JPMorgan Chase & Co. (JPM) FY2025 10-K and Q2 FY2026 10-Q Summary

Business

From the FY2025 Form 10-K, accession 0001628280-26-008131.

JPMorgan Chase & Co. is a financial holding company incorporated in Delaware in 1968 and a leading U.S.-based financial services firm with worldwide operations. At December 31, 2025 it held $4.4 trillion in assets and $362.4 billion of stockholders' equity, and employed 318,512 people. It is a leader in investment banking, consumer and small-business financial services, commercial banking, financial transaction processing and asset management, operating under the J.P. Morgan and Chase brands.

The principal bank subsidiary is JPMorgan Chase Bank, National Association, a national banking association with U.S. branches in 48 states and Washington, D.C. The principal non-bank subsidiary is J.P. Morgan Securities LLC, a U.S. broker-dealer. The main operating subsidiaries outside the U.S. are J.P. Morgan Securities plc (U.K.) and J.P. Morgan SE (Germany), both subsidiaries of the bank.

Segments. For management reporting the firm has three reportable segments, Consumer & Community Banking (CCB), Commercial & Investment Bank (CIB) and Asset & Wealth Management (AWM), with remaining activities in Corporate. CCB is the consumer segment; CIB and AWM are the wholesale segments.

• Consumer & Community Banking sells to consumers and small businesses through branches, ATMs, digital and telephone banking. It is organized into Banking & Wealth Management (Consumer Banking, Business Banking, J.P. Morgan Wealth Management), Home Lending (origination, servicing and retained residential mortgage and home equity portfolios) and Card Services & Auto (credit card issuance, payment solutions, travel services, merchant offers, and auto loan and lease origination and servicing). At year-end 2025 CCB served 86.6 million consumer and 7.4 million small-business customers through 5,083 branches, with 61.7 million active mobile customers and $1.94 trillion of debit and credit card sales volume for the year.
• Commercial & Investment Bank comprises Banking & Payments and Markets & Securities Services. Banking & Payments advises on corporate strategy and structure, raises capital in equity and debt markets, originates and syndicates loans, and provides global payments services spanning liquidity and account solutions, commerce solutions, clearing, trade and working capital. Markets is a global market-maker in cash and derivative instruments and offers risk management solutions, lending, prime brokerage, clearing and research; Securities Services is a leading global custodian providing custody, fund services, liquidity and trading services and data solutions.
• Asset & Wealth Management is a global investment and wealth manager. Asset Management offers multi-asset solutions across equities, fixed income, alternatives and money market funds to institutional and retail investors; the Global Private Bank provides retirement products, brokerage, custody, estate planning, lending, deposits and investment management to high-net-worth clients. The majority of AWM client assets sit in actively managed portfolios.
• Corporate consists of Treasury and the Chief Investment Office (CIO), responsible for measuring, monitoring and managing the firm's liquidity, funding, capital, structural interest rate and foreign exchange risks, and Other Corporate, which holds centrally managed staff functions and firm initiatives not aligned to a single line of business, including the Strategic Investment Group within the Security and Resiliency Initiative and the international consumer initiatives (Chase U.K., J.P. Morgan Personal Investing and an ownership stake in C6 Bank).

Segment results are reported on a managed basis, with revenue-sharing between segments, expense allocation from Corporate support units, funds transfer pricing that moves primary interest rate and liquidity risk to Treasury and CIO, and capital allocated to each line of business using Basel III Standardized risk-weighted assets, the GSIB surcharge and a simulation of capital depletion under severe stress.

Competition. The firm competes with banks, brokerages, investment and merchant banks, hedge funds, commodity traders, private equity firms, insurers, fund companies, credit card companies, mortgage banks, trust and securities processing companies, auto finance and leasing companies, e-commerce and internet-based firms, and digital asset and other financial technology companies, on quality and variety of products, execution, innovation, reputation and price. New entrants, including internet-only providers and non-financial companies that disintermediate traditional banking products, continue to emerge.

Supervision and regulation. As a bank holding company and financial holding company, the firm is subject to consolidated supervision by the Federal Reserve; the bank is supervised by the OCC and, in certain respects, the FDIC; U.S. broker-dealers by the SEC and FINRA; swaps activities by the CFTC; U.K. entities by the PRA and FCA; and other non-U.S. subsidiaries by local authorities. The firm is subject to Basel III capital, liquidity and leverage requirements, the Federal Reserve's annual CCAR supervisory stress testing and Stress Capital Buffer regime, enhanced prudential standards for systemically important institutions, source-of-strength obligations to its depository subsidiaries, restrictions on acquisitions and on transactions with affiliates, dividend limitations at the bank level, CFPB consumer supervision, the Bank Secrecy Act and OFAC/EU/U.K. sanctions regimes, anti-corruption laws, and compensation oversight in the U.S., EU and U.K. The firm remains subject to a March 2024 consent order with the OCC relating to its processes for inventorying trading venues and confirming the completeness of data fed to trade surveillance platforms.

Risk factors

Condensed from Part I, Item 1A of the FY2025 Form 10-K, accession 0001628280-26-008131.

Legal and regulatory. The businesses are highly regulated, and applicable law and supervisory expectations can force the firm to limit products, raise prices, reduce market-making liquidity, absorb fraud losses, dispose of assets at disadvantageous times, or forgo business opportunities, with non-compliance bringing scrutiny, enforcement actions, penalties and litigation. Larger firms face more stringent supervision than some competitors, including financial technology firms that may not be subject to banking regulation at all, and local frameworks may favor domestic firms. Differences and conflicts among jurisdictions' rules, locally-based intermediate holding companies, local capital and liquidity minimums, ring-fencing, resolution regimes, can require divestitures or restructuring and raise operating, compliance, capital and liquidity costs. The firm faces continuing civil and governmental proceedings; resolutions can carry significant penalties and collateral consequences including loss of clients, restrictions on products and loss of permission to operate certain businesses. If the firm were to enter resolution, holders of JPMorgan Chase & Co.'s debt and equity securities would absorb losses, and a resolution could be more value-destructive than the firm's preferred single-point-of-entry strategy.

Political and macroeconomic. Fiscal and foreign policy, sanctions, tariffs and trade policy, immigration changes, military deployment and government shutdowns can slow growth, raise inflation, widen credit spreads, contract available credit and increase market volatility and targeted cyber attack risk, producing losses on market-making positions and the investment portfolio, higher allowances and charge-offs, and weaker results and credit ratings. Conflicts and hostilities between countries could escalate, causing asset value declines, energy and commodity price spikes, currency depreciation and borrower defaults, infrastructure destruction and disruption of global trade. Country-specific economic, political, regulatory and social disruption, sovereign debt stress, civil unrest, expropriation, can impair operations in particular jurisdictions.

Market and interest rate. Higher rates generally lift net interest income but can also reduce real estate originations, cause deposit loss and migration to higher-yielding products, produce losses on available-for-sale securities, raise client financing costs (increasing allowances and charge-offs), and impair payment performance on variable-rate loans. Low or negative rates compress net interest margins and reduce the value of mortgage servicing rights. Wider credit spreads raise the firm's own borrowing cost and affect earnings on fair-valued liabilities. Market volatility and illiquidity make certain instruments extremely difficult to value, and hedging strategies may fail in extreme events.

Credit. The firm is exposed to clients, counterparties, central counterparties (CCPs) and other market participants; a CCP failure, or a default by a fellow CCP member, could force contract replacement and loss-sharing, and non-default CCP losses can also be mutualized. Clearing and intra-day services expose the firm to client nonperformance. Borrowers and counterparties have engaged, and could again engage, in fraudulent activity relating to the accounting, reporting or representation of collateral, undermining collateral protections. Concentrations, clients in related industries, the same geography or with similar business profiles, can amplify losses, as can excessive expansion of consumer credit by competitors. The filing specifically flags that interconnectivity across credit markets means significant expansion of private credit could worsen losses among non-bank lenders and their borrowers if stress spreads to broader funding and credit markets, impairing valuations, reducing liquidity and raising default rates, particularly where underwriting standards are weaker, loans less liquid, or transparency limited.

Liquidity, funding and capital. Liquidity can be constrained by market-wide disruption, regulatory changes, Federal Reserve balance-sheet reduction, inability to sell assets, a CCP or major participant default, unanticipated cash or collateral outflows, unexpected deposit loss, higher-than-expected commitment draws, and loss of confidence in the firm or banks generally. JPMorgan Chase & Co. is a holding company dependent on dividends from JPMorgan Chase Bank, N.A. and dividends and borrowings from the intermediate holding company to service debt, pay dividends and repurchase securities; the capital and liquidity thresholds governing those flows could push the Parent Company into resolution sooner than would otherwise be the case. Credit rating downgrades would reduce capital markets access, raise issuance and servicing costs, and trigger additional collateral or funding requirements. Capital requirements can rise from regulatory action, balance sheet and RWA changes, or higher Federal Reserve stress loss estimates raising the Stress Capital Buffer, constraining buybacks, dividends and business activity.

Operational, technology and cyber. The firm has experienced, and expects to continue to experience, failures and disruptions of operational systems, including loss of customer access to ATM, internet and mobile channels; risks include third-party vendor and cloud dependencies, market infrastructure outages, errors that compound or migrate across systems, and intellectual property claims against key technology. Cyber attacks, including ransomware, sabotage and data theft by state-sponsored actors, criminals and hacktivists, may not be detected before or even long after launch; the firm does not control the security of clients', counterparties' and vendors' systems. Named control priorities include third-party oversight of software development, technology asset management and inventory, network security and outbound connection management, insider threat mitigation, and integration of acquired businesses. Consequences range from service loss and misappropriation of confidential information to ransom demands, privacy law violations, uninsured losses, litigation and penalties. Other operational risks: new products, acquisitions and platform changes may carry unrecognized risk; the firm depends on the competence and trustworthiness of employees; personal-information processing carries substantial legal and operational risk; extraordinary events (natural disasters, severe weather and climate effects, utility and telecom failures, civil unrest, terrorism) can disrupt operations; inaccurate or incomplete data can impair risk reporting, regulatory and financial reporting, compliance monitoring and client service; vendor oversight standards raise costs; and lapses in the risk management framework or in disclosure and financial reporting controls could cause losses and reputational harm.

Models and estimation. The firm relies on models and judgment-based estimations that depend on historical trends that may not persist, may contain erroneous data or formulas, may rely on technology that does not perform as expected or is poorly understood by users, may not be caught by review processes, and may inadvertently incorporate biases in the underlying data.

Strategy, competition and technology. Results depend on management developing and executing effective strategies, allocating capital to build market-leading businesses, conducting appropriate due diligence on acquisitions and investments and integrating them effectively. The rapid development and deployment of advanced technologies, including generative and agentic AI systems, is called out as a distinct risk, including the possibility that AI agents autonomously managing or intermediating financial decisions and product selection replace or disintermediate direct customer relationships.

Climate, conduct and reputation. Climate change could affect the firm directly and through its clients and customers. Employee conduct failures could trigger litigation and regulatory action. Reputational damage, from perceived unfair treatment of clients, unfavorable media or social media campaigns, or political criticism, could cost clients, impair hiring and prompt investor divestment. Failure to manage conflicts of interest or satisfy fiduciary obligations could lead to litigation, enforcement and reputational harm. Workforce risks include the need for more-skilled workers in an evolving workplace and targeted recruitment of employees by competitors.

Management's discussion and analysis, fiscal year 2025

From the FY2025 Form 10-K, accession 0001628280-26-008131.

Firmwide. Net income was $57.0 billion, down 2%; earnings per share were $20.02; ROE was 17% and ROTCE 20%. Total net revenue of $182.4 billion rose 3%.

• Net interest income of $95.4 billion rose 3%, driven by a larger contribution from Markets net interest income, growth in Card Services revolving balances and in wholesale deposit balances, and the impact of investment securities activity, largely offset by deposit margin compression and lower rates. Net interest income excluding Markets was $92.6 billion, flat year over year.
• Noninterest revenue of $87.0 billion rose 2% on growth in Markets noninterest revenue, asset management fees in AWM and CCB, auto operating lease income, Payments fees and investment banking fees, together with lower net investment securities losses in Treasury and CIO and a $588 million First Republic-related gain in the first quarter, predominantly offset by the absence of the $7.9 billion net gain on Visa shares recorded in the second quarter of 2024 and lower card income.
• Noninterest expense of $95.6 billion rose 4% on compensation growth (including revenue-related compensation and headcount growth), increased brokerage expense and distribution fees, more auto lease depreciation, continued technology and marketing investment and rising occupancy costs, partially offset by FDIC special assessment accrual releases of $763 million (versus a $725 million accrual increase in the prior year) and the absence of a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation in 2024.
• The provision for credit losses was $14.2 billion, versus $10.7 billion. Net charge-offs of $9.8 billion rose $1.2 billion, predominantly in Wholesale and Card Services. The net allowance addition of $4.4 billion comprised $3.3 billion consumer, including $2.2 billion related to the Apple Card transaction, and $1.1 billion wholesale. Total allowance for credit losses was $31.2 billion, an allowance for loan losses to retained loans coverage ratio of 1.83% versus 1.87%.

Nonperforming assets were $10.4 billion, up 11%, driven by an increase in consumer nonaccrual loans (predominantly the January 2025 California wildfires) and in loans at fair value in CIB, plus wholesale downgrades in certain industries. Average loans of $1.4 trillion rose 6% on CIB and AWM growth; average deposits of $2.5 trillion rose 5% on Payments and Securities Services client inflows and AWM account and balance growth, partly offset by a CCB decline from increased customer spending. CET1 capital was $288.5 billion with Standardized and Advanced CET1 ratios of 14.6% and 14.1%; SLR was 5.8%; tangible book value per share grew 10.5% to $107.56. Eligible high quality liquid assets were approximately $915 billion, with roughly $548 billion of unencumbered marketable securities, giving about $1.5 trillion of liquidity sources.

Segment results, 2025 versus 2024 (managed basis).

• CCB: net interest income of $58.2 billion rose 6% on growth in Card Services revolving balances and a wider Banking & Wealth Management deposit margin reflecting a fourth-quarter-2024 change in funds transfer pricing for consumer deposits. Noninterest revenue of $17.8 billion rose 7% on auto operating lease income and increased asset management and deposit-related fees, tempered by lower card income as growth in rewards costs and partner payments more than offset card sales volume growth. Expense of $40.3 billion rose 6%. The provision was $11.5 billion, with $8.2 billion of net charge-offs (up $319 million, primarily Card Services on loan growth) and a $3.2 billion net allowance addition driven by the Apple Card commitment.
• CIB: Banking & Payments revenue of $37.1 billion rose 5%, Investment Banking revenue $10.2 billion (+6%), with debt underwriting fees of $4.5 billion (+9%), advisory fees of $3.5 billion (+6%) and equity underwriting fees of $1.7 billion (+2%); Payments $19.3 billion (+7%); Lending $7.6 billion (+2%). Markets & Securities Services revenue of $41.3 billion rose 19%, with Equity Markets $13.3 billion (+33%), Fixed Income Markets $22.5 billion (+12%) and Securities Services $5.6 billion (+10%). The firm ranked #1 for global investment banking fees per Dealogic. Expense of $38.2 billion rose 8%. The provision was $2.6 billion (versus $762 million), reflecting portfolio growth, client-specific credit quality changes, an update to loss assumptions on certain leveraged loans, and estimated losses related to borrower fraud in certain secured lending facilities.
• AWM: Asset Management revenue of $11.7 billion rose 15% and Global Private Bank revenue of $12.4 billion rose 9%. Expense of $15.3 billion rose 6%. The provision was $97 million, largely a third-quarter charge-off on a client-specific exposure. Assets under management reached $4.8 trillion (+18%) and client assets $7.1 trillion (+20%).
• Corporate: net interest income of $6.1 billion fell $3.7 billion on lower rates and the consumer-deposit funds transfer pricing change; noninterest revenue of $911 million compared with $7.6 billion, reflecting the absence of the 2024 Visa gain. Expense of $1.8 billion fell 54% on FDIC special assessment releases and the absence of the Visa share contribution and First Republic restructuring costs. The Treasury and CIO investment securities portfolio was $774.0 billion net of allowance at year-end with an average credit rating of AA+; $44.1 billion of securities were transferred from available-for-sale to held-to-maturity in the third quarter of 2025 for asset-liability management purposes.

Apple Card transaction. On January 7, 2026 the firm announced that Chase will become the new issuer of Apple Card. It entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio, with closing expected roughly 24 months thereafter. The commitment drove a $2.2 billion provision for lending-related commitments recorded in the fourth quarter of 2025.

Full-year 2026 outlook as given January 13, 2026. Management expected net interest income of approximately $103 billion and net interest income excluding Markets of approximately $95 billion (market dependent), adjusted expense of approximately $105 billion (market dependent), and a Card Services net charge-off rate of approximately 3.4%.

Current quarter, second quarter and first half of 2026

From the Form 10-Q for the quarter ended June 30, 2026, accession 0001628280-26-054343.

Firmwide. Second-quarter net income was $21.2 billion, up 41%, on total net revenue of $57.3 billion, up 28%. Diluted EPS was $7.70; ROE 24% and ROTCE 29%. For the six months, net income was $37.6 billion (+27%) on revenue of $107.2 billion (+19%), with EPS of $13.63. Book value per share was $133.01 and tangible book value per share $113.35, up 10% year over year. Total assets were $5.0 trillion and stockholders' equity $374.6 billion at June 30, 2026.

Two items shaped the quarter. On April 13, 2026 Visa commenced an exchange offer for its Class B-1 and B-2 common shares; on May 11, 2026 Visa accepted the firm's tender of its 18.6 million Class B-2 shares for a combination of Class B-3 and Class C shares, producing an initial gain of $4.5 billion and, with subsequent fair value changes on the Class C shares and related derivatives plus dividends, a $4.6 billion net gain recorded in Corporate. Separately, the quarter included $1.0 billion of gains on certain equity investments ($763 million in Corporate, $263 million in CIB), reflecting a measurement-alternative markup and initial gains on transition from the measurement alternative to recurring fair value. The two together added $5.6 billion to reported revenue: net of them, total net revenue was approximately $51.7 billion, about 15% above the $44.9 billion of the second quarter of 2025, against the 28% increase on a reported basis. The quarterly report gives no after-tax figure for either item; the July 14 earnings release reports net income excluding significant items of $16.9 billion, or $6.14 per share.

• Net interest income of $25.5 billion rose 10% on a larger contribution from Markets net interest income and growth in deposit balances across the lines of business and Corporate, in Card Services revolving balances and in wholesale loan balances, held back by lower rates; excluding Markets it was $23.7 billion, up 4%. Average interest-earning assets were $4.3 trillion, up $442 billion, at a yield of 4.75% (down 29 bps); the net yield was 2.40% (down 3 bps) and net yield excluding Markets 3.65% (down 6 bps).
• Noninterest revenue of $31.8 billion rose 47%, led by the Visa gain, growth in Markets noninterest revenue, the equity investment gains, and increases in asset management fees in AWM and CCB, investment banking fees and auto operating lease income, set against a wider net investment securities loss in Treasury and CIO (a $395 million loss, primarily on sales of U.S. GSE and government agency MBS as the portfolio was repositioned).
• Noninterest expense of $27.3 billion rose 15%. Compensation expense of $15.2 billion rose 11% on revenue-related compensation, wage inflation and headcount growth (primarily front office). Noncompensation expense of $12.2 billion rose 21% on technology and marketing investment, increased brokerage expense in CIB and distribution fees in AWM, rising occupancy tied to the new headquarters, branches and corporate offices, and greater auto lease depreciation. Professional and outside services (+28%) and marketing (+31%) were the fastest-growing lines.
• The provision for credit losses was $2.5 billion, down 12%. Net charge-offs of $2.4 billion were down $44 million and the net allowance addition was $149 million, primarily wholesale. Consumer provision of $2.2 billion was essentially all net charge-offs, predominantly Card Services on loan growth, with a flat allowance; wholesale provision of $361 million reflected loan growth and credit quality changes, partly offset by a reduced allowance on certain accounts receivable and an update to loss assumptions on certain loans in Markets. Total allowance for credit losses was $31.5 billion at June 30, 2026, a coverage ratio of 1.79% versus 1.85% a year earlier.
• The effective tax rate rose to 23.1% from 18.0%, mainly the absence of a $774 million prior-year tax benefit from resolution of certain tax audits and the impact of tax regulations.

Nonperforming assets fell 6% to $9.8 billion on lower wholesale nonperforming assets and normalization of consumer loans following California wildfire forbearances. Average loans of $1.5 trillion rose 10% (CIB and AWM); average deposits of $2.7 trillion rose 7%, with inflows in Payments, new-account growth in CCB and in Corporate (the latter tied to the international consumer initiatives), and both new accounts and larger existing balances in AWM. In the first six months the firm provided approximately $1.9 trillion of total credit and capital raised, including $160 billion of consumer credit, $17 billion for U.S. small businesses, $1.7 trillion for corporations and non-U.S. government entities, and $52 billion for nonprofit and U.S. government entities.

Segment results, second quarter 2026 versus 2025 (managed basis).

• CCB. Net interest income of $15.1 billion rose 5% on growth in Card Services revolving balances; noninterest revenue of $5.2 billion rose 16% on auto operating lease income and increased asset management and deposit-related fees in Banking & Wealth Management, with card income flat as growth in annual fees was offset by lower net interchange (rewards costs and partner payments outrunning card sales volume growth). Expense of $11.1 billion rose 13%, lifting the overhead ratio to 55% from 52%, and the provision of $2.2 billion was almost entirely net charge-offs. Card Services net charge-off rate was 3.34% (versus 3.40%), the 30+ day card delinquency rate 1.91% (versus 2.06%). Branches numbered 5,135 (+3%), active mobile customers 63.7 million (+6%), debit and credit card sales volume $535.8 billion (+10%), and client investment assets $1.39 trillion (+21%). The CCB allowance for lending-related commitments of $2.3 billion includes the $2.2 billion Apple Card item.
• CIB. Banking & Payments revenue of $11.2 billion rose 21%: Investment Banking revenue of $3.9 billion rose 45% on fee growth and net gains on equity investments, with investment banking fees up 30%, equity underwriting $829 million (+78%) on large IPOs and convertible offerings, advisory $1.0 billion (+20%), debt underwriting $1.4 billion (+19%); Payments revenue $5.3 billion (+12%) on growth in average deposits and fees; Lending revenue $2.0 billion (+7%). Markets & Securities Services revenue of $13.7 billion rose 33%, with Markets revenue of $12.1 billion up 35%, Equity Markets $6.0 billion (+86%) on strength across products and regions and Fixed Income Markets $6.1 billion (+6%) on Credit, Currencies & Emerging Markets and Rates, offset by Commodities, and Securities Services $1.7 billion (+17%). The firm ranked #2 for global investment banking fees for the quarter and #1 for the six months per Dealogic. Expense of $11.4 billion rose 18%. The provision was $356 million versus $696 million; the CIB net charge-off rate was 0.14% versus 0.25%. Segment total assets reached $2.71 trillion (+20%) and total loans $652 billion (+12%); allocated equity was raised $8.5 billion during the quarter, to $175 billion, in connection with business growth.
• AWM. Asset Management revenue of $3.3 billion rose 23% on asset management fees and investment valuation gains; Global Private Bank revenue of $3.5 billion rose 16% on management fees, brokerage commissions and growth in average loans, tempered by narrower loan spreads. Expense of $4.2 billion rose 13%, and the overhead ratio improved to 61% from 65%. Assets under management were $5.14 trillion (+18%) and client assets $7.66 trillion (+19%), driven by market appreciation and continued net inflows; average loans rose 18% and Global Private Bank client advisors rose 10% to 4,119. A negative note in the disclosure: the share of JPM mutual fund and ETF assets rated 4- or 5-star fell to 58% from 68%, and the share ranked in the top two quartiles over three years fell to 61% from 79% and over five years to 70% from 79%.
• Corporate. Net revenue of $6.0 billion versus $1.5 billion, essentially the Visa and equity investment gains; net interest income of $822 million fell $667 million on lower rates. Excluding those gains, noninterest revenue was down $138 million on a wider net investment securities loss. Chase Europe was launched in Germany in May 2026; equity investments carried at $3.7 billion had been made by the Strategic Investment Group within the Security and Resiliency Initiative. Corporate deposits of $59.4 billion more than doubled year over year, predominantly reflecting the international consumer initiatives.

Balance sheet. Total assets grew 13% from year-end 2025 to $5.0 trillion, driven by Markets activity: resale agreements +33%, securities borrowed +27%, trading assets +32% and accrued interest and accounts receivable +61% (prime brokerage). Loans grew 3% to $1.54 trillion on AWM securities-based lending and CIB wholesale demand. Investment securities rose 3% to $804.5 billion as available-for-sale purchases (mainly U.S. Treasuries and non-U.S. government debt) outweighed held-to-maturity runoff. Deposits rose 6% to $2.71 trillion and long-term debt 6% to $460.5 billion. Stockholders' equity rose to $374.6 billion as net income was largely offset by buybacks and dividends. Total pledged assets were $1,496.7 billion versus $1,333.6 billion at year-end.

Capital and liquidity. CET1 capital was $302.6 billion, with Standardized and Advanced CET1 ratios each 14.2%, against 14.6% Standardized and 14.1% Advanced at year-end 2025, and 0.9 points below the 15.1% Standardized ratio of June 30, 2025. Capital itself grew, CET1 rose 7% from $283.9 billion a year earlier, but risk-weighted assets grew faster still: Standardized RWA rose about 13% year over year to $2.13 trillion on portfolio growth. As recently as year-end 2025, six months earlier, it was $1.98 trillion. As of June 30, 2026 the Advanced Total Capital ratio became the most binding of the risk-based constraints, while the Standardized ratios remained more binding for CET1 and Tier 1. SLR fell to 5.5% from 5.8%. The firm early adopted the enhanced supplementary leverage ratio final rule on January 1, 2026, replacing static leverage buffers with buffers tied to the U.S. Method 1 GSIB surcharge. Eligible high quality liquid assets were approximately $956 billion, with about $541 billion of unencumbered marketable securities, roughly $1.5 trillion of liquidity sources.

Regulatory capital proposals are a live variable. In March 2026 the federal banking agencies released a re-proposal of the risk-based capital framework that would replace the dual Advanced/Standardized RWA calculation with a single expanded risk-based approach, barring internal models except for market risk, and add an operational risk RWA component; applied to the firm's December 31, 2025 positions, management estimates it would raise required CET1 capital by approximately 6%. A concurrent GSIB surcharge re-proposal would move to annual assessment using intra-year averaging and 10-basis-point increments; the firm's surcharge under current rules, calculated as of December 31, 2025, would be 5.5% effective January 1, 2028, which management estimates would fall to 5.2% under the re-proposal. Taken together the two proposals would raise required CET1 capital by approximately 4% relative to the requirement that would otherwise take effect on January 1, 2028, before mitigating actions.

Capital returned. The firm declared a quarterly common dividend of $1.50 per share on May 18, 2026, payable July 31, 2026, and announced on June 24, 2026 that the Board intends to raise the quarterly dividend to $1.65 per share for the third quarter of 2026. Common dividends declared were $8.1 billion for the six months. The firm repurchased 21.7 million shares for an aggregate purchase price of $6.7 billion in the quarter and 49.3 million shares for $15.0 billion in the first half (excluding excise tax and commissions).

Leadership. On June 25, 2026 the firm announced that Doug Petno and Troy Rohrbaugh, formerly Co-CEOs of the Commercial & Investment Bank, were named Co-Presidents of the firm, with Mr. Petno becoming sole CEO of CIB and Mr. Rohrbaugh becoming CEO of Consumer & Community Banking; Marianne Lake, the former CEO of CCB, is retiring after more than 25 years with the firm.

Full-year 2026 outlook as given July 14, 2026. Management expects net interest income of approximately $105.5 billion and net interest income excluding Markets of approximately $96.5 billion (market dependent), adjusted expense of approximately $107.5 billion (market dependent), and a Card Services net charge-off rate of approximately 3.2%, each an improvement on the guidance given in January 2026 for net interest income and card losses, and a larger expense figure.

Litigation. The estimated aggregate range of reasonably possible losses in excess of established reserves was $0 to approximately $1.3 billion at June 30, 2026; legal expense was $116 million for the quarter. The named material matters:

• Russian litigation. Russian courts have entered judgments against the firm, including one claim for $439 million on which enforcement is stayed pending appeal, have executed a judgment against onshore assets, and have ordered interim asset freezes. Total judgments exceed the firm's available assets in Russia, and the filing states that those assets, and certain client assets, could be seized in full.
• Cash sweep. Putative class actions over the interest rates paid to non-managed brokerage clients in the cash sweep program. The motion to dismiss was denied in part in February 2026, leaving contract claims, and a class certification motion was filed in June 2026; state securities regulators have also opened inquiries.
• "Fair Access to Banking." Matters arising after an August 2025 Executive Order, including a January 2026 civil lawsuit filed in Florida state court by President Donald J. Trump in his personal capacity and affiliated entities against JPMorgan Chase Bank, N.A. and its CEO, since removed to federal court.
• Interchange. The District Court granted preliminary approval in June 2026 of a superseding amended injunctive class settlement, with a final approval hearing set for November 2026; remaining opt-out actions in the Northern District of Illinois are scheduled for trial in September 2026.
• EURIBOR. Proceedings before the Court of Justice of the European Union, which heard argument in January 2026 and reserved judgment.
• Amrapali. An investigation in India, including an approximately $31.5 million fine that is under appeal.

Subsequent events

The Form 10-Q for the quarter ended June 30, 2026 contains no separate subsequent-events note; post-period developments are disclosed within its capital, fair value and management's discussion sections. The material items:

• Dividend increase. The Board announced on June 24, 2026 its intention to raise the quarterly common stock dividend to $1.65 per share, from $1.50, for the third quarter of 2026, subject to declaration by the Board.
• New repurchase authorization. The Board authorized a new $50 billion common share repurchase program effective July 1, 2026, succeeding the $50 billion program announced July 1, 2025 under which the firm was authorized to repurchase through June 30, 2026.
• Visa Class C share lock-up. At June 30, 2026, approximately $1.6 billion of the Visa Class C shares received in the May 11, 2026 exchange were subject to a lock-up restriction that expired on August 9, 2026.
• Guidance. The full-year 2026 outlook summarized above (net interest income of approximately $105.5 billion, adjusted expense of approximately $107.5 billion, Card Services net charge-off rate of approximately 3.2%) was provided on July 14, 2026, after the close of the quarter.
• Pending portfolio acquisition. The Apple Card forward purchase commitment described above is still open, with closing expected roughly 24 months from the December 30, 2025 commitment date. The related allowance for lending-related commitments remained on the balance sheet at June 30, 2026, off-balance-sheet lending-related commitments included approximately $106 billion tied to the transaction, and the risk-weighted asset modeling steps for it were completed during the first half of 2026. No purchase price for the portfolio is disclosed in the filings.

No acquisition, divestiture, impairment, restructuring or going-concern item arising after June 30, 2026 is disclosed in the quarterly report.