At December 31, 2025 and 2024, JPMorganChase was authorized to issue 9.0 billion shares of common stock with a par value of $1 per share.

Common shares issued which were reissued from treasury by the Firm during the years ended December 31, 2025, 2024 and 2023 were as follows.


Year ended December 31, (in millions)	2025	2024	2023
Total issued – balance at January 1	4,104.9	4,104.9	4,104.9
Treasury – balance at January 1	(1,307.3)	(1,228.3)	(1,170.7)
Repurchase	(114.4)	(91.7)	(69.5)
Reissuance:
Employee benefits and compensation plans	12.3	11.9	10.9
Employee stock purchase plans	0.7	0.8	1.0
Total reissuance	13.0	12.7	11.9
Total treasury – balance at December 31	(1,408.7)	(1,307.3)	(1,228.3)
Outstanding at December 31	2,696.2	2,797.6	2,876.6

On July 1, 2025, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2025. Through June 30, 2025, the Firm was authorized to purchase up to $30 billion of common shares under its previously-approved common share repurchase program that was announced on June 28, 2024.

The following table sets forth the Firm’s repurchases of common stock for the years ended December 31, 2025, 2024 and 2023.


Year ended December 31, (in millions)	2025		2024		2023
Total number of shares of common stock repurchased	114.4		91.7		69.5
Aggregate purchase price of common stock repurchases(a)	$	31,640	$	18,841	$	9,898

(a)Excludes excise tax and commissions.

The Board of Directors’ authorization to repurchase common shares is utilized at management’s discretion. The common share repurchase program approved by the Board of Directors does not establish specific price targets or timetables. Management determines the amount and timing of common share repurchases based on various factors, including market conditions; legal and regulatory considerations affecting the amount and timing of repurchase activity; the Firm’s capital position (taking into account goodwill and intangibles); organic capital generation; current and proposed future capital requirements; and other investment opportunities. The amount of common shares that the Firm repurchases in any period may be substantially more or less than the amounts estimated or actually repurchased in prior periods, reflecting the dynamic nature of the decision-making process. The Firm’s common share repurchases may be suspended by management at any time; and may be executed through open market purchases or privately negotiated transactions, or utilizing Rule 10b5-1 plans, which are written trading plans that the Firm may enter into from time to time under Rule 10b5-1 of the Securities Exchange Act of 1934 and which allow the Firm to repurchase its common shares during periods when it may otherwise not be repurchasing common shares — for example, during internal trading blackout periods.

As of December 31, 2025, approximately 50.0 million shares of common stock were reserved for issuance under various employee incentive, compensation, option and stock purchase plans, and directors’ compensation plans.