# JPMORGAN CHASE & CO (JPM)

Informational only - not investment advice.

CIK: 0000019617
SIC: 6021 National Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6021 National Commercial Banks](/industry/6021/)
Latest 10-K filed: 2026-02-13
SEC page: https://www.sec.gov/edgar/browse/?CIK=19617
Filing source: https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-13 · accession 0001628280-26-008131 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000019617.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 182,447,000,000 USD | 2025 | verified |
| Net income | 57,048,000,000 USD | 2025 | verified |
| Assets | 4,424,900,000,000 USD | 2025 | verified |
| Net margin | 31.27% | 2025 | computed |
| Revenue YoY | +2.75% | 2025 | computed |
| ROE | 15.74% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [U.S. megabanks](/compare/megabanks/) · SIC 6021 National Commercial Banks

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including JPM

- U.S. megabanks: [peer review](/compare/megabanks/) · [market-risk page](/compare/megabanks/risk/)

### Peer percentile fingerprint

| Ratio | JPM | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 31.3% | 22.9% | 88 | 76 |
| Revenue growth | 2.8% | 5.2% | 36 | 76 |
| ROE | 15.7% | 9.9% | 96 | 76 |
| ROA | 1.3% | 1.1% | 81 | 76 |
| Liabilities / equity | 11.21 | 8.12 | 95 | 76 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6021 National Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 182447000000 | USD | 2025 | 2026-02-13 |
| Net income | 57048000000 | USD | 2025 | 2026-02-13 |
| Assets | 4424900000000 | USD | 2025 | 2026-02-13 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000019617.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 96,569,000,000 | 100,705,000,000 | 108,783,000,000 | 115,720,000,000 | 119,951,000,000 | 121,649,000,000 | 128,695,000,000 | 158,104,000,000 | 177,556,000,000 | 182,447,000,000 |
| Net income | 24,733,000,000 | 24,441,000,000 | 32,474,000,000 | 36,431,000,000 | 29,131,000,000 | 48,334,000,000 | 37,676,000,000 | 49,552,000,000 | 58,471,000,000 | 57,048,000,000 |
| Diluted EPS | 6.19 | 6.31 | 9.00 | 10.72 | 8.88 | 15.36 | 12.09 | 16.23 | 19.75 | 20.02 |
| Operating cash flow | 21,884,000,000 | -10,827,000,000 | 15,614,000,000 | 4,092,000,000 | -79,910,000,000 | 78,084,000,000 | 107,119,000,000 | 12,974,000,000 | -42,012,000,000 | -147,782,000,000 |
| Dividends paid | 8,476,000,000 | 8,993,000,000 | 10,109,000,000 | 12,343,000,000 | 12,690,000,000 | 12,858,000,000 | 13,562,000,000 | 13,463,000,000 | 14,783,000,000 | 16,625,000,000 |
| Share buybacks | 9,082,000,000 | 15,410,000,000 | 19,983,000,000 | 24,001,000,000 | 6,517,000,000 | 18,408,000,000 | 3,162,000,000 | 9,824,000,000 | 18,830,000,000 | 31,591,000,000 |
| Assets | 2,490,972,000,000 | 2,533,600,000,000 | 2,622,532,000,000 | 2,686,477,000,000 | 3,384,757,000,000 | 3,743,567,000,000 | 3,665,743,000,000 | 3,875,393,000,000 | 4,002,814,000,000 | 4,424,900,000,000 |
| Liabilities | 2,236,782,000,000 | 2,277,907,000,000 | 2,366,017,000,000 | 2,426,049,000,000 | 3,105,403,000,000 | 3,449,440,000,000 | 3,373,411,000,000 | 3,547,515,000,000 | 3,658,056,000,000 | 4,062,462,000,000 |
| Stockholders' equity | 254,190,000,000 | 255,693,000,000 | 256,515,000,000 | 261,330,000,000 | 279,354,000,000 | 294,127,000,000 | 292,332,000,000 | 327,878,000,000 | 344,758,000,000 | 362,438,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 25.61% | 24.27% | 29.85% | 31.48% | 24.29% | 39.73% | 29.28% | 31.34% | 32.93% | 31.27% |
| Return on equity | 9.73% | 9.56% | 12.66% | 13.94% | 10.43% | 16.43% | 12.89% | 15.11% | 16.96% | 15.74% |
| Return on assets | 0.99% | 0.96% | 1.24% | 1.36% | 0.86% | 1.29% | 1.03% | 1.28% | 1.46% | 1.29% |
| Liabilities / equity | 8.80 | 8.91 | 9.22 | 9.28 | 11.12 | 11.73 | 11.54 | 10.82 | 10.61 | 11.21 |

## As-reported value updates

5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/JPM/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000019617.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 3.12 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 4.10 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 4.75 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 39,874,000,000 | 13,151,000,000 | 4.33 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 38,574,000,000 | 9,307,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 41,934,000,000 | 13,419,000,000 | 4.44 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 50,200,000,000 | 18,149,000,000 | 6.12 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 42,654,000,000 | 12,898,000,000 | 4.37 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 42,768,000,000 | 14,005,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 45,310,000,000 | 14,643,000,000 | 5.07 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 44,912,000,000 | 14,987,000,000 | 5.24 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 46,427,000,000 | 14,393,000,000 | 5.07 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 45,798,000,000 | 13,025,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 49,836,000,000 | 16,494,000,000 | 5.94 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 57,347,000,000 | 21,155,000,000 | 7.70 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from JPM's latest 10-K: [/company/JPM/business/](/company/JPM/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from JPM's latest 10-K: [/company/JPM/risk-factors/](/company/JPM/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/19617/000162828026054343/jpm-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

EXECUTIVE OVERVIEW

This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm, this Form 10-Q and the 2025 Form 10-K should be read together and in their entirety.

[[GREPCENT_TABLE]]
[["Financial performance of JPMorganChase"],["(unaudited)As of or for the period ended,(in millions, except per share data and ratios)","Three months ended June 30,","","Six months ended June 30,"],["2026","","2025","","Change","","2026","","2025","","Change"],["Selected income statement data"],["Noninterest revenue","$","31,836","","","$","21,703","","","47","%","","$","56,306","","","$","43,740","","","29","%"],["Net interest income","25,511","","","23,209","","","10","","","50,877","","","46,482","","","9"],["Total net revenue","57,347","","","44,912","","","28","","","107,183","","","90,222","","","19"],["Total noninterest expense","27,316","","","23,779","","","15","","","54,166","","","47,376","","","14"],["Pre-provision profit","30,031","","","21,133","","","42","","","53,017","","","42,846","","","24"],["Provision for credit losses","2,515","","","2,849","","","(12)","","","5,022","","","6,154","","","(18)"],["Net income","21,155","","","14,987","","","41","","","37,649","","","29,630","","","27"],["Diluted earnings per share","7.70","","","5.24","","","47","","","13.63","","","10.31","","","32"],["Selected ratios and metrics"],["Return on common equity","24","%","","18","%","","","","22","%","","18","%"],["Return on tangible common equity","29","","","21","","","","","26","","","21"],["Book value per share","$","133.01","","","$","122.51","","","9","","","$","133.01","","","$","122.51","","","9"],["Tangible book value per share","113.35","","","103.40","","","10","","","113.35","","","103.40","","","10"],["Capital ratios - Standardized(a)"],["CET1 capital","14.2","%","","15.1","%","","","","14.2","%","","15.1","%"],["Tier 1 capital","15.1","","","16.1","","","","","15.1","","","16.1"],["Total capital","17.0","","","17.8","","","","","17.0","","","17.8"],["Memo:"],["NII excluding Markets(b)","$","23,677","","","$","22,753","","","4","","","$","46,957","","","$","45,343","","","4"],["NIR excluding Markets(b)","22,267","","","13,991","","","59","","","37,964","","","27,752","","","37"],["Markets(c)","12,078","","","8,936","","","35","","","23,637","","","18,599","","","27"],["Total net revenue - managed basis","$","58,022","","","$","45,680","","","27","%","","$","108,558","","","$","91,694","","","18","%"]]
[[/GREPCENT_TABLE]]

(a)As of June 30, 2026, the Advanced total capital ratio was more binding on the Firm than the Standardized total capital ratio. Refer to Capital Risk Management on pages 44-51 of this Form 10-Q and pages 89–99 of JPMorganChase’s 2025 Form 10-K for additional information.

(b)NII and NIR refer to net interest income and noninterest revenue, respectively.

(c)Markets consists of CIB's Fixed Income Markets and Equity Markets businesses. The Firm assesses the performance of its Markets business on a total net revenue basis, as revenues in NII generally have offsets across other revenue lines, primarily Principal transactions revenue.

Comparisons noted in the sections below are for the second quarter of 2026 versus the second quarter of 2025, unless otherwise specified.

Visa shares: On April 13, 2026, Visa Inc. commenced an exchange offer for Visa Class B-2 common shares. On May 11, 2026, Visa accepted the Firm’s tender of its 18.6 million Visa Class B-2 common shares in exchange for a combination of Visa Class B-3 common shares and Visa Class C common shares (“Visa C shares”), resulting in a $4.6 billion net gain for the three months ended June 30, 2026.

Gains on certain equity investments: The second quarter of 2026 included $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. These gains 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.

Firmwide overview

For the second quarter of 2026, JPMorganChase reported net income of $21.2 billion, up 41%, with earnings per share of $7.70, ROE of 24% and ROTCE of 29%. The Firm's results included a $4.6 billion net gain related to Visa shares in Corporate and $1.0 billion of gains on certain equity investments in Corporate and CIB.

•Total net revenue was $57.3 billion, up 28%, reflecting:

–Net interest income ("NII") was $25.5 billion, up 10%, driven by higher Markets net interest income, higher deposit balances, higher revolving balances in Card Services, and higher wholesale loan balances, partially offset by the impact of lower

5

rates. NII excluding Markets was $23.7 billion, up 4%.

–Noninterest revenue ("NIR") was $31.8 billion, up 47%, predominantly driven by the $4.6 billion net gain related to Visa shares, higher Markets noninterest revenue, $1.0 billion of gains on certain equity investments, higher asset management fees in AWM and CCB, higher investment banking fees, and higher auto operating lease income, partially offset by higher net investment securities losses in Treasury and CIO.

•Noninterest expense was $27.3 billion, up 15%, predominantly driven by higher compensation expense as a result of higher revenue-related compensation, wage inflation and growth in the number of employees, as well as higher brokerage expense and distribution fees, continued investments in marketing and technology, and higher occupancy expense.

•The provision for credit losses was $2.5 billion. Net charge-offs were $2.4 billion, down $44 million. The net addition to the allowance for credit losses was $149 million, primarily in wholesale.

In the prior year, the provision was $2.8 billion, net charge-offs were $2.4 billion and the net addition to the allowance for credit losses was $439 million.

•The total allowance for credit losses was $31.5 billion at June 30, 2026. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.79%, compared with 1.85% in the prior year.

Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-14 and pages 15-16, respectively, for a further discussion of the Firm's results, including the provision for credit losses.

Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of each of these measures.

•The Firm’s nonperforming assets totaled $9.8 billion at June 30, 2026, down 6%, driven by:

–lower wholesale nonperforming assets, reflecting net portfolio activity, predominantly offset by net downgrades, and

–lower consumer nonaccrual loans, driven by the normalization of loans following the forbearances related to California wildfires that were initiated in the prior year.

Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 66-74 and pages 61-65, respectively, for additional information.

•Firmwide average loans of $1.5 trillion were up 10%, predominantly driven by higher loans in CIB and AWM.

•Firmwide average deposits of $2.7 trillion were up 7%, reflecting:

–net inflows related to client-driven activities primarily in Payments,

–growth in new accounts in CCB,

–growth in new accounts in Corporate related to the Firm's international consumer initiatives, and

–growth in both new accounts and balances in existing accounts in AWM

Refer to Liquidity Risk Management on pages 52-58 for additional information.

Selected capital and other metrics

•CET1 capital was $303 billion, and the Standardized and Advanced CET1 ratios were each 14.2%.

•SLR was 5.5%.

•TBVPS grew 10%, ending the second quarter of 2026 at $113.35.

•As of June 30, 2026, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $956 billion and unencumbered marketable securities with a fair value of approximately $541 billion, resulting in approximately $1.5 trillion of liquidity sources.

Refer to Capital Risk Management and Liquidity Risk Management on pages 44-51 and pages 52-58, respectively, for additional information.

6

Business segment highlights

Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the second quarter of 2026.

[[GREPCENT_TABLE]]
[["CCBROE 34%","","\u2022Average deposits up 3% year-over-year (\"YoY\"), up 2% quarter-over-quarter (\"QoQ\"); client investment assets up 21%\u2022Average loans up 2% YoY, up 1% QoQ; Card Services net charge-off rate of 3.34% \u2022Debit and credit card sales volume(a) up 10% \u2022Active mobile customers up 6%"],["CIBROE 22%","","\u2022Investment banking fees up 30% YoY, up 14% QoQ; #1 ranking for global investment banking fees with 9.3% wallet share year-to-date (\"YTD\")(b)\u2022Markets revenue up 35%, with Fixed Income Markets up 6% and Equity Markets up 86%\u2022Average Banking & Payments loans up 13% YoY, up 5% QoQ; average client deposits(c) up 11% YoY, up 3% QoQ"],["AWMROE 48%","","\u2022Assets under management (\"AUM\") of $5.1 trillion, up 18%\u2022Average loans up 18% YoY, up 6% QoQ; average deposits up 5% YoY, up 3% QoQ"]]
[[/GREPCENT_TABLE]]

(a)Excludes Commercial Card.

(b)Source: Dealogic as of July 1, 2026.

(c)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.

Refer to the Business Segment & Corporate Results on pages 20-42 for a detailed discussion of results by business segment.

Credit provided and capital raised

JPMorganChase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first six months of 2026, consisting of approximately:

[[GREPCENT_TABLE]]
[["$1.9 trillion","","Total credit provided and capital raised (including loans and commitments)"],["$160 billion","","Credit for consumers"],["$17 billion","","Credit for U.S. small businesses"],["$1.7 trillion","","Credit and capital for corporations and non-U.S. government entities(a)"],["$52 billion","","Credit and capital for nonprofit and U.S. government entities(b)"]]
[[/GREPCENT_TABLE]]

(a)Includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.

(b)Includes states, municipalities, hospitals and universities.

7

Recent events

•On June 25, 2026, JPMorganChase announced that Doug Petno and Troy Rohrbaugh, formerly the Co-CEOs of the Commercial & Investment Bank (“CIB”), had been named Co-Presidents of the Firm, effective immediately. In addition to their new roles, Mr. Petno became the sole CEO of the CIB, and Mr. Rohrbaugh became the CEO of Consumer & Community Banking (“CCB”). Marianne Lake, the former CEO of CCB, is retiring after more than 25 years with the Firm.

Outlook

The statements set forth below are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the beliefs and expectations of JPMorganChase’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 92 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9–31 of the 2025 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in 2026 will be in line with the out

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm
Complete FY 2025 MD&A: /company/JPM/mda/fy2025/

Extracted from a later financial-section MD&A body after the formal Item 7 span was a short reference.
Confidence: high
Filing date: 2026-02-13
Report date: 2025-12-31

Management’s discussion and analysis

The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorganChase for the year ended December 31, 2025. The MD&A is included in both JPMorganChase’s Annual Report for the year ended December 31, 2025 (“Annual Report”) and its Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K” or “Form 10-K”) filed with the Securities and Exchange Commission (“SEC”). Refer to the Glossary of terms and acronyms on pages 320–327 for definitions of terms and acronyms used throughout the Annual Report and the 2025 Form 10-K.

This Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorganChase’s management, speak only as of the date of this Form 10-K and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 160 and Part 1, Item 1A: Risk Factors in this Form 10-K on pages 9–31 for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.

INTRODUCTION

JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.4 trillion in assets and $362.4 billion in stockholders’ equity as of December 31, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.

JPMorganChase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorganChase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorganChase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities plc and J.P. Morgan SE (“JPMSE”), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (“U.K.”) and Germany, respectively.

For management reporting purposes, the Firm has three reportable business segments – Consumer & Community Banking (“CCB”), Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) – with the remaining activities in Corporate. The Firm's consumer business segment is CCB, and the Firm's wholesale business segments are CIB and AWM. Refer to Business Segment & Corporate Results on pages 62–82 and Note 32 for a description of the Firm’s reportable business segments and the products and services that they provide to their respective client bases, as well as a description of Corporate activities.

The Firm’s website is www.jpmorganchase.com. JPMorganChase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorganChase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website, including documents on the website that are referenced in this Form 10-K, is not incorporated by reference into this 2025 Form 10-K or the Firm’s other filings with the SEC.

[[GREPCENT_TABLE]]
[["46","","JPMorgan Chase & Co./2025 Form 10-K"]]
[[/GREPCENT_TABLE]]

EXECUTIVE OVERVIEW

This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of the Firm’s 2025 Form 10-K. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm, the 2025 Form 10-K should be read in its entirety.

[[GREPCENT_TABLE]]
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[[/GREPCENT_TABLE]]

(a)    As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. For the year ended December 31, 2024, the ratios reflected the CECL capital transition provisions. Refer to Note 27 for additional information.

(b)    As of December 31, 2025, the Advanced risk-based ratios became more binding on the Firm than the Standardized risk-based ratios. Refer to Capital Risk Management on pages 89–99 for additional information.

(c)    NII and NIR refer to net interest income and noninterest revenue, respectively.

(d)    Markets consists of CIB's Fixed Income Markets and Equity Markets businesses.The Firm assesses the performance of its Markets business on a total net revenue basis, as revenues in NII generally have offsets across other revenue lines, primarily Principal transactions revenue.

Apple Card transaction: 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, with an expected closing in approximately 24 months (the “Apple Card transaction”).

Refer to CCB segment results on pages 65–68, Capital Risk Management on pages 89–99 and Notes 4, 13, 27 and 28 for additional information.

Comparisons noted in the sections below are for the full year of 2025 versus the full year of 2024, unless otherwise specified.

Firmwide overview

JPMorganChase reported net income of $57.0 billion for 2025, down 2%, earnings per share of $20.02, ROE of 17% and ROTCE of 20%.

•Total net revenue was $182.4 billion, up 3%, reflecting:

–Net interest income (“NII”) of $95.4 billion, up 3%, driven by higher Markets net interest income, higher revolving balances in Card Services, higher wholesale deposit balances, and the impact of investment securities activity. These factors were largely offset by deposit margin compression and the impact of lower rates. NII excluding Markets was $92.6 billion, flat when compared with the prior year.

–Noninterest revenue (“NIR”) was $87.0 billion, up 2%, reflecting higher Markets noninterest revenue, higher asset management fees in AWM and CCB, higher auto operating lease income, lower net investment securities losses in Treasury and CIO, higher Payments fees, higher investment banking fees, and a $588 million First Republic-related gain recorded in the first quarter of 2025. These increases were predominantly offset by the absence of the $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024, as well as lower card income in the current year.

•Noninterest expense was $95.6 billion, up 4%, driven by higher compensation expense, including higher revenue-related compensation and growth in the number of employees. The increase in expense was also driven by higher brokerage expense and distribution fees, higher auto lease depreciation, and continued investments in technology and marketing, as well as higher occupancy expense. These factors were partially offset by FDIC special assessment accrual releases of $763 million compared with an increase of $725 million in the prior year, as well as the absence of a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024.

[[GREPCENT_TABLE]]
[["JPMorgan Chase & Co./2025 Form 10-K","","47"]]
[[/GREPCENT_TABLE]]

•The provision for credit losses was $14.2 billion. Net charge-offs were $9.8 billion, up $1.2 billion, predominantly driven by Wholesale and Card Services. The net addition to the allowance for credit losses was $4.4 billion and consisted of $3.3 billion in consumer, which included $2.2 billion related to the Apple Card transaction, and $1.1 billion in wholesale.

In the prior year, the provision was $10.7 billion, net charge-offs were $8.6 billion and the net addition to the allowance for credit losses was $2.0 billion.

•The total allowance for credit losses was $31.2 billion at December 31, 2025. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.83%, compared with 1.87% in the prior year.

Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 51–54 and pages 55–57, respectively, for a further discussion of the Firm's results, including the provision for credit losses.

Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis, are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 59–61 for a further discussion of each of these measures.

•The Firm’s nonperforming assets totaled $10.4 billion at December 31, 2025, up 11%, driven by:

–higher consumer nonaccrual loans, predominantly due to the impact of the wildfires in California in January 2025, as well as higher loans at fair value in CIB, and

–higher wholesale nonaccrual loans, reflecting downgrades to exposures in certain industries, predominantly offset by net portfolio activity and upgrades.

Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 118–128 and pages 112–117, respectively, for additional information.

•Firmwide average loans of $1.4 trillion were up 6%, predominantly driven by higher loans in CIB and AWM.

•Firmwide average deposits of $2.5 trillion were up 5%, reflecting:

–net inflows related to client-driven activities in Payments and Securities Services, and

–growth in both new accounts and balances in existing accounts in AWM,

partially offset by

–a decrease in CCB primarily driven by increased customer spending.

Refer to Liquidity Risk Management on pages 100–107 for additional infor

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/JPM/mda/fy2025/
All MD&A years: /company/JPM/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/JPM/mda/fy2024/): filed 2025-02-14; accession 0000019617-25-000270 (https://www.sec.gov/Archives/edgar/data/19617/000001961725000270/jpm-20241231.htm)
- [FY 2023 MD&A](/company/JPM/mda/fy2023/): filed 2024-02-16; accession 0000019617-24-000225 (https://www.sec.gov/Archives/edgar/data/19617/000001961724000225/jpm-20231231.htm)
- [FY 2022 MD&A](/company/JPM/mda/fy2022/): filed 2023-02-21; accession 0000019617-23-000231 (https://www.sec.gov/Archives/edgar/data/19617/000001961723000231/jpm-20221231.htm)
- [FY 2021 MD&A](/company/JPM/mda/fy2021/): filed 2022-02-22; accession 0000019617-22-000272 (https://www.sec.gov/Archives/edgar/data/19617/000001961722000272/jpm-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6021 National Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/JPM.md · JSON record: /company/JPM.json · verified financials: /company/JPM/financials.json / /company/JPM/financials.csv · machine TOC for the whole site: /llms.txt