Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of uses and disclosure of derivatives

The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.

Type of Derivative	Use of Derivative	Designation and disclosure	Affected segment or unit	Page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
•Interest rate	Hedge fixed rate assets and liabilities	Fair value hedge	Corporate	211-212
•Interest rate	Hedge floating-rate assets and liabilities	Cash flow hedge	Corporate	213
•Foreign exchange	Hedge foreign currency-denominated assets and liabilities	Fair value hedge	Corporate	211-212
•Foreign exchange	Hedge foreign currency-denominated forecasted revenue and expense	Cash flow hedge	Corporate	213
•Foreign exchange	Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities	Net investment hedge	Corporate	214
•Commodity	Hedge commodity inventory	Fair value hedge	CIB, AWM	211-212
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
•Interest rate	Manage the risk associated with mortgage commitments, warehouse loans and MSRs	Specified risk management	CCB	214
•Credit	Manage the credit risk associated with wholesale lending exposures	Specified risk management	CIB, AWM	214
•Interest rate and foreign exchange	Manage the risk associated with certain other specified assets and liabilities	Specified risk management	Corporate, CIB	214
Market-making derivatives and other activities:
•Various	Market-making and related risk management	Market-making and other	CIB	214
•Various	Other derivatives	Market-making and other	CIB, AWM, Corporate	214

Notional amount of derivative contracts

The following table summarizes the notional amount of free-standing derivative contracts outstanding as of December 31, 2025 and 2024.

	Notional amounts(b)
December 31, (in billions)	2025		2024
Interest rate contracts
Swaps	$	19,056	$	20,437
Futures and forwards	3,305		3,067
Written options	3,775		3,067
Purchased options	3,400		3,089
Total interest rate contracts	29,536		29,660
Credit derivatives(a)	1,381		1,191
Foreign exchange contracts
Cross-currency swaps	5,476		4,509
Spot, futures and forwards	8,187		7,005
Written options	979		1,015
Purchased options	953		984
Total foreign exchange contracts	15,595		13,513
Equity contracts
Swaps	1,147		850
Futures and forwards	196		206
Written options	1,118		914
Purchased options	971		788
Total equity contracts	3,432		2,758
Commodity contracts
Swaps	189		148
Spot, futures and forwards	270		191
Written options	119		137
Purchased options	120		125
Total commodity contracts	698		601
Total derivative notional amounts	$	50,642	$	47,723

(a)Refer to the Credit derivatives discussion on pages 215–217 for more information on volumes and types of credit derivative contracts.

(b)Represents the sum of gross long and gross short third-party notional derivative contracts.

Impact of derivatives on the Consolidated Balance Sheets

The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of December 31, 2025 and 2024, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.

Free-standing derivative receivables and payables(a)
	Gross derivative receivables								Gross derivative payables
December 31, 2025 (in millions)	Not designated as hedges		Designated as hedges		Total derivative receivables		Net derivative receivables(b)		Not designated as hedges		Designated as hedges		Total derivative payables		Net derivative payables(b)
Trading assets and liabilities
Interest rate	$	281,884	$	—	$	281,884	$	25,401	$	257,582	$	1	$	257,583	$	7,461
Credit	13,024		—		13,024		479		17,628		—		17,628		2,016
Foreign exchange	182,887		349		183,236		19,355		177,158		983		178,141		14,833
Equity	97,723		—		97,723		5,867		117,017		—		117,017		14,806
Commodity	29,932		583		30,515		6,675		24,744		1,625		26,369		7,213
Total fair value of trading assets and liabilities	$	605,450	$	932	$	606,382	$	57,777	$	594,129	$	2,609	$	596,738	$	46,329
	Gross derivative receivables								Gross derivative payables
December 31, 2024 (in millions)	Not designated as hedges		Designated as hedges		Total derivative receivables		Net derivative receivables(b)		Not designated as hedges		Designated as hedges		Total derivative payables		Net derivative payables(b)
Trading assets and liabilities
Interest rate	$	290,734	$	—	$	290,734	$	24,945	$	274,226	$	2	$	274,228	$	9,239
Credit	11,087		—		11,087		814		13,796		—		13,796		1,898
Foreign exchange	261,035		1,885		262,920		25,312		253,289		1,278		254,567		15,597
Equity	85,220		—		85,220		5,285		96,139		—		96,139		8,648
Commodity	15,490		136		15,626		4,611		14,415		73		14,488		4,279
Total fair value of trading assets and liabilities	$	663,566	$	2,021	$	665,587	$	60,967	$	651,865	$	1,353	$	653,218	$	39,661

(a)Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.

(b)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.

Offsetting assets

The following tables present, as of December 31, 2025 and 2024, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:

•collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as "Collateral not nettable on the Consolidated balance sheets" in the tables, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule;

•the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables; and

•collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables.

	2025							2024
December 31, (in millions)	Gross derivative receivables		Amounts netted on the Consolidated balance sheets		Net derivative receivables			Gross derivative receivables		Amounts netted on the Consolidated balance sheets		Net derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”)	$	162,300	$	(138,107)	$	24,193		$	158,202	$	(134,791)	$	23,411
OTC–cleared	118,377		(118,303)		74			130,989		(130,810)		179
Exchange-traded(a)	128		(73)		55			190		(188)		2
Total interest rate contracts	280,805		(256,483)		24,322			289,381		(265,789)		23,592
Credit contracts:
OTC	9,723		(9,433)		290			8,680		(8,030)		650
OTC–cleared	3,233		(3,112)		121			2,267		(2,243)		24
Total credit contracts	12,956		(12,545)		411			10,947		(10,273)		674
Foreign exchange contracts:
OTC	180,120		(163,029)		17,091			259,608		(236,931)		22,677
OTC–cleared	904		(849)		55			685		(677)		8
Exchange-traded(a)	21		(3)		18			34		—		34
Total foreign exchange contracts	181,045		(163,881)		17,164			260,327		(237,608)		22,719
Equity contracts:
OTC	33,418		(31,170)		2,248			33,269		(30,742)		2,527
Exchange-traded(a)	63,168		(60,686)		2,482			51,040		(49,193)		1,847
Total equity contracts	96,586		(91,856)		4,730			84,309		(79,935)		4,374
Commodity contracts:
OTC	18,244		(14,469)		3,775			8,340		(5,848)		2,492
OTC–cleared	109		(79)		30			126		(84)		42
Exchange-traded(a)	9,565		(9,292)		273			5,179		(5,083)		96
Total commodity contracts	27,918		(23,840)		4,078			13,645		(11,015)		2,630
Derivative receivables with appropriate legal opinion	599,310		(548,605)		50,705		(d)	658,609		(604,620)		53,989		(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained	7,072				7,072			6,978				6,978
Total derivative receivables recognized on the Consolidated balance sheets	$	606,382			$	57,777		$	665,587			$	60,967
Collateral not nettable on the Consolidated balance sheets(b)(c)					(28,891)							(28,160)
Net amounts					$	28,886						$	32,807

Offsetting liabilities

	2025							2024
December 31, (in millions)	Gross derivative payables		Amounts netted on the Consolidated balance sheets		Net derivative payables			Gross derivative payables		Amounts netted on the Consolidated balance sheets		Net derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC	$	135,045	$	(128,464)	$	6,581		$	138,215	$	(130,375)	$	7,840
OTC–cleared	121,702		(121,557)		145			134,555		(134,262)		293
Exchange-traded(a)	104		(101)		3			363		(352)		11
Total interest rate contracts	256,851		(250,122)		6,729			273,133		(264,989)		8,144
Credit contracts:
OTC	14,848		(13,196)		1,652			11,381		(10,133)		1,248
OTC–cleared	2,446		(2,416)		30			1,779		(1,765)		14
Total credit contracts	17,294		(15,612)		1,682			13,160		(11,898)		1,262
Foreign exchange contracts:
OTC	175,485		(162,455)		13,030			251,860		(238,292)		13,568
OTC–cleared	897		(850)		47			772		(678)		94
Exchange-traded(a)	9		(3)		6			14		—		14
Total foreign exchange contracts	176,391		(163,308)		13,083			252,646		(238,970)		13,676
Equity contracts:
OTC	53,530		(41,552)		11,978			44,394		(38,298)		6,096
Exchange-traded(a)	61,363		(60,659)		704			49,578		(49,193)		385
Total equity contracts	114,893		(102,211)		12,682			93,972		(87,491)		6,481
Commodity contracts:
OTC	14,176		(9,786)		4,390			6,918		(5,206)		1,712
OTC–cleared	79		(79)		—			84		(84)		—
Exchange-traded(a)	9,334		(9,291)		43			5,182		(4,919)		263
Total commodity contracts	23,589		(19,156)		4,433			12,184		(10,209)		1,975
Derivative payables with appropriate legal opinion	589,018		(550,409)		38,609		(d)	645,095		(613,557)		31,538		(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained	7,720				7,720			8,123				8,123
Total derivative payables recognized on the Consolidated balance sheets	$	596,738			$	46,329		$	653,218			$	39,661
Collateral not nettable on the Consolidated balance sheets(b)(c)					(18,478)							(10,163)
Net amounts					$	27,851						$	29,498

(a)Exchange-traded derivative balances that relate to futures contracts are settled daily.

(b)Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.

(c)Derivative collateral relates only to OTC and OTC-cleared derivative instruments.

(d)Net derivatives receivable included cash collateral netted of $54.7 billion and $51.9 billion at December 31, 2025 and 2024, respectively. Net derivatives payable included cash collateral netted of $56.5 billion and $60.8 billion at December 31, 2025 and 2024, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.

Current credit risk of derivative receivables and liquidity risk of derivative payables

The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at December 31, 2025 and 2024.

OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)	December 31, 2025			December 31, 2024
Aggregate fair value of net derivative payables		$	19,986		$	15,371
Collateral posted		20,555			15,204

The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at December 31, 2025 and 2024, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined rating threshold is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payment requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.

Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
	December 31, 2025				December 31, 2024
(in millions)	Single-notch downgrade		Two-notch downgrade		Single-notch downgrade		Two-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)	$	28	$	124	$	119	$	1,205
Amount required to settle contracts with termination triggers upon downgrade(b)	15		96		78		458

(a)Includes the additional collateral to be posted for initial margin.

(b)Amounts represent fair values of derivative payables, and do not reflect collateral posted.

Fair value hedge gains and losses

The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the years ended December 31, 2025, 2024 and 2023, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.

	Gains/(losses) recorded in income						Income statement impact of excluded components(e)				OCI impact
Year ended December 31, 2025 (in millions)	Derivatives		Hedged items		Income statement impact		Amortization approach		Changes in fair value		Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)	$	(88)	$	1,360	$	1,272	$	—	$	1,250	$	—
Foreign exchange(c)	1,077		(743)		334		(696)		334		84
Commodity(d)	(3,852)		4,127		275		—		224		—
Total	$	(2,863)	$	4,744	$	1,881	$	(696)	$	1,808	$	84
	Gains/(losses) recorded in income						Income statement impact of excluded components(e)				OCI impact
Year ended December 31, 2024 (in millions)	Derivatives		Hedged items		Income statement impact		Amortization approach		Changes in fair value		Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)	$	711	$	(65)	$	646	$	—	$	699	$	—
Foreign exchange(c)	(177)		402		225		(532)		225		(115)
Commodity(d)	293		(160)		133		—		122		—
Total	$	827	$	177	$	1,004	$	(532)	$	1,046	$	(115)
	Gains/(losses) recorded in income						Income statement impact of excluded components(e)				OCI impact
Year ended December 31, 2023 (in millions)	Derivatives		Hedged items		Income statement impact		Amortization approach		Changes in fair value		Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)	$	1,554	$	(1,248)	$	306	$	—	$	157	$	—
Foreign exchange(c)	722		(483)		239		(601)		239		(134)
Commodity(d)	1,227		(706)		521		—		525		—
Total	$	3,503	$	(2,437)	$	1,066	$	(601)	$	921	$	(134)

(a)Primarily consists of hedges of the benchmark (e.g., Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.

(b)Includes the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item. Excludes the accrual of interest on interest rate swaps and the related hedged items.

(c)Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.

(d)Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.

(e)The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative or through fair value changes recognized in the current period.

(f)Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.

Schedule of amounts recorded on Consolidated Balance Sheets related to certain cumulative fair value hedge basis adjustments

As of December 31, 2025 and 2024, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.

	Carrying amount of the hedged items(a)(b)			Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:(d)
December 31, 2025 (in millions)				Active hedging relationships		Discontinued hedging relationships(e)		Total
Assets
Investment securities - AFS	$	255,109	(c)	$	3,693	$	(1,374)	$	2,319
Liabilities
Long-term debt	$	222,611		$	232	$	(8,689)	$	(8,457)
Beneficial interests issued by consolidated VIEs	$	5,884		$	37	$	—	$	37
	Carrying amount of the hedged items(a)(b)			Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:(d)
December 31, 2024 (in millions)				Active hedging relationships		Discontinued hedging relationships(e)		Total
Assets
Investment securities - AFS	$	203,141	(c)	$	(1,675)	$	(1,959)	$	(3,634)
Liabilities
Long-term debt	$	211,288		$	(3,711)	$	(9,332)	$	(13,043)
Beneficial interests issued by consolidated VIEs	$	5,312		$	(30)	$	(5)	$	(35)

(a)Excludes physical commodities with a carrying value of $22.9 billion and $6.2 billion at December 31, 2025 and 2024, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.

(b)Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At December 31, 2025 and 2024, the carrying amount excluded for AFS securities was $33.6 billion and $28.7 billion, respectively. At December 31, 2025 and 2024, the carrying amount excluded for long-term debt was $587 million and $518 million, respectively.

(c)Carrying amount represents the amortized cost, net of allowance if applicable. At December 31, 2025 and 2024, the amortized cost of the portfolio layer method closed portfolios was $91.9 billion and $72.8 billion, of which $68.9 billion and $41.2 billion was designated as hedged, respectively. The amount designated as hedged is the sum of the notional amounts of all outstanding layers in each portfolio, which includes both spot starting and forward starting layers. At December 31, 2025 and 2024, the cumulative amount of basis adjustments was $(32) million and $(1.7) billion, which is comprised of $641 million and $(1.2) billion for active hedging relationships, and $(673) million and $(566) million for discontinued hedging relationships, respectively. Refer to Note 10 for additional information.

(d)Positive (negative) amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce (increase) net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.

(e)Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.

Cash flow hedge gains and losses

The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the years ended December 31, 2025, 2024 and 2023, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.

	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Year ended December 31, 2025 (in millions)	Amounts reclassified from AOCI to income			Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate(a)		$	(2,456)		$	1,860		$	4,316
Foreign exchange(b)		50			197			147
Total		$	(2,406)		$	2,057		$	4,463

	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Year ended December 31, 2024 (in millions)	Amounts reclassified from AOCI to income			Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate(a)		$	(2,668)		$	(3,603)		$	(935)
Foreign exchange(b)		89			(139)			(228)
Total		$	(2,579)		$	(3,742)		$	(1,163)
	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Year ended December 31, 2023 (in millions)	Amounts reclassified from AOCI to income			Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate(a)		$	(1,839)		$	274		$	2,113
Foreign exchange(b)		64			209			145
Total		$	(1,775)		$	483		$	2,258

(a)Primarily consists of hedges of SOFR-indexed and Prime-indexed floating-rate assets. Gains and losses were recorded in net interest income.

(b)Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.

Net investment hedge gains and losses

The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the years ended December 31, 2025, 2024 and 2023.

	Gains/(losses) recorded in income(a) and other comprehensive income/(loss)
	2025		2024		2023
Year ended December 31, (in millions)	Amounts recorded in income(b)	Amounts recorded in OCI	Amounts recorded in income(b)	Amounts recorded in OCI	Amounts recorded in income(b)	Amounts recorded in OCI
Foreign exchange derivatives	$431	$(6,028)	$467	$4,411	$384	$(1,732)

(a)Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The changes in fair value of these amounts are recorded in net interest income.

(b)Excludes amounts reclassified from AOCI to income on the sale or liquidation of hedged entities. During the years ended December 31, 2025 and 2024, the Firm reclassified net pre-tax gains of $14 million and $89 million, respectively, to other income/expense. During the year ended December 31, 2023, the Firm reclassified a net pre-tax loss of $(35) million to other revenue including the impact of the acquisition of CIFM. Refer to Note 24 for further information.

Risk management derivatives gains and losses (not designated as hedging instruments)

The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency denominated assets and liabilities.

	Derivatives gains/(losses) recorded in income
Year ended December 31, (in millions)	2025		2024		2023
Contract type
Interest rate(a)	$	(34)	$	(425)	$	(135)
Credit(b)	(616)		(604)		(441)
Foreign exchange(c)	82		(10)		(2)
Equity(d)	(21)		—		—
Total	$	(589)	$	(1,039)	$	(578)

(a)Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.

(b)Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.

(c)Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.

(d)Gains and losses were recorded in principal transactions revenue.

Credit derivatives and credit-related notes

Total credit derivatives and credit-related notes
	Maximum payout/Notional amount
December 31, 2025 (in millions)	Protection sold		Protection purchased with identical underlyings(c)		Net protection (sold)/purchased(d)		Other protection purchased(e)
Credit derivatives
Credit default swaps	$	(503,480)	$	549,440	$	45,960	$	6,840
Other credit derivatives(a)	(124,650)		187,090		62,440		9,495
Total credit derivatives	(628,130)		736,530		108,400		16,335
Credit-related notes(b)	—		—		—		13,162
Total	$	(628,130)	$	736,530	$	108,400	$	29,497
	Maximum payout/Notional amount
December 31, 2024 (in millions)	Protection sold		Protection purchased with identical underlyings(c)		Net protection (sold)/purchased(d)		Other protection purchased(e)
Credit derivatives
Credit default swaps	$	(450,184)	$	474,554	$	24,370	$	6,858
Other credit derivatives(a)	(110,913)		137,927		27,014		10,169
Total credit derivatives	(561,097)		612,481		51,384		17,027
Credit-related notes(b)	—		—		—		10,471
Total	$	(561,097)	$	612,481	$	51,384	$	27,498

(a)Other credit derivatives predominantly consist of credit swap options and total return swaps.

(b)Predominantly represents Other protection purchased by CIB.

(c)Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.

(d)Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.

(e)Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. Also includes credit protection against certain loans and lending-related commitments in the retained lending portfolio through the issuance of credit derivatives and credit-related notes.

Protection sold - credit derivatives and credit-related notes ratings/maturity profile

The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of December 31, 2025 and 2024, where JPMorganChase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives where JPMorganChase is the purchaser of protection are comparable to the profile reflected below.

Protection sold – credit derivatives ratings(a)/maturity profile
December 31, 2025 (in millions)	<1 year		1–5 years		>5 years		Total notional amount		Fair value of receivables(b)		Fair value of payables(b)		Net fair value
Risk rating of reference entity
Investment-grade	$	(146,799)	$	(314,100)	$	(28,117)	$	(489,016)	$	4,969	$	(908)	$	4,061
Noninvestment-grade	(43,863)		(91,220)		(4,031)		(139,114)		3,439		(2,085)		1,354
Total	$	(190,662)	$	(405,320)	$	(32,148)	$	(628,130)	$	8,408	$	(2,993)	$	5,415

December 31, 2024 (in millions)	<1 year		1–5 years		>5 years		Total notional amount		Fair value of receivables(b)		Fair value of payables(b)		Net fair value
Risk rating of reference entity
Investment-grade	$	(135,950)	$	(277,052)	$	(33,379)	$	(446,381)	$	4,593	$	(904)	$	3,689
Noninvestment-grade	(42,149)		(70,525)		(2,042)		(114,716)		1,889		(1,738)		151
Total	$	(178,099)	$	(347,577)	$	(35,421)	$	(561,097)	$	6,482	$	(2,642)	$	3,840

(a)The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.

(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.