Business Segments & Corporate (Tables)

12 Months Ended

Dec. 31, 2025

Segment & Corporate results and reconciliation

The following table provides a summary of results for the Firm’s reportable business segments and Corporate activities as of or for the years ended December 31, 2025, 2024 and 2023, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole (and for each of the reportable business segments and Corporate) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. This allows management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt

sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense/(benefit). These adjustments have no impact on net income as reported by the Firm as a whole or by the each of the LOBs and Corporate.

The Operating Committee reviews segment results including net interest income, noninterest revenue, noninterest expense, provision for credit losses and net income on a managed basis. The Operating Committee uses these measures to evaluate segment performance and to make key operating decisions, including resource and capital allocations.

Segment & Corporate results and reconciliation(a)


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As of or for the year ended December 31, (in millions, except ratios)	Consumer & Community Banking										Commercial & Investment Bank										Asset & Wealth Management
	2025				2024			2023				2025			2024			2023				2025			2024			2023
Noninterest revenue	$	17,795			$	16,649		$	15,118			$	53,766		$	48,253		$	43,809			$	17,241		$	15,023		$	13,560
Net interest income	58,234				54,858			55,030				24,688			21,861			20,544				6,832			6,555			6,267
Total net revenue	76,029				71,507			70,148				78,454			70,114			64,353				24,073			21,578			19,827
Provision for credit losses	11,493			(e)	9,974			6,899				2,615			762			2,091				97			(68)			159
Compensation expense(b)	17,669				17,045			15,171				19,345			18,191			17,105				8,645			7,984			7,115
Noncompensation expense(c)(d)	22,598				20,991			19,648				18,871			17,162			16,867				6,687			6,430			5,665
Total noninterest expense	40,267				38,036			34,819				38,216			35,353			33,972				15,332			14,414			12,780
Income/(loss) before income tax expense/(benefit)	24,269				23,497			28,430				37,623			33,999			28,290				8,644			7,232			6,888
Income tax expense/(benefit)	6,024				5,894			7,198				9,862			9,153			8,018				2,122			1,811			1,661
Net income	$	18,245			$	17,603		$	21,232			$	27,761		$	24,846		$	20,272			$	6,522		$	5,421		$	5,227
Average equity	$	56,000			$	54,500		$	54,349			$	149,500		$	132,000		$	137,507			$	16,000		$	15,500		$	16,671
Total assets	664,669				650,268			642,951				2,142,534			1,773,194			1,638,493				288,065			255,385			245,512
Return on equity	32		%		32		%	38		%		18		%	18		%	14		%		40		%	34		%	31		%
Overhead ratio	53				53			50				49			50			53				64			67			64


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As of or for the year ended December 31, (in millions, except ratios)	Corporate								Reconciling Items(a)						Total
	2025			2024			2023		2025		2024		2023			2025			2024				2023
Noninterest revenue	$	911		$	7,608	(g)	$	132	$	(2,709)	$	(2,560)	$	(3,782)		$	87,004		$	84,973		(g)	$	68,837
Net interest income	6,114			9,786			7,906		(425)		(477)		(480)			95,443			92,583				89,267
Total net revenue	7,025			17,394			8,038		(3,134)		(3,037)		(4,262)			182,447			177,556				158,104
Provision for credit losses	7			10			171		—		—		—			14,212			10,678				9,320
Total noninterest expense(d)	1,825			3,994		(h)	5,601		—		—		—			95,640			91,797			(h)	87,172
Income/(loss) before income tax expense/(benefit)	5,193			13,390			2,266		(3,134)		(3,037)		(4,262)			72,595			75,081				61,612
Income tax expense/(benefit)	673		(f)	2,789			(555)		(3,134)		(3,037)		(4,262)			15,547			16,610				12,060
Net income	$	4,520		$	10,601		$	2,821	$	—	$	—	$	—		$	57,048		$	58,471			$	49,552
Average equity	$	111,254		$	110,370		$	73,529	NA		NA		NA			$	332,754		$	312,370			$	282,056
Total assets	1,329,632			1,323,967			1,348,437		NA		NA		NA			4,424,900			4,002,814				3,875,393
Return on equity	NM			NM			NM		NM		NM		NM			17		%	18		%		17		%
Overhead ratio	NM			NM			NM		NM		NM		NM			52			52				55

(a)Segment results on a managed basis reflect revenue on a FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. In addition, effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures guidance, under the modified retrospective method. Refer to Notes 1, 6, 14 and 25 for additional information.

(b)Excludes expense related to services provided by Corporate support units, which is allocated from Corporate to each respective reportable business segment, as applicable, through noncompensation expense.

(c)Reflects occupancy; technology, communications and equipment; professional and outside services; marketing; and other expense. Refer to Note 6 for additional information on other expense.

(d)Certain services are provided by Corporate and used by each of the reportable business segments. The costs of these services, including compensation-related costs, are allocated from Corporate to the respective reportable business segments, with the allocations recorded in noncompensation expense.

(e)Includes a provision for lending-related commitments of $2.2 billion related to the Apple Card transaction.

(f)Included a $774 million income tax benefit recorded in the second quarter of 2025, driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.

(g)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Note 6 for additional information.

(h)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Note 6 for additional information.