Parent Company (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed financial information of Parent Company-only

The following tables present Parent Company-only financial statements.

Statements of income and comprehensive income
Year ended December 31, (in millions)	2025		2024		2023
Income
Dividends from subsidiaries and affiliates:
Bank and bank holding company	$	50,000	$	37,000	$	61,000
Non-bank	—		—		—
Interest income from subsidiaries	999		1,228		1,166
Other income/(expense) from subsidiaries:
Bank and bank holding company	1,846		555		1,801
Non-bank	(506)		172		250
Other income/(expense)	697		1,252		(654)
Total income	53,036		40,207		63,563
Expense
Interest expense to subsidiaries and affiliates(a)	(16)		7,433		2,258
Other interest expense(a)	15,106		8,068		11,714
Noninterest expense	3,883		3,280		3,431
Total expense	18,973		18,781		17,403
Income before income tax benefit and undistributed net income of subsidiaries	34,063		21,426		46,160
Income tax benefit	1,822		1,264		1,525
Equity in undistributed net income of subsidiaries	21,163		35,781		1,867
Net income	$	57,048	$	58,471	$	49,552
Other comprehensive income/(loss), net	8,166		(2,013)		6,898
Comprehensive income	$	65,214	$	56,458	$	56,450

Balance sheets
December 31, (in millions)	2025		2024
Assets
Cash and due from banks	$	39	$	38
Deposits with banking subsidiaries(b)	9,751		9,762
Trading assets - intercompany	14,885		43,214
Advances to, and receivables from, subsidiaries:
Bank and bank holding company	136		142
Non-bank	24		79
Investments (at equity) in subsidiaries and affiliates:
Bank and bank holding company	669,449		603,044
Non-bank	1,223		1,238
Other assets	14,537		12,097
Total assets	$	710,044	$	669,614
Liabilities and stockholders’ equity
Borrowings from, and payables to, subsidiaries and affiliates	$	79,317	$	72,881
Short-term borrowings	—		—
Other liabilities	13,656		12,349
Long-term debt(c)(d)	254,633		239,626
Total liabilities(d)	347,606		324,856
Total stockholders’ equity	362,438		344,758
Total liabilities and stockholders’ equity	$	710,044	$	669,614

Statements of cash flows
Year ended December 31, (in millions)	2025		2024		2023
Operating activities
Net income	$	57,048	$	58,471	$	49,552
Less: Net income of subsidiaries and affiliates	71,163		72,781		62,868
Parent company net loss	(14,115)		(14,310)		(13,316)
Cash dividends from subsidiaries and affiliates	50,000		37,000		61,000
Other operating adjustments	8,583		(44,671)		9,412
Net cash provided by/(used in) operating activities	44,468		(21,981)		57,096
Investing activities
Net change in:
Advances to and investments in subsidiaries and affiliates, net	—		—		(25,000)
All other investing activities, net	34		21		25
Net cash provided by/(used in) investing activities	34		21		(24,975)
Financing activities
Net change in:
Borrowings from subsidiaries and affiliates	1,246		49,902		(2,249)
Short-term borrowings	—		(999)		—
Proceeds from long-term borrowings	30,042		44,997		19,398
Payments of long-term borrowings	(25,702)		(29,753)		(25,105)
Proceeds from issuance of preferred stock	3,000		2,500		—
Redemption of preferred stock	(3,000)		(9,850)		—
Treasury stock repurchased	(31,591)		(18,830)		(9,824)
Dividends paid	(16,625)		(14,783)		(13,463)
All other financing activities, net	(1,882)		(1,270)		(879)
Net cash provided by/(used in) financing activities	(44,512)		21,914		(32,122)
Net increase/(decrease) in cash and due from banks and deposits with banking subsidiaries	(10)		(46)		(1)
Cash and due from banks and deposits with banking subsidiaries at the beginning of the year	9,800		9,846		9,847
Cash and due from banks and deposits with banking subsidiaries at the end of the year(b)	$	9,790	$	9,800	$	9,846
Cash interest paid	$	12,399	$	14,851	$	13,742
Cash income taxes paid, net(e)	276		6,252		10,291

(a)Includes interest expense for intercompany derivative hedges on the Firm’s LTD and related fair value adjustments, which is offset by related amounts in Other interest expense/(income).

(b)Consistent with bank regulatory reporting guidance, includes intercompany time deposits of $8.0 billion as of December 31, 2025, 2024 and 2023.

(c)At December 31, 2025, long-term debt that contractually matures in 2026 through 2030 totaled $14.3 billion, $20.3 billion, $36.4 billion, $22.4 billion, and $23.6 billion, respectively.

(d)Refer to Notes 20 and 28 for information regarding the Parent Company’s guarantees of its subsidiaries’ obligations.

(e)Represents payments, net of refunds, made by the Parent Company to various taxing authorities and includes taxes paid on behalf of certain of its subsidiaries that are subsequently reimbursed. The reimbursements were $713 million, $5.0 billion, and $13.2 billion for the years ended December 31, 2025, 2024 and 2023, respectively.