Business Segments & Corporate (Tables)

9 Months Ended

Sep. 30, 2025

The following table provides a summary of the Firm’s segment results as of or for the three and nine months ended September 30, 2025 and 2024, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from

investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s managed basis.


Segment & Corporate results and reconciliation(a)
As of or for the three months ended September 30, (in millions, except ratios)	Consumer & Community Banking						Commercial & Investment Bank						Asset & Wealth Management
	2025			2024			2025			2024			2025			2024
Noninterest revenue	$	4,617		$	4,214		$	13,798		$	11,622		$	4,337		$	3,799
Net interest income	14,856			13,577			6,080			5,393			1,729			1,640
Total net revenue	19,473			17,791			19,878			17,015			6,066			5,439
Provision for credit losses	2,538			2,795			809			316			59			4
Compensation expense(b)	4,424			4,275			4,862			4,510			2,155			1,994
Noncompensation expense(c)(d)	5,872			5,311			4,860			4,241			1,663			1,645
Total noninterest expense	10,296			9,586			9,722			8,751			3,818			3,639
Income/(loss) before income tax expense/(benefit)	6,639			5,410			9,347			7,948			2,189			1,796
Income tax expense/(benefit)	1,630			1,364			2,446			2,257			531			445
Net income	$	5,009		$	4,046		$	6,901		$	5,691		$	1,658		$	1,351
Average equity	$	56,000		$	54,500		$	149,500		$	132,000		$	16,000		$	15,500
Total assets	652,275			633,038			2,328,000			2,047,022			282,322			253,750
ROE	35		%	29		%	18		%	17		%	40		%	34		%
Overhead ratio	53			54			49			51			63			67


As of or for the three months ended September 30, (in millions, except ratios)	Corporate				Reconciling Items(a)				Total
	2025		2024		2025		2024		2025			2024
Noninterest revenue	$	297	$	155	$	(588)	$	(541)	$	22,461		$	19,249
Net interest income	1,406		2,915		(105)		(120)		23,966			23,405
Total net revenue	1,703		3,070		(693)		(661)		46,427			42,654
Provision for credit losses	(3)		(4)		—		—		3,403			3,111
Total noninterest expense(d)	445		589		—		—		24,281			22,565
Income/(loss) before income tax expense/(benefit)	1,261		2,485		(693)		(661)		18,743			16,978
Income tax expense/(benefit)	436		675		(693)		(661)		4,350			4,080
Net income	$	825	$	1,810	$	—	$	—	$	14,393		$	12,898
Average equity	$	114,835	$	119,894	NA		NA		$	336,335		$	321,894
Total assets	1,297,608		1,276,238		NA		NA		4,560,205			4,210,048
ROE	NM		NM		NM		NM		17		%	16		%
Overhead ratio	NM		NM		NM		NM		52			53



As of or for the nine months ended September 30, (in millions, except ratios)	Consumer & Community Banking						Commercial & Investment Bank						Asset & Wealth Management
	2025			2024			2025			2024			2025			2024
Noninterest revenue	$	13,240		$	12,155		$	41,412		$	36,527		$	12,403		$	10,946
Net interest income	43,393			40,990			17,667			15,989			5,154			4,854
Total net revenue	56,633			53,145			59,079			52,516			17,557			15,800
Provision for credit losses	7,249			7,351			2,210			701			95			(33)
Compensation expense(b)	13,208			12,744			15,206			14,158			6,363			5,926
Noncompensation expense(c)(d)	16,803			15,564			13,999			12,483			4,901			4,716
Noninterest expense	30,011			28,308			29,205			26,641			11,264			10,642
Income/(loss) before income tax expense/(benefit)	19,373			17,486			27,664			25,174			6,198			5,191
Income tax expense/(benefit)	4,770			4,399			7,171			6,964			1,484			1,287
Net income	$	14,603		$	13,087		$	20,493		$	18,210		$	4,714		$	3,904
Average equity	$	56,000		$	54,500		$	149,500		$	132,000		$	16,000		$	15,500
Total assets	652,275			633,038			2,328,000			2,047,022			282,322			253,750
ROE	34		%	31		%	18		%	18		%	39		%	33		%
Overhead ratio	53			53			49			51			64			67


As of or for the nine months ended September 30, (in millions, except ratios)	Corporate						Reconciling Items(a)				Total
	2025			2024			2025		2024		2025			2024
Noninterest revenue	$	999		$	7,638	(f)	$	(1,853)	$	(1,711)	$	66,201		$	65,555		(f)
Net interest income	4,546			7,756			(312)		(356)		70,448			69,233
Total net revenue	5,545			15,394			(2,165)		(2,067)		136,649			134,788
Provision for credit losses	3			28			—		—		9,557			8,047
Noninterest expense	1,177			3,444		(g)	—		—		71,657			69,035			(g)
Income/(loss) before income tax expense/(benefit)	4,365			11,922			(2,165)		(2,067)		55,435			57,706
Income tax expense/(benefit)	152		(e)	2,657			(2,165)		(2,067)		11,412			13,240
Net income	$	4,213		$	9,265		$	—	$	—	$	44,023		$	44,466
Average equity	$	108,703		$	108,353		NA		NA		$	330,203		$	310,353
Total assets	1,297,608			1,276,238			NA		NA		4,560,205			4,210,048
ROE	NM			NM			NM		NM		17		%	19		%
Overhead ratio	NM			NM			NM		NM		52			51

(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.

(b)Excludes expense related to services provided by Corporate support units, which is allocated from Corporate to each respective reportable business segment, as applicable, through noncompensation expense.

(c)Reflects occupancy; technology, communications and equipment; professional and outside services; marketing; and other expense. Refer to Note 5 for additional information on other expense.

(d)Certain services are provided by Corporate and used by each of the reportable business segments. The costs of these services, including compensation-related costs, are allocated from Corporate to the respective reportable business segments, with the allocations recorded in noncompensation expense.

(e)Included a $774 million income tax benefit recorded in the second quarter of 2025, 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.

(f)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.

(g)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.