Long-term Debt

12 Months Ended

Dec. 31, 2025

Long-term debt

JPMorganChase issues long-term debt denominated in various currencies, predominantly U.S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value. Changes in fair value are recorded in principal transactions revenue in the Consolidated statements of income, except for unrealized gains/(losses) due to DVA which are recorded in OCI. The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2025.


By remaining maturity at December 31, (in millions, except rates)		2025													2024
		Under 1 year			1-5 years			After 5 years			Total				Total
Parent company
Senior debt:	Fixed rate	$	11,761		$	91,867		$	122,443		$	226,071			$	214,911
	Variable rate	48			6,795			1,618			8,461				8,655
	Interest rates(f)	2.84		%	3.74		%	4.14		%	3.90		%		3.71		%
Subordinated debt:	Fixed rate	$	2,489		$	3,099		$	12,919		$	18,507			$	14,457
	Variable rate	—			—			—			—				—
	Interest rates(f)	4.83		%	4.63		%	4.96		%	4.89		%		4.76		%
	Subtotal	$	14,298		$	101,761		$	136,980		$	253,039			$	238,023
Subsidiaries
Federal Home Loan Banks advances:	Fixed rate	$	1,236		$	405		$	18		$	1,659			$	9,257
	Variable rate	—			16,500			—			16,500				20,000
	Interest rates(f)	3.33		%	4.05		%	5.65		%	4.01		%		4.67		%
Purchase Money Note:(a)	Fixed rate	$	—		$	49,435		$	—		$	49,435			$	49,208
	Interest rates(f)	—		%	3.40		%	—		%	3.40		%		3.40		%
Senior debt:	Fixed rate	$	5,896		$	19,908		$	11,973		$	37,777			$	26,545
	Variable rate	21,159			43,393			10,650			75,202				56,782
	Interest rates(f)	5.02		%	3.88%			1.35		%	3.66		%		3.81		%



	Subtotal	$	28,291		$	129,641		$	22,641		$	180,573			$	161,792
Junior subordinated debt:	Fixed rate	$	—		$	495		$	—		$	495			$	488
	Variable rate	—			421			678			1,099				1,115
	Interest rates(f)	—		%	6.87		%	5.06		%	6.10		%		6.58		%
	Subtotal	$	—		$	916		$	678		$	1,594			$	1,603
Total long-term debt(b)(c)(d)		$	42,589		$	232,318		$	160,299		$	435,206		(g)(h)	$	401,418
Long-term beneficial interests:
	Fixed rate	$	1,156		$	4,728		$	—		$	5,884			$	5,312
	Variable rate	—			13			120			133				166
	Interest rates(f)	5.16		%	4.54		%	3.14		%	4.63		%		4.62		%
Total long-term beneficial interests(e)		$	1,156		$	4,741		$	120		$	6,017			$	5,478

(a)Reflects the Purchase Money Note associated with First Republic. Refer to Note 34 for additional information.

(b)Included long-term debt of $70.0 billion and $80.9 billion secured by assets totaling $191.0 billion and $185.5 billion at December 31, 2025 and 2024, respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments.

(c)Included $134.6 billion and $100.8 billion of long-term debt accounted for at fair value at December 31, 2025 and 2024, respectively.

(d)Included $18.1 billion and $13.5 billion of outstanding zero-coupon notes at December 31, 2025 and 2024, respectively. The aggregate principal amount of these notes at their respective maturities is $57.6 billion and $50.2 billion, respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable.

(e)Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included amounts accounted for at fair value which were not material as of December 31, 2025 and 2024. Excluded short-term commercial paper and other short-term beneficial interests of $21.9 billion and $21.8 billion at December 31, 2025 and 2024, respectively.

(f)The interest rates shown are the weighted average of contractual rates in effect at December 31, 2025 and 2024, respectively, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The interest rates shown exclude structured notes accounted for at fair value.

(g)As of December 31, 2025, long-term debt in the aggregate of $320.4 billion was redeemable at the option of JPMorganChase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments.

(h)The aggregate carrying values of debt that matures in each of the five years subsequent to 2025 is $42.6 billion in 2026, $55.8 billion in 2027, $105.4 billion in 2028, $31.4 billion in 2029 and $39.8 billion in 2030.

The weighted-average contractual interest rates for total long-term debt excluding structured notes accounted for at fair value were 3.89% and 3.82% as of December 31, 2025 and 2024, respectively. In order to modify exposure to interest rate and currency exchange rate movements, JPMorganChase utilizes derivative instruments, primarily interest rate and cross-currency interest rate swaps, in conjunction with some of its debt issuances. The use of these instruments modifies the Firm’s interest expense on the associated debt. The modified weighted-average interest rates for total long-term debt, including the effects of related derivative instruments, were 4.75% and 5.15% as of December 31, 2025 and 2024, respectively.

JPMorgan Chase & Co. has guaranteed certain long-term debt of its subsidiaries, including structured notes. These guarantees rank pari passu with the Firm’s other unsecured and unsubordinated indebtedness. The amount of such guaranteed long-term debt and structured notes was $47.6 billion and $41.2 billion at December 31, 2025 and 2024, respectively.

The Firm’s unsecured debt does not contain requirements that would call for an acceleration of payments, maturities or changes in the structure of the existing debt, provide any limitations on future borrowings or require additional collateral, based on unfavorable changes in the Firm’s credit ratings, financial ratios, earnings or stock price.