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Preferred Stock
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Preferred Stock Preferred stock
At December 31, 2025 and 2024, JPMorganChase was authorized to issue 200 million shares of preferred stock, in one or more series, with a par value of $1 per share. In the event of a liquidation or dissolution of the Firm, JPMorganChase’s preferred stock then outstanding takes precedence over the Firm’s common stock with respect to the payment of dividends and the distribution of assets.
The following is a summary of JPMorganChase’s non-cumulative preferred stock outstanding as of December 31, 2025 and 2024, and the quarterly dividend declarations for the years ended December 31, 2025, 2024 and 2023.
Shares(a)
Carrying value
 (in millions)		Issue dateContractual rate
in effect at
December 31, 2025
Earliest redemption date(b)
Floating annualized
rate(c)
Dividend declared per share(d)
December 31,December 31,Year ended December 31,
2025202420252024202520242023
Fixed-rate:
Series DD
169,625 169,625 $1,696 $1,696 9/21/20185.750 %12/1/2023NA$575.00 $575.00 $575.00 
Series EE
185,000 185,000 1,850 1,850 1/24/20196.000 3/1/2024NA600.00 600.00 600.00 
Series GG
90,000 90,000 900 900 11/7/20194.750 12/1/2024NA475.00 475.00 475.00 
Series JJ150,000 150,000 1,500 1,500 3/17/20214.550 6/1/2026NA455.00 455.00 455.00 
Series LL185,000 185,000 1,850 1,850 5/20/20214.625 6/1/2026NA462.52 462.52 462.52 
Series MM200,000 200,000 2,000 2,000 7/29/20214.200 9/1/2026NA420.00 420.00 420.00 
Fixed-to-floating rate:
Series Q
— — — — 4/23/2013— 5/1/2023
SOFR + 3.25%
— 220.45 801.41 
(h)
Series R
— — — — 7/29/2013— 8/1/2023
SOFR + 3.30
— 221.70 756.73 
(i)
Series S— — — — 1/22/2014— 2/1/2024
SOFR + 3.78
— 233.70 
(g)
675.00 
Series U
— — — — 3/10/2014— 4/30/2024
SOFR + 3.33
— 153.13 612.50 
Series X
— — — — 9/23/2014— 10/1/2024
SOFR + 3.33
— 457.50 610.00 
Series CC
125,750 125,750 1,258 1,258 10/20/2017
SOFR + 2.58
11/1/2022
SOFR + 2.58
709.88 812.73 804.08 
Series FF
— — — — 7/31/2019— 8/1/2024
SOFR + 3.38
— 250.00 500.00 
Series HH— 300,000 — 3,000 1/23/2020— 2/1/2025
SOFR + 3.125
— 460.00 460.00 
Series II150,000 150,000 1,500 1,500 2/24/2020
SOFR + 2.745
4/1/2025
SOFR + 2.745
631.68 
(e)
400.00 400.00 
Series KK200,000 200,000 2,000 2,000 5/12/20213.650 6/1/2026
CMT + 2.85
365.00 365.00 365.00 
Series NN250,000 250,000 2,496 2,496 3/12/20246.875 6/1/2029
CMT + 2.737
687.52 494.63 
(f)
NA
Series OO300,000 NA2,995 NA2/4/20256.500 4/1/2030
CMT + 2.152
590.42 
(f)
NANA
Total preferred stock2,005,375 2,005,375 $20,045 $20,050 
(a)Represented by depositary shares.
(b)Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date.
(c)References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus, in the case of the Series CC preferred stock, a spread adjustment of 0.26% per annum) plus the spreads noted. References to “CMT” mean a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spreads noted.
(d)Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends are declared quarterly. Dividends are payable quarterly on fixed-rate preferred stock. Dividends are payable semiannually on fixed-to-floating rate preferred stock while at a fixed rate, and payable quarterly after converting to a floating rate.
(e)The dividend rate for Series II preferred stock became floating and payable quarterly starting on April 1, 2025; prior to which the dividend rate was fixed at 4.00% or $200.00 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on April 1, 2025 was three-month term SOFR plus the spread of 2.745%.
(f)The initial dividend declared was prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate.
(g)The dividend rate for Series S preferred stock became floating and payable quarterly starting on February 1, 2024; prior to which the dividend rate was fixed at 6.75% or $337.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on February 1, 2024 was three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.78%.
(h)The dividend rate for Series Q preferred stock became floating and payable quarterly starting on May 1, 2023; prior to which the dividend rate was fixed at 5.15% or $257.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 was three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.25%.
(i)The dividend rate for Series R preferred stock became floating and payable quarterly starting on August 1, 2023; prior to which the dividend rate was fixed at 6.00% or $300.00 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 was three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.30%.
Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $20.1 billion at December 31, 2025.
Issuances
On February 4, 2025, the Firm issued $3.0 billion of fixed-rate reset non-cumulative preferred stock, Series OO.
On March 12, 2024, the Firm issued $2.5 billion of fixed-rate reset non-cumulative preferred stock, Series NN.
Redemptions
On February 1, 2025, the Firm redeemed all $3.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series HH.
On October 1, 2024, the Firm redeemed all $1.6 billion of its fixed-to-floating rate non-cumulative preferred stock, Series X.
On August 1, 2024, the Firm redeemed all $2.3 billion of its fixed-to-floating rate non-cumulative preferred stock, Series FF.
On May 1, 2024, the Firm redeemed all $5.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Q, Series R and Series S.
On April 30, 2024, the Firm redeemed all $1.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series U.
Redemption rights
Each series of the Firm’s preferred stock may be redeemed on any dividend payment date on or after the earliest redemption date for that series. All outstanding preferred stock series may also be redeemed following a “capital treatment event,” as described in the terms of each series. Any redemption of the Firm’s preferred stock is subject to non-objection from the Board of Governors of the Federal Reserve System (the “Federal Reserve”).