JPMORGAN CHASE & CO

For the period ended Jun 30, 2025. Filed Aug 5, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 5, 2025

JPM$342.07-0.0%Stored close · as of Nov 10, 2026

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Contents

Consolidated Financial Highlights

Consolidated financial highlights (unaudited)

As of or for the period ended, (in millions, except per share, ratio, employee data and where otherwise noted)	Six months ended June 30,
2Q25 · 1Q25 · 4Q24 · 3Q24 · 2Q24 · 2025 · 2024
Selected income statement data
Total net revenue	$44,912		$45,310	$42,768	$42,654	$50,200(f)		$90,222	$92,134(f)
Total noninterest expense	23,779		23,597	22,762	22,565	23,713(f)		47,376	46,470(f)
Pre-provision profit(a)	21,133		21,713	20,006	20,089	26,487		42,846	45,664
Provision for credit losses	2,849		3,305	2,631	3,111	3,052		6,154	4,936
Income before income tax expense	18,284		18,408	17,375	16,978	23,435		36,692	40,728
Income tax expense	3,297		3,765	3,370	4,080	5,286		7,062	9,160
Net income	$14,987		$14,643	$14,005	$12,898	$18,149		$29,630	$31,568
Earnings per share data
Net income: Basic	$5.25		$5.08	$4.82	$4.38	$6.13		$10.32	$10.58
Diluted	5.24		5.07	4.81	4.37	6.12		10.31	10.56
Average shares: Basic	2,788.7		2,819.4	2,836.9	2,860.6	2,889.8		2,804.0	2,899.1
Diluted	2,793.7		2,824.3	2,842.4	2,865.9	2,894.9		2,809.0	2,903.9
Market and per common share data
Market capitalization	797,181		681,712	670,618	593,643	575,463		797,181	575,463
Common shares at period-end	2,749.7		2,779.1	2,797.6	2,815.3	2,845.1		2,749.7	2,845.1
Book value per share	122.51		119.24	116.07	115.15	111.29		122.51	111.29
Tangible book value per share (“TBVPS”)(a)	103.40		100.36	97.30	96.42	92.77		103.40	92.77
Cash dividends declared per share	1.40		1.40	1.25	1.25	1.15		2.80	2.30
Selected ratios and metrics
Return on common equity (“ROE”)(b)	18	%	18%	17%	16%	23	%	18	20	%
Return on tangible common equity (“ROTCE”)(a)(b)	21		21	21	19	28		21	25
Return on assets(b)	1.35		1.40	1.35	1.23	1.79		1.38	1.58
Overhead ratio	53		52	53	53	47		53	50
Loans-to-deposits ratio	55		54	56	55	55		55	55
Firm Liquidity coverage ratio (“LCR”) (average)(c)	113		113	113	114	112		113	112
JPMorgan Chase Bank, N.A. LCR (average)(c)	120		124	124	121	125		120	125
Common equity Tier 1 (“CET1”) capital ratio(d)(e)	15.1		15.4	15.7	15.3	15.3		15.1	15.3
Tier 1 capital ratio(d)(e)	16.1		16.5	16.8	16.4	16.7		16.1	16.7
Total capital ratio(d)(e)	17.8		18.2	18.5	18.2	18.5		17.8	18.5
Tier 1 leverage ratio(c)(d)	6.9		7.2	7.2	7.1	7.2		6.9	7.2
Supplementary leverage ratio (“SLR”)(c)(d)	5.9		6.0	6.1	6.0	6.1		5.9	6.1
Selected balance sheet data (period-end)
Trading assets	$889,856		$875,203	$637,784	$787,489	$733,882		$889,856	$733,882
Investment securities, net of allowance for credit losses	745,939		664,447	681,320	634,502	589,998		745,939	589,998
Loans	1,411,992		1,355,695	1,347,988	1,340,011	1,320,700		1,411,992	1,320,700
Total assets	4,552,482		4,357,856	4,002,814	4,210,048	4,143,003		4,552,482	4,143,003
Deposits	2,562,380		2,495,877	2,406,032	2,430,772	2,396,530		2,562,380	2,396,530
Long-term debt	419,802		407,224	401,418	410,157	394,028		419,802	394,028
Common stockholders’ equity	336,879		331,375	324,708	324,186	316,652		336,879	316,652
Total stockholders’ equity	356,924		351,420	344,758	345,836	340,552		356,924	340,552
Employees	317,160		318,477	317,233	316,043	313,206		317,160	313,206
Credit quality metrics
Allowances for credit losses	$28,281		$27,835	$26,866	$26,543	$25,514		$28,281	$25,514
Allowance for loan losses to total retained loans	1.85	%	1.94%	1.87%	1.86%	1.81	%	1.85	1.81	%
Nonperforming assets	$10,480		$9,105	$9,300	$8,628	$8,423		$10,480	$8,423
Net charge-offs	2,410		2,332	2,364	2,087	2,231		4,742	4,187
Net charge-off rate	0.73	%	0.74%	0.73%	0.65%	0.71	%	0.73	0.67	%

(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 17-18 for a further discussion of these measures.

(b)Ratios are based upon annualized amounts.

(c)For the six months ended June 30, 2025 and 2024, the percentage represents average ratios for the three months ended June 30, 2025 and 2024.

(d)As of January 1, 2025, the benefit from the Current Expected Credit Losses (“CECL”) capital transition provision had been fully phased out. For the periods ended December 31, 2024, September 30, 2024, and June 30, 2024, the ratios reflected the CECL capital transition provisions. Refer to Note 21 of this Form 10-Q and Note 27 of JPMorganChase’s 2024 Form 10-K for additional information.

(e)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to Capital Risk Management on pages 43-49 for additional information.

(f)Total net revenue included a $7.9 billion net gain related to Visa shares, and total noninterest expense included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation. Refer to Executive Overview on pages 54–58, and Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information on the exchange offer for Visa Class B-1 common stock.

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