UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

For the quarterly period ended	Commission file
March 31, 2026	number	1-5805

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)

Delaware		13-2624428
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification no.)
270 Park Avenue,
New York,	New York	10017
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	JPM	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD	JPM PR D	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE	JPM PR C	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG	JPM PR J	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ	JPM PR K	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL	JPM PR L	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM	JPM PR M	The New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC	JPM/32	The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC	AMJB	NYSE Arca, Inc.
Guarantee of Inverse VIX Short-Term Futures ETNs due March 22, 2045 of JPMorgan Chase Financial Company LLC	VYLD	NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Number of shares of common stock outstanding as of March 31, 2026: 2,679,511,418

FORM 10-Q

TABLE OF CONTENTS

	Part I – Financial information	Page
Item 1.	Financial Statements
	Consolidated Financial Statements – JPMorgan Chase & Co.:
	Consolidated statements of income (unaudited) for the three months ended March 31, 2026 and 2025	80
	Consolidated statements of comprehensive income (unaudited) for the three months ended March 31, 2026 and 2025	81
	Consolidated balance sheets (unaudited) at March 31, 2026 and December 31, 2025	82
	Consolidated statements of changes in stockholders' equity (unaudited) for the three months ended March 31, 2026 and 2025	83
	Consolidated statements of cash flows (unaudited) for the three months ended March 31, 2026 and 2025	84
	Notes to Consolidated Financial Statements (unaudited)
	Note 1 - Basis of presentation	85
	Note 2 - Fair value measurement	86
	Note 3 - Fair value option	98
	Note 4 - Derivative instruments	101
	Note 5 - Noninterest revenue and noninterest expense	113
	Note 6 - Interest income and interest expense	115
	Note 7 - Pension and other postretirement employee benefit plans	116
	Note 8 - Employee share-based incentives	116
	Note 9 - Investment securities	117
	Note 10 - Securities financing activities	121
	Note 11 - Loans	123
	Note 12 - Allowance for credit losses	139
	Note 13 - Variable interest entities	142
	Note 14 - Goodwill and mortgage servicing rights	149
	Note 15 - Deposits	152
	Note 16 - Leases	152
	Note 17 - Preferred stock	153
	Note 18 - Earnings per share	154
	Note 19 - Accumulated other comprehensive income/(loss)	155
	Note 20 - Restricted cash and other restricted assets	156
	Note 21 - Regulatory capital	157
	Note 22 - Off-balance sheet lending-related financial instruments, guarantees, and other commitments	159
	Note 23 - Pledged assets and collateral	162
	Note 24 - Litigation	163
	Note 25 - Business segments & Corporate	166

		Page
	Report of Independent Registered Public Accounting Firm	168
	Consolidated Average Balance Sheets, Interest and Rates (unaudited) for the three months ended March 31, 2026 and 2025	169
	Glossary of Terms and Acronyms and Line of Business Metrics	170
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.
	Consolidated Financial Highlights	3
	Introduction	4
	Executive Overview	5
	Consolidated Results of Operations	9
	Consolidated Balance Sheets and Cash Flows Analysis	12
	Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures	15
	Business Segment & Corporate Results	17
	Firmwide Risk Management	32
	Capital Risk Management	33
	Liquidity Risk Management	41
	Consumer Credit Portfolio	50
	Wholesale Credit Portfolio	54
	Allowance for Credit Losses	63
	Investment Portfolio Risk Management	66
	Market Risk Management	67
	Country Risk Management	74
	Critical Accounting Estimates Used by the Firm	75
	Accounting and Reporting Developments	78
	Forward-Looking Statements	79
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	179
Item 4.	Controls and Procedures	179
	Part II – Other information
Item 1.	Legal Proceedings.	179
Item 1A.	Risk Factors.	179
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	179
Item 3.	Defaults Upon Senior Securities.	180
Item 4.	Mine Safety Disclosures.	180
Item 5.	Other Information.	180
Item 6.	Exhibits.	181

2

JPMorgan Chase & Co.

Consolidated financial highlights (unaudited)

As of or for the period ended, (in millions, except per share, ratio, employee data and where otherwise noted)
	1Q26			4Q25			3Q25			2Q25			1Q25
Selected income statement data
Total net revenue	$	49,836		$	45,798		$	46,427		$	44,912		$	45,310
Total noninterest expense	26,850			23,983			24,281			23,779			23,597
Pre-provision profit(a)	22,986			21,815			22,146			21,133			21,713
Provision for credit losses	2,507			4,655		(d)	3,403			2,849			3,305
Income before income tax expense	20,479			17,160			18,743			18,284			18,408
Income tax expense	3,985			4,135			4,350			3,297			3,765
Net income	$	16,494		$	13,025		$	14,393		$	14,987		$	14,643
Earnings per share data
Net income:     Basic	$	5.95		$	4.64		$	5.08		$	5.25		$	5.08
Diluted	5.94			4.63			5.07			5.24			5.07
Average shares: Basic	2,716.2			2,735.3			2,762.4			2,788.7			2,819.4
Diluted	2,720.2			2,740.5			2,767.6			2,793.7			2,824.3
Market and per common share data
Market capitalization	$	788,205		$	868,793		$	858,683		$	797,181		$	681,712
Common shares at period-end	2,679.5			2,696.2			2,722.2			2,749.7			2,779.1
Book value per share	$	128.38		$	126.99		$	124.96		$	122.51		$	119.24
Tangible book value per share (“TBVPS”)(a)	108.87			107.56			105.70			103.40			100.36
Cash dividends declared per share	1.50			1.50			1.50			1.40			1.40
Selected ratios and metrics
Return on common equity (“ROE”)(b)	19		%	15		%	17		%	18		%	18		%
Return on tangible common equity (“ROTCE”)(a)(b)	23			18			20			21			21
Return on assets(b)	1.41			1.14			1.26			1.35			1.40
Overhead ratio	54			52			52			53			52
Loans-to-deposits ratio	56			58			56			55			54
Firm Liquidity coverage ratio (“LCR”) (average)	112			111			110			113			113
JPMorgan Chase Bank, N.A. LCR (average)	120			115			117			120			124
Common equity Tier 1 (“CET1”) capital ratio – Standardized(c)	14.3			14.6			14.8			15.1			15.4
Tier 1 capital ratio – Standardized(c)	15.2			15.5			15.8			16.1			16.5
Total capital ratio – Standardized(c)	17.2			17.4			17.7			17.8			18.2
Tier 1 leverage ratio	6.6			6.9			6.9			6.9			7.2
Supplementary leverage ratio (“SLR”)	5.6			5.8			5.8			5.9			6.0
Selected balance sheet data (period-end)
Trading assets	$	1,069,335		$	802,873		$	952,777		$	889,856		$	875,203
Investment securities, net of allowance for credit losses	821,179			777,332			783,945			745,939			664,447
Loans	1,503,520			1,493,429			1,435,246			1,411,992			1,355,695
Total assets	4,900,475			4,424,900			4,560,205			4,552,482			4,357,856
Deposits	2,675,520			2,559,320			2,548,476			2,562,380			2,495,877
Long-term debt	448,764			435,206			427,203			419,802			407,224
Common stockholders’ equity	343,993			342,393			340,167			336,879			331,375
Total stockholders’ equity	364,038			362,438			360,212			356,924			351,420
Employees	320,079			318,512			318,153			317,160			318,477
Credit quality metrics
Allowances for credit losses	$	31,383		$	31,230		$	29,089		$	28,281		$	27,835
Allowance for loan losses to total retained loans	1.82		%	1.83		%	1.88		%	1.85		%	1.94		%
Nonperforming assets	$	10,049		$	10,359		$	10,635		$	10,480		$	9,105
Net charge-offs	2,316			2,514			2,593			2,410			2,332
Net charge-off rate	0.67		%	0.72		%	0.76		%	0.73		%	0.74		%

On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio (the “Apple Card transaction”), with an expected closing date approximately 24 months thereafter. Refer to Notes 4, 13, 27 and 28 of JPMorganChase’s 2025 Form 10-K for additional information.

(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a further discussion of these measures.

(b)Ratios are based upon annualized amounts.

(c)At each of March 31, 2026 and December 31, 2025, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios. Refer to Capital Risk Management on pages 33-40 of this Form 10-Q and pages 89–99 of JPMorganChase’s 2025 Form 10-K for additional information.

(d)Included $2.2 billion associated with the Apple Card transaction. Refer to Note 13 of JPMorganChase’s 2025 Form 10-K for additional information.

3

INTRODUCTION

The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) for the first quarter of 2026.

This Quarterly Report on Form 10-Q for the first quarter of 2026 (“Form 10-Q”) should be read together with JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 170-178 for definitions of terms and acronyms used throughout this Form 10-Q.

This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorganChase’s management, speak only as of the date of this Form 10-Q and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 79 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9–31 of the 2025 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.

JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.9 trillion in assets and $364.0 billion in stockholders’ equity as of March 31, 2026. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.

JPMorganChase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorganChase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorganChase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities

plc and J.P. Morgan SE (“JPMSE”), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (“U.K.”) and Germany, respectively.

For management reporting purposes, the Firm has three reportable business segments – Consumer & Community Banking (“CCB”), Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) – with the remaining activities in Corporate. The Firm's consumer business segment is CCB, and the Firm's wholesale business segments are CIB and AWM. Refer to Business Segment & Corporate Results on pages 17-31 and Note 25 of this Form 10-Q, and Note 32 of JPMorganChase's 2025 Form 10-K, for a description of the Firm’s reportable business segments and the products and services they provide to their respective client bases, as well as a description of Corporate activities.

The Firm's website is www.jpmorganchase.com. JPMorganChase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorganChase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website, including documents on the website that are referenced in this Form 10-Q, is not incorporated by reference into this Form 10-Q or the Firm’s other filings with the SEC.

4

EXECUTIVE OVERVIEW

This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm, this Form 10-Q and the 2025 Form 10-K should be read together and in their entirety.

Financial performance of JPMorganChase
(unaudited) As of or for the period ended, (in millions, except per share data and ratios)	Three months ended March 31,
	2026			2025			Change
Selected income statement data
Noninterest revenue	$	24,470		$	22,037		11	%
Net interest income	25,366			23,273			9
Total net revenue	49,836			45,310			10
Total noninterest expense	26,850			23,597			14
Pre-provision profit	22,986			21,713			6
Provision for credit losses	2,507			3,305			(24)
Net income	16,494			14,643			13
Diluted earnings per share	5.94			5.07			17
Selected ratios and metrics
Return on common equity	19		%	18		%
Return on tangible common equity	23			21
Book value per share	$	128.38		$	119.24		8
Tangible book value per share	108.87			100.36			8
Capital ratios - Standardized(a)
CET1 capital	14.3		%	15.4		%
Tier 1 capital	15.2			16.5
Total capital	17.2			18.2
Memo:
NII excluding Markets(b)	$	23,280		$	22,590		3
NIR excluding Markets(b)	15,697			13,761			14
Markets(c)	11,559			9,663			20
Total net revenue - managed basis	$	50,536		$	46,014		10	%

(a)At March 31, 2026, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios. Refer to Capital Risk Management on pages 33-40 of this Form 10-Q and pages 89–99 of JPMorganChase’s 2025 Form 10-K for additional information.

(b)NII and NIR refer to net interest income and noninterest revenue, respectively.

(c)Markets consists of CIB's Fixed Income Markets and Equity Markets businesses. The Firm assesses the performance of its Markets business on a total net revenue basis, as revenues in NII generally have offsets across other revenue lines, primarily Principal transactions revenue.

Comparisons noted in the sections below are for the first quarter of 2026 versus the first quarter of 2025, unless otherwise specified.

Firmwide overview

For the first quarter of 2026, JPMorganChase reported net income of $16.5 billion, up 13%, with earnings per share of $5.94, ROE of 19% and ROTCE of 23%.

•Total net revenue was $49.8 billion, up 10%, reflecting:

–Net interest income ("NII") was $25.4 billion, up 9%, driven by higher Markets net interest income, higher deposit balances, and higher revolving balances in Card Services, partially offset by the impact of lower rates. NII excluding Markets was $23.3 billion, up 3%.

–Noninterest revenue ("NIR") was $24.5 billion, up 11%, driven by higher asset management fees in AWM and CCB, higher investment banking fees, higher Markets noninterest revenue, higher auto operating lease income, and higher Payments fees. These increases were partially offset by the absence of the $588 million First Republic-related gain recorded in the prior year.

•Noninterest expense was $26.9 billion, up 14%, predominantly driven by higher compensation expense, including higher revenue-related compensation and growth in the number of employees, as well as higher brokerage expense and distribution fees, continued investments in marketing, and higher auto lease depreciation. The increase also reflected the absence of an FDIC special assessment accrual release recorded in the prior year.

•The provision for credit losses was $2.5 billion. Net charge-offs were $2.3 billion, down $16 million. The net addition to the allowance for credit losses was $191 million, which included a net addition of $327 million in wholesale and a net reduction of $139 million in consumer.

In the prior year, the provision was $3.3 billion, net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $973 million.

5

•The total allowance for credit losses was $31.4 billion at March 31, 2026. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.82%, compared with 1.94% in the prior year.

Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-11 and pages 12-13, respectively, for a further discussion of the Firm's results, including the provision for credit losses.

Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a further discussion of each of these measures.

•The Firm’s nonperforming assets totaled $10.0 billion at March 31, 2026, up 10%, driven by:

–higher consumer nonaccrual loans, predominantly due to the impact of the wildfires in California in January 2025, which resulted in forbearance activities starting in the second quarter of 2025, as well as higher loans at fair value in CIB, and

–higher wholesale nonaccrual loans, reflecting net downgrades, predominantly offset by net portfolio activity.

Refer to Consumer Credit Portfolio and Wholesale Credit Portfolio on pages 50-53 and pages 54-62, respectively, for additional information.

•Firmwide average loans of $1.5 trillion were up 11%, predominantly driven by higher loans in CIB and AWM.

•Firmwide average deposits of $2.6 trillion were up 7%, reflecting:

–net inflows related to client-driven activities in Payments and Securities Services,

–growth in new accounts in CCB,

–growth in new accounts related to the Firm's international consumer initiatives, and

–growth in both new accounts and balances in existing accounts in AWM.

Refer to Liquidity Risk Management on pages 41-47 for additional information.

Selected capital and other metrics

•CET1 capital was $291 billion, and the Standardized and Advanced CET1 ratios were 14.3% and 14.1%, respectively.

•SLR was 5.6%.

•TBVPS grew 8%, ending the first quarter of 2026 at $108.87.

•As of March 31, 2026, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $941 billion and unencumbered marketable securities with a fair value of approximately $565 billion, resulting in approximately $1.5 trillion of liquidity sources.

Refer to Capital Risk Management and Liquidity Risk Management on pages 33-40 and pages 41-47, respectively, for additional information.

6

Business segment highlights

Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the first quarter of 2026.

CCB ROE 32%	•Average deposits up 2% year-over-year ("YoY") and quarter-over-quarter ("QoQ"); client investment assets up 18% •Average loans up 1% YoY and flat QoQ; Card Services net charge-off rate of 3.47% •Debit and credit card sales volume(a) up 9% •Active mobile customers up 7%
CIB ROE 21%	•Investment Banking fees up 28% YoY, up 23% QoQ; #1 ranking for Global Investment Banking fees with 9.8% wallet share in 1Q26 •Markets revenue up 20%, with Fixed Income Markets up 21% and Equity Markets up 17% •Average Banking & Payments loans up 10% YoY, up 4% QoQ; average client deposits(b) up 13% YoY, up 1% QoQ
AWM ROE 44%	•Assets under management ("AUM") of $4.8 trillion, up 16% •Average loans up 15% YoY, up 3% QoQ; average deposits up 4% YoY, up 3% QoQ

(a)Excludes Commercial Card.

(b)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.

Refer to the Business Segment & Corporate Results on pages 17-31 for a detailed discussion of results by business segment.

Credit provided and capital raised

JPMorganChase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first three months of 2026, consisting of approximately:

$855 billion	Total credit provided and capital raised (including loans and commitments)
$72 billion	Credit for consumers
$8 billion	Credit for U.S. small businesses
$750 billion	Credit and capital for corporations and non-U.S. government entities(a)
$25  billion	Credit and capital for nonprofit and U.S. government entities(b)

(a)Includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.

(b)Includes states, municipalities, hospitals and universities.

7

Recent events

•On April 13, 2026, Visa commenced an exchange offer expiring on May 8, 2026 for any and all outstanding shares of Visa Class B-1 common stock ("Visa B-1 shares") and Visa Class B-2 common stock ("Visa B-2 shares"). Holders participating in the exchange offer would receive a combination of Visa Class B-3 common stock ("Visa B-3 shares") and Visa Class C common stock ("Visa C shares") in exchange for Visa B-1 shares or Visa B-2 shares that are validly tendered and accepted for exchange by Visa. The Firm has tendered its 18.6 million Visa B-2 shares, and that tender is pending Visa’s acceptance. Upon acceptance by Visa of the Firm’s tender, the Visa C shares received by the Firm would be recognized at fair value, which is expected to result in a gain that may be recorded as early as the second quarter of 2026. Refer to Note 2 for additional information.

Outlook

The statements set forth below are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the beliefs and expectations of JPMorganChase’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 79 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9–31 of the 2025 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in 2026 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.

JPMorganChase’s outlook for full year 2026 should be viewed against the backdrop of the global and U.S. economies, financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates.

The Firm provided the following outlook information on April 14, 2026 in connection with announcing its results for the quarter ended March 31, 2026:

Full-year 2026

•Management expects net interest income to be approximately $103 billion and net interest income excluding Markets to be approximately $95 billion, market dependent.

•Management expects adjusted expense to be approximately $105 billion, market dependent.

•Management expects the net charge-off rate in Card Services to be approximately 3.4%.

Net interest income excluding Markets and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16.

8

CONSOLIDATED RESULTS OF OPERATIONS

This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three months ended March 31, 2026 and 2025, unless otherwise specified. Factors that relate primarily to a single business segment or Corporate are discussed in more detail in the results of that segment or Corporate. Refer to pages 75-77 of this Form 10-Q and pages 154–157 of JPMorganChase’s 2025 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.

Revenue
	Three months ended March 31,
(in millions)	2026		2025		Change
Investment banking fees	$	2,858	$	2,178	31	%
Principal transactions	7,987		7,614		5
Lending- and deposit-related fees	2,394		2,132		12
Asset management fees	5,515		4,700		17
Commissions and other fees	2,482		2,033		22
Investment securities gains/(losses)	64		(37)		NM
Mortgage fees and related income	309		278		11
Card income	1,190		1,216		(2)
Other income(a)	1,671		1,923		(13)
Noninterest revenue	24,470		22,037		11
Net interest income	25,366		23,273		9
Total net revenue	$	49,836	$	45,310	10	%

(a)Included operating lease income of $1.2 billion and $829 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 5 for additional information.

Quarterly results

Investment banking fees increased, reflecting in CIB:

•higher advisory fees largely driven by higher fees from deals in the Diversified Industries and Natural Resource Group sectors, and

•higher equity underwriting fees predominantly driven by higher revenue across all products,

partially offset by

•lower debt underwriting fees largely driven by lower non-investment grade loans.

Refer to CIB segment results on pages 22-26 and Note 5 for additional information.

Principal transactions revenue increased, reflecting the net impact in CIB of:

•higher Fixed Income Markets revenue driven by higher revenue in Commodities and Credit, largely offset by lower revenue in Securitized Products and Rates, and

•lower Equity Markets revenue, particularly in Equity Derivatives, predominantly offset by higher revenue in Prime Finance.

Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.

Refer to CIB segment results on pages 22-26 and Note 5 for additional information.

Lending- and deposit-related fees increased, reflecting:

•in CIB, higher cash management fees in Payments as a result of higher volume, and

•in CCB, higher deposit-related fees as a result of higher transaction volume and new accounts.

Refer to CCB and CIB segment results on pages 19-21 and pages 22-26, respectively, and Note 5 for additional information.

Asset management fees increased predominantly driven by higher average market levels and net inflows in AWM and CCB. Refer to CCB and AWM segment results on pages 19-21 and pages 27-29, respectively, and Note 5 for additional information.

Commissions and other fees increased in CIB and AWM, predominantly due to higher brokerage commissions on higher volume and, to a lesser extent, higher custody fees as a result of higher market levels and client activity. Refer to CIB and AWM segment results on pages 22-26 and pages 27-29, respectively, and Note 5 for additional information.

Investment securities was a net gain compared with a net loss in the prior year; these results were associated with repositioning the investment securities portfolio in Treasury and CIO. Refer to Corporate results on pages 30-31 and Note 9 for additional information.

Mortgage fees and related income: refer to Note 14 for additional information.

Card income decreased driven by lower income in CCB, reflecting an increase in amortization related to new account origination costs, predominantly offset by higher annual fees. Net interchange income was relatively flat as the impact of increased debit and credit card sales volume was offset by higher rewards costs and partner payments. Refer to CCB segment results on pages 19-21 and Note 5 for additional information.

9

Other income decreased, reflecting:

•lower First Republic-related revenue primarily driven by the absence of the $588 million gain recorded in the prior year in Corporate,

largely offset by

•higher auto operating lease income in CCB due to growth in volume.

Refer to CCB segment and Corporate results on pages 19-21 and pages 30-31, respectively, for additional information; and Note 5 for additional information on the First Republic acquisition.

Net interest income increased driven by higher Markets net interest income, higher deposit balances, and higher revolving balances in Card Services, partially offset by the impact of lower rates.

The Firm’s average interest-earning assets were $4.1 trillion, up $467 billion, and the yield was 4.83%, down 36 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.50%, a decrease of 8 bps. The net yield excluding Markets was 3.72%, down 8 bps.

Refer to the Consolidated average balance sheets, interest and rates schedule on page 169 for additional information. Net yield excluding Markets is a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for an additional discussion of net yield excluding Markets.

Provision for credit losses
	Three months ended March 31,
(in millions)	2026		2025		Change
Consumer, excluding credit card	$	13	$	204	(94)	%
Credit card	2,044		2,382		(14)
Total consumer	2,057		2,586		(20)
Wholesale	447		736		(39)
Investment securities	3		(17)		NM
Total provision for credit losses	$	2,507	$	3,305	(24)	%

Quarterly results

The provision for credit losses was $2.5 billion. Net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $191 million.

The provision for credit losses included:

•$2.1 billion in consumer, consisting of net charge-offs of $2.2 billion, predominantly driven by Card Services, and a net reduction in the allowance for credit losses of $139 million. The net reduction was predominantly driven by improvements in home prices, and

•$447 million in wholesale, predominantly driven by changes in the credit quality of certain exposures. The net addition to the allowance for credit losses was $327 million and net charge-offs were $120 million.

In the prior year, the provision was $3.3 billion, net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $973 million.

Refer to CCB, CIB and AWM segment and Corporate results on pages 19-21, pages 22-26, pages 27-29, and pages 30-31, respectively; Allowance for Credit Losses on pages 63-65; Critical Accounting Estimates Used by the Firm on pages 75-77; and Notes 11 and 12 for additional information on the credit portfolio and the allowance for credit losses.

10

Noninterest expense
(in millions)	Three months ended March 31,
	2026		2025		Change
Compensation expense	$	15,339	$	14,093	9	%
Noncompensation expense:
Occupancy	1,447		1,302		11
Technology, communications and equipment(a)	3,021		2,578		17
Professional and outside services	3,483		2,839		23
Marketing	1,604		1,304		23
Other expense	1,956		1,481		32
Total noncompensation expense	11,511		9,504		21
Total noninterest expense	$	26,850	$	23,597	14	%
Certain components of other expense(b)
Legal expense	$	223	$	121
FDIC-related expense	332		(11)
Operating losses	286		386

(a)Includes depreciation expense associated with auto operating lease assets. Refer to Note 16 for additional information.

(b)Refer to Note 5 for additional information.

Quarterly results

Compensation expense increased predominantly driven by:

•higher revenue-related compensation across the LOBs, and

•growth in the number of employees, primarily front office employees.

Noncompensation expense increased, reflecting:

•higher investments in technology across the LOBs and Corporate and in marketing in CCB,

•higher brokerage expense in CIB and higher distribution fees in AWM,

•higher FDIC-related expense as the prior year included an FDIC special assessment accrual release of $323 million in Corporate,

•higher depreciation expense on higher auto operating lease assets in CCB, and

•higher occupancy expense, reflecting net additions and improvements to the Firm’s properties, including its new headquarters, bank branches and other corporate offices.

Refer to Note 5 for additional information on other expense.

Income tax expense
(in millions)	Three months ended March 31,
	2026			2025			Change
Income before income tax expense	$	20,479		$	18,408		11	%
Income tax expense	3,985			3,765			6
Effective tax rate	19.5		%	20.5		%

Quarterly results

The effective tax rate decreased predominantly driven by higher tax benefits related to the vesting of employee share-based awards as a result of the higher market price of the Firm's common shares.

11

CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS

Consolidated balance sheets analysis

The following is a discussion of the significant changes between March 31, 2026 and December 31, 2025. Refer to pages 154–157 for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Balance Sheets.

Selected Consolidated balance sheets data
(in millions)	March 31, 2026		December 31, 2025		Change
Assets
Cash and due from banks	$	22,039	$	21,742	1	%
Deposits with banks	290,103		321,596		(10)
Federal funds sold and securities purchased under resale agreements	482,704		336,426		43
Securities borrowed	284,524		286,191		(1)
Trading assets	1,069,335		802,873		33
Available-for-sale securities	549,037		507,198		8
Held-to-maturity securities	272,142		270,134		1
Investment securities, net of allowance for credit losses	821,179		777,332		6
Loans	1,503,520		1,493,429		1
Allowance for loan losses	(25,928)		(25,765)		1
Loans, net of allowance for loan losses	1,477,592		1,467,664		1
Accrued interest and accounts receivable	142,334		111,599		28
Premises and equipment	36,771		36,244		1
Goodwill, MSRs and other intangible assets	64,289		64,458		—
Other assets	209,605		198,775		5
Total assets	$	4,900,475	$	4,424,900	11	%

Cash and due from banks and deposits with banks decreased driven by Markets activities in CIB and net purchases of investment securities in Treasury and CIO, predominantly offset by the impact of higher deposits across the LOBs.

Federal funds sold and securities purchased under resale agreements increased driven by Markets, reflecting higher client-driven market-making activities and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.

Refer to Note 10 for additional information on securities purchased under resale agreements and securities borrowed.

Trading assets increased due to higher levels of equity and debt instruments in Markets, primarily related to client-driven market-making activities, as well as when compared with seasonally lower levels at year-end. Refer to Notes 2 and 4 for additional information.

Investment securities increased due to:

•higher available-for-sale ("AFS") securities, reflecting net purchases, predominantly U.S. Treasuries, partially offset by maturities and paydowns; and

•higher held to-maturity (“HTM”) securities driven by purchases of U.S. Treasuries, predominantly offset by maturities and paydowns.

Refer to Corporate results on pages 30-31, Investment Portfolio Risk Management on page 66, and Notes 2 and 9 for additional information.

Loans increased, driven by:

•higher wholesale loans in CIB due to higher client demand, and

•higher securities-based lending in AWM due to higher client demand,

partially offset by

•a reduction in Card Services due to the impact of seasonality.

The allowance for loan losses increased, reflecting a net addition of $163 million, and consisted of:

•$292 million in wholesale, largely driven by changes in the credit quality of certain exposures, and

•a net reduction of $129 million in consumer, predominantly driven by improvements in home prices.

Refer to Consolidated Results of Operations and Credit and Investment Risk Management on pages 9-11 and pages 48-66, respectively, Critical Accounting

12

Estimates Used by the Firm on pages 75-77, and Notes 2, 3, 11 and 12 for additional information on loans and the total allowance for credit losses.

Accrued interest and accounts receivable increased predominantly due to client-driven activities in Markets, including prime brokerage.

Premises and equipment: refer to Note 16 for additional information.

Goodwill, MSRs and other intangible assets: refer to Note 14 for additional information.

Selected Consolidated balance sheets data (continued)
(in millions)	March 31, 2026		December 31, 2025		Change
Liabilities
Deposits	$	2,675,520	$	2,559,320	5	%
Federal funds purchased and securities loaned or sold under repurchase agreements	716,623		442,396		62
Short-term borrowings	68,048		64,776		5
Trading liabilities	247,836		216,019		15
Accounts payable and other liabilities	352,561		316,794		11
Beneficial interests issued by consolidated variable interest entities (“VIEs”)	27,085		27,951		(3)
Long-term debt	448,764		435,206		3
Total liabilities	4,536,437		4,062,462		12
Stockholders’ equity	364,038		362,438		—
Total liabilities and stockholders’ equity	$	4,900,475	$	4,424,900	11	%

Deposits increased, reflecting:

•an increase in CIB predominantly due to net inflows related to client-driven activities in Payments and Securities Services,

•an increase in CCB predominantly driven by growth in new accounts, and

•an increase in AWM primarily driven by growth in both new accounts and balances in existing accounts, including the impact of higher-yielding product offerings, partially offset by migration into other investment products.

Federal funds purchased and securities loaned or sold under repurchase agreements increased driven by Markets, reflecting higher client-driven market-making activities, higher secured financing of trading assets, and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.

Refer to Liquidity Risk Management on pages 41-47 for additional information on deposits, federal funds purchased and securities loaned or sold under repurchase agreements, and short-term borrowings; and Notes 2 and 15 for deposits; and Note 10 for federal funds purchased and securities loaned or sold under repurchase agreements.

Trading liabilities increased predominantly due to client-driven market-making activities, which resulted in higher levels of short positions. Refer to Notes 2 and 4 for additional information.

Accounts payable and other liabilities increased predominantly due to client-driven activities in Markets, including prime brokerage.

Beneficial interests issued by consolidated VIEs: refer to Liquidity Risk Management on pages 41-47 and Notes 13 and 22 for additional information related to Firm-sponsored VIEs and loan securitization trusts.

Long-term debt increased driven by net issuances of structured notes in Markets due to client demand and net issuances of long-term debt in Treasury and CIO. Refer to Liquidity Risk Management on pages 41-47 for additional information.

Stockholders’ equity increased, reflecting:

•net income,

predominantly offset by

•the impact of capital actions, including net repurchases of common shares and dividend payments on common and preferred stock, and

•higher net unrealized losses in AOCI in Treasury and CIO, driven by the impact of higher interest rates on AFS securities and cash flow hedges, and widening spreads on AFS securities.

Refer to Consolidated statements of changes in stockholders’ equity on page 83, Capital Actions on page 38, and Note 19 for additional information.

13

Consolidated cash flows analysis

The following is a discussion of cash flow activities during the three months ended March 31, 2026 and 2025.

(in millions)	Three months ended March 31,
	2026		2025
Net cash provided by/(used in)
Operating activities	$	(211,761)	$	(251,839)
Investing activities	(217,769)		(118,076)
Financing activities	400,677		318,059
Effect of exchange rate changes on cash	(2,343)		8,442
Net decrease in cash and due from banks and deposits with banks	$	(31,196)	$	(43,414)

Operating activities

•In 2026, cash used resulted from higher trading assets, higher accrued interest and accounts receivable and higher other assets, partially offset by higher accounts payable and other liabilities, and higher trading liabilities.

•In 2025, cash used resulted from higher trading assets, higher securities borrowed, higher accrued interest and accounts receivable and lower trading liabilities.

Investing activities

•In 2026, cash used resulted from higher securities purchased under resale agreements, net purchases of investment securities and net originations of loans.

•In 2025, cash used resulted from higher securities purchased under resale agreements, partially offset by net proceeds from investment securities.

Financing activities

•In 2026, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long- and short-term borrowings.

•In 2025, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long-and short-term borrowings.

•For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.

* * *

Refer to Consolidated Balance Sheets Analysis on pages 12-13, Capital Risk Management on pages 33-40, and Liquidity Risk Management on pages 41-47, and the Consolidated Statements of Cash Flows on page 84 of this Form 10-Q, and pages 100–107 of JPMorganChase’s 2025 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.

14

EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES

The Firm prepares its Consolidated Financial Statements in accordance with U.S. GAAP and this presentation is referred to as “reported” basis; these financial statements appear on pages 80-84.

In addition to analyzing the Firm’s results on a reported basis, the Firm also reviews and uses certain non-GAAP financial measures at the Firmwide and segment level. These non-GAAP measures include:

•Firmwide “managed” basis results, including the overhead ratio, which include certain reclassifications to present total net revenue from investments that receive tax credits and tax-exempt securities on a basis comparable to taxable investments and securities (“FTE” basis). The corresponding income tax impact related to tax-exempt items is recorded within income tax

expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the LOBs;

•Pre-provision profit, which represents total net revenue less total noninterest expense;

•Net interest income, net yield, and noninterest revenue excluding Markets;

•TCE, ROTCE, and TBVPS; and

•Adjusted expense, which represents noninterest expense excluding Firmwide legal expense.

Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 59–61 of JPMorganChase’s 2025 Form 10-K for a further discussion of management’s use of non-GAAP financial measures.

The following summary table provides a reconciliation from the Firm’s reported U.S. GAAP results to managed basis.

	Three months ended March 31,
	2026								2025
(in millions, except ratios)	Reported			Fully taxable-equivalent adjustments(a)		Managed basis			Reported			Fully taxable-equivalent adjustments(a)		Managed basis
Other income	$	1,671		$	587	$	2,258		$	1,923		$	602	$	2,525
Total noninterest revenue	24,470			587		25,057			22,037			602		22,639
Net interest income	25,366			113		25,479			23,273			102		23,375
Total net revenue	49,836			700		50,536			45,310			704		46,014
Total noninterest expense	26,850			NA		26,850			23,597			NA		23,597
Pre-provision profit	22,986			700		23,686			21,713			704		22,417
Provision for credit losses	2,507			NA		2,507			3,305			NA		3,305
Income before income tax expense	20,479			700		21,179			18,408			704		19,112
Income tax expense	3,985			700		4,685			3,765			704		4,469
Net income	$	16,494		NA		$	16,494		$	14,643		NA		$	14,643
Overhead ratio	54		%	NM		53		%	52		%	NM		51		%

(a)For other income, recognized in CIB, and for net interest income, predominantly recognized in CIB and Corporate.

15

The following table provides information on net interest income, net yield, and noninterest revenue excluding Markets.

(in millions, except rates)	Three months ended March 31,
	2026			2025			Change
Net interest income – reported(a)	$	25,366		$	23,273		9	%
Fully taxable-equivalent adjustments	113			102			11
Net interest income – managed basis	$	25,479		$	23,375		9
Less: Markets net interest income(b)	2,199			785			180
Net interest income excluding Markets	$	23,280		$	22,590		3
Average interest-earning assets(a)	$	4,135,737		$	3,668,384		13
Less: Average Markets interest-earning assets(b)	1,599,089			1,255,149			27
Average interest-earning assets excluding Markets	$	2,536,648		$	2,413,235		5
Net yield on average interest-earning assets – managed basis	2.50		%	2.58		%
Net yield on average Markets interest-earning assets(b)	0.56			0.25
Net yield on average interest-earning assets excluding Markets	3.72		%	3.80		%
Noninterest revenue – reported	$	24,470		$	22,037		11
Fully taxable-equivalent adjustments	587			602			(2)
Noninterest revenue – managed basis	$	25,057		$	22,639		11
Less: Markets noninterest revenue(b)	9,360			8,878			5
Noninterest revenue excluding Markets	$	15,697		$	13,761		14
Memo: Total Markets net revenue(b)	$	11,559		$	9,663		20	%

(a)Includes the effect of derivatives that qualify for hedge accounting. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2025 Form 10-K for additional information on hedge accounting.

(b)Refer to page 25 for further information on Markets.

The following summary table provides a reconciliation from the Firm’s common stockholders’ equity to TCE.

	Period-end				Average
(in millions, except per share and ratio data)	Mar 31, 2026		Dec 31, 2025		Three months ended March 31,
					2026			2025
Common stockholders’ equity	$	343,993	$	342,393	$	341,050		$	324,345
Less: Goodwill	52,706		52,731		52,737			52,581
Less: Other intangible assets	2,490		2,560		2,518			2,830
Add: Certain deferred tax liabilities(a)	2,911		2,916		2,915			2,938
Tangible common equity	$	291,708	$	290,018	$	288,710		$	271,872
Return on tangible common equity	NA		NA		23		%	21		%
Tangible book value per share	$	108.87	$	107.56	NA			NA

(a)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

16

BUSINESS SEGMENT & CORPORATE RESULTS

The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.

The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a definition of managed basis.

Description of business segment reporting methodology

Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.

Revenue sharing

When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.

Funds transfer pricing

Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.

The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.

As a result of lower average interest rates in the current year, the cost of funding for assets and the funding benefit earned for liabilities generally decreased compared with the prior year.

Foreign exchange risk

Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results. Refer to Market Risk Management on pages 67-73 for additional information.

Capital allocation

The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Line of business and Corporate equity on page 37, and page 96 of JPMorganChase’s 2025 Form 10-K for additional information on capital allocation.

Refer to Business Segment & Corporate Results – Description of business segment reporting methodology on pages 62–82 and Note 32 of JPMorganChase’s 2025 Form 10-K for a further discussion of those methodologies.

17

Segment & Corporate Results – Managed basis

The following tables summarize the Firm’s results by business segments and Corporate for the periods indicated.

Three months ended March 31,	Consumer & Community Banking								Commercial & Investment Bank								Asset & Wealth Management
(in millions, except ratios)	2026			2025			Change		2026			2025			Change		2026			2025			Change
Total net revenue	$	19,568		$	18,313		7	%	$	23,379		$	19,666		19	%	$	6,374		$	5,731		11	%
Total noninterest expense	10,979			9,857			11		11,136			9,842			13		4,167			3,713			12
Pre-provision profit	8,589			8,456			2		12,243			9,824			25		2,207			2,018			9
Provision for credit losses	2,050			2,629			(22)		482			705			(32)		(24)			(10)			(140)
Net income	4,976			4,425			12		9,044			6,942			30		1,775			1,583			12
Return on equity (“ROE”)	32		%	31		%			21		%	18		%			44		%	39		%

Three months ended March 31,	Corporate						Total
(in millions, except ratios)	2026		2025		Change		2026			2025			Change
Total net revenue	$	1,215	$	2,304	(47)	%	$	50,536		$	46,014		10	%
Total noninterest expense	568		185		207		26,850			23,597			14
Pre-provision profit	647		2,119		(69)		23,686			22,417			6
Provision for credit losses	(1)		(19)		95		2,507			3,305			(24)
Net income	699		1,693		(59)		16,494			14,643			13
ROE	NM		NM				19		%	18		%

Refer to Note 25 for further details on total net revenue and total noninterest expense.

The following sections provide a comparative discussion of the Firm’s results by business segments and Corporate as of or for the three months ended March 31, 2026 and 2025, unless otherwise specified.

18

CONSUMER & COMMUNITY BANKING

Refer to pages 65–68 of JPMorganChase's 2025 Form 10-K and Line of Business Metrics on page 177 for a discussion of the business profile of CCB.

Selected income statement data
	Three months ended March 31,
(in millions, except ratios)	2026			2025			Change
Revenue
Lending- and deposit-related fees	$	947		$	839		13	%
Asset management fees	1,303			1,093			19
Mortgage fees and related income	303			263			15
Card income	592			653			(9)
All other income(a)	1,685			1,323			27
Noninterest revenue	4,830			4,171			16
Net interest income	14,738			14,142			4
Total net revenue	19,568			18,313			7
Provision for credit losses	2,050			2,629			(22)
Noninterest expense
Compensation expense	4,622			4,375		(e)	6
Noncompensation expense(b)(c)	6,357			5,482		(e)	16
Total noninterest expense	10,979			9,857			11
Income before income tax expense	6,539			5,827			12
Income tax expense	1,563			1,402			11
Net income	$	4,976		$	4,425		12
Revenue by business
Banking & Wealth Management	$	10,577		$	10,254		3
Home Lending	1,232			1,207			2
Card Services & Auto	7,759			6,852			13
Mortgage fees and related income details:
Production revenue	178			110			62
Net mortgage servicing revenue(d)	125			153			(18)
Mortgage fees and related income	$	303		$	263		15	%
Financial ratios
Return on equity	32		%	31		%
Overhead ratio	56			54

(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $1.2 billion and $824 million for the three months ended March 31, 2026 and 2025, respectively.

(b)Included compensation expense recorded in and allocated from Corporate of $814 million and $789 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.

(c)Included depreciation expense on leased assets of $756 million and $499 million for the three months ended March 31, 2026 and 2025, respectively.

(d)Included MSR risk management results of $(15) million and $9 million for the three months ended March 31, 2026 and 2025, respectively.

(e)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.

Quarterly results

Net income was $5.0 billion, up 12%.

Net revenue was $19.6 billion, up 7%.

Net interest income was $14.7 billion, up 4%, reflecting higher Card Services NII, largely driven by higher revolving balances.

Noninterest revenue was $4.8 billion, up 16%, driven by:

•higher auto operating lease income as a result of growth in volume, and

•in BWM, higher asset management fees, reflecting higher average market levels and net inflows, as well as higher deposit-related fees as a result of higher transaction volume and new accounts,

partially offset by

•lower card income, reflecting an increase in amortization related to new account origination costs, predominantly offset by higher annual fees. Net interchange was relatively flat as the impact of increased debit and credit card sales volume was offset by higher rewards costs and partner payments.

Refer to Note 5 for additional information on card income, asset management fees and deposit-related fees; and Critical Accounting Estimates on pages 75-77 for additional information on the credit card rewards liability.

Noninterest expense was $11.0 billion, up 11%, reflecting:

•higher noncompensation expense, predominantly driven by continued investments in marketing and technology, higher auto lease depreciation on higher auto operating lease assets and higher legal expense, as well as

•higher compensation expense, predominantly for bankers and advisors, including higher revenue-related compensation.

The provision for credit losses was $2.1 billion. Net charge-offs were $2.2 billion, up $41 million, primarily driven by Card Services. The net reduction in the allowance for credit losses was $145 million, predominantly driven by improvements in home prices.

19

In the prior year, the provision was $2.6 billion, net charge-offs were $2.2 billion and the net addition to the allowance for credit losses was $475 million.

Refer to Credit and Investment Risk Management on pages 48-66 and Allowance for Credit Losses on pages 63-65 for a further discussion of the credit portfolios and the allowance for credit losses.

Selected metrics
	As of or for the three months ended March 31,
(in millions, except employees)	2026		2025			Change
Selected balance sheet data (period-end)
Total assets	$	656,051	$	636,105		3	%
Loans:
Banking & Wealth Management	32,992		33,098			—
Home Lending(a)	238,571		241,427			(1)
Card Services	239,065		223,517			7
Auto	70,958		72,116			(2)
Total loans	581,586		570,158			2
Deposits	1,112,078		1,080,138			3
Equity	61,500		56,000			10
Selected balance sheet data (average)
Total assets	$	655,977	$	639,664		3
Loans:
Banking & Wealth Management	33,038		33,160			—
Home Lending(b)	240,429		244,282			(2)
Card Services	239,153		224,493			7
Auto	70,208		72,462			(3)
Total loans	582,828		574,397			1
Deposits	1,075,951		1,053,677			2
Equity	61,500		56,000			10
Employees	143,869		143,778		(c)	—	%

(a)At March 31, 2026 and 2025, Home Lending loans held-for-sale and loans at fair value were $11.3 billion and $6.4 billion, respectively.

(b)Average Home Lending loans held-for sale and loans at fair value were $11.8 billion and $7.5 billion for the three months ended March 31, 2026 and 2025, respectively.

(c)Refer to footnote (e) on page 19 for further information concerning the centralization of Risk functions.

20

Selected metrics
	As of or for the three months ended March 31,
(in millions, except ratio data)	2026			2025			Change
Credit data and quality statistics
Nonaccrual loans(a)	$	3,493		$	3,266		7	%
Net charge-offs/(recoveries)
Banking & Wealth Management	85			97			(12)
Home Lending	(15)			(26)			42
Card Services	2,044			1,983			3
Auto	81			100			(19)
Total net charge-offs/(recoveries)	$	2,195		$	2,154		2
Net charge-off/(recovery) rate
Banking & Wealth Management	1.04		%	1.19		%
Home Lending	(0.03)			(0.04)
Card Services	3.47			3.58
Auto	0.47			0.56
Total net charge-off/(recovery) rate	1.56		%	1.54		%
30+ day delinquency rate
Home Lending(b)	0.88		%	1.04		%
Card Services	2.17			2.21
Auto	1.09			1.20
90+ day delinquency rate - Card Services	1.15		%	1.16		%
Allowance for credit losses:
Allowance for loan losses
Banking & Wealth Management	$	765		$	794		(4)
Home Lending	507			557			(9)
Card Services	15,563			15,008			4
Auto	587			637			(8)
Total allowance for loan losses	$	17,422		$	16,996		3
Allowance for lending-related commitments	$	2,280	(c)	$	81		NM
Total allowance for credit losses	$	19,702		$	17,077		15	%

(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026 and 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $68 million and $81 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

(b)At March 31, 2026 and 2025, excluded mortgage loans insured by U.S. government agencies of $92 million and $114 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(c)Included $2.2 billion associated with the Apple Card transaction. Refer to Note 13 of the Firm's 2025 Form 10-K for additional information.

Selected metrics
	As of or for the three months ended March 31,
(in billions, except ratios and where otherwise noted)	2026			2025			Change
Business Metrics
Number of branches	5,095			4,972			2	%
Active digital customers (in thousands)	76,246			72,480			5
Active mobile customers (in thousands)	62,960			59,036			7
Debit and credit card sales volume	$	487.6		$	448.7		9
Total payments transaction volume (in trillions)	1.8			1.6			13
Banking & Wealth Management
Average deposits	$	1,059.5		$	1,039.0		2
Deposit margin	2.63		%	2.69		%
Business Banking average loans	$	18.6		$	19.5		(5)
Business banking origination volume	0.7			0.8			(10)
Client investment assets(a)	1,272.2			1,079.8			18
Number of client advisors	6,243			5,860			7
Home Lending
Mortgage origination volume by channel
Retail	$	8.7		$	5.5		58
Correspondent	5.0			3.9			28
Total mortgage origination volume(b)	$	13.7		$	9.4		46
Third-party mortgage loans serviced (period-end)	$	656.4		$	661.6		(1)
MSR carrying value (period-end)	9.1			9.1			—
Card Services
Sales volume, excluding commercial card	$	337.6		$	310.6		9
Net revenue rate	10.78		%	10.38		%
Net yield on average loans	10.85			10.31
Auto
Loan and lease origination volume	$	10.4		$	10.7		(3)
Average auto operating lease assets	20.4			13.6			50	%

(a)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 27-29 for additional information.

(b)Firmwide mortgage origination volume was $16.6 billion and $11.2 billion for the three months ended March 31, 2026 and 2025, respectively.

21

COMMERCIAL & INVESTMENT BANK

Refer to pages 69–75 of JPMorganChase’s 2025 Form 10-K and Line of Business Metrics on page 177 for a discussion of the business profile of CIB.

Selected income statement data
	Three months ended March 31,
(in millions, except ratios)	2026			2025				Change
Revenue
Investment banking fees	$	2,883		$	2,248			28	%
Principal transactions	7,897			7,608				4
Lending- and deposit-related fees	1,394			1,230				13
Commissions and other fees	1,714			1,437				19
Card income	585			551				6
All other income	917			748				23
Noninterest revenue	15,390			13,822				11
Net interest income	7,989			5,844				37
Total net revenue(a)	23,379			19,666				19
Provision for credit losses	482			705				(32)
Noninterest expense
Compensation expense	5,740			5,127			(c)	12
Noncompensation expense(b)	5,396			4,715			(c)	14
Total noninterest expense	11,136			9,842				13
Income before income tax expense	11,761			9,119				29
Income tax expense	2,717			2,177				25
Net income	$	9,044		$	6,942			30	%
Financial ratios
Return on equity	21		%	18		%
Overhead ratio	48			50
Compensation expense as percentage of total net revenue	25			26			(c)

(a)Included taxable-equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $646 million and $658 million for the three months ended March 31, 2026 and 2025, respectively.

(b)Included compensation expense recorded in and allocated from Corporate of $1.2 billion for each of the three months ended March 31, 2026 and 2025. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.

(c)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.

Selected income statement data
	Three months ended March 31,
(in millions)	2026		2025		Change
Revenue by business
Investment Banking	$	3,136	$	2,268	38	%
Payments	5,123		4,565		12
Lending	2,166		1,915		13
Other	—		6		NM
Total Banking & Payments	10,425		8,754		19
Fixed Income Markets	7,078		5,849		21
Equity Markets	4,481		3,814		17
Securities Services	1,499		1,269		18
Credit Adjustments & Other(a)	(104)		(20)		(420)
Total Markets & Securities Services	12,954		10,912		19
Total net revenue	$	23,379	$	19,666	19	%

(a)Consists primarily of centrally-managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets. Refer to Notes 2, 3 and 19 for additional information.

Selected income statement data
	Three months ended March 31,
(in millions)	2026		2025		Change
Banking & Payments revenue by client coverage segment(a)
Global Corporate Banking & Global Investment Banking	$	7,265	$	5,929	23	%
Commercial Banking	3,160		2,825		12
Commercial & Specialized Industries	2,280		1,956		17
Commercial Real Estate Banking	880		869		1
Total Banking & Payments revenue	$	10,425	$	8,754	19	%

(a)Refer to Line of Business Metrics on page 177 for a description of each of the client coverage segments.

22

Quarterly results

Net income was $9.0 billion, up 30%.

Net revenue was $23.4 billion, up 19%.

Banking & Payments revenue was $10.4 billion, up 19%.

•Investment Banking revenue was $3.1 billion, up 38%. Investment Banking fees were up 28%, driven by higher advisory and equity underwriting fees, partially offset by lower debt underwriting fees. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.

–Advisory fees were $1.3 billion, up 82%, largely driven by higher fees from deals in the Diversified Industries and Natural Resource Group sectors.

–Equity underwriting fees were $472 million, up 46%, predominantly driven by higher revenue across all products.

–Debt underwriting fees were $1.1 billion, down 7%, largely driven by lower non-investment grade loans.

•Payments revenue was $5.1 billion, up 12%, predominantly driven by higher average deposits and fee growth.

•Lending revenue was $2.2 billion, up 13%, largely driven by fair value gains on credit protection purchased against certain retained loans and lending-related commitments, compared to losses in the prior year, and higher loan balances.

Markets & Securities Services revenue was $13.0 billion, up 19%. Markets revenue was $11.6 billion, up 20%.

•Fixed Income Markets revenue was $7.1 billion, up 21%, driven by higher revenue on strong client activity in Commodities, Credit and Currencies & Emerging Markets, as well as strong results in Securitized Products, partially offset by lower revenue in Rates.

•Equity Markets revenue was $4.5 billion, up 17%, predominantly due to increased client activity.

•Securities Services revenue was $1.5 billion, up 18%, predominantly driven by fee growth on higher market levels and client activity, as well as higher average deposits.

•Credit Adjustments & Other was a loss of $104 million, compared with a loss of $20 million in the prior year.

Noninterest expense was $11.1 billion, up 13%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage expense.

The provision for credit losses was $482 million, largely driven by changes in the credit quality of certain exposures. The net addition to the allowance for credit losses was $362 million and net charge-offs were $120 million.

In the prior year, the provision was $705 million, the net addition to the allowance for credit losses was $528 million and net charge-offs were $177 million.

Refer to Credit and Investment Risk Management on pages 48-66, Allowance for Credit Losses on pages 63-65, and Critical Accounting Estimates on pages 75-77 for a further discussion of the credit portfolios and the allowance for credit losses.

23

Selected metrics
(in millions, except employees)	As of or for the three months ended March 31,
	2026		2025			Change
Selected balance sheet data (period-end)
Total assets	$	2,626,846	$	2,174,123		21	%
Loans:
Loans retained	576,917		497,657			16
Loans held-for-sale and loans at fair value(a)	67,022		48,201			39
Total loans	643,939		545,858			18
Equity	166,500		149,500			11
Banking & Payments loans by client coverage segment (period-end)(b)
Global Corporate Banking & Global Investment Banking	$	158,989	$	121,776		31
Commercial Banking	224,253		219,220			2
Commercial & Specialized Industries	77,425		74,334			4
Commercial Real Estate Banking	146,828		144,886			1
Total Banking & Payments loans	383,242		340,996			12
Selected balance sheet data (average)
Total assets	$	2,497,393	$	2,045,105		22
Trading assets-debt and equity instruments	874,262		685,039			28
Trading assets-derivative receivables	67,591		58,987			15
Loans:
Loans retained	$	558,751	$	482,304		16
Loans held-for-sale and loans at fair value(a)	73,588		46,422			59
Total loans	$	632,339	$	528,726		20
Deposits	1,234,295		1,106,158			12
Equity	166,500		149,500			11
Banking & Payments loans by client coverage segment (average)(b)
Global Corporate Banking & Global Investment Banking	$	151,120	$	121,387		24
Commercial Banking	222,897		218,560			2
Commercial & Specialized Industries	76,610		73,629			4
Commercial Real Estate Banking	146,287		144,931			1
Total Banking & Payments loans	$	374,017	$	339,947		10
Employees	91,493		89,415		(c)	2	%

(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.

(b)Refer to Line of Business Metrics on page 177 for a description of each of the client coverage segments.

(c)Refer to footnote (c) on page 22 for further information concerning the centralization of Risk functions.

Selected metrics
	As of or for the three months ended March 31,
(in millions, except ratios)	2026			2025			Change
Credit data and quality statistics
Net charge-offs/(recoveries)	$	120		$	177		(32)	%
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained(a)	$	3,855		$	3,413		13
Nonaccrual loans held-for-sale and loans at fair value(b)	1,192			1,255			(5)
Total nonaccrual loans	5,047			4,668			8
Derivative receivables	174			169			3
Assets acquired in loan satisfactions	176			211			(17)
Total nonperforming assets	$	5,397		$	5,048		7
Allowance for credit losses:
Allowance for loan losses	$	7,947		$	7,680		3
Allowance for lending-related commitments	2,777			2,113			31
Total allowance for credit losses	$	10,724		$	9,793		10	%
Net charge-off/(recovery) rate(c)	0.09		%	0.15		%
Allowance for loan losses to period-end loans retained	1.38			1.54
Allowance for loan losses to nonaccrual loans retained(a)	206			225
Nonaccrual loans to total period-end loans	0.78		%	0.86		%

(a)Allowance for loan losses of $740 million and $566 million were held against these nonaccrual loans at March 31, 2026 and 2025, respectively.

(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026 and 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $183 million and $36 million, respectively.

(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

Investment banking fees
	Three months ended March 31,
(in millions)	2026		2025		Change
Advisory	$	1,266	$	694	82	%
Equity underwriting	472		324		46
Debt underwriting(a)	1,145		1,230		(7)
Total investment banking fees	$	2,883	$	2,248	28	%

(a)Represents long-term debt and loan syndications.

24

League table results – wallet share
	Three months ended March 31,								Full-year 2025
	2026				2025
	Rank		Share		Rank		Share		Rank		Share
Based on fees(a)
M&A(b)
Global	#	2	10.9	%	#	2	7.6	%	#	2	8.1	%
U.S.	2		11.4		3		7.7		2		8.6
Equity and equity-related(c)
Global	1		9.0		1		10.5		1		9.4
U.S.	1		11.4		1		12.8		1		12.5
Long-term debt(d)
Global	1		7.8		1		7.5		1		7.1
U.S.	1		11.0		1		10.2		1		10.2
Loan syndications
Global	1		12.7		1		11.6		2		10.0
U.S.	1		13.8		1		13.2		2		11.4
Global investment banking fees(e)	#	1	9.8	%	#	1	8.5	%	#	1	8.2	%

(a)Source: Dealogic as of April 1, 2026. Reflects the ranking of revenue wallet and market share.

(b)Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.

(c)Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.

(d)Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities ("ABS") and mortgage-backed securities ("MBS"); and exclude money market, short-term debt and U.S. municipal securities.

(e)Global investment banking fees exclude money market, short-term debt and shelf securities.

Markets revenue

The following table summarizes selected income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets generally occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives

that are reflected at fair value in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 73 of JPMorganChase’s 2025 Form 10-K for further information.

For the periods presented below, the primary source of principal transactions revenue was the amount recognized upon executing new transactions.

	Three months ended March 31,						Three months ended March 31,
	2026						2025
(in millions)	Fixed Income Markets		Equity Markets		Total Markets		Fixed Income Markets		Equity Markets		Total Markets
Principal transactions	$	3,808	$	4,035	$	7,843	$	3,422	$	4,174	$	7,596
Lending- and deposit-related fees	100		53		153		110		33		143
Commissions and other fees	169		807		976		161		606		767
All other income	433		(45)		388		383		(11)		372
Noninterest revenue	4,510		4,850		9,360		4,076		4,802		8,878
Net interest income	2,568		(369)		2,199		1,773		(988)		785
Total net revenue	$	7,078	$	4,481	$	11,559	$	5,849	$	3,814	$	9,663

25

Selected metrics
(in millions, except where otherwise noted)	As of or for the three months ended March 31,
	2026		2025		Change
Assets under custody ("AUC") by asset class (period-end) (in billions):
Fixed Income	$	18,687	$	16,943	10	%
Equity	17,319		14,615		19
Other(a)	4,899		4,120		19
Total AUC	$	40,905	$	35,678	15
Client deposits and other third-party liabilities (average)(b)	$	1,167,128	$	1,034,382	13	%

(a)Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.

(b)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.

International metrics
(in millions, except where otherwise noted)	As of or for the three months ended March 31,
	2026		2025		Change
Total net revenue(a)
Europe/Middle East/Africa	$	5,254	$	4,542	16	%
Asia-Pacific	3,665		2,619		40
Latin America/Caribbean	836		545		53
Total international net revenue	9,755		7,706		27
North America	13,624		11,960		14
Total net revenue	$	23,379	$	19,666	19
Loans retained (period-end)(a)
Europe/Middle East/Africa	$	61,634	$	48,681	27
Asia-Pacific	22,360		17,231		30
Latin America/Caribbean	12,356		10,401		19
Total international loans	96,350		76,313		26
North America	480,567		421,344		14
Total loans retained	$	576,917	$	497,657	16
Client deposits and other third-party liabilities (average)(b)
Europe/Middle East/Africa	$	305,949	$	281,119	9
Asia-Pacific	165,266		152,609		8
Latin America/Caribbean	53,545		44,037		22
Total international	$	524,760	$	477,765	10
North America	642,368		556,617		15
Total client deposits and other third-party liabilities	$	1,167,128	$	1,034,382	13
AUC (period-end)(b) (in billions)
North America	$	27,522	$	23,753	16
All other regions	13,383		11,925		12
Total AUC	$	40,905	$	35,678	15	%

(a)Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.

(b)Client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses, and AUC, are based on the domicile of the client or booking location, as applicable.

26

ASSET & WEALTH MANAGEMENT

Refer to pages 76–79 of JPMorganChase’s 2025 Form 10-K and Line of Business Metrics on page 178 for a discussion of the business profile of AWM.

Selected income statement data
(in millions, except ratios)	Three months ended March 31,
	2026			2025				Change
Revenue
Asset management fees	$	4,125		$	3,595			15	%
Commissions and other fees	369			273				35
All other income	154			125				23
Noninterest revenue	4,648			3,993				16
Net interest income	1,726			1,738				(1)
Total net revenue	6,374			5,731				11
Provision for credit losses	(24)			(10)				(140)
Noninterest expense
Compensation expense	2,339			2,067			(b)	13
Noncompensation expense(a)	1,828			1,646			(b)	11
Total noninterest expense	4,167			3,713				12
Income before income tax expense	2,231			2,028				10
Income tax expense	456			445				2
Net income	$	1,775		$	1,583			12
Revenue by line of business
Asset Management	$	3,072		$	2,671			15
Global Private Bank	3,302			3,060				8
Total net revenue	$	6,374		$	5,731			11	%
Financial ratios
Return on equity	44		%	39		%
Overhead ratio	65			65
Pre-tax margin ratio:
Asset Management	34			32
Global Private Bank	36			38
Asset & Wealth Management	35			35

(a)Included compensation expense recorded in and allocated from Corporate of $300 million and $269 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.

(b)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.

Quarterly results

Net income was $1.8 billion, up 12%.

Net revenue was $6.4 billion, up 11%. Net interest income was $1.7 billion, down 1%. Noninterest revenue was $4.6 billion, up 16%.

Revenue from Asset Management was $3.1 billion, up 15%, predominantly driven by higher asset management fees, reflecting higher average market levels and strong net inflows.

Revenue from Global Private Bank was $3.3 billion, up 8%, driven by:

•higher noninterest revenue, reflecting higher management fees due to strong net inflows and higher average market levels, as well as higher brokerage commissions,

partially offset by

•lower net interest income driven by narrower spreads on loans and deposit margin compression, which were offset by higher average loans and deposits.

Noninterest expense was $4.2 billion, up 12%, largely driven by higher compensation, primarily higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.

27

Selected metrics
	As of or for the three months ended March 31,
(in millions, except ranking data, ratios and employees)	2026			2025				Change
% of JPM mutual fund assets and ETFs rated as 4- or 5-star(a)	61		%	67		%
% of JPM mutual fund assets and ETFs ranked in 1st or 2nd quartile:(b)
1 year	48			71
3 years	63			73
5 years	73			73
Selected balance sheet data (period-end)(c)
Total assets	$	299,179		$	258,354			16	%
Loans	274,902			237,201				16
Deposits	266,745			250,219				7
Equity	16,000			16,000				—
Selected balance sheet data (average)(c)
Total assets	$	291,058		$	253,372			15
Loans	267,986			233,937				15
Deposits	253,706			244,107				4
Equity	16,000			16,000				—
Employees	29,357			28,916			(d)	2
Number of Global Private Bank client advisors	4,110			3,781				9
Credit data and quality statistics(c)
Net charge-offs/(recoveries)	$	1		$	1			—
Nonaccrual loans	1,035			675				53
Allowance for credit losses:
Allowance for loan losses	$	520		$	530			(2)
Allowance for lending-related commitments	33			33				—
Total allowance for credit losses	$	553		$	563			(2)	%
Net charge-off/(recovery) rate	—		%	—		%
Allowance for loan losses to period-end loans	0.19			0.22
Allowance for loan losses to nonaccrual loans	50			93
Nonaccrual loans to period-end loans	0.38			0.28

(a)Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura. Includes only Asset Management retail active open-ended mutual funds and active ETFs that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.

(b)Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management retail active open-ended mutual funds and active ETFs that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.

(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.

(d)Refer to footnote (b) on page 27 for further information concerning the centralization of Risk functions.

Client assets

Assets under management were $4.8 trillion, up 16%, and client assets were $7.1 trillion, up 18%. These increases were driven by higher market levels and continued net inflows.

	As of March 31,
(in billions)	2026		2025		Change
Assets by asset class
Liquidity	$	1,297	$	1,120	16	%
Fixed income	1,014		879		15
Equity	1,360		1,128		21
Multi-asset	880		764		15
Alternatives	238		222		7
Total assets under management	4,789		4,113		16
Custody/brokerage/administration/deposits	2,314		1,889		22
Total client assets(a)	$	7,103	$	6,002	18
Assets by client segment
Private Banking	$	1,440	$	1,201	20
Global Institutional	1,964		1,705		15
Global Funds	1,385		1,207		15
Total assets under management	$	4,789	$	4,113	16
Private Banking	$	3,549	$	2,949	20
Global Institutional	2,145		1,828		17
Global Funds	1,409		1,225		15
Total client assets(a)	$	7,103	$	6,002	18	%

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

28

Client assets (continued)
	Three months ended March 31,
(in billions)	2026		2025
Assets under management rollforward
Beginning balance	$	4,791	$	4,045
Net asset flows:
Liquidity	13		36
Fixed income	20		11
Equity	18		37
Multi-asset	10		3
Alternatives	6		3
Market/performance/other impacts	(69)		(22)
Ending balance, March 31	$	4,789	$	4,113
Client assets rollforward
Beginning balance	$	7,118	$	5,932
Net asset flows	111		120
Market/performance/other impacts	(126)		(50)
Ending balance, March 31	$	7,103	$	6,002

Selected Metrics
	As of March 31,
	2026		2025		Change
Firmwide Wealth Management
Client assets (in billions)(a)	$	4,516	$	3,791	19	%
Number of client advisors	10,353		9,641		7
Stock Plan Administration
Number of stock plan participants (in thousands)	1,883		1,500		26
Client assets (in billions)	$	383	$	281	36	%

(a)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.

International Metrics
	Three months ended March 31,
(in millions)	2026		2025		Change
Total net revenue(a)
Europe/Middle East/Africa	$	1,015	$	922	10	%
Asia-Pacific	731		550		33
Latin America/Caribbean	355		286		24
Total international net revenue	2,101		1,758		20
North America	4,273		3,973		8
Total net revenue(a)	$	6,374	$	5,731	11	%

(a)Regional revenue is based on the domicile of the client.

	As of March 31,
(in billions)	2026		2025		Change
Assets under management
Europe/Middle East/Africa	$	717	$	616	16	%
Asia-Pacific	383		321		19
Latin America/Caribbean	127		110		15
Total international assets under management	1,227		1,047		17
North America	3,562		3,066		16
Total assets under management	$	4,789	$	4,113	16
Client assets
Europe/Middle East/Africa	$	1,037	$	867	20
Asia-Pacific	616		509		21
Latin America/Caribbean	312		259		20
Total international client assets	1,965		1,635		20
North America	5,138		4,367		18
Total client assets	$	7,103	$	6,002	18	%

29

CORPORATE

Refer to pages 80–82 of JPMorganChase’s 2025 Form 10-K for a discussion of Corporate.

Selected income statement and balance sheet data
	As of or for the three months ended March 31,
(in millions, except employees)	2026		2025			Change
Revenue
Principal transactions	$	(31)	$	(87)		64	%
Investment securities gains/(losses)	60		(37)			NM
All other income	160		777			(79)
Noninterest revenue	189		653			(71)
Net interest income	1,026		1,651			(38)
Total net revenue(a)	1,215		2,304			(47)
Provision for credit losses	(1)		(19)			95
Noninterest expense	568		185		(c)(d)	207
Income before income tax expense	648		2,138			(70)
Income tax expense/(benefit)	(51)		445			NM
Net income	$	699	$	1,693		(59)
Total net revenue
Treasury and CIO	$	1,337	$	1,564		(15)
Other Corporate	(122)		740			NM
Total net revenue	$	1,215	$	2,304		(47)
Net income
Treasury and CIO	$	842	$	1,158		(27)
Other Corporate	(143)		535		(d)	NM
Total net income	$	699	$	1,693		(59)
Total assets (period-end)	$	1,318,399	$	1,289,274		2
Loans (period-end)	3,093		2,478			25
Deposits (period-end)(b)	41,173		25,064			64
Employees	55,360		56,368		(c)	(2)	%

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $44 million and $36 million for the three months ended March 31, 2026 and 2025, respectively.

(b)Predominantly relates to the Firm's international consumer initiatives.

(c)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.

(d)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025.

Quarterly results

Net income was $699 million, compared with $1.7 billion in the prior year.

Net revenue was $1.2 billion, compared with $2.3 billion in the prior year.

Net interest income was $1.0 billion, down $625 million, predominantly driven by the impact of lower rates.

Noninterest revenue was $189 million, compared with $653 million in the prior year, reflecting lower First Republic-related revenue, primarily driven by the absence of the $588 million First Republic-related gain in the prior year.

Refer to Note 5 for additional information on the First Republic acquisition, and Notes 9 and 12 for additional information on the investment securities portfolio and the allowance for credit losses.

Noninterest expense was $568 million, compared with $185 million in the prior year, predominantly due to the absence of an FDIC special assessment accrual release in the prior year.

Income tax benefit was $51 million, compared with $445 million expense in the prior year, driven by the changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.

Other Corporate includes the Strategic Investment Group within the Firm’s Security and Resiliency Initiative, as well as the Firm's international consumer initiatives, which primarily consist of Chase U.K., J.P. Morgan Personal Investing and an ownership stake in C6 Bank.

The deposits within Corporate relate to the Firm’s international consumer initiatives and have increased as a result of growth in new accounts.

30

Treasury and CIO overview

At March 31, 2026, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.

Refer to Liquidity Risk Management on pages 41-47 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 67-73 for information on interest rate and foreign exchange risks.

Selected income statement and balance sheet data
	As of or for the three months ended March 31,
(in millions)	2026		2025		Change
Investment securities gains/(losses)	$	60	$	(37)	NM
Available-for-sale securities (average)(a)	$	529,500	$	391,997	35	%
Held-to-maturity securities (average)(a)	269,482		269,906		—
Investment securities portfolio (average)	$	798,982	$	661,903	21
Available-for-sale securities (period-end)(a)	$	545,706	$	396,316	38
Held-to-maturity securities (period-end)(a)	272,142		265,084		3
Investment securities portfolio, net of allowance for credit losses (period-end)(b)	$	817,848	$	661,400	24	%

(a)During 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes. Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for additional information concerning transfers from AFS to HTM securities.

(b)As of March 31, 2026 and 2025, the allowance for credit losses on investment securities was $73 million and $85 million, respectively.

31

FIRMWIDE RISK MANAGEMENT

Risk is an inherent part of JPMorganChase’s business activities. When the Firm extends a consumer or wholesale loan, advises customers and clients on their investment decisions, makes markets in securities, or offers other products or services, the Firm takes on some degree of risk. The Firm’s overall objective is to manage its business, and the associated risks, in a manner that balances serving the interests of its clients, customers and investors, and protecting the safety and soundness of the Firm.

The Firm believes that effective risk management requires, among other things:

•Acceptance of responsibility, including identification and escalation of risks by all individuals within the Firm;

•Ownership of risk identification, assessment, data and management within each of the LOBs and Corporate; and

•A Firmwide risk governance and oversight structure.

The Firm follows a disciplined and balanced compensation framework with strong internal governance and independent oversight by the Board of Directors. The impact of risk and control issues is carefully considered in the Firm’s performance evaluation and incentive compensation processes.

Risk governance framework

The Firm’s risk governance framework involves understanding drivers of risks, types of risks, and impacts of risks.

Refer to pages 83–87 of JPMorganChase’s 2025 Form 10-K for a further discussion of Firmwide risk management governance and oversight.

Risk governance and oversight functions

The following sections of this Form 10-Q and the 2025 Form 10-K discuss the risk governance and oversight functions in place to oversee the risks inherent in the Firm’s business activities.

Risk governance and oversight functions	Form 10-Q page reference	Form 10-K page reference
Strategic Risk		88
Capital Risk	33-40	89-99
Liquidity Risk	41-47	100-107
Reputation Risk		108
Consumer Credit Risk	50-53	112–117
Wholesale Credit Risk	54-62	118-128
Investment Portfolio Risk	66	132
Market Risk	67-73	133-142
Country Risk	74	143-144
Climate Risk		145
Operational Risk		146-149
Compliance Risk		150
Conduct Risk		151
Legal Risk		152
Estimations and Model Risk		153

32

CAPITAL RISK MANAGEMENT

Capital risk is the risk that the Firm has an insufficient level or composition of capital to support the Firm’s business activities and associated risks during normal economic environments and under stressed conditions.

Refer to pages 89–99 of JPMorganChase’s 2025 Form 10-K, Note 21 of this Form 10-Q and the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for a further discussion of the Firm’s capital risk management.

Basel III Overview

The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. Bank Holding Companies (“BHCs”) and banks, including the Firm and JPMorgan Chase Bank, N.A. The minimum amount of regulatory capital that must be held by BHCs and banks is determined by calculating risk-weighted assets ("RWA"), which are on-balance sheet assets and off-balance sheet exposures, weighted according to risk. Under the rules currently in effect, two comprehensive approaches are prescribed for calculating Basel III RWA: a standardized approach (“Standardized”), and an advanced approach (“Advanced”).

For each of these risk-based capital ratios, the capital adequacy of the Firm is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements.

At March 31, 2026, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios.

Additionally, Basel III requires that Advanced Approaches banking organizations, including the Firm, calculate their SLRs. Refer to page 37 of this Form 10-Q and page 96 of JPMorganChase's 2025 Form 10-K for additional information on SLR.

Key Regulatory Developments

U.S. Basel III Finalization and GSIB Surcharge

In March 2026, the Federal Reserve, the OCC and the FDIC (collectively, “the Agencies”) released a proposal to amend the risk-based capital framework entitled "Regulatory capital rule: Category I and II Banking Organizations, Banking Organizations with Significant Trading Activity, and Optional Adoption for Other Banking Organizations," which is referred to in this Form 10-Q as the “U.S. Basel III Re-Proposal.” This proposal reflects changes from the amendments to the risk-based capital framework previously proposed by the Agencies, including replacement of the current dual calculation of Advanced and Standardized RWA with a single calculation based on the expanded risk-based approach (which, among other changes, would

not permit the use of internal models for the calculation of RWA, other than for Market risk) as well as a new Operational Risk RWA component. Based on the Firm's understanding of the U.S. Basel III Re-Proposal, as applied to its positions as of December 31, 2025, the estimated impact would be an increase to the Firm's required CET1 capital of approximately 6%.

The Agencies also released a concurrent proposal, “Regulatory Capital Rule: Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies; Systemic Risk Report (FR Y-15),” which would amend the calculation of the surcharge for Global Systemically Important Banks (“GSIB”) and which is referred to in this Form 10-Q as the “GSIB Surcharge Re-Proposal.” If adopted as proposed, the amendments reflected in the GSIB Surcharge Re-Proposal would require the Firm to assess its GSIB surcharge on an annual basis, calculated using an average of the underlying measures throughout the calendar year, with daily averaging required for certain measures. The increments in which the GSIB surcharge is assessed would be reduced from 50 basis points to 10 basis points. The GSIB Surcharge Re-Proposal includes an annual adjustment for the relative weights assigned to each indicator based on an average of the growth in nominal GDP, and applies a set weight for Short-Term Wholesale Funding rather than its current weighting relative to average RWA. Under the rules currently in effect, the Firm's GSIB surcharge, calculated as of December 31, 2025, would be 5.5% with an effective date of January 1, 2028. If the GSIB Surcharge Re-Proposal were to be adopted as proposed, the Firm estimates that the 5.5% GSIB surcharge would be reduced to 5.2%.

The Firm expects that the changes in requirements reflected in the U.S. Basel III Re-Proposal and the GSIB Surcharge Re-Proposal, taken together, would result in an increase in the Firm’s required CET1 capital of approximately 4% as compared to the CET1 capital requirement that, under current rules, would become effective on January 1, 2028. The estimates do not reflect any actions that the Firm could take to mitigate these impacts.

Comments on the proposals are due by June 18, 2026.

33

Enhanced SLR Final Rule

On January 1, 2026, the Firm early adopted the enhanced Supplementary Leverage Ratio (“eSLR”) final rule. The final rule amended the eSLR requirements for GSIB BHCs and their insured depository institution (“IDI”) subsidiaries by revising the previous static leverage buffers at the BHC and IDI levels to 50% of the BHC’s U.S. Method 1 GSIB Surcharge, which is referred to as the “eSLR buffer.” For IDI subsidiaries, the eSLR buffer is capped at 1%. In addition, the rule made corresponding adjustments to the leverage-based total loss-absorbing capacity (“TLAC”) and eligible long-term debt (“eligible LTD”) requirements by replacing the former TLAC leverage buffer with the eSLR buffer and replacing the former static leverage-based eligible LTD requirement with a requirement of 2.5% plus the eSLR buffer. Further, the rule removed the eSLR threshold for an IDI subsidiary of a U.S. GSIB to be considered “well capitalized” under the prompt corrective action framework and instead applied the eSLR as a capital buffer requirement.

Refer to page 92 of JPMorganChase's 2025 Form 10-K for information on the U.S. Method 1 GSIB Surcharge.

Enhanced Transparency and Public Accountability of the Supervisory Stress Test

In October 2025, the Federal Reserve issued proposals to enhance the transparency and public accountability of its annual stress test. The proposals would require the Federal Reserve to publish for public comment comprehensive documentation concerning the supervisory stress test models and annual stress test scenarios, including the scenarios for the upcoming 2026 stress test. The proposals also introduce an enhanced disclosure process under which material changes to stress test models and scenarios would be subject to public comment prior to implementation. Based on the Federal Reserve’s analysis, the proposed changes to the stress test models and scenarios are not expected to change materially the Stress Capital Buffer (“SCB”) for firms, such as JPMorganChase, that are subject to the supervisory stress test. In February 2026, the Federal Reserve released the final 2026 supervisory stress test scenarios, while announcing that SCB requirements for large banks, including the Firm, will remain at current levels through September 30, 2027 with new requirements to be calculated in 2027 based on revised models that incorporate public feedback.

Refer to page 91 of JPMorganChase's 2025 Form 10-K for information on other Key Regulatory Developments.

34

Selected capital and RWA data

The following tables present the Firm’s risk-based capital metrics under both the Standardized and Advanced approaches and leverage-based capital metrics. Refer to Capital Risk Management on pages 89–99 of JPMorganChase’s 2025 Form 10-K for a further discussion of these capital metrics. Refer to Note 21 for JPMorgan Chase Bank, N.A.’s risk-based and leverage-based capital metrics.

	Standardized								Advanced
(in millions, except ratios)	March 31, 2026			December 31, 2025			Capital ratio requirements(a)		March 31, 2026				December 31, 2025				Capital ratio requirements(a)
Risk-based capital metrics:
CET1 capital	$	291,152		$	288,469				$	291,152			$	288,469
Tier 1 capital	310,317			307,630					310,317				307,630
Total capital	349,931			343,843					334,355				328,962			(c)
Risk-weighted assets	2,039,324			1,981,692					2,061,341			(b)	2,045,249			(b)(c)
CET1 capital ratio	14.3		%	14.6		%	11.5	%	14.1		%		14.1		%		11.5	%
Tier 1 capital ratio	15.2			15.5			13.0		15.1				15.0				13.0
Total capital ratio	17.2			17.4			15.0		16.2				16.1				15.0

(a)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.

(b)As of March 31, 2026, the impact to the RWA for the Apple Card transaction was approximately $30 billion, which reflects the completion of the necessary modeling steps, as compared to the impact of approximately $110 billion as of December 31, 2025. Refer to Capital Risk Management on pages 89–99 of JPMorganChase's 2025 Form 10-K for additional information.

(c)Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules. Refer to page 94 and Note 34 of JPMorganChase’s 2025 Form 10-K for additional information on the First Republic acquisition.

Three months ended (in millions, except ratios)	March 31, 2026			December 31, 2025			Capital ratio requirements(b)
Leverage-based capital metrics:
Adjusted average assets(a)	$	4,702,980		$	4,472,394
Tier 1 leverage ratio	6.6		%	6.9		%	4.0	%
Total leverage exposure	$	5,576,930		$	5,302,001
SLR	5.6		%	5.8		%	4.3	%

(a)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill (inclusive of estimated equity method goodwill) and other intangible assets.

(b)Represents minimum requirements and regulatory buffers applicable to the Firm for the quarter ended March 31, 2026. The current requirement reflects the eSLR final rule which the Firm early adopted effective January 1, 2026. For the year ended December 31, 2025, the SLR requirement was 5.0%. Refer to Key Regulatory Developments on pages 33-34 and Note 21 for additional information related to the eSLR final rule.

35

Capital components

The following table presents reconciliations of total stockholders’ equity to CET1 capital, Tier 1 capital and Total capital as of March 31, 2026 and December 31, 2025.

(in millions)	March 31, 2026		December 31, 2025
Total stockholders’ equity	$	364,038	$	362,438
Less: Preferred stock	20,045		20,045
Common stockholders’ equity	343,993		342,393
Add:
Certain deferred tax liabilities(a)	2,911		2,916
Other CET1 capital adjustments(b)	864		(198)
Less:
Goodwill(c)	54,126		54,082
Other intangible assets	2,490		2,560
Standardized/Advanced CET1 capital	$	291,152	$	288,469
Add: Preferred stock	20,045		20,045
Less: Other Tier 1 adjustments	880		884
Standardized/Advanced Tier 1 capital	$	310,317	$	307,630
Long-term debt and other instruments qualifying as Tier 2 capital	$	16,471	$	13,539
Qualifying allowance for credit losses(d)	24,202		23,733
Other	(1,059)		(1,059)
Standardized Tier 2 capital	$	39,614	$	36,213
Standardized Total capital	$	349,931	$	343,843
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital(e)(f)	(15,576)		(14,881)
Advanced Tier 2 capital	$	24,038	$	21,332
Advanced Total capital	$	334,355	$	328,962

(a)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating CET1 capital.

(b)As of March 31, 2026 and December 31, 2025, included a net reduction for certain deferred tax assets related to tax attribute carryforwards of $556 million and $1.8 billion, respectively, and a net benefit associated with cash flow hedges and debit valuation adjustments ("DVA") related to structured notes recorded in AOCI of $2.5 billion and $2.6 billion, respectively.

(c)Goodwill deducted from capital includes goodwill associated with equity method investments in nonconsolidated financial institutions based on regulatory requirements. Refer to page 66 for additional information on principal investment risk.

(d)Represents the allowance for credit losses eligible for inclusion in Tier 2 capital up to 1.25% of credit risk RWA with any excess deducted from RWA.

(e)Represents an adjustment to qualifying allowance for credit losses for the excess of eligible credit reserves over expected credit losses up to 0.6% of credit risk RWA with any excess deducted from RWA.

(f)As of December 31, 2025, included an incremental $468 million allowance for credit losses, on certain assets associated with First Republic to which the Standardized approach was applied, as permitted by the transition provisions in the U.S. capital rules.

Capital rollforward

The following table presents the changes in CET1 capital, Tier 1 capital and Tier 2 capital for the three months ended March 31, 2026.

Three months ended March 31, (in millions)	2026
Standardized/Advanced CET1 capital at December 31, 2025	$	288,469
Net income applicable to common equity	16,218
Dividends declared on common stock	(4,067)
Net purchase of treasury stock	(7,125)
Changes in additional paid-in capital	(1,027)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities	(2,401)
Translation adjustments, net of hedges(a)	(167)
Fair value hedges	41
Defined benefit pension and other postretirement employee benefit (“OPEB”) plans	4
Changes related to other CET1 capital adjustments(b)	1,207
Change in Standardized/Advanced CET1 capital	2,683
Standardized/Advanced CET1 capital at March 31, 2026	$	291,152
Standardized/Advanced Tier 1 capital at December 31, 2025	$	307,630
Change in CET1 capital	2,683
Net redemptions of noncumulative perpetual preferred stock	—
Other	4
Change in Standardized/Advanced Tier 1 capital	2,687
Standardized/Advanced Tier 1 capital at March 31, 2026	$	310,317
Standardized Tier 2 capital at December 31, 2025	$	36,213
Change in long-term debt and other instruments qualifying as Tier 2(c)	2,932
Change in qualifying allowance for credit losses	469
Other	—
Change in Standardized Tier 2 capital	3,401
Standardized Tier 2 capital at March 31, 2026	$	39,614
Standardized Total capital at March 31, 2026	$	349,931
Advanced Tier 2 capital at December 31, 2025	$	21,332
Change in long-term debt and other instruments qualifying as Tier 2(c)	2,932
Change in qualifying allowance for credit losses(d)	(226)
Other	—
Change in Advanced Tier 2 capital	2,706
Advanced Tier 2 capital at March 31, 2026	$	24,038
Advanced Total capital at March 31, 2026	$	334,355

(a)Includes foreign currency translation adjustments and the impact of related derivatives.

(b)Includes deductions for certain deferred tax assets related to tax attribute carryforwards.

(c)Includes the issuance of $3.0 billion of subordinated notes due 2037. Refer to Long-term funding on page 46 of this Form 10-Q and Note 20 of JPMorganChase’s 2025 Form 10-K for additional information on the Firm’s subordinated debt.

(d)As of December 31, 2025, included an incremental $468 million allowance for credit losses, on certain assets associated with First Republic to which the Standardized approach was applied, as permitted by the transition provisions in the U.S. capital rules.

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RWA rollforward

The following table presents changes in the components of RWA under Standardized and Advanced approaches for the three months ended March 31, 2026. The amounts in the rollforward categories are estimates, based on the predominant driver of the change.

	Standardized						Advanced
Three months ended March 31, 2026 (in millions)	Credit risk RWA(c)		Market risk RWA		Total RWA		Credit risk RWA(c)(d)		Market risk RWA		Operational risk RWA		Total RWA
December 31, 2025	$	1,889,409	$	92,283	$	1,981,692	$	1,493,805	$	92,998	$	458,446	$	2,045,249
Model & data changes(a)	(730)		—		(730)		(61,411)		—		—		(61,411)
Movement in portfolio levels(b)	38,515		19,847		58,362		58,183		19,871		(551)		77,503
Changes in RWA	37,785		19,847		57,632		(3,228)		19,871		(551)		16,092
March 31, 2026	$	1,927,194	$	112,130	$	2,039,324	$	1,490,577	$	112,869	$	457,895	$	2,061,341

(a)Model & data changes refer to material movements in levels of RWA as a result of revised methodologies and/or treatment per regulatory guidance (exclusive of rule changes) including the completion of the necessary modeling steps required for the Apple Card transaction and other modeling updates.

(b)Movement in portfolio levels (inclusive of rule changes) refers to: for Credit risk RWA, changes in book size, changes in composition and credit quality, market movements, and deductions for excess eligible allowances for credit losses not eligible for inclusion in Tier 2 capital; for Market risk RWA, changes in position and market movements; and for Operational risk RWA, updates to cumulative losses, macroeconomic model inputs, and other model parameters.

(c)As of March 31, 2026 and December 31, 2025, the Standardized Credit risk RWA included wholesale and retail off balance-sheet RWA of $270.1 billion and $268.5 billion, respectively; and the Advanced Credit risk RWA included wholesale and retail off balance-sheet RWA of $287.5 billion and $223.0 billion, respectively.

(d)As of December 31, 2025, Credit risk RWA reflected approximately $37.4 billion of RWA calculated under the Standardized approach includes certain assets associated with First Republic as permitted by the transition provisions in the U.S. capital rules.

Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for further information on Credit risk RWA, Market risk RWA and Operational risk RWA.

Supplementary leverage ratio

Refer to Supplementary Leverage Ratio on page 96 of JPMorganChase’s 2025 Form 10-K for additional information.

The following table presents the components of the Firm’s SLR.

Three months ended (in millions, except ratio)	March 31, 2026			December 31, 2025
Tier 1 capital	$	310,317		$	307,630
Total average assets	4,758,737			4,529,418
Less: Regulatory capital adjustments(a)	55,757			57,024
Total adjusted average assets(b)	4,702,980			4,472,394
Add: Off-balance sheet exposures(c)	873,950			829,607
Total leverage exposure	$	5,576,930		$	5,302,001
SLR	5.6		%	5.8		%

(a)For purposes of calculating the SLR, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill (inclusive of estimated equity method goodwill) and other intangible assets.

(b)Adjusted average assets used for the calculation of Tier 1 leverage ratio.

(c)Off-balance sheet exposures are calculated as the average of the three month-end spot balances on applicable regulatory exposures during the reporting quarter. Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports for additional information.

Line of business and Corporate equity

Each LOB and Corporate is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. Refer to Line of business and Corporate equity on page 96 of JPMorganChase’s 2025 Form 10-K for additional information on capital allocation.

The following table presents the capital allocated to each LOB and Corporate.

(in billions)	March 31, 2026		December 31, 2025
Consumer & Community Banking	$	61.5	$	56.0
Commercial & Investment Bank	166.5		149.5
Asset & Wealth Management	16.0		16.0
Corporate	100.0		120.9
Total common stockholders’ equity	$	344.0	$	342.4

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Capital actions

Common stock dividends

The Firm’s common stock dividends are planned as part of the Capital Management governance framework in line with the Firm’s capital management objectives.

On March 17, 2026, the Firm announced that its Board of Directors had declared a quarterly common stock dividend of $1.50 per share, payable on April 30, 2026. The Firm’s dividends are subject to approval by the Board of Directors on a quarterly basis.

Common stock repurchases

On July 1, 2025, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2025. Through June 30, 2025, the Firm was authorized to purchase up to $30 billion of common shares under its previously-approved common share repurchase program that was announced on June 28, 2024.

The following table sets forth the Firm’s repurchases of common stock for the three months ended March 31, 2026 and 2025.

	Three months ended March 31,
(in millions)	2026		2025
Total number of shares of common stock repurchased	27.5		30.0
Aggregate purchase price of common stock repurchases(a)	$	8,328	$	7,563

(a)Excludes excise tax and commissions.

The Board of Directors’ authorization to repurchase common shares is utilized at management’s discretion. The common share repurchase program approved by the Board of Directors does not establish specific price targets or timetables. Management determines the amount and timing of common share repurchases based on various factors, including market conditions; legal and regulatory considerations affecting the amount and timing of repurchase activity; the Firm’s capital position (taking into account goodwill and intangibles); organic capital generation; current and proposed future capital requirements; and other investment opportunities. The amount of common shares that the Firm repurchases in any period may be substantially more or less than the amounts estimated or actually repurchased in prior periods, reflecting the dynamic nature of the decision-making process. The Firm’s common share repurchases may be suspended by management at any time.

Refer to Capital actions on page 97 of JPMorganChase’s 2025 Form 10-K for additional information.

Refer to Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds and Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities on pages 179-180 of this Form 10-Q and page 33 of JPMorganChase’s 2025 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.

Preferred stock

Preferred stock dividends were $276 million and $255 million for the three months ended March 31, 2026 and 2025, respectively.

Refer to Note 17 of this Form 10-Q and Note 21 of JPMorganChase’s 2025 Form 10-K for additional information on the Firm’s preferred stock.

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Capital planning and stress testing

Comprehensive Capital Analysis and Review

On April 6, 2026, the Firm submitted its 2026 Capital Plan to the Federal Reserve under the Federal Reserve's Comprehensive Capital Analysis and Review ("CCAR") process. The Firm anticipates that the Federal Reserve will disclose summary information regarding the Firm's stress test results by June 30, 2026. The Firm's current SCB requirement is 2.5% and will remain in effect through September 30, 2027, based on the current rules. The Firm’s Standardized CET1 capital ratio requirement, including regulatory buffers, was 11.5% as of March 31, 2026. Refer to Key Regulatory Developments on pages 33-34 for information related to proposed changes to the SCB requirement and stress testing framework.

Refer to Capital planning and stress testing on pages 89–90 of JPMorganChase’s 2025 Form 10-K for additional information on CCAR.

Other capital requirements

Total Loss-Absorbing Capacity

The Federal Reserve’s TLAC rule requires the U.S. GSIB top-tier holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible LTD. The current requirements reflect the eSLR final rule which the Firm early adopted effective January 1, 2026. Refer to Key Regulatory Developments on pages 33-34 for additional information related to the eSLR final rule.

The following table presents the eligible external TLAC and eligible LTD amounts, as well as a representation of these amounts as a percentage of the Firm’s total RWA and total leverage exposure.

	March 31, 2026						December 31, 2025
(in billions, except ratio)	External TLAC			LTD			External TLAC			LTD
Total eligible amount	$	572.0		$	249.8		$	563.7		$	246.0
% of RWA	27.8		%	12.1		%	27.6		%	12.0		%
Regulatory requirements	23.0			10.5			23.0			10.5
Surplus/(shortfall)	$	97.9		$	33.3		$	93.3		$	31.2
% of total leverage exposure	10.3		%	4.5		%	10.6		%	4.6		%
Regulatory requirements	8.8			3.8			9.5			4.5
Surplus/(shortfall)	$	84.1		$	40.6		$	60.1		$	7.4

Refer to Liquidity Risk Management on pages 41-47 for further information on long-term debt issued by the Parent Company.

Refer to Part I, Item 1A: Risk Factors on pages 9–31 of JPMorganChase’s 2025 Form 10-K for information on the financial consequences to holders of the Firm’s debt and equity securities in a resolution scenario.

Refer to Other capital requirements on page 98 of JPMorganChase’s 2025 Form 10-K for additional information on TLAC.

39

U.S. broker-dealer regulatory capital

J.P. Morgan Securities

JPMorganChase’s principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to the regulatory capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934 (the “Net Capital Rule”). J.P. Morgan Securities is also registered as a futures commission merchant and is subject to regulatory capital requirements, including those imposed by the SEC, the Commodity Futures Trading Commission (“CFTC”), the Financial Industry Regulatory Authority (“FINRA”) and the National Futures Association (“NFA”).

The following table presents J.P. Morgan Securities’ net capital.

March 31, 2026
(in millions)	Actual		Minimum
Net capital	$	25,604	$	7,932

Non-U.S. subsidiary regulatory capital    

J.P. Morgan Securities plc

J.P. Morgan Securities plc is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and broker-dealer activities. J.P. Morgan Securities plc is jointly regulated in the U.K. by the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”). J.P. Morgan Securities plc is subject to the Capital Requirements Regulation (“CRR”), as adopted and amended in the U.K., and the capital rules in the PRA Rulebook. These requirements collectively represent the U.K.’s implementation of the Basel III standards. The PRA has announced that it intends to delay the U.K.’s implementation of the final Basel III standards until January 1, 2027, with a three-year transitional period for certain aspects.

The Bank of England requires that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain minimum requirements for own funds and eligible liabilities (“MREL”). As of March 31, 2026, J.P. Morgan Securities plc was compliant with its MREL requirements.

The following table presents J.P. Morgan Securities plc’s risk-based and leverage-based capital metrics.

March 31, 2026	Estimated			Regulatory Minimum ratios(a)
(in millions, except ratios)
Total capital	$	55,261
CET1 capital ratio	15.3		%	4.5	%
Tier 1 capital ratio	19.5			6.0
Total capital ratio	22.9			8.0
Tier 1 leverage ratio	5.3			3.3	(b)

(a)Represents minimum Pillar 1 requirements specified by the PRA. J.P. Morgan Securities plc's capital ratios as of March 31, 2026 exceeded the minimum requirements, including the additional capital requirements specified by the PRA.

(b)At least 75% of the Tier 1 leverage ratio minimum must be met with CET1 capital.

J.P. Morgan SE

JPMSE is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and markets activities. JPMSE is regulated by the European Central Bank (“ECB”), the German Financial Supervisory Authority and the German Central Bank, as well as the local regulators in each of the countries in which it operates, and it is subject to EU capital requirements under Basel III. JPMSE is subject to the EU implementation of the final Basel III standards. Those standards became effective beginning on January 1, 2025, with the exception of market risk aspects for which the effective date is January 1, 2027.

JPMSE is required by the EU Single Resolution Board to maintain MREL. As of March 31, 2026, JPMSE was compliant with its MREL requirements.    

The following table presents JPMSE’s risk-based and leverage-based capital metrics.

March 31, 2026	Estimated			Regulatory Minimum ratios(a)
(in millions, except ratios)
Total capital	$	53,160
CET1 capital ratio	17.8		%	4.5	%
Tier 1 capital ratio	17.8			6.0
Total capital ratio	32.1			8.0
Tier 1 leverage ratio	6.1			3.0

(a)Represents minimum Pillar 1 requirements specified by the EU CRR. J.P. Morgan SE’s capital and leverage ratios as of March 31, 2026 exceeded the minimum requirements, including the additional capital requirements specified by EU regulators.

Refer to U.S. broker-dealer and Non-U.S. subsidiary regulatory capital on page 99 of JPMorganChase’s 2025 Form 10-K for further information.

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LIQUIDITY RISK MANAGEMENT

Liquidity risk is the risk that the Firm will be unable to meet its cash and collateral needs as they arise or that it does not have the appropriate amount, composition and tenor of funding and liquidity to support its assets and liabilities. For a further discussion of the Firm's liquidity risk management, refer to pages 100–107 of JPMorganChase’s 2025 Form 10-K and to the Firm’s U.S. LCR Disclosure reports, which are available on the Firm’s website.

LCR and HQLA

The LCR rule requires that the Firm and JPMorgan Chase Bank, N.A. maintain an amount of eligible HQLA that is sufficient to meet their respective estimated total net cash outflows over a prospective 30 calendar-day period of significant stress.

Under the LCR rule, the amount of eligible HQLA held by JPMorgan Chase Bank, N.A. that is in excess of its stand-alone 100% minimum LCR requirement, and that is not transferable to non-bank affiliates, must be excluded from the Firm’s reported eligible HQLA. The LCR for both the Firm and JPMorgan Chase Bank, N.A. is required to be a minimum of 100%.

The following table summarizes the Firm and JPMorgan Chase Bank, N.A.’s average LCR for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 based on the Firm’s interpretation of the LCR framework.

	Three months ended
Average amount (in millions)	March 31, 2026			December 31, 2025			March 31, 2025
JPMorgan Chase & Co.:
HQLA
Eligible cash(a)	$	258,543		$	281,117		$	389,423
Eligible securities(b)(c)	683,866			680,862			475,194
Total HQLA(d)	$	942,409		$	961,979		$	864,617
Net cash outflows	$	844,905		$	868,500		$	767,151
LCR	112		%	111		%	113		%
Net excess eligible HQLA(d)	$	97,504		$	93,479		$	97,466
JPMorgan Chase Bank, N.A.:
LCR	120		%	115		%	124		%
Net excess eligible HQLA	$	174,733		$	138,052		$	194,652

(a)Represents cash on deposit at central banks, including the Federal Reserve Banks.

(b)Eligible HQLA securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets. For purposes of calculating the LCR, HQLA securities are included at fair value, which may differ from the accounting treatment under U.S. GAAP.

(c)Predominantly U.S. Treasuries, U.S. GSE and government agency MBS, and sovereign bonds net of regulatory haircuts under the LCR rule.

(d)Excludes average excess eligible HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.

JPMorgan Chase Bank, N.A.’s average LCR for the three months ended March 31, 2026 increased, compared with the three months ended December 31, 2025, primarily due to higher deposits, increased eligible HQLA investment securities, and long-term debt issuances, largely offset by lending activities and the use of liquidity resources in support of Markets activities in CIB.

JPMorgan Chase Bank, N.A.’s average LCR for the three months ended March 31, 2026 decreased, compared with the three months ended March 31, 2025, primarily driven by higher lending and the use of liquidity resources in support of Markets activities in CIB, predominantly offset by higher deposits, increased eligible HQLA investment securities and long-term debt issuances.

Each of the Firm and JPMorgan Chase Bank, N.A.'s average LCR may fluctuate from period to period due to changes in their respective eligible HQLA and estimated net cash outflows as a result of ongoing business activity and from the impacts of Federal Reserve actions as well as other factors.

Refer to pages 101-102 of JPMorganChase’s 2025 Form 10-K and the Firm’s U.S. LCR Disclosure reports for additional information on HQLA and net cash outflows.

Internal stress testing

The Firm conducts internal liquidity stress testing to identify liquidity risks and monitor liquidity positions at the Firm and its material legal entities under a variety of adverse scenarios, including scenarios analyzed as part of the Firm’s resolution and recovery planning. Internal stress tests are produced on a daily basis, and other stress tests are performed in response to specific market events or concerns. Results of stress tests are considered in the formulation of the Firm’s funding plan and assessment of its liquidity position.

The Firm manages liquidity at the Parent Company, the Intermediate Holding Company (“IHC”), and operating subsidiaries at levels sufficient to comply with liquidity risk tolerances and minimum liquidity requirements, and to manage through periods of stress when access to normal funding sources may be disrupted.

41

Liquidity sources

In addition to the assets reported in the Firm’s eligible HQLA discussed above, the Firm had unencumbered marketable securities, such as equity and debt securities, that the Firm believes would be available to raise liquidity. This includes excess eligible HQLA securities at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. The fair value of these securities was approximately $565 billion and $548 billion as of March 31, 2026 and December 31, 2025, respectively, although the amount of liquidity that could be raised at any particular time would be dependent on prevailing market conditions. The increase compared to December 31, 2025 was driven by an increase in securities from Markets activities in CIB, largely offset by a decrease in excess eligible HQLA securities at JPMorgan Chase Bank, N.A. and reductions in unencumbered investment securities in Treasury and CIO.

The Firm had approximately $1.5 trillion of available cash and securities as of both March 31, 2026 and December 31, 2025. For each respective period, the amount was comprised of eligible end-of-period HQLA, excluding the impact of regulatory haircuts, of approximately $941 billion and $915 billion, and unencumbered marketable securities with a fair value of approximately $565 billion and $548 billion.

The Firm also had available borrowing capacity at the FHLBs and the discount window at the Federal Reserve Banks as a result of collateral pledged by the Firm to such banks of approximately $450 billion and $449 billion as of March 31, 2026 and December 31, 2025, respectively. This borrowing capacity excludes the benefit of cash and securities reported in the Firm’s eligible HQLA or other unencumbered securities that are currently pledged at the Federal Reserve Banks discount window and other central banks. Although available, the Firm does not view this borrowing capacity at the Federal Reserve Banks discount window and the other central banks as a primary source of liquidity.

NSFR

The net stable funding ratio (“NSFR”) is a liquidity requirement for large banking organizations that is intended to measure the adequacy of “available” stable funding that is sufficient to meet their “required” amounts of stable funding over a one-year horizon.

For the three months ended March 31, 2026, both the Firm and JPMorgan Chase Bank, N.A. were compliant with the 100% minimum NSFR requirement, based on the Firm's interpretation of the final NSFR rule. Refer to the Firm's U.S. NSFR Disclosure report for the quarters ended December 31, 2025 and September 30, 2025 on the Firm’s website for additional information.

42

Funding

Sources of funds

Management believes that the Firm’s unsecured and secured funding capacity is sufficient to meet its on- and off-balance sheet obligations, which includes both short- and long-term cash requirements.

The Firm funds its global balance sheet through diverse sources of funding including deposits, secured and unsecured funding in the capital markets and stockholders’ equity. Deposits are the primary funding source for JPMorgan Chase Bank, N.A. Additionally, JPMorgan Chase Bank, N.A. may access funding through short- or long-term secured borrowings, the issuance of unsecured long-term debt, or from

borrowings from the IHC. The Firm’s non-bank subsidiaries are primarily funded from long-term unsecured borrowings and short-term secured borrowings which are primarily securities loaned or sold under repurchase agreements. Excess funding is invested by Treasury and CIO in the Firm’s investment securities portfolio or deployed in cash or other short-term liquid investments based on their interest rate and liquidity risk characteristics.

Refer to Note 22 for additional information on off-balance sheet obligations.

Deposits

The table below summarizes, by LOB and Corporate, the period-end deposit balances as of March 31, 2026 and December 31, 2025, and the average deposit balances for the three months ended March 31, 2026 and 2025, respectively.

	March 31, 2026		December 31, 2025		Average
					Three months ended March 31,
(in millions)					2026		2025
Consumer & Community Banking	$	1,112,078	$	1,072,792	$	1,075,951	$	1,053,677
Commercial & Investment Bank	1,255,524		1,193,338		1,234,295		1,106,158
Asset & Wealth Management	266,745		257,316		253,706		244,107
Corporate	41,173		35,874		38,932		26,363
Total Firm	$	2,675,520	$	2,559,320	$	2,602,884	$	2,430,305

The Firm believes that deposits provide a stable source of funding and reduce the Firm’s reliance on the wholesale funding markets. A significant portion of the Firm’s deposits are consumer deposits and wholesale operating deposits, which are both considered to be stable sources of liquidity. Wholesale operating deposits are generally considered to be stable sources of liquidity because they are generated from clients that maintain operating service relationships with the Firm.

The Firm believes that average deposit balances are generally more representative of deposit trends than period-end deposit balances. However, during periods of market disruption, average deposit trends may be impacted.

Average deposits increased for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, reflecting:

•an increase in CIB due to net inflows related to client-driven activities in Payments and Securities Services, partially offset by net maturities of structured notes in Markets,

•an increase in CCB primarily driven by growth in new accounts, predominantly offset by continued customer spending,

•an increase in Corporate as a result of growth in new

accounts related to the Firm's international consumer initiatives, and

•an increase in AWM primarily driven by growth in both new accounts and balances in existing accounts.

Period-end deposits increased from December 31, 2025, reflecting:

•an increase in CIB predominantly due to net inflows related to client-driven activities in Payments and Securities Services,

•an increase in CCB predominantly driven by growth in new accounts, and

•an increase in AWM primarily driven by growth in both new accounts and balances in existing accounts, including the impact of higher-yielding product offerings, partially offset by migration into other investment products.

Refer to the Firm’s Consolidated Balance Sheets Analysis and the Business Segment & Corporate Results on pages 12-13 and pages 17-31, respectively, for further information on deposit and liability balance trends. Refer to Note 3 for further information on structured notes.

43

Certain deposits are covered by insurance protection that provides additional funding stability and results in a benefit to the LCR. Deposit insurance protection may be available to depositors in the countries in which the deposits are placed. For example, the FDIC provides deposit insurance protection for deposits placed in a U.S. depository institution. Refer to pages 103–104 of JPMorganChase's 2025 Form 10-K for additional information on the Firm's total uninsured deposits.

The table below presents an estimate of uninsured U.S. and non-U.S. time deposits, and their remaining maturities. The Firm’s estimates of its uninsured U.S. time deposits are based on data that the Firm calculates periodically under applicable FDIC regulations. For purposes of this presentation, all non-U.S. time deposits are deemed to be uninsured.

(in millions)	March 31, 2026				December 31, 2025
	U.S.		Non-U.S.		U.S.		Non-U.S.
Three months or less	$	135,427	$	85,249	$	123,236	$	71,477
Over three months but within 6 months	8,822		8,819		14,381		14,184
Over six months but within 12 months	5,229		2,046		4,004		1,256
Over 12 months	679		2,398		664		2,382
Total	$	150,157	$	98,512	$	142,285	$	89,299

The table below shows the deposit and loan balances, deposits as a percentage of total liabilities, and the loans-to-deposits ratios, as of March 31, 2026 and December 31, 2025.

(in billions except ratios)	March 31, 2026			December 31, 2025
Deposits	$	2,675.5		$	2,559.3
Deposits as a % of total liabilities	59		%	63		%
Loans	$	1,503.5		$	1,493.4
Loans-to-deposits ratio	56		%	58		%

The following table provides a summary of the average balances and average interest rates of JPMorganChase’s deposits for the three months ended March 31, 2026 and 2025.

(in millions)	Average balances				Average interest rates
	Three months ended				Three months ended
	March 31, 2026		March 31, 2025		March 31, 2026		March 31, 2025
U.S. offices
Noninterest-bearing	$	573,808	$	558,389	NA		NA
Interest-bearing
Demand(a)	339,727		303,595		2.72	%	3.77	%
Savings(b)	913,452		855,481		1.26	%	1.22	%
Time	231,562		225,656		3.73	%	4.10	%
Total interest-bearing deposits	1,484,741		1,384,732		1.99	%	2.23	%
Total deposits in U.S. offices	2,058,549		1,943,121		1.42	%	1.58	%
Non-U.S. offices
Noninterest-bearing	37,486		29,028		NA		NA
Interest-bearing
Demand	418,422		366,357		2.07	%	2.56	%
Time	88,427		91,799		4.26	%	5.03	%
Total interest-bearing deposits	506,849		458,156		2.43	%	3.04	%
Total deposits in non-U.S. offices	544,335		487,184		2.27	%	2.88	%
Total deposits	$	2,602,884	$	2,430,305	1.62	%	1.87	%

(a)Includes Negotiable Order of Withdrawal accounts, and certain trust accounts.

(b)Includes Money Market Deposit Accounts.

Refer to Note 15 for additional information on deposits.

44

The following table summarizes short-term and long-term funding, excluding deposits, as of March 31, 2026 and December 31, 2025, and average balances for the three months ended March 31, 2026 and 2025, respectively. Refer to the Consolidated Balance Sheets Analysis on pages 12-13 and Note 10 for additional information.

Sources of funds (excluding deposits)

	March 31, 2026		December 31, 2025		Average
					Three months ended March 31,
(in millions)					2026		2025
Commercial paper	$	10,012	$	12,111	$	10,255	$	13,181
Other borrowed funds	16,532		15,031		18,188		14,384
Federal funds purchased	217		199		1,272		1,702
Total short-term unsecured funding	$	26,761	$	27,341	$	29,715	$	29,267
Securities sold under agreements to repurchase(a)	$	701,740	$	433,161	$	643,105	$	456,454
Securities loaned(a)	14,666		9,036		13,439		7,047
Other borrowed funds	41,504		37,634		41,792		32,967
Obligations of Firm-administered multi-seller conduits(b)	16,940		18,174		17,534		17,036
Total short-term secured funding	$	774,850	$	498,005	$	715,870	$	513,504
Senior notes	$	211,188	$	210,571	$	213,689	$	208,129
Subordinated debt	23,028		20,101		22,017		16,113
Structured notes(c)	140,943		130,621		137,035		101,300
Total long-term unsecured funding	$	375,159	$	361,293	$	372,741	$	325,542
Credit card securitization(b)	$	5,855	$	5,884	$	5,884	$	5,324
FHLB advances	17,970		18,159		19,095		26,719
Purchase Money Note(d)	49,492		49,435		49,455		49,227
Other long-term secured funding(e)	6,143		6,319		6,414		4,642
Total long-term secured funding	$	79,460	$	79,797	$	80,848	$	85,912
Preferred stock(f)	$	20,045	$	20,045	$	20,045	$	20,013
Common stockholders’ equity(f)	$	343,993	$	342,393	$	341,050	$	324,345

(a)Primarily consists of short-term securities loaned or sold under agreements to repurchase.

(b)Included in beneficial interests issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.

(c)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.

(d)Reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 34 of JPMorganChase’s 2025 Form 10-K for additional information.

(e)Includes long-term structured notes that are secured.

(f)Refer to Capital Risk Management on pages 33-40 and Consolidated statements of changes in stockholders’ equity on page 83 of this Form 10-Q, and Note 21 and Note 22 of JPMorganChase’s 2025 Form 10-K for additional information on preferred stock and common stockholders’ equity.

Short-term funding

The Firm’s primary source of short-term secured funding is securities sold under agreements to repurchase. These instruments are secured predominantly by high-quality securities collateral, including government-issued debt and U.S. GSE and government agency MBS. Securities sold under agreements to repurchase increased at March 31, 2026, compared with December 31, 2025, driven by Markets, reflecting higher client-driven market-making activities, higher secured financing of trading assets, and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.

The increases in secured other borrowed funds at March 31, 2026 from December 31, 2025, and for the average three months ended March 31, 2026, compared to the prior year, were primarily due to higher financing requirements in Markets.

The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to investment and financing activities of clients, the

Firm’s demand for financing, the ongoing management of the mix of the Firm’s liabilities, including with respect to liquidity and capital considerations, as well as other market and portfolio factors.

The Firm’s primary sources of short-term unsecured funding consist of issuances of wholesale commercial paper and other borrowed funds.

The decreases in commercial paper at March 31, 2026 from December 31, 2025, and for the average three months ended March 31, 2026, compared to the prior year, were primarily driven by strategic short-term liquidity management.

The increase in unsecured other borrowed funds for the average three months ended March 31, 2026, compared to the prior year, was primarily driven by net issuances of structured notes in Markets due to client demand and an increase in the fair value of such instruments.

45

Long-term funding

Long-term funding provides an additional source of stable funding and liquidity for the Firm. The Firm’s long-term funding plan is driven primarily by expected client activity, liquidity considerations and regulatory requirements. Long-term funding objectives include maintaining diversification, maximizing market access and optimizing funding costs through various funding markets, tenors and currencies.

Unsecured funding and issuance

The significant majority of the Firm’s total outstanding long-term debt has been issued by the Parent Company to provide flexibility in support of the funding needs of both bank and non-bank subsidiaries. The Parent Company advances substantially all net funding proceeds to its subsidiary, the IHC. The IHC does not issue debt to external counterparties. The increase in structured notes at March 31, 2026 from December 31, 2025 was primarily driven by net issuances of structured notes in Markets due to client demand. For the average three months ended March 31, 2026, compared to the prior year, the increase in structured notes was primarily driven by net issuances of structured notes in Markets due to client demand and an increase in the fair value of such instruments.

The following table summarizes long-term unsecured issuance and maturities or redemptions for the three months ended March 31, 2026 and 2025. Refer to Liquidity Risk Management on pages 100–107 and Note 20 of JPMorganChase’s 2025 Form 10-K for additional information on the IHC and long-term debt.

Long-term unsecured funding
	Three months ended March 31,
	2026		2025		2026		2025
(Notional in millions)	Parent Company				Subsidiaries
Issuance
Senior notes issued in the U.S. market	$	6,000	$	8,000	$	—	$	—
Senior notes issued in non-U.S. markets	3,831		2,084		—		—
Total senior notes	9,831		10,084		—		—
Subordinated debt	3,000		—		—		—
Structured notes(a)	853		1,079		31,410		18,636
Total long-term unsecured funding – issuance	$	13,684	$	11,163	$	31,410	$	18,636
Maturities/redemptions
Senior notes	$	7,658	$	8,525	$	25	$	65
Structured notes	886		371		18,339		13,440
Total long-term unsecured funding – maturities/redemptions	$	8,544	$	8,896	$	18,364	$	13,505

(a)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.

Secured funding and issuance

The Firm can also raise secured long-term funding through securitization of consumer credit card loans and FHLB advances. The following table summarizes the credit card securitization and the FHLB advances, as well as other long-term secured funding sources, with their respective maturities or redemptions, as applicable, for the three months ended March 31, 2026 and 2025, respectively.

Long-term secured funding
	Three months ended March 31,
	2026		2025		2026		2025
(in millions)	Issuance				Maturities/Redemptions
Credit card securitization	$	—	$	—	$	—	$	—
FHLB advances	4,500		—		4,701		5,941
Other long-term secured funding(a)	313		134		322		111
Total long-term secured funding	$	4,813	$	134	$	5,023	$	6,052

(a)Includes long-term structured notes that are secured.

The Firm’s wholesale businesses also securitize loans for client-driven transactions which are not considered to be a source of funding for the Firm and are not included in the table above. Refer to Note 14 of JPMorganChase’s 2025 Form 10-K for a further description of client-driven loan securitizations.

46

Credit ratings

The cost and availability of financing are influenced by credit ratings. Reductions in these ratings could have an adverse effect on the Firm’s access to liquidity sources, increase the cost of funds, trigger additional collateral or funding requirements and decrease the number of investors and counterparties willing to lend to the Firm. The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors, which the Firm

believes are incorporated in its liquidity risk and stress testing metrics. The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.

Additionally, the Firm’s funding requirements for VIEs and other third-party commitments may be adversely affected by a decline in credit ratings. Refer to Notes 4 and 13 for additional information.

The credit ratings of the Parent Company and certain of its principal subsidiaries as of March 31, 2026 were as follows:

JPMorgan Chase & Co.

JPMorgan Chase Bank, N.A.

J.P. Morgan SE

J.P. Morgan Securities LLC  J.P. Morgan Securities plc

March 31, 2026

Long-term issuer

Short-term issuer

Outlook

Long-term issuer

Short-term issuer

Outlook

Long-term issuer

Short-term issuer

Outlook

Long-term issuer

Short-term issuer

Outlook

Moody’s Investors Service

A1

P-1

Stable

Aa2

P-1

Stable

Aa2

P-1

Stable

Aa3

P-1

Stable

Standard & Poor’s

A

A-1

Stable

AA-

A-1+

Stable

AA-

A-1+

Stable

AA-

A-1+

Stable

Fitch Ratings

AA-

F1+

Stable

AA

F1+

Stable

AA

F1+

Stable

AA

F1+

Stable

Refer to page 107 of JPMorganChase’s 2025 Form 10-K for a discussion of the factors that could affect the credit ratings of the Parent Company and the above subsidiaries.

47

CREDIT AND INVESTMENT RISK MANAGEMENT

Credit and investment risk is the risk associated with the default or change in credit profile of a client, counterparty or customer; or loss of principal or a reduction in expected returns on investments, including consumer credit risk, wholesale credit risk, and investment portfolio risk. Refer to Consumer Credit Portfolio, Wholesale Credit Portfolio and Allowance for Credit Losses on pages 50-65 for a further discussion of Credit Risk.

Refer to page 66 for a further discussion of Investment Portfolio Risk. Refer to Credit and Investment Risk Management on pages 109–132 of JPMorganChase’s 2025 Form 10-K for a further discussion of the Firm’s Credit and Investment Risk Management framework.

48

CREDIT PORTFOLIO

Credit risk is the risk associated with the default or change in credit profile of a client, counterparty or customer.

In the following tables, total loans include loans retained (i.e., held-for-investment); loans held-for-sale; and certain loans accounted for at fair value. The following tables do not include loans which the Firm accounts for at fair value and classifies as trading assets; refer to Notes 2 and 3 for further information regarding these loans. Refer to Notes 11, 22 and 4 for additional information on the Firm’s loans, lending-related commitments and derivative receivables.

Refer to Note 9 for information regarding the credit risk inherent in the Firm’s investment securities portfolio; and refer to Note 10 for information regarding credit risk inherent in the securities financing portfolio. Refer to Consumer Credit Portfolio on pages 50-53 and Note 11 for further discussions of the consumer credit environment, consumer loans and nonperforming exposure. Refer to Wholesale Credit Portfolio on pages 54-62 and Note 11 for further discussions of the wholesale credit environment, wholesale loans and nonperforming exposure.

Total credit portfolio
	Credit exposure				Nonperforming(c)
(in millions)	Mar 31, 2026		Dec 31, 2025		Mar 31, 2026		Dec 31, 2025
Loans retained	$	1,425,236	$	1,408,905	$	8,334	$	8,273
Loans held-for-sale	16,029		13,840		106		67
Loans at fair value	62,255		70,684		1,143		1,517
Total loans	1,503,520		1,493,429		9,583		9,857
Derivative receivables	71,584		57,777		174		204
Receivables from customers(a)	64,844		47,336		—		—
Total credit-related assets	1,639,948		1,598,542		9,757		10,061
Assets acquired in loan satisfactions
Real estate owned	NA		NA		252		267
Other	NA		NA		40		31
Total assets acquired in loan satisfactions	NA		NA		292		298
Lending-related commitments	1,855,174		1,817,307		916		925
Total credit portfolio	$	3,495,122	$	3,415,849	$	10,965	$	11,284
Credit derivatives and credit-related notes used in credit portfolio management activities(b)	$	(28,060)	$	(24,383)	$	—	$	—
Liquid securities and other cash collateral held against derivatives	(32,366)		(28,891)		NA		NA

(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(b)Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage credit exposures.

(c)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026 and December 31, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $251 million and $198 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

The following table provides information about the Firm’s net charge-offs.

	Three months ended March 31,
(in millions, except ratios)	2026			2025
Net charge-offs	$	2,316		$	2,332
Average retained loans	1,400,754			1,285,401
Net charge-off rates	0.67		%	0.74		%

49

CONSUMER CREDIT PORTFOLIO

The Firm’s retained consumer portfolio consists primarily of loans and lending-related commitments for residential real estate, credit card, scored auto and business banking. The consumer credit portfolio also includes loans at fair value, predominantly in residential real estate. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. For further information on consumer loans, as well as the Firm’s nonaccrual and charge-off accounting policies, refer to Note 11 of this Form 10-Q and Consumer Credit Portfolio on pages 112–117 and Note 12 of JPMorganChase's 2025 Form 10-K. Refer to Note 22 of this Form 10-Q and Note 28 of JPMorganChase's 2025 Form 10-K for further information on lending-related commitments.

The following tables present consumer credit-related information with respect to the scored credit portfolio held in CCB, AWM, CIB and Corporate.

Consumer credit portfolio
(in millions)	Credit exposure				Nonaccrual loans(i)
	Mar 31, 2026		Dec 31, 2025		Mar 31, 2026		Dec 31, 2025
Consumer, excluding credit card
Residential real estate(a)	$	301,947	$	303,531	$	3,574	$	3,632
Auto and other(b)(c)	65,327		65,210		236		243
Total loans – retained	367,274		368,741		3,810		3,875
Loans held-for-sale	317		334		52		59
Loans at fair value(d)	24,069		33,183		537		739
Total consumer, excluding credit card loans	391,660		402,258		4,399		4,673
Lending-related commitments(e)	46,236		43,587
Total consumer exposure, excluding credit card	437,896		445,845
Credit card
Loans retained(f)	239,123		247,797		NA		NA
Total credit card loans	239,123		247,797		NA		NA
Lending-related commitments(e)(g)	1,204,016		1,177,766
Total credit card exposure	1,443,139		1,425,563
Total consumer credit portfolio	$	1,881,035	$	1,871,408	$	4,399	$	4,673
Credit-related notes used in credit portfolio management activities(h)	$	(451)	$	(485)

	Three months ended March 31,
(in millions, except ratios)	Net charge-offs/(recoveries)				Average loans - retained				Net charge-off/(recovery) rate(j)
	2026		2025		2026		2025		2026		2025
Consumer, excluding credit card
Residential real estate	$	(14)	$	(25)	$	302,756	$	307,907	(0.02)	%	(0.03)	%
Auto and other	168		188		65,124		66,559		1.05		1.15
Total consumer, excluding credit card - retained	154		163		367,880		374,466		0.17		0.18
Credit card - retained	2,042		1,982		239,220		224,350		3.46		3.58
Total consumer - retained	$	2,196	$	2,145	$	607,100	$	598,816	1.47	%	1.45	%

(a)Includes scored mortgage and home equity loans held in CCB and AWM.

(b)At March 31, 2026 and December 31, 2025, excluded operating lease assets of $20.9 billion and $20.0 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.

(c)Includes scored auto and business banking loans, and overdrafts.

(d)Includes scored mortgage loans held in CCB and CIB, and other consumer unsecured loans in CIB.

(e)Credit card, home equity and certain business banking lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. Refer to Note 22 for further information.

(f)Includes billed interest and fees.

(g)Also includes commercial card lending-related commitments primarily in CIB.

(h)Represents the notional amount of protection obtained through the issuance of credit-related notes that reference certain pools of residential real estate and auto loans in the retained consumer portfolio.

(i)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026 and December 31, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $251 million and $198 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status, as permitted by regulatory guidance.

(j)Average consumer loans held-for-sale and loans at fair value were $31.7 billion and $18.4 billion for the three months ended March 31, 2026 and 2025, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.

50

Consumer, excluding credit card

Portfolio analysis

Loans decreased compared to December 31, 2025, predominantly driven by lower residential real estate loans at fair value.

Residential real estate

The residential real estate portfolio, including loans held-for-sale and loans at fair value, predominantly consists of prime mortgage loans and home equity lines of credit.

Retained loans decreased compared to December 31, 2025, driven by paydowns, predominantly offset by originations. Net recoveries were lower for the three months ended March 31, 2026 compared to the same period in the prior year, driven by the absence of loan sales in the current quarter.

Loans at fair value decreased compared to December 31, 2025 as sales outpaced purchases in CIB, partially offset by originations outpacing warehouse loan sales in Home Lending. Nonaccrual loans at fair value decreased compared to December 31, 2025, primarily driven by loan sales in CIB.

The carrying value of retained interest-only residential mortgage loans was $88.8 billion at both March 31, 2026 and December 31, 2025. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers. The credit performance of this portfolio is comparable to the performance of the broader prime mortgage portfolio.

The carrying value of retained home equity lines of credit outstanding was $13.1 billion at March 31, 2026, including $3.3 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified, and $3.1 billion of interest-only balloon HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by reducing or canceling the undrawn line in accordance with the contract or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of the underlying property.

The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, predominantly loans held-for-sale and loans at fair value. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.

(in millions)	March 31, 2026		December 31, 2025
Current	$	708	$	840
30-89 days past due	139		121
90 or more days past due	251		198
Total government guaranteed loans	$	1,098	$	1,159

Geographic composition and current estimated loan-to-value ratio of residential real estate loans

Refer to Note 11 for information on the geographic composition and current estimated LTVs of the Firm’s residential real estate loans.

51

Auto and other

The auto and other loan portfolio, including loans at fair value, generally consists of prime-quality scored auto and business banking loans, other consumer unsecured loans, and overdrafts. Net charge-offs decreased for the three months ended March 31, 2026 compared to the same period in the prior year, predominantly due to lower scored auto net charge-offs, reflecting improved used vehicle valuations.

Nonperforming assets

The following table presents information as of March 31, 2026 and December 31, 2025, concerning consumer, excluding credit card, nonperforming assets.

Nonperforming assets(a)
(in millions)	March 31, 2026		December 31, 2025
Nonaccrual loans
Residential real estate	$	4,108	$	4,381
Auto and other	291		292
Total nonaccrual loans	4,399		4,673
Assets acquired in loan satisfactions
Real estate owned	101		103
Other	40		31
Total assets acquired in loan satisfactions	141		134
Total nonperforming assets	$	4,540	$	4,807

(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026 and December 31, 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $251 million and $198 million, respectively.

Nonaccrual loans

The following table presents changes in consumer, excluding credit card, nonaccrual loans for the three months ended March 31, 2026 and 2025.

Nonaccrual loan activity
Three months ended March 31, (in millions)	2026		2025
Beginning balance	$	4,673	$	3,926
Additions	789		857
Reductions:
Principal payments and other	296		209
Sales	313		303
Charge-offs	156		168
Returned to performing status	271		276
Foreclosures and other liquidations	27		68
Total reductions	1,063		1,024
Net changes	(274)		(167)
Ending balance	$	4,399	$	3,759

Refer to Note 11 for further information concerning the consumer credit portfolio, including information concerning delinquencies, other credit quality indicators and loans that were in the process of active or suspended foreclosure.

52

Credit card

Total credit card loans decreased compared to December 31, 2025, reflecting the impact of seasonality. The March 31, 2026 30+ and 90+ day delinquency rates of 2.17% and 1.15%, respectively, increased compared to the December 31, 2025 30+ and 90+ day delinquency rates of 2.16% and 1.10%, respectively, in line with the Firm's expectations. Net charge-offs increased for the three months ended March 31, 2026 compared to the same period in the prior year, reflecting loan growth.

Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm’s allowance for loan losses includes the estimated uncollectible portion of accrued and billed interest and fee income. Refer to Note 11 for further information about this portfolio, including information about delinquencies.

Geographic and FICO composition of credit card loans

Refer to Note 11 for information on the geographic and FICO composition of the Firm’s credit card loans.

53

WHOLESALE CREDIT PORTFOLIO

In its wholesale businesses, the Firm is exposed to credit risk primarily through its underwriting, lending, market-making, and hedging activities with and for clients and counterparties, as well as through various operating services (such as cash management and clearing activities), securities financing activities and cash placed with banks. A portion of the loans originated or acquired by the Firm’s wholesale businesses is generally retained on the balance sheet. The Firm distributes a significant percentage of the loans that it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk. The wholesale portfolio is actively managed, in part by conducting ongoing, in-depth reviews of client credit quality and transaction structure, inclusive of collateral where applicable, and of industry, product and client concentrations. Refer to the industry discussion on pages 56-59 for further information.

The Firm’s wholesale credit portfolio includes exposure held in CIB, AWM and Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses.

As of March 31, 2026, loans increased by $29.4 billion, predominantly driven by higher loans in CIB and higher securities-based lending in AWM, both associated with higher client demand. Lending-related commitments increased by $9.0 billion, driven by higher held-for-sale commitments in CIB.

As of March 31, 2026, nonperforming exposure was relatively flat, with decreases to certain exposures in Real Estate, Technology, Media & Telecommunications, and Industrials, primarily due to upgrades and paydowns, predominantly offset by certain exposures in Consumer & Retail and Oil & Gas, in each case primarily resulting from downgrades.

Wholesale credit portfolio
	Credit exposure				Nonperforming
(in millions)	Mar 31, 2026		Dec 31, 2025		Mar 31, 2026		Dec 31, 2025
Loans retained	$	818,839	$	792,367	$	4,524	$	4,398
Loans held-for-sale	15,712		13,506		54		8
Loans at fair value	38,186		37,501		606		778
Loans	872,737		843,374		5,184		5,184
Derivative receivables	71,584		57,777		174		204
Receivables from customers(a)	64,844		47,336		—		—
Total wholesale credit-related assets	1,009,165		948,487		5,358		5,388
Assets acquired in loan satisfactions
Real estate owned	NA		NA		151		164
Total assets acquired in loan satisfactions	NA		NA		151		164
Lending-related commitments	604,922		595,954		916		925
Total wholesale credit portfolio	$	1,614,087	$	1,544,441	$	6,425	$	6,477
Credit derivatives and credit-related notes used in credit portfolio management activities(b)	$	(27,609)	$	(23,898)	$	—	$	—
Liquid securities and other cash collateral held against derivatives	(32,366)		(28,891)		NA		NA

(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(b)Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 62 and Note 4 for additional information.

54

Wholesale credit exposure – maturity and ratings profile

The following tables present the maturity and internal risk ratings profiles of the wholesale credit portfolio as of March 31, 2026 and December 31, 2025. The Firm generally considers internal ratings with qualitative characteristics equivalent to BBB-/Baa3 or higher as investment grade, and takes into consideration collateral and structural support when determining the internal risk rating for each credit facility. Refer to Note 12 of JPMorganChase's 2025 Form 10-K for further information on internal risk ratings.

	Maturity profile(d)								Ratings profile
March 31, 2026 (in millions, except ratios)	1 year or less		After 1 year through 5 years		After 5 years		Total		Investment-grade		Noninvestment-grade		Total		Total % of IG
Loans retained	$	290,300	$	340,350	$	188,189	$	818,839	$	561,767	$	257,072	$	818,839	69	%
Derivative receivables							71,584						71,584
Less: Liquid securities and other cash collateral held against derivatives							(32,366)						(32,366)
Total derivative receivables, net of collateral	15,806		8,033		15,379		39,218		27,279		11,939		39,218		70
Lending-related commitments	161,726		415,051		28,145		604,922		381,741		223,181		604,922		63
Subtotal	467,832		763,434		231,713		1,462,979		970,787		492,192		1,462,979		66
Loans held-for-sale and loans at fair value(a)							53,898						53,898
Receivables from customers							64,844						64,844
Total exposure – net of liquid securities and other cash collateral held against derivatives							$	1,581,721					$	1,581,721
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c)	$	(4,035)	$	(14,043)	$	(9,531)	$	(27,609)	$	(20,197)	$	(7,412)	$	(27,609)	73	%

	Maturity profile(d)								Ratings profile
December 31, 2025 (in millions, except ratios)	1 year or less		After 1 year through 5 years		After 5 years		Total		Investment-grade		Noninvestment-grade		Total		Total % of IG
Loans retained	$	271,648	$	330,900	$	189,819	$	792,367	$	541,364	$	251,003	$	792,367	68	%
Derivative receivables							57,777						57,777
Less: Liquid securities and other cash collateral held against derivatives							(28,891)						(28,891)
Total derivative receivables, net of collateral	7,941		6,836		14,109		28,886		19,721		9,165		28,886		68
Lending-related commitments	155,797		412,594		27,563		595,954		383,106		212,848		595,954		64
Subtotal	435,386		750,330		231,491		1,417,207		944,191		473,016		1,417,207		67
Loans held-for-sale and loans at fair value(a)							51,007						51,007
Receivables from customers							47,336						47,336
Total exposure – net of liquid securities and other cash collateral held against derivatives							$	1,515,550					$	1,515,550
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c)	$	(5,356)	$	(17,424)	$	(1,118)	$	(23,898)	$	(17,831)	$	(6,067)	$	(23,898)	75	%

(a)Loans held-for-sale are primarily related to syndicated loans and loans transferred from the retained portfolio.

(b)These derivatives do not qualify for hedge accounting under U.S. GAAP.

(c)The notional amounts are presented on a net basis by underlying reference entity and the ratings profile shown is based on the ratings of the reference entity on which protection has been purchased. Predominantly all of the credit derivatives entered into by the Firm where it has purchased protection used in credit portfolio management activities are executed with investment-grade counterparties. In addition, the Firm obtains credit protection against certain loans in the retained loan portfolio through the issuance of credit-related notes.

(d)The maturity profile of retained loans, lending-related commitments and derivative receivables is generally based on remaining contractual maturity. Derivative contracts that are in a receivable position at March 31, 2026, may become payable prior to maturity based on their cash flow profile or changes in market conditions.

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Wholesale credit exposure – industry exposures

The Firm focuses on the management and diversification of its industry exposures, and pays particular attention to industries with actual or potential credit concerns.

Exposures that are deemed to be criticized align with the U.S. banking regulators’ definition of criticized exposures, which consist of the special mention, substandard and doubtful categories. Total criticized exposure, excluding loans held-for-sale and loans at fair value, was $51.4 billion and $48.5 billion as of March 31, 2026 and December 31, 2025, respectively, representing approximately 3.4% of total wholesale credit exposure at both periods; of the $51.4 billion, $45.7 billion was performing. The increase in criticized exposure was driven by certain exposures in Technology, Media & Telecommunications, Oil & Gas, Consumer & Retail, Transportation, and Banks & Finance Companies, primarily resulting from new lending-related commitments, including held-for-sale commitments, and downgrades, partially offset by certain exposures in Healthcare, primarily resulting from net upgrades.

The table below summarizes by industry the Firm’s exposures as of March 31, 2026 and December 31, 2025. The industry of risk category is generally based on the client or counterparty’s primary business activity. Refer to Note 4 of JPMorganChase's 2025 Form 10-K for additional information on industry concentrations.

Wholesale credit exposure – industries(a)
											Selected metrics
					Noninvestment-grade						30 days or more past due and accruing loans		Net charge-offs/ (recoveries)		Credit derivative and credit-related notes(h)		Liquid securities and other cash collateral held against derivative receivables
As of or for the three months ended March 31, 2026 (in millions)	Credit exposure(f)(g)		Investment- grade		Noncriticized		Criticized performing		Criticized nonperforming
Real Estate	$	227,219	$	157,391	$	58,268	$	9,929	$	1,631	$	685	$	7	$	(98)	$	—
Individuals and Individual Entities(b)	174,507		144,194		29,438		438		437		591		(3)		—		—
Asset Managers	168,851		131,792		36,692		362		5		43		—		(5)		(13,954)
Consumer & Retail	134,254		64,028		61,425		7,875		926		117		56		(340)		—
Technology, Media & Telecommunications	117,695		48,146		57,667		11,259		623		53		(2)		(1,887)		—
Industrials	79,639		43,191		32,996		3,296		156		138		2		(184)		(5)
Banks & Finance Companies	79,113		46,456		31,421		1,221		15		7		5		(193)		(887)
Healthcare	68,355		45,469		19,663		2,669		554		36		3		(224)		(45)
Utilities	41,738		27,170		13,029		1,190		349		3		5		(219)		(5)
Oil & Gas	38,925		22,613		14,827		1,036		449		38		—		(24)		—
Automotive	35,967		20,052		14,729		1,171		15		58		1		(577)		—
State & Municipal Govt(c)	32,017		30,996		1,008		3		10		13		5		(3)		—
Insurance	24,665		17,167		7,332		166		—		15		—		(11)		(8,231)
Chemicals & Plastics	22,457		11,272		9,168		1,900		117		2		—		(236)		—
Transportation	22,090		11,502		9,836		728		24		9		12		(166)		—
Metals & Mining	18,694		8,056		10,236		378		24		6		—		(37)		(11)
Central Govt	13,177		12,541		402		45		189		20		—		(2,467)		(872)
Securities Firms	8,513		4,339		4,172		—		2		—		—		(13)		(2,453)
Financial Markets Infrastructure	8,156		7,487		600		69		—		—		—		(31)		—
All other(d)	179,313		147,345		29,873		2,007		88		183		29		(20,894)		(5,903)
Subtotal	$	1,495,345	$	1,001,207	$	442,782	$	45,742	$	5,614	$	2,017	$	120	$	(27,609)	$	(32,366)
Loans held-for-sale and loans at fair value	53,898
Receivables from customers	64,844
Total(e)	$	1,614,087

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(continued from previous page)
											Selected metrics
					Noninvestment-grade						30 days or more past due and accruing loans		Net charge-offs/ (recoveries)		Credit derivative and credit-related notes(h)		Liquid securities and other cash collateral held against derivative receivables
As of or for the year ended December 31, 2025 (in millions)	Credit exposure(f)(g)		Investment- grade		Noncriticized		Criticized performing		Criticized nonperforming
Real Estate	$	224,858	$	155,712	$	57,478	$	9,967	$	1,701	$	959	$	380	$	(99)	$	—
Individuals and Individual Entities(b)	167,700		138,142		28,677		460		421		1,012		(15)		—		—
Asset Managers	152,848		117,426		35,113		304		5		105		1		(5)		(10,626)
Consumer & Retail	133,945		63,523		62,382		7,425		615		115		234		(311)		—
Technology, Media & Telecommunications	97,816		44,373		42,507		10,135		801		37		281		(1,078)		—
Industrials	80,606		44,078		33,166		3,101		261		470		18		(68)		—
Banks & Finance Companies	75,653		41,904		32,826		903		20		16		8		(574)		(657)
Healthcare	72,218		48,888		19,713		3,059		558		12		191		(67)		—
Utilities	39,005		24,840		12,519		1,254		392		1		63		(203)		—
Oil & Gas	36,497		21,825		14,076		347		249		52		48		(51)		—
Automotive	35,984		19,602		15,397		958		27		109		3		(277)		—
State & Municipal Govt(c)	32,484		31,372		1,100		3		9		30		—		(3)		—
Insurance	25,031		17,511		7,352		168		—		6		—		(20)		(8,310)
Chemicals & Plastics	23,790		11,251		10,355		2,091		93		2		82		(239)		—
Transportation	20,861		11,450		9,097		285		29		11		(3)		(135)		—
Metals & Mining	17,767		7,459		9,883		406		19		22		4		(39)		(67)
Central Govt	15,164		14,666		245		44		209		8		—		(1,258)		(1,273)
Securities Firms	7,966		4,372		3,593		—		1		1		—		(13)		(2,458)
Financial Markets Infrastructure	5,734		5,306		358		70		—		—		—		—		—
All other(d)	180,171		148,214		29,887		1,953		117		3		303		(19,458)		(5,500)
Subtotal	$	1,446,098	$	971,914	$	425,724	$	42,933	$	5,527	$	2,971	$	1,598	$	(23,898)	$	(28,891)
Loans held-for-sale and loans at fair value	51,007
Receivables from customers	47,336
Total(e)	$	1,544,441

(a)The industry rankings presented in the table as of December 31, 2025, are based on the industry rankings of the corresponding exposures as of March 31, 2026, not actual rankings of such exposures as of December 31, 2025.

(b)Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB, and includes exposure to personal investment companies and personal and testamentary trusts.

(c)In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at March 31, 2026 and December 31, 2025 noted above, the Firm held: $6.4 billion and $6.1 billion, respectively, of trading assets; $19.0 billion and $20.2 billion, respectively, of AFS securities; and $8.2 billion and $8.6 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Notes 2 and 9 for further information.

(d)All other includes: SPEs and Private education and civic organizations, representing approximately 94% and 6%, respectively, at March 31, 2026, and 95% and 5%, respectively, at December 31, 2025. Refer to Note 13 for more information on exposures to SPEs.

(e)Excludes cash placed with banks of $303.6 billion and $333.8 billion, at March 31, 2026 and December 31, 2025, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.

(f)Credit exposure is net of risk participations and excludes the benefit of credit derivatives and credit-related notes used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.

(g)Credit exposure includes held-for-sale and fair value option elected lending-related commitments.

(h)Represents the net notional amounts of protection purchased and sold through credit derivatives and credit-related notes used to manage the credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. The All other category includes purchased credit protection on certain credit indices.

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Presented below is additional detail on certain of the Firm’s industry exposures.

Real Estate

Real Estate exposure was $227.2 billion as of March 31, 2026. Criticized exposure decreased by $108 million from $11.7 billion at December 31, 2025 to $11.6 billion at March 31, 2026.

March 31, 2026 (in millions, except ratios)	Loans and Lending-related Commitments		Derivative Receivables		Credit exposure		% Investment-grade		% Drawn(d)
Multifamily(a)	$	129,394	$	8	$	129,402	79	%	91	%
Other Income Producing Properties(b)	23,799		83		23,882		44		55
Services and Non Income Producing	20,758		142		20,900		58		35
Industrial	19,888		4		19,892		68		68
Office	15,301		28		15,329		51		77
Retail	13,573		21		13,594		78		71
Lodging	4,216		4		4,220		25		54
Total Real Estate Exposure(c)	$	226,929	$	290	$	227,219	69	%	77	%
December 31, 2025 (in millions, except ratios)	Loans and Lending-related Commitments		Derivative Receivables		Credit exposure		% Investment-grade		% Drawn(d)
Multifamily(a)	$	128,864	$	25	$	128,889	78	%	91	%
Other Income Producing Properties(b)	23,390		229		23,619		46		53
Services and Non Income Producing	20,325		130		20,455		63		35
Industrial	19,541		13		19,554		67		69
Office	15,016		39		15,055		47		80
Retail	12,879		33		12,912		79		74
Lodging	4,366		8		4,374		26		48
Total Real Estate Exposure	$	224,381	$	477	$	224,858	69	%	77	%

(a)Total Multifamily exposure is approximately 99% performing. Multifamily exposure is largely in California.

(b)Other Income Producing Properties consists of clients with diversified property types or other property types, including data centers, outside of categories listed in the table above.

(c)Real Estate exposure is approximately 83% secured; unsecured exposure is largely investment-grade primarily to Real Estate Investment Trusts (“REITs”) and Real Estate Operating Companies (“REOCs”) whose underlying assets are generally diversified.

(d)Represents drawn exposure as a percentage of credit exposure.

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Consumer & Retail

Consumer & Retail exposure was $134.3 billion as of March 31, 2026. Criticized exposure increased by $761 million from $8.0 billion at December 31, 2025 to $8.8 billion at March 31, 2026, driven by net downgrades.

March 31, 2026 (in millions, except ratios)	Loans and Lending-related Commitments		Derivative Receivables		Credit exposure		% Investment-grade		% Drawn(d)
Business and Consumer Services	$	37,836	$	556	$	38,392	40	%	43	%
Retail(a)	37,213		392		37,605		55		31
Food and Beverage	30,277		870		31,147		55		38
Consumer Hard Goods	15,377		264		15,641		46		34
Leisure(b)	11,403		66		11,469		32		43
Total Consumer & Retail(c)	$	132,106	$	2,148	$	134,254	48	%	37	%
December 31, 2025 (in millions, except ratios)	Loans and Lending-related Commitments		Derivative Receivables		Credit exposure		% Investment-grade		% Drawn(d)
Business and Consumer Services	$	38,160	$	501	$	38,661	41	%	43	%
Retail(a)	36,492		434		36,926		55		29
Food and Beverage	31,513		855		32,368		53		36
Consumer Hard Goods	14,824		309		15,133		43		33
Leisure(b)	10,721		136		10,857		33		45
Total Consumer & Retail	$	131,710	$	2,235	$	133,945	47	%	37	%

(a)Retail consists of Home Improvement & Specialty Retailers, Discount & Drug Stores, Restaurants, Specialty Apparel, Supermarkets, and Department Stores.

(b)Leisure consists of Arts & Culture, Travel Services, Gaming, and Sports & Recreation. As of March 31, 2026, approximately 87% of the noninvestment-grade Leisure portfolio is secured.

(c)Consumer & Retail exposure is approximately 58% secured; unsecured exposure is approximately 78% investment-grade.

(d)Represents drawn exposure as a percentage of credit exposure.

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Loans

In its wholesale businesses, the Firm provides loans to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. Refer to Note 11 for a further discussion on loans, including information about delinquencies, loan modifications and other credit quality indicators.

The following table presents the change in the nonaccrual loan portfolio for the three months ended March 31, 2026 and 2025. Since March 31, 2025, nonaccrual loan exposure increased by $325 million, driven by certain exposures in Oil & Gas, Central Govt, Utilities, and Consumer & Retail, in each case primarily resulting from downgrades, partially offset by certain exposures in Healthcare and Technology, Media & Telecommunications, in each case primarily resulting from charge-off activity, upgrades, and loan sales.

Wholesale nonaccrual loan activity
Three months ended March 31, (in millions)	2026		2025
Beginning balance	$	5,184	$	4,911
Additions	932		1,044
Reductions:
Paydowns and other	567		480
Gross charge-offs	143		163
Returned to performing status	194		438
Sales	28		15
Total reductions	932		1,096
Net changes	—		(52)
Ending balance	$	5,184	$	4,859

The following table presents net charge-offs/recoveries, which are defined as gross charge-offs less recoveries, for the three months ended March 31, 2026 and 2025. The amounts in the table below do not include gains or losses from sales of nonaccrual loans recognized in noninterest revenue.

Wholesale net charge-offs decreased by $67 million for the three months ended March 31, 2026, compared to the same period in the prior year, due to lower net charge-offs in Real Estate.

Wholesale net charge-offs/(recoveries)
Three months ended March 31, (in millions, except ratios)	2026			2025
Loans
Average loans retained	$	793,654		$	686,585
Gross charge-offs	164			213
Gross recoveries collected	(44)			(26)
Net charge-offs	120			187
Net charge-off rate	0.06		%	0.11		%

The following table presents net charge-offs/recoveries, average retained loans and net charge-off/recovery rate by loan class for the three months ended March 31, 2026 and 2025.

Three months ended March 31, (in millions, except ratios)	Secured by real estate						Commercial and industrial						Other						Total
	2026			2025			2026			2025			2026			2025			2026			2025
Net charge-offs	$	2		$	85		$	76		$	91		$	42		$	11		$	120		$	187
Average retained loans	164,920			160,980			184,338			168,652			444,396			356,953			793,654			686,585
Net charge-off rate	—		%	0.21		%	0.17		%	0.22		%	0.04		%	0.01		%	0.06		%	0.11		%

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Lending-related commitments

The Firm uses lending-related financial instruments, such as commitments (including revolving credit facilities) and guarantees, to address the financing needs of its clients. The contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or when the Firm fulfills its obligations under these guarantees, and the clients subsequently fail to perform according to the terms of these contracts. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn upon or a default occurring. As a result, the Firm does not believe that the total contractual amount of these wholesale lending-related commitments is representative of the Firm’s expected future credit exposure or funding requirements. Refer to Note 22 for further information on wholesale lending-related commitments.

Receivables from customers

Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (including cash on deposit, and primarily liquid and readily marketable debt or equity securities). To manage its credit risk, the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. Credit risk arising from lending activities subject to collateral maintenance requirements is generally mitigated by factors such as the short-term nature of the activity, the fair value of collateral held and the Firm’s right to call for, and the borrower’s obligation to provide, additional margin when the fair value of the collateral declines. Because of these mitigating factors, these receivables generally do not require an allowance for credit losses. However, if in management’s judgment, an allowance for credit losses is required, the Firm estimates expected credit losses based on the value of the collateral and probability of borrower default. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.

Refer to Note 13 of JPMorganChase's 2025 Form 10-K for further information on the Firm’s accounting policies for the allowance for credit losses.

Derivative contracts

Derivatives enable clients and counterparties to manage risk, including credit risk and risks arising from fluctuations in interest rates, foreign exchange and equities and commodities prices. The Firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty

credit risk arising from derivative receivables. The Firm also uses derivative instruments to manage its own credit risk and other market risk exposure. The nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the Firm is exposed. For over-the-counter ("OTC") derivatives, the Firm is exposed to the credit risk of the derivative counterparty. For exchange-traded derivatives (“ETD”), such as futures and options, and cleared over-the-counter (“OTC-cleared”) derivatives, the Firm can also be exposed to the credit risk of the relevant CCP. Where possible, the Firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements. The percentage of the Firm’s OTC derivative transactions subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily — was approximately 88% and 86% at March 31, 2026 and December 31, 2025, respectively. Refer to Note 4 for additional information on the Firm’s use of collateral agreements and for a further discussion of derivative contracts, counterparties and settlement types.

The fair value of derivative receivables reported on the Consolidated balance sheets was $71.6 billion and $57.8 billion at March 31, 2026 and December 31, 2025, respectively. The increase was predominantly driven by commodity, equity and foreign exchange derivatives, as a result of market movements. Derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and the related cash collateral held by the Firm.

In addition, the Firm holds liquid securities and other cash collateral that may be used as security when the fair value of the client’s exposure is in the Firm’s favor. For these purposes, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule.

In management’s view, the appropriate measure of current credit risk should also take into consideration other collateral, which generally represents securities that do not qualify as high quality liquid assets under the LCR rule. The benefits of these additional collateral amounts for each counterparty are subject to a legally enforceable master netting agreement and limited to the net amount of the derivative receivables for each counterparty.

The Firm also holds additional collateral (primarily cash, G7 government securities, other liquid government agency and guaranteed securities, and corporate debt and equity securities) delivered by clients at the initiation of transactions, as well as collateral related to contracts that have a non-daily call

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frequency and collateral that the Firm has agreed to return but has not yet settled as of the reporting date. Although this collateral does not reduce the receivables balances and is not included in the tables below, it is available as security against potential

exposure that could arise should the fair value of the client’s derivative contracts move in the Firm’s favor. Refer to Note 4 for additional information on the Firm’s use of collateral agreements for derivative transactions.

The following tables summarize the net derivative receivables and the internal ratings profile for the periods presented.

Derivative receivables
(in millions)	March 31, 2026		December 31, 2025
Total, net of cash collateral	$	71,584	$	57,777
Liquid securities and other cash collateral held against derivative receivables	(32,366)		(28,891)
Total, net of liquid securities and other cash collateral	$	39,218	$	28,886
Other collateral held against derivative receivables	(1,124)		(949)
Total, net of collateral	$	38,094	$	27,937

Ratings profile of derivative receivables
	March 31, 2026				December 31, 2025
(in millions, except ratios)	Exposure net of collateral		% of exposure net of collateral		Exposure net of collateral		% of exposure net of collateral
Investment-grade	$	26,367	69	%	$	18,877	68	%
Noninvestment-grade	11,727		31		9,060		32
Total	$	38,094	100	%	$	27,937	100	%

Credit portfolio management activities

The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker, and second, as an end-user, to manage the Firm’s own credit risk associated with traditional lending activities (loans and lending-related commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses. In addition, the Firm obtains credit protection against certain loans in the retained wholesale portfolio through the issuance of credit-related notes. Information on credit portfolio management activities is provided in the table below.

Credit derivatives and credit-related notes used in credit portfolio management activities
	Notional amount of protection purchased and sold(a)
(in millions)	March 31, 2026		December 31, 2025
Credit derivatives and credit-related notes used to manage:
Loans and lending-related commitments	$	10,320	$	9,899
Derivative receivables	17,289		13,999
Credit derivatives and credit-related notes used in credit portfolio management activities	$	27,609	$	23,898

(a)Amounts are presented net, considering the Firm’s net protection purchased or sold with respect to each underlying reference entity or index.

Refer to Credit derivatives in Note 4 of this Form 10-Q and Note 5 of JPMorganChase’s 2025 Form 10-K for further information on credit derivatives and derivatives used in credit portfolio management activities.

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ALLOWANCE FOR CREDIT LOSSES

The Firm’s allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The Firm's allowance for credit losses generally consists of:

•the allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated) and is presented separately on the Consolidated balance sheets,

•the allowance for lending-related commitments, which is reflected in accounts payable and other liabilities on the Consolidated balance sheets, and

•the allowance for credit losses on investment securities, which is reflected in investment securities on the Consolidated balance sheets.

Discussion of changes in the allowance

The allowance for credit losses as of March 31, 2026 was $31.4 billion, reflecting a net addition of $154 million from December 31, 2025.

The net addition to the allowance for credit losses included:

•$321 million in wholesale, largely driven by changes in the credit quality of certain exposures, and

•a net reduction of $139 million in consumer, predominantly driven by improvements in home prices.

The Firm's qualitative adjustments and its weighted-average macroeconomic outlook continued to include additional weight placed on the adverse scenarios to reflect ongoing uncertainties and downside risks related to the geopolitical and macroeconomic environment.

The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the following table, resulting in:

•a weighted average U.S. unemployment rate peaking at 5.6% in the first quarter of 2027, and

•a weighted average U.S. real GDP level that is 2.2% lower than the central case at the end of the second quarter of 2027.

The following table presents the Firm’s central case assumptions for the periods presented:

	Central case assumptions at March 31, 2026
	2Q26		4Q26		2Q27
U.S. unemployment rate(a)	4.3	%	4.2	%	4.0	%
YoY growth in U.S. real GDP(b)	2.9	%	1.9	%	1.9	%
	Central case assumptions at December 31, 2025
	2Q26		4Q26		2Q27
U.S. unemployment rate(a)	4.6	%	4.4	%	4.2	%
YoY growth in U.S. real GDP(b)	2.0	%	1.8	%	1.9	%

(a)Reflects quarterly average of forecasted U.S. unemployment rate.

(b)The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year.

Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.

Refer to Note 13 and Note 10 of JPMorganChase’s 2025 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowance for credit losses on loans, lending-related commitments, and investment securities.

Refer to Consumer Credit Portfolio on pages 50-53, Wholesale Credit Portfolio on pages 54-62 and Note 11 for additional information on the consumer and wholesale credit portfolios.

Refer to Critical Accounting Estimates Used by the Firm on pages 75-77 for further information on the allowance for credit losses and related management judgments.

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Allowance for credit losses and related information
	2026													2025
Three months ended March 31,	Consumer, excluding credit card			Credit card				Wholesale			Total			Consumer, excluding credit card			Credit card			Wholesale			Total
(in millions, except ratios)
Allowance for loan losses
Beginning balance at January 1,	$	1,920		$	15,557			$	8,288		$	25,765		$	1,807		$	14,600		$	7,938		$	24,345
Gross charge-offs	261			2,486				164			2,911			287			2,316			213			2,816
Gross recoveries collected	(107)			(444)				(44)			(595)			(124)			(334)			(26)			(484)
Net charge-offs	154			2,042				120			2,316			163			1,982			187			2,332
Provision for loan losses	23			2,044				414			2,481			214			2,382			597			3,193
Other	—			—				(2)			(2)			—			—			2			2
Ending balance at March 31,	$	1,789		$	15,559			$	8,580		$	25,928		$	1,858		$	15,000		$	8,350		$	25,208
Allowance for lending-related commitments
Beginning balance at January 1,	$	83		$	2,200		(d)	$	2,788		$	5,071		$	82		$	—		$	2,019		$	2,101
Provision for lending-related commitments	(10)			—				33			23			(10)			—			135			125
Other	—			—				(3)			(3)			—			—			—			—
Ending balance at March 31,	$	73		$	2,200			$	2,818		$	5,091		$	72		$	—		$	2,154		$	2,226
Impairment methodology
Asset-specific(a)	$	(623)		$	—			$	851		$	228		$	(727)		$	—		$	692		$	(35)
Portfolio-based	2,412			15,559				7,729			25,700			2,585			15,000			7,658			25,243
Total allowance for loan losses	$	1,789		$	15,559			$	8,580		$	25,928		$	1,858		$	15,000		$	8,350		$	25,208
Impairment methodology
Asset-specific	$	—		$	—			$	135		$	135		$	—		$	—		$	135		$	135
Portfolio-based	73			2,200			(d)	2,683			4,956			72			—			2,019			2,091
Total allowance for lending-related commitments	$	73		$	2,200			$	2,818		$	5,091		$	72		$	—		$	2,154		$	2,226
Total allowance for investment securities	NA			NA				NA			$	78		NA			NA			NA			$	118
Total allowance for credit losses(b)	$	1,862		$	17,759			$	11,398		$	31,097		$	1,930		$	15,000		$	10,504		$	27,552
Memo:
Retained loans, end-of-period	$	367,274		$	239,123			$	818,839		$	1,425,236		$	372,892		$	223,384		$	704,714		$	1,300,990
Retained loans, average	367,880			239,220				793,654			1,400,754			374,466			224,350			686,585			1,285,401
Credit ratios
Allowance for loan losses to retained loans	0.49		%	6.51		%		1.05		%	1.82		%	0.50		%	6.71		%	1.18		%	1.94		%
Allowance for loan losses to retained nonaccrual loans(c)	47			NA				190			311			56			NA			214			349
Allowance for loan losses to retained nonaccrual loans excluding credit card	47			NA				190			124			56			NA			214			142
Net charge-off/(recovery) rates	0.17			3.46				0.06			0.67			0.18			3.58			0.11			0.74

(a)Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.

(b)At March 31, 2026 and 2025, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $286 million and $283 million, respectively, associated with certain accounts receivable in CIB.

(c)The Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

(d)Represents the impact of the Apple Card transaction. Refer to Note 13 of the Firm's 2025 Form 10-K for additional information.

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Allocation of allowance for loan losses

The table below presents a breakdown of the allowance for loan losses by loan class. Refer to Note 11 for further information on loan classes.

	March 31, 2026				December 31, 2025
(in millions, except ratios)	Allowance for loan losses		Percentage of retained loans to total retained loans		Allowance for loan losses		Percentage of retained loans to total retained loans
Residential real estate	$	746	21	%	$	869	21	%
Auto and other	1,043		5		1,051		5
Consumer, excluding credit card	1,789		26		1,920		26
Credit card	15,559		17		15,557		18
Total consumer	17,348		43		17,477		44
Secured by real estate	2,147		12		2,226		12
Commercial and industrial	4,671		13		4,240		12
Other	1,762		32		1,822		32
Total wholesale	8,580		57		8,288		56
Total	$	25,928	100	%	$	25,765	100	%

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INVESTMENT PORTFOLIO RISK MANAGEMENT

Investment portfolio risk is the risk associated with the loss of principal or a reduction in expected returns on investments arising from the investment securities portfolio or from principal investments. The investment securities portfolio is predominantly held by Treasury and CIO in connection with the Firm’s balance sheet and asset-liability management objectives. Principal investments are predominantly privately-held financial instruments and are managed in the LOBs and Corporate. Investments are typically intended to be held over extended periods and, accordingly, the Firm has no expectation for short-term realized gains with respect to these investments.

Investment securities risk

Investment securities risk includes the exposure associated with a default in the payment of principal and interest. This risk is mitigated given that the investment securities portfolio held by Treasury and CIO predominantly consists of high-quality securities. At March 31, 2026, the size of the Treasury and CIO investment securities portfolio, net of the allowance for credit losses, was $817.8 billion, and the average credit rating of the securities comprising the portfolio was AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings). Refer to Corporate results on pages 30-31 and Note 9 for further information on the investment securities portfolio and internal risk ratings. Refer to Liquidity Risk Management on pages 41-47 for further information on related liquidity risk. Refer to Market Risk Management on pages 67-73 for further information on the market risk inherent in the portfolio.

Principal investment risk

Principal investments are typically privately-held financial instruments representing ownership interests or other forms of junior capital. In general, principal investments include tax-oriented investments and investments made to enhance or accelerate the Firm’s business strategies and exclude those that are consolidated on the Firm's balance sheets. These investments are made by dedicated investing businesses or as part of a broader business strategy. The Firm’s principal investments are managed by the LOBs and Corporate and are reflected within their respective financial results. The Firm’s investments will continue to evolve based on market circumstances and in line with its strategic initiatives.

The table below presents the aggregate carrying values of the principal investment portfolios as of March 31, 2026 and December 31, 2025.

(in billions)	March 31, 2026		December 31, 2025
Tax-oriented investments, primarily in alternative energy and affordable housing	$	35.3	$	35.7
Private equity, various debt and equity instruments, and real assets	12.4		11.3
Total carrying value	$	47.7	$	47.0

Refer to page 132 of JPMorganChase’s 2025 Form 10-K for a discussion of the Firm’s Investment Portfolio Risk Management governance and oversight.

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MARKET RISK MANAGEMENT

Market risk is the risk associated with the effect of changes in market factors such as interest and foreign exchange rates, equity and commodity prices, credit spreads or implied volatilities, on the value of assets and liabilities held for both the short and long term. Refer to Market Risk Management on pages 133-142 of JPMorganChase’s 2025 Form 10-K for a discussion of the Firm’s Market Risk Management organization, market risk measurement, risk monitoring and control, and predominant business activities that give rise to market risk.

Models used to measure market risk are inherently imprecise and are limited in their ability to measure certain risks or to predict losses. This imprecision may be heightened when sudden or severe shifts in market conditions occur. For additional discussion on model uncertainty refer to Estimations and Model Risk Management on page 153 of JPMorganChase’s 2025 Form 10-K.

Market Risk Management periodically reviews the Firm’s existing market risk measures to identify opportunities for enhancement, and to the extent appropriate, will calibrate those measures accordingly over time.

Value-at-risk

JPMorganChase utilizes value-at-risk (“VaR”), a statistical risk measure, to estimate the potential loss from adverse market moves in the current market environment. The Firm has a single VaR framework used as a basis for calculating Risk Management VaR and Regulatory VaR.

The Firm’s Risk Management VaR is calculated assuming a one-day holding period and an expected tail-loss methodology which approximates a 95% confidence level. For risk management purposes, the Firm believes this methodology provides a daily measure of risk that is closely aligned to risk management decisions made by the LOBs and Corporate and, along with other market risk measures, provides the appropriate information needed to respond to risk events. The Firm calculates separately a daily aggregated VaR in accordance with regulatory rules (“Regulatory VaR”), which is used to derive the Firm’s regulatory VaR-based capital requirements under Basel III.

The Firm’s VaR model calculations are periodically evaluated and enhanced in response to changes in the composition of the Firm’s portfolios, changes in market conditions, improvements in the Firm’s modeling techniques and measurements, and other factors. Such changes may affect historical comparisons of VaR results. Refer to Estimations and Model Risk Management on page 153 of JPMorganChase’s 2025 Form 10-K for information regarding model reviews and approvals.

Refer to page 135 of JPMorganChase’s 2025 Form 10-K for further information regarding VaR, including its inherent limitations, and the key differences between Risk Management VaR and Regulatory VaR. Refer to JPMorganChase’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for additional information on Regulatory VaR and the other components of market risk regulatory capital for the Firm (e.g., VaR-based measure, stressed VaR-based measure and the respective backtesting). Refer to Other risk measures on pages 139–140 of JPMorganChase’s 2025 Form 10-K for further information regarding nonstatistical market risk measures used by the Firm.

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The table below shows the results of the Firm’s Risk Management VaR measure using a 95% confidence level. VaR can vary significantly as positions change, market volatility fluctuates, and diversification benefits change.

Total VaR
	Three months ended
	March 31, 2026						December 31, 2025						March 31, 2025
(in millions)	Avg.		Min		Max		Avg.		Min		Max		Avg.			Min		Max
CIB trading VaR by risk type
Fixed income	$	39	$	32	$	49	$	35	$	29	$	45	$	37		$	27	$	51
Foreign exchange	13		9		20		9		6		15		9			6		12
Equities	11		7		16		13		7		20		25		(d)	10		138		(d)
Commodities and other	14		10		21		23		14		35		29			10		48
Diversification benefit to CIB trading VaR(a)	(47)		NM		NM		(49)		NM		NM		(55)			NM		NM
CIB trading VaR	30		23		40		31		22		40		45			32		142
Credit Portfolio VaR(b)	21		17		24		20		17		24		21			18		26
Diversification benefit to CIB VaR(a)	(16)		NM		NM		(17)		NM		NM		(19)			NM		NM
CIB VaR	35		26		48		34		24		44		47			33		133
CCB VaR	4		3		6		3		2		5		4			3		7
AWM VaR(c)	9		8		10		9		8		10		9			8		9
Corporate VaR	11		9		12		10		9		11		10			9		12
Diversification benefit to other VaR(a)	(11)		NM		NM		(10)		NM		NM		(11)			NM		NM
Other VaR	13		12		14		12		11		13		12			11		14
Diversification benefit to CIB and other VaR(a)	(11)		NM		NM		(11)		NM		NM		(9)			NM		NM
Total VaR	$	37	$	27	$	50	$	35	$	25	$	47	$	50		$	36	$	136

(a)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across LOBs, Corporate, and risk types. For maximum and minimum VaR, diversification benefit is not meaningful as the maximum and minimum VaR for each portfolio may have occurred on different trading days than the components.

(b)Includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.

(c)Includes credit protection purchased against certain retained loans and lending-related commitments. This VaR does not include the retained loan portfolio, which is not reported at fair value.

(d)In the first quarter of 2025, the elevated average and maximum VaR was due to a client-driven equity position that has since matured.

Effective April 1, 2025, the Firm refined the historical proxy time series inputs to one of its VaR models to more appropriately reflect the risk exposure from certain securitization warehousing loan positions. If this refined time series was effective at the beginning of the quarter presented, the average Total VaR and each of the components would have been lower by the amounts reported in the following table:

(In millions)	Amounts by which reported average VaR would have been lower for the three months ended March 31, 2025:
CIB trading VaR by risk type: Fixed income		$	(7)
CIB trading VaR		(6)
CIB VaR		(5)
Total VaR		(5)

Quarter over quarter results

Average Total VaR for the three months ended March 31, 2026 increased by $2 million, when compared with December 31, 2025, driven by increases in the foreign exchange and fixed income risk types, predominantly offset by decreases in the commodities risk type, primarily associated with bullion.

Year over year results

Average total VaR for the three months ended March 31, 2026 decreased by $13 million compared with the same period in the prior year. Adjusted for the aforementioned refinement, average total VaR decreased by $8 million, driven by reduced exposure in the equities risk type and decreases in the commodities risk type associated with bullion, partially offset by increases in the fixed income risk type.

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The following graph presents daily Risk Management VaR for the five trailing quarters. The movements in the first quarter of 2025 were due to a client-driven equity position that has since matured.

Daily Risk Management VaR

First Quarter
2025 Second Quarter
2025 Third Quarter
2025 Fourth Quarter
2025 First Quarter
2026

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VaR backtesting

The Firm performs daily VaR model backtesting, which compares the daily Risk Management VaR results with the daily gains and losses that are utilized for VaR backtesting purposes. The gains and losses depicted in the chart below do not reflect the Firm’s reported revenue as they exclude certain components of total net revenue, such as those associated with the execution of new transactions (i.e., intraday client-driven trading and intraday risk management activities), fees, commissions, other valuation adjustments and net interest income. These excluded components of total net revenue may more than offset the backtesting gain or loss on a particular day. The definition of backtesting gains and losses above is consistent with the requirements for backtesting under Basel III capital rules.

A backtesting exception occurs when the daily backtesting loss exceeds the daily Risk Management VaR for the prior day. Under the Firm’s Risk Management VaR methodology, assuming current changes in market values are consistent with the historical changes used in the simulation, the Firm would expect to incur VaR backtesting exceptions five times every 100 trading days on average. The number of VaR backtesting exceptions observed can differ from the statistically expected number of backtesting exceptions if the current level of market volatility is materially different from the level of market volatility during the 12 months of historical data used in the VaR calculation.

For the 12 months ended March 31, 2026, the Firm posted backtesting gains on 179 of the 259 days, and observed 15 VaR backtesting exceptions. For the three months ended March 31, 2026, the Firm posted backtesting gains on 47 of the 63 days, and observed six VaR backtesting exceptions.

The following chart presents the distribution of Firmwide daily backtesting gains and losses for the trailing 12 months and three months ended March 31, 2026. The daily backtesting losses are displayed as a percentage of the corresponding daily Risk Management VaR. The count of days with backtesting losses are shown in aggregate, in fifty percentage point intervals. Backtesting exceptions are displayed within the intervals that are greater than one hundred percent. The results in the chart below differ from the results of backtesting disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to the Firm’s covered positions.

Distribution of Daily Backtesting Gains and Losses

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Structural interest rate risk management

The effect of interest rate exposure on the Firm’s reported net income is important as interest rate risk represents one of the Firm’s significant market risks. Interest rate risk arises not only from trading activities which are included in VaR, but also from the Firm’s traditional banking activities, which include extension of loans and credit facilities, taking deposits, issuing debt, as well as the investment securities portfolio, and associated derivative instruments.

Refer to the table on page 134 of JPMorganChase’s 2025 Form 10-K for a summary by LOB and Corporate identifying positions included in earnings-at-risk.

Earnings-at-risk

One way that the Firm evaluates its structural interest rate risk is through earnings-at-risk. Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline uses market interest rates and, in the case of deposits, pricing assumptions. The Firm conducts simulations of changes to this baseline for interest rate-sensitive assets and liabilities denominated in U.S. dollars and other currencies (“non-U.S. dollar” currencies). These simulations primarily include retained and held-for-sale loans, deposits, deposits with banks and financing activities, investment securities, long-term debt, related interest rate hedges, and funds transfer pricing of other positions in risk management VaR and other sensitivity-based measures as described on page 134 of JPMorganChase’s 2025 Form 10-K. These simulations also include hedges of non-U.S. dollar foreign exchange exposures arising from capital investments. Refer to non-U.S. dollar foreign exchange risk on page 142 of JPMorganChase’s 2025 Form 10-K for more information.

Earnings-at-risk scenarios estimate the potential change to a baseline, over the following 12 months utilizing multiple assumptions. These scenarios include a parallel shift involving changes to both short-term and long-term rates by an equal amount; a steeper yield curve involving holding short-term rates constant and increasing long-term rates; and a flatter yield curve involving increasing short-term rates and holding long-term rates constant or holding short-term rates constant and decreasing long-term rates. These scenarios consider many different factors, including:

•The impact on exposures as a result of instantaneous changes in interest rates from baseline rates.

•Forecasted balance sheet, as well as modeled prepayment and reinvestment behavior, but excluding assumptions about actions that could be taken by the Firm or its clients and customers in response to instantaneous rate changes. Mortgage prepayment assumptions are based on the interest rates used in the scenarios compared with underlying contractual rates, the time since origination, and other factors which are updated periodically based on historical experience. Deposit forecasts are a key assumption in the Firm’s earnings-at-risk. The baseline reflects certain assumptions relating to the Federal Reserve’s balance sheet policy (e.g., quantitative tightening and usage at the Reverse Repurchase Facility) that require management judgment. The amount of deposits that the Firm holds at any given time may be influenced by Federal Reserve actions, as well as broader monetary conditions and competition for deposits.

•The pricing sensitivity of deposits, known as deposit betas, represent the amount by which deposit rates paid could change upon a given change in market interest rates. Actual deposit rates paid may differ from the modeled assumptions, primarily due to customer behavior and competition for deposits.

The Firm performs sensitivity analyses of the assumptions used in earnings-at-risk scenarios, including with respect to deposit betas and forecasts of deposit balances, both of which are especially significant in the case of consumer deposits. The results of these sensitivity analyses are reported to the CTC Risk Committee and the Board Risk Committee.

The Firm’s earnings-at-risk scenarios are periodically evaluated and enhanced in response to changes in the composition of the Firm’s balance sheet, changes in market conditions, improvements in the Firm’s simulation and other factors.

The Firm’s earnings-at-risk sensitivities are measures of the Firm’s interest rate exposure. The Firm’s actual net interest income for the rate changes presented may differ as the earnings-at-risk scenarios are modelled as instantaneous changes and exclude any actions that could be taken by the Firm or its clients or customers in response to rate changes. Other significant assumptions in the earnings-at-risk scenarios, including mortgage prepayments and deposit rates paid, may also differ from actual results. The Firm’s forecast for net interest income is included in the Firm’s outlook on page 8.

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The Firm’s sensitivities are presented in the table below.

(In billions)	March 31, 2026(a)		December 31, 2025(a)
Parallel shift:
+100 bps shift in rates	$	1.9	$	2.1
-100 bps shift in rates	(2.2)		(2.4)
+200 bps shift in rates	2.9		3.7
-200 bps shift in rates	(4.8)		(6.0)
Steeper yield curve:
+100 bps shift in long-term rates	1.7		1.4
-100 bps shift in short-term rates	(0.5)		(1.0)
Flatter yield curve:
+100 bps shift in short-term rates	0.2		0.7
-100 bps shift in long-term rates	(1.8)		(1.4)

(a)Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates, including hedges of non-U.S. dollar capital investments. Non-U.S. dollar sensitivities were insignificant.

The change in the Firm’s sensitivities as of March 31, 2026 compared to December 31, 2025 was primarily driven by the net impact of Treasury and CIO actions including an increase in investment securities, which adds duration, as well as the impact of higher rates. This was partially offset by the effects from changes in Firmwide deposits.

Economic value sensitivity

In addition to earnings-at-risk, which is measured as a sensitivity to a baseline of earnings over the next 12 months, the Firm also measures economic value sensitivity (“EVS”). EVS stress tests the longer-term economic value of equity by measuring the sensitivity of the Firm’s current balance sheet, primarily retained loans, deposits, debt and investment securities as well as related hedges, under various interest rate scenarios. The Firm's pricing and cash flow assumptions associated with deposits, as well as prepayment assumptions for loans and securities, are significant factors in the EVS measure. In accordance with the CTC interest rate risk management policy, the Firm has established limits on EVS as a percentage of TCE.

Certain assumptions used in the EVS measure may differ from those required in the fair value measurement note to the Consolidated Financial Statements. For example, certain assets and liabilities with no stated maturity, such as credit card receivables and deposits, have longer assumed durations in the EVS measure. Additional information on long-term debt and held to maturity investment securities is disclosed on page 97 in Note 2.

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Other sensitivity-based measures

The Firm quantifies the market risk of certain debt and equity and funding-related exposures by assessing the potential impact on net revenue, other comprehensive income (“OCI”) and noninterest expense due to changes in relevant market variables. Refer to the predominant business activities that give rise to market risk on page 134 of JPMorganChase’s 2025 Form 10-K for additional information on the positions captured in other sensitivity-based measures.

The table below represents the potential impact to net revenue, OCI or noninterest expense for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported net of the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at March 31, 2026 and December 31, 2025, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future changes in these sensitivities.

Gain/(loss) (in millions)			March 31, 2026		December 31, 2025
Activity	Description	Sensitivity measure
Debt and equity(a)
Asset Management activities	Consists of seed capital and related hedges; fund co-investments(b); and certain deferred compensation and related hedges(c)	10% decline in market value	$	(61)	$	(60)
Other debt and equity	Consists of certain real estate-related fair value option elected loans, privately held equity and other investments held at fair value(b)	10% decline in market value	(1,532)		(1,549)
Funding-related exposures
Non-USD LTD cross-currency basis	Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD(d)	1 basis point parallel tightening of cross currency basis	(11)		(11)
Non-USD LTD hedges foreign currency (“FX”) exposure	Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges(d)	10% depreciation of currency	13		19
Derivatives – funding spread risk	Impact of changes in the spread related to derivatives FVA(b)	1 basis point parallel increase in spread	(3)		(2)
Fair value option elected liabilities – funding spread risk	Impact of changes in the spread related to fair value option elected liabilities DVA(d)	1 basis point parallel increase in spread	62		55

(a)Excludes equity securities without readily determinable fair values that are measured under the measurement alternative. Refer to Note 2 for additional information.

(b)Impact recognized through net revenue.

(c)Impact recognized through noninterest expense.

(d)Impact recognized through OCI.

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COUNTRY RISK MANAGEMENT

The Firm, through its LOBs and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.

Refer to pages 143–144 of JPMorganChase’s 2025 Form 10-K for a further discussion of the Firm’s country risk management.

Risk Reporting

The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of March 31, 2026 and their comparative exposures as of December 31, 2025. The top 20 country exposures represent the Firm’s largest total exposures by individual country. Country exposures may fluctuate from period to period due to a variety of factors, including client activity, market flows and liquidity management activities undertaken by the Firm.

Top 20 country exposures (excluding the U.S.)(a)
	March 31, 2026										December 31, 2025(f)
(in billions)	Deposits with banks(b)		Lending(c)		Trading and investing(d)		Other (e)		Total exposure		Total exposure
Germany	$	92.4	$	15.7	$	4.8	$	0.8	$	113.7	$	100.3
United Kingdom	20.5		25.2		47.8		1.4		94.9		93.2
Japan	52.7		17.0		9.1		0.3		79.1		77.3
France	0.7		17.1		14.3		1.6		33.7		24.9
Australia	5.4		11.3		4.0		—		20.7		17.6
Brazil	6.3		5.1		7.5		—		18.9		20.9
Canada	1.6		12.3		4.4		0.2		18.5		16.2
Mainland China	4.0		6.5		4.8		—		15.3		13.2
India	1.2		7.3		5.6		1.0		15.1		13.0
Switzerland	3.9		5.6		1.9		2.8		14.2		15.0
Italy	0.1		9.0		4.4		0.2		13.7		11.6
Saudi Arabia	1.0		8.6		3.8		0.1		13.5		12.4
South Korea	2.2		4.1		5.7		0.6		12.6		13.4
Mexico	2.1		7.7		2.6		—		12.4		13.6
Singapore	1.7		3.2		4.2		0.5		9.6		9.3
Netherlands	0.3		7.9		—		0.2		8.4		6.5
Belgium	5.3		1.7		1.1		—		8.1		6.6
Spain	0.1		4.6		2.7		0.1		7.5		4.6
United Arab Emirates	—		4.8		0.9		—		5.7		5.7
Malaysia	3.0		0.4		1.2		0.1		4.7		4.1

(a)Country exposures presented in the table reflect 87% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country based on the Firm’s internal country risk management approach, at both March 31, 2026 and December 31, 2025.

(b)Predominantly represents cash placed with central banks.

(c)Includes loans and accrued interest receivable, lending-related commitments (net of eligible collateral and the allowance for credit losses). Excludes intra-day and operating exposures, such as those from settlement and clearing activities.

(d)Includes market-making positions and hedging, investment securities, and counterparty exposure on derivative and securities financings net of eligible collateral. Market-making positions and hedging includes exposure from single reference entity (“single-name”), index and other multiple reference entity transactions for which one or more of the underlying reference entities is in a country listed in the above table.

(e)Includes physical commodities inventory and clearing house guarantee funds.

(f)The country rankings presented in the table as of December 31, 2025, are based on the country rankings of the corresponding exposures at March 31, 2026, not actual rankings of such exposures at December 31, 2025.

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CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM

JPMorganChase’s accounting policies and use of estimates are integral to understanding its reported results. The Firm’s most complex accounting estimates require management’s judgment to ascertain the appropriate carrying value of assets and liabilities. The Firm has established policies and control procedures intended to ensure that estimation methods, including any judgments made as part of such methods, are well-controlled, independently reviewed and applied consistently from period to period. The methods used and judgments made reflect, among other factors, the nature of the assets or liabilities and the related business and risk management strategies, which may vary across the Firm’s businesses and portfolios. In addition, the policies and procedures are intended to ensure that the process for changing methodologies occurs in an appropriate manner. The Firm believes its estimates for determining the carrying value of its assets and liabilities are appropriate. The following is a brief description of the Firm’s critical accounting estimates involving significant judgments.

Allowance for credit losses

The Firm’s allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Firm’s financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses generally comprises:

•The allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated),

•The allowance for lending-related commitments, and

•The allowance for credit losses on investment securities.

The allowance for credit losses involves significant judgment on a number of matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. Refer to Notes 10 and 13 of JPMorganChase's 2025 Form 10-K for further information on these judgments as well as the Firm’s policies and methodologies used to determine the Firm’s allowance for credit losses, and Allowance for credit losses on pages 63-65 and Note 12 of this Form 10-Q for further information.

One of the most significant judgments involved in estimating the Firm’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the eight-quarter forecast period within the Firm’s methodology. The eight-

quarter forecast incorporates hundreds of macroeconomic variables ("MEVs") that are relevant for exposures across the Firm, with modeled credit losses being driven primarily by a subset of less than twenty variables. The specific variables that have the greatest effect on the modeled losses vary by portfolio and geography.

•Key MEVs for the consumer portfolio include regional U.S. unemployment rates and U.S. HPI.

•Key MEVs for the wholesale portfolio include U.S. unemployment, U.S. real GDP growth rate, U.S. equity prices, U.S. interest rates, U.S. corporate credit spreads, oil prices, U.S. commercial real estate prices and U.S. HPI.

Changes in the Firm’s assumptions and forecasts of economic conditions could significantly affect its estimate of expected credit losses in the portfolio at the balance sheet date or lead to significant changes in the estimate from one reporting period to the next.

It is difficult to estimate how potential changes in any one factor or input might affect the overall allowance for credit losses because management considers a wide variety of factors and inputs in estimating the allowance for credit losses. Changes in the factors and inputs considered may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors and inputs may be directionally inconsistent, such that improvement in one factor or input may offset deterioration in others.

To consider the impact of a hypothetical alternate macroeconomic forecast, the Firm compared the modeled credit losses determined using its central and relative adverse macroeconomic scenarios, which are two of the five scenarios considered in estimating the allowances for loan losses and lending-related commitments. The central and relative adverse scenarios each included a full suite of MEVs, but differed in the levels, paths and peaks/troughs of those variables over the eight-quarter forecast period.

For example, compared to the Firm’s central scenario shown on page 63 and in Note 12, the Firm’s relative adverse scenario assumes an elevated U.S. unemployment rate, averaging approximately 2.4% higher over the eight-quarter forecast, with a peak difference of approximately 3.3% in the first quarter of 2027.

This analysis is not intended to estimate expected future changes in the allowance for credit losses, for a number of reasons, including:

•The allowance as of March 31, 2026, reflects credit losses beyond those estimated under the central scenario due to the weight placed on the adverse scenarios.

75

•The impacts of changes in many MEVs are both interrelated and nonlinear, so the results of this analysis cannot be simply extrapolated for more severe changes in macroeconomic variables.

•Expectations of future changes in portfolio composition and borrower behavior can significantly affect the allowance for credit losses.

To demonstrate the sensitivity of credit loss estimates to macroeconomic forecasts as of March 31, 2026, the Firm compared the modeled estimates under its relative adverse scenario to its central scenario. Without considering offsetting or correlated effects in other qualitative components of the Firm’s allowance for credit losses, the comparison between these two scenarios for the exposures below reflect the following differences:

•An increase of approximately $1.0 billion for residential real estate loans and lending-related commitments

•An increase of approximately $5.0 billion for credit card loans

•An increase of approximately $5.3 billion for wholesale loans and lending-related commitments

This analysis relates only to the modeled credit loss estimates and is not intended to estimate changes in the overall allowance for credit losses as it does not reflect any potential changes in other adjustments to the quantitative calculation, which would also be influenced by the judgment management applies to the modeled lifetime loss estimates to reflect the uncertainty and imprecision of these modeled lifetime loss estimates based on then-current circumstances and conditions.

In the fourth quarter of 2025, the Firm recorded an allowance related to the Apple Card transaction, which was estimated based on certain forward-looking assumptions of the portfolio’s risk characteristics and expected credit losses at the time of closing. The forecasted Apple credit card portfolio is excluded from the modeled estimates sensitivity analysis above as the Firm integrates the Apple Card transaction into its allowance model.

Recognizing that forecasts of macroeconomic conditions are inherently uncertain, the Firm believes that its process to consider the available information and associated risks and uncertainties is appropriately governed and that its estimates of expected credit losses were reasonable and appropriate for the period ended March 31, 2026.

Fair value

JPMorganChase carries a portion of its assets and liabilities at fair value. The majority of such assets and liabilities are measured at fair value on a recurring basis, including trading assets and liabilities, AFS securities, structured note products and certain securities financing agreements. Certain assets and liabilities are measured at fair value on a nonrecurring basis, including certain mortgage, home equity and other loans, where the carrying value is based on the fair value of the underlying collateral.

Assets measured at fair value

The following table includes the Firm’s assets measured at fair value and the portion of such assets that are classified within level 3 of the fair value hierarchy. Refer to Note 2 for further information.

March 31, 2026 (in millions, except ratios)	Total assets at fair value		Total level 3 assets
Federal funds sold and securities purchased under resale agreements	$	472,506	$	—
Securities borrowed	105,987		—
Trading assets:
Trading–debt and equity instruments	997,751		2,706
Derivative receivables(a)	71,584		11,881
Total trading assets	1,069,335		14,587
AFS securities	549,037		108
Loans	62,255		3,184
MSRs	9,093		9,093
Other	20,264		1,071
Total assets measured at fair value on a recurring basis	2,288,477		28,043
Total assets measured at fair value on a nonrecurring basis	2,493		896
Total assets measured at fair value	$	2,290,970	$	28,939
Total Firm assets	$	4,900,475
Level 3 assets at fair value as a percentage of total Firm assets(a)			1		%
Level 3 assets at fair value as a percentage of total Firm assets at fair value(a)			1		%

(a)For purposes of the table above, the derivative receivables total reflects the impact of netting adjustments; however, the $11.9 billion of derivative receivables classified as level 3 does not reflect the netting adjustment as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

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Valuation

Details of the Firm’s processes for determining fair value are set out in Note 2. Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available to the Firm. For instruments valued using internally developed valuation models and other valuation techniques that use significant unobservable inputs and are therefore classified within level 3 of the fair value hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.

In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation model or other valuation technique to use. Second, the lack of observability of certain significant inputs requires management to assess relevant empirical data in deriving valuation inputs including, for example, transaction details, yield curves, interest rates, prepayment speeds, default rates, volatilities, correlations, prices (such as commodity, equity or debt prices), valuations of comparable instruments, foreign exchange rates and credit curves. Refer to Note 2 for a further discussion of the valuation of level 3 instruments, including unobservable inputs used.

For instruments classified in levels 2 and 3, management judgment must be applied to assess the appropriate level of valuation adjustments to reflect counterparty credit quality, the Firm’s creditworthiness, market funding rates, liquidity considerations, unobservable parameters, and for portfolios that meet specified criteria, the size of the net open risk position. The judgments made are typically affected by the type of product and its specific contractual terms, and the level of liquidity for the product or within the market as a whole. In periods of heightened market volatility and uncertainty judgments are further affected by the wider variation of reasonable valuation estimates, particularly for positions that are less liquid. Refer to Note 2 for a further discussion of valuation adjustments applied by the Firm.

Imprecision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios.

The Firm uses various methodologies and assumptions in the determination of fair value. The use of methodologies or assumptions different than those used by the Firm could result in a different estimate of

fair value at the reporting date. Refer to Note 2 for a detailed discussion of the Firm’s valuation process and hierarchy, and its determination of fair value for individual financial instruments.

Credit card rewards liability

The credit card rewards liability was $15.9 billion and $16.0 billion at March 31, 2026 and December 31, 2025, respectively, and is recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to pages 156–157 of JPMorganChase’s 2025 Form 10-K for a description of the significant assumptions and sensitivities, associated with the Firm’s credit card rewards liability.

Income taxes

Refer to Income taxes on page 157 of JPMorganChase’s 2025 Form 10-K for a description of the significant assumptions, judgments and interpretations associated with the accounting for income taxes.

Goodwill impairment

Management applies significant judgment when testing goodwill for impairment. Refer to Goodwill impairment on page 156 of JPMorganChase’s 2025 Form 10-K for a description of the significant valuation judgments associated with goodwill impairment.

Refer to Note 14 for additional information on goodwill, including the goodwill impairment assessment as of March 31, 2026.

Litigation reserves

Refer to Note 24 of this Form 10-Q, and Note 30 of JPMorganChase’s 2025 Form 10-K for a description of the significant estimates and judgments associated with establishing litigation reserves.

77

ACCOUNTING AND REPORTING DEVELOPMENTS

FASB Standards Issued but not yet Adopted
Standard	Summary of guidance	Effects on financial statements
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses Issued November 2024	•Requires additional disaggregation of specific types of expenses within the Notes to the Consolidated Financial Statements on an annual and interim basis.	•Required effective date: Annual financial statements for the year ending December 31, 2027.(a) •The guidance may be applied on a prospective or retrospective basis. •The Firm is evaluating the potential impact on the Consolidated Financial Statements disclosures, as well as the Firm’s planned date of adoption.
Derivatives and Hedging and Revenue from Contracts with Customers: Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract Issued September 2025	•No longer requires derivative accounting treatment for certain contracts where the underlying variable is solely based on the specific operations or activities of one of the contracting parties. The new guidance also clarifies the applicability of derivative accounting treatment to contracts with both in scope and out of scope terms. •Clarifies the accounting for share-based payments from a customer in exchange for goods or services.	•Required effective date: January 1, 2027.(a) •The guidance may be applied on a prospective or modified retrospective basis. •The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm's planned date of adoption.
Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software Issued September 2025	•Amends the cost capitalization guidance by removing all references to software development project stages to better align with current software development methods. •Requires software cost capitalization to begin when 1) management has authorized and committed to funding the software project, and 2) it is probable that the software will be completed and used to perform its intended function.	•Required effective date: January 1, 2028.(a) •The guidance may be applied on a prospective, modified, or retrospective transition basis. •The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm’s planned date of adoption.
Financial Instruments - Credit Losses: Purchased Loans Issued November 2025	•Establishes an additional allowance framework for purchased, seasoned held-for-investment loans, excluding credit cards. •Requires that management’s initial estimate of expected credit losses be recognized as an increase to the allowance for credit losses with a corresponding increase to the loan’s amortized cost.	•Required effective date: January 1, 2027.(a) •The guidance is required to be applied on a prospective basis. •The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm’s planned date of adoption.
Derivatives and Hedging: Hedge Accounting Improvements Issued November 2025	•Amends the hedge accounting guidance to allow different risks to be pooled in the same portfolio for cash flow hedging, if the hedging instrument is highly effective against each hedged risk in the portfolio. •Provides greater flexibility and expands eligibility for hedge accounting, including hedges of nonfinancial transactions, variable rate borrowings, net investment hedges, and hedges involving the use of written options.	•Required effective date: January 1, 2027.(a) •The guidance is required to be applied on a prospective basis. •The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm’s planned date of adoption.

(a)Early adoption is permitted.

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FORWARD-LOOKING STATEMENTS

From time to time, the Firm has made and will make forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipate,” “target,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” or other words of similar meaning. Forward-looking statements provide JPMorganChase’s current expectations or forecasts of future events, circumstances, results or aspirations. JPMorganChase’s disclosures in this Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Firm also may make forward-looking statements in its other documents filed or furnished with the SEC. In addition, the Firm’s senior management may make forward-looking statements orally to investors, analysts, representatives of the media and others.

All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Firm’s control. JPMorganChase’s actual future results may differ materially from those set forth in its forward-looking statements. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ from those in the forward-looking statements:

•Local, regional and global business, economic and political conditions and geopolitical events, including geopolitical tensions and hostilities;

•Changes in laws, rules and regulatory requirements, including capital and liquidity requirements affecting the Firm’s businesses, and the ability of the Firm to address those requirements;

•Heightened regulatory and governmental oversight and scrutiny of JPMorganChase’s business practices, including dealings with retail customers;

•Changes in trade, monetary and fiscal policies and laws;

•Changes in the level of inflation;

•Changes in income tax laws, rules, and regulations;

•Securities and capital markets behavior, including changes in market liquidity and volatility;

•Changes in investor sentiment or consumer spending or savings behavior;

•Ability of the Firm to manage effectively its capital and liquidity;

•Changes in credit ratings assigned to the Firm or its subsidiaries;

•Damage to the Firm’s reputation;

•Ability of the Firm to appropriately address public criticism of its business activities;

•Ability of the Firm to deal effectively with an economic slowdown or other economic or market

disruption, including in the interest rate environment;

•Technology changes instituted by the Firm, its counterparties or competitors, including AI;

•The effectiveness of the Firm’s control agenda;

•Ability of the Firm to develop or discontinue products and services, and the extent to which products or services previously sold by the Firm require the Firm to incur liabilities or absorb losses not contemplated at their initiation or origination;

•Acceptance of the Firm’s new and existing products and services by the marketplace and the ability of the Firm to innovate and to increase market share;

•Ability of the Firm to attract and retain qualified employees;

•Ability of the Firm to control expenses;

•Competitive pressures;

•Changes in the credit quality of the Firm’s clients, customers and counterparties;

•Adequacy of the Firm’s risk management framework, disclosure controls and procedures and internal control over financial reporting;

•Adverse judicial or regulatory proceedings;

•Ability of the Firm to determine accurate values of certain assets and liabilities;

•Occurrence of natural or man-made disasters or calamities, including health emergencies, an outbreak or escalation of hostilities or other geopolitical instabilities, the effects of climate change or extraordinary events beyond the Firm's control, and the Firm’s ability to deal effectively with disruptions caused by the foregoing;

•Ability of the Firm to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;

•Ability of the Firm to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;

•Ability of the Firm to effectively defend itself against cyber attacks and other attempts by unauthorized parties to access information of the Firm or its customers and clients or to disrupt the Firm’s systems; and

•The other risks and uncertainties detailed in Part I, Item 1A: Risk Factors in JPMorganChase’s 2025 Form 10-K.

Any forward-looking statements made by or on behalf of the Firm speak only as of the date they are made, and JPMorganChase does not undertake to update any forward-looking statements. The reader should, however, consult any further disclosures of a forward-looking nature the Firm may make in any subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

79

JPMorgan Chase & Co.

Consolidated statements of income (unaudited)

	Three months ended March 31,
(in millions, except per share data)	2026		2025
Revenue
Investment banking fees	$	2,858	$	2,178
Principal transactions	7,987		7,614
Lending- and deposit-related fees	2,394		2,132
Asset management fees	5,515		4,700
Commissions and other fees	2,482		2,033
Investment securities gains/(losses)	64		(37)
Mortgage fees and related income	309		278
Card income	1,190		1,216
Other income	1,671		1,923
Noninterest revenue	24,470		22,037
Interest income	49,191		46,853
Interest expense	23,825		23,580
Net interest income	25,366		23,273
Total net revenue	49,836		45,310
Provision for credit losses	2,507		3,305
Noninterest expense
Compensation expense	15,339		14,093
Occupancy expense	1,447		1,302
Technology, communications and equipment expense	3,021		2,578
Professional and outside services	3,483		2,839
Marketing	1,604		1,304
Other expense	1,956		1,481
Total noninterest expense	26,850		23,597
Income before income tax expense	20,479		18,408
Income tax expense	3,985		3,765
Net income	$	16,494	$	14,643
Net income applicable to common stockholders	$	16,148	$	14,317
Net income per common share data
Basic earnings per share	$	5.95	$	5.08
Diluted earnings per share	5.94		5.07
Weighted-average basic shares	2,716.2		2,819.4
Weighted-average diluted shares	2,720.2		2,824.3

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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JPMorgan Chase & Co.

Consolidated statements of comprehensive income (unaudited)

	Three months ended March 31,
(in millions)	2026		2025
Net income	$	16,494	$	14,643
Other comprehensive income/(loss), after–tax
Unrealized gains/(losses) on investment securities	(2,401)		953
Translation adjustments, net of hedges	(167)		489
Fair value hedges	41		28
Cash flow hedges	(901)		1,674
Defined benefit pension and OPEB plans	4		(16)
DVA on fair value option elected liabilities	1,025		217
Total other comprehensive income/(loss), after–tax	(2,399)		3,345
Comprehensive income	$	14,095	$	17,988

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

81

JPMorgan Chase & Co.

Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2026		December 31, 2025
Assets
Cash and due from banks	$	22,039	$	21,742
Deposits with banks	290,103		321,596
Federal funds sold and securities purchased under resale agreements (included $472,506 and $327,018 at fair value)	482,704		336,426
Securities borrowed (included $105,987 and $98,111 at fair value)	284,524		286,191
Trading assets (included assets pledged of $255,035 and $165,927)	1,069,335		802,873
Available-for-sale securities (amortized cost of $552,160 and $507,226; included assets pledged of $9,416 and $7,735)	549,037		507,198
Held-to-maturity securities	272,142		270,134
Investment securities, net of allowance for credit losses	821,179		777,332
Loans (included $62,255 and $70,684 at fair value)	1,503,520		1,493,429
Allowance for loan losses	(25,928)		(25,765)
Loans, net of allowance for loan losses	1,477,592		1,467,664
Accrued interest and accounts receivable	142,334		111,599
Premises and equipment	36,771		36,244
Goodwill, MSRs and other intangible assets	64,289		64,458
Other assets (included $21,292 and $15,849 at fair value and assets pledged of $18,279 and $11,984)	209,605		198,775
Total assets(a)	$	4,900,475	$	4,424,900
Liabilities
Deposits (included $19,803 and $20,930 at fair value)	$	2,675,520	$	2,559,320
Federal funds purchased and securities loaned or sold under repurchase agreements (included $620,136 and $360,194 at fair value)	716,623		442,396
Short-term borrowings (included $28,937 and $32,460 at fair value)	68,048		64,776
Trading liabilities	247,836		216,019
Accounts payable and other liabilities (included $10,738 and $6,660 at fair value)	352,561		316,794
Beneficial interests issued by consolidated VIEs (included $5 and $5 at fair value)	27,085		27,951
Long-term debt (included $144,704 and $134,559 at fair value)	448,764		435,206
Total liabilities(a)	4,536,437		4,062,462
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,005,375 and 2,005,375 shares)	20,045		20,045
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105		4,105
Additional paid-in capital	90,087		91,114
Retained earnings	428,206		416,055
Accumulated other comprehensive losses	(6,689)		(4,290)
Treasury stock, at cost (1,425,422,477 and 1,408,661,319 shares)	(171,716)		(164,591)
Total stockholders’ equity	364,038		362,438
Total liabilities and stockholders’ equity	$	4,900,475	$	4,424,900

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2026 and December 31, 2025. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorganChase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)	March 31, 2026		December 31, 2025
Assets
Trading assets	$	4,689	$	4,835
Loans	35,452		37,777
All other assets	738		683
Total assets	$	40,879	$	43,295
Liabilities
Beneficial interests issued by consolidated VIEs	$	27,085	$	27,951
All other liabilities	637		691
Total liabilities	$	27,722	$	28,642

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

82

JPMorgan Chase & Co.

Consolidated statements of changes in stockholders’ equity (unaudited)

	Three months ended March 31,
(in millions, except per share data)	2026		2025
Preferred stock
Balance at the beginning of the period	$	20,045	$	20,050
Issuance	—		2,995
Redemption	—		(3,000)
Balance at March 31	20,045		20,045
Common stock
Balance at the beginning and end of the period	4,105		4,105
Additional paid-in capital
Balance at the beginning of the period	91,114		90,911
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects	(1,027)		(692)
Other	—		4
Balance at March 31	90,087		90,223
Retained earnings
Balance at the beginning of the period	416,055		376,166
Net income	16,494		14,643
Preferred stock dividends	(276)		(255)
Common stock dividends ($1.50 and $1.40 per share, respectively)	(4,067)		(3,938)
Balance at March 31	428,206		386,616
Accumulated other comprehensive income/(loss)
Balance at the beginning of the period	(4,290)		(12,456)
Other comprehensive income/(loss), after-tax	(2,399)		3,345
Balance at March 31	(6,689)		(9,111)
Treasury stock, at cost
Balance at the beginning of the period	(164,591)		(134,018)
Repurchase	(8,378)		(7,611)
Reissuance	1,253		1,171
Balance at March 31	(171,716)		(140,458)
Total stockholders’ equity	$	364,038	$	351,420

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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JPMorgan Chase & Co.

Consolidated statements of cash flows (unaudited)

	Three months ended March 31,
(in millions)	2026		2025
Operating activities
Net income	$	16,494	$	14,643
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses	2,507		3,305
Depreciation and amortization	2,364		2,030
Deferred tax (benefit)/expense	123		524
Other	513		600
Originations and purchases of loans held-for-sale	(57,663)		(68,533)
Proceeds from sales, securitizations and paydowns of loans held-for-sale	64,432		62,724
Net change in:
Trading assets	(272,429)		(231,665)
Securities borrowed	1,656		(19,156)
Accrued interest and accounts receivable	(31,294)		(17,070)
Other assets	(11,614)		7,578
Trading liabilities	35,793		(10,486)
Accounts payable and other liabilities	36,857		1,276
Other operating adjustments	500		2,391
Net cash (used in) operating activities	(211,761)		(251,839)
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements	(146,278)		(134,479)
Held-to-maturity securities:
Proceeds from paydowns and maturities	17,343		11,341
Purchases	(19,574)		(1,628)
Available-for-sale securities:
Proceeds from paydowns and maturities	11,705		10,709
Proceeds from sales	42,640		55,847
Purchases	(101,040)		(53,721)
Proceeds from sales and securitizations of loans held-for-investment	11,585		11,960
Other changes in loans, net	(31,078)		(16,134)
All other investing activities, net	(3,072)		(1,971)
Net cash (used in) investing activities	(217,769)		(118,076)
Financing activities
Net change in:
Deposits	120,390		85,029
Federal funds purchased and securities loaned or sold under repurchase agreements	274,236		236,204
Short-term borrowings	3,438		10,817
Beneficial interests issued by consolidated VIEs	(1,322)		(2,431)
Proceeds from long-term borrowings	49,898		29,927
Payments of long-term borrowings	(31,938)		(28,457)
Proceeds from issuance of preferred stock	—		3,000
Redemption of preferred stock	—		(3,000)
Treasury stock repurchased	(8,325)		(7,528)
Dividends paid	(4,374)		(3,823)
All other financing activities, net	(1,326)		(1,679)
Net cash provided by financing activities	400,677		318,059
Effect of exchange rate changes on cash and due from banks and deposits with banks	(2,343)		8,442
Net decrease in cash and due from banks and deposits with banks	(31,196)		(43,414)
Cash and due from banks and deposits with banks at the beginning of the period	343,338		469,317
Cash and due from banks and deposits with banks at the end of the period	$	312,142	$	425,903
Cash interest paid	$	23,414	$	23,587
Cash income taxes paid, net	917		1,651

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Refer to the Glossary of Terms and Acronyms on pages 170-176 for definitions of terms and acronyms used throughout the Notes to Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Note 1 – Basis of presentation

JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Refer to Note 25 for further discussion of the Firm's reportable business segments.

The accounting and financial reporting policies of JPMorganChase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities.

The preparation of the unaudited Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated.

These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes thereto included in JPMorganChase’s 2025 Form 10-K.

Consolidation

The Consolidated Financial Statements include the accounts of JPMorganChase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated.

Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorganChase and are not included on the Consolidated balance sheets.

The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.

Refer to Notes 1 and 14 of JPMorganChase’s 2025 Form 10-K for a further description of JPMorganChase’s accounting policies regarding consolidation.

Offsetting assets and liabilities

U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities sold and purchased under repurchase agreements and securities borrowed or loaned under securities loan agreements to be presented net when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances where it has determined that the specified conditions are met. Refer to Note 1 of JPMorganChase’s 2025 Form 10-K for further information on offsetting assets and liabilities.

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Note 2 – Fair value measurement

Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.

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The following table presents the assets and liabilities reported at fair value as of March 31, 2026 and December 31, 2025, by major product category and fair value hierarchy.

Assets and liabilities measured at fair value on a recurring basis
	Fair value hierarchy						Derivative netting adjustments(e)
March 31, 2026 (in millions)	Level 1		Level 2		Level 3				Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	472,506	$	—	$	—	$	472,506
Securities borrowed	—		105,987		—		—		105,987
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		158,383		268		—		158,651
Residential – nonagency	—		6,481		5		—		6,486
Commercial – nonagency	—		1,649		—		—		1,649
Total mortgage-backed securities	—		166,513		273		—		166,786
U.S. Treasury, GSEs and government agencies(a)	288,401		19,782		—		—		308,183
Obligations of U.S. states and municipalities	—		6,358		30		—		6,388
Certificates of deposit, bankers’ acceptances and commercial paper	—		4,685		—		—		4,685
Non-U.S. government debt securities	112,409		67,223		207		—		179,839
Corporate debt securities	—		51,780		482		—		52,262
Loans	—		12,337		1,051		—		13,388
Asset-backed securities	—		3,338		26		—		3,364
Total debt instruments	400,810		332,016		2,069		—		734,895
Equity securities	234,003		2,152		172		—		236,327
Physical commodities(b)	14,421		843		11		—		15,275
Other	—		10,800		454		—		11,254
Total debt and equity instruments(c)	649,234		345,811		2,706		—		997,751
Derivative receivables:
Interest rate	4,788		277,839		4,468		(261,318)		25,777
Credit	—		13,207		2,322		(13,941)		1,588
Foreign exchange	339		211,575		1,919		(189,883)		23,950
Equity	3,564		106,374		2,419		(102,952)		9,405
Commodity	—		39,268		753		(29,157)		10,864
Total derivative receivables	8,691		648,263		11,881		(597,251)		71,584
Total trading assets(d)	657,925		994,074		14,587		(597,251)		1,069,335
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	16		86,883		—		—		86,899
Residential – nonagency	—		5,467		—		—		5,467
Commercial – nonagency	—		4,317		—		—		4,317
Total mortgage-backed securities	16		96,667		—		—		96,683
U.S. Treasury and government agencies	355,307		951		—		—		356,258
Obligations of U.S. states and municipalities	—		18,980		—		—		18,980
Non-U.S. government debt securities	39,887		13,324		—		—		53,211
Corporate debt securities	—		16		108		—		124
Asset-backed securities:
Collateralized loan obligations	—		21,995		—		—		21,995
Other(a)	—		1,786		—		—		1,786
Total available-for-sale securities	395,210		153,719		108		—		549,037
Loans	—		59,071		3,184		—		62,255
Mortgage servicing rights	—		—		9,093		—		9,093
Other assets(d)	8,494		10,699		1,071		—		20,264
Total assets measured at fair value on a recurring basis	$	1,061,629	$	1,796,056	$	28,043	$	(597,251)	$	2,288,477
Deposits	$	—	$	18,499	$	1,304	$	—	$	19,803
Federal funds purchased and securities loaned or sold under repurchase agreements	—		620,136		—		—		620,136
Short-term borrowings	—		23,070		5,867		—		28,937
Trading liabilities:
Debt and equity instruments(c)	152,659		43,552		335		—		196,546
Derivative payables:
Interest rate	3,303		257,304		2,739		(254,756)		8,590
Credit	—		16,471		2,262		(16,755)		1,978
Foreign exchange	329		205,067		1,347		(190,941)		15,802
Equity	2,389		118,744		5,558		(110,324)		16,367
Commodity	—		35,211		608		(27,266)		8,553
Total derivative payables	6,021		632,797		12,514		(600,042)		51,290
Total trading liabilities	158,680		676,349		12,849		(600,042)		247,836
Accounts payable and other liabilities	5,061		5,630		47		—		10,738
Beneficial interests issued by consolidated VIEs	—		5		—		—		5
Long-term debt	—		95,532		49,172		—		144,704
Total liabilities measured at fair value on a recurring basis	$	163,741	$	1,439,221	$	69,239	$	(600,042)	$	1,072,159

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	Fair value hierarchy						Derivative netting adjustments(e)
December 31, 2025 (in millions)	Level 1		Level 2		Level 3				Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	327,018	$	—	$	—	$	327,018
Securities borrowed	—		98,111		—		—		98,111
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		157,834		307		—		158,141
Residential – nonagency	—		2,002		5		—		2,007
Commercial – nonagency	—		1,937		—		—		1,937
Total mortgage-backed securities	—		161,773		312		—		162,085
U.S. Treasury, GSEs and government agencies(a)	225,255		18,629		—		—		243,884
Obligations of U.S. states and municipalities	—		6,129		1		—		6,130
Certificates of deposit, bankers’ acceptances and commercial paper	—		1,345		—		—		1,345
Non-U.S. government debt securities	77,385		47,054		245		—		124,684
Corporate debt securities	—		45,053		454		—		45,507
Loans	—		11,782		1,143		—		12,925
Asset-backed securities	—		3,986		27		—		4,013
Total debt instruments	302,640		295,751		2,182		—		600,573
Equity securities	107,585		2,153		138		—		109,876
Physical commodities(b)	20,880		947		30		—		21,857
Other	—		12,346		444		—		12,790
Total debt and equity instruments(c)	431,105		311,197		2,794		—		745,096
Derivative receivables:
Interest rate	1,579		276,565		3,740		(256,483)		25,401
Credit	—		12,018		1,006		(12,545)		479
Foreign exchange	111		181,318		1,807		(163,881)		19,355
Equity	806		95,098		1,819		(91,856)		5,867
Commodity	—		29,961		554		(23,840)		6,675
Total derivative receivables	2,496		594,960		8,926		(548,605)		57,777
Total trading assets(d)	433,601		906,157		11,720		(548,605)		802,873
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	1		90,971		—		—		90,972
Residential – nonagency	—		5,991		—		—		5,991
Commercial – nonagency	—		4,481		3		—		4,484
Total mortgage-backed securities	1		101,443		3		—		101,447
U.S. Treasury and government agencies	315,361		461		—		—		315,822
Obligations of U.S. states and municipalities	—		20,240		—		—		20,240
Non-U.S. government debt securities	34,308		11,347		—		—		45,655
Corporate debt securities	—		20		108		—		128
Asset-backed securities:
Collateralized loan obligations	—		21,947		—		—		21,947
Other(a)	—		1,959		—		—		1,959
Total available-for-sale securities	349,670		157,417		111		—		507,198
Loans	—		67,622		3,062		—		70,684
Mortgage servicing rights	—		—		9,167		—		9,167
Other assets(d)	6,864		6,890		1,047		—		14,801
Total assets measured at fair value on a recurring basis	$	790,135	$	1,563,215	$	25,107	$	(548,605)	$	1,829,852
Deposits	$	—	$	18,574	$	2,356	$	—	$	20,930
Federal funds purchased and securities loaned or sold under repurchase agreements	—		360,194		—		—		360,194
Short-term borrowings	—		26,902		5,558		—		32,460
Trading liabilities:
Debt and equity instruments(c)	135,366		33,998		326		—		169,690
Derivative payables:
Interest rate	2,071		253,078		2,434		(250,122)		7,461
Credit	—		15,487		2,141		(15,612)		2,016
Foreign exchange	118		176,521		1,502		(163,308)		14,833
Equity	1,210		110,451		5,356		(102,211)		14,806
Commodity	—		25,799		570		(19,156)		7,213
Total derivative payables	3,399		581,336		12,003		(550,409)		46,329
Total trading liabilities	138,765		615,334		12,329		(550,409)		216,019
Accounts payable and other liabilities	3,967		2,655		38		—		6,660
Beneficial interests issued by consolidated VIEs	—		5		—		—		5
Long-term debt	—		87,886		46,673		—		134,559
Total liabilities measured at fair value on a recurring basis	$	142,732	$	1,111,550	$	66,954	$	(550,409)	$	770,827

(a)At March 31, 2026 and December 31, 2025, included total U.S. GSE obligations of $169.2 billion and $158.4 billion, respectively, which were mortgage-related.

(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in

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fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.

(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).

(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At both March 31, 2026 and December 31, 2025, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $1.0 billion, primarily reported in other assets.

(e)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

Level 3 valuations

Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.

The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.

The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.

In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of

the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.

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Level 3 inputs(a)
March 31, 2026
Product/Instrument	Fair value (in millions)		Principal valuation technique	Unobservable inputs(g)	Range of input values		Average(i)
Residential mortgage-backed securities and loans(b)	$	917	Discounted cash flows	Yield	0%	40%	7%
				Prepayment speed	6%	14%	9%
				Conditional default rate	0%	3%	0%
				Loss severity	0%	100%	7%
Commercial mortgage-backed securities and loans(c)	1,192		Market comparables	Price	$0	$93	$81
Corporate debt securities	590		Market comparables	Price	$0	$177	$107
Loans(d)	2,399		Market comparables	Price	$0	$101	$83
Non-U.S. government debt securities	207		Market comparables	Price	$2	$122	$99
Net interest rate derivatives	1,733		Option pricing	Interest rate volatility	24bps	503bps	100bps
				Interest rate spread volatility	44bps	59bps	49bps
				Bermudan switch value	0%	52%	17%
				Interest rate correlation	(64)%	97%	56%
				IR-FX correlation	(35)%	60%	4%
				Inflation Volatility	11bps	174bps	63bps
	(4)		Discounted cash flows	Prepayment speed	0%	21%	7%
				Interest Rate Curve	3%	15%	5%
Net credit derivatives	21		Discounted cash flows	Credit correlation	29%	79%	52%
				Credit spread	0bps	6,941bps	393bps
				Recovery rate	10%	90%	52%
	39		Market comparables	Price	$0	$115	$79
Net foreign exchange derivatives	621		Option pricing	IR-FX correlation	(50)%	60%	16%
	(49)		Discounted cash flows	Prepayment speed	11%		11%
				Interest rate curve	3%	18%	9%
Net equity derivatives	(3,139)		Option pricing	Forward equity price(h)	84%	141%	101%
				Equity volatility	2%	135%	36%
				Equity correlation	0%	100%	54%
				Equity-FX correlation	(78)%	71%	(33)%
				Equity-IR correlation	0%	10%	6%
Net commodity derivatives	145		Option pricing	Oil commodity forward	$47/BBL	$1,680/BBL	$302/BBL
				Natural gas commodity forward	$1/MMBTU	$6/MMBTU	$3/MMBTU
				Commodity volatility	2%	41%	6%
				Commodity correlation	(15)%	98%	11%
MSRs	9,093		Discounted cash flows	Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)	54,683		Option pricing	Interest rate volatility	24bps	503bps	100bps
				Bermudan switch value	0%	52%	17%
				Interest rate correlation	(64)%	97%	56%
				IR-FX correlation	(35)%	60%	4%
				Equity volatility	3%	117%	35%
				Equity correlation	0%	100%	60%
				Equity-FX correlation	(84)%	65%	(33)%
				Equity-IR correlation	5%	20%	13%
	1,660		Discounted cash flows	Credit correlation	27%	76%	52%
				Credit spread	1bps	345bps	63bps
				Recovery rate	20%	40%	36%
				Yield	5%	20%	10%
				Loss severity	0%	100%	50%
Other level 3 assets and liabilities, net(f)	1,382

(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.

(b)Comprises U.S. GSE and government agency securities of $268 million, nonagency securities of $5 million and non-trading loans of $644 million.

(c)Comprises trading loans of $93 million and non-trading loans of $1.1 billion.

(d)Comprises trading loans of $958 million and non-trading loans of $1.4 billion.

(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.

(f)Includes equity securities of $938 million, including $765 million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.

(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.

(h)Forward equity price is expressed as a percentage of the current equity price.

(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.

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Changes in and ranges of unobservable inputs

Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.

Changes in level 3 recurring fair value measurements

The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three months ended March 31, 2026 and 2025. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. The Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.

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	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2026 (in millions)	Fair value at   Jan. 1, 2026		Total realized/unrealized gains/(losses)											Transfers into level 3		Transfers (out of) level 3		Fair value at Mar. 31, 2026		Change in unrealized gains/(losses) related to financial instruments held at Mar. 31, 2026
						Purchases(g)		Sales				Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	307	$	1		$	1	$	(28)			$	(13)	$	—	$	—	$	268	$	(1)
Residential – nonagency	5		2			4		(6)				—		—		—		5		—
Commercial – nonagency	—		—			—		—				—		—		—		—		—
Total mortgage-backed securities	312		3			5		(34)				(13)		—		—		273		(1)
Obligations of U.S. states and municipalities	1		24			—		—				—		5		—		30		24
Non-U.S. government debt securities	245		(7)			38		(61)				—		—		(8)		207		(6)
Corporate debt securities	454		(1)			63		(30)				—		1		(5)		482		2
Loans	1,143		(29)			201		(94)				(3)		69		(236)		1,051		(29)
Asset-backed securities	27		—			—		—				(1)		—		—		26		—
Total debt instruments	2,182		(10)			307		(219)				(17)		75		(249)		2,069		(10)
Equity securities	138		7			46		(108)				(4)		96		(3)		172		14
Physical commodities	30		32			—		—				(51)		—		—		11		29
Other	444		(47)			49		—				(15)		54		(31)		454		(31)
Total trading assets – debt and equity instruments	2,794		(18)		(c)	402		(327)				(87)		225		(283)		2,706		2		(c)
Net derivative receivables:(b)
Interest rate	1,306		318			32		(105)				49		110		19		1,729		356
Credit	(1,135)		1,496			1		(42)				(324)		(8)		72		60		1,483
Foreign exchange	305		68			89		(114)				88		79		57		572		68
Equity	(3,537)		690			356		(800)				89		107		(44)		(3,139)		426
Commodity	(16)		210			4		(130)				80		(25)		22		145		228
Total net derivative receivables	(3,077)		2,782		(c)	482		(1,191)				(18)		263		126		(633)		2,561		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	3		(3)			—		—				—		—		—		—		—
Corporate debt securities	108		6			—		—				—		—		(6)		108		6
Total available-for-sale securities	111		3		(d)	—		—				—		—		(6)		108		6		(d)
Loans	3,062		93		(c)	148		(107)				(176)		340		(176)		3,184		83		(c)
Mortgage servicing rights	9,167		38		(e)	156		2				(270)		—		—		9,093		38		(e)
Other assets	1,047		9		(c)	21		(2)				(4)		1		(1)		1,071		9		(c)
	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2026 (in millions)	Fair value at   Jan. 1, 2026		Total realized/unrealized (gains)/losses											Transfers into level 3		Transfers (out of) level 3		Fair value at Mar. 31, 2026		Change in unrealized (gains)/losses related to financial instruments held at Mar. 31, 2026
						Purchases		Sales		Issuances		Settlements(h)
Liabilities:(a)
Deposits	$	2,356	$	(88)	(c)(f)	$	—	$	—	$	304	$	(1,089)	$	—	$	(179)	$	1,304	$	(89)	(c)(f)
Short-term borrowings	5,558		(74)		(c)(f)	—		—		3,923		(3,544)		7		(3)		5,867		(130)		(c)(f)
Trading liabilities – debt and equity instruments	326		4		(c)	(5)		10		—		—		—		—		335		8		(c)
Accounts payable and other liabilities	38		7		(c)	(2)		3		—		—		1		—		47		7		(c)
Long-term debt	46,673		(1,190)		(c)(f)	—		—		10,613		(6,428)		103		(599)		49,172		(1,262)		(c)(f)

92

	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2025 (in millions)	Fair value at   Jan 1, 2025		Total realized/unrealized gains/(losses)											Transfers into level 3		Transfers (out of) level 3		Fair value at Mar. 31, 2025			Change in unrealized gains/(losses) related to financial instruments held at Mar. 31, 2025
						Purchases(g)		Sales				Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	488	$	3		$	3	$	(88)			$	(16)	$	—	$	—		$	390	$	(4)
Residential – nonagency	5		—			—		—				—		—		—			5		—
Commercial – nonagency	10		(3)			—		—				—		—		—			7		(3)
Total mortgage-backed securities	503		—			3		(88)				(16)		—		—			402		(7)
Obligations of U.S. states and municipalities	1		—			—		—				—		—		—			1		—
Non-U.S. government debt securities	152		12			76		(78)				(1)		—		—			161		29
Corporate debt securities	390		7			99		(51)				(5)		10		(8)			442		75
Loans	1,088		(6)			351		(214)				(110)		141		(447)			803		(7)
Asset-backed securities	10		—			—		—				—		—		—			10		—
Total debt instruments	2,144		13			529		(431)				(132)		151		(455)			1,819		90
Equity securities	62		(4)			61		(40)				—		61		(7)			133		(3)
Physical commodities	26		(10)			—		—				(2)		—		—			14		(4)
Other	210		(42)			9		—				(14)		76		—			239		(41)
Total trading assets – debt and equity instruments	2,442		(43)		(c)	599		(471)				(148)		288		(462)			2,205		42		(c)
Net derivative receivables:(b)
Interest rate	301		597			89		(117)				139		(60)		45			994		666
Credit	(363)		(117)			79		—				(138)		(146)		(18)			(703)		(97)
Foreign exchange	20		232			63		(153)				69		73		(6)			298		175
Equity	(2,866)		1,747			272		(777)				(954)		(577)		194			(2,961)		1,600
Commodity	(73)		103			26		(62)				62		1		(17)			40		111
Total net derivative receivables	(2,981)		2,562		(c)	529		(1,109)				(822)		(709)		198			(2,332)		2,455		(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency	8		—			—		—				—		—		—			8		—
Corporate debt securities	—		—			—		—				—		—		—			—		—
Total available-for-sale securities	8		—			—		—				—		—		—			8		—
Loans	2,416		29		(c)	54		(72)				(300)		453		(182)			2,398		(13)		(c)
Mortgage servicing rights	9,121		(127)		(e)	390		4				(261)		—		—			9,127		(127)		(e)
Other assets	1,344		32		(c)	12		(31)				(10)		56		(33)			1,370		32		(c)
	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2025 (in millions)	Fair value at   Jan 1, 2025		Total realized/unrealized (gains)/losses											Transfers into level 3		Transfers (out of) level 3		Fair value at Mar. 31, 2025			Change in unrealized (gains)/losses related to financial instruments held at Mar. 31, 2025
						Purchases		Sales		Issuances		Settlements(h)
Liabilities:(a)
Deposits	$	2,185	$	52	(c)(f)	$	—	$	—	$	362	$	(625)	$	—	$	(25)		$	1,949	$	48	(c)(f)
Short-term borrowings	3,476		49		(c)(f)	—		—		2,360		(1,812)		10		(38)			4,045		20		(c)(f)
Trading liabilities – debt and equity instruments	46		(10)		(c)	—		11		—		—		16		(19)			44		(8)		(c)
Accounts payable and other liabilities	76		(8)		(c)	—		1		—		—		—		(33)			36		(8)		(c)
Long-term debt	34,564		(210)		(c)(f)	—		—		7,654		(5,091)		158		(593)			36,482		(316)		(c)(f)

93

(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 1% at both March 31, 2026 and December 31, 2025. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 6% and 9% at March 31, 2026 and December 31, 2025, respectively.

(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.

(c)Primarily reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.

(d)Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. Realized and unrealized gains/(losses) recorded on level 3 AFS securities were not material for the three months ended March 31, 2026 and 2025.

(e)Changes in fair value for MSRs are reported in mortgage fees and related income.

(f)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three months ended March 31, 2026 and 2025. Unrealized (gains)/losses are reported in OCI, and were $(445) million and $(73) million for the three months ended March 31, 2026 and 2025, respectively.

(g)Loan originations are included in purchases.

(h)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.

Level 3 analysis

Consolidated balance sheets changes

The following describes significant changes to level 3 assets since December 31, 2025, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 95 for further information on changes impacting items measured at fair value on a nonrecurring basis.

Three months ended March 31, 2026

Level 3 assets were $28.0 billion at March 31, 2026, reflecting an increase of $2.9 billion from December 31, 2025.

The increase for the three months ended March 31, 2026 was driven by higher:

•Gross derivative receivables of $3.0 billion due to gains, purchases and net transfers partially offset by settlements.

Refer to the sections below for additional information.

Transfers between levels for instruments carried at fair value on a recurring basis

For the three months ended March 31, 2026 and 2025, there were no significant transfers from level 2 into level 3 or from level 3 into level 2.

All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.

Gains and losses

The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 91-94 for further information on these instruments.

Three months ended March 31, 2026

•$2.9 billion of net gains on assets, driven by gains in net derivative receivables due to market movements.

•$1.3 billion of net gains on liabilities, predominantly driven by gains in long-term debt due to market movements.

Three months ended March 31, 2025

•$2.5 billion of net gains on assets, driven by gains in net derivative receivables due to market movements partially offset by losses on MSRs reflecting faster prepayment speeds on lower rates.

•$127 million of net net gains on liabilities, driven by gains in long-term debt due to market movements partially offset by losses in deposits and short-term borrowings due to market movements.

Refer to Note 14 for information on MSRs.

Credit and funding adjustments — derivatives

The following table provides the gains/(losses) resulting from credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.

	Three months ended March 31,
(in millions)	2026		2025
Credit and funding adjustments:
Derivatives CVA	$	(111)	$	(45)
Derivatives FVA	(35)		(25)

Refer to Note 2 of JPMorganChase’s 2025 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.

94

Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets and liabilities held as of March 31, 2026 and 2025, for which nonrecurring fair value adjustments were recorded during the three months ended March 31, 2026 and 2025, by major product category and fair value hierarchy.

March 31, 2026 (in millions)	Fair value hierarchy						Total fair value
	Level 1		Level 2		Level 3
Loans	$	—	$	1,594	$	471	$	2,065
Other assets(a)	—		3		425		428
Total assets measured at fair value on a nonrecurring basis	$	—	$	1,597	$	896	$	2,493
Accounts payable and other liabilities	—		—		129		129
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	129	$	129

March 31, 2025 (in millions)	Fair value hierarchy						Total fair value
	Level 1		Level 2		Level 3
Loans	$	—	$	994	$	441	$	1,435
Other assets	—		6		258		264
Total assets measured at fair value on a nonrecurring basis	$	—	$	1,000	$	699	$	1,699
Accounts payable and other liabilities	—		—		1		1
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	1	$	1

(a)Included equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $425 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2026, $373 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

Nonrecurring fair value changes

The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three months ended March 31, 2026 and 2025, related to assets and liabilities held at those dates.

	Three months ended March 31,
(in millions)	2026		2025
Loans	$	(39)	$	(74)
Other assets(a)	129		27
Accounts payable and other liabilities	(129)		(1)
Total nonrecurring fair value gains/(losses)	$	(39)	$	(48)

(a)Included $121 million and $34 million for the three months ended March 31, 2026 and 2025, respectively, of net gains/(losses) as a result of the measurement alternative.

95

Equity securities without readily determinable fair values

The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (i.e., measurement alternative), with such changes recognized in other income.

In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.

The following table presents the carrying value of equity securities without readily determinable fair values held as of March 31, 2026 and 2025, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.

	Three months ended March 31,
As of or for the period ended, (in millions)	2026		2025
Other assets
Carrying value(a)	$	5,797	$	3,988
Upward carrying value changes(b)	147		52
Downward carrying value changes/impairment(c)	(26)		(18)

(a)The carrying value as of December 31, 2025 was $4.9 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.

(b)The cumulative upward carrying value changes between January 1, 2018 and March 31, 2026 were $1.5 billion.

(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2026 were $(1.5) billion.

Included in other assets above is the Firm’s interest in approximately 18.6 million Visa Class B-2 common shares ("Visa B-2 shares") reflected in the Firm's principal investment portfolio at both March 31, 2026 and 2025.

The Visa B-2 shares are subject to certain transfer restrictions and are convertible into Visa Class A common shares (“Visa A shares”) at a specified conversion rate upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa B-2 shares to Visa A shares was 1.5075 at March 31, 2026 and may be adjusted by Visa depending on developments related to the litigation matters. The outcome of those litigation matters, and the effect that the resolution of those matters may have on the conversion rate, is unknown. Accordingly, as of March 31, 2026, there is significant uncertainty regarding when the transfer restrictions on Visa B-2 shares may be terminated and what the final conversion rate for the Visa B-2 shares will be. As a result of these considerations, as well as differences in voting rights, Visa B-2 shares are not considered to be similar to Visa A shares, and are held at their nominal carryover basis.

On April 13, 2026, Visa commenced an exchange offer expiring May 8, 2026 for any and all outstanding shares of Visa Class B-1 common stock ("Visa B-1 shares") and Visa B-2 shares. Holders participating in the exchange offer would receive a combination of Visa Class B-3 common stock (“Visa B-3 shares”) and Visa Class C common stock (“Visa C shares”) in exchange for Visa B-1 shares or Visa B-2 shares that are validly tendered and accepted for exchange by Visa. The Firm has tendered its 18.6 million Visa B-2 shares, and that tender is pending Visa’s acceptance. In exchange for each Visa B-2 share that is validly tendered and accepted for exchange by Visa, the Firm would receive one half of a newly issued Visa B-3 share and newly issued Visa C shares in an amount equivalent to one half of a Visa B-2 share. Upon acceptance by Visa of the Firm’s tender, the Visa C shares received by the Firm would be recognized at fair value, which is expected to result in a gain that may be recorded as early as the second quarter of 2026. The Visa B-3 shares would continue to be held at their nominal carrying value and would continue to be subject to transfer restrictions. The Firm would be entitled to sell the Visa C shares received after a brief lock-up period expires. Visa is also authorized to extend offers for potential future exchanges, each enabling the release of additional Visa B shares if certain conditions are met. The timing of future exchange offers is dependent upon actions taken by Visa and other factors that are outside of the Firm’s control.

Separately, in connection with sales of Visa B shares prior to 2024, the Firm has entered into derivative instruments with the purchasers of the shares under which the Firm retains the risk associated with changes in the conversion rate. As of March 31, 2026, the Firm held derivative instruments associated with 11.6 million Visa B-2 shares related to Visa B share sales prior to 2024, which are all subject to similar terms and conditions. Refer to page 193 of JPMorganChase’s 2025 Form 10-K for further information.

96

Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value

The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at March 31, 2026 and December 31, 2025, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.

	March 31, 2026										December 31, 2025
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value		Level 1		Level 2		Level 3		Total estimated fair value
Financial assets
Cash and due from banks	$	22.0	$	22.0	$	—	$	—	$	22.0	$	21.7	$	21.7	$	—	$	—	$	21.7
Deposits with banks	290.1		290.1		—		—		290.1		321.6		321.6		—		—		321.6
Accrued interest and accounts receivable	141.9		—		141.7		0.2		141.9		111.1		—		111.0		0.1		111.1
Federal funds sold and securities purchased under resale agreements	10.2		—		10.2		—		10.2		9.4		—		9.4		—		9.4
Securities borrowed	178.5		—		178.5		—		178.5		188.1		—		188.1		—		188.1
Investment securities, held-to-maturity	272.1		134.4		120.1		—		254.5		270.1		126.4		126.9		—		253.3
Loans, net of allowance for loan losses(a)	1,415.3		—		316.7		1,102.6		1,419.3		1,397.0		—		314.6		1,089.2		1,403.8
Other	97.6		—		97.2		0.6		97.8		93.0		—		91.7		1.5		93.2
Financial liabilities
Deposits	$	2,655.7	$	—	$	2,655.9	$	—	$	2,655.9	$	2,538.4	$	—	$	2,538.8	$	—	$	2,538.8
Federal funds purchased and securities loaned or sold under repurchase agreements	96.5		—		96.5		—		96.5		82.2		—		82.2		—		82.2
Short-term borrowings	39.1		—		39.1		—		39.1		32.3		—		32.3		—		32.3
Accounts payable and other liabilities(b)	300.7		—		287.3		12.4		299.7		262.6		—		248.7		13.0		261.7
Beneficial interests issued by consolidated VIEs	27.1		—		27.1		—		27.1		27.9		—		28.0		—		28.0
Long-term debt	304.0		—		254.0		51.9		305.9		300.6		—		253.0		52.1		305.1

(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.

(b)Excludes lending-related commitments disclosed in the table below.

The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.

	March 31, 2026										December 31, 2025
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value(a)(b)		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value(a)(b)		Level 1		Level 2		Level 3		Total estimated fair value
Wholesale lending-related commitments	$	3.2	$	—	$	—	$	4.2	$	4.2	$	3.2	$	—	$	—	$	4.5	$	4.5

(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.

(b)Includes the wholesale allowance for lending-related commitments.

The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments with or without notice to the borrower, as permitted by law, or in accordance with the contract. Refer to page 176 of JPMorganChase’s 2025 Form 10-K for a further discussion of the valuation of lending-related commitments.

97

Note 3 – Fair value option

The fair value option provides an option to elect fair value for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments.

The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis.

The Firm’s election of fair value includes the following instruments:

•Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments

•Certain securities financing agreements

•Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument

•Structured notes and other hybrid instruments, which are predominantly financial instruments that contain embedded derivatives, that are issued or transacted as part of client-driven activities

•Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value