrealized losses $ 16,015 $ 219 $ 16,030 $ 876 $ 32,045 $ 1,095

118
HTM securities – credit risk
Credit quality indicator
The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At both March 31, 2026 and December 31, 2025, all HTM securities were rated investment grade and were current and accruing, with approximately
99
% rated at least AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).
Allowance for credit losses on investment securities
The allowance for credit losses on investment securities was $
78
 million and $
118
 million as of March 31, 2026 and 2025, respectively, which included the impact of $
31
 million and $
17
 million, respectively, of reduction in the allowance related to sales of a corporate debt security.
Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for further discussion of accounting policies for AFS and HTM securities.
Selected impacts of investment securities on the Consolidated statements of income

Three months ended March 31,
(in millions) 2026 2025
Realized gains $ 393 $ 145
Realized losses ( 329 ) ( 182 )
Investment securities gains/(losses) $ 64 $ ( 37 )
Provision for credit losses $ 3 $ ( 17 )

119
Contractual maturities and yields
The following table presents the amortized cost and estimated fair value at March 31, 2026, of JPMorganChase’s investment securities portfolio by contractual maturity.
By remaining maturity March 31, 2026 (in millions) Due in one year or less Due after one year through five years Due after five years through 10 years Due after 10 years (c) Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost $ 949 $ 11,722 $ 4,770 $ 80,716 $ 98,157
Fair value 943 11,823 4,808 79,109 96,683
Average yield (a) 2.84 % 4.55 % 4.52 % 4.65 % 4.61 %
U.S. Treasury and government agencies
Amortized cost $ 44,792 $ 231,914 $ 73,132 $ 6,355 $ 356,193
Fair value 44,909 231,938 73,020 6,391 356,258
Average yield (a) 4.14 % 3.96 % 4.10 % 4.49 % 4.02 %
Obligations of U.S. states and municipalities
Amortized cost $ — $ 20 $ 138 $ 19,806 $ 19,964
Fair value — 20 132 18,828 18,980
Average yield (a) — % 4.03 % 3.94 % 5.13 % 5.13 %
Non-U.S. government debt securities
Amortized cost $ 15,489 $ 26,118 $ 10,948 $ 1,232 $ 53,787
Fair value 15,485 25,823 10,723 1,180 53,211
Average yield (a) 3.65 % 4.01 % 3.55 % 2.68 % 3.78 %
Corporate debt securities
Amortized cost $ 7 $ 130 $ — $ — $ 137
Fair value 2 122 — — 124
Average yield (a) 17.50 % 15.73 % — % — % 15.82 %
Asset-backed securities
Amortized cost $ 2 $ 283 $ 1,261 $ 22,219 $ 23,765
Fair value 2 284 1,265 22,230 23,781
Average yield (a) 4.98 % 5.36 % 5.74 % 4.85 % 4.90 %
Total available-for-sale securities
Amortized cost (b) $ 61,239 $ 270,187 $ 90,249 $ 130,328 $ 552,003
Fair value 61,341 270,010 89,948 127,738 549,037
Average yield (a) 4.00 % 4.00 % 4.08 % 4.73 % 4.18 %
Held-to-maturity securities
Mortgage-backed securities
Amortized cost $ 946 $ 8,930 $ 5,004 $ 85,645 $ 100,525
Fair value 937 8,429 4,596 76,344 90,306
Average yield (a) 2.17 % 2.46 % 3.24 % 2.89 % 2.86 %
U.S. Treasury and government agencies
Amortized cost $ 10,173 $ 118,798 $ 12,233 $ — $ 141,204
Fair value 10,084 113,129 11,198 — 134,411
Average yield (a) 2.71 % 2.62 % 2.10 % — % 2.58 %
Obligations of U.S. states and municipalities
Amortized cost $ — $ 53 $ 296 $ 7,922 $ 8,271
Fair value — 49 275 7,303 7,627
Average yield (a) — % 4.84 % 3.24 % 4.05 % 4.02 %
Asset-backed securities
Amortized cost $ — $ 357 $ 10,140 $ 11,701 $ 22,198
Fair value — 355 10,135 11,679 22,169
Average yield (a) — % 2.78 % 4.40 % 4.50 % 4.43 %
Total held-to-maturity securities
Amortized cost (b) $ 11,119 $ 128,138 $ 27,673 $ 105,268 $ 272,198
Fair value 11,021 121,962 26,204 95,326 254,513
Average yield (a) 2.66 % 2.61 % 3.16 % 3.15 % 2.88 %

(a)
Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives, including closed portfolio hedges. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date.
(b)
For purposes of this table, the amortized cost of available-for-sale securities excludes the allowance for credit losses of $
22
million and the portfolio layer fair value hedge basis adjustments of $
179
million at March 31, 2026. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $
56
million at March 31, 2026.
(c)
Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in
10
years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately
seven years
for agency residential MBS,
six years
for agency residential collateralized mortgage obligations, and
four years
for nonagency residential collateralized mortgage obligations.
120
Note 10 –
Securities financing activities
Refer to Note 11 of JPMorganChase’s 2025 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities financing agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.
The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of March 31, 2026 and December 31, 2025. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with
the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets.
March 31, 2026
(in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c)
Assets
Securities purchased under resale agreements $ 738,344 $ ( 255,640 ) $ 482,704 $ ( 472,330 ) $ 10,374
Securities borrowed 349,884 ( 65,360 ) 284,524 ( 234,515 ) 50,009
Liabilities
Securities sold under repurchase agreements $ 957,380 $ ( 255,640 ) $ 701,740 $ ( 664,593 ) $ 37,147
Securities loaned and other (a) 90,719 ( 65,360 ) 25,359 ( 24,934 ) 425

December 31, 2025
(in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c)
Assets
Securities purchased under resale agreements $ 618,516 $ ( 282,090 ) $ 336,426 $ ( 324,217 ) $ 12,209
Securities borrowed 357,361 ( 71,170 ) 286,191 ( 234,466 ) 51,725
Liabilities
Securities sold under repurchase agreements $ 715,251 $ ( 282,090 ) $ 433,161 $ ( 397,550 ) $ 35,611
Securities loaned and other (a) 86,829 ( 71,170 ) 15,659 ( 15,534 ) 125

(a)
Includes securities-for-securities lending agreements of $
10.7
billion and $
6.6
billion at March 31, 2026 and December 31, 2025, respectively, accounted for at fair value, where the Firm is acting as lender.
(b)
In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.
(c)
Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At March 31, 2026 and December 31, 2025, included $
9.0
billion and $
9.4
billion, respectively, of securities purchased under resale agreements; $
46.0
billion and $
44.0
billion, respectively, of securities borrowed; $
36.2
billion and $
34.9
billion, respectively, of securities sold under repurchase agreements; and securities loaned and other which were not material.
121
The tables below present as of March 31, 2026 and December 31, 2025 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.
Gross liability balance
March 31, 2026 December 31, 2025
(in millions) Securities sold under repurchase agreements Securities loaned and other Securities sold under repurchase agreements Securities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies $ 126,178 $ — $ 124,776 $ —
Residential - nonagency 4,610 — 1,685 —
Commercial - nonagency 646 — 2,285 —
U.S. Treasury, GSEs and government agencies 488,806 2,106 346,938 703
Obligations of U.S. states and municipalities 1,700 — 1,624 —
Non-U.S. government debt 211,143 1,743 122,346 1,415
Corporate debt securities 68,363 4,907 66,100 3,433
Asset-backed securities 4,095 — 6,545 —
Equity securities 51,839 81,963 42,952 81,278
Total $ 957,380 $ 90,719 $ 715,251 $ 86,829

Remaining contractual maturity of the agreements
March 31, 2026 (in millions) Overnight and continuous Up to 30 days 30 – 90 days Greater than 90 days Total
Total securities sold under repurchase agreements $ 557,893 $ 257,142 $ 21,880 $ 120,465 $ 957,380
Total securities loaned and other 76,306 484 1,618 12,311 90,719

Remaining contractual maturity of the agreements
December 31, 2025 (in millions) Overnight and continuous Up to 30 days 30 – 90 days Greater than 90 days Total
Total securities sold under repurchase agreements $ 406,605 $ 168,256 $ 18,169 $ 122,221 $ 715,251
Total securities loaned and other 78,233 1,316 976 6,304 86,829

Transfers not qualifying for sale accounting
At March 31, 2026 and December 31, 2025, the Firm held $
790
million and $
787
million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded primarily in short-term borrowings and long-term debt on the Consolidated balance sheets.
122
Note 11 –
Loans
Loan accounting framework
The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories:
•
Originated or purchased loans held-for-investment (i.e., “retained”)
•
Loans held-for-sale
•
Loans at fair value
Refer to Note 12 of JPMorganChase's 2025 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.
Loan portfolio
The Firm’s loan portfolio is divided into
three
portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.
Consumer, excluding credit card Credit card Wholesale (c)(d)
• Residential real estate (a) • Auto and other (b) • Credit card loans • Secured by real estate • Commercial and industrial • Other (e)

(a)
Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB.
(b)
Includes scored auto, business banking and consumer unsecured loans as well as overdrafts, primarily in CCB.
(c)
Includes loans held in CIB, AWM, Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses.
(d)
The wholesale portfolio segment's classes align with loan classifications as defined by the Federal Reserve Board ("FRB") in effect at each period presented, based on the loan's collateral, purpose, and type of borrower.
(e)
Includes loans to financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, nonprofits, as well as loans to SPEs. Refer to Note 14 of JPMorganChase’s 2025 Form 10-K for more information on SPEs.
The following tables summarize the Firm’s loan balances by portfolio segment.
March 31, 2026 (in millions) Consumer, excluding credit card Credit card Wholesale Total (a)(b)
Retained $ 367,274 $ 239,123 $ 818,839 $ 1,425,236
Held-for-sale 317 — 15,712 16,029
At fair value 24,069 — 38,186 62,255
Total $ 391,660 $ 239,123 $ 872,737 $ 1,503,520
December 31, 2025 (in millions) Consumer, excluding credit card Credit card Wholesale Total (a)(b)
Retained $ 368,741 $ 247,797 $ 792,367 $ 1,408,905
Held-for-sale 334 — 13,506 13,840
At fair value 33,183 — 37,501 70,684
Total $ 402,258 $ 247,797 $ 843,374 $ 1,493,429

(a)
Excludes $
7.0
billion of accrued interest receivables at both March 31, 2026 and December 31, 2025. The Firm wrote off accrued interest receivables of $
17
million and $
28
million for the three months ended March 31, 2026 and 2025, respectively.
(b)
Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs, which were not material as of March 31, 2026 and December 31, 2025. For the discount associated with First Republic loans, refer to Note 34 of JPMorganChase’s 2025 Form 10-K.
123
The following tables provide information about the amounts paid or received for retained loans purchased and sold
during the periods indicated. Retained loans reclassified to held-for-sale during the periods indicated are reported
at the lower of cost or market value on the date of transfer. Loans that were reclassified to held-for-sale and sold in a
subsequent period are excluded from the sales line of these tables.
2026 2025
Three months ended March 31, (in millions) Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total
Purchases $ 191 (b)(c) $ — $ 130 $ 321 $ 127 (b)(c) $ — $ 130 $ 257
Sales — — 11,273 11,273 — — 11,715 11,715
Retained loans reclassified to held-for-sale (a) 55 — 346 401 44 — 353 397

(a)
Reclassifications of loans to held-for-sale are non-cash transactions.
(b)
Includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.
(c)
Excludes purchases of retained loans of $
911
million and $
216
million for the three months ended March 31, 2026 and 2025, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards.
Gains and losses on sales of loans
The following table provides information on the net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value), which were recognized in noninterest revenue. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.
Three months ended March 31, (in millions) 2026 2025
Net gains/(losses) on sales of loans and lending-related commitments (a) $ ( 51 ) $ ( 70 )

(a)
Includes $
72
 million and $(
70
) million related to loans for the three months ended

March 31, 2026 and 2025, respectively.
124
Consumer, excluding credit card loan portfolio
Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. These loans include home equity loans secured by junior liens and prime mortgage loans with an interest-only payment period.
The following table provides information about retained consumer loans, excluding credit card, by class.
(in millions) March 31, 2026 December 31, 2025
Residential real estate $ 301,947 $ 303,531
Auto and other 65,327 65,210
Total retained loans $ 367,274 $ 368,741

Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorganChase's 2025 Form 10-K for further information on consumer credit quality indicators.
125
Residential real estate
Delinquency is the primary credit quality indicator for retained residential real estate loans.
The following tables provide information on delinquency and gross charge-offs.
As of or for the three months ended March 31, 2026 (in millions, except ratios) Term loans by origination year (c) Revolving loans Total
2026 2025 2024 2023 2022 Prior to 2022 Within the revolving period Converted to term loans
Loan delinquency (a)
Current $ 4,972 $ 20,929 $ 9,176 $ 13,716 $ 56,282 $ 181,633 $ 6,598 $ 6,113 $ 299,419
30–149 days past due — 45 10 30 184 824 41 187 1,321
150 or more days past due — — 18 54 217 796 11 111 1,207
Total retained loans $ 4,972 $ 20,974 $ 9,204 $ 13,800 $ 56,683 $ 183,253 $ 6,650 $ 6,411 $ 301,947
% of 30+ days past due to total retained loans (b) — % 0.21 % 0.30 % 0.61 % 0.71 % 0.88 % 0.78 % 4.65 % 0.83 %
Gross charge-offs $ — $ — $ — $ — $ 2 $ 4 $ 2 $ 1 $ 9

Term loans by origination year (c) Revolving loans Total
As of or for the year ended December 31, 2025 (in millions, except ratios) 2025 2024 2023 2022 2021 Prior to 2021 Within the revolving period Converted to term loans
Loan delinquency (a)
Current $ 21,179 $ 9,894 $ 14,334 $ 57,258 $ 74,916 $ 110,489 $ 6,644 $ 6,246 $ 300,960
30–149 days past due 4 16 36 98 99 770 27 184 1,234
150 or more days past due — 12 68 242 231 653 12 119 1,337
Total retained loans $ 21,183 $ 9,922 $ 14,438 $ 57,598 $ 75,246 $ 111,912 $ 6,683 $ 6,549 $ 303,531
% of 30+ days past due to total retained loans (b) 0.02 % 0.28 % 0.72 % 0.59 % 0.44 % 1.26 % 0.58 % 4.63 % 0.84 %
Gross charge-offs $ — $ 2 $ 4 $ 7 $ 10 $ 9 $ 22 $ 4 $ 58

(a)
Individual delinquency classifications include mortgage loans insured by U.S. government agencies which were not material at March 31, 2026 and December 31, 2025.
(b)
Excludes mortgage loans that are 30 or more days past due insured by U.S. government agencies which were not material at March 31, 2026 and December 31, 2025. These amounts have been excluded based upon the government guarantee.
(c)
Purchased loans are included in the year in which they were originated.
Approximately
36
% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period.
126
Nonaccrual loans and other credit quality indicators
The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.
(in millions, except weighted-average data) March 31, 2026 December 31, 2025
Nonaccrual loans (a)(b)(c)(d) $ 3,574 $ 3,632
Current estimated LTV ratios (e)(f)(g)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660 $ 86 $ 71
Less than 660 6 4
Greater than 100% but less than or equal to 125% and refreshed FICO scores:
Equal to or greater than 660 214 282
Less than 660 4 5
Greater than 80% but less than or equal to 100% and refreshed FICO scores:
Equal to or greater than 660 4,659 5,990
Less than 660 104 131
Less than or equal to 80% and refreshed FICO scores:
Equal to or greater than 660 287,515 287,923
Less than 660 8,706 8,435
No FICO/LTV available (h) 653 690
Total retained loans $ 301,947 $ 303,531
Weighted-average LTV ratio (e)(i) 47 % 48 %
Weighted-average FICO (f)(i) 775 775
Geographic region (h)(j)
California $ 116,392 $ 117,500
New York 46,141 46,378
Florida 21,930 21,864
Texas 14,398 14,398
Massachusetts 12,923 12,985
Colorado 10,319 10,316
Washington 9,282 9,408
Illinois 9,020 9,152
New Jersey 7,479 7,486
Connecticut 6,823 6,823
All other 47,240 47,221
Total retained loans $ 301,947 $ 303,531

(a)
I
ncludes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual loans, regardless of their delinquency status. At March 31, 2026, approximately
10
% of Chapter 7 residential real estate loans were 30 days or more past due.
(b)
Mortgage loans insured by U.S. government agencies excluded from nonaccrual loans were not material at March 31, 2026 and December 31, 2025.
(c)
Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.
(d)
Interest income on nonaccrual loans recognized on a cash basis was $
36
million and $
37
million for the three months ended March 31, 2026 and 2025, respectively.
(e)
Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.
(f)
Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.
(g)
Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality.
(h)
Included U.S. government-guaranteed loans as of March 31, 2026 and December 31, 2025.
(i)
Excludes loans with no FICO and/or LTV data available.
(j)
The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2026.
127
Loan modifications
The Firm grants certain modifications of residential real estate loans to borrowers experiencing financial difficulty. The Firm's proprietary modification programs as well as government programs, including U.S. GSE programs, that generally provide various modifications to borrowers experiencing financial difficulty including, but not limited to, interest rate reductions, term extensions, other-than-insignificant payment deferral and principal forgiveness that would otherwise have been required under the terms of the original agreement, are considered FDMs. Refer to Note 12 of JPMorganChase's 2025 Form 10-K for further information.
Financial effects of FDMs
For the three months ended March 31, 2026, retained residential real estate FDMs were $
159
million, which included $
128
million of FDMs in the form of other-than-insignificant payment deferrals. These other-than-insignificant payment deferrals were predominantly driven by loans previously in forbearance due to the California wildfires in January 2025 that were converted to payment deferral modification programs during the current quarter. The financial effects of the remaining FDMs, which were largely in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by approximately
18
years, and reducing the weighted-average contractual interest rate from
7.33
% to
6.78
%.
For the three months ended March 31, 2025, retained residential real estate FDMs were $
61
million. The financial effects of the FDMs, which were largely in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by approximately
15
years, and reducing the weighted-average contractual interest rate from
7.41
% to
6.18
%.
As of March 31, 2026, there were
no
additional unfunded commitments to lend to borrowers experiencing financial difficulty whose loans have been modified as FDMs, while
no
t material as of December 31, 2025.
For the three months ended March 31, 2026 and 2025, loans subject to a trial modification, where the terms of the loans have not been permanently modified, and Chapter 7 loans were not material.
Payment status of FDMs
The following table provides information on the payment status of retained residential real estate FDMs during the twelve months ended March 31, 2026 and 2025.
(in millions) Amortized cost basis
Twelve months ended March 31,
2026 2025
Current $ 453 $ 130
30-149 days past due 58 55
150 or more days past due 461 46
Total $ 972 $ 231

Defaults of FDMs
For the three months ended March 31, 2026 and 2025, defaults of retained residential real estate FDMs that had been modified within twelve months were not material.
Active and suspended foreclosure
At March 31, 2026 and December 31, 2025, the Firm had retained residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $
546
million and $
575
million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.
128
Auto and other
Delinquency is the primary credit quality indicator for retained auto and other loans.
The following tables provide information on delinquency and gross charge-offs.
As of or for the three months ended March 31, 2026 (in millions, except ratios) Term loans by origination year Revolving loans
2026 2025 2024 2023 2022 Prior to 2022 Within the revolving period Converted to term loans Total
Loan delinquency
Current $ 7,765 $ 23,741 $ 13,917 $ 8,139 $ 4,078 $ 2,796 $ 3,812 $ 188 $ 64,436
30–119 days past due 42 155 158 184 136 88 32 52 847
120 or more days past due — — 2 1 — 1 1 39 44
Total retained loans $ 7,807 $ 23,896 $ 14,077 $ 8,324 $ 4,214 $ 2,885 $ 3,845 $ 279 $ 65,327
% of 30+ days past due to total retained loans 0.54 % 0.65 % 1.14 % 2.22 % 3.23 % 3.05 % 0.86 % 32.62 % 1.36 %
Gross charge-offs $ 18 $ 78 $ 48 $ 50 $ 27 $ 29 $ — $ 2 $ 252

As of or for the year ended December 31, 2025 (in millions, except ratios) Term loans by origination year Revolving loans
2025 2024 2023 2022 2021 Prior to 2021 Within the revolving period Converted to term loans Total
Loan delinquency
Current $ 26,490 $ 15,586 $ 9,443 $ 4,899 $ 2,961 $ 846 $ 3,817 $ 177 $ 64,219
30–119 days past due 170 180 225 170 99 25 33 48 950
120 or more days past due — 2 2 — 1 — 2 34 41
Total retained loans $ 26,660 $ 15,768 $ 9,670 $ 5,069 $ 3,061 $ 871 $ 3,852 $ 259 $ 65,210
% of 30+ days past due to total retained loans 0.64 % 1.15 % 2.35 % 3.35 % 3.23 % 2.87 % 0.91 % 31.66 % 1.52 %
Gross charge-offs $ 242 $ 228 $ 244 $ 157 $ 69 $ 83 $ — $ 8 $ 1,031

129
Nonaccrual loans and other credit quality indicators
The following table provides information on nonaccrual and geographic region as a credit quality indicator for retained auto and other consumer loans.
March 31, 2026 December 31, 2025
Nonaccrual loans (a)(b) $ 236 $ 243
Geographic region (c)
California $ 9,965 $ 9,926
Texas 8,008 7,940
Florida 5,421 5,382
New York 4,766 4,771
Illinois 2,806 2,804
New Jersey 2,331 2,347
Pennsylvania 2,091 2,066
Georgia 1,677 1,682
North Carolina 1,583 1,578
Arizona 1,582 1,583
All other 25,097 25,131
Total retained loans $ 65,327 $ 65,210

(a)
Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.
(b)
Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2026 and 2025
.
(c)
The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at March 31, 2026.
Loan modifications
The Firm grants certain modifications of auto and other loans to borrowers experiencing financial difficulty.
For the three months ended March 31, 2026 and 2025, retained auto and other FDMs were not material.
As of March 31, 2026 and December 31, 2025, there were
no
additional unfunded commitments to lend to borrowers experiencing financial difficulty whose loans have been modified as FDMs.
130
Credit card loan portfolio
The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.
Refer to Note 12 of JPMorganChase's 2025 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.
The following tables provide information on delinquency and gross charge-offs.
As of or for the three months ended March 31, 2026 (in millions, except ratios) Within the revolving period Converted to term loans Total
Loan delinquency
Current and less than 30 days past due and still accruing $ 231,304 $ 2,622 $ 233,926
30–89 days past due and still accruing 2,236 219 2,455
90 or more days past due and still accruing 2,609 133 2,742
Total retained loans $ 236,149 $ 2,974 $ 239,123
Loan delinquency ratios
% of 30+ days past due to total retained loans 2.05 % 11.84 % 2.17 %
% of 90+ days past due to total retained loans 1.10 4.47 1.15
Gross charge-offs $ 2,353 $ 133 $ 2,486

As of or for the year ended December 31, 2025 (in millions, except ratios) Within the revolving period Converted to term loans Total
Loan delinquency
Current and less than 30 days past due and still accruing $ 240,147 $ 2,289 $ 242,436
30–89 days past due and still accruing 2,422 207 2,629
90 or more days past due and still accruing 2,619 113 2,732
Total retained loans $ 245,188 $ 2,609 $ 247,797
Loan delinquency ratios
% of 30+ days past due to total retained loans 2.06 % 12.27 % 2.16 %
% of 90+ days past due to total retained loans 1.07 4.33 1.10
Gross charge-offs $ 8,812 $ 352 $ 9,164

Other credit quality indicators
The following table provides information on other credit quality indicators for retained credit card loans.
(in millions, except ratios) March 31, 2026 December 31, 2025
Geographic region (a)
California $ 37,362 $ 38,702
Texas 25,640 26,313
New York 18,793 19,488
Florida 18,095 18,622
Illinois 12,707 13,160
New Jersey 9,898 10,282
Colorado 7,205 7,384
Ohio 7,016 7,326
Pennsylvania 6,602 6,921
Arizona 6,110 6,295
All other 89,695 93,304
Total retained loans $ 239,123 $ 247,797
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 660 83.9 % 84.6 %
Less than 660 15.8 15.2
No FICO available 0.3 0.2

(a)
The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2026.
131
Loan modifications
The Firm grants certain modifications of credit card loans to borrowers experiencing financial difficulty. These modifications may involve placing the customer’s credit card account on a fixed payment plan, generally for
60
months, which typically includes reducing the interest rate on the credit card account. If the borrower does not make the contractual payments when due under the modified payment terms, the credit card loan continues to age and will be charged-off in accordance with the Firm's standard charge-off policy. In most cases, the Firm does not reinstate the borrower's line of credit.
Financial effects of FDMs
The following tables provide information on retained credit card FDMs.
Loan modifications
Three months ended March 31, 2026 (in millions, except ratios) Amortized cost basis % of loan modifications to total retained credit card loans Financial effect of loan modifications
Term extension and interest rate reduction (a)(b) $ 689 0.29 % Term extension with a reduction in the weighted average contractual interest rate from 22.76 % to 3.39 %
Interest rate reduction (b) 164 0.07 Reduced weighted-average contractual interest rate from 22.77 % to 8.23 %
Total $ 853

Loan modifications
Three months ended March 31, 2025 (in millions, except ratios) Amortized cost basis % of loan modifications to total retained credit card loans Financial effect of loan modifications
Term extension and interest rate reduction (a)(b) $ 376 0.17 % Term extension with a reduction in the weighted average contractual interest rate from 23.04 % to 3.53 %
Interest rate reduction (b) 5 — Reduced weighted-average contractual interest rate from 20.95 % to 8.61 %
Total $ 381

(a)
Term extension includes credit card loans whose terms have been modified under long-term programs by placing the customer's credit card account on a fixed payment plan.
(b)
The interest rates represent weighted average at the time of modification.
Payment status of FDMs
The following table provides information on the payment status of retained credit card FDMs during the twelve months ended March 31, 2026 and 2025.
(in millions) Amortized cost basis
Twelve months ended March 31,
2026 2025
Current and less than 30 days past due and still accruing $ 2,139 $ 915
30-89 days past due and still accruing 191 83
90 or more days past due and still accruing 126 47
Total $ 2,456 $ 1,045

Defaults of FDMs
For the three months ended March 31, 2026, defaults of retained credit card FDMs that had been modified within twelve months were $
99
million and were in the form of a combination of term extension and interest rate reduction, while
not
material for the three months ended March 31, 2025.
For credit card loans modified as FDMs, payment default is deemed to have occurred when the borrower misses
two
consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm's standard charge-off policy.
132
Wholesale loan portfolio
Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the internal risk rating assigned to each loan. Refer to Note 12 of JPMorganChase’s 2025 Form 10-K for further information on these risk ratings.
The following tables provide information on internal risk rating and gross charge-offs for retained wholesale loans.
Secured by real estate Commercial and industrial Other (a) Total retained loans
(in millions, except ratios) Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025
Loans by risk ratings
Investment-grade $ 120,160 $ 118,875 $ 71,687 $ 66,942 $ 369,920 $ 355,547 $ 561,767 $ 541,364
Noninvestment-grade:
Noncriticized 35,508 36,120 98,554 92,856 93,144 93,273 227,206 222,249
Criticized performing 8,778 8,872 13,603 12,651 2,961 2,833 25,342 24,356
Criticized nonaccrual 1,743 1,678 2,157 1,954 624 766 4,524 4,398
Total noninvestment-grade 46,029 46,670 114,314 107,461 96,729 96,872 257,072 251,003
Total retained loans $ 166,189 $ 165,545 $ 186,001 $ 174,403 $ 466,649 $ 452,419 $ 818,839 $ 792,367
% of investment-grade to total retained loans 72.30 % 71.81 % 38.54 % 38.38 % 79.27 % 78.59 % 68.61 % 68.32 %
% of total criticized to total retained loans 6.33 6.37 8.47 8.37 0.77 0.80 3.65 3.63
% of criticized nonaccrual to total retained loans 1.05 1.01 1.16 1.12 0.13 0.17 0.55 0.56

(a)
Includes loans to financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, nonprofits, as well as loans to SPEs. As of March 31, 2026 and December 31, 2025, predominantly consisted of $
246.9
 billion and $
245.1
 billion, respectively, to financial institutions, which includes loans to certain SPEs, primarily asset securitizations; $
147.2
 billion and $
141.1
 billion, respectively, to individuals and individual entities; and $
7.6
 billion and $
7.4
 billion, respectively, to other SPEs. Refer to Note 14 of JPMorganChase’s 2025 Form 10-K for more information on SPEs.
As of or for the three months ended March 31, 2026 (in millions) Secured by real estate
Term loans by origination year Revolving loans
2026 2025 2024 2023 2022 Prior to 2022 Within the revolving period Converted to term loans Total
Loans by risk ratings
Investment-grade $ 4,094 $ 17,416 $ 8,889 $ 8,936 $ 22,119 $ 57,624 $ 1,082 $ — $ 120,160
Noninvestment-grade 1,608 6,945 3,315 4,108 11,774 16,008 2,178 93 46,029
Total retained loans $ 5,702 $ 24,361 $ 12,204 $ 13,044 $ 33,893 $ 73,632 $ 3,260 $ 93 $ 166,189
Gross charge-offs $ — $ — $ — $ 1 $ 4 $ 20 $ — $ — $ 25

    
As of or for the year ended December 31, 2025 (in millions) Secured by real estate
Term loans by origination year Revolving loans
2025 2024 2023 2022 2021 Prior to 2021 Within the revolving period Converted to term loans Total
Loans by risk ratings
Investment-grade $ 17,242 $ 9,440 $ 9,187 $ 22,472 $ 22,019 $ 37,392 $ 1,123 $ — $ 118,875
Noninvestment-grade 6,930 3,032 4,392 12,444 6,625 10,978 2,176 93 46,670
Total retained loans $ 24,172 $ 12,472 $ 13,579 $ 34,916 $ 28,644 $ 48,370 $ 3,299 $ 93 $ 165,545
Gross charge-offs $ — $ 54 $ 13 $ 92 $ 119 $ 141 $ 1 $ — $ 420

133
As of or for the three months ended March 31, 2026 (in millions) Commercial and industrial
Term loans by origination year Revolving loans
2026 2025 2024 2023 2022 Prior to 2022 Within the revolving period Converted to term loans Total
Loans by risk ratings
Investment-grade $ 7,977 $ 12,191 $ 4,485 $ 2,909 $ 3,408 $ 2,525 $ 38,191 $ 1 $ 71,687
Noninvestment-grade 8,863 30,352 11,536 5,424 4,517 2,621 50,905 96 114,314
Total retained loans $ 16,840 $ 42,543 $ 16,021 $ 8,333 $ 7,925 $ 5,146 $ 89,096 $ 97 $ 186,001
Gross charge-offs $ — $ — $ 1 $ 6 $ 1 $ 8 $ 65 $ 1 $ 82

As of or for the year ended December 31, 2025 (in millions) Commercial and industrial
Term loans by origination year Revolving loans
2025 2024 2023 2022 2021 Prior to 2021 Within the revolving period Converted to term loans Total
Loans by risk ratings
Investment-grade $ 16,186 $ 5,418 $ 3,040 $ 4,352 $ 1,836 $ 1,225 $ 34,884 $ 1 $ 66,942
Noninvestment-grade 32,906 13,376 5,927 5,600 2,006 825 46,721 100 107,461
Total retained loans $ 49,092 $ 18,794 $ 8,967 $ 9,952 $ 3,842 $ 2,050 $ 81,605 $ 101 $ 174,403
Gross charge-offs $ 43 $ 64 $ 11 $ 151 $ 129 $ 26 $ 461 $ 8 $ 893

As of or for the three months ended March 31, 2026 (in millions) Other (a)
Term loans by origination year Revolving loans
2026 2025 2024 2023 2022 Prior to 2022 Within the revolving period Converted to term loans Total
Loans by risk ratings
Investment-grade $ 17,443 $ 34,444 $ 10,890 $ 7,109 $ 10,185 $ 16,270 $ 272,312 $ 1,267 $ 369,920
Noninvestment-grade 5,498 12,988 5,252 4,003 3,715 4,099 61,123 51 96,729
Total retained loans $ 22,941 $ 47,432 $ 16,142 $ 11,112 $ 13,900 $ 20,369 $ 333,435 $ 1,318 $ 466,649
Gross charge-offs $ — $ — $ — $ — $ — $ 18 $ 39 $ — $ 57

As of or for the year ended December 31, 2025 (in millions) Other (a)
Term loans by origination year Revolving loans
2025 2024 2023 2022 2021 Prior to 2021 Within the revolving period Converted to term loans Total
Loans by risk ratings
Investment-grade $ 43,073 $ 13,123 $ 7,939 $ 10,838 $ 5,574 $ 11,757 $ 263,150 $ 93 $ 355,547
Noninvestment-grade 16,162 6,456 4,425 4,079 2,013 2,563 61,095 79 96,872
Total retained loans $ 59,235 $ 19,579 $ 12,364 $ 14,917 $ 7,587 $ 14,320 $ 324,245 $ 172 $ 452,419
Gross charge-offs $ 46 $ 195 $ 32 $ 2 $ 9 $ 58 $ 26 $ 106 $ 474

(a)
Includes loans to financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, nonprofits, as well as loans to SPEs. Refer to Note 14 of JPMorganChase’s 2025 Form 10-K for more information on SPEs.
134
The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.
(in millions, except ratios) Multifamily Other commercial Total retained Secured by real estate loans
Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025
Retained loans secured by real estate $ 105,899 $ 105,130 $ 60,290 $ 60,415 $ 166,189 $ 165,545
Criticized 4,866 4,661 5,655 5,889 10,521 10,550
% of criticized to total retained loans secured by real estate 4.59 % 4.43 % 9.38 % 9.75 % 6.33 % 6.37 %
Criticized nonaccrual $ 428 $ 422 $ 1,315 $ 1,256 $ 1,743 $ 1,678
% of criticized nonaccrual loans to total retained loans secured by real estate 0.40 % 0.40 % 2.18 % 2.08 % 1.05 % 1.01 %

Geographic distribution and delinquency
The following table provides information on the geographic distribution and delinquency for retained wholesale loans.
Secured by real estate Commercial and industrial Other Total retained loans
(in millions) Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025
Loans by geographic distribution (a)
Total U.S. $ 162,987 $ 162,378 $ 141,523 $ 131,945 $ 339,074 $ 331,737 $ 643,584 $ 626,060
Total non-U.S. 3,202 3,167 44,478 42,458 127,575 120,682 175,255 166,307
Total retained loans $ 166,189 $ 165,545 $ 186,001 $ 174,403 $ 466,649 $ 452,419 $ 818,839 $ 792,367
Loan delinquency
Current and less than 30 days past due and still accruing $ 163,743 $ 163,189 $ 183,279 $ 171,227 $ 465,276 $ 450,582 $ 812,298 $ 784,998
30–89 days past due and still accruing 648 636 366 1,220 714 1,057 1,728 2,913
90 or more days past due and still accruing (b) 55 42 199 2 35 14 289 58
Criticized nonaccrual 1,743 1,678 2,157 1,954 624 766 4,524 4,398
Total retained loans $ 166,189 $ 165,545 $ 186,001 $ 174,403 $ 466,649 $ 452,419 $ 818,839 $ 792,367

(a)
The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.
(b)
Represents loans that are considered well-collateralized and therefore still accruing interest.
Nonaccrual loans
The following table provides information on retained wholesale nonaccrual loans.
(in millions) Secured by real estate Commercial and industrial Other Total retained loans
Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025
Nonaccrual loans
With an allowance $ 447 $ 365 $ 1,800 $ 1,562 $ 397 $ 468 $ 2,644 $ 2,395
Without an allowance (a) 1,296 1,313 357 392 227 298 1,880 2,003
Total nonaccrual loans (b) $ 1,743 $ 1,678 $ 2,157 $ 1,954 $ 624 $ 766 $ 4,524 $ 4,398

(a)
When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.
(b)
Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2026 and 2025.
135
Loan modifications
The Firm grants certain modifications of wholesale loans to borrowers experiencing financial difficulty, which generally align with loans graded substandard or worse consistent with the U.S. banking regulators’ definition of criticized exposures.
Financial effects of FDMs
The following tables provide information on retained wholesale loan modifications considered FDMs during the three months ended March 31, 2026 and
2025
.
Secured by real estate
Three months ended March 31, 2026 (in millions, except ratios) Amortized cost basis % of loan modifications to total retained Secured by real estate loans Financial effect of loan modifications
Single modifications
Term extension $ 305 0.18 % Extended loans by a weighted-average of 6 months
Other (a) 7 — NM
Total $ 312

(a)
Includes a loan with single modification.
Secured by real estate
Three months ended March 31, 2025 (in millions, except ratios) Amortized cost basis % of loan modifications to total retained Secured by real estate loans Financial effect of loan modifications
Single modifications
Term extension $ 290 0.18 % Extended loans by a weighted-average of 9 months
Multiple modifications
Other-than-insignificant payment deferral and term extension 42 0.03 Provided payment deferrals with delayed amounts recaptured at maturity and extended loans by a weighted-average of 35 months
Other (a) 15 — NM
Total $ 347

(a)
Includes loans with a single modification.
136
Commercial and industrial
Three months ended March 31, 2026 (in millions, except ratios) Amortized cost basis % of loan modifications to total retained Commercial and industrial loans Financial effect of loan modifications
Single modifications
Term extension $ 527 0.28 % Extended loans by a weighted-average of 12 months
Other-than-insignificant payment deferral 323 0.17 Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period
Multiple modifications
Other-than-insignificant payment deferral and term extension 52 0.03 Provided payment deferrals with delayed amounts primarily recaptured at maturity and extended loans by a weighted-average of 8 months
Other (a) 35 0.02 NM
Total $ 937

(a)
Includes loans with single and multiple modifications.
Commercial and industrial
Three months ended March 31, 2025 (in millions, except ratios) Amortized cost basis % of loan modifications to total retained Commercial and industrial loans Financial effect of loan modifications
Single modifications
Term extension $ 394 0.23 % Extended loans by a weighted-average of 13 months
Other-than-insignificant payment deferral 312 0.18 Provided payment deferrals with delayed amounts primarily recaptured at maturity
Other (a) 1 — NM
Total $ 707

(a)
Includes loans with a single modification.
Other
Three months ended March 31, 2026 (in millions, except ratios) Amortized cost basis % of loan modifications to total retained Other loans Financial effect of loan modifications
Single modifications
Term extension $ 107 0.02 % Extended loans by a weighted-average of 3 months
Total $ 107

Other
Three months ended March 31, 2025 (in millions, except ratios) Amortized cost basis % of loan modifications to total retained Other loans Financial effect of loan modifications
Single modifications
Term extension $ 41 0.01 % Extended loans by a weighted-average of 12 months
Total $ 41

137
Payment status of FDMs
The following table provides information on the payment status of retained wholesale FDMs during the twelve months ended March 31, 2026 and
2025
.
Amortized cost basis
Twelve months ended March 31, 2026 Twelve months ended March 31, 2025
(in millions) Secured by real estate Commercial and industrial Other Secured by real estate Commercial and industrial Other
Current and less than 30 days past due and still accruing $ 260 $ 1,589 $ 87 $ 483 $ 1,415 $ 225
30-89 days past due and still accruing 30 41 10 24 7 11
90 or more days past due and still accruing — 175 — — — —
Criticized nonaccrual 391 640 95 130 525 30
Total $ 681 $ 2,445 $ 192 $ 637 $ 1,947 $ 266

Defaults of FDMs
The following table provides information on defaults of retained wholesale FDMs that had been modified within twelve months during the three months ended March 31, 2026 and
2025.
Amortized cost basis
Three months ended March 31, 2026 Three months ended March 31, 2025
(in millions) Secured by real estate Commercial and industrial Other Secured by real estate Commercial and industrial Other
Term extension $ 11 $ 110 $ 25 $ 13 $ 9 $ 11
Other-than-insignificant payment deferral — 17 — — — —
Total (a) $ 11 $ 127 $ 25 $ 13 $ 9 $ 11

(a)
Represents FDMs that were 30 days or more past due.

As of March 31, 2026 and December 31, 2025, additional unfunded commitments on modified loans to borrowers experiencing financial difficulty were $
930
million and $
2.8
 billion, respectively, in Commercial and industrial, and $
11
 million and $
73
 million, respectively, in Other. Additional unfunded commitments on modified loans to borrowers experiencing financial difficulty whose loans have been modified as FDMs in Secured by real estate were not material at both periods.
138
Note 12 –
Allowance for credit losses
The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments.
Refer to Note 13 of JPMorganChase's 2025 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies.
139
Allowance for credit losses and related information
The table below summarizes information about the allowances for credit losses and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorganChase’s 2025 Form 10-K and Note 9 of this Form 10-Q for further information on the allowance for credit losses on investment securities.
2026 2025
Three months ended March 31, (in millions) Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total
Allowance for loan losses
Beginning balance at January 1, $ 1,920 $ 15,557 $ 8,288 $ 25,765 $ 1,807 $ 14,600 $ 7,938 $ 24,345
Gross charge-offs 261 2,486 164 2,911 287 2,316 213 2,816
Gross recoveries collected ( 107 ) ( 444 ) ( 44 ) ( 595 ) ( 124 ) ( 334 ) ( 26 ) ( 484 )
Net charge-offs/(recoveries) 154 2,042 120 2,316 163 1,982 187 2,332
Provision for loan losses 23 2,044 414 2,481 214 2,382 597 3,193
Other — — ( 2 ) ( 2 ) — — 2 2
Ending balance at March 31, $ 1,789 $ 15,559 $ 8,580 $ 25,928 $ 1,858 $ 15,000 $ 8,350 $ 25,208
Allowance for lending-related commitments
Beginning balance at January 1, $ 83 $ 2,200 (e) $ 2,788 $ 5,071 $ 82 $ — $ 2,019 $ 2,101
Provision for lending-related commitments ( 10 ) — 33 23 ( 10 ) — 135 125
Other — — ( 3 ) ( 3 ) — — — —
Ending balance at March 31, $ 73 $ 2,200 $ 2,818 $ 5,091 $ 72 $ — $ 2,154 $ 2,226
Total allowance for investment securities NA NA NA 78 NA NA NA 118
Total allowance for credit losses (a) $ 1,862 $ 17,759 $ 11,398 $ 31,097 $ 1,930 $ 15,000 $ 10,504 $ 27,552
Allowance for loan losses by impairment methodology
Asset-specific (b) $ ( 623 ) $ — $ 851 $ 228 $ ( 727 ) $ — $ 692 $ ( 35 )
Portfolio-based 2,412 15,559 7,729 25,700 2,585 15,000 7,658 25,243
Total allowance for loan losses $ 1,789 $ 15,559 $ 8,580 $ 25,928 $ 1,858 $ 15,000 $ 8,350 $ 25,208
Loans by impairment methodology
Asset-specific (b) $ 3,403 $ — $ 4,524 $ 7,927 $ 2,818 $ — $ 3,877 $ 6,695
Portfolio-based 363,871 239,123 814,315 1,417,309 370,074 223,384 700,837 1,294,295
Total retained loans $ 367,274 $ 239,123 $ 818,839 $ 1,425,236 $ 372,892 $ 223,384 $ 704,714 $ 1,300,990
Collateral-dependent loans
Net charge-offs $ — $ — $ 702 $ 702 $ ( 3 ) $ — $ 85 $ 82
Loans measured at fair value of collateral less cost to sell 3,403 — 891 4,294 2,791 — 1,820 4,611
Allowance for lending-related commitments by impairment methodology
Asset-specific $ — $ — $ 135 $ 135 $ — $ — $ 135 $ 135
Portfolio-based 73 2,200 (e) 2,683 4,956 72 — 2,019 2,091
Total allowance for lending-related commitments (c) $ 73 $ 2,200 $ 2,818 $ 5,091 $ 72 $ — $ 2,154 $ 2,226
Lending-related commitments by impairment methodology
Asset-specific $ — $ — $ 916 $ 916 $ — $ — $ 793 $ 793
Portfolio-based (d) 24,367 23,759 (f) 555,281 603,407 25,873 99 521,760 547,732
Total lending-related commitments $ 24,367 $ 23,759 $ 556,197 $ 604,323 $ 25,873 $ 99 $ 522,553 $ 548,525

On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio (the “Apple Card transaction”), with an expected closing date approximately
24
months thereafter. Refer to Notes 4, 13, 27 and 28 of JPMorganChase’s 2025 Form 10-K for additional information.
(a)
At March 31, 2026 and 2025, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $
286
 million and $
283
 million, respectively, associated with certain accounts receivable in CIB.
(b)
Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.
140
(c)
The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.
(d)
At March 31, 2026 and 2025, lending-related commitments excluded $
21.9
billion and $
20.3
billion, respectively, for the consumer, excluding credit card portfolio segment; $
1.2
trillion and $
1.0
trillion, respectively, for the credit card portfolio segment; and $
48.7
billion and $
26.3
billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments.
(e)
Represents the impact of the Apple Card transaction.
(f)
Included approximately $
23
billion related to the Apple Card transaction. Refer to Note 13 of the Firm's 2025 Form 10-K for additional information.
Discussion of changes in the allowance
The allowance for credit losses as of March 31, 2026 was $
31.4
billion, reflecting a net addition of $
154
million from December 31, 2025.
The net addition to the allowance for credit losses included:
•
$
321
million in
wholesale
, largely driven by changes in the credit quality of certain exposures, and
•
a net reduction of $
139
million in
consumer
, predominantly driven by improvements in home prices.
The Firm's qualitative adjustments and its weighted-average macroeconomic outlook continued to include additional weight placed on the adverse scenarios to reflect ongoing uncertainties and downside risks related to the geopolitical and macroeconomic environment.
The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the following table, resulting in:
•
a weighted average U.S. unemployment rate peaking at 5.6% in the first quarter of 2027, and
•
a weighted average U.S. real GDP level that is 2.2% lower than the central case at the end of the second quarter of 2027.
The following table presents the Firm’s central case assumptions for the periods presented:
Central case assumptions at March 31, 2026
2Q26 4Q26 2Q27
U.S. unemployment rate (a) 4.3 % 4.2 % 4.0 %
YoY growth in U.S. real GDP (b) 2.9 % 1.9 % 1.9 %
Central case assumptions at December 31, 2025
2Q26 4Q26 2Q27
U.S. unemployment rate (a) 4.6 % 4.4 % 4.2 %
YoY growth in U.S. real GDP (b) 2.0 % 1.8 % 1.9 %

(a)
Reflects quarterly average of forecasted U.S. unemployment rate.
(b)
The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year.

Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Refer to Note 13 and Note 10 of JPMorganChase’s 2025 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowance for credit losses on loans, lending-related commitments, and investment securities.
Refer to Note 11 for additional information on the consumer and wholesale credit portfolios.
141
Note 13 –
Variable interest entities
Refer to Note 1 and Note 14 of JPMorganChase’s 2025 Form 10-K for a further description of the Firm's accounting policies regarding consolidation of and involvement with VIEs.
The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-sponsored” VIE to include any entity where: (1) JPMorganChase is the primary beneficiary of the structure; (2) the VIE is used by JPMorganChase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorganChase name; or (4) the entity is a JPMorganChase–administered asset-backed commercial paper conduit.
Line of Business Transaction Type Activity Form 10-Q page references
CCB Credit card securitization trusts Securitization of originated credit card receivables 142
Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 142-144
CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans 142-144
Multi-seller conduits Assisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs 144
Municipal bond vehicles Financing of municipal bond investments 144

In addition, CIB also invests in and provides financing, lending-related services and other services to VIEs sponsored by third parties. Refer to pages 145-146 of this Note for more information on the VIEs sponsored by third parties.
Significant Firm-sponsored VIEs
Credit card securitizations
As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trust, the Chase Issuance Trust.
Firm-sponsored mortgage and other securitization trusts
The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts.
142
The following tables present the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules),
recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to page 148 of this Note for information on the securitization-related loan delinquencies and liquidation losses.
Principal amount outstanding JPMorganChase interest in securitized assets in nonconsolidated VIEs (c)(d)(e)
March 31, 2026 (in millions) Total assets held by securitization VIEs Assets held in consolidated securitization VIEs Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Chase
Securitization-related (a)
Residential mortgage:
Prime/Alt-A and option ARMs $ 85,597 $ 534 $ 57,838 $ 721 $ 1,758 $ 1,463 $ 3,942
Subprime 16,957 — 4,329 146 11 — 157
Commercial and other (b) 216,101 147 147,432 907 5,081 801 6,789
Total $ 318,655 $ 681 $ 209,599 $ 1,774 $ 6,850 $ 2,264 $ 10,888

Principal amount outstanding JPMorganChase interest in securitized assets in nonconsolidated VIEs (c)(d)(e)
December 31, 2025 (in millions) Total assets held by securitization VIEs Assets held in consolidated securitization VIEs Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Chase
Securitization-related (a)
Residential mortgage:
Prime/Alt-A and option ARMs $ 83,442 $ 548 $ 58,525 $ 707 $ 1,799 $ 1,526 $ 4,032
Subprime 10,690 — 2,766 100 12 — 112
Commercial and other (b) 212,555 170 138,986 1,222 5,285 823 7,330
Total $ 306,687 $ 718 $ 200,277 $ 2,029 $ 7,096 $ 2,349 $ 11,474

(a)
Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored.
(b)
Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables.
(c)
Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior securities of $
4.2
billion and $
188
million at March 31, 2026 and December 31, 2025, respectively, and subordinated securities of $
250
million and $
56
million at March 31, 2026 and December 31, 2025, respectively, which the Firm purchased in connection with CIB’s secondary market-making activities.
(d)
Includes interests held in re-securitization transactions.
(e)
At March 31, 2026 and December 31, 2025,
72
% and
74
%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $
3.4
billion and $
3.5
billion of investment-grade retained interests at March 31, 2026 and December 31, 2025, respectively, and $
591
million and $
525
million of noninvestment-grade retained interests at March 31, 2026 and December 31, 2025, respectively. The retained interests in commercial and other securitization trusts consisted of $
5.5
billion and $
6.2
billion of investment-grade retained interests at March 31, 2026 and December 31, 2025, respectively, and $
1.2
billion and $
1.1
billion of noninvestment-grade retained interests at March 31, 2026 and December 31, 2025, respectively.

143
Residential mortgage
The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB.
Commercial mortgages and other consumer securitizations
CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts.
Re-securitizations
The following table presents the principal amount of securities transferred to re-securitization VIEs.
Three months ended March 31,
(in millions) 2026 2025
Transfers of securities to VIEs
U.S. GSEs and government agencies $ 5,602 $ 5,490

In addition, during the three months ended March 31, 2026, the Firm transferred $
937
million of private-label securities to re-securitization VIEs. The Firm did
no
t transfer any private-label securities to re-securitization VIEs during the three months ended March 31, 2025, and retained interests in any such Firm-sponsored VIEs as of March 31, 2026 and December 31, 2025 were not material.
The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.
Nonconsolidated re-securitization VIEs
(in millions) March 31, 2026 December 31, 2025
U.S. GSEs and government agencies
Interest in VIEs $ 3,119 $ 2,558

As of March 31, 2026 and December 31, 2025, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs. As of March 31, 2026, the Firm consolidated an insignificant amount of assets and liabilities of Firm-sponsored private-label re-securitization VIEs. As of December 31, 2025, the Firm did not consolidate any Firm-sponsored private-label re-securitization VIEs.
Multi-seller conduits
In the normal course of business, JPMorganChase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $
2.2
billion of the commercial paper issued by the Firm-administered multi-seller conduits at both March 31, 2026 and December 31, 2025, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits.
Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $
10.5
billion and $
9.9
billion at March 31, 2026 and December 31, 2025, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments.
Municipal bond vehicles
Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party.
The Firm serves as sponsor for all non-customer TOB transactions.
144
Consolidated VIE assets and liabilities
The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of March 31, 2026 and December 31, 2025.
Assets Liabilities
March 31, 2026 (in millions) Trading assets Loans Other (c) Total assets (d) Beneficial interests in VIE assets (e) Other (f) Total liabilities
VIE program type
Firm-sponsored credit card trusts $ — $ 11,908 $ 169 $ 12,077 $ 5,855 $ 12 $ 5,867
Firm-administered multi-seller conduits — 19,095 160 19,255 16,940 27 16,967
Municipal bond vehicles 3,263 — 45 3,308 4,164 19 4,183
Mortgage securitization entities (a) 2 552 7 561 102 39 141
Other 1,424 3,897 (b) 357 5,678 24 540 564
Total $ 4,689 $ 35,452 $ 738 $ 40,879 $ 27,085 $ 637 $ 27,722
Assets Liabilities
December 31, 2025 (in millions) Trading assets Loans Other (c) Total assets (d) Beneficial interests in VIE assets (e) Other (f) Total liabilities
VIE program type
Firm-sponsored credit card trusts $ — $ 12,872 $ 170 $ 13,042 $ 5,884 $ 11 $ 5,895
Firm-administered multi-seller conduits — 20,140 115 20,255 18,174 24 18,198
Municipal bond vehicles 3,367 — 29 3,396 3,760 17 3,777
Mortgage securitization entities (a) 2 566 9 577 105 40 145
Other 1,466 4,199 (b) 360 6,025 28 599 627
Total $ 4,835 $ 37,777 $ 683 $ 43,295 $ 27,951 $ 691 $ 28,642

(a)
Includes residential mortgage securitizations.
(b)
Primarily includes consumer loans in CIB.
(c)
Includes assets classified as cash and other asset line items on the Consolidated balance sheets.
(d)
The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.
(e)
The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified on the Consolidated balance sheets as “Beneficial interests issued by consolidated VIEs”. The holders of these beneficial interests generally do not have recourse to the general credit of JPMorganChase. Included in beneficial interests in VIE assets are long-term beneficial interests of $
6.0
billion at both March 31, 2026 and December 31, 2025.
(f)
Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.
VIEs sponsored by third parties
The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction.
145
Tax credit vehicles
The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that own and operate affordable housing, alternative energy, and other projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. At March 31, 2026 and December 31, 2025, the maximum loss exposure, represented by equity investments and funding commitments, was $
38.6
billion and $
38.1
billion, of which $
16.7
billion and $
16.4
billion was unfunded, respectively. The Firm assesses each project and to reduce the risk of loss, may withhold varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 22 for more information on off-balance sheet lending-related commitments.
The Firm elected the proportional amortization method for certain tax-oriented investments on a program-by-program basis. The proportional amortization method requires the cost of eligible investments, within an elected program, be amortized in proportion to the tax benefits received with the resulting amortization reported directly in income tax expense, which aligns with the associated tax credits and other tax benefits. Investments must meet certain criteria to be eligible, including that substantially all of the return is from income tax credits and other income tax benefits.
In addition, under this method deferred taxes are generally not recorded as the investment is now amortized in proportion to the income tax credits and other income tax benefits received. Delayed equity contributions that are unconditional and legally binding or conditional and probable of occurring are recorded in other liabilities with a corresponding increase in the carrying value of the investment. The guidance also requires a reevaluation of eligible investments when significant modifications or events occur that result in a change in the nature of the investment or a change in the Firm's relationship with the underlying project. During the period, there were no significant modifications or events that resulted in a change in the nature of an eligible investment or a change in the Firm's relationship with the underlying project.
The following table provides information on tax-oriented investments for which the Firm elected to apply the proportional amortization method.
(in millions) Alternative energy and affordable housing programs
Three months ended March 31,
2026 2025
Programs for which the Firm elected proportional amortization:
Carrying value (a) $ 33,333 $ 31,540
Tax credits and other tax benefits (b) 1,493 1,358
Investments that qualify to be accounted for using proportional amortization:
Amortization losses recognized as a component of income tax expense ( 1,102 ) ( 983 )
Non-income-tax-related gains/(losses) and other returns received that are recognized outside of income tax expense (c) 51 31

(a)
Recorded in Other assets on the Consolidated balance sheets. Excludes programs to which the Firm does not apply the proportional amortization method, such as historic tax credit and new market tax credit programs.
(b)
Reflected in Income tax expense on the Consolidated statements of income and Operating activities on the Consolidated statements of cash flows. Additionally, the Firm recognized $
277
million and $
279
million of income tax credits along with $(
306
) million and $(
341
) million of amortization losses from investments in programs for which the Firm elected proportional amortization but the investments did not meet certain eligibility criteria for the three months ended March 31, 2026 and 2025, respectively. Those amounts were recorded on a net basis in Other income on the Consolidated statements of income and in Operating activities on the Consolidated statements of cash flows.
(c)
Recorded in Other income on the Consolidated statements of income and Operating activities on the Consolidated statements of cash flows. Refer to Note 6 for further information.
Customer municipal bond vehicles (TOB trusts)
The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder.
In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle.
The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at March 31, 2026 and December 31, 2025 was $
7.5
billion and $
7.7
billion, respectively. The fair value of assets held by such VIEs at March 31, 2026 and December 31, 2025 was $
10.1
billion and $
10.5
billion, respectively.
146
Loan securitizations
The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, commercial mortgages and other consumer loans.
Securitization activity
The following table provides information related to the Firm’s securitization activities for the three months ended March 31, 2026 and 2025, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization.
Three months ended March 31,
2026 2025
(in millions) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e)
Principal securitized $ 12,616 $ 4,561 $ 4,524 $ 2,834
All cash flows during the period: (a)
Proceeds received from loan sales as financial instruments (b)(c) $ 13,458 $ 4,460 $ 4,665 $ 2,849
Servicing fees collected 9 9 8 11
Cash flows received on interests 271 195 120 279

(a)
Excludes re-securitization transactions.
(b)
Primarily includes Level 2 assets.
(c)
The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
(d)
Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies.
(e)
Includes commercial mortgages and auto loans.
Loans and excess MSRs sold to U.S. government-sponsored enterprises and loans in securitization transactions pursuant to Ginnie Mae guidelines
In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs.
The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines.
Three months ended March 31,
(in millions) 2026 2025
Carrying value of loans sold $ 8,324 $ 8,614
Proceeds received from loan sales as cash 102 638
Proceeds from loan sales as securities (a)(b) 8,091 7,893
Total proceeds received from loan sales (c) $ 8,193 $ 8,531
Gains/(losses) on loan sales (d)(e) $ — $ —

(a)
Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio.
(b)
Included in level 2 assets.
(c)
Excludes the value of MSRs retained upon the sale of loans.
(d)
Gains/(losses) on loan sales include the value of MSRs.
(e)
The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
147
Options to repurchase delinquent loans
In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information.
The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of March 31, 2026 and December 31, 2025. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.
(in millions) March 31, 2026 December 31, 2025
Loans repurchased or option to repurchase (a) $ 704 $ 856
Real estate owned 2 2
Foreclosed government-guaranteed residential mortgage loans (b) 8 9

(a)
Primarily all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.
(b)
Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.
Loan delinquencies and liquidation losses
The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of March 31, 2026 and December 31, 2025. For loans sold or securitized where servicing is the Firm’s only form of continuing involvement, the Firm generally experiences a loss only if the Firm was required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with its loan sale or servicing contracts.
Net liquidation losses/(recoveries)
Securitized assets 90 days past due Three months ended March 31,
(in millions) March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 2026 2025
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs $ 57,838 $ 58,525 $ 637 $ 654 $ 8 $ 3
Subprime 4,329 2,766 96 92 — 1
Commercial and other 147,432 138,986 5,253 4,487 43 60
Total loans securitized $ 209,599 $ 200,277 $ 5,986 $ 5,233 $ 51 $ 64

148
Note

14 –
Goodwill and mortgage servicing rights
Refer to Note 15 of JPMorganChase’s 2025 Form 10-K for a detailed discussion of goodwill, mortgage servicing rights, and other intangible assets and the related accounting policies.
Goodwill
Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired, and can be adjusted up to one year from the acquisition date as additional information pertaining to facts and circumstances that existed as of the acquisition date is obtained about the fair value of assets acquired and liabilities assumed.
The following table presents goodwill attributed to the reportable business segments and Corporate.
(in millions) March 31, 2026 December 31, 2025
Consumer & Community Banking $ 32,116 $ 32,116
Commercial & Investment Bank 11,256 11,259
Asset & Wealth Management 8,626 8,634
Corporate 708 722
Total goodwill $ 52,706 $ 52,731

The following table presents changes in the carrying amount of goodwill.
Three months ended March 31, (in millions) 2026 2025
Balance at beginning of period $ 52,731 $ 52,565
Changes during the period from:
Other (a) ( 25 ) 56
Balance at March 31, $ 52,706 $ 52,621

(a)
Primarily foreign currency adjustments.
Goodwill impairment testing
Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment.
Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.
As of March 31, 2026, the Firm reviewed current economic conditions, estimated market cost of equity, as well as actual business results and projections of business performance. Based on such reviews, the Firm has concluded that goodwill was not impaired as of March 31, 2026 or December 31, 2025.
149
Mortgage servicing rights
MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorganChase’s 2025 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs.
The following table summarizes MSR activity for the three months ended March 31, 2026 and 2025.
As of or for the three months ended March 31,
(in millions, except where otherwise noted) 2026 2025
Fair value at beginning of period $ 9,167 $ 9,121
MSR activity:
Originations of MSRs 146 111
Purchase of MSRs (a) 10 279
Disposition of MSRs 2 4
Net additions/(dispositions) 158 394
Changes due to collection/realization of expected cash flows ( 270 ) ( 261 )
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other (b) 56 ( 100 )
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service) — 1
Discount rates — —
Prepayment model changes and other (c) ( 18 ) ( 28 )
Total changes in valuation due to other inputs and assumptions ( 18 ) ( 27 )
Total changes in valuation due to inputs and assumptions 38 ( 127 )
Fair value at March 31, $ 9,093 $ 9,127
Changes in unrealized gains/(losses) included in income related to MSRs held at March 31, $ 38 $ ( 127 )
Contractual service fees, late fees and other ancillary fees included in income 410 402
Third-party mortgage loans serviced at March 31, (in billions) 663 666
Servicer advances, net of an allowance for uncollectible amounts, at March 31 (d) 458 529

(a)
Includes purchase price adjustments associated with purchased MSRs, primarily due to loans that prepaid within 90 days of settlement or did not meet certain criteria and were removed from the purchase prior to the transfer date, allowing the Firm to recover the purchase price.
(b)
Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(c)
Represents changes in prepayments other than those attributable to changes in market interest rates.
(d)
Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.
150
The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three months ended March 31, 2026 and 2025.
Three months ended March 31,
(in millions) 2026 2025
CCB mortgage fees and related income
Production revenue $ 178 $ 110
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue 409 404
Changes in MSR asset fair value due to collection/realization of expected cash flows ( 269 ) ( 260 )
Total operating revenue 140 144
Risk management:
Changes in MSR asset fair value due to market interest rates and other (a) 56 ( 100 )
Other changes in MSR asset fair value due to other inputs and assumptions in model (b) ( 18 ) ( 27 )
Changes in derivative fair value and other ( 53 ) 136
Total risk management ( 15 ) 9
Total net mortgage servicing revenue 125 153
Total CCB mortgage fees and related income 303 263
All other 6 15
Mortgage fees and related income $ 309 $ 278

(a)
Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(b)
Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).
Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In the following table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.
The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at March 31, 2026 and December 31, 2025, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.
(in millions, except rates) Mar 31, 2026 Dec 31, 2025
Weighted-average prepayment speed assumption (constant prepayment rate) 6.80 % 6.77 %
Impact on fair value of 10% adverse change $ ( 179 ) $ ( 181 )
Impact on fair value of 20% adverse change ( 349 ) ( 353 )
Weighted-average option adjusted spread (a) 6.08 % 6.14 %
Impact on fair value of a 100 basis point adverse change $ ( 385 ) $ ( 394 )
Impact on fair value of a 200 basis point adverse change ( 740 ) ( 757 )

(a)
Includes the impact of operational risk and regulatory capital.
151
Note 15 –
Deposits
Refer to Note 17 of JPMorganChase’s 2025 Form 10-K for further information on deposits.
As of March 31, 2026 and December 31, 2025, noninterest-bearing and interest-bearing deposits were as follows:
(in millions) March 31, 2026 December 31, 2025
U.S. offices
Noninterest-bearing (included $ 14,418 and $ 16,610 at fair value) (a) $ 595,424 $ 583,342
Interest-bearing (included $ 1,784 and $ 1,085 at fair value) (a) 1,508,682 1,452,729
Total deposits in U.S. offices 2,104,106 2,036,071
Non-U.S. offices
Noninterest-bearing (included $ 3,482 and $ 3,099 at fair value) (a) 43,775 37,057
Interest-bearing (included $ 119 and $ 136 at fair value) (a) 527,639 486,192
Total deposits in non-U.S. offices 571,414 523,249
Total deposits $ 2,675,520 $ 2,559,320

(a)
Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further discussion.
As of March 31, 2026 and December 31, 2025, time deposits in denominations that met or exceeded the insured limit were as follows:
(in millions) March 31, 2026 December 31, 2025
U.S. offices $ 164,535 $ 155,114
Non-U.S. offices (a) 98,178 89,085
Total $ 262,713 $ 244,199

(a)
Represents all time deposits in non-U.S. offices as these deposits typically exceed the insured limit.

As of March 31, 2026, the remaining maturities of interest-bearing time deposits in each of the 12-month periods ending March 31 were as follows:
March 31, (in millions)
U.S. Non-U.S. Total
2027 $ 237,446 $ 94,432 $ 331,878
2028 857 — 857
2029 430 — 430
2030 455 — 455
2031 338 — 338
After 5 years 424 264 688
Total $ 239,950 $ 94,696 $ 334,646

Note 16 –
Leases
Refer to Note 18 of JPMorganChase’s 2025 Form 10-K for a further discussion on leases.
Firm as lessee
At March 31, 2026, JPMorganChase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.
Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.
The carrying values of the Firm’s operating leases were as follows:
(in millions) March 31, 2026 December 31, 2025
Right-of-use assets $ 8,887 $ 8,901
Lease liabilities 9,295 9,337

The Firm’s net rental expense was $
601
million and $
573
 million for the three months ended March 31, 2026 and 2025, respectively.
Firm as lessor
The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets.
The following table presents the Firm’s operating lease income, included within
other income
, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income.
Three months ended March 31,
(in millions) 2026 2025
Operating lease income $ 1,153 $ 829
Depreciation expense 761 505

152
Note 17 –
Preferred stock
Refer to Note 21 of JPMorganChase’s 2025 Form 10-K for a further discussion on preferred stock.
The following is a summary of JPMorganChase’s non-cumulative preferred stock outstanding as of March 31, 2026 and December 31, 2025, and the quarterly dividend declarations for the three months ended March 31, 2026 and 2025.
Shares (a) Carrying value (in millions) Contractual rate in effect at March 31, 2026 Earliest redemption date (b) Floating annualized rate (c) Dividend declared per share
March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 Issue date Three months ended March 31,
2026 2025
Fixed-rate:
Series DD 169,625 169,625 $ 1,696 $ 1,696 9/21/2018 5.750 % 12/1/2023 NA $ 143.75 $ 143.75
Series EE 185,000 185,000 1,850 1,850 1/24/2019 6.000 3/1/2024 NA 150.00 150.00
Series GG 90,000 90,000 900 900 11/7/2019 4.750 12/1/2024 NA 118.75 118.75
Series JJ 150,000 150,000 1,500 1,500 3/17/2021 4.550 6/1/2026 NA 113.75 113.75
Series LL 185,000 185,000 1,850 1,850 5/20/2021 4.625 6/1/2026 NA 115.63 115.63
Series MM 200,000 200,000 2,000 2,000 7/29/2021 4.200 9/1/2026 NA 105.00 105.00
Fixed-to-floating rate:
Series CC 125,750 125,750 1,258 1,258 10/20/2017 SOFR + 2.58 11/1/2022 SOFR + 2.58 159.02 172.36
Series II 150,000 150,000 1,500 1,500 2/24/2020 SOFR + 2.745 4/1/2025 SOFR + 2.745 158.37 100.00
Series KK 200,000 200,000 2,000 2,000 5/12/2021 3.650 6/1/2026 CMT + 2.85 91.25 91.25
Series NN 250,000 250,000 2,496 2,496 3/12/2024 6.875 6/1/2029 CMT + 2.737 171.88 171.88
Series OO 300,000 300,000 2,995 2,995 2/4/2025 6.500 4/1/2030 CMT + 2.152 162.50 102.92 (d)
Total preferred stock 2,005,375 2,005,375 $ 20,045 $ 20,045

(a)
Represented by depositary shares.
(b)
Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date.
(c)
References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus, in the case of the Series CC preferred stock, a spread adjustment of 0.26% per annum) plus the spreads noted. References to “CMT” mean a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spreads noted.
(d)
The initial dividend declared was prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate.
Each series of preferred stock has a liquidation value and redemption price per share of $
10,000
, plus accrued but unpaid dividends. The aggregate liquidation value was $
20.1
 billion at March 31, 2026.
Issuances
On February 4, 2025, the Firm issued $
3.0
 billion of fixed-rate reset non-cumulative preferred stock, Series OO.
Redemptions
On February 1, 2025, the Firm redeemed all $
3.0
 billion of its fixed-to-floating rate non-cumulative preferred stock, Series HH.
153
Note 18 –
Earnings per share
Refer to Note 23 of JPMorganChase’s 2025 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”).
The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2026 and 2025.
(in millions, except per share amounts) Three months ended March 31,
2026 2025
Basic earnings per share
Net income $ 16,494 $ 14,643
Less: Preferred stock dividends 276 255
Net income applicable to common equity 16,218 14,388
Less: Dividends and undistributed earnings allocated to participating securities 70 71
Net income applicable to common stockholders $ 16,148 $ 14,317
Total weighted-average basic shares outstanding 2,716.2 2,819.4
Net income per share $ 5.95 $ 5.08
Diluted earnings per share
Net income applicable to common stockholders $ 16,148 $ 14,317
Total weighted-average basic shares outstanding 2,716.2 2,819.4
Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs 4.0 4.9
Total weighted-average diluted shares outstanding 2,720.2 2,824.3
Net income per share $ 5.94 $ 5.07

154
Note 19 –
Accumulated other comprehensive income/(loss)
AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net gain/(loss) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).
As of or for the three months ended March 31, 2026 (in millions) Unrealized gains/(losses) on investment securities Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and OPEB plans DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss)
Balance at January 1, 2026 $ ( 261 ) $ ( 735 ) $ ( 157 ) $ ( 1,426 ) $ ( 562 ) $ ( 1,149 ) $ ( 4,290 )
Net change ( 2,401 ) ( 167 ) 41 ( 901 ) 4 1,025 ( 2,399 )
Balance at March 31, 2026 $ ( 2,662 ) (a) $ ( 902 ) $ ( 116 ) $ ( 2,327 ) $ ( 558 ) $ ( 124 ) $ ( 6,689 )
As of or for the three months ended March 31, 2025 (in millions) Unrealized gains/(losses) on investment securities Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and OPEB plans DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss)
Balance at January 1, 2025 $ ( 3,830 ) $ ( 2,074 ) $ ( 221 ) $ ( 4,814 ) $ ( 1,141 ) $ ( 376 ) $ ( 12,456 )
Net change 953 489 28 1,674 ( 16 ) 217 3,345
Balance at March 31, 2025 $ ( 2,877 ) (a) $ ( 1,585 ) $ ( 193 ) $ ( 3,140 ) $ ( 1,157 ) $ ( 159 ) $ ( 9,111 )

(a)
Included after-tax net unamortized unrealized losses of $(
297
) million and $(
639
) million as of March 31, 2026 and 2025, respectively, related to AFS securities that have been transferred to HTM.
The following table presents the pre-tax and after-tax changes in the components of OCI.
2026 2025
Three months ended March 31, (in millions) Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period $ ( 3,107 ) $ 754 $ ( 2,353 ) $ 1,220 $ ( 295 ) $ 925
Reclassification adjustment for realized (gains)/losses included in net income (a) ( 64 ) 16 ( 48 ) 37 ( 9 ) 28
Net change ( 3,171 ) 770 ( 2,401 ) 1,257 ( 304 ) 953
Translation adjustments: (b)
Translation ( 1,072 ) 98 ( 974 ) 2,211 ( 105 ) 2,106
Hedges 1,065 ( 258 ) 807 ( 2,134 ) 517 ( 1,617 )
Net change ( 7 ) ( 160 ) ( 167 ) 77 412 489
Fair value hedges, net change (c) 55 ( 14 ) 41 37 ( 9 ) 28
Cash flow hedges:
Net unrealized gains/(losses) arising during the period ( 1,559 ) 379 ( 1,180 ) 1,587 ( 383 ) 1,204
Reclassification adjustment for realized (gains)/losses included in net income (d) 369 ( 90 ) 279 621 ( 151 ) 470
Net change ( 1,190 ) 289 ( 901 ) 2,208 ( 534 ) 1,674
Defined benefit pension and OPEB plans, net change 7 ( 3 ) 4 ( 19 ) 3 ( 16 )
DVA on fair value option elected liabilities, net change 1,361 ( 336 ) 1,025 286 ( 69 ) 217
Total other comprehensive income/(loss) $ ( 2,945 ) $ 546 $ ( 2,399 ) $ 3,846 $ ( 501 ) $ 3,345

(a)
The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.
(b)
Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. There were no sales or liquidations of legal entities that resulted in reclassifications for the three months ended March 31, 2026 and 2025.
(c)
Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross-currency swaps.
(d)
The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.
155
Note 20 –
Restricted cash and other restricted assets
Refer to Note 26 of JPMorganChase’s 2025 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets.
Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries.
The Firm is also subject to rules and regulations established by U.S. and non-U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets.
The following table presents the components of the Firm’s restricted cash:
(in billions) March 31, 2026 December 31, 2025
Segregated for the benefit of securities and cleared derivative customers $ 17.2 $ 19.4
Cash reserves at non-U.S. central banks and held for other general purposes 9.7 9.6
Total restricted cash (a) $ 26.9 $ 29.0

(a)
Comprises $
25.7
billion and $
27.8
billion in deposits with banks, and $
1.2
billion and $
1.2
billion in cash and due from banks on the Consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.

Also, as of March 31, 2026 and December 31, 2025, the Firm had the following other restricted assets:
•
Cash and securities pledged with clearing organizations for the benefit of customers of $
47.1
billion and $
44.9
billion, respectively.
•
Securities with a fair value of $
34.4
billion and $
40.8
billion, respectively, in relation to customer activity.
156
Note 21 –
Regulatory capital
Refer to Note 27 of JPMorganChase’s 2025 Form 10-K for a detailed discussion on regulatory capital.
The Federal Reserve establishes capital requirements, including well-capitalized standards, for the Firm as a consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal IDI subsidiary, JPMorgan Chase Bank, N.A.
Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase & Co. is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. JPMorgan Chase Bank, N.A. is also subject to these capital requirements established by its primary regulators.
The following table presents the risk-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of March 31, 2026 and December 31, 2025.
Standardized capital ratio requirements Advanced capital ratio requirements Well-capitalized ratios
BHC (a) IDI (b) BHC (a) IDI (b) BHC (c) IDI (d)
Risk-based capital ratios
CET1 capital 11.5 % 7.0 % 11.5 % 7.0 % NA 6.5 %
Tier 1 capital 13.0 8.5 13.0 8.5 6.0 % 8.0
Total capital 15.0 10.5 15.0 10.5 10.0 10.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject.
(a)
Represents the regulatory capital ratio requirements applicable to the Firm. The CET1, Tier 1 and Total capital ratio requirements each include a respective minimum requirement plus a GSIB surcharge of
4.5
% as calculated under Method 2; plus a
2.5
% SCB for Standardized ratios and a fixed
2.5
% capital conservation buffer for Advanced ratios. The countercyclical buffer is currently set to
0
% by the federal banking agencies.
(b)
Represents requirements for JPMorgan Chase Bank, N.A. The CET1, Tier 1 and Total capital ratio requirements include a fixed capital conservation buffer requirement of
2.5
% that is applicable to JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is not subject to the GSIB surcharge.
(c)
Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve.
(d)
Represents requirements for JPMorgan Chase Bank, N.A. pursuant to regulations issued under the FDIC Improvement Act.
The following table presents the leverage-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of March 31, 2026 and December 31, 2025. The current requirements reflect the eSLR final rule which the Firm early adopted effective January 1, 2026.
Capital ratio requirements (b) Well-capitalized ratios
BHC IDI BHC (c) IDI
Leverage-based capital ratios
Tier 1 leverage 4.0 % 4.0 % NA 5.0 %
SLR (a) 4.3 4.0 NA 4.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject.
(a)
For the year ended December 31, 2025, the SLR requirements were
5.0
% and
6.0
% for BHC and JPMorgan Chase Bank, N.A., respectively, with minimum SLR requirement of
3.0
% and supplementary leverage buffer requirements of
2.0
% and
3.0
% for BHC and JPMorgan Chase Bank, N.A., respectively.
(b)
Represents minimum SLR requirement of
3.0
%, as well as supplementary leverage buffer requirements of
1.25
% and
1.0
% for BHC and JPMorgan Chase Bank, N.A., respectively.
(c)
The Federal Reserve's regulations do not establish well-capitalized thresholds for these measures for BHCs.
157
The following tables present risk-based capital metrics under both the Standardized and Advanced approaches and leverage-based capital metrics for JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. As of March 31, 2026 and December 31, 2025, JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.
March 31, 2026 (in millions, except ratios) Standardized Advanced
JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A.
Risk-based capital metrics:
CET1 capital $ 291,152 $ 295,755 $ 291,152 $ 295,755
Tier 1 capital 310,317 295,758 310,317 295,758
Total capital 349,931 318,780 334,355 303,342
Risk-weighted assets 2,039,324 1,961,368 2,061,341 (a) 1,862,268 (a)
CET1 capital ratio 14.3 % 15.1 % 14.1 % 15.9 %
Tier 1 capital ratio 15.2 15.1 15.1 15.9
Total capital ratio 17.2 16.3 16.2 16.3

December 31, 2025 (in millions, except ratios) Standardized Advanced
JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A.
Risk-based capital metrics:
CET1 capital $ 288,469 $ 294,804 $ 288,469 $ 294,804
Tier 1 capital 307,630 294,807 307,630 294,807
Total capital 343,843 317,684 328,962 (b) 302,732 (b)
Risk-weighted assets 1,981,692 1,928,039 2,045,249 (a)(b) 1,864,923 (a)(b)
CET1 capital ratio 14.6 % 15.3 % 14.1 % 15.8 %
Tier 1 capital ratio 15.5 15.3 15.0 15.8
Total capital ratio 17.4 16.5 16.1 16.2

(a)
As of March 31, 2026, the impact to the RWA for the Apple Card transaction was approximately $
30
 billion, which reflects the completion of the necessary modeling steps, as compared to the impact of approximately $
110
 billion as of December 31, 2025 for both the Firm and Bank. Refer to Note 27 of JPMorganChase’s 2025 Form 10-K for additional information.
(b)
Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules.
Three months ended (in millions, except ratios) March 31, 2026 December 31, 2025
JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A.
Leverage-based capital metrics:
Adjusted average assets (a) $ 4,702,980 $ 3,878,451 $ 4,472,394 $ 3,766,709
Tier 1 leverage ratio 6.6 % 7.6 % 6.9 % 7.8 %
Total leverage exposure $ 5,576,930 $ 4,723,218 $ 5,302,001 $ 4,571,728
SLR 5.6 % 6.3 % 5.8 % 6.4 %

(a)
Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill (inclusive of estimated equity method goodwill) and other intangible assets.
158
Note 22 –
Off–balance sheet lending-related
financial instruments, guarantees, and other
commitments
Generally, JPMorganChase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being fully drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorganChase’s 2025 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.
To provide for expected

credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.
The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2026 and December 31, 2025. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these commitments will be utilized at the same time. The Firm can generally reduce or cancel these commitments, in accordance with the contract, or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of underlying property.
159
Off–balance sheet lending-related financial instruments, guarantees and other commitments
Contractual amount Carrying value (i)(j)
March 31, 2026 Dec 31, 2025 Mar 31, 2026 Dec 31, 2025
By remaining maturity (in millions) Expires in 1 year or less Expires after 1 year through 3 years Expires after 3 years through 5 years Expires after 5 years Total Total
Lending-related
Consumer, excluding credit card:
Residential Real Estate (a) $ 16,624 $ 5,285 $ 3,378 $ 6,200 $ 31,487 $ 28,998 $ 336 $ 327
Auto and other 10,872 5 4 3,868 14,749 14,589 10 10
Total consumer, excluding credit card 27,496 5,290 3,382 10,068 46,236 43,587 346 337
Credit card (b) 1,099,787 104,229 (h) — — 1,204,016 1,177,766 (h) 2,200 (k) 2,200 (k)
Total consumer (c) 1,127,283 109,519 3,382 10,068 1,250,252 1,221,353 2,546 2,537
Wholesale:
Other unfunded commitments to extend credit (d) 140,025 179,650 220,847 27,555 568,077 561,506 3,030 3,112
Standby letters of credit and other financial guarantees (d) 16,677 9,505 4,753 387 31,322 29,919 661 616
Other letters of credit (d) 5,024 219 77 203 5,523 4,529 12 13
Total wholesale (c) 161,726 189,374 225,677 28,145 604,922 595,954 3,703 3,741
Total lending-related $ 1,289,009 $ 298,893 $ 229,059 $ 38,213 $ 1,855,174 $ 1,817,307 $ 6,249 $ 6,278
Other guarantees and commitments
Securities lending indemnification agreements and guarantees (e) $ 449,554 $ — $ — $ — $ 449,554 $ 405,910 $ — $ —
Derivatives qualifying as guarantees 1,812 166 9,285 37,717 48,980 49,031 76 ( 12 )
Unsettled resale and securities borrowed agreements 155,650 221 — — 155,871 137,072 ( 8 ) —
Unsettled repurchase and securities loaned agreements 141,586 576 — — 142,162 52,895 — —
Loan sale and securitization-related indemnifications:
Mortgage repurchase liability NA NA NA NA NA NA 37 37
Loans sold with recourse NA NA NA NA 2,048 2,015 19 19
Exchange & clearing house guarantees and commitments (f) 237,734 NA NA NA 237,734 433,537 — —
Other guarantees and commitments (g) 15,448 5,877 245 1,505 23,075 13,238 14 15

(a)
Includes certain commitments to purchase loans from correspondents.
(b)
Also includes commercial card lending-related commitments primarily in CIB.
(c)
Predominantly all consumer and wholesale lending-related commitments are in the U.S.
(d)
As of March 31, 2026 and December 31, 2025, reflected the contractual amount net of risk participations totaling $
118
million and $
181
million, respectively, for other unfunded commitments to extend credit; $
11.6
billion and $
9.2
billion, respectively, for standby letters of credit and other financial guarantees; $
773
million and $
514
million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.
(e)
As of March 31, 2026 and December 31, 2025, collateral held by the Firm in support of securities lending indemnification agreements was $
474.8
billion and $
431.9
billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.
(f)
As of March 31, 2026 and December 31, 2025, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.
(g)
As of March 31, 2026 and December 31, 2025, primarily includes equity investment commitments, unfunded commitments to purchase secondary market loans, and unfunded commitments related to certain tax-oriented equity investments.
(h)
Included approximately $
104
billion related to the Apple Card transaction. Refer to Note 28 of the Firm's 2025 Form 10-K for additional information.
(i)
For lending-related products, the carrying value includes the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.
(j)
For lending-related commitments, the carrying value also includes fees and any purchase discounts or premiums that are deferred and recognized in accounts payable and other liabilities on the Consolidated balance sheets. Deferred amounts for revolving commitments and commitments not expected to fund, are amortized to lending- and deposit-related fees on a straight line basis over the commitment period. For all other commitments the deferred amounts remain deferred until the commitment funds or is sold.
(k)
Represents the allowance for lending-related commitments related to the Apple Card transaction. Refer to Note 13 of the Firm's 2025 Form 10-K for additional information.
160
Other unfunded commitments to extend credit
Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.
Standby letters of credit and other financial guarantees
Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.
The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of March 31, 2026 and December 31, 2025.
Standby letters of credit, other financial guarantees and other letters of credit
March 31, 2026 December 31, 2025
(in millions) Standby letters of credit and other financial guarantees Other letters of credit Standby letters of credit and other financial guarantees Other letters of credit
Investment-grade (a) $ 21,579 $ 3,906 $ 20,535 $ 3,187
Noninvestment-grade (a) 9,743 1,617 9,384 1,342
Total contractual amount $ 31,322 $ 5,523 $ 29,919 $ 4,529
Allowance for lending-related commitments $ 207 $ 12 $ 175 $ 13
Guarantee liability 454 — 441 —
Total carrying value $ 661 $ 12 $ 616 $ 13
Commitments with collateral $ 18,003 $ 561 $ 16,969 $ 540

(a)
The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.
Derivatives qualifying as guarantees
The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorganChase’s 2025 Form 10-K for further information on these derivatives.
The following table summarizes the derivatives qualifying as guarantees as of March 31, 2026 and December 31, 2025.
(in millions) March 31, 2026 December 31, 2025
Notional amounts
Derivative guarantees $ 48,980 $ 49,031
Stable value contracts with contractually limited exposure 35,517 35,462
Maximum exposure of stable value contracts with contractually limited exposure 1,313 1,312
Fair value
Derivative guarantees 76 ( 12 )

In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.
Loan sales- and securitization-related indemnifications
In connection with the Firm’s mortgage loan sale and securitization activities with U.S. GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm.
The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorganChase’s 2025 Form 10-K for additional information regarding litigation.
161
Merchant charge-backs

Under the rules of payment networks, in its role as a merchant acquirer, the Firm's Merchant Services business in CIB Payments, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, the Firm will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If the Firm is unable to collect the amount from the merchant, the Firm will bear the loss for the amount credited or refunded to the cardholder. The Firm mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, the Firm recognizes a valuation allowance that covers the payment or performance risk related to charge-backs.
Sponsored member repo program

The Firm acts as a sponsoring member to clear eligible overnight and term resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house; therefore, the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 160. Refer to Note 11 of JPMorganChase’s 2025 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements.
Guarantees of subsidiaries
The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a
100
%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank pari passu with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 160 of this Note. Refer to Note 20 of JPMorganChase’s 2025 Form 10-K for additional information.
Note 23 –
Pledged assets and collateral
Refer to Note 29 of JPMorganChase’s 2025 Form 10-K for a discussion of the Firm’s pledged assets and collateral.
Pledged assets
The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged.
The following table presents the carrying value of the Firm’s pledged assets.
(in billions) March 31, 2026 December 31, 2025
Assets that may be sold or repledged or otherwise used by secured parties $ 282.7 $ 185.6
Assets that may not be sold or repledged or otherwise used by secured parties 474.5 410.9
Assets pledged at Federal Reserve banks and FHLBs 732.2 737.1
Total pledged assets $ 1,489.4 $ 1,333.6

Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorganChase’s 2025 Form 10-K for additional information on the Firm’s long-term debt.
Collateral
The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits.
The following table presents the fair value of collateral accepted.
(in billions) March 31, 2026 December 31, 2025
Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,934.3 $ 1,771.0
Collateral sold, repledged, delivered or otherwise used 1,548.0 1,426.4

162
Note 24 –
Litigation
Contingencies
As of March 31, 2026, the Firm and its subsidiaries and affiliates are defendants or respondents in numerous evolving legal proceedings, including private proceedings, public proceedings, government investigations, regulatory enforcement matters, and the matters described below. These range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations and regulatory enforcement matters involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business in several geographies and varied claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories.
The Firm estimates the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $
0
to approximately $
1.3
 billion at March 31, 2026. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given:
•
the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages,
•
the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined,
•
the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and
•
the uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions later prove to be incorrect.
In addition, the outcome of a particular proceeding may be a result that the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate range of
reasonably possible losses will change from time to time, and actual losses may vary significantly.
Set forth below are descriptions of the Firm’s material legal proceedings.
Amrapali
. India’s Enforcement Directorate (“ED”) is investigating J.P. Morgan India Private Limited in connection with investments made in 2010 and 2012 by
two
offshore funds formerly managed by JPMorganChase entities into residential housing projects developed by the Amrapali Group (“Amrapali”) relating to delays in delivering or failure to deliver residential units. In July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorganChase entities, violated certain criminal currency control and money laundering provisions, and ordered the ED to conduct a further inquiry. The Firm is cooperating with the inquiry. In addition, in August 2021, the ED issued an order fining J.P. Morgan India Private Limited approximately $
31.5
 million, which the Firm is appealing.
Cash Sweep Related Matters
. Putative class actions have been filed against the Firm relating to interest rates paid to non-managed brokerage clients in the Firm’s cash sweep program. The matters have been consolidated in the United States District Court for the Southern District of New York. In February 2026, the District Court issued a ruling granting, in part, and denying, in part, the Firm’s motion to dismiss, leaving express and implied breach of contract claims. In addition, certain state securities regulators have requested information related to the Firm’s cash sweep program.
Fair Access to Banking
. In August 2025, the President of the United States issued an Executive Order entitled “Guaranteeing Fair Banking for All Americans” that addressed access to financial services and directed several actions by certain federal agencies, including a review and revision of their internal policies and manuals. JPMorganChase is responding to requests from government authorities and other external parties regarding, among other things, the Firm’s policies and processes and the provision of services to customers and potential customers. Certain of these matters are at various stages, including reviews, investigations, and legal proceedings. These include a civil lawsuit filed in January 2026 in Florida state court by President Donald J. Trump, in his personal capacity, and several affiliated corporate entities, against JPMorgan Chase Bank, N.A. and its CEO, which defendants have removed to federal court and plaintiffs are challenging.
Foreign Exchange Investigations and Litigation.
The Firm previously reported settlements with certain
163
government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. Among those resolutions, in May 2015, the Firm pleaded guilty to a single violation of federal antitrust law. The Department of Labor ("DOL") granted the Firm exemptions that permit the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) through the
ten-year
disqualification period, which began in January 2017. The only remaining FX-related governmental inquiry is a South Africa Competition Commission matter which is currently pending before the South Africa Competition Tribunal.
With respect to civil litigation matters, some FX-related individual and putative class actions filed outside the U.S., including in the U.K., Israel, the Netherlands and Brazil remain. In December 2025, the U.K. Supreme Court confirmed the initial decision of the Competition Appeal Tribunal, which denied a request for class certification on an opt-out basis. In Israel, a settlement in principle has been reached on the putative class action, which remains subject to court approval.
Interchange Litigation.
Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws.
In September 2018, the parties settled the class action seeking monetary relief. A separate class action seeking injunctive relief continues. In June 2024, the District Court for the Eastern District of New York denied preliminary approval of a settlement of the injunctive class action in which Visa and Mastercard agreed to certain changes to their respective network rules and system-wide reductions in interchange rates for U.S.-based merchants. In November 2025, the parties to that settlement reached a superseding and amended class settlement and submitted the agreement to the District Court for its approval.
Of the merchants who opted out of the damages class settlement, certain merchants filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks. The defendants have reached settlements with the merchants who opted out representing over
90
% of the combined Mastercard-branded and Visa-branded payment card sales volume. The remaining opt out actions are pending. The parties resolved actions which were pending in the United States District Court for the Southern District of New York and were scheduled to begin trial in April 2026. Other actions are pending in the United States District Court
for the Northern District of Illinois and are scheduled for trial in September 2026.
LIBOR and Other Benchmark Rate Investigations and Litigation
. JPMorganChase has responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s (“BBA”) London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Firm appealed a December 2016 decision by the European Commission against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. In December 2023, the European General Court annulled the fine imposed by the European Commission, but exercised its discretion to re-impose a fine in an identical amount. In March 2024, the Firm filed an appeal of this decision with the Court of Justice of the European Union, which held a hearing in January 2026 and reserved judgment.
In addition, the Firm was named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In September 2025, the United States District Court for the Southern District of New York granted summary judgment in favor of the defendants on all remaining claims related to U.S. dollar LIBOR, decertified the class, and dismissed all claims in their entirety with prejudice to refiling. Plaintiffs have filed an appeal.
Russian Litigation
. The Firm is obligated to comply with international sanctions laws, which mandate the blocking of certain assets. These laws apply when assets associated with individuals, companies, products or services are within the scope of the sanctions. The Firm has faced actual and threatened litigation in Russia seeking payments that the Firm cannot make under, and is contractually excused from paying as a result of, relevant sanctions laws. In claims involving the Firm and claims filed against other financial institutions, Russian courts have disregarded the parties’ contractual agreements concerning forum selection and did not recognize foreign sanctions laws as a basis for not making payment. Russian courts have entered judgment against the Firm in a number of claims. This includes one claim for $
439
 million, for which the courts have stayed the enforcement of the judgment against the Firm's unprotected assets in Russia pending the outcome of an appeal, and a judgment for another claim has been executed against assets held onshore by the Firm in Russia. The total amount of the judgments exceeds the total amount of available assets that the Firm holds in Russia. Russian courts have allowed plaintiffs to withhold dividends due to the Firm’s clients for the purpose of satisfying judgments, which the Firm is opposing as unlawful. The Firm continues to appeal the Russian courts'
164
decisions, but certain judgments are now enforceable against Firm assets in Russia. Russian courts have also ordered interim freezes of Firm assets in Russia (including, among other things, funds in bank accounts, securities, shares in authorized capital, and certain trademarks, of the named defendants) pending a determination of certain underlying claims against the Firm. The Firm has challenged claims being pursued in the Russian courts and related freeze orders in other jurisdictions provided for by the parties’ contractual forum selections. If further claims are enforced despite the actions taken by the Firm to challenge the claims and orders and to seek the proper application of law, the Firm’s assets in Russia could be seized in full, and certain client assets could also be seized, or the Firm could be prevented from complying with its obligations.
Shareholder Litigation
. A shareholder derivative action purporting to act on behalf of the Firm was filed in the United States District Court for the Eastern District of New York against the Firm, its Board of Directors and certain of its current and former officers relating to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct which were the subject of the Firm’s resolutions with the DOJ, CFTC and SEC in September 2020. In March 2026, the Court dismissed the case with prejudice.
* * *
In addition to the various legal proceedings discussed above, JPMorganChase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future.
The Firm has established reserves for several hundred of its currently outstanding legal proceedings. Under U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $
223
million and $
121
million for the three months ended March 31, 2026 and 2025, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future.
In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages,
or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorganChase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorganChase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorganChase’s income for that period.
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Note 25 –
Business segments & Corporate
The Firm is managed on an LOB basis. There are
three
reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.
The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to JPMorganChase’s 2025 Form 10-K Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on page 59 for a definition of managed basis and Note 32 for a further discussion of the Firm’s business segments.
Description of business segment reporting methodology
Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.
Funds transfer pricing
Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.
The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.
As a result of lower average interest rates in the current year, the cost of funding for assets and the funding benefit earned for liabilities generally decreased compared with the prior year.
Foreign exchange risk
Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results.
Capital allocation
The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Note 32 of JPMorganChase’s 2025 Form 10-K for additional information on capital allocation.
166
Segment & Corporate results
The following table provides a summary of the Firm’s segment results as of or for the three months ended March 31, 2026 and 2025, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm
(and each of the reportable business segments) 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. Refer to Note 32 of JPMorganChase’s 2025 Form 10-K for additional information on the Firm’s managed basis.
Segment & Corporate results and reconciliation (a)
As of or for the three months ended March 31, (in millions, except ratios) Consumer & Community Banking Commercial & Investment Bank Asset & Wealth Management
2026 2025 2026 2025 2026 2025
Noninterest revenue $ 4,830 $ 4,171 $ 15,390 $ 13,822 $ 4,648 $ 3,993
Net interest income 14,738 14,142 7,989 5,844 1,726 1,738
Total net revenue 19,568 18,313 23,379 19,666 6,374 5,731
Provision for credit losses 2,050 2,629 482 705 ( 24 ) ( 10 )
Compensation expense (b) 4,622 4,375 (e) 5,740 5,127 (e) 2,339 2,067 (e)
Noncompensation expense (c)(d) 6,357 5,482 (e) 5,396 4,715 (e) 1,828 1,646 (e)
Total noninterest expense 10,979 9,857 11,136 9,842 4,167 3,713
Income/(loss) before income tax expense/(benefit) 6,539 5,827 11,761 9,119 2,231 2,028
Income tax expense/(benefit) 1,563 1,402 2,717 2,177 456 445
Net income $ 4,976 $ 4,425 $ 9,044 $ 6,942 $ 1,775 $ 1,583
Average equity $ 61,500 $ 56,000 $ 166,500 $ 149,500 $ 16,000 $ 16,000
Total assets 656,051 636,105 2,626,846 2,174,123 299,179 258,354
ROE 32 % 31 % 21 % 18 % 44 % 39 %
Overhead ratio 56 54 48 50 65 65

As of or for the three months ended March 31, (in millions, except ratios) Corporate Reconciling Items (a) Total
2026 2025 2026 2025 2026 2025
Noninterest revenue $ 189 $ 653 $ ( 587 ) $ ( 602 ) $ 24,470 $ 22,037
Net interest income 1,026 1,651 ( 113 ) ( 102 ) 25,366 23,273
Total net revenue 1,215 2,304 ( 700 ) ( 704 ) 49,836 45,310
Provision for credit losses ( 1 ) ( 19 ) — — 2,507 3,305
Total noninterest expense (d) 568 185 (e) — — 26,850 23,597
Income/(loss) before income tax expense/(benefit) 648 2,138 ( 700 ) ( 704 ) 20,479 18,408
Income tax expense/(benefit) ( 51 ) 445 ( 700 ) ( 704 ) 3,985 3,765
Net income $ 699 $ 1,693 $ — $ — $ 16,494 $ 14,643
Average equity $ 97,050 $ 102,845 NA NA $ 341,050 $ 324,345
Total assets 1,318,399 1,289,274 NA NA 4,900,475 4,357,856
ROE NM NM NM NM 19 % 18 %
Overhead ratio NM NM NM NM 54 52

(a)
Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.
(b)
Excludes expense related to services provided by Corporate support units, which is recorded in and allocated from Corporate to each respective reportable business segment, as applicable, through noncompensation expense.
(c)
Reflects occupancy; technology, communications and equipment; professional and outside services; marketing; and other expense. Refer to Note 5 for additional information on other expense.
(d)
Certain services are provided by Corporate and used by each of the reportable business segments. The costs of these services, including compensation expense, are recorded in and allocated from Corporate to the respective reportable business segments, with the allocations recorded in noncompensation expense. Compensation expense allocated from Corporate to CCB was $
814
million and $
789
million, to CIB was $
1.2
billion each, and to AWM was $
300
million and $
269
million for the three months ended March 31, 2026 and 2025, respectively.
(e)
In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
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Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of JPMorgan Chase & Co.:
Results of Review of Interim Financial Statements
We have reviewed the accompanying consolidated balance sheet of JPMorgan Chase & Co. and its subsidiaries (the “Firm”) as of March 31, 2026, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the three-month periods ended March 31, 2026 and 2025, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Firm as of December 31, 2025, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the year then ended (not presented herein), and in our report dated February 13, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
These interim financial statements are the responsibility of the Firm’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
May 1, 2026
PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017
168
JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
Three months ended March 31, 2026 Three months ended March 31, 2025
Average balance Interest (f) Rate (annualized) Average balance Interest (f) Rate (annualized)
Assets
Deposits with banks $ 312,890 $ 2,317 3.00 % $ 446,044 $ 4,139 3.76 %
Federal funds sold and securities purchased under resale agreements 437,916 4,185 3.88 377,998 4,216 4.52
Securities borrowed 286,689 2,368 3.35 241,003 2,307 3.88
Trading assets – debt instruments 682,348 7,233 4.30 495,143 5,568 4.56
Taxable securities 774,201 6,975 3.65 638,124 5,992 3.81
Nontaxable securities (a) 28,064 329 4.75 26,846 310 4.68
Total investment securities 802,265 7,304 3.69 (g) 664,970 6,302 3.84 (g)
Loans 1,486,145 24,078 6.57 1,339,391 22,471 6.80
All other interest-earning assets (b)(c) 127,484 1,819 5.79 103,835 1,952 7.63
Total interest-earning assets 4,135,737 49,304 4.83 3,668,384 46,955 5.19
Allowance for loan losses (25,716) (24,338)
Cash and due from banks 23,552 22,548
Trading assets – equity and other instruments 241,307 225,468
Trading assets – derivative receivables 68,328 59,099
Goodwill, MSRs and other intangible Assets 64,316 64,437
All other noninterest-earning assets 251,213 219,716
Total assets $ 4,758,737 $ 4,235,314
Liabilities
Interest-bearing deposits $ 1,991,590 $ 10,284 2.09 % $ 1,842,888 $ 11,077 2.44 %
Federal funds purchased and securities loaned or sold under repurchase agreements 657,816 6,145 3.79 465,203 5,189 4.52
Short-term borrowings 55,469 525 3.85 49,291 535 4.40
Trading liabilities – debt and all other interest-bearing liabilities (d)(e) 324,559 2,263 2.83 288,140 2,091 2.94
Beneficial interests issued by consolidated VIEs 27,519 266 3.92 25,775 296 4.66
Long-term debt 367,478 4,342 4.79 344,945 4,392 5.16
Total interest-bearing liabilities 3,424,431 23,825 2.82 3,016,242 23,580 3.17
Noninterest-bearing deposits 611,294 587,417
Trading liabilities – equity and other instruments (e) 57,021 37,671
Trading liabilities – derivative payables 55,309 41,087
All other liabilities, including the allowance for lending-related commitments 249,587 208,539
Total liabilities 4,397,642 3,890,956
Stockholders’ equity
Preferred stock 20,045 20,013
Common stockholders’ equity 341,050 324,345
Total stockholders’ equity 361,095 344,358
Total liabilities and stockholders’ equity $ 4,758,737 $ 4,235,314
Interest rate spread 2.01 % 2.02 %
Net interest income and net yield on interest-earning assets $ 25,479 2.50 $ 23,375 2.58

(a)
Represents securities which are tax-exempt for U.S. federal income tax purposes.
(b)
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.
(c)
The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(d)
All other interest-bearing liabilities include brokerage-related customer payables.
(e)
The combined balance of trading liabilities – debt and equity instruments was $187.0 billion and $157.3 billion for the three months ended March 31, 2026 and 2025, respectively.
(f)
Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.
(g)
The annualized rate for securities based on amortized cost was 3.69% and 3.82% for the three months ended March 31, 2026 and 2025, respectively, and does not give effect to changes in fair value that are reflected in AOCI.
169
GLOSSARY OF TERMS AND ACRONYMS

2025 Form 10-K:
Annual report on Form 10-K for year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission.
ABS:
Asset-backed securities
Active digital customers:
Users of all web and/or mobile platforms who have logged in within the past 90 days.
Active foreclosures:
Loans referred to foreclosure where formal foreclosure proceedings are ongoing. Includes both judicial and non-judicial states.
Active mobile customers:
Users of all mobile platforms who have logged in within the past 90 days.
AFS:
Available-for-sale
Allowance for loan losses to total retained loans:
Represents period-end allowance for loan losses divided by retained loans.
Amortized cost:
Amount at which a financing receivable or investment is originated or acquired, adjusted for accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, charge-offs, foreign exchange, and fair value hedge accounting adjustments. For AFS securities, amortized cost is also reduced by any impairment losses recognized in earnings. Amortized cost is not reduced by the allowance for credit losses, except where explicitly presented net.
AOCI:
Accumulated other comprehensive income/(loss)
ARM(s):
Adjustable rate mortgage(s)
AUC:
“Assets under custody”: Represents assets held directly or indirectly on behalf of clients under safekeeping, custody and servicing arrangements.
Auto loan and lease origination volume:
Dollar amount of auto loans and leases originated.
AWM:
Asset & Wealth Management
Beneficial interests issued by consolidated VIEs:
Represents the interest of third-party holders of debt, equity securities, or other obligations, issued by VIEs that JPMorganChase consolidates.
BHC:
Bank holding company
BWM:
Banking & Wealth Management
Bridge Financing Portfolio:
A portfolio of held-for-sale unfunded loan commitments and funded loans. The unfunded commitments include both short-term bridge loan commitments that will ultimately be replaced by longer term financing as well as term loan commitments. The funded loans include term loans and funded revolver facilities.
CCAR:
Comprehensive Capital Analysis and Review
CCB:
Consumer & Community Banking
CCP:
Central Counterparty
CDS:
Credit default swaps
CECL:
Current Expected Credit Losses
CEO:
Chief Executive Officer
CET1 capital:
Common equity Tier 1 capital
CFO:
Chief Financial Officer
CFTC:
Commodity Futures Trading Commission
CIB:
Commercial & Investment Bank
CIO:
Chief Investment Office
Client assets:
Represent assets under management as well as custody, brokerage, administration and deposit accounts.
Client deposits and other third-party liabilities:
Deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.
Client investment assets:
Represent assets under management as well as custody, brokerage and annuity accounts, and deposits held in investment accounts.
CLTV:
Combined loan-to-value
CMT:
Constant Maturity Treasury
Collateral-dependent:
A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the

collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.
Commercial Card:
Provides a wide range of payment services to corporate and public sector clients worldwide through the commercial card products. Services include procurement, corporate travel and entertainment, expense management services, and business-to-business payment solutions.
Credit derivatives:
Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity) which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller). Upon the occurrence of a credit event by the reference entity, which may include, among other events, the bankruptcy or failure to pay its obligations, or certain restructurings of the debt of the reference entity, neither party has recourse to the reference entity. The protection purchaser has recourse to the protection seller for the difference between the face value of the CDS contract and the fair value at the time of settling the credit derivative contract. The determination as to
170
whether a credit event has occurred is generally made by the relevant International Swaps and Derivatives Association (“ISDA”) Determinations Committee.
Criticized:
Criticized loans, lending-related commitments and derivative receivables that are classified as special mention, substandard and doubtful categories for regulatory purposes and are generally consistent with a rating of CCC+/Caa1 and below, as defined by S&P and Moody’s.
CRR:
Capital Requirements Regulation
CVA:
Credit valuation adjustment
DVA:
Debit valuation adjustment
EC:
European Commission
Eligible HQLA:
Eligible high-quality liquid assets ("HQLA"), for purposes of calculating the liquidity coverage ratio ("LCR"), is the amount of unencumbered HQLA that satisfy certain operational considerations as defined in the LCR rule. Eligible HQLA securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets. For purposes of calculating the LCR, HQLA securities are included at fair value, which may differ from the accounting treatment under U.S. GAAP.
Eligible LTD:
Long-term debt satisfying certain eligibility criteria
Embedded derivatives:
Implicit or explicit terms or features of a financial instrument that affect some or all of the cash flows or the value of the instrument in a manner similar to a derivative. An instrument containing such terms or features is referred to as a “hybrid.” The component of the hybrid that is the non-derivative instrument is referred to as the “host.” For example, callable debt is a hybrid instrument that contains a plain vanilla debt instrument (i.e., the host) and an embedded option that allows the issuer to redeem the debt issue at a specified date for a specified amount (i.e., the embedded derivative). However, a floating rate instrument is not a hybrid composed of a fixed-rate instrument and an interest rate swap.
EPS:
Earnings per share
ERISA:
Employee Retirement Income Security Act of 1974
ESG:
Environmental, Social and Governance
ETD: “Exchange-traded derivatives”:
Derivative contracts that are executed on an exchange and settled via a central clearing house.
EU:
European Union
Expense categories:
•
Volume- and/or revenue-related
expenses generally correlate with changes in the related
business/transaction volume or revenue. Examples of volume- and revenue-related expenses include commissions and incentive compensation, depreciation expense related to operating lease assets, and brokerage expense related to equities trading transaction volume.
•
Investments
include expenses associated with supporting medium- to longer-term strategic plans of the Firm. Examples of investments include initiatives in technology (including related compensation), marketing, and compensation for new bankers and client advisors.
•
Structural
expenses are those associated with the day-to-day cost of running the bank and are expenses not covered by the above two categories. Examples of structural expenses include employee salaries and benefits, as well as noncompensation costs such as real estate and all other expenses.
Fannie Mae:
Federal National Mortgage Association
FASB:
Financial Accounting Standards Board
FCA:
Financial Conduct Authority
FDIC:
Federal Deposit Insurance Corporation
FDM: "Financial difficulty modification"
applies to loan modifications effective January 1, 2023, and

is deemed to occur when the Firm modifies specific terms of the original loan agreement. The following types of modifications are considered FDMs: principal forgiveness, interest rate reduction, other-than-insignificant payment deferral, term extension or a combination of these modifications.
Federal Reserve:
The Board of the Governors of the Federal Reserve System
FFIEC:
Federal Financial Institutions Examination Council
FHA:
Federal Housing Administration
FHLB:
Federal Home Loan Bank
FICO score:
A measure of consumer credit risk based on information in consumer credit reports produced by Fair Isaac Corporation. Because certain aged data is excluded from credit reports based on rules in the Fair Credit Reporting Act, FICO scores may not reflect all historical information about a consumer.
FICC:
Fixed Income Clearing Corporation
FINRA:
Financial Industry Regulatory Authority
Firm:
JPMorgan Chase & Co.
First Republic:
On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition”) from the FDIC.

"First Republic-related," "associated with First Republic" or similar expressions refer to the relevant effects of the First Republic acquisition, as well as subsequent related business and activities, as
171
applicable. Refer to Note 34 of the Firm's 2024 Form 10-K for additional information.
Forward points:
Represents the interest rate differential between two currencies, which is either added to or subtracted from the current exchange rate (i.e., “spot rate”) to determine the forward exchange rate.
Freddie Mac:
Federal Home Loan Mortgage Corporation
Free-standing derivatives:
A derivative contract entered into either separate and apart from any of the Firm’s other financial instruments or equity transactions. Or, in conjunction with some other transaction and is legally detachable and separately exercisable.
FTE:
Fully taxable-equivalent
FVA:
Funding valuation adjustment
FX:
Foreign exchange
G7:
“Group of Seven nations”
:
Countries in the G7 are Canada, France, Germany, Italy, Japan, the U.K. and the U.S.
G7 government securities:
Securities issued by the government of one of the G7 nations.
Ginnie Mae:
Government National Mortgage Association
GSIB:
Global systemically important banks
HELOC:
Home equity line of credit
Home equity – senior lien:
Represents loans and commitments where JPMorganChase holds the first security interest on the property.
Home equity – junior lien:
Represents loans and commitments where JPMorganChase holds a security interest that is subordinate in rank to other liens.
HQLA:
High-quality liquid assets. Also refer to Eligible HQLA.
HTM:
Held-to-maturity
IBOR:
Interbank Offered Rate
IDI:
Insured depository institutions
IHC:
JPMorgan Chase Holdings LLC, an intermediate holding company
Investment-grade:
An indication of credit quality based on JPMorganChase’s internal risk assessment system. “Investment grade” generally represents a risk profile similar to a rating of a “BBB-”/“Baa3” or better, as defined by independent rating agencies.
IPO:
Initial Public Offering
IR:
Interest rate
ISDA:
International Swaps and Derivatives Association
JPMorganChase:
JPMorgan Chase & Co.
JPMorgan Chase Bank, N.A.:
JPMorgan Chase Bank, National Association
JPMorgan Chase Foundation or Foundation:
A not-for-profit organization that makes contributions for charitable and educational purposes.
J.P. Morgan Securities:
J.P. Morgan Securities LLC
JPMSE:
J.P. Morgan SE
LCR:
Liquidity coverage ratio
LIBOR:
London Interbank Offered Rate
LLC:
Limited Liability Company
LOB:
Line of business
LTV: “Loan-to-value ratio”:
For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the appraised value of the collateral (i.e., residential real estate) securing the loan.
Origination date LTV ratio:
The LTV ratio at the origination date of the loan. Origination date LTV ratios are calculated based on the actual appraised values of collateral (i.e., loan-level data) at the origination date.
Current estimated LTV ratio:
An estimate of the LTV as of a certain date. The current estimated LTV ratios are calculated using estimated collateral values derived from a nationally recognized home price index measured at the metropolitan statistical area (“MSA”) level. These MSA-level home price indices consist of actual data to the extent available and forecasted data where actual data is not available. As a result, the estimated collateral values used to calculate these ratios do not represent actual appraised loan-level collateral values; as such, the resulting LTV ratios are necessarily imprecise and should therefore be viewed as estimates.
Combined LTV ratio:
The LTV ratio considering all available lien positions, as well as unused lines, related to the property. Combined LTV ratios are used for junior lien home equity products.
Macro businesses:
The macro businesses include Rates, Currencies and Emerging Markets, Fixed Income Financing and Commodities in CIB's Fixed Income Markets.
Managed basis:
A non-GAAP presentation of Firmwide financial results that includes reclassifications to present revenue on a fully taxable-equivalent basis. Management also uses this financial measure at the segment level, because it believes this provides information to enable investors to understand the underlying operational performance and trends of the particular business segment and facilitates a comparison of the business segment with the performance of competitors.
Markets:
Consists of CIB's Fixed Income Markets and Equity Markets businesses.
172
Master netting agreement:
A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).
MBS:
Mortgage-backed securities
MD&A:
Management’s discussion and analysis
Measurement alternative:
Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.
Merchant Services:
Offers merchants payment processing capabilities, fraud and risk management, data and analytics, and other payments services. Through Merchant Services, merchants of all sizes can accept payments via credit and debit cards and payments in multiple currencies.
MEVs: "Macroeconomic variables":
Refer to quantitative measures of current and forecasted macroeconomic conditions - such as the unemployment rates, gross domestic product growth rate and interest rates - used by the Firm in its models to estimate credit losses.
Moody’s:
Moody’s Investor Services
Mortgage product types:
Alt-A

Alt-A loans are generally higher in credit quality than subprime loans but have characteristics that would disqualify the borrower from a traditional prime loan. Alt-A lending characteristics may include one or more of the following: (i) limited documentation; (ii) a high CLTV ratio; (iii) loans secured by non-owner occupied properties; or (iv) a debt-to-income ratio above normal limits. A substantial proportion of the Firm’s Alt-A loans are those where a borrower does not provide complete documentation of his or her assets or the amount or source of his or her income.
Option ARMs
The option ARM real estate loan product is an adjustable-rate mortgage loan that provides the borrower with the option each month to make a fully amortizing, interest-only or minimum payment. The minimum payment on an option ARM loan is based on the interest rate charged during the introductory period. This introductory rate is usually significantly below the fully indexed rate. The fully indexed rate is calculated using an index rate plus a margin. Once the introductory period ends, the contractual interest rate charged on the loan increases to the fully indexed rate and adjusts monthly to reflect movements in the index. The minimum payment is typically insufficient to cover
interest accrued in the prior month, and any unpaid interest is deferred and added to the principal balance of the loan. Option ARM loans are subject to payment recast, which converts the loan to a variable-rate fully amortizing loan upon meeting specified loan balance and anniversary date triggers.
Prime
Prime mortgage loans are made to borrowers with good credit records who meet specific underwriting requirements, including prescriptive requirements related to income and overall debt levels. New prime mortgage borrowers provide full documentation and generally have reliable payment histories.
Subprime
Subprime loans are loans that, prior to mid-2008, were
offered to certain customers with one or more high risk characteristics, including but not limited to: (i) unreliable or poor payment histories; (ii) a high LTV ratio of greater than 80% (without borrower-paid mortgage insurance); (iii) a high debt-to-income ratio; (iv) an occupancy type for the loan is other than the borrower’s primary residence; or (v) a history of delinquencies or late payments on the loan.
MREL:
Minimum requirements for own funds and eligible liabilities
MSR:
Mortgage servicing rights
NA:
Data is not applicable or available for the period presented.
Net Capital Rule:
Rule 15c3-1 under the Securities Exchange Act of 1934.
Net charge-off/(recovery) rate:
Represents net charge-offs/(recoveries) (annualized) divided by average retained loans for the reporting period.
Net interchange income
includes the following components:
•
Interchange income:
Fees earned by credit and debit card issuers on sales transactions.
•
Rewards costs:
The cost to the Firm for points earned by cardholders enrolled in credit card rewards programs generally tied to sales transactions.
•
Partner payments:
Payments to co-brand credit card partners based on the cost of loyalty program rewards earned by cardholders on credit card transactions.
Net yield on interest-earning assets:
The average rate for interest-earning assets less the average rate paid for all sources of funds.
NFA:
National Futures Association
NM:
Not meaningful
Nonaccrual loans:
Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured
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by U.S. government agencies) are placed on nonaccrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more unless the loan is both well-secured and in the process of collection. Collateral-dependent loans are typically maintained on nonaccrual status.
Nonperforming assets:
Nonperforming assets include nonaccrual loans, nonperforming derivatives and certain assets acquired in loan satisfactions, predominantly real estate owned and other commercial and personal property.
NSFR:
Net Stable Funding Ratio
OCC:
Office of the Comptroller of the Currency
OCI:
Other comprehensive income/(loss)
OPEB:
Other postretirement employee benefit
Operating losses:
Primarily refer to fraud losses associated with customer deposit accounts, credit and debit cards; exclude legal expense
OTC:
“Over-the-counter derivatives”:

Derivative contracts that are negotiated, executed and settled bilaterally between two derivative counterparties, where one or both counterparties is a derivatives dealer.
OTC cleared:
“Over-the-counter cleared derivatives”:

Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.
Overhead ratio:
Noninterest expense as a percentage of total net revenue.
Parent Company:
JPMorgan Chase & Co.
Participating securities:
Represents unvested share-based compensation awards containing nonforfeitable rights to dividends or dividend equivalents (collectively, “dividends”), which are included in the earnings per share calculation using the two-class method. JPMorganChase grants restricted stock and RSUs to certain employees under its share-based compensation programs, which entitle the recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities, based on their respective rights to receive dividends.
PCD:
“Purchased credit deteriorated” assets represent acquired financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Firm.
Pillar 1:
The Basel framework consists of a three “Pillar” approach. Pillar 1 establishes minimum capital requirements, defines eligible capital instruments, and prescribes rules for calculating RWA.
Pillar 3:
The Basel framework consists of a three “Pillar” approach. Pillar 3 encourages market discipline through disclosure requirements which allow market participants to assess the risk and capital profiles of banks.
PRA:
Prudential Regulation Authority
Preferred stock dividends:
Reflects dividends declared and deemed dividends upon redemption of preferred stock
Pre-provision profit/(loss):
Represents total net revenue less 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.
Principal transactions revenue:
Principal transactions revenue is driven by many factors, including the bid-offer spread, which is the difference between the price at which the Firm is willing to buy a financial or other instrument and the price at which the Firm is willing to sell that instrument. It also consists of realized (as a result of closing out or termination of transactions, or interim cash payments) and unrealized (as a result of changes in valuation) gains and losses on financial and other instruments (including those accounted for under the fair value option) primarily used in client-driven market-making activities and on private equity investments. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities (including physical commodities inventories and financial instruments that reference commodities). Principal transactions revenue also includes certain realized and unrealized gains and losses related to hedge accounting and specified risk-management activities, including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specific risk management purposes, primarily to mitigate credit risk and foreign exchange risk, and (c) other derivatives.
PSU(s):
Performance share units
Regulatory VaR:
Daily aggregated VaR calculated in accordance with regulatory rules.
REO:
Real estate owned
Reported basis:
Financial statements prepared under U.S. GAAP, which excludes the impact of taxable-equivalent adjustments.
Retained loans:
Loans that are held-for-investment (i.e. excludes loans held-for-sale and loans at fair value).
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Revenue wallet:
Total fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan
syndications. Source: Dealogic, a third-party provider of investment banking competitive analysis and volume based league tables for the above noted industry products.
RHS:
Rural Housing Service of the U.S. Department of Agriculture
ROE:
Return on equity
ROTCE:
Return on tangible common equity
ROU assets:
Right-of-use assets
RSU(s):
Restricted stock units
RWA:
“Risk-weighted assets”:

Basel III establishes two comprehensive approaches for calculating RWA (a Standardized approach and an Advanced approach) which include capital requirements for credit risk, market risk, and in the case of Advanced, also operational risk. Key differences in the calculation of credit risk RWA between the Standardized and Advanced approaches are that for Advanced, credit risk RWA is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters, whereas for Standardized, credit risk RWA is generally based on supervisory risk-weightings which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Standardized and Advanced.
S&P:
Standard and Poors
SA-CCR:
Standardized Approach for Counterparty Credit Risk
SAR as it pertains to Hong Kong:
Special Administrative Region
SAR(s) as it pertains to employee stock awards:
Stock appreciation rights
SCB:
Stress capital buffer
Scored portfolios:
Consumer loan portfolios that predominantly include residential real estate loans, credit card loans, auto loans to individuals and certain small business loans.
SEC:
U.S. Securities and Exchange Commission
Securitized Products Group:
Comprised of Securitized Products and tax-oriented investments.
Seed capital:
Initial JPMorgan capital invested in products, such as mutual funds, with the intention of ensuring the fund is of sufficient size to represent a viable offering to clients, enabling pricing of its shares, and allowing the manager to develop a track record. After these goals are achieved, the intent is to remove the Firm’s capital from the investment.
Shelf securities:
Securities registered with the SEC under a shelf registration statement that have not been issued, offered or sold. These securities are not included in league tables until they have actually been issued.
Single-name:
Single reference-entities
SLR:
Supplementary leverage ratio
SMBS:
Stripped Mortgage-Backed Securities
SOFR:
Secured Overnight Financing Rate
SPEs:
Special purpose entities
Structural interest rate risk:
Represents interest rate risk of the non-trading assets and liabilities of the Firm.
Structured notes:
Structured notes are financial instruments whose cash flows are linked to the movement in one or more indexes, interest rates, foreign exchange rates, commodities prices, prepayment rates, underlying reference pool of loans or other market variables. The notes typically contain embedded (but not separable or detachable) derivatives. Contractual cash flows for principal, interest, or both can vary in amount and timing throughout the life of the note based on non-traditional indexes or non-traditional uses of traditional interest rates or indexes.
Suspended foreclosures:
Loans referred to foreclosure where formal foreclosure proceedings have started but are currently on hold, which could be due to bankruptcy or loss mitigation. Includes both judicial and non-judicial states.
Taxable-equivalent basis:
In presenting managed results, the total net revenue for each of the business segments and the Firm is presented on a tax-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; the corresponding income tax impact related to tax-exempt items is recorded within income tax expense.
TBVPS:
Tangible book value per share
TCE:
Tangible common equity
TLAC:
Total Loss Absorbing Capacity
Total payments transaction volume:
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.
U.K.:
United Kingdom
U.S.:
United States of America
U.S. GAAP:
Accounting principles generally accepted in the United States of America.
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U.S. government agencies:
U.S. government agencies include, but are not limited to, agencies such as Ginnie Mae and FHA, and do not include Fannie Mae and Freddie Mac which are U.S. government-sponsored enterprises (“U.S. GSEs”). In general, obligations of U.S. government agencies are fully and explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government in the event of a default.
U.S. GSE(s):
“U.S. government-sponsored enterprises” are quasi-governmental, privately-held entities established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress to improve the flow of credit to specific sectors of the economy and provide certain essential services to the public. U.S. GSEs include Fannie Mae and Freddie Mac, but do not include Ginnie Mae or FHA. U.S. GSE obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.
U.S. Treasury:
U.S. Department of the Treasury
Unaudited:
Financial statements and/or information that have not been subject to auditing procedures by an independent registered public accounting firm.
VA:
U.S. Department of Veterans Affairs
VaR: “Value-at-risk”
is a measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.
VIEs:
Variable interest entities
Warehouse loans:
Consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as loans.
Weighted-average macroeconomic outlook:
Refers to the forecast of macroeconomic conditions used by the Firm in its models to estimate credit losses which reflects the weighted average results of the five internally-developed macroeconomic scenarios over an eight-quarter forecast period and incorporates macroeconomic variables and any qualitative adjustments (such as changes in the weight placed on an upside or adverse scenario).
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LINE OF BUSINESS METRICS

CONSUMER & COMMUNITY BANKING (“CCB”)
Debit and credit card sales volume:
Dollar amount of card member purchases, net of returns.
Deposit margin:
Represents net interest income expressed as a percentage of average deposits.
Home Lending Production and Home Lending Servicing revenue comprises the following:
Net mortgage servicing revenue:
Includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies.
Production revenue:
Includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option.
Mortgage origination channels comprise the following:
Retail:
Borrowers who buy or refinance a home through direct contact with a mortgage banker employed by the Firm using a branch office, the Internet or by phone. Borrowers are frequently referred to a mortgage banker by a banker in a Chase branch, real estate brokers, home builders or other third parties.
Correspondent:
Banks, thrifts, other mortgage banks and other financial institutions that sell closed loans to the Firm.
Card Services:
A business that primarily issues credit cards to consumers and small businesses.
Net revenue rate:
Represents Card Services net revenue (annualized) expressed as a percentage of average loans for the period.
Auto loan and lease origination volume:
Dollar amount of auto loans and leases originated.
COMMERCIAL & INVESTMENT BANK (“CIB”)
Definition of selected CIB revenue:
Investment Banking:
Includes investment banking fees as well as other revenues associated with investment banking activities and services including advising on corporate strategy and structure, and capital-raising in equity and debt markets.
Payments:
Reflects revenue from cash management solutions, including services that enable clients to manage payments globally across liquidity and account solutions, commerce solutions, clearing, trade and working capital.
Lending:
Includes revenue from a variety of financing alternatives, which includes on a secured basis.
Fixed Income Markets:
Primarily includes revenue related to market-making and lending across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets.
Equity Markets:
Primarily includes revenue related to market-making and lending across global equity markets, including cash, derivative and prime brokerage products.
Securities Services:
Revenues are primarily generated from net interest income, asset based fees, and transaction based fees. Our core product offering is organized into four key areas: custody, fund services, liquidity and trading services, and data solutions. These services are marketed primarily to institutional investors.
Description of certain business metrics:
Assets under custody (“AUC”):
Represents activities associated with the safekeeping and servicing of assets on which Securities Services earns fees.
Investment banking fees:
Represents advisory, equity underwriting, bond underwriting and loan syndication fees.
Description of CIB client coverage segment for Banking & Payments revenue
(a)
:
Global Corporate Banking & Global Investment Banking:
Provides banking products and services generally to large corporations, financial institutions and merchants.
Commercial Banking:
Provides banking products and services to clients, including start-ups, small and mid-sized companies, local governments, municipalities, and nonprofits, as well as commercial real estate clients.
(a)
Global Banking
is a client coverage view within the Banking & Payments business and is comprised of the Global Corporate Banking, Global Investment Banking and Commercial Banking client coverage segments.
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ASSET & WEALTH MANAGEMENT (“AWM”)
Assets under management (“AUM”):
Represent assets managed by AWM on behalf of its Private Banking, Global Institutional and Global Funds clients. Includes “Committed capital not Called.”
Client assets:
Represent assets under management, as well as custody, brokerage, administration and deposit accounts.
Multi-asset:
Any fund or account that allocates assets under management to more than one asset class.
Alternative assets "Alternatives":
The following types of assets constitute alternative investments – hedge funds, currency, real estate, private equity and other investment funds designed to focus on nontraditional strategies.
Stock Plan Administration:
Relates to an equity plan administration business which was acquired in 2022 with the Firm’s purchase of Global Shares.
AWM’s lines of business consist of the following:
Asset Management:
Offers multi-asset investment management solutions across equities, fixed income, alternatives and money market funds to institutional and retail investors providing for a broad range of clients’ investment needs.
Global Private Bank:
Provides retirement products and services, brokerage, custody, trusts and estates, loans, mortgages, deposits and investment management to high net worth clients.
AWM’s client segments consist of the following:
Private Banking:
Clients include high- and ultra-high-net-worth individuals, families, money managers and business owners.
Global Institutional:
Clients include both corporate and public institutions, endowments, foundations, nonprofit organizations and governments worldwide.
Global Funds:
Clients include financial intermediaries and individual investors.
Asset Management has two high-level measures of its overall fund performance:
Percentage of active mutual fund and active ETF assets under management in funds rated 4- or 5-star:
Mutual fund rating services rank funds based on their risk-adjusted performance over various periods. A 5-star rating is the best rating and represents the top 10% of industry-wide ranked funds. A 4-star rating represents the next 22.5% of industry-wide ranked funds. A 3-star rating represents the next 35% of industry-wide ranked funds. A 2-star rating represents the next 22.5% of industry-wide ranked funds. A 1-star rating is the worst rating and represents the bottom 10% of industry-wide ranked funds. An overall Morningstar rating is derived from a weighted average
of the performance associated with a fund’s three-, five- and ten- year (if applicable) Morningstar Rating metrics. For U.S.-domiciled funds, separate star ratings are provided at the individual share class level. The Nomura “star rating” is based on three-year risk-adjusted performance only. Funds with fewer than three years of history are not rated and hence excluded from these rankings. All ratings, the assigned peer categories and the asset values used to derive these rankings are sourced from the applicable fund rating provider. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on star ratings at the share class level for U.S.-domiciled funds, and at a “primary share class” level to represent the star rating of all other funds, except for Japan, for which Nomura provides ratings at the fund level. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.
Percentage of active mutual fund and active ETF assets under management in funds ranked in the 1st or 2nd quartile (one, three, and five years):
All quartile rankings, the assigned peer categories and the asset values used to derive these rankings are sourced from the fund rating providers. Quartile rankings are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on fund performance and associated peer rankings at the share class level for U.S.-domiciled funds, at a “primary share class” level to represent the quartile ranking for U.K., Luxembourg and Hong Kong funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.
“
Primary share class
” means the C share class for European funds and Acc share class for Hong Kong and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Refer to the Market Risk Management section of Management’s discussion and analysis and pages 133-142 of JPMorganChase’s 2025 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.
Item 4. Controls and Procedures.
As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of the Firm’s management, including its Chairman and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, the Chairman and Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective. Refer to Exhibits 31.1 and 31.2 for the Certifications furnished by the Chairman and Chief Executive Officer and Chief Financial Officer, respectively.
The Firm is committed to maintaining high standards of internal control over financial reporting. Nevertheless, because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Deficiencies or lapses in internal controls may occur from time to time, and there can be no assurance that any such deficiencies will not result in significant deficiencies or material weaknesses in internal control in the future and collateral consequences therefrom. Refer to “Management’s report on internal control over financial reporting” on page 161 of JPMorganChase’s 2025 Form 10-K for further information. There was no change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that occurred during the three months ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.
Part II – Other Informatio
n
Item 1. Legal Proceedings.
Refer to the discussion of the Firm’s material legal proceedings in Note 24 of this Form 10-Q for information that updates the disclosures set forth under Part I, Item 3: Legal Proceedings, in JPMorganChase’s 2025 Form 10-K.
Item 1A. Risk Factors.
Refer to Part I, Item 1A: Risk Factors on pages 9–31 of JPMorganChase’s 2025 Form 10-K and Forward-Looking Statements on page 79 of this Form 10-Q for a discussion of certain risk factors affecting the Firm.
Supervision and regulation
Refer to the Supervision and regulation section on pages 2-6 of JPMorganChase’s 2025 Form 10-K for information on Supervision and Regulation.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Repurchases under the common share repurchase program
Refer to Capital Risk Management on pages 33-40 of this Form 10-Q and pages 89–99 of JPMorganChase’s 2025 Form 10-K for information regarding repurchases under the Firm’s common share repurchase program.
On July 1, 2025, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2025.
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Shares repurchased pursuant to the common share repurchase program during the three months ended

March 31, 2026 were as follows:
Three months ended March 31, 2026 Total number of shares of common stock repurchased Average price paid per share of common stock (a) Aggregate purchase price of common stock repurchases (in millions) (a) Dollar value of remaining authorized repurchase (in millions) (a)
January 9,199,768 $ 312.90 $ 2,878 $ 30,545
February 7,778,818 308.52 2,400 28,145
March 10,530,297 289.63 3,050 25,095 (b)
First quarter 27,508,883 $ 302.75 $ 8,328 $ 25,095 (b)

(a)
Excludes excise tax and commissions.
(b)
Represents the amount remaining under the $50 billion repurchase program.
Item 3.    Defaults Upon Senior Securities.
None.
Item 4.    Mine Safety Disclosures.
Not applicable.
Item 5.    Other Information.
Trading arrangements
The following table provides information concerning Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) adopted in the first quarter of 2026, by any director or officer who is subject to the filing requirements of Section 16 of the Securities Exchange Act of 1934 (each a "Section 16 Director or Officer"). These trading arrangements are intended to satisfy the affirmative defense of Rule 10b5-1(c). Certain of the Firm's Section 16 Directors or Officers may participate in employee stock purchase plans, 401(k) plans or dividend reinvestment plans of the Firm that have been designed to comply with Rule 10b5-1(c). No non-Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) were
adopted
by any Section 16 Director or Officer during the first quarter of 2026. Additionally, no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were
terminated
by any Section 16 Director or Officer in the first quarter of 2026.
Name Title Adoption date Duration (a) Aggregate number of shares to be sold
Stacey Friedman General Counsel February 11, 2026 February 11, 2026 – June 30, 2026 10,935

(a)
Sales under the trading arrangement will not commence until completion of the required cooling off period under Rule 10b5-1. Subject to compliance with Rule 10b5-1, duration could cease earlier than the final date shown above to the extent that the aggregate number of shares to be sold under the trading arrangement have been sold.
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Item 6.    Exhibits.
Exhibit No. Description of Exhibit
15 Letter re: Unaudited Interim Financial Information. (a)
22 Subsidiary Guarantors and Issuers of Guaranteed Securities . (a)
31.1 Certification. (a)
31.2 Certification. (a)
32 Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (b)
101.INS The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. (c)
101.SCH XBRL Taxonomy Extension Schema Document. (a)
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document. (a)
101.DEF XBRL Taxonomy Extension Definition Linkbase Document. (a)
101.LAB XBRL Taxonomy Extension Label Linkbase Document. (a)
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document. (a)
104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

(a)
Filed herewith.
(b)
Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
(c)
Pursuant to Rule 405 of Regulation S-T, includes the following financial information included in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, formatted in XBRL (eXtensible Business Reporting Language) interactive data files: (i) the Consolidated statements of income (unaudited) for the three months ended March 31, 2026 and 2025, (ii) the Consolidated statements of comprehensive income (unaudited) for the three months ended March 31, 2026 and 2025, (iii) the Consolidated balance sheets (unaudited) as of March 31, 2026 and December 31, 2025, (iv) the Consolidated statements of changes in stockholders’ equity (unaudited) for the three months ended March 31, 2026 and 2025, (v) the Consolidated statements of cash flows (unaudited) for the three months ended March 31, 2026 and 2025, and (vi) the Notes to Consolidated Financial Statements (unaudited).
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
JPMorgan Chase & Co.
(Registrant)

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

Date: May 1, 2026

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