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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 13, 2026
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
Delaware1-580513-2624428
(State or other jurisdiction of
incorporation or organization)		(Commission File Number)(I.R.S. employer
identification no.)
270 Park Avenue,
New York,New York10017
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 270-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockJPMThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DDJPM PR DThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EEJPM PR CThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GGJPM PR JThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJJPM PR KThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LLJPM PR LThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MMJPM PR MThe New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
JPM/32The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLCAMJBNYSE Arca, Inc.
Guarantee of Inverse VIX Short-Term Futures ETNs due March 22, 2045 of JPMorgan Chase Financial Company LLCVYLDNYSE Arca, Inc.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition
On October 13, 2026, JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) reported 2026 third quarter net income of $15.3 billion, or $5.57 per share, compared with net income of $14.4 billion, or $5.07 per share, in the third quarter of 2025. A copy of the 2026 third quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.
Each of the Exhibits provided with this Form 8-K shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934.
This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of JPMorganChase’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorganChase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, which have been filed with the Securities and Exchange Commission and are available on JPMorganChase’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorganChase does not undertake to update any forward-looking statements.









Item 9.01 Financial Statements and Exhibits

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

2


SIGNATURE

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

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

Dated:October 13, 2026



3
Document
Exhibit 99.1
JPMorgan Chase & Co.
270 Park Avenue, New York, NY 10017-2070
NYSE symbol: JPM
www.jpmorganchase.com
https://cdn.kscope.io/ccc19b31eeed1f5293b7fefcc06df59a-imagea.jpg
JPMORGANCHASE REPORTS THIRD-QUARTER 2026 NET INCOME OF $15.3 BILLION ($5.57 PER SHARE), NET INCOME OF $15.8 BILLION ($5.75 PER SHARE) EXCLUDING A SIGNIFICANT ITEM
THIRD-QUARTER 2026 RESULTS 1
ROE 17%
ROTCE2 20%
CET1 Capital Ratios3
Std. 13.9% | Adv. 14.1%
Total Loss-Absorbing Capacity3 $599B
Std. RWA3 $2.2T
Cash and marketable securities4 $1.5T
Average loans $1.6T
Firmwide Metrics
n
Reported revenue of $50.2 billion and managed revenue2 of $50.9 billion
n
Expense of $27.3 billion; reported overhead ratio of 54% and managed overhead ratio2 of 54%
n
Credit costs of $2.7 billion with $2.2 billion of net charge-offs and a $539 million net reserve build
n
Average loans up 10% YoY and 2% QoQ; average deposits up 8% YoY and 2% QoQ
CCB

ROE 36%
n
Average deposits up 4% YoY, flat QoQ; client investment assets up 15% YoY
n
Average loans up 2% YoY and 1% QoQ; Card Services net charge-off rate of 2.91%
n
Debit and credit card sales volume5 up 10% YoY
n
Active mobile customers6 up 7% YoY
CIB
  
ROE 18%
n
Investment Banking fees up 14% YoY, down 8% QoQ; #1 ranking for Global Investment Banking fees with 9.2% wallet share YTD7
n
Markets revenue up 15% YoY, with Fixed Income Markets down 4% and Equity Markets up 49%
n
Average Banking & Payments loans up 11% YoY, flat QoQ; average client deposits8 up 10% YoY, up 1% QoQ
AWM

ROE 45%
n
AUM9 of $5.2 trillion, up 13% YoY
n
Average loans up 20% YoY and 6% QoQ; average deposits up 5% YoY, down 3% QoQ
Jamie Dimon, Chairman and CEO, commented on the financial results: “The Firm reported another quarter of strong results, generating net income of $15.8 billion and an ROTCE of 21%, excluding discretionary investment securities losses totaling $498 million after tax.”

Dimon continued: “Each line of business performed well. In the CIB, revenue increased 14%. Markets revenue and IB fees each rose at a mid-teens rate, helped by strong levels of client activity, although activity did moderate somewhat during the quarter. Meanwhile, Payments and Securities Services each posted double-digit revenue increases led by ongoing deposit and fee growth. In CCB, revenue rose 9%. We ranked #1 in U.S. retail deposits for the sixth consecutive year, and account acquisition remained strong in the quarter as we added over 650,000 net new checking accounts. Additionally, growth continued to be robust in Card, with strong demand for our set of products. Finally, in AWM, revenue grew 14%, and flows were very strong with $263 billion of client asset net inflows.”

Dimon added: “Our capital hierarchy has remained consistent over time, with investing in the franchise and supporting our clients at the top. In line with our hierarchy, we reduced share repurchases this quarter. We believe we can deploy this capital over time at very attractive returns for our shareholders.”

Dimon added: “The U.S. economy continued to be fueled by strong business investment and ongoing consumer spending. However, large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface. These forces may be manageable, but we remain prepared for a wide range of outcomes.”

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







SIGNIFICANT ITEM IN 3Q26 RESULTS
n    $658 million of net investment securities losses in Corporate10 ($0.18 decrease in EPS11)
CAPITAL DISTRIBUTIONS
n    Common dividend of $4.4 billion or $1.65 per share
n    $664 million of common stock net repurchases12
n    Net payout LTM12,13 of 61%
FORTRESS PRINCIPLES
n     Book value per share of $132.30, up 6% YoY; tangible book value per share2 of $112.64, up 7% YoY
n    Basel III common equity Tier 1 capital3 of $304 billion, Standardized ratio3 of 13.9% and Advanced ratio3 of 14.1%
n    Firm supplementary leverage ratio of 5.5%
SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES
n    Approximately $2.9 trillion of credit and capital14 raised YTD:
n    $240 billion of credit for consumers
n    $27 billion of credit for U.S. small businesses
n    $2.5 trillion of credit and capital for corporations15 and non-U.S. government entities
n    $79 billion of credit and capital for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities
Investor Contact: Mikael Grubb (212) 270-2479
Media Contact: Joseph Evangelisti (212) 270-7438
Note: Totals may not sum due to rounding.
1 Percentage comparisons are for the third quarter of 2026 versus the prior-year third quarter, unless otherwise specified.
2 For notes on non-GAAP financial measures, including managed basis reporting, see page 6.
For additional notes, see page 7.
JPMorgan Chase & Co.
News Release
In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments and Corporate is also presented on a managed basis. For more information about managed basis and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.
Comparisons noted in the sections below are for the third quarter of 2026 versus the prior-year third quarter, unless otherwise specified.
JPMORGANCHASE (JPM)
Results for JPM2Q263Q25
($ millions, except per share data)3Q262Q263Q25$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue - reported$50,172 $57,347 $46,427 $(7,175)(13)%$3,745 8 %
Net revenue - managed50,907 58,022 47,120 (7,115)(12)3,787 8 
Noninterest expense27,295 27,316 24,281 (21)— 3,014 12 
Provision for credit losses2,743 2,515 3,403 228 9 (660)(19)
Net income$15,305 $21,155 $14,393 $(5,850)(28)%$912 6 %
Earnings per share - diluted$5.57 $7.70 $5.07 $(2.13)(28)%$0.50 10 %
Return on common equity17 %24 %17 %
Return on tangible common equity20 29 20 
Discussion of Results:
Net income was $15.3 billion, up 6%.
Net revenue was $50.9 billion, up 8%. Net interest income was $27.1 billion, up 13%. Noninterest revenue was $23.8 billion, up 3%.
Net interest income excluding Markets2 was $24.7 billion, up 6%, driven by higher deposit balances, higher balances in Card Services and higher wholesale loan balances, partially offset by the impact of lower rates. Noninterest revenue excluding Markets2 was $15.9 billion, up 7%, or up 12% also excluding $658 million of net investment securities losses, driven by higher asset management fees in AWM and CCB, higher investment banking fees, higher card income and higher auto operating lease income, partially offset by net losses on certain equity investments. Markets revenue was $10.3 billion, up 15%, predominantly driven by higher Equity Markets revenue.
Noninterest expense was $27.3 billion, up 12%, predominantly driven by higher compensation, including higher revenue-related compensation and growth in the number of front office employees, as well as higher brokerage expense and distribution fees, higher marketing expense and higher technology expense.
The provision for credit losses was $2.7 billion. Net charge-offs were $2.2 billion, down $389 million, driven by Wholesale. The net reserve build was $539 million, primarily in Wholesale. In the prior year, the provision was $3.4 billion, net charge-offs were $2.6 billion and the net reserve build was $810 million.

2
JPMorgan Chase & Co.
News Release
CONSUMER & COMMUNITY BANKING (CCB)
Results for CCB2Q263Q25
($ millions)3Q262Q263Q25$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue
$21,171 $20,272 $19,473 $899 4 %$1,698 9 %
Banking & Wealth Management11,673 11,229 11,040 444 4 633 6 
Home Lending1,217 1,285 1,260 (68)(5)(43)(3)
Card Services & Auto8,281 7,758 7,173 523 7 1,108 15 
Noninterest expense11,580 11,108 10,296 472 4 1,284 12 
Provision for credit losses2,026 2,156 2,538 (130)(6)(512)(20)
Net income$5,670 $5,311 $5,009 $359 7 %$661 13 %
Discussion of Results:
Net income was $5.7 billion, up 13%.
Net revenue was $21.2 billion, up 9%. Banking & Wealth Management net revenue was $11.7 billion, up 6%, predominantly driven by higher asset management fees in J.P. Morgan Wealth Management as well as higher net interest income on higher deposit balances. Home Lending net revenue was $1.2 billion, down 3%, driven by lower production revenue, partially offset by higher net interest income. Card Services & Auto net revenue was $8.3 billion, up 15%, predominantly driven by higher Card Services net interest income on higher balances and higher net yield, as well as higher auto operating lease income.
Noninterest expense was $11.6 billion, up 12%, predominantly driven by higher marketing expense, higher technology expense, higher compensation for advisors and bankers and higher auto lease depreciation.
The provision for credit losses was $2.0 billion. Net charge-offs were $2.0 billion, relatively flat compared with the prior year. The net reserve build was $50 million. In the prior year, the provision was $2.5 billion, net charge-offs were $2.0 billion and the net reserve build was $575 million.

3
JPMorgan Chase & Co.
News Release
COMMERCIAL & INVESTMENT BANK (CIB)
Results for CIB2Q263Q25
($ millions)3Q262Q263Q25$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$22,734 $24,853 $19,878 $(2,119)(9)%$2,856 14 %
Banking & Payments10,958 11,162 9,483 (204)(2)1,475 16 
Markets & Securities Services11,776 13,691 10,395 (1,915)(14)1,381 13 
Noninterest expense10,771 11,390 9,722 (619)(5)1,049 11 
Provision for credit losses663 356 809 307 86 (146)(18)
Net income$8,247 $9,678 $6,901 $(1,431)(15)%$1,346 20 %

Discussion of Results:
Net income was $8.2 billion, up 20%.
Net revenue was $22.7 billion, up 14%. Banking & Payments revenue was $11.0 billion, up 16%. Investment Banking revenue was $3.1 billion, up 15%. Investment Banking fees were $3.0 billion, up 14%, predominantly driven by higher advisory fees. Payments revenue was $5.6 billion, up 14%, driven by higher deposit balances, higher deposit margin and fee growth. Lending revenue was $2.2 billion, up 20%, largely driven by lower losses on hedges of the retained lending portfolio and higher loan balances.
Markets & Securities Services revenue was $11.8 billion, up 13%. Markets revenue was $10.3 billion, up 15%. Fixed Income Markets revenue was $5.4 billion, down 4%, driven by lower revenue in Commodities, Rates, Credit and Public Finance, largely offset by higher revenue in Currencies & Emerging Markets. Equity Markets revenue was $5.0 billion, up 49%, driven by strong performance across products, particularly in Prime and Derivatives. Securities Services revenue was $1.6 billion, up 14%, predominantly driven by fee growth on higher market levels and client activity, as well as higher deposit balances and higher deposit margin.
Noninterest expense was $10.8 billion, up 11%, predominantly driven by higher brokerage expense and higher compensation expense, including higher revenue-related compensation.
The provision for credit losses was $663 million, predominantly driven by net lending activity and changes in the credit quality of certain exposures. The net reserve build was $452 million, and net charge-offs were $211 million. In the prior year, the provision was $809 million, net charge-offs were $567 million and the net reserve build was $242 million.
ASSET & WEALTH MANAGEMENT (AWM)
Results for AWM2Q263Q25
($ millions)3Q262Q263Q25$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$6,909 $6,851 $6,066 $58 1 %$843 14 %
Noninterest expense4,358 4,207 3,818 151 4 540 14 
Provision for credit losses84 13 59 71 NM25 42 
Net income$1,843 $1,957 $1,658 $(114)(6)%$185 11 %
Discussion of Results:
Net income was $1.8 billion, up 11%.
Net revenue was $6.9 billion, up 14%, predominantly driven by growth in management fees on higher average market levels and strong net inflows, as well as higher loan balances.
Noninterest expense was $4.4 billion, up 14%, largely driven by higher compensation, primarily due to higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.
The provision for credit losses was $84 million. The net reserve build was $68 million, and net charge-offs were $16 million. In the prior year, the provision was $59 million, net charge-offs were $62 million and the net reserve release was $3 million.
Assets under management were $5.2 trillion, up 13%, and client assets were $7.9 trillion, up 15%, driven by continued net inflows and higher market levels.
4
JPMorgan Chase & Co.
News Release

CORPORATE
Results for Corporate2Q263Q25
($ millions)3Q262Q263Q25$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue
$93 $6,046 $1,703 $(5,953)(98)%$(1,610)(95)%
Noninterest expense586 611 445 (25)(4)141 32 
Provision for credit losses(30)(10)(3)(20)(200)(27)NM
Net income/(loss)$(455)$4,209 $825 $(4,664)NM$(1,280)NM
Discussion of Results:
Net loss was $455 million, compared with net income of $825 million in the prior year.
Net revenue was $93 million, down $1.6 billion. Net interest income was $669 million, down $737 million, predominantly driven by the impact of lower rates. Noninterest revenue was a loss of $576 million, compared with revenue of $297 million in the prior year. The current quarter included $658 million of net investment securities losses, compared with $105 million of net gains in the prior year.
Noninterest expense was $586 million, up $141 million.



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

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

b.Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”) are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, refer to page 10 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. Book value per share was $132.30, $133.01 and $124.96 at September 30, 2026, June 30, 2026 and September 30, 2025, respectively. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

c.In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR from reported to excluding Markets, refer to page 28 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to pages 73-74 of the Firm’s 2025 Form 10-K.

d.Third-quarter 2026 net income, earnings per share and ROTCE excluding $658 million of net investment securities losses are non-GAAP financial measures. Excluding this item from third-quarter 2026 net income, earnings per share and ROTCE resulted in an increase of $498 million (after tax) to reported net income from $15.3 billion to $15.8 billion, an increase of $0.18 per share to reported EPS from $5.57 to $5.75 and an increase of 1 percentage point to reported ROTCE from 20% to 21%. Management believes these measures provide useful information to investors and analysts in assessing the Firm’s results.











6
JPMorgan Chase & Co.
News Release
Additional notes:

3.Estimated.
4.Estimated. Cash and marketable securities include end-of-period eligible high-quality liquid assets (“HQLA”), excluding regulatory prescribed haircuts under the liquidity coverage ratio (“LCR”) rule where applicable, for both the Firm and the excess HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank affiliates and thus excluded from the Firm’s LCR. Also include other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 52-58 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 and pages 100-107 of the Firm’s 2025 Form 10-K for additional information.
5.Excludes Commercial Card.
6.Users of all mobile platforms who have logged in within the past 90 days.
7.According to Dealogic as of October 1, 2026.
8.Client deposits and other third-party liabilities (“client deposits”) pertain to the Payments and Securities Services businesses.
9.Assets under management (“AUM”).
10.Net investment securities losses of $658 million were $498 million after tax.
11.Earnings Per Share (“EPS”).
12.Includes the net impact of employee issuances. Excludes excise tax and commissions.
13.Last twelve months (“LTM”).
14.Credit provided to clients represents new and renewed credit, including loans and lending-related commitments, as well as unused amounts of advised uncommitted lines of credit where the Firm has discretion on whether or not to make a loan under these lines.
15.Credit and capital for corporations and non-U.S. government entities includes Individuals and Individual Entities, primarily consisting of Global Private Bank clients within AWM. Corporations include U.S. and non-U.S. corporations.



7
JPMorgan Chase & Co.
News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $5.1 trillion in assets and $372 billion in stockholders’ equity as of September 30, 2026. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, October 13, 2026, at 8:30 a.m. (ET) to present third-quarter 2026 financial results. The general public can access the conference call by dialing the following numbers: 1 (888) 324-3618 in the U.S. and Canada; +1 (312) 470-7119 for international callers; use passcode 1364784#. Please dial in 15 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations, Events & Presentations.

A replay of the conference call will also be available by telephone from approximately 11:00 a.m. (ET) on October 13, 2026 through 12:59 a.m. (ET) on October 29, 2026 at 1 (800) 841-4034 (U.S. and Canada); +1 (203) 369-3360 (International); use passcode 67371#. The replay will be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of JPMorgan Chase & Co.’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.


8
Document

Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2026













JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment & Corporate Results - Managed Basis
8
Capital and Other Selected Balance Sheet Items9–10
Earnings Per Share and Related Information11
Business Segment & Corporate Results
Consumer & Community Banking (“CCB”)12–15
Commercial & Investment Bank (“CIB”)16–19
Asset & Wealth Management (“AWM”)
20–22
Corporate23
Credit-Related Information24-27
Non-GAAP Financial Measures28
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 320–327 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 192-198 and pages 199-200, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026.























JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
SELECTED INCOME STATEMENT DATA 3Q262Q261Q264Q253Q252Q263Q25202620252025
Reported Basis
Total net revenue$50,172 $57,347 (f)$49,836 $45,798 $46,427 (13)%8 %$157,355 (f)$136,649 15 %
Total noninterest expense27,295 27,316 26,850 23,983 24,281 — 12 81,461 71,657 14 
Pre-provision profit (a)22,877 30,031 22,986 21,815 22,146 (24)3 75,894 64,992 17 
Provision for credit losses2,743 2,515 2,507 4,655 (g)3,403 9 (19)7,765 9,557 (19)
NET INCOME15,305 21,155 16,494 13,025 14,393 (28)6 52,954 44,023 20 
Managed Basis (b)
Total net revenue50,907 58,022 (f)50,536 46,767 47,120 (12)8 159,465 (f)138,814 15 
Total noninterest expense27,295 27,316 26,850 23,983 24,281 — 12 81,461 71,657 14 
Pre-provision profit (a)23,612 30,706 23,686 22,784 22,839 (23)3 78,004 67,157 16 
Provision for credit losses2,743 2,515 2,507 4,655 (g)3,403 9 (19)7,765 9,557 (19)
NET INCOME15,305 21,155 16,494 13,025 14,393 (28)6 52,954 44,023 20 
EARNINGS PER SHARE DATA
Net income: Basic$5.58 $7.71 $5.95 $4.64 $5.08 (28)10 $19.24 $15.41 25 
Diluted5.57 7.70 5.94 4.63 5.07 (28)10 19.20 15.38 25 
Average shares: Basic2,678.6 2,689.9 2,716.2 2,735.3 2,762.4 — (3)2,694.9 2,790.2 (3)
Diluted2,683.0 2,694.2 2,720.2 2,740.5 2,767.6 — (3)2,699.1 2,795.2 (3)
MARKET AND PER COMMON SHARE DATA
Market capitalization$878,555 $870,104 $788,205 $868,793 $858,683 1 2 $878,555 $858,683 2 
Common shares at period-end2,655.6 2,658.2 2,679.5 2,696.2 2,722.2 — (2)2,655.6 2,722.2 (2)
Book value per share$132.30 $133.01 $128.38 $126.99 $124.96 (1)6 $132.30 $124.96 6 
Tangible book value per share (“TBVPS”) (a)112.64 113.35 108.87 107.56 105.70 (1)7 112.64 105.70 7 
Cash dividends declared per share1.65 1.50 1.50 1.50 1.50 10 10 4.65 4.30 8 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)17 %24 %19 %15 %17 %20 %17 %
Return on tangible common equity (“ROTCE”) (a)20 29 23 18 20 24 21 
Return on assets1.21 1.70 1.41 1.14 1.26 1.44 1.34 
CAPITAL RATIOS
Common equity Tier 1 (“CET1”) capital ratio - Standardized (d)13.9 %(e)14.2 %14.3 %14.6 %14.8 %13.9 %(e)14.8 %
Tier 1 capital ratio - Standardized (d)14.8 (e)15.1 15.2 15.5 15.8 14.8 (e)15.8 
Total capital ratio - Standardized (d)16.8 (e)17.0 17.2 17.4 17.7 16.8 (e)17.7 
Tier 1 leverage ratio6.5 (e)6.6 6.6 6.9 6.9 6.5 (e)6.9 
Supplementary leverage ratio (“SLR”)5.5 (e)5.5 5.6 5.8 5.8 5.5 (e)5.8 
On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio (the “Apple Card transaction”), with an expected closing date approximately 24 months thereafter. Refer to Notes 4, 13, 27 and 28 of the Firm’s 2025 Form 10-K for additional information.
(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Ratios are based upon annualized amounts.
(d)At each of September 30, 2026 and June 30, 2026, the Advanced total capital ratio was more binding on the Firm than the Standardized total capital ratio. At each of March 31, 2026 and December 31, 2025, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios. Refer to page 9 for further information on the Firm’s capital metrics.
(e)Estimated.
(f)Included a $4.6 billion net gain in Corporate related to Visa Class C common stock held at fair value and received by the Firm in an exchange offer following the acceptance by Visa Inc. on May 11, 2026 of the Firm’s tender of its 18.6 million shares of Visa Class B-2 common stock. Also included $1.0 billion of gains, which represented a measurement alternative markup on an equity investment and initial gains on transition from measurement alternative to recurring fair value on certain other equity investments, in Corporate and CIB. Refer to page 5 and Note 2 of JPMorganChase’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 for additional information.
(g)Included $2.2 billion associated with the Apple Card transaction. Refer to Note 13 of the Firm’s 2025 Form 10-K for additional information.




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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
SELECTED BALANCE SHEET DATA (period-end)
Total assets$5,091,545 $5,015,069 $4,900,475 $4,424,900 $4,560,205 2 %12 %$5,091,545 $4,560,205 12 %
Loans:
Consumer, excluding credit card loans393,102 391,743 391,660 402,258 393,084 — — 393,102 393,084 — 
Credit card loans252,697 249,876 239,123 247,797 235,475 1 7 252,697 235,475 7 
Wholesale loans938,842 900,843 872,737 843,374 806,687 4 16 938,842 806,687 16 
Total loans1,584,641 1,542,462 1,503,520 1,493,429 1,435,246 3 10 1,584,641 1,435,246 10 
Deposits:
U.S. offices:
Noninterest-bearing636,070 625,874 595,424 583,342 589,105 2 8 636,070 589,105 8 
Interest-bearing1,535,474 1,500,791 1,508,682 1,452,729 1,433,404 2 7 1,535,474 1,433,404 7 
Non-U.S. offices:
Noninterest-bearing39,945 42,044 43,775 37,057 34,255 (5)17 39,945 34,255 17 
Interest-bearing569,304 544,991 527,639 486,192 491,712 4 16 569,304 491,712 16 
Total deposits2,780,793 2,713,700 2,675,520 2,559,320 2,548,476 2 9 2,780,793 2,548,476 9 
Long-term debt460,160 460,523 448,764 435,206 427,203 — 8 460,160 427,203 8 
Common stockholders’ equity351,328 353,558 343,993 342,393 340,167 (1)3 351,328 340,167 3 
Total stockholders’ equity372,368 374,598 364,038 362,438 360,212 (1)3 372,368 360,212 3 
Loans-to-deposits ratio57 %57 %56 %58 %56 %57 %56 %
Employees322,964 320,560 320,079 318,512 318,153 1 2 322,964 318,153 2 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR$48 $49 $37 $35 $33 (2)45 
Earnings-at-Risk (in billions) (a)
Parallel shift:
+100 bps shift in rates$1.4 (c)$1.8 $1.9 $2.1 $1.8 (20)(22)
-100 bps shift in rates(2.2)(c)(2.4)(2.2)(2.4)(2.2)10 — 
LINE OF BUSINESS (“LOB”) & CORPORATE NET REVENUE (b)
Consumer & Community Banking$21,171 $20,272 $19,568 $19,396 $19,473 4 9 $61,011 $56,633 8 
Commercial & Investment Bank22,734 24,853 23,379 19,375 19,878 (9)14 70,966 59,079 20 
Asset & Wealth Management 6,909 6,851 6,374 6,516 6,066 1 14 20,134 17,557 15 
Corporate93 6,046 1,215 1,480 1,703 (98)(95)7,354 5,545 33 
TOTAL NET REVENUE$50,907 $58,022 $50,536 $46,767 $47,120 (12)8 $159,465 $138,814 15 
LOB & CORPORATE NET INCOME/(LOSS)
Consumer & Community Banking$5,670 $5,311 $4,976 $3,642 $5,009 7 13 $15,957 $14,603 9 
Commercial & Investment Bank8,247 9,678 9,044 7,268 6,901 (15)20 26,969 20,493 32 
Asset & Wealth Management 1,843 1,957 1,775 1,808 1,658 (6)11 5,575 4,714 18 
Corporate(455)4,209 699 307 825 NMNM4,453 4,213 6 
NET INCOME$15,305 $21,155 $16,494 $13,025 $14,393 (28)6 $52,954 $44,023 20 
(a)Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. The Firm’s actual net interest income results may differ compared to the instantaneous rate changes modelled in the earnings-at-risk estimates. Refer to pages 140-141 of the Firm’s 2025 Form 10-K for additional information.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Estimated.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
REVENUE3Q262Q261Q264Q253Q252Q263Q25202620252025
Investment banking fees $2,960 $3,208 $2,858 $2,326 $2,612 (8)%13 %$9,026 $7,289 24 %
Principal transactions6,516 9,007 7,987 5,340 7,109 (28)(8)23,510 21,872 7 
Lending- and deposit-related fees2,579 2,511 2,394 2,364 2,349 3 10 7,484 6,729 11 
Asset management fees5,897 5,658 5,515 5,701 5,120 4 15 17,070 14,626 17 
Commissions and other fees2,584 2,614 2,482 2,108 2,204 (1)17 7,680 6,431 19 
Investment securities gains/(losses)
(658)(395)64 (71)105 (67)NM(989)14 NM
Mortgage fees and related income274 336 309 357 383 (18)(28)919 1,024 (10)
Card income1,428 1,348 1,190 1,020 1,140 6 25 3,966 3,700 7 
Other income1,556 7,549 (d)1,671 1,658 1,439 (79)8 10,776 (d)4,516 139 
Noninterest revenue23,136 31,836 24,470 20,803 22,461 (27)3 79,442 66,201 20 
Interest income53,056 50,624 49,191 48,808 49,439 5 7 152,871 144,533 6 
Interest expense26,020 25,113 23,825 23,813 25,473 4 2 74,958 74,085 1 
Net interest income27,036 25,511 25,366 24,995 23,966 6 13 77,913 70,448 11 
TOTAL NET REVENUE50,172 57,347 49,836 45,798 46,427 (13)8 157,355 136,649 15 
Provision for credit losses2,743 2,515 2,507 4,655 (e)3,403 9 (19)7,765 9,557 (19)
NONINTEREST EXPENSE
Compensation expense 14,772 15,159 15,339 13,118 13,566 (3)9 45,270 41,369 9 
Occupancy expense1,525 1,482 1,447 1,475 1,420 3 7 4,454 3,986 12 
Technology, communications and equipment expense 3,335 3,107 3,021 2,908 2,839 7 17 9,463 8,121 17 
Professional and outside services 3,897 3,855 3,483 3,338 3,173 1 23 11,235 9,018 25 
Marketing1,917 1,670 1,604 1,468 1,480 15 30 5,191 4,063 28 
Other expense (a)1,849 2,043 1,956 1,676 (f)1,803 (9)3 5,848 5,100 15 
TOTAL NONINTEREST EXPENSE27,295 27,316 26,850 23,983 24,281 — 12 81,461 71,657 14 
Income before income tax expense20,134 27,516 20,479 17,160 18,743 (27)7 68,129 55,435 23 
Income tax expense4,829 6,361 3,985 4,135 4,350 (24)11 15,175 11,412 (g)33 
NET INCOME$15,305 $21,155 $16,494 $13,025 $14,393 (28)6 $52,954 $44,023 20 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$5.58 $7.71 $5.95 $4.64 $5.08 (28)10 $19.24 $15.41 25 
Diluted earnings per share5.57 7.70 5.94 4.63 5.07 (28)10 19.20 15.38 25 
FINANCIAL RATIOS
Return on common equity (b)17 %24 %19 %15 %17 %20 %17 %
Return on tangible common equity (b)(c)20 29 23 18 20 24 21 
Return on assets (b)1.21 1.70 1.41 1.14 1.26 1.44 1.34 
Effective income tax rate24.0 23.1 19.5 24.1 23.2 22.3 20.6 (g)
Overhead ratio54 48 54 52 52 52 52 
(a)Included Firmwide legal expense of $63 million, $116 million, $223 million, $60 million and $62 million for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively, and $402 million and $301 million for the nine months ended September 30, 2026 and 2025, respectively.
(b)Ratios are based upon annualized amounts.
(c)Refer to page 28 for a further discussion of ROTCE.
(d)Included a $4.6 billion net gain related to Visa Class C common stock in Corporate and $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. Refer to footnote (f) on page 2 for further information.
(e)Refer to footnote (g) on page 2 for additional information.
(f)Included an FDIC special assessment accrual release of $326 million for the three months ended December 31, 2025. Refer to Note 6 on page 221 of the Firm’s 2025 Form 10-K for additional information.
(g)Included a $774 million income tax benefit in Corporate driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.

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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Sep 30, 2026
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2026202620262025202520262025
ASSETS
Cash and due from banks $21,259 $24,720 $22,039 $21,742 $21,821 (14)%(3)%
Deposits with banks 305,012 285,091 290,103 321,596 281,615 7 8 
Federal funds sold and securities purchased under
resale agreements461,851 446,143 482,704 336,426 425,815 4 8 
Securities borrowed329,862 362,487 284,524 286,191 248,368 (9)33 
Trading assets:
Debt and equity instruments1,014,541 994,305 997,751 745,096 892,928 2 14 
Derivative receivables78,811 67,767 71,584 57,777 59,849 16 32 
Available-for-sale (“AFS”) securities547,191 536,048 549,037 507,198 490,499 (a)2 12 
Held-to-maturity (”HTM”) securities274,564 268,474 272,142 270,134 293,446 (a)2 (6)
Investment securities, net of allowance for credit losses821,755 804,522 821,179 777,332 783,945 2 5 
Loans1,584,641 1,542,462 1,503,520 1,493,429 1,435,246 3 10 
Less: Allowance for loan losses26,272 26,152 25,928 25,765 25,735 — 2 
Loans, net of allowance for loan losses1,558,369 1,516,310 1,477,592 1,467,664 1,409,511 3 11 
Accrued interest and accounts receivable
164,997 179,939 142,334 111,599 141,876 (8)16 
Premises and equipment38,678 37,701 36,771 36,244 35,063 3 10 
Goodwill, MSRs and other intangible assets64,870 64,304 64,289 64,458 64,442 1 1 
Other assets231,540 231,780 209,605 198,775 194,972 — 19 
TOTAL ASSETS$5,091,545 $5,015,069 $4,900,475 $4,424,900 $4,560,205 2 12 
LIABILITIES
Deposits$2,780,793 $2,713,700 $2,675,520 $2,559,320 $2,548,476 2 9 
Federal funds purchased and securities loaned or sold
under repurchase agreements703,392 704,918 716,623 442,396 567,574 — 24 
Short-term borrowings71,339 72,430 68,048 64,776 69,355 (2)3 
Trading liabilities:
Debt and equity instruments234,775 208,648 196,546 169,690 195,859 13 20 
Derivative payables63,136 66,488 51,290 46,329 46,403 (5)36 
Accounts payable and other liabilities 377,354 384,290 352,561 316,794 316,896 (2)19 
Beneficial interests issued by consolidated VIEs28,228 29,474 27,085 27,951 28,227 (4)— 
Long-term debt460,160 460,523 448,764 435,206 427,203 — 8 
TOTAL LIABILITIES4,719,177 4,640,471 4,536,437 4,062,462 4,199,993 2 12 
STOCKHOLDERS’ EQUITY
Preferred stock21,040 21,040 20,045 20,045 20,045 — 5 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital90,893 90,559 90,087 91,114 90,865 — — 
Retained earnings455,587 445,020 428,206 416,055 407,401 2 12 
Accumulated other comprehensive loss (“AOCI”)
(19,820)(7,693)(6,689)(4,290)(5,878)(158)(237)
Treasury stock, at cost(179,437)(178,433)(171,716)(164,591)(156,326)(1)(15)
TOTAL STOCKHOLDERS’ EQUITY372,368 374,598 364,038 362,438 360,212 (1)3 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$5,091,545 $5,015,069 $4,900,475 $4,424,900 $4,560,205 2 12 
(a) During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.
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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
AVERAGE BALANCES3Q262Q261Q264Q253Q252Q263Q25202620252025
ASSETS
Deposits with banks $339,312 $336,127 $312,890 $335,623 $360,156 1 %(6)%$329,540 $403,490 (18)%
Federal funds sold and securities purchased under resale agreements437,477 459,513 437,916 330,694 424,346 (5)3 444,968 411,857 8 
Securities borrowed329,704 313,154 286,689 261,877 234,112 5 41 310,006 236,355 31 
Trading assets - debt instruments 703,683 706,817 682,348 620,465 580,985 — 21 697,694 546,679 28 
Investment securities830,015 807,893 802,265 788,922 768,599 3 8 813,492 720,785 13 
Loans1,559,085 1,521,295 1,486,145 1,461,079 1,417,466 2 10 1,522,443 1,379,480 10 
All other interest-earning assets (a)136,940 143,155 127,484 125,164 110,100 (4)24 135,894 105,564 29 
Total interest-earning assets 4,336,216 4,287,954 4,135,737 3,923,824 3,895,764 1 11 4,254,037 3,804,210 12 
Trading assets - equity and other instruments277,567 287,124 241,307 241,351 264,681 (3)5 268,799 243,526 10 
Trading assets - derivative receivables71,880 74,352 68,328 57,543 61,842 (3)16 71,533 59,524 20 
All other noninterest-earning assets 335,710 327,658 313,365 306,700 297,658 2 13 325,659 291,408 12 
TOTAL ASSETS$5,021,373 $4,977,088 $4,758,737 $4,529,418 $4,519,945 1 11 $4,920,028 $4,398,668 12 
LIABILITIES
Interest-bearing deposits $2,078,869 $2,047,761 $1,991,590 $1,949,049 $1,913,958 2 9 $2,039,726 $1,886,654 8 
Federal funds purchased and securities loaned or
sold under repurchase agreements682,884 725,804 657,816 517,849 567,920 (6)20 688,926 530,765 30 
Short-term borrowings
58,618 54,013 55,469 56,265 53,755 9 9 56,045 52,717 6 
Trading liabilities - debt and all other interest-bearing liabilities (b)
353,966 349,693 324,559 306,567 314,591 1 13 342,848 301,051 14 
Beneficial interests issued by consolidated VIEs29,044 28,065 27,519 27,327 28,884 3 1 28,215 26,959 5 
Long-term debt 380,063 372,504 367,478 359,910 350,368 2 8 373,394 347,915 7 
Total interest-bearing liabilities 3,583,444 3,577,840 3,424,431 3,216,967 3,229,476 — 11 3,529,154 3,146,061 12 
Noninterest-bearing deposits 655,098 637,817 611,294 615,559 610,601 3 7 634,897 600,350 6 
Trading liabilities - equity and other instruments 76,318 67,958 57,021 52,059 48,628 12 57 67,169 43,526 54 
Trading liabilities - derivative payables62,568 64,622 55,309 47,591 47,926 (3)31 60,859 43,318 40 
All other noninterest-bearing liabilities 271,545 264,509 249,587 236,876 226,934 3 20 261,962 215,175 22 
TOTAL LIABILITIES4,648,973 4,612,746 4,397,642 4,169,052 4,163,565 1 12 4,554,041 4,048,430 12 
Preferred stock21,040 21,196 20,045 20,045 20,045 (1)5 20,764 20,035 4 
Common stockholders’ equity351,360 343,146 341,050 340,321 336,335 2 4 345,223 330,203 5 
TOTAL STOCKHOLDERS’ EQUITY372,400 364,342 361,095 360,366 356,380 2 4 365,987 350,238 4 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$5,021,373 $4,977,088 $4,758,737 $4,529,418 $4,519,945 1 11 $4,920,028 $4,398,668 12 
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 2.91 %2.81 %3.00 %3.10 %3.25 %2.90 %3.47 %
Federal funds sold and securities purchased under resale agreements3.79 3.68 3.88 4.06 4.24 3.78 4.33 
Securities borrowed3.34 3.30 3.35 3.55 3.67 3.33 3.78 
Trading assets - debt instruments 4.42 4.23 4.30 4.33 4.30 4.32 4.44 
Investment securities3.79 3.74 3.69 3.74 3.86 3.74 3.85 
Loans 6.59 6.48 6.57 6.63 6.74 6.55 6.75 
All other interest-earning assets (a)(d)5.94 5.64 5.79 6.24 7.43 5.79 7.31 
Total interest-earning assets 4.86 4.75 4.83 4.95 5.05 4.82 5.09 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.18 2.11 2.09 2.24 2.41 2.13 2.42 
Federal funds purchased and securities loaned or
sold under repurchase agreements3.80 3.69 3.79 3.99 4.22 3.76 4.33 
Short-term borrowings
4.00 3.84 3.85 4.01 4.35 3.90 4.39 
Trading liabilities - debt and all other interest-bearing liabilities (b)2.85 2.77 2.83 2.95 2.92 2.82 2.97 
Beneficial interests issued by consolidated VIEs3.92 3.93 3.92 4.23 4.58 3.92 4.59 
Long-term debt 4.86 4.81 4.79 4.92 5.16 4.82 5.16 
Total interest-bearing liabilities 2.88 2.82 2.82 2.94 3.13 2.84 3.15 
INTEREST RATE SPREAD1.98 1.93 2.01 2.01 1.92 1.98 1.94 
NET YIELD ON INTEREST-EARNING ASSETS2.48 2.40 2.50 2.54 2.45 2.46 2.49 
Memo: Net yield on interest-earning assets excluding Markets (e)3.70 3.65 3.72 3.76 3.73 3.69 3.74 
(a) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets.
(b)    All other interest-bearing liabilities include brokerage-related customer payables.
(c)    Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.
(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(e)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

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

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
OTHER INCOME
Other income - reported$1,556 $7,549 $1,671 $1,658 $1,439 (79)%8 %$10,776 $4,516 139 %
Fully taxable-equivalent adjustments (a)626 564 587 856 588 11 6 1,777 1,853 (4)
Other income - managed$2,182 $8,113 $2,258 $2,514 $2,027 (73)8 $12,553 $6,369 97 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$23,136 $31,836 $24,470 $20,803 $22,461 (27)3 $79,442 $66,201 20 
Fully taxable-equivalent adjustments626 564 587 856 588 11 6 1,777 1,853 (4)
Total noninterest revenue - managed$23,762 $32,400 $25,057 $21,659 $23,049 (27)3 $81,219 $68,054 19 
NET INTEREST INCOME
Net interest income - reported$27,036 $25,511 $25,366 $24,995 $23,966 6 13 $77,913 $70,448 11 
Fully taxable-equivalent adjustments (a)109 111 113 113 105 (2)4 333 312 7 
Net interest income - managed$27,145 $25,622 $25,479 $25,108 $24,071 6 13 $78,246 $70,760 11 
TOTAL NET REVENUE
Total net revenue - reported$50,172 $57,347 $49,836 $45,798 $46,427 (13)8 $157,355 $136,649 15 
Fully taxable-equivalent adjustments735 675 700 969 693 9 6 2,110 2,165 (3)
Total net revenue - managed$50,907 $58,022 $50,536 $46,767 $47,120 (12)8 $159,465 $138,814 15 
PRE-PROVISION PROFIT
Pre-provision profit - reported$22,877 $30,031 $22,986 $21,815 $22,146 (24)3 $75,894 $64,992 17 
Fully taxable-equivalent adjustments735 675 700 969 693 9 6 2,110 2,165 (3)
Pre-provision profit - managed$23,612 $30,706 $23,686 $22,784 $22,839 (23)3 $78,004 $67,157 16 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$20,134 $27,516 $20,479 $17,160 $18,743 (27)7 $68,129 $55,435 23 
Fully taxable-equivalent adjustments735 675 700 969 693 9 6 2,110 2,165 (3)
Income before income tax expense - managed$20,869 $28,191 $21,179 $18,129 $19,436 (26)7 $70,239 $57,600 22 
INCOME TAX EXPENSE
Income tax expense - reported$4,829 $6,361 $3,985 $4,135 $4,350 (24)11 $15,175 $11,412 33 
Fully taxable-equivalent adjustments735 675 700 969 693 9 6 2,110 2,165 (3)
Income tax expense - managed$5,564 $7,036 $4,685 $5,104 $5,043 (21)10 $17,285 $13,577 27 
OVERHEAD RATIO
Overhead ratio - reported54 %48 %54 %52 %52 %52 %52 %
Overhead ratio - managed54 47 53 51 52 51 52 
(a)For other income, recognized in CIB, and for net interest income, predominantly recognized in CIB and Corporate.

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SEGMENT & CORPORATE RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$21,171 $20,272 $19,568 $19,396 $19,473 4 %9 %$61,011 $56,633 8 %
Commercial & Investment Bank
22,734 24,853 23,379 19,375 19,878 (9)14 70,966 59,079 20 
Asset & Wealth Management 6,909 6,851 6,374 6,516 6,066 1 14 20,134 17,557 15 
Corporate93 6,046 1,215 1,480 1,703 (98)(95)7,354 5,545 33 
TOTAL NET REVENUE$50,907 $58,022 (a)$50,536 $46,767 $47,120 (12)8 $159,465 (a)$138,814 15 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$11,580 $11,108 $10,979 $10,256 $10,296 4 12 $33,667 $30,011 12 
Commercial & Investment Bank
10,771 11,390 11,136 9,011 9,722 (5)11 33,297 29,205 14 
Asset & Wealth Management4,358 4,207 4,167 4,068 3,818 4 14 12,732 11,264 13 
Corporate586 611 568 648 445 (4)32 1,765 1,177 50 
TOTAL NONINTEREST EXPENSE$27,295 $27,316 $26,850 $23,983 $24,281 — 12 $81,461 $71,657 14 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$9,591 $9,164 $8,589 $9,140 $9,177 5 5 $27,344 $26,622 3 
Commercial & Investment Bank
11,963 13,463 12,243 10,364 10,156 (11)18 37,669 29,874 26 
Asset & Wealth Management2,551 2,644 2,207 2,448 2,248 (4)13 7,402 6,293 18 
Corporate(493)5,435 647 832 1,258 NMNM5,589 4,368 28 
PRE-PROVISION PROFIT$23,612 $30,706 $23,686 $22,784 $22,839 (23)3 $78,004 $67,157 16 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$2,026 $2,156 $2,050 $4,244 $2,538 (6)(20)$6,232 $7,249 (14)
Commercial & Investment Bank
663 356 482 405 809 86 (18)1,501 2,210 (32)
Asset & Wealth Management84 13 (24)2 59 NM42 73 95 (23)
Corporate(30)(10)(1)4 (3)(200)NM(41)3 NM
PROVISION FOR CREDIT LOSSES$2,743 $2,515 $2,507 $4,655 $3,403 9 (19)$7,765 $9,557 (19)
NET INCOME/(LOSS)
Consumer & Community Banking $5,670 $5,311 $4,976 $3,642 $5,009 7 13 $15,957 $14,603 9 
Commercial & Investment Bank
8,247 9,678 9,044 7,268 6,901 (15)20 26,969 20,493 32 
Asset & Wealth Management 1,843 1,957 1,775 1,808 1,658 (6)11 5,575 4,714 18 
Corporate (455)4,209 699 307 825 NMNM4,453 4,213 6 
TOTAL NET INCOME$15,305 $21,155 $16,494 $13,025 $14,393 (28)6 $52,954 $44,023 20 
(a)Included a $4.6 billion net gain related to Visa Class C common stock in Corporate and $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. Refer to footnote (f) on page 2 for further information.

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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Sep 30, 2026
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2026 Change
2026202620262025202520262025202620252025
CAPITAL
Risk-based capital metrics
Standardized
CET1 capital$304,142 (b)$302,619 $291,152 $288,469 $287,297 1 %6 %
Tier 1 capital324,243 (b)322,720 310,317 307,630 306,599 — 6 
Total capital367,075 (b)362,723 349,931 343,843 343,215 1 7 
Risk-weighted assets 2,183,531 (b)2,132,428 2,039,324 1,981,692 1,935,868 2 13 
CET1 capital ratio13.9 %(b)14.2 %14.3 %14.6 %14.8 %
Tier 1 capital ratio14.8 (b)15.1 15.2 15.5 15.8 
Total capital ratio16.8 (b)17.0 17.2 17.4 17.7 
Advanced
CET1 capital$304,142 (b)$302,619 $291,152 $288,469 $287,297 1 6 
Tier 1 capital 324,243 (b)322,720 310,317 307,630 306,599 — 6 
Total capital350,267 (b)346,248 334,355 328,962 328,356 1 7 
Risk-weighted assets2,164,332 (b)2,123,862 2,061,341 (c)2,045,249 1,932,404 2 12 
CET1 capital ratio14.1 %
(b)
14.2 %14.1 %14.1 %14.9 %
Tier 1 capital ratio15.0 
(b)
15.2 15.1 15.0 15.9 
Total capital ratio16.2 
(b)
16.3 16.2 16.1 17.0 
Leverage-based capital metrics
Adjusted average assets (a)$4,965,490 (b)$4,921,814 $4,702,980 $4,472,394 $4,464,441 1 11 
Tier 1 leverage ratio6.5 %(b)6.6 %6.6 %6.9 %6.9 %
Total leverage exposure$5,934,748 (b)$5,844,422 $5,576,930 $5,302,001 $5,272,950 2 13 
SLR5.5 %(b)5.5 %5.6 %5.8 %5.8 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$598,651 (b)$590,505 $572,047 $563,743 $567,557 1 5 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$302,619 $291,152 $288,469 $287,297 $283,854 4 7 $288,469 $275,513 5 %
Net income applicable to common equity15,000 20,847 16,218 12,745 14,111 (28)6 52,065 43,204 21 
Dividends declared on common stock(4,433)(4,033)(4,067)(4,091)(4,134)(10)(7)(12,533)(11,969)(5)
Net purchase of treasury stock(1,004)(6,717)(7,125)(8,265)(8,343)85 88 (14,846)(22,308)33 
Changes in additional paid-in capital334 472 (1,027)249 289 (29)16 (221)(46)(380)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities(7,893)320 (2,401)1,295 1,509 NMNM(9,974)2,274 NM
Translation adjustments, net of hedges(29)(21)(167)(6)(12)(38)(142)(217)1,345 NM
Fair value hedges24 (9)41 7 37 NM(35)56 57 (2)
Defined benefit pension and other postretirement employee benefit plans179 37 4 619 4 384 NM220 (40)NM
Changes related to other CET1 capital adjustments(655)(b)571 1,207 (1,381)(18)NMNM1,123 (b)(733)NM
Change in Standardized/Advanced CET1 capital1,523 (b)11,467 2,683 1,172 3,443 (87)(56)15,673 (b)11,784 33 
Standardized/Advanced CET1 capital, ending balance$304,142 (b)$302,619 $291,152 $288,469 $287,297 1 6 $304,142 (b)$287,297 6 
(a)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill (inclusive of estimated equity method goodwill) and other intangible assets.
(b)Estimated.
(c)As of March 31, 2026, reflects the updated impact to the amount of risk-weighted assets (“RWA”) resulting from the completion of the necessary modeling steps for the Apple Card transaction of approximately $30 billion, as compared to the impact of approximately $110 billion as of December 31, 2025. Refer to Capital Risk Management on pages 33-40 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, and pages 89-99 of the Firm’s 2025 Form 10-K for additional information.

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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Sep 30, 2026
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2026 Change
2026202620262025202520262025202620252025
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$351,328 $353,558 $343,993 $342,393 $340,167 (1)%3 %
Less: Goodwill52,717 52,711 52,706 52,731 52,717 — — 
Less: Other intangible assets2,378 2,437 2,490 2,560 2,615 (2)(9)
Add: Certain deferred tax liabilities (b)2,897 2,904 2,911 2,916 2,906 — — 
Total tangible common equity$299,130 $301,314 $291,708 $290,018 $287,741 (1)4 
TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity$351,360 $343,146 $341,050 $340,321 $336,335 2 4 $345,223 $330,203 5 %
Less: Goodwill52,737 52,740 52,737 52,703 52,731 — — 52,738 52,669 — 
Less: Other intangible assets2,407 2,463 2,518 2,574 2,678 (2)(10)2,462 2,749 (10)
Add: Certain deferred tax liabilities (b)2,900 2,909 2,915 2,903 2,917 — (1)2,908 2,927 (1)
Total tangible common equity$299,116 $290,852 $288,710 $287,947 $283,843 3 5 $292,931 $277,712 5 
INTANGIBLE ASSETS (period-end)
Goodwill$52,717 $52,711 $52,706 $52,731 $52,717 — — 
Mortgage servicing rights9,775 9,156 9,093 9,167 9,110 7 7 
Other intangible assets2,378 2,437 2,490 2,560 2,615 (2)(9)
Total intangible assets$64,870 $64,304 $64,289 $64,458 $64,442 1 1 
(a)Refer to page 28 for further discussion of TCE.
(b)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
EARNINGS PER SHARE
Basic earnings per share
Net income$15,305 $21,155 $16,494 $13,025 $14,393 (28)%6 %$52,954 $44,023 20 %
Less: Preferred stock dividends305 308 276 280 282 (1)8 889 819 9 
Net income applicable to common equity15,000 20,847 16,218 12,745 14,111 (28)6 52,065 43,204 21 
Less: Dividends and undistributed earnings allocated to
participating securities64 95 70 56 68 (33)(6)228 213 7 
Net income applicable to common stockholders$14,936 $20,752 $16,148 $12,689 $14,043 (28)6 $51,837 $42,991 21 
Total weighted-average basic shares outstanding2,678.6 2,689.9 2,716.2 2,735.3 2,762.4 — (3)2,694.9 2,790.2 (3)
Net income per share$5.58 $7.71 $5.95 $4.64 $5.08 (28)10 $19.24 $15.41 25 
Diluted earnings per share
Net income applicable to common stockholders$14,936 $20,752 $16,148 $12,689 $14,043 (28)6 $51,837 $42,991 21 
Total weighted-average basic shares outstanding2,678.6 2,689.9 2,716.2 2,735.3 2,762.4 — (3)2,694.9 2,790.2 (3)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		4.4 4.3 4.0 5.2 5.2 2 (15)4.2 5.0 (16)
Total weighted-average diluted shares outstanding2,683.0 2,694.2 2,720.2 2,740.5 2,767.6 — (3)2,699.1 2,795.2 (3)
Net income per share$5.57 $7.70 $5.94 $4.63 $5.07 (28)10 $19.20 $15.38 25 
COMMON DIVIDENDS
Cash dividends declared per share
$1.65 
(c)
$1.50 $1.50 $1.50 $1.50 10 10 $4.65 $4.30 8 
Dividend payout ratio30 %19 %25 %32 %29 %24 %28 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased3.1 21.7 27.5 26.7 28.0 (86)(89)52.3 87.7 (40)
Average price paid per share of common stock$342.33 $308.21 $302.75 $309.81 $297.10 11 15 $307.36 $266.44 15 
Aggregate repurchases of common stock1,057 6,703 8,328 8,262 8,315 (84)(87)16,088 23,378 (31)
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans0.5 0.4 10.8 0.7 0.4 25 25 11.7 12.3 (5)
Net impact of employee issuances on stockholders’ equity (b)
$393 $518 $221 $322 $339 (24)16 $1,132 $1,234 (8)
(a)The Firm’s Board of Directors authorized a new common share repurchase program of up to $50 billion, effective July 1, 2026, which replaced the previous program that commenced in the third quarter of 2025 and authorized repurchases of up to $50 billion.
(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares.
(c)On September 15, 2026, the Board of Directors declared quarterly common stock dividends of $1.65 per share.



















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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$1,036 $971 $947 $973 $969 7 %7 %$2,954 $2,696 10 %
Asset management fees1,469 1,379 1,303 1,277 1,189 7 24 4,151 3,392 22 
Mortgage fees and related income258 325 303 344 372 (21)(31)886 982 (10)
Card income770 691 592 376 514 11 50 2,053 1,854 11 
All other income (a)1,819 1,814 1,685 1,585 1,573 — 16 5,318 4,316 23 
Noninterest revenue5,352 5,180 4,830 4,555 4,617 3 16 15,362 13,240 16 
Net interest income15,819 15,092 14,738 14,841 14,856 5 6 45,649 43,393 5 
TOTAL NET REVENUE21,171 20,272 19,568 19,396 19,473 4 9 61,011 56,633 8 
Provision for credit losses2,026 2,156 2,050 4,244 (d)2,538 (6)(20)6,232 7,249 (14)
NONINTEREST EXPENSE
Compensation expense4,715 4,682 4,622 4,392 (e)4,357 (e)1 8 14,019 12,992 (e)8 
Noncompensation expense (b)6,865 6,426 6,357 5,864 (e)5,939 (e)7 16 19,648 17,019 (e)15 
TOTAL NONINTEREST EXPENSE11,580 11,108 10,979 10,256 10,296 4 12 33,667 30,011 12 
Income before income tax expense7,565 7,008 6,539 4,896 6,639 8 14 21,112 19,373 9 
Income tax expense 1,895 1,697 1,563 1,254 1,630 12 16 5,155 4,770 8 
NET INCOME$5,670 $5,311 $4,976 $3,642 $5,009 7 13 $15,957 $14,603 9 
REVENUE BY BUSINESS
Banking & Wealth Management $11,673 $11,229 $10,577 $10,870 $11,040 4 6 $33,479 $31,992 5 
Home Lending1,217 1,285 1,232 1,249 1,260 (5)(3)3,734 3,717 — 
Card Services & Auto 8,281 7,758 7,759 7,277 7,173 7 15 23,798 20,924 14 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue46 147 178 188 173 (69)(73)371 434 (15)
Net mortgage servicing revenue (c)212 178 125 156 199 19 7 515 548 (6)
Mortgage fees and related income$258 $325 $303 $344 $372 (21)(31)$886 $982 (10)
FINANCIAL RATIOS
ROE36 %34 %32 %25 %35 %34 %34 %
Overhead ratio 55 55 56 53 53 55 53 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $1.2 billion, $1.2 billion, $1.2 billion, $1.1 billion and $987 million for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively, and $3.6 billion and $2.7 billion for the nine months ended September 30, 2026 and 2025, respectively.
(b)Included depreciation expense on leased assets of $792 million, $694 million, $756 million, $670 million and $649 million for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively, and $2.2 billion and $1.7 billion for the nine months ended September 30, 2026 and 2025, respectively.
(c)Included MSR risk management results of $73 million, $39 million, $(15) million, $7 million and $55 million for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively, and $97 million and $111 million for the nine months ended September 30, 2026 and 2025, respectively.
(d)Refer to footnote (g) on page 2 for additional information.
(e)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
SELECTED BALANCE SHEET DATA (period-end)
Total assets$674,011 $672,612 $656,051 $664,669 $652,275 — %3 %$674,011 $652,275 3 %
Loans:
Banking & Wealth Management
34,457 34,337 32,992 33,005 33,259 — 4 34,457 33,259 4 
Home Lending (a)
233,538 237,176 238,571 240,724 240,633 (2)(3)233,538 240,633 (3)
Card Services252,684 249,816 239,065 247,753 235,491 1 7 252,684 235,491 7 
Auto 73,041 72,220 70,958 70,585 71,095 1 3 73,041 71,095 3 
Total loans 593,720 593,549 581,586 592,067 580,478 — 2 593,720 580,478 2 
Deposits1,104,429 1,093,862 1,112,078 1,072,792 1,058,388 1 4 1,104,429 1,058,388 4 
Equity61,500 61,500 61,500 56,000 56,000 — 10 61,500 56,000 10 
SELECTED BALANCE SHEET DATA (average)
Total assets$672,863 $662,460 $655,977 $654,851 $650,277 2 3 $663,828 $644,114 3 
Loans:
Banking & Wealth Management34,196 33,832 33,038 32,916 33,351 1 3 33,693 33,350 1 
Home Lending (b)
237,817 238,808 240,429 241,701 241,772 — (2)239,008 242,897 (2)
Card Services250,117 243,501 239,153 239,335 234,412 3 7 244,298 229,153 7 
Auto 72,176 71,456 70,208 70,693 70,895 1 2 71,287 71,583 — 
Total loans594,306 587,597 582,828 584,645 580,430 1 2 588,286 576,983 2 
Deposits1,097,118 1,095,646 1,075,951 1,056,819 1,058,025 — 4 1,089,649 1,057,371 3 
Equity61,500 61,500 61,500 56,000 56,000 — 10 61,500 56,000 10 
Employees144,888 144,079 143,869 142,586 (c)142,600 (c)1 2 144,888 142,600 (c)2 
(a)At September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, Home Lending loans held-for-sale and loans at fair value were $12.4 billion, $13.1 billion, $11.3 billion, $11.0 billion and $9.4 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $15.2 billion, $13.0 billion, $11.8 billion, $11.2 billion and $10.1 billion for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively, and $13.3 billion and $8.9 billion for the nine months ended September 30, 2026 and 2025, respectively.
(c)Refer to footnote (e) on page 12 for further information on the centralization of Risk functions.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)
$3,525 $3,506 $3,493 $3,484 $3,596 1 %(2)%$3,525 $3,596 (2)%
Net charge-offs/(recoveries)
Banking & Wealth Management85 87 85 72 85 (2)— 257 284 (10)
Home Lending(17)(18)(15)(12)(63)6 73 (50)(110)55 
Card Services1,833 2,025 2,044 1,897 1,860 (9)(1)5,902 5,781 2 
Auto75 62 81 87 81 21 (7)218 248 (12)
Total net charge-offs/(recoveries)$1,976 $2,156 $2,195 $2,044 $1,963 (8)1 $6,327 $6,203 2 
Net charge-off/(recovery) rate
Banking & Wealth Management
0.99 %1.03 %1.04 %0.87 %1.01 %1.02 %1.14 %
Home Lending(0.03)(0.03)(0.03)(0.02)(0.11)(0.03)(0.06)
Card Services2.91 3.34 3.47 3.14 3.15 3.23 3.37 
Auto 0.41 0.35 0.47 0.49 0.46 0.41 0.46 
Total net charge-off/(recovery) rate1.35 1.51 1.56 1.41 1.37 1.47 1.46 
30+ day delinquency rate
Home Lending (b)
0.79 %0.83 %0.88 %0.86 %0.89 %0.79 %0.89 %
Card Services1.97 1.91 2.17 2.16 2.14 1.97 2.14 
Auto0.96 1.03 1.09 1.33 (d)1.17 0.96 1.17 
90+ day delinquency rate - Card Services0.96 1.00 1.15 1.10 1.07 0.96 1.07 
Allowance for credit losses:
Allowance for loan losses
Banking & Wealth Management $715 $765 $765 $765 $765 (7)(7)$715 $765 (7)
Home Lending507 507 507 647 647 — (22)507 647 (22)
Card Services15,563 15,563 15,563 15,558 15,558 — — 15,563 15,558 — 
Auto 587 587 587 587 587 — — 587 587 — 
Total allowance for loan losses17,372 17,422 17,422 17,557 17,557 — (1)17,372 17,557 (1)
Allowance for lending-related commitments (c)2,380 2,280 2,280 2,290 90 4 NM2,380 90 NM
Total allowance for credit losses
$19,752 $19,702 $19,702 $19,847 $17,647 — 12 $19,752 $17,647 12 
(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 September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $60 million, $61 million, $68 million, $70 million and $65 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 September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $81 million, $85 million, $92 million, $102 million and $95 million, respectively. These amounts have been excluded based upon the government guarantee.
(c)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to footnote (g) on page 2 for additional information.
(d)Prior-period rate has been revised to conform with the presentation in the Firm’s 2025 Form 10-K.



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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
BUSINESS METRICS
Number of:
Branches5,164 5,135 5,095 5,083 5,018 1 %3 %5,164 5,018 3 %
    Active digital customers (in thousands)77,960 76,706 76,246 74,646 74,041 2 5 77,960 74,041 5 
    Active mobile customers (in thousands)64,919 63,746 62,960 61,736 60,924 2 7 64,919 60,924 7 
Debit and credit card sales volume (in billions)$539.5 $535.8 $487.6 $512.5 $492.3 1 10 $1,562.9 $1,428.2 9 
Total payments transaction volume (in trillions)1.9 1.9 1.8 1.8 1.8 — 6 5.6 5.2 8 
Banking & Wealth Management
Average deposits $1,078,940 $1,078,373 $1,059,463 $1,039,621 $1,040,402 — 4 $1,072,330 $1,041,180 3 
Deposit margin 2.78 %2.70 %2.63%2.72 %2.79 %2.70 %2.75 %
Business Banking average loans$17,836 $18,324 $18,578 $18,747 $18,922 (3)(6)$18,243 $19,202 (5)
Business Banking origination volume 700 748 733 691 824 (6)(15)2,181 2,532 (14)
Client investment assets (a)1,419,820 1,394,864 1,272,180 1,269,883 1,232,390 2 15 1,419,820 1,232,390 15 
Number of client advisors6,433 6,329 6,243 6,049 6,025 2 7 6,433 6,025 7 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $8.7 $10.6 $8.7 $10.4 $8.4 (18)4 $28.0 $22.6 24 
Correspondent 7.3 6.6 5.0 5.6 5.5 11 33 18.9 14.2 33 
Total mortgage origination volume (b)$16.0 $17.2 $13.7 $16.0 $13.9 (7)15 $46.9 $36.8 27 
Third-party mortgage loans serviced (period-end)651.9 652.8 656.4 661.9 663.6 — (2)651.9 663.6 (2)
MSR carrying value (period-end)9.7 9.1 9.1 9.1 9.1 7 7 9.7 9.1 7 
Card Services
Sales volume, excluding commercial card (in billions)$376.0 $373.1 $337.6 $359.7 $344.4 1 9 $1,086.7 $995.0 9 
Net revenue rate10.76 %10.37 %10.78 %9.86 %10.03 %10.64 %10.15 %
Net yield on average loans10.67 10.39 10.85 10.40 10.28 10.63 10.21 
Auto
Loan and lease origination volume (in billions)$10.8 $12.3 $10.4 $10.8 $12.0 (12)(10)$33.5 $34.0 (1)
Average auto operating lease assets21,484 21,123 20,398 18,893 16,986 2 26 21,006 15,294 37 
(a)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 20-22 for additional information.
(b)Firmwide mortgage origination volume was $20.4 billion, $21.2 billion, $16.6 billion, $19.0 billion and $16.9 billion for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively, and $58.2 billion and $44.4 billion for the nine months ended September 30, 2026 and 2025, respectively.

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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
INCOME STATEMENT
REVENUE
Investment banking fees$3,005 $3,277 $2,883 $2,347 $2,627 (8)%14 %$9,165 $7,388 24 %
Principal transactions6,498 8,768 7,897 5,419 7,090 (26)(8)23,163 21,807 6 
Lending- and deposit-related fees1,486 1,487 1,394 1,336 1,315 — 13 4,367 3,841 14 
Commissions and other fees1,727 1,748 1,714 1,562 1,493 (1)16 5,189 4,423 17 
Card income640 649 585 627 613 (1)4 1,874 1,809 4 
All other income628 1,025 917 1,063 660 (39)(5)2,570 2,144 20 
Noninterest revenue13,984 16,954 15,390 12,354 13,798 (18)1 46,328 41,412 12 
Net interest income8,750 7,899 7,989 7,021 6,080 11 44 24,638 17,667 39 
TOTAL NET REVENUE (a)22,734 24,853 23,379 19,375 19,878 (9)14 70,966 59,079 20 
Provision for credit losses663 356 482 405 809 86 (18)1,501 2,210 (32)
NONINTEREST EXPENSE
Compensation expense5,066 5,544 5,740 3,940 (d)4,662 (d)(9)9 16,350 14,604 (d)12 
Noncompensation expense5,705 5,846 5,396 5,071 (d)5,060 (d)(2)13 16,947 14,601 (d)16 
TOTAL NONINTEREST EXPENSE10,771 11,390 11,136 9,011 9,722 (5)11 33,297 29,205 14 
Income before income tax expense11,300 13,107 11,761 9,959 9,347 (14)21 36,168 27,664 31 
Income tax expense 3,053 3,429 2,717 2,691 2,446 (11)25 9,199 7,171 28 
NET INCOME$8,247 $9,678 $9,044 $7,268 $6,901 (15)20 $26,969 $20,493 32 
FINANCIAL RATIOS
ROE18 %22 %21 %19 %18 %20 %18 %
Overhead ratio47 46 48 47 49 47 49 
Compensation expense as percentage of total net revenue22 22 25 20 (d)23 (d)23 25 (d)
REVENUE BY BUSINESS
Investment Banking$3,098 $3,902 $3,136 $2,552 $2,694 (21)15 $10,136 $7,646 33 
Payments5,620 5,296 5,123 5,114 4,917 6 14 16,039 14,217 13 
Lending2,240 1,964 2,166 1,985 1,872 14 20 6,370 5,616 13 
Other— — — — — — — — 6 NM
Total Banking & Payments10,958 11,162 10,425 9,651 9,483 (2)16 32,545 27,485 18 
Fixed Income Markets5,366 6,053 7,078 5,380 5,613 (11)(4)18,497 17,152 8 
Equity Markets4,954 6,025 4,481 2,859 3,331 (18)49 15,460 10,391 49 
Securities Services 1,626 1,657 1,499 1,489 1,423 (2)14 4,782 4,110 16 
Credit Adjustments & Other (b)(170)(44)(104)(4)28 (286)NM(318)(59)(439)
Total Markets & Securities Services11,776 13,691 12,954 9,724 10,395 (14)13 38,421 31,594 22 
TOTAL NET REVENUE$22,734 $24,853 $23,379 $19,375 $19,878 (9)14 $70,966 $59,079 20 
Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking$7,549 $7,797 $7,265 $6,493 $6,544 (3)%15 %$22,611 $18,792 20 %
Commercial Banking3,409 3,365 3,160 3,158 2,939 1 16 9,934 8,693 14 
Commercial & Specialized Industries2,458 2,472 2,280 2,245 2,038 (1)21 7,210 6,061 19 
Commercial Real Estate Banking951 893 880 913 901 6 6 2,724 2,632 3 
Total Banking & Payments revenue$10,958 $11,162 $10,425 $9,651 $9,483 (2)16 $32,545 $27,485 18 
(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 $684 million, $621 million, $646 million, $920 million and $644 million for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively, and $2.0 billion for both the nine months ended September 30, 2026 and 2025.
(b)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
(c)Refer to page 70 of the Firm’s 2025 Form 10-K for a description of each of the client coverage segments.
(d)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.

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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
SELECTED BALANCE SHEET DATA (period-end)
Total assets$2,760,833 $2,709,357 $2,626,846 $2,142,534 $2,328,000 2 %19 %$2,760,833 $2,328,000 19 %
Loans:
Loans retained599,834 586,807 576,917 558,528 538,016 2 11 599,834 538,016 11 
Loans held-for-sale and loans at fair value (a)75,037 65,594 67,022 73,508 56,057 14 34 75,037 56,057 34 
Total loans
674,871 652,401 643,939 632,036 594,073 3 14 674,871 594,073 14 
Equity175,000 175,000 (c)166,500 149,500 149,500 — 17 175,000 (c)149,500 17 
Banking & Payments loans by client coverage segment
(period-end) (b)
Global Corporate Banking & Global Investment Banking$168,213 $160,842 $158,989 $146,079 $132,560 5 27 $168,213 $132,560 27 
Commercial Banking229,404 226,320 224,253 222,139 222,464 1 3 229,404 222,464 3 
Commercial & Specialized Industries80,664 78,897 77,425 75,865 76,010 2 6 80,664 76,010 6 
Commercial Real Estate Banking148,740 147,423 146,828 146,274 146,454 1 2 148,740 146,454 2 
Total Banking & Payments loans397,617 387,162 383,242 368,218 355,024 3 12 397,617 355,024 12 
SELECTED BALANCE SHEET DATA (average)
Total assets$2,658,362 $2,665,978 $2,497,393 $2,260,671 $2,266,445 — 17 $2,607,834 $2,173,201 20 
Trading assets - debt and equity instruments 935,432 952,230 874,262 815,438 796,017 (2)18 920,865 746,796 23 
Trading assets - derivative receivables 71,283 73,390 67,591 56,598 61,132 (3)17 70,768 58,986 20 
Loans:
Loans retained589,160 573,945 558,751 546,219 528,135 3 12 574,063 507,502 13 
Loans held-for-sale and loans at fair value (a)71,120 72,405 73,588 66,415 55,545 (2)28 72,362 50,784 42 
Total loans660,280 646,350 632,339 612,634 583,680 2 13 646,425 558,286 16 
Deposits1,309,689 1,282,143 1,234,295 1,226,155 1,194,410 2 10 1,275,652 1,157,201 10 
Equity175,000 172,198 (c)166,500 149,500 149,500 2 17 171,264 (c)149,500 15 
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking$163,655 $165,538 $151,120 $138,491 $132,101 (1)24 $160,150 $126,386 27 
Commercial Banking228,263 225,535 222,897 222,216 221,534 1 3 225,585 220,005 3 
Commercial & Specialized Industries79,801 78,556 76,610 75,620 75,270 2 6 78,334 74,434 5 
Commercial Real Estate Banking148,462 146,979 146,287 146,596 146,264 1 2 147,251 145,571 1 
Total Banking & Payments loans391,918 391,073 374,017 360,707 353,635 — 11 385,735 346,391 11 
Employees92,746 91,876 91,493 91,355 (d)90,895 (d)1 2 92,746 90,895 (d)2 
(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)Refer to page 70 of the Firm’s 2025 Form 10-K for a description of each of the client coverage segments.
(c)During the three months ended June 30, 2026, the capital allocated to CIB from Corporate was increased by $8.5 billion, compared with the capital allocated in the first quarter of 2026, in connection with growth in the business.
(d)Refer to footnote (d) on page 16 for further information on the centralization of Risk functions.



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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$211 $207 $120 $440 $567 2 %(63)%$538 $1,069 (50)%
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)3,817 3,520 3,855 3,641 4,033 8 (5)3,817 4,033 (5)
Nonaccrual loans held-for-sale and loans at fair value (b)1,149 1,290 1,192 1,518 1,338 (11)(14)1,149 1,338 (14)
Total nonaccrual loans 4,966 4,810 5,047 5,159 5,371 3 (8)4,966 5,371 (8)
Derivative receivables149 171 174 204 224 (13)(33)149 224 (33)
Assets acquired in loan satisfactions381 213 176 192 197 79 93 381 197 93 
Total nonperforming assets 5,496 5,194 5,397 5,555 5,792 6 (5)5,496 5,792 (5)
Allowance for credit losses:
Allowance for loan losses8,300 8,159 7,947 7,632 7,609 2 9 8,300 7,609 9 
Allowance for lending-related commitments3,185 2,836 2,777 2,738 2,798 12 14 3,185 2,798 14 
Total allowance for credit losses11,485 10,995 10,724 10,370 10,407 4 10 11,485 10,407 10 
Net charge-off/(recovery) rate (c)0.14 %0.14 %0.09 %0.32 %0.43 %0.13 %0.28 %
Allowance for loan losses to period-end loans retained1.38 1.39 1.38 1.37 1.41 1.38 1.41 
Allowance for loan losses to nonaccrual loans retained (a)217 232 206 210 189 217 189 
Nonaccrual loans to total period-end loans0.74 0.74 0.78 0.82 0.90 0.74 0.90 
(a)Allowance for loan losses of $672 million, $672 million, $740 million, $597 million and $724 million were held against these nonaccrual loans at September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively.
(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $207 million, $171 million, $183 million, $128 million and $93 million, respectively.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
























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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
BUSINESS METRICS
Advisory$1,222 $1,012 $1,266 $1,033 $926 21 %32 %$3,500 $2,464 42 %
Equity underwriting564 829 472 416 527 (32)7 1,865 1,316 42 
Debt underwriting1,219 1,436 1,145 898 1,174 (15)4 3,800 3,608 5 
Total investment banking fees$3,005 $3,277 $2,883 $2,347 $2,627 (8)14 $9,165 $7,388 24 
Client deposits and other third-party liabilities (average) (a)1,219,019 1,205,156 1,167,128 1,153,559 1,111,143 1 10 1,197,291 1,078,717 11 
Assets under custody (“AUC”) (period-end) (in billions)$44,107 $44,869 (e)$40,905 $41,172 $40,128 (2)10 $44,107 $40,128 10 
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (b)
Fixed income$37 $36 $39 $35 $33 3 12 
Foreign exchange10 13 13 9 9 (23)11 
Equities20 20 11 13 14 — 43 
Commodities and other12 14 14 23 19 (14)(37)
Diversification benefit to CIB trading VaR (c)(40)(44)(47)(49)(50)9 20 
CIB trading VaR (b)39 39 30 31 25 — 56 
Credit Portfolio VaR (d)14 18 21 20 21 (22)(33)
Diversification benefit to CIB VaR (c)(15)(17)(16)(17)(15)12 — 
CIB VaR$38 $40 $35 $34 $31 (5)23 
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 135–138 of the Firm’s 2025 Form 10-K for further information.
(c)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.
(d)Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.
(e)Revised to conform with the presentation in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
INCOME STATEMENT
REVENUE
Asset management fees$4,413 $4,227 $4,125 $4,372 $3,885 4 %14 %$12,765 $11,122 15 %
Commissions and other fees432 445 369 301 296 (3)46 1,246 883 41 
All other income 157 370 154 165 156 (58)1 681 398 71 
Noninterest revenue 5,002 5,042 4,648 4,838 4,337 (1)15 14,692 12,403 18 
Net interest income1,907 1,809 1,726 1,678 1,729 5 10 5,442 5,154 6 
TOTAL NET REVENUE6,909 6,851 6,374 6,516 6,066 1 14 20,134 17,557 15 
Provision for credit losses 84 13 (24)2 59 NM42 73 95 (23)
NONINTEREST EXPENSE
Compensation expense2,406 2,322 2,339 2,256 (a)2,125 (a)4 13 7,067 6,275 (a)13 
Noncompensation expense1,952 1,885 1,828 1,812 (a)1,693 (a)4 15 5,665 4,989 (a)14 
TOTAL NONINTEREST EXPENSE4,358 4,207 4,167 4,068 3,818 4 14 12,732 11,264 13 
Income before income tax expense2,467 2,631 2,231 2,446 2,189 (6)13 7,329 6,198 18 
Income tax expense 624 674 456 638 531 (7)18 1,754 1,484 18 
NET INCOME $1,843 $1,957 $1,775 $1,808 $1,658 (6)11 $5,575 $4,714 18 
REVENUE BY BUSINESS
Asset Management $3,248 $3,320 $3,072 $3,408 $2,916 (2)11 $9,640 $8,292 16 
Global Private Bank3,661 3,531 3,302 3,108 3,150 4 16 10,494 9,265 13 
TOTAL NET REVENUE $6,909 $6,851 $6,374 $6,516 $6,066 1 14 $20,134 $17,557 15 
FINANCIAL RATIOS
ROE45 %48 %44 %44 % 40 % 46 %39 %
Overhead ratio63 61 65 62 63 63 64 
Pretax margin ratio:
Asset Management35 36 34 38 35 35 33 
Global Private Bank36 40 36 37 37 38 37 
Asset & Wealth Management36 38 35 38 36 36 35 
Employees30,380 29,773 29,357 29,181 (a)29,135 (a)2 4 30,380 29,135 (a)4 
Number of Global Private Bank client advisors4,460 4,119 4,110 4,101 4,050 8 10 4,460 4,050 10 
(a)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.




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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and business metrics data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
SELECTED BALANCE SHEET DATA (period-end)
Total assets $338,451 $323,243 $299,179 $288,065 $282,322 5 %20 %$338,451 $282,322 20 %
Loans 313,240 293,386 274,902 266,385 257,988 7 21 313,240 257,988 21 
Deposits261,008 253,218 266,745 257,316 239,999 3 9 261,008 239,999 9 
Equity16,000 16,000 16,000 16,000 16,000 — — 16,000 16,000 — 
SELECTED BALANCE SHEET DATA (average)
Total assets $326,983 $308,845 $291,058 $284,100 $272,954 6 20 $309,094 $262,556 18 
Loans 301,646 284,281 267,986 260,792 250,730 6 20 284,761 241,812 18 
Deposits253,528 260,092 253,706 247,065 241,454 (3)5 255,775 244,635 5 
Equity16,000 16,000 16,000 16,000 16,000 — — 16,000 16,000 — 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$16 $2 $1 $30 $62 NM(74)$19 $62 (69)
Nonaccrual loans867 (b)1,041 1,035 1,199 1,129 (17)(23)867 (b)1,129 (23)
Allowance for credit losses:
Allowance for loan losses 588 530 520 536 555 11 6 588 555 6 
Allowance for lending-related commitments44 35 33 43 52 26 (15)44 52 (15)
Total allowance for credit losses632 565 553 579 607 12 4 632 607 4 
Net charge-off/(recovery) rate0.02 %— %— %0.05 %0.10 %0.01 %0.03 %
Allowance for loan losses to period-end loans 0.19 (b)0.18 0.19 0.20 0.22 0.19 (b)0.22 
Allowance for loan losses to nonaccrual loans74 (b)51 50 45 49 74 (b)49 
Nonaccrual loans to period-end loans0.28 0.35 0.38 0.45 0.44 0.28 0.44 
BUSINESS METRICS
Firmwide Wealth Management
Client assets (in billions) (a)$5,011 $4,881 $4,516 $4,521 $4,373 3 15 $5,011 $4,373 15 
Number of client advisors10,893 10,448 10,353 10,150 10,075 4 8 10,893 10,075 8 
Stock Plan Administration
Number of stock plan participants (in thousands)2,293 1,982 1,883 1,794 1,796 16 28 2,293 1,796 28 
Client assets (in billions)$415 $406 $383 $372 $357 2 16 $415 $357 16 
(a)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.
(b)Included $67 million of nonaccrual loans held-for-sale at September 30, 2026, which are excluded from the allowance coverage ratio calculations.


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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Sep 30, 2026
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2026 Change
CLIENT ASSETS2026202620262025202520262025202620252025
Assets by asset class
Liquidity $1,367 $1,326 $1,297 $1,279 $1,174 3 %16 %$1,367 $1,174 16 %
Fixed income 1,062 1,061 1,014 998 971 — 9 1,062 971 9 
Equity1,576 1,574 1,360 1,400 1,371 — 15 1,576 1,371 15 
Multi-asset955 939 880 884 855 2 12 955 855 12 
Alternatives250 240 238 230 228 4 10 250 228 10 
TOTAL ASSETS UNDER MANAGEMENT5,210 5,140 4,789 4,791 4,599 1 13 5,210 4,599 13 
Custody/brokerage/administration/deposits2,685 2,523 2,314 2,327 2,239 6 20 2,685 2,239 20 
TOTAL CLIENT ASSETS (a)$7,895 $7,663 $7,103 $7,118 $6,838 3 15 $7,895 $6,838 15 
Assets by client segment
Private Banking$1,601 $1,559 $1,440 $1,414 $1,364 3 17 $1,601 $1,364 17 
Global Institutional2,111 2,079 1,964 1,953 1,837 2 15 2,111 1,837 15 
Global Funds1,498 1,502 1,385 1,424 1,398 — 7 1,498 1,398 7 
TOTAL ASSETS UNDER MANAGEMENT$5,210 $5,140 $4,789 $4,791 $4,599 1 13 $5,210 $4,599 13 
Private Banking$3,938 $3,824 $3,549 $3,549 $3,423 3 15 $3,938 $3,423 15 
Global Institutional2,445 2,312 2,145 2,121 1,994 6 23 2,445 1,994 23 
Global Funds1,512 1,527 1,409 1,448 1,421 (1)6 1,512 1,421 6 
TOTAL CLIENT ASSETS (a)$7,895 $7,663 $7,103 $7,118 $6,838 3 15 $7,895 $6,838 15 
Assets under management rollforward
Beginning balance$5,140 $4,789 $4,791 $4,599 $4,343 $4,791 $4,045 
Net asset flows:
Liquidity 42 22 13 105 37 77 78 
Fixed income 27 35 20 25 31 82 69 
Equity7 12 18 11 31 37 84 
Multi-asset9 6 10 11 4 25 5 
Alternatives8 (3)6 5 6 11 (1)
Market/performance/other impacts(23)279 (69)35 147 187 319 
Ending balance$5,210 $5,140 $4,789 $4,791 $4,599 $5,210 $4,599 
Client assets rollforward
Beginning balance$7,663 $7,103 $7,118 $6,838 $6,421 $7,118 $5,932 
Net asset flows263 148 111 206 147 522 347 
Market/performance/other impacts(31)412 (126)74 270 255 559 
Ending balance$7,895 $7,663 $7,103 $7,118 $6,838 $7,895 $6,838 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.






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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
INCOME STATEMENT
REVENUE
Principal transactions$(94)$149 $(31)$(144)$(54)NM(74)%$24 $(195)NM
Investment securities gains/(losses)
(658)(395)60 (72)105 (67)%NM(993)14 NM
All other income 176 5,470 (e)160 128 246 (97)(28)5,806 (e)1,180 392 %
Noninterest revenue(576)5,224 189 (88)297 NMNM4,837 999 384 
Net interest income 669 822 1,026 1,568 1,406 (19)(52)2,517 4,546 (45)
TOTAL NET REVENUE (a)93 6,046 1,215 1,480 1,703 (98)(95)7,354 5,545 33 
Provision for credit losses(30)(10)(1)4 (3)(200)NM(41)3 NM
NONINTEREST EXPENSE586 611 568 648 (f)(g)445 (f)(4)32 1,765 1,177 (f)50 
Income/(loss) before income tax expense(463)5,445 648 828 1,261 NMNM5,630 4,365 29 
Income tax expense/(benefit)
(8)1,236 (51)521 436 NMNM1,177 152 (i)NM
NET INCOME/(LOSS)$(455)$4,209 $699 $307 $825 NMNM$4,453 $4,213 6 
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
287 793 1,337 1,601 1,687 (64)(83)2,417 4,900 (51)
Other Corporate(194)5,253 (e)(122)(121)16 NMNM4,937 (e)645 NM
TOTAL NET REVENUE$93 $6,046 $1,215 $1,480 $1,703 (98)(95)$7,354 $5,545 33 
NET INCOME/(LOSS)
Treasury and CIO161 529 842 1,120 1,166 (70)(86)1,532 3,445 (56)
Other Corporate (616)3,680 (e)(143)(813)(341)NM(81)2,921 (e)768 280 
TOTAL NET INCOME/(LOSS)$(455)$4,209 $699 $307 $825 NMNM$4,453 $4,213 6 
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,318,250 $1,309,857 $1,318,399 $1,329,632 $1,297,608 1 2 $1,318,250 $1,297,608 2 
Loans2,810 3,126 3,093 2,941 2,707 (10)4 2,810 2,707 4 
Deposits (b)79,231 59,437 41,173 35,874 34,145 33 132 79,231 34,145 132 
Employees54,950 54,832 55,360 55,390 (f)55,523 (f)— (1)54,950 55,523 (f)(1)
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)
$(658)$(395)$60 $(72)$105 (67)NM$(993)$14 NM
Available-for-sale securities (average) 552,571 533,510 529,500 502,641 495,777 (h)4 11 538,612 450,365 (h)20 
Held-to-maturity securities (average) (c)273,826 270,893 269,482 283,009 269,717 (h)1 2 271,416 267,366 (h)2 
Investment securities portfolio (average)$826,397 $804,403 $798,982 $785,650 $765,494 3 8 $810,028 $717,731 13 
Available-for-sale securities (period-end)543,234 532,368 545,706 503,896 487,277 (h)2 11 543,234 487,277 (h)11 
Held-to-maturity securities (period-end) (c)274,564 268,474 272,142 270,134 293,446 (h)2 (6)274,564 293,446 (h)(6)
Investment securities portfolio, net of allowance for credit losses
(period-end) (d)
$817,798 $800,842 $817,848 $774,030 $780,723 2 5 $817,798 $780,723 5 
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $42 million, $44 million, $44 million, $41 million and $39 million for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively, and $130 million and $113 million for the nine months ended September 30, 2026 and 2025, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)At September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, the estimated fair value of the HTM securities portfolio was $248.7 billion, $250.3 billion, $254.5 billion, $253.3 billion and $274.9 billion, respectively.
(d)At September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, the allowance for credit losses on investment securities was $42 million, $59 million, $73 million, $73 million and $72 million, respectively.
(e)Included a $4.6 billion net gain related to Visa Class C common stock and $763 million of gains on certain equity investments. Refer to footnote (f) on page 2 for further information.
(f)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
(g)Included an FDIC special assessment accrual release of $326 million for the three months ended December 31, 2025. Refer to Note 6 on page 221 of the Firm’s 2025 Form 10-K for additional information.
(h)During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.
(i)Included a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.
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CREDIT-RELATED INFORMATION
(in millions)
Sep 30, 2026
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2026202620262025202520262025
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$367,206 $367,128 $367,274 $368,741 $369,859 — %(1)%
Loans held-for-sale and loans at fair value 25,896 24,615 24,386 33,517 23,225 5 12 
Total consumer, excluding credit card loans393,102 391,743 391,660 402,258 393,084 — — 
Credit card loans
Loans retained252,697 249,876 239,123 247,797 235,475 1 7 
Total credit card loans252,697 249,876 239,123 247,797 235,475 1 7 
Total consumer loans 645,799 641,619 630,783 650,055 628,559 1 3 
Wholesale loans (b)
Loans retained877,256 846,804 818,839 792,367 764,451 4 15 
Loans held-for-sale and loans at fair value 61,586 54,039 53,898 51,007 42,236 14 46 
Total wholesale loans 938,842 900,843 872,737 843,374 806,687 4 16 
Total loans 1,584,641 1,542,462 1,503,520 1,493,429 1,435,246 3 10 
Derivative receivables 78,811 67,767 71,584 57,777 59,849 16 32 
Receivables from customers (c)76,885 82,203 64,844 47,336 68,493 (6)12 
Total credit-related assets 1,740,337 1,692,432 1,639,948 1,598,542 1,563,588 3 11 
Lending-related commitments
Consumer, excluding credit card 47,668 49,116 46,236 43,587 48,015 (3)(1)
Credit card (d)(e)1,251,607 1,224,431 1,204,016 1,177,766 1,069,963 2 17 
Wholesale 634,825 622,766 (h)604,922 595,954 596,028 2 7 
Total lending-related commitments1,934,100 1,896,313 1,855,174 1,817,307 1,714,006 2 13 
Total credit exposure $3,674,437 $3,588,745 $3,495,122 $3,415,849 $3,277,594 2 12 
Memo: Total by category
Consumer exposure (f)$1,945,074 $1,915,166 $1,881,035 $1,871,408 $1,746,537 2 11 
Wholesale exposure (g)1,729,363 1,673,579 1,614,087 1,544,441 1,531,057 3 13 
Total credit exposure$3,674,437 $3,588,745 $3,495,122 $3,415,849 $3,277,594 2 12 
    
(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes loans held in CIB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(d)Also includes commercial card lending-related commitments primarily in CIB.
(e)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to Notes 4 and 28 of the Firm’s 2025 Form 10-K for additional information.
(f)Represents total consumer loans and lending-related commitments.
(g)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.
(h)Revised to conform with the presentation in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026.





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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Sep 30, 2026
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2026202620262025202520262025
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,851 $3,843 $3,810 $3,875 $3,954 — %(3)%
   Loans held-for-sale and loans at fair value 699 605 589 798 646 16 8 
Total consumer nonaccrual loans4,550 4,448 4,399 4,673 4,600 2 (1)
Wholesale nonaccrual loans
Loans retained4,202 4,191 4,524 4,398 4,740 — (11)
Loans held-for-sale and loans at fair value 614 725 660 786 766 (15)(20)
Total wholesale nonaccrual loans 4,816 4,916 5,184 5,184 5,506 (2)(13)
Total nonaccrual loans9,366 9,364 9,583 9,857 10,106 — (7)
Derivative receivables 149 171 174 204 224 (13)(33)
Assets acquired in loan satisfactions481 314 292 298 305 53 58 
Total nonperforming assets 9,996 9,849 10,049 10,359 10,635 1 (6)
Wholesale lending-related commitments (b) 717 799 916 925 1,025 (10)(30)
Total nonperforming exposure$10,713 $10,648 $10,965 $11,284 $11,660 1 (8)
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.59 %0.61 %0.64 %0.66 %0.70 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.16 1.14 1.12 1.16 1.17 
Total wholesale nonaccrual loans to total
wholesale loans 0.51 0.55 0.59 0.61 0.68 
(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 September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $267 million, $232 million, $251 million, $198 million and $158 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2025 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)Represents commitments that are risk rated as nonaccrual.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
3Q262Q261Q264Q253Q252Q263Q25202620252025
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$26,152 $25,928 $25,765 $25,735 $24,953 1 %5 %$25,765 $24,345 6 %
Net charge-offs:
Gross charge-offs2,843 2,995 2,911 3,099 3,181 (5)(11)8,749 8,941 (2)
Gross recoveries collected(639)(629)(595)(585)(588)(2)(9)(1,863)(1,606)(16)
Net charge-offs2,204 2,366 2,316 2,514 2,593 (7)(15)6,886 7,335 (6)
Provision for loan losses 2,327 2,590 2,481 2,544 3,376 (10)(31)7,398 8,720 (15)
Other(3)— (2)— (1)NM(200)(5)5 NM
Ending balance$26,272 $26,152 $25,928 $25,765 $25,735 — 2 $26,272 $25,735 2 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$5,151 $5,091 $5,071 $2,964 $2,932 1 76 $5,071 $2,101 141 
Provision for lending-related commitments 459 63 23 2,107 (b)31 NMNM545 862 (37)
Other— (3)(3)— 1 NMNM(6)1 NM
Ending balance$5,610 $5,151 $5,091 $5,071 $2,964 9 89 $5,610 $2,964 89 
ALLOWANCE FOR INVESTMENT SECURITIES$47 $63 $78 $106 $105 (25)(55)$47 $105 (55)
Total allowance for credit losses (a)$31,929 $31,366 $31,097 $30,942 $28,804 2 11 $31,929 $28,804 11 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.15 %0.15 %0.17 %0.19 %0.12 %0.16 %0.15 %
Credit card retained loans2.90 3.33 3.46 3.14 3.15 3.23 3.37 
Total consumer retained loans1.27 1.42 1.47 1.35 1.29 1.38 1.37 
Wholesale retained loans0.11 0.10 0.06 0.23 0.33 0.09 0.21 
Total retained loans 0.59 0.66 0.67 0.72 0.76 0.64 0.74 
Memo: Average retained loans
Consumer retained, excluding credit card loans$366,992 $366,710 $367,880 $368,485 $370,073 — (1)$367,191 $372,166 (1)
Credit card retained loans250,180 243,572 239,220 239,356 234,354 3 7 244,364 229,044 7 
Total average retained consumer loans617,172 610,282 607,100 607,841 604,427 1 2 611,555 601,210 2 
Wholesale retained loans855,585 825,356 793,654 775,282 747,045 4 15 825,092 718,467 15 
Total average retained loans$1,472,757 $1,435,638 $1,400,754 $1,383,123 $1,351,472 3 9 $1,436,647 $1,319,677 9 
(a)At September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, excludes an allowance for credit losses associated with certain accounts receivable in CIB of $119 million, $165 million, $286 million, $288 million and $285 million, respectively.
(b)Refer to footnote (g) on page 2 for additional information.






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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Sep 30, 2026
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2026202620262025202520262025
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
$(615)$(621)$(623)$(647)$(621)1 %1 %
Portfolio-based2,415 2,417 2,412 2,567 2,524 — (4)
Total consumer, excluding credit card1,800 1,796 1,789 1,920 1,903 — (5)
Credit card
Portfolio-based15,560 15,561 15,559 15,557 15,554 — — 
Total credit card15,560 15,561 15,559 15,557 15,554 — — 
Total consumer17,360 17,357 17,348 17,477 17,457 — (1)
Wholesale
Asset-specific
774 790 851 707 838 (2)(8)
Portfolio-based8,138 8,005 7,729 7,581 7,440 2 9 
Total wholesale8,912 8,795 8,580 8,288 8,278 1 8 
Total allowance for loan losses 26,272 26,152 25,928 25,765 25,735 — 2 
Allowance for lending-related commitments (a)5,610 5,151 5,091 5,071 2,964 9 89 
Allowance for investment securities47 63 78 106 105 (25)(55)
Total allowance for credit losses$31,929 $31,366 $31,097 $30,942 $28,804 2 11 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.49 %0.49 %0.49 %0.52 %0.51 %
Credit card allowance to total credit card retained loans6.16 6.23 6.51 6.28 6.61 
Wholesale allowance to total wholesale retained loans1.02 1.04 1.05 1.05 1.08 
Total allowance to total retained loans1.75 1.79 1.82 1.83 1.88 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (b)47 47 47 50 48 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (b)133 132 124 123 117 
Wholesale allowance to wholesale retained nonaccrual loans212 210 190 188 175 
Total allowance to total retained nonaccrual loans326 326 311 311 296 
(a)As of December 31, 2025, includes the impact of the Apple Card transaction. Refer to footnote (g) on page 2 for additional information.
(b)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.




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NON-GAAP FINANCIAL MEASURES
Non-GAAP Financial Measures
(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the LOBs on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole and for each of the reportable business segments and Corporate on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by each of the LOBs and Corporate.
(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
(d)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets, as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to pages 73-74 of the Firm’s 2025 Form 10-K.
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change2026 Change
(in millions, except rates)3Q262Q261Q264Q253Q252Q263Q25202620252025
Net interest income - reported$27,036 $25,511 $25,366 $24,995 $23,966 6 %13 %$77,913 $70,448 11 %
Fully taxable-equivalent adjustments109 111 113 113 105 (2)4 333 312 7 
Net interest income - managed basis
$27,145 $25,622 $25,479 $25,108 $24,071 6 13 $78,246 $70,760 11 
Less: Markets net interest income2,419 1,945 2,199 1,251 680 24 256 6,563 2,026 224 
Net interest income excluding Markets
$24,726 $23,677 $23,280 $23,857 $23,391 4 6 $71,683 $68,734 4 
Average interest-earning assets$4,336,216 $4,287,954 $4,135,737 $3,923,824 $3,895,764 1 11 $4,254,037 $3,804,210 12 
Less: Average Markets interest-earning assets
1,688,170 1,686,445 1,599,089 1,403,245 1,404,633 — 20 1,658,228 1,349,670 23 
Average interest-earning assets excluding Markets$2,648,046 $2,601,509 $2,536,648 $2,520,579 $2,491,131 2 6 $2,595,809 $2,454,540 6 
Net yield on average interest-earning assets - managed basis (a)2.48 %2.40 %2.50 %2.54 %2.45 %2.46 %2.49 %
Net yield on average Markets interest-earning assets
0.57 0.46 0.56 0.35 0.19 0.53 0.20 
Net yield on average interest-earning assets excluding Markets (a)3.70 3.65 3.72 3.76 3.73 3.69 3.74 
Noninterest revenue - reported$23,136 $31,836 $24,470 $20,803 $22,461 (27)3 $79,442 $66,201 20 
Fully taxable-equivalent adjustments626 564 587 856 588 11 6 1,777 1,853 (4)
Noninterest revenue - managed basis$23,762 $32,400 $25,057 $21,659 $23,049 (27)3 $81,219 $68,054 19 
Less: Markets noninterest revenue
7,901 10,133 9,360 6,988 8,264 (22)(4)27,394 25,517 7 
Noninterest revenue excluding Markets$15,861 $22,267 $15,697 $14,671 $14,785 (29)7 $53,825 $42,537 27 
Memo: Markets total net revenue$10,320 $12,078 $11,559 $8,239 $8,944 (15)15 $33,957 $27,543 23 
(a) Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.



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