Investment Securities (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities amortized costs and estimated fair values

The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.

	2025								2024
December 31, (in millions)	Amortized cost(c)(d)		Gross unrealized gains		Gross unrealized losses		Fair value		Amortized cost(c)(d)		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies	$	92,112	$	1,075	$	2,215	$	90,972	$	95,671	$	251	$	4,029	$	91,893
Residential:
U.S.	5,564		38		17		5,585		4,242		16		50		4,208
Non-U.S.	405		1		—		406		600		3		—		603
Commercial	4,466		48		30		4,484		4,115		20		70		4,065
Total mortgage-backed securities	102,547		1,162		2,262		101,447		104,628		290		4,149		100,769
U.S. Treasury and government agencies	313,470		2,384		32		315,822		235,495		545		1,261		234,779
Obligations of U.S. states and municipalities	20,915		118		793		20,240		18,337		110		534		17,913
Non-U.S. government debt securities	45,676		215		236		45,655		36,655		94		504		36,245
Corporate debt securities	139		—		11		128		71		—		1		70
Asset-backed securities:
Collateralized loan obligations	21,897		51		1		21,947		14,887		59		3		14,943
Other	1,941		25		7		1,959		2,125		17		9		2,133
Unallocated portfolio layer fair value basis adjustments(a)	641		(641)		—		NA		(1,153)		—		(1,153)		NA
Total available-for-sale securities	507,226		3,314		3,342		507,198		411,045		1,115		5,308		406,852
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies	89,073		57		9,200		79,930		97,177		6		13,531		83,652
U.S. Residential	7,542		6		570		6,978		8,605		4		904		7,705
Commercial	6,493		19		234		6,278		8,817		24		389		8,452
Total mortgage-backed securities	103,108		82		10,004		93,186		114,599		34		14,824		99,809
U.S. Treasury and government agencies	132,727		134		6,414		126,447		108,632		—		11,212		97,420
Obligations of U.S. states and municipalities	8,600		17		609		8,008		9,310		32		631		8,711
Asset-backed securities:
Collateralized loan obligations	24,695		29		6		24,718		40,573		84		14		40,643
Other	1,004		1		20		985		1,354		2		39		1,317
Total held-to-maturity securities	270,134		263		17,053		253,344		274,468		152		26,720		247,900
Total investment securities, net of allowance for credit losses	$	777,360	$	3,577	$	20,395	$	760,542	$	685,513	$	1,267	$	32,028	$	654,752

(a)Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 1 and Note 5 for additional information.

(b)The Firm purchased $5.4 billion, $4.7 billion and $4.1 billion of HTM securities for the years ended December 31, 2025, 2024 and 2023, respectively.

(c)The amortized cost of investment securities is reported net of allowance for credit losses of $106 million, $152 million and $128 million at December 31, 2025, 2024 and 2023, respectively.

(d)Excludes $4.6 billion and $3.7 billion of accrued interest receivable at December 31, 2025 and 2024, respectively, included in accrued interest and accounts receivable on the Consolidated balance sheets. The Firm generally does not recognize an allowance for credit losses on accrued interest receivable, consistent with its policy to write them off no later than 90 days past due by reversing interest income. The Firm did not reverse through interest income any accrued interest receivable for the years ended December 31, 2025 and 2024.

Held-to-maturity securities amortized costs and estimated fair values

The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.

	2025								2024
December 31, (in millions)	Amortized cost(c)(d)		Gross unrealized gains		Gross unrealized losses		Fair value		Amortized cost(c)(d)		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies	$	92,112	$	1,075	$	2,215	$	90,972	$	95,671	$	251	$	4,029	$	91,893
Residential:
U.S.	5,564		38		17		5,585		4,242		16		50		4,208
Non-U.S.	405		1		—		406		600		3		—		603
Commercial	4,466		48		30		4,484		4,115		20		70		4,065
Total mortgage-backed securities	102,547		1,162		2,262		101,447		104,628		290		4,149		100,769
U.S. Treasury and government agencies	313,470		2,384		32		315,822		235,495		545		1,261		234,779
Obligations of U.S. states and municipalities	20,915		118		793		20,240		18,337		110		534		17,913
Non-U.S. government debt securities	45,676		215		236		45,655		36,655		94		504		36,245
Corporate debt securities	139		—		11		128		71		—		1		70
Asset-backed securities:
Collateralized loan obligations	21,897		51		1		21,947		14,887		59		3		14,943
Other	1,941		25		7		1,959		2,125		17		9		2,133
Unallocated portfolio layer fair value basis adjustments(a)	641		(641)		—		NA		(1,153)		—		(1,153)		NA
Total available-for-sale securities	507,226		3,314		3,342		507,198		411,045		1,115		5,308		406,852
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies	89,073		57		9,200		79,930		97,177		6		13,531		83,652
U.S. Residential	7,542		6		570		6,978		8,605		4		904		7,705
Commercial	6,493		19		234		6,278		8,817		24		389		8,452
Total mortgage-backed securities	103,108		82		10,004		93,186		114,599		34		14,824		99,809
U.S. Treasury and government agencies	132,727		134		6,414		126,447		108,632		—		11,212		97,420
Obligations of U.S. states and municipalities	8,600		17		609		8,008		9,310		32		631		8,711
Asset-backed securities:
Collateralized loan obligations	24,695		29		6		24,718		40,573		84		14		40,643
Other	1,004		1		20		985		1,354		2		39		1,317
Total held-to-maturity securities	270,134		263		17,053		253,344		274,468		152		26,720		247,900
Total investment securities, net of allowance for credit losses	$	777,360	$	3,577	$	20,395	$	760,542	$	685,513	$	1,267	$	32,028	$	654,752

(a)Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 1 and Note 5 for additional information.

(b)The Firm purchased $5.4 billion, $4.7 billion and $4.1 billion of HTM securities for the years ended December 31, 2025, 2024 and 2023, respectively.

(c)The amortized cost of investment securities is reported net of allowance for credit losses of $106 million, $152 million and $128 million at December 31, 2025, 2024 and 2023, respectively.

(d)Excludes $4.6 billion and $3.7 billion of accrued interest receivable at December 31, 2025 and 2024, respectively, included in accrued interest and accounts receivable on the Consolidated balance sheets. The Firm generally does not recognize an allowance for credit losses on accrued interest receivable, consistent with its policy to write them off no later than 90 days past due by reversing interest income. The Firm did not reverse through interest income any accrued interest receivable for the years ended December 31, 2025 and 2024.

Securities impairment

The following tables present the fair value and gross unrealized losses by aging category for AFS securities at December 31, 2025 and 2024. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $2.2 billion and $5.3 billion, at December 31, 2025 and 2024, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government.

	Available-for-sale securities with gross unrealized losses
	Less than 12 months				12 months or more
Year ended December 31, 2025 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.	$	36	$	—	$	609	$	17	$	645	$	17
Non-U.S.	3		—		20		—		23		—
Commercial	142		1		576		29		718		30
Total mortgage-backed securities	181		1		1,205		46		1,386		47
Obligations of U.S. states and municipalities	5,519		131		9,597		662		15,116		793
Non-U.S. government debt securities	9,324		76		4,954		160		14,278		236
Corporate debt securities	114		11		—		—		114		11
Asset-backed securities:
Collateralized loan obligations	814		—		143		1		957		1
Other	63		—		131		7		194		7
Total available-for-sale securities with gross unrealized losses	$	16,015	$	219	$	16,030	$	876	$	32,045	$	1,095

	Available-for-sale securities with gross unrealized losses
	Less than 12 months				12 months or more
Year ended December 31, 2024 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.	$	1,505	$	6	$	925	$	44	$	2,430	$	50
Non-U.S.	—		—		30		—		30		—
Commercial	763		8		1,184		62		1,947		70
Total mortgage-backed securities	2,268		14		2,139		106		4,407		120
Obligations of U.S. states and municipalities	10,037		233		2,412		301		12,449		534
Non-U.S. government debt securities	14,234		234		4,184		270		18,418		504
Corporate debt securities	9		—		30		1		39		1
Asset-backed securities:
Collateralized loan obligations	2		—		375		3		377		3
Other	214		1		200		8		414		9
Total available-for-sale securities with gross unrealized losses	$	26,764	$	482	$	9,340	$	689	$	36,104	$	1,171

Securities gains and losses and provision for credit loss

Year ended December 31, (in millions)	2025		2024		2023
Realized gains	$	674	$	593	$	622
Realized losses	(731)		(1,614)		(3,802)
Investment securities losses	$	(57)	$	(1,021)	$	(3,180)
Provision for credit losses	$	(28)	$	24	$	38

Amortized cost and estimated fair value by contractual maturity

The following table presents the amortized cost and estimated fair value at December 31, 2025, of JPMorganChase’s investment securities portfolio by contractual maturity.

By remaining maturity December 31, 2025 (in millions)	Due in one year or less			Due after one year through five years			Due after five years through 10 years			Due after 10 years(c)			Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost	$	986		$	12,032		$	5,186		$	84,351		$	102,555
Fair value	978			12,215			5,258			82,996			101,447
Average yield(a)	2.79		%	4.58		%	4.62		%	4.56		%	4.55		%
U.S. Treasury and government agencies
Amortized cost	$	37,727		$	224,284		$	45,128		$	6,331		$	313,470
Fair value	37,869			225,962			45,529			6,462			315,822
Average yield(a)	4.17		%	4.04		%	4.20		%	4.58		%	4.09		%
Obligations of U.S. states and municipalities
Amortized cost	$	—		$	21		$	138		$	20,756		$	20,915
Fair value	—			21			133			20,086			20,240
Average yield(a)	—		%	3.95		%	3.89		%	5.11		%	5.10		%
Non-U.S. government debt securities
Amortized cost	$	10,838		$	21,233		$	11,769		$	1,836		$	45,676
Fair value	10,848			21,305			11,719			1,783			45,655
Average yield(a)	3.51		%	4.03		%	3.53		%	3.21		%	3.75		%
Corporate debt securities
Amortized cost	$	49		$	123		$	—		$	—		$	172
Fair value	13			115			—			—			128
Average yield(a)	17.50		%	15.66		%	—		%	—		%	16.18		%
Asset-backed securities
Amortized cost	$	3		$	327		$	1,291		$	22,217		$	23,838
Fair value	3			329			1,296			22,278			23,906
Average yield(a)	5.30		%	5.62		%	5.71		%	5.04		%	5.08		%
Total available-for-sale securities
Amortized cost(b)	$	49,603		$	258,020		$	63,512		$	135,491		$	506,626
Fair value	49,711			259,947			63,935			133,605			507,198
Average yield(a)	4.01		%	4.07		%	4.14		%	4.71		%	4.24		%
Held-to-maturity securities
Mortgage-backed securities
Amortized cost	$	1,161		$	8,780		$	5,314		$	87,891		$	103,146
Fair value	1,147			8,319			4,908			78,812			93,186
Average yield(a)	1.90		%	2.47		%	3.21		%	2.90		%	2.87		%
U.S. Treasury and government agencies
Amortized cost	$	17,328		$	91,142		$	24,257		$	—		$	132,727
Fair value	17,155			87,552			21,740			—			126,447
Average yield(a)	1.23		%	2.69		%	1.48		%	—		%	2.28		%
Obligations of U.S. states and municipalities
Amortized cost	$	—		$	53		$	286		$	8,288		$	8,627
Fair value	—			50			265			7,693			8,008
Average yield(a)	—		%	4.72		%	3.14		%	3.91		%	3.89		%
Asset-backed securities
Amortized cost	$	—		$	399		$	12,811		$	12,489		$	25,699
Fair value	—			398			12,815			12,490			25,703
Average yield(a)	—		%	2.94		%	4.47		%	4.62		%	4.52		%
Total held-to-maturity securities
Amortized cost(b)	$	18,489		$	100,374		$	42,668		$	108,668		$	270,199
Fair value	18,302			96,319			39,728			98,995			253,344
Average yield(a)	1.27		%	2.67		%	2.60		%	3.17		%	2.77		%

(a)Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives, including closed portfolio hedges. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date.

(b)For purposes of this table, the amortized cost of available-for-sale securities excludes the allowance for credit losses of $41 million and the portfolio layer fair value hedge basis adjustments of $641 million at December 31, 2025. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $65 million at December 31, 2025.

(c)Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately seven years for agency residential MBS, six years for agency residential collateralized mortgage obligations, and four years for nonagency residential collateralized mortgage obligations.