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Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
Refer to Note 18 of JPMorganChase’s 2024 Form 10-K for a further discussion on leases.
Firm as lessee
At September 30, 2025, JPMorganChase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.
Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.
The carrying values of the Firm’s operating leases were as follows:
(in millions)September 30, 2025December 31, 2024
Right-of-use assets$8,895 $8,494 
Lease liabilities9,314 8,900 
The Firm’s net rental expense was $605 million and $553 million for the three months ended September 30, 2025 and 2024, respectively, and $1.8 billion and $1.7 billion for the nine months ended September 30, 2025 and 2024, respectively.
Firm as lessor
The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets.
The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income.
Three months ended September 30,Nine months ended September 30,

(in millions)		2025202420252024
Operating lease income$990 $706 $2,720 $2,067 
Depreciation expense654 394 1,742 1,268 
Leases Leases
Refer to Note 18 of JPMorganChase’s 2024 Form 10-K for a further discussion on leases.
Firm as lessee
At September 30, 2025, JPMorganChase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.
Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.
The carrying values of the Firm’s operating leases were as follows:
(in millions)September 30, 2025December 31, 2024
Right-of-use assets$8,895 $8,494 
Lease liabilities9,314 8,900 
The Firm’s net rental expense was $605 million and $553 million for the three months ended September 30, 2025 and 2024, respectively, and $1.8 billion and $1.7 billion for the nine months ended September 30, 2025 and 2024, respectively.
Firm as lessor
The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets.
The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income.
Three months ended September 30,Nine months ended September 30,

(in millions)		2025202420252024
Operating lease income$990 $706 $2,720 $2,067 
Depreciation expense654 394 1,742 1,268