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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Reconciliation of the applicable statutory U.S. income tax rate to the effective tax rate the effective tax rate
The following table presents a reconciliation of the applicable statutory U.S. federal income tax rate to the effective tax rate.
202520242023
Year ended December 31,
(in millions, except rates)
Income tax expense
% of income before income tax expense
Income tax expense% of income before income tax expenseIncome tax expense% of income before income tax expense
Statutory U.S. federal tax rate$15,245 21.0 %$15,767 21.0 %$12,938 21.0 %
Increase/(decrease) in tax rate resulting from:
U.S. state and local income taxes, net of U.S. federal income tax benefit(a)
2,688 3.7 2,373 3.2 1,729 2.8 
Foreign tax effects1,386 1.9 1,670 2.2 1,411 2.3 
Effect of changes in tax laws or rates enacted in the current period(134)(0.2)— — — — 
Effect of cross border tax laws, net(342)(0.5)(509)(0.7)(325)(0.5)
Tax credits, net(2,144)(3.0)(1,985)(2.6)(2,802)(4.5)
Alternative energy credits
(1,135)(1.6)(1,125)(1.5)(2,170)(3.5)
All other
(1,009)(1.4)(860)(1.1)(632)(1.0)
Change in valuation allowances248 0.3 — — — — 
Nontaxable or nondeductible items(246)(0.3)(369)(0.5)29 — 
Changes in unrecognized tax benefits(387)(0.5)(3)— 56 0.1 
Other, net(767)(1.0)(334)(0.5)(976)(1.6)
Total income tax expense and effective tax rate$15,547 21.4 %$16,610 22.1 %$12,060 
(b)
19.6 %
(b)
(a)For the years ended December 31, 2025 and 2024, California, New York City, and New York State made up greater than 50% of the effect of the U.S. state and local income taxes category. For the year ended December 31, 2023, New York City and California made up greater than 50% of the effect of the U.S. state and local income taxes category.
(b)Income tax expense associated with the First Republic acquisition was reflected in the estimated bargain purchase gain, which resulted in a reduction in the Firm’s effective tax rate.
Components of income tax expense/(benefit) included in the Consolidated Statements of Income
The following table reflects the components of income tax expense/(benefit) included in the Consolidated statements of income.
Income tax expense/(benefit)
Year ended December 31,
(in millions)		202520242023
Current income tax expense/(benefit)
U.S. federal$3,109 $7,091 $8,973 
U.S. state and local2,559 2,762 3,266 
Non-U.S.4,268 4,753 4,355 
Total current income tax expense
9,936 14,606 16,594 
Deferred income tax expense/(benefit)
U.S. federal4,447 1,771 (3,475)
U.S. state and local906 161 (1,094)
Non-U.S.258 72 35 
Total deferred income tax expense/(benefit)5,611 2,004 (4,534)
Total income tax expense$15,547 $16,610 $12,060 
U.S. and non-U.S. components of income before income tax expense/(benefit)
The following table presents the U.S. and non-U.S. components of income before income tax expense.
Year ended December 31,
(in millions)		202520242023
U.S.$56,184 $59,472 $46,868 
Non-U.S.(a)
16,411 15,609 14,744 
Income before income tax expense
$72,595 $75,081 $61,612 
(a)For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S.
Income taxes paid
The following table presents income taxes paid by respective jurisdiction in excess of 5% of total income taxes paid, net of refunds received.
Year ended December 31,
(in millions)		202520242023
U.S. federal$(1,099)$3,465 $2,797 
U.S. state and local
New York State
538 NM590 
California
465 810 721 
New York City
270 NMNM
All other
459 2,065 1,432 
Total U.S. state and local
1,732 2,875 2,743 
Non-U.S.
United Kingdom
987 1,254 1,254 
India
582 599 NM
France
459 NMNM
Luxembourg
272 NMNM
Germany
NM647 NM
All other
2,376 2,875 3,114 
Total Non-U.S.
4,676 5,375 4,368 
Total cash income taxes paid, net
$5,309 $11,715 $9,908 
Significant components of deferred tax assets and liabilities The significant components of deferred tax assets and liabilities are reflected in the following table, the net deferred tax assets are reflected in other assets on the Firm’s Consolidated balance sheets.
December 31,
(in millions)
20252024
Deferred tax assets
Allowance for loan losses$7,402 $6,117 
Employee benefits1,079 1,165 
Accrued expenses and other
5,907 8,881 
Depreciation and amortization— 386 
Non-U.S. operations1,027 948 
Tax attribute carryforwards2,252 352 
Gross deferred tax assets17,667 17,849 
Valuation allowance(476)(249)
Deferred tax assets, net of valuation allowance
$17,191 $17,600 
Deferred tax liabilities
Depreciation and amortization$2,343 $— 
Mortgage servicing rights, net of hedges
1,950 1,912 
Leasing transactions4,291 2,249 
Other, net1,659 1,264 
Gross deferred tax liabilities10,243 5,425 
Net deferred tax assets
$6,948 $12,175 
Reconciliation of the beginning and ending amount of unrecognized tax benefits
The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits.
(in millions)202520242023
Balance at January 1,$6,159 $5,401 $5,043 
Increases based on tax positions related to the current period
609 1,721 1,440 
Increases based on tax positions related to prior periods
128 92 37 
Decreases based on tax positions related to prior periods
(1,268)(907)(1,110)
Decreases related to cash settlements with taxing authorities
(4)(148)(9)
Balance at December 31,$5,624 $6,159 $5,401 
Tax examination status The following table summarizes the status of tax years that remain subject to income tax examination of JPMorganChase and its consolidated subsidiaries by significant jurisdictions as of December 31, 2025.
Periods under examinationStatus
JPMorganChase – U.S.2011 – 2013Field examination of amended returns; certain matters at Appellate level
JPMorganChase – U.S.
2014 - 2020
Field examination of original and amended returns; certain matters at Appellate level
JPMorganChase – New York City
2015 - 2018
Field examination
JPMorganChase – New York State
2015 - 2018Field examination
JPMorganChase – U.K.
2017 – 2023
Field examination of certain select entities