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Goodwill, Mortgage Servicing Rights, and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Mortgage Servicing Rights, and Other Intangible Assets Goodwill, mortgage servicing rights, and other intangible assets
Goodwill
Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired, and can be adjusted up to one year from the acquisition date as additional information pertaining to facts and circumstances that existed as of the acquisition date is obtained about the fair value of assets acquired and liabilities assumed. Subsequent to initial recognition, goodwill is not amortized but is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment.
The goodwill associated with each business combination is allocated to the related reporting units, which are generally determined based on how the Firm’s businesses are managed and how they are reviewed. The following table presents goodwill attributed to the reportable business segments and Corporate.
December 31,
(in millions)
202520242023
Consumer & Community Banking$32,116 $32,116 $32,116 
Commercial & Investment Bank11,259 11,236 11,251 
Asset & Wealth Management8,634 8,521 8,582 
Corporate
722 692 685 
Total goodwill$52,731 $52,565 $52,634 
The following table presents changes in the carrying amount of goodwill.
(in millions)202520242023
Balance at beginning of period$52,565 $52,634 $51,662 
Changes during the period from:
Business combinations(a)
— 29 917 
Other(b)
166 (98)55 
Balance at December 31,$52,731 $52,565 $52,634 
(a)For 2024, includes estimated goodwill associated with the acquisition of LayerOne Financial in CIB. For 2023, predominantly represents estimated goodwill associated with the acquisition of the remaining 51% interest in CIFM in AWM and the acquisition of Aumni Inc., predominantly in CIB.
(b)Primarily foreign currency adjustments and an immaterial amount of goodwill written off due to impairment during the third quarter of 2025.

Goodwill impairment testing
The Firm’s goodwill was not impaired as of December 31, 2025, 2024 and 2023.
The goodwill impairment test is performed by comparing the current fair value of each reporting unit with its carrying value. If the fair value is in excess of the carrying value, then the reporting unit’s goodwill is considered not to be impaired. If the fair value is less than the carrying value, then an impairment is recognized for the amount by which the reporting unit’s carrying value exceeds its fair value, up to the amount of goodwill allocated to that reporting unit.
The Firm uses the reporting units’ allocated capital plus goodwill and other intangible assets as a proxy for the carrying values of equity for the reporting units in the goodwill impairment testing. Reporting unit equity is determined on a similar basis as the allocation of capital to the LOBs which takes into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. LOB’s allocated capital levels are incorporated into the Firm’s annual budget process, which is reviewed by the Firm’s Board of Directors and Operating Committee.
The primary method the Firm uses to estimate the fair value of its reporting units is the income approach. This approach projects cash flows for the forecast period and uses the perpetuity growth method to calculate terminal values. These cash flows and terminal values, which are based on the reporting units’ annual budgets and forecasts are then discounted using an appropriate discount rate. The discount rate used for each reporting unit represents an estimate of the cost of equity for that reporting unit and is determined considering the Firm’s overall estimated cost of equity (estimated using the Capital Asset Pricing Model), as adjusted for the risk characteristics specific to each reporting unit (for example, for higher levels of risk or uncertainty associated with the business or management’s forecasts and assumptions). To assess the reasonableness of the discount rates used for each reporting unit, management compares the discount rate to the estimated cost of equity for publicly traded institutions with similar businesses and risk characteristics. In addition, the weighted average cost of equity (aggregating the various reporting units) is compared with the Firm’s overall estimated cost of equity for reasonableness. The valuations derived from the discounted cash flow analyses are then compared with market-based trading and transaction multiples for relevant competitors. Trading and transaction comparables are used as general indicators to assess the overall reasonableness of the estimated fair values, although precise conclusions
generally cannot be drawn due to the differences that naturally exist between the Firm’s businesses and competitor institutions.
The Firm also takes into consideration a comparison between the aggregate fair values of the Firm’s reporting units and JPMorganChase’s market capitalization. In evaluating this comparison, the Firm considers several factors, including (i) a control premium that would exist in a market transaction, (ii) factors related to the level of execution risk that would exist at the Firmwide level that do not exist at the reporting unit level and (iii) short-term market volatility and other factors that do not directly affect the value of individual reporting units.
Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.
Mortgage servicing rights
MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained.
As permitted by U.S. GAAP, the Firm has elected to account for its MSRs at fair value. The Firm treats its MSRs as a single class of servicing assets based on the availability of market inputs used to measure the fair value of its MSR asset and its treatment of MSRs as one aggregate pool for risk management purposes. The Firm estimates the fair value of MSRs using an option-adjusted spread (“OAS”) model, which projects MSR cash flows over multiple interest rate scenarios in conjunction with the Firm’s prepayment model, and then discounts these cash flows at risk-adjusted rates. The model considers portfolio characteristics, contractually specified servicing fees, prepayment assumptions, delinquency rates, costs to service, late charges and other ancillary revenue, and other economic factors. The Firm compares fair value estimates and assumptions to observable market data where available, and also considers recent market activity and actual portfolio experience.
The fair value of MSRs is sensitive to changes in interest rates, including their effect on prepayment speeds. MSRs typically decrease in value when interest rates decline because declining interest rates tend to increase prepayments and therefore reduce the expected life of the net servicing cash flows that comprise the MSR asset. Conversely, securities (e.g., mortgage-backed securities), and certain derivatives
(e.g., those for which the Firm receives fixed-rate interest payments) increase in value when interest rates decline. JPMorganChase uses combinations of derivatives and securities to manage the risk of changes in the fair value of MSRs. The intent is to offset any interest-rate related changes in the fair value of MSRs with changes in the fair value of the related risk management instruments.
The following table summarizes MSR activity for the years ended December 31, 2025, 2024 and 2023.
As of or for the year ended December 31, (in millions, except where otherwise noted)202520242023
Fair value at beginning of period$9,121 $8,522 $7,973 
MSR activity:
Originations of MSRs433 325 253 
Purchase of MSRs(a)
624 601 1,028 
Disposition of MSRs
9 (21)
(e)
(188)
(e)
Net additions/(dispositions)1,066 905 1,093 
Changes due to collection/realization of expected cash flows
(1,068)(1,068)(1,011)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)
48 670 424 
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)
(36)102 (22)
Discount rates
(1)14 14 
Prepayment model changes and other(c)
37 (24)51 
Total changes in valuation due to other inputs and assumptions— 92 43 
Total changes in valuation due to inputs and assumptions48 762 467 
Fair value at December 31,$9,167 $9,121 $8,522 
Change in unrealized gains/(losses) included in income related to MSRs held at December 31,
$48 $762 $467 
Contractual service fees, late fees and other ancillary fees included in income1,635 1,606 1,590 
Third-party mortgage loans serviced at December 31, (in billions)668 652 632 
Servicer advances, net of an allowance for uncollectible amounts, at December 31(d)
493 577 659 
(a)Includes purchase price adjustments associated with purchased MSRs, primarily due to loans that prepaid within 90 days of settlement or did not meet certain criteria and were removed from the purchase prior to the transfer date, allowing the Firm to recover the purchase price.
(b)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(c)Represents changes in prepayments other than those attributable to changes in market interest rates.
(d)Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.
(e)Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage-backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities.
The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the years ended December 31, 2025, 2024 and 2023.
Year ended December 31,
(in millions)		202520242023
CCB mortgage fees and related income
Production revenue$622 $627 $421 
Net mortgage servicing revenue: 
Operating revenue: 
Loan servicing revenue1,651 1,659 1,634 
Changes in MSR asset fair value due to collection/realization of expected cash flows
(1,065)(1,067)(1,011)
Total operating revenue586 592 623 
Risk management: 
Changes in MSR asset fair value due to market interest rates and other(a)
48 670 424 
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)
— 92 43 
Change in derivative fair value and other
70 (603)(336)
Total risk management118 159 131 
Total net mortgage servicing revenue704 751 754 
Total CCB mortgage fees and related income1,326 1,378 1,175 
All other55 23 1 
Mortgage fees and related income
$1,381 $1,401 $1,176 
(a)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(b)Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).
Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In the following table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.
The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at December 31, 2025 and 2024, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.
December 31,
(in millions, except rates)		20252024
Weighted-average prepayment speed assumption (constant prepayment rate)
6.77 %6.19 %
Impact on fair value of 10% adverse change
$(181)$(209)
Impact on fair value of 20% adverse change
(353)(406)
Weighted-average option adjusted spread(a)
6.14 %5.97 %
Impact on fair value of 100 basis points adverse change
$(394)$(391)
Impact on fair value of 200 basis points adverse change
(757)(751)
(a)Includes the impact of operational risk and regulatory capital.
Other intangible assets
The Firm’s finite-lived and indefinite-lived other intangible assets are initially recorded at their fair value primarily upon completion of a business combination. Finite-lived intangible assets, including core deposit intangibles, customer relationship intangibles, and certain other intangible assets, are amortized over their useful lives, estimated based on the expected future economic benefits. The Firm’s intangible assets with indefinite lives, such as asset management contracts, are not subject to amortization and are assessed periodically for impairment.
As of December 31, 2025 and 2024, the gross carrying values of other intangible assets were $3.5 billion and $3.8 billion, respectively, and the accumulated amortization was $962 million and $879 million, respectively.
As of December 31, 2025 and 2024, the net carrying values consist of finite-lived intangible assets of $1.3 billion and $1.7 billion, respectively, as well as indefinite-lived intangible assets, which are not subject to amortization, of $1.3 billion and $1.2 billion, respectively.
As of December 31, 2025, other intangible assets reflected core deposit and certain wealth management customer relationship intangibles related to the First Republic acquisition, and asset management contracts related to the Firm’s acquisition of the remaining 51% interest in CIFM. Refer to Note 34 for additional information on the First Republic acquisition.
For the years ended December 31, 2025 and 2024, amortization expense was $292 million and $339 million, respectively.
The following table presents estimated future amortization expense.
December 31,
(in millions)		Finite-lived intangible assets
2026$266 
2027264 
2028264 
2029252 
2030100 
Impairment testing
The Firm’s finite-lived and indefinite-lived other intangible assets are assessed for impairment annually or more often if events or changes in circumstances indicate that the asset might be impaired. Once the Firm determines that an impairment exists for an intangible asset, the impairment is recognized in other expense.