Preferred Stock

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Preferred Stock

Preferred stock

Refer to Note 21 of JPMorganChase’s 2025 Form 10-K for a further discussion on preferred stock.

The following is a summary of JPMorganChase’s non-cumulative preferred stock outstanding as of March 31, 2026 and December 31, 2025, and the quarterly dividend declarations for the three months ended March 31, 2026 and 2025.

	Shares(a)		Carrying value  (in millions)					Contractual rate in effect at March 31, 2026		Earliest redemption date(b)	Floating annualized rate(c)	Dividend declared per share
	March 31, 2026	December 31, 2025	March 31, 2026		December 31, 2025		Issue date					Three months ended March 31,
												2026		2025
Fixed-rate:
Series DD	169,625	169,625	$	1,696	$	1,696	9/21/2018	5.750	%	12/1/2023	NA	$	143.75	$	143.75
Series EE	185,000	185,000	1,850		1,850		1/24/2019	6.000		3/1/2024	NA	150.00		150.00
Series GG	90,000	90,000	900		900		11/7/2019	4.750		12/1/2024	NA	118.75		118.75
Series JJ	150,000	150,000	1,500		1,500		3/17/2021	4.550		6/1/2026	NA	113.75		113.75
Series LL	185,000	185,000	1,850		1,850		5/20/2021	4.625		6/1/2026	NA	115.63		115.63
Series MM	200,000	200,000	2,000		2,000		7/29/2021	4.200		9/1/2026	NA	105.00		105.00
Fixed-to-floating rate:
Series CC	125,750	125,750	1,258		1,258		10/20/2017	SOFR + 2.58		11/1/2022	SOFR + 2.58	159.02		172.36
Series II	150,000	150,000	1,500		1,500		2/24/2020	SOFR + 2.745		4/1/2025	SOFR + 2.745	158.37		100.00
Series KK	200,000	200,000	2,000		2,000		5/12/2021	3.650		6/1/2026	CMT + 2.85	91.25		91.25
Series NN	250,000	250,000	2,496		2,496		3/12/2024	6.875		6/1/2029	CMT + 2.737	171.88		171.88
Series OO	300,000	300,000	2,995		2,995		2/4/2025	6.500		4/1/2030	CMT + 2.152	162.50		102.92		(d)
Total preferred stock	2,005,375	2,005,375	$	20,045	$	20,045

(a)Represented by depositary shares.

(b)Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date.

(c)References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus, in the case of the Series CC preferred stock, a spread adjustment of 0.26% per annum) plus the spreads noted. References to “CMT” mean a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spreads noted.

(d)The initial dividend declared was prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate.

Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $20.1 billion at March 31, 2026.

Issuances

On February 4, 2025, the Firm issued $3.0 billion of fixed-rate reset non-cumulative preferred stock, Series OO.

Redemptions

On February 1, 2025, the Firm redeemed all $3.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series HH.