JPMORGAN CHASE & CO
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout 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.
Sep 30, 2025 · Filed Nov 4, 2025
JPM$334.49-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000019617-25-000615
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsIntroductionExecutive OverviewConsolidated Results of OperationsConsolidated Balance Sheets and Cash Flows AnalysisExplanation and Reconciliation of the Firm’s Use of Non-GAAP Financial MeasuresBusiness Segment & Corporate ResultsFirmwide Risk ManagementCapital Risk ManagementLiquidity Risk ManagementConsumer Credit PortfolioWholesale Credit PortfolioAllowance for Credit LossesInvestment Portfolio Risk ManagementMarket Risk ManagementCountry Risk ManagementCritical Accounting Estimates Used by the FirmAccounting and Reporting DevelopmentsForward-Looking StatementsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001628280-25-048859
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsIntroductionExecutive OverviewConsolidated Results of OperationsConsolidated Balance Sheets and Cash Flows AnalysisExplanation and Reconciliation of the Firm’s Use of Non-GAAP Financial MeasuresBusiness Segment & Corporate ResultsFirmwide Risk ManagementCapital Risk ManagementLiquidity Risk ManagementConsumer Credit PortfolioWholesale Credit PortfolioAllowance for Credit LossesInvestment Portfolio Risk ManagementMarket Risk ManagementCountry Risk ManagementCritical Accounting Estimates Used by the FirmAccounting and Reporting DevelopmentsForward-Looking StatementsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 923 previous paragraphs and 944 current paragraphs.
544 unchanged; 252 reworded; 130 added; 112 removed; 15 previous and 18 current paragraphs rearranged.
Tables are not compared: 97 previous and 97 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (130)
Current report
•Total net revenue was $46.4 billion, up 9%, reflecting:
Current report
–Noninterest revenue ("NIR") was $22.5 billion, up 17%, predominantly driven by higher Markets noninterest revenue, and increases in asset management fees in AWM and CCB, investment banking fees, auto operating lease income and Payments fees.
Current report
•Theprovision for credit losses was $3.4 billion. Net charge-offs of $2.6 billion were up $506 million, predominantly driven by Wholesale and Card Services. The net addition to the allowance for credit losses was $810 million and included $608 million in consumer and $205 million in wholesale.
Current report
–growth in both new accounts and balances in existing accounts in AWM, and
Current report
Refer to Liquidity Risk Management on pages 51-58 for additional information.
Current report
•TBVPS grew 10%, ending the third quarter of 2025 at $105.70.
Current report
•On October 13, 2025, JPMorganChase announced the Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance and invest in industries critical to national economic security and resiliency, with the Firm’s first investment under this initiative announced on October 27, 2025. This target reflects an increase of up to $500 billion over the amount that the Firm may have otherwise facilitated or financed over the next decade in support of clients in these industries. As part of this new initiative, the Firm intends to make equity investments of up to $10 billion to help a selection of companies primarily in the United States enhance their growth, spur innovation, and accelerate strategic manufacturing among other areas.
Current report
•On August 25, 2025, the Firm opened its new global headquarters building at 270 Park Avenue, New York, New York. The Firm’s principal executive offices will continue to be located at 383 Madison Avenue, New York, New York until senior management moves into the new building, which is expected to occur in the fourth quarter of 2025.
Current report
•higher equity underwriting fees predominantly due to higher revenue from IPOs and private placements,
Current report
•higher debt underwriting fees predominantly driven by higher deal flow activity, including refinancings, and
Current report
•higher advisory fees benefiting from the closing of a higher number of large transactions.
Current report
Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
Current report
Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
Current report
•in CCB, higher deposit-related fees as a result of new accounts and higher transaction volume.
Current report
Refer to CCB and CIB segment results on pages 22-26 and pages 27-34, respectively, and Note 5 for additional information.
Current report
Asset management fees increased driven by net inflows in AWM and, to a lesser extent, in CCB, and higher average market levels in AWM and CCB. Refer to CCB and AWM segment results on pages 22-26 and pages 35-39, respectively, and Note 5 for additional information.
Current report
Investment securities increased, reflecting a net gain as compared with a net loss in the prior year that was associated with repositioning the investment securities portfolio in Treasury and CIO. The net gain was predominantly related to sales of U.S. GSE and government agency MBS and U.S. Treasuries. Refer to Corporate results on pages 40-42 and Note 9 for additional information.
Current report
Card income decreased, reflecting in CCB, an increase in amortization related to new account origination costs, as well as lower net interchange income, partially offset by higher annual fees. Net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments. Refer to CCB segment results on pages 22-26 and Note 5 for additional information.
Current report
•lower losses related to certain equity investments in CIB.
Current report
Refer to CCB and CIB results on pages 22-26 and pages 27-34, respectively, for additional information.
Current report
•higher equity underwriting fees predominantly due to higher revenue from follow-on offerings and IPOs.
Current report
Refer to Corporate results on pages 40-42 for additional information.
Current report
•in CCB, higher deposit-related fees as a result of new accounts and higher transaction volume.
Current report
Asset management fees increased driven by net inflows in AWM and, to a lesser extent, in CCB, and higher average market levels in AWM and CCB.
Current report
Investment securities increased, reflecting a net gain as compared with a net loss in the prior year that was associated with repositioning the investment securities portfolio in Treasury and CIO. The prior year net loss was primarily related to sales of U.S. GSE and government agency MBS and U.S. Treasuries.
Current report
Card income decreased driven by the net impact of:
Current report
•lower income in CCB, reflecting an increase in amortization related to new account origination costs, as well as lower net interchange income, partially offset by higher annual fees. Net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments, and
Current report
•higher card revenue in CIB Payments as a result of higher volume.
Current report
Refer to CIB segment results on pages 27-34 for additional information.
Current report
•lower losses related to certain equity investments in CIB.
Current report
The provision for credit losses was $3.4 billion. Net charge-offs were $2.6 billion and the net addition to the allowance for credit losses was $810 million.
Current report
•$2.6 billion inconsumer, consisting of net charge-offs of $2.0 billion, predominantly driven by Card Services, reflecting loan growth, and a net addition to the allowance for credit losses of $608 million. The net addition was driven by loan growth in Card Services and updates to certain macroeconomic variables in Card Services and Home Lending, partially offset by reduced borrower uncertainty, and
Current report
•$827 million inwholesale, driven by net increases in the loan and lending-related commitment portfolios, estimated losses related to apparent borrower fraud in certain secured lending facilities, and changes in credit quality of client-specific exposures, partially offset by changes in certain macroeconomic variables. Net charge-offs were $622 million and the net addition to the allowance for credit losses was $205 million.
Current report
The provision for credit losses was $9.6 billion. Net charge-offs were $7.3 billion and the net addition to the allowance for credit losses was $2.2 billion.
Current report
•$7.2 billion inconsumer, consisting of net charge-offs of $6.2 billion, predominantly driven by Card Services, reflecting loan growth, and a net addition to the allowance for credit losses of $1.1 billion. The net addition was driven by loan growth in Card Services and the impact of changes in the Firm's weighted-average macroeconomic outlook, partially offset by reduced borrower uncertainty, and
Current report
•$2.4 billion inwholesale, driven by net increases in the loan and lending-related commitment portfolios, changes in credit quality of client-specific exposures, and estimated losses related to apparent borrower fraud in certain secured lending facilities, partially offset by the impact of changes in the Firm's weighted-average macroeconomic outlook, including improvements in certain macroeconomic variables. The net addition to the allowance for credit losses and the net charge-offs were each $1.2 billion.
Showing the first 40 of 130 passages. Open the source sections for the rest.
Removed paragraphs (112)
Previous report
•Total net revenue was $44.9 billion, down 11%, reflecting:
Previous report
–growth in balances in new and existing client accounts in AWM,
Previous report
–a decrease in CCB in existing account balances primarily driven by increased customer spending and migration into higher-yielding investments.
Previous report
Refer to Liquidity Risk Management on pages 50-57 for additional information.
Previous report
•TBVPS grew 11%, ending the second quarter of 2025 at $103.40.
Previous report
•In the second quarter of 2025, leadership changes were announced for certain of JPMorganChase’s senior executives:
Previous report
–Sanoke Viswanathan, head of the Firm’s international consumer initiatives, will be leaving the Firm in the third quarter of 2025.
Previous report
–Marianne Lake, CEO of Consumer & Community Banking, has assumed oversight of international consumer initiatives.
Previous report
•higher debt underwriting fees primarily driven by several large deals, and
Previous report
Asset management fees increased in AWM and CCB, as a result of net inflows and higher average market levels. Refer to CCB and AWM segment results on pages 21-25 and pages 34-38, respectively, and Note 5 for additional information.
Previous report
Investment securities losses decreased driven by lower net losses in Treasury and CIO. Refer to Corporate results on pages 39-41 and Note 9 for additional information.
Previous report
Card income: refer to CCB segment results on pages 21-25 and Note 5 for additional information.
Previous report
Refer to CCB and Corporate results on pages 21-25 and pages 39-41, respectively, for additional information.
Previous report
•higher debt underwriting fees driven by several large deals, and
Previous report
•lower equity underwriting fees driven by lower convertible securities offerings and IPOs, largely offset by higher follow-on offerings.
Previous report
Refer to Corporate results on pages 39-41 for additional information.
Previous report
Asset management fees increased in AWM and CCB, as a result of net inflows and higher average market levels.
Previous report
Investment securities losses decreased driven by lower net losses in Treasury and CIO.
Previous report
Card income was flat, and included in CCB, higher amortization related to new account origination costs and lower net interchange, largely offset by higher annual fees.
Previous report
Other income decreased, reflecting:
Previous report
Net charge-offs included $2.1 billion inconsumer, predominantly driven by Card Services, reflecting loan growth, and $345 million inwholesale.
Previous report
The net addition to the allowance for credit losses consisted of:
Previous report
•$446 million inwholesale, driven by the impact of new lending-related commitments and changes in credit quality of client-specific exposures, partially offset by a decrease in the weight placed on the adverse scenarios, and
Previous report
•$3 million inconsumer, as loan growth in Card Services was offset by the impact of changes in the Firm's weighted-average macroeconomic outlook.
Previous report
The provision for credit losses was $6.2 billion. Net charge-offs were $4.7 billion and the net addition to the allowance for credit losses was $1.4 billion.
Previous report
Net charge-offs included $4.2 billion inconsumer, predominantly driven by Card Services, reflecting loan growth, and $532 million inwholesale.
Previous report
The net addition to the allowance for credit losses consisted of:
Previous report
•$995 million inwholesale, predominantly driven by changes in credit quality of client-specific exposures, the impact of new lending-related commitments, as well as the impact of changes in the Firm's weighted-average macroeconomic outlook, and
Previous report
In the prior year, the provision was $4.9 billion, net charge-offs were $4.2 billion and the net addition to the allowance for credit losses was $749 million.
Previous report
•higher revenue-related compensation, particularly in CIB and AWM.
Previous report
Noncompensation expense decreased, reflecting:
Previous report
–restructuring and integration costs associated with First Republic, and
Previous report
•lower legal expense, particularly in CIB,
Previous report
•higher revenue-related compensation, particularly in CIB and AWM.
Previous report
Noncompensation expense decreased, reflecting:
Previous report
–restructuring and integration costs associated with First Republic, and
Previous report
•a $774 million income tax benefit in Corporate, driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025, and
Previous report
•a $774 million income tax benefit in Corporate, driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025,
Showing the first 40 of 112 passages. Open the source sections for the rest.
Reworded paragraphs (252)
Previous wording
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 second quarter of 2025.
Current wording
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 third quarter of 2025.
Previous wording
This Quarterly Report on Form 10-Q for the second quarter of 2025 (“Form 10-Q”) should be read together with JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 192-200 for definitions of terms and acronyms used throughout this Form 10-Q.
Current wording
This Quarterly Report on Form 10-Q for the third quarter of 2025 (“Form 10-Q”) should be read together with JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 194-202 for definitions of terms and acronyms used throughout this Form 10-Q.
Previous wording
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 $4.6 trillion in assets and $356.9 billion in stockholders’ equity as of June 30, 2025. 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.
Current wording
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 $4.6 trillion in assets and $360.2 billion in stockholders’ equity as of September 30, 2025. 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.
Previous wording
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 19-41 and Note 25 of this Form 10-Q, and Note 32 of JPMorganChase's 2024 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.
Current wording
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 20-42 and Note 25 of this Form 10-Q, and Note 32 of JPMorganChase's 2024 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.
Previous wording
(b)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to Capital Risk Management on pages 43-49 for additional information.
Current wording
(b)Reflects the Firm’s ratios under the Standardized approach. Refer to Capital Risk Management on pages 44-50 for additional information.
Previous wording
Comparisons noted in the sections below are for the second quarter of 2025 versus the second quarter of 2024, unless otherwise specified.
Current wording
Comparisons noted in the sections below are for the third quarter of 2025 versus the third quarter of 2024, unless otherwise specified.
Previous wording
For the second quarter of 2025, JPMorganChase reported net income of $15.0 billion, down 17%, with earnings per share of $5.24, ROE of 18% and ROTCE of 21%. The Firm's results included a $774 million income tax benefit in Corporate.
Current wording
For the third quarter of 2025, JPMorganChase reported net income of $14.4 billion, up 12%, with earnings per share of $5.07, ROE of 17% and ROTCE of 20%.
Previous wording
–Net interest income ("NII") was $23.2 billion, up 2%, driven by higher Markets net interest income, higher wholesale deposit balances, higher revolving balances in Card Services, and the
Current wording
–Net interest income ("NII") was $24.0 billion, up 2%, driven by higher revolving balances in Card Services, higher Markets net interest income, and higher wholesale deposit balances, predominantly offset by the impact of lower rates and deposit margin compression. NII excluding Markets was
Previous wording
•Noninterest expense was $23.8 billion, flat when compared with the prior year, 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, higher auto lease depreciation, and continued investments in technology. These factors were offset by the absence of the $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the prior year, as well as lower legal expense.
Current wording
•Noninterest expense was $24.3 billion, up 8%, 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, higher auto lease depreciation, and continued investments in marketing, partially offset by lower legal expense.
Previous wording
In the prior year, the provision was $3.1 billion, net charge-offs were $2.2 billion and the net addition to the allowance for credit losses was $821 million.
Current wording
In the prior year, the provision was $3.1 billion, net charge-offs were $2.1 billion and the net addition to the allowance for credit losses was $1.0 billion.
Previous wording
•The total allowance for credit losses was $28.3 billion at June 30, 2025. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.85%, compared with 1.81% in the prior year.
Current wording
•The total allowance for credit losses was $29.1 billion at September 30, 2025. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.88%, compared with 1.86% in the prior year.
Previous wording
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-13 and pages 14-15, respectively, for a further discussion of the Firm's results, including the provision for credit losses.
Current wording
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-14 and pages 15-16, respectively, for a further discussion of the Firm's results, including the provision for credit losses.
Previous wording
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 17-18 for a further discussion of each of these measures.
Current wording
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 18-19 for a further discussion of each of these measures.
Previous wording
•The Firm’snonperforming assets totaled $10.5 billion at June 30, 2025, up 24%, driven by:
Current wording
•The Firm’snonperforming assets totaled $10.6 billion at September 30, 2025, up 23%, driven by:
Previous wording
–higher wholesale nonaccrual loans, largely related to certain exposures in Technology, Media & Telecommunications, Utilities, and Real Estate, reflecting downgrades, and
Current wording
–higher wholesale nonaccrual loans, reflecting downgrades in certain industries, and
Previous wording
Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 64-72 and pages 60-63, respectively, for additional information.
Current wording
Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 66-74 and pages 61-65, respectively, for additional information.
Previous wording
•Firmwide average loans of $1.4 trillion were up 5%, predominantly driven by higher loans in CIB and AWM.
Current wording
•Firmwide average loans of $1.4 trillion were up 7%, predominantly driven by higher loans in CIB and AWM.
Previous wording
–net inflows related to client-driven activities in Payments and Securities Services, and
Current wording
–net inflows related to client-driven activities in Payments and Securities Services,
Previous wording
•CET1 capital was $284 billion, and the Standardized and Advanced CET1 ratios were 15.1% and 15.2%, respectively.
Current wording
•CET1 capital was $287 billion, and the Standardized and Advanced CET1 ratios were 14.8% and 14.9%, respectively.
Previous wording
•As of June 30, 2025, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $970 billion and unencumbered marketable securities with a fair value of approximately $573 billion, resulting in approximately $1.5 trillion of liquidity sources. Refer to Liquidity Risk Management on pages 50-57 for additional information.
Current wording
•As of September 30, 2025, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $956 billion and unencumbered marketable securities with a fair value of approximately $554 billion, resulting in approximately $1.5 trillion of liquidity sources. Refer to Liquidity Risk Management on pages 51-58 for additional information.
Previous wording
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the second quarter of 2025.
Current wording
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the third quarter of 2025.
Previous wording
Refer to the Business Segment & Corporate Results on pages 19-41 for a detailed discussion of results by business segment.
Current wording
Refer to the Business Segment & Corporate Results on pages 20-42 for a detailed discussion of results by business segment.
Previous wording
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 six months of 2025, consisting of approximately:
Current wording
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 nine months of 2025, consisting of approximately:
Previous wording
JPMorganChase’s current outlook for full-year 2025 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.
Current wording
JPMorganChase’s current outlook for the fourth quarter and full year 2025 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.
Previous wording
•Management expects net interest income to be approximately $95.5 billion and net interest income excluding Markets to be approximately $92.0 billion, market dependent.
Current wording
•Management expects net interest income to be approximately $25 billion and net interest income excluding Markets to be approximately $23.5 billion, market dependent.
Previous wording
•Management expects adjusted expense to be approximately $95.5 billion, market dependent.
Current wording
•Management expects adjusted expense to be approximately $24.5 billion, market dependent.
Previous wording
•Management expects the net charge-off rate in Card Services to be approximately 3.60%.
Current wording
•Management expects the net charge-off rate in Card Services to be approximately 3.3%.
Previous wording
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 17-18.
Current wording
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 18-19.
Previous wording
This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three and six months ended June 30, 2025 and 2024, 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 85-88 of this Form 10-Q and pages 161–164 of JPMorganChase’s 2024 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
Current wording
This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three and nine months ended September 30, 2025 and 2024, 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 87-89 of this Form 10-Q and pages 161–164 of JPMorganChase’s 2024 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
Previous wording
(a) Included operating lease income of $901 million and $689 million for the three months ended June 30, 2025 and 2024, respectively, and $1.7 billion and $1.4 billion for the six months ended June 30, 2025 and 2024, respectively. Refer to Note 5 for additional information.
Current wording
(a)Included operating lease income of $990 million and $706 million for the three months ended September 30, 2025 and 2024, respectively, and $2.7 billion and $2.1 billion for the nine months ended September 30, 2025 and 2024, respectively. Refer to Note 5 for additional information.
Previous wording
(b) Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
Current wording
(b)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
Previous wording
•higher Fixed Income Markets revenue driven by higher revenue in Rates and Commodities, predominantly offset by lower revenue in Securitized Products, Fixed Income Financing and Currencies & Emerging Markets, and
Current wording
•higher Fixed Income Markets revenue primarily driven by higher revenue in Rates, partially offset by lower revenue in Securitized Products, and
Previous wording
•lower Equity Markets revenue, particularly in Prime Finance.
Current wording
•higher Equity Markets revenue, particularly in Prime Finance.
Previous wording
Lending- and deposit-related fees increased, reflecting in CIB, a reduction in client credits applied to deposit-related fees, as well as growth in volumes resulting in higher cash management fees in Payments.
Current wording
•in CIB, a reduction in client credits applied to deposit-related fees, as well as higher cash management fees in Payments as a result of higher volume, and
Previous wording
Commissions and other fees increased in CIB and AWM, predominantly due to higher brokerage commissions and fees on higher volume, and to a lesser extent, higher custody fees as a result of higher client activity and market levels. Refer to CIB and AWM segment results on pages 26-33 and pages 34-38, respectively, and Note 5 for additional information.
Current wording
Commissions and other fees increased predominantly in CIB and AWM, largely due to higher brokerage commissions and fees on higher volume and, to a lesser extent, higher custody fees as a result of higher client activity and market levels. Refer to CIB and AWM segment results on pages 27-34 and pages 35-39, respectively, and Note 5 for additional information.
Previous wording
•higher auto operating lease income in CCB due to growth in volume.
Current wording
•higher auto operating lease income in CCB due to growth in volume, and
Previous wording
Net interest income increased driven by higher Markets net interest income, higher revolving balances in Card Services, higher wholesale deposit balances, and the impact of investment securities activity including from prior quarters. These factors were predominantly offset by the impact of lower rates and deposit margin compression, as well as lower average deposit balances in CCB.
Current wording
Net interest income increased driven by higher revolving balances in Card Services, higher Markets net interest income, and higher wholesale deposit balances. These factors were predominantly offset by the impact of lower rates and deposit margin compression.
Previous wording
The Firm’s average interest-earning assets were $3.8 trillion, up $280 billion, and the yield was 5.11%, down 45 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.51%, a decrease of 15 bps. The net yield excluding Markets was 3.75%, down 10 bps.
Current wording
The Firm’s average interest-earning assets were $3.9 trillion, up $274 billion, and the yield was 5.05%, down 50 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.45%, a decrease of 13 bps. The net yield excluding Markets was 3.73%, down 13 bps.
Previous wording
Refer to the Consolidated average balance sheets, interest and rates schedule on pages 190-191 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 17-18 for an additional discussion of net yield excluding Markets.
Current wording
Refer to the Consolidated average balance sheets, interest and rates schedule on pages 192-193 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 18-19 for an additional discussion of net yield excluding Markets.
Previous wording
•lower equity underwriting fees predominantly driven by lower IPOs.
Current wording
•higher debt underwriting fees predominantly driven by several large deals,
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$23.4 billion, flat when compared with the prior year.
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Lending- and deposit-related fees increased, reflecting:
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Lending- and deposit-related fees increased, reflecting:
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The provision for credit losses included:
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The provision for credit losses included:
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•a $774 million income tax benefit in Corporate recorded in the second quarter of 2025, driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025,
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Refer to Note 10 for additional information on securities purchased under resale agreements and securities borrowed.
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Refer to Consolidated Results of Operations and Credit and Investment Risk Management on pages 9-14 and
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Net income was $5.0 billion, up 24%.
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Noninterest expense was $10.3 billion, up 7%, reflecting:
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•lower card income, reflecting an increase in amortization related to new account origination costs and lower net interchange, partially offset by higher annual fees. Net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments.
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•Fixed Income Markets revenue was $17.2 billion, up 14%, predominantly driven by higher revenue in Rates, Commodities and Currencies & Emerging Markets.
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Net income was $1.7 billion, up 23%.
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Net income was $4.7 billion, up 21%.
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Refer to Business Segment & Corporate Results on page 20 for additional information on FTP.
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–a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation, and
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periods, was primarily due to higher financing requirements in Markets.
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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.
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Previous report — wording carried elsewhere
impact of investment securities activity including from prior quarters. These factors were predominantly offset by the impact of lower rates and deposit margin compression. NII excluding Markets was $22.8 billion, down 1%.
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•higher advisory fees predominantly benefiting from increased sponsor activity,
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•the absence in Corporate of several items recorded in the prior year, particularly the $7.9 billion net gain related to Visa shares,
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•higher investments in technology across the businesses.
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•the absence in Corporate of the following items recorded in the prior year
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Investment securities increased due to the net impact of:
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Net income was $5.2 billion, up 23%.
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•higher asset management fees in Banking & Wealth Management ("BWM"), reflecting higher average market levels and net inflows,
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–Debt underwriting fees were $1.2 billion, up 12%, primarily driven by several large deals.
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•Payments revenue was $9.3 billion, up 3%, driven by higher average deposits and fee growth, largely offset by deposit margin compression.
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•Credit Adjustments & Other was a loss of $87 million, compared with a loss of $102 million in the prior year.
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•the absence of the $7.9 billion net gain related to Visa shares recorded in the prior year,
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•the absence of the $7.9 billion net gain related to Visa shares recorded in the prior year,
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•other changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.
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The carrying value of retained home equity lines of credit outstanding was $13.8 billion at June 30, 2025, including $3.6 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified, and $3.4 billion of interest-only balloon