JPMORGAN CHASE & CO

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 18-19 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. Effective in the fourth quarter of 2024, the Firm updated its FTP with respect to consumer deposits, which resulted in an increase in the funding benefit reflected within CCB’s net interest income that is fully offset in Corporate, with no effect on the Firm’s net interest income.

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 79-85 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 47, and page 104 of JPMorganChase’s 2024 Form 10-K for additional information on capital allocation.

Refer to Business Segment & Corporate Results – Description of business segment reporting methodology on pages 70–90 and Note 32 of JPMorganChase’s 2024 Form 10-K for a further discussion of those methodologies.

Segment & Corporate Results – Managed basis

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

(a)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.

(b)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.

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 and nine months ended September 30, 2025 and 2024, unless otherwise specified.

CONSUMER & COMMUNITY BANKING

Refer to pages 73–76 of JPMorganChase's 2024 Form 10-K and Line of Business Metrics on page 201 for a discussion of the business profile of CCB.

(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $987 million and $699 million for the three months ended September 30, 2025 and 2024, respectively, and $2.7 billion and $2.0 billion for the nine months ended September 30, 2025 and 2024, respectively.

(b)Included depreciation expense on leased assets of $649 million and $387 million for the three months ended September 30, 2025 and 2024, respectively, and $1.7 billion and $1.2 billion for the nine months ended September 30, 2025 and 2024, respectively.

(c)Included MSR risk management results of $55 million and $100 million for the three months ended September 30, 2025 and 2024, respectively, and $111 million and $138 million for the nine months ended September 30, 2025 and 2024, respectively.

Net income was $5.0 billion, up 24%.

Net revenue was $19.5 billion, up 9%.

Net interest income was $14.9 billion, up 9%, reflecting:

•higher Card Services NII, predominantly driven by higher revolving balances, and

•higher NII in Banking & Wealth Management ("BWM"), predominantly driven by higher deposit margin, reflecting the impact of changes in the FTP.

Refer to Business Segment & Corporate Results on page 20 for additional information on FTP.

Noninterest revenue was $4.6 billion, up 10%, 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 new accounts and higher transaction volume,

•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.

Refer to Note 5 for additional information on card income and asset management fees; and Critical Accounting Estimates on pages 87-89 for additional information on the credit card rewards liability.

Noninterest expense was $10.3 billion, up 7%, reflecting:

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

•higher compensation expense, primarily for bankers and advisors.

The provision for credit losses was $2.5 billion. Net charge-offs were $2.0 billion, up $44 million, primarily driven by Card Services, reflecting loan growth. The net addition to the allowance for credit losses was $575 million, 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.

In the prior year, the provision was $2.8 billion, net charge-offs were $1.9 billion and the net addition to the allowance for credit losses was $876 million.

Refer to Credit and Investment Risk Management on pages 59-78 and Allowance for Credit Losses on pages 75-77 for a further discussion of the credit portfolios and the allowance for credit losses.

Net income was $14.6 billion, up 12%.

Net revenue was $56.6 billion, up 7%.

Net interest income was $43.4 billion, up 6%, reflecting:

•higher Card Services NII, predominantly driven by higher revolving balances, and

•higher NII in BWM, driven by higher deposit margin, reflecting the impact of changes in the FTP, partially offset by lower average deposit balances.

Noninterest revenue was $13.2 billion, up 9%, 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 new accounts and higher transaction volume,

•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.

Noninterest expense was $30.0 billion, up 6%, reflecting:

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

•higher compensation expense, predominantly for bankers and advisors, and employees in technology.

The provision for credit losses was $7.2 billion. Net charge-offs were $6.2 billion, up $341 million, primarily driven by Card Services, reflecting loan growth. The net addition to the allowance for credit losses was $1.0 billion, 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.

In the prior year, the provision was $7.4 billion, net charge-offs were $5.9 billion and the net addition to the allowance for credit losses was $1.5 billion.

(a)At September 30, 2025 and 2024, Home Lending loans held-for-sale and loans at fair value were $9.4 billion and $6.9 billion, respectively.

(b)Average Home Lending loans held-for sale and loans at fair value were $10.1 billion and $8.4 billion for the three months ended September 30, 2025 and 2024, respectively, and $8.9 billion and $6.9 billion for the nine months ended September 30, 2025 and 2024, respectively.

(c)In the first quarter of 2025, 419 employees were transferred to Corporate as a result of the centralization of certain functions.

(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 September 30, 2025 and 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $65 million and $88 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 September 30, 2025 and 2024, excluded mortgage loans insured by U.S. government agencies of $95 million and $126 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.

(b)Users of all mobile platforms who have logged in within the past 90 days.

(c)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.

(d)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 35-39 for additional information.

(e)Firmwide mortgage origination volume was $16.9 billion and $13.3 billion for the three months ended September 30, 2025 and 2024, respectively, and $44.4 billion and $33.2 billion for the nine months ended September 30, 2025 and 2024, respectively.

COMMERCIAL & INVESTMENT BANK

Refer to pages 77–83 of JPMorganChase’s 2024 Form 10-K and Line of Business Metrics on page 201 for a discussion of the business profile of CIB.

(a)Included tax 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 $644 million and $607 million for the three months ended September 30, 2025 and 2024, respectively, and $2.0 billion and $1.9 billion for the nine months ended September 30, 2025 and 2024, respectively.

(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.

(a)Refer to Line of Business Metrics on page 201 for a description of each of the client coverage segments.

(b)In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation.

(c)In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.

Net income was $6.9 billion, up 21%.

Net revenue was $19.9 billion, up 17%.

Banking & Payments revenue was $9.5 billion, up 10%.

•Investment Banking revenue was $2.7 billion, up 14%. Investment Banking fees were up 16%, driven by higher fees across products. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.

–Equity underwriting fees were $527 million, up 53%, predominantly driven by higher revenue from IPOs and private placements.

–Debt underwriting fees were $1.2 billion, up 9%, predominantly driven by higher deal flow activity, including refinancings.

–Advisory fees were $926 million, up 9%, driven by the closing of a higher number of large transactions.

•Payments revenue was $4.9 billion, up 13%. Excluding the net impact of equity investments, which included higher markdowns in the prior year, revenue was up 6%, driven by higher average deposits and fee growth, partially offset by deposit margin compression.

•Lending revenue was $1.9 billion, down 1%.

Markets & Securities Services revenue was $10.4 billion, up 24%. Markets revenue was $8.9 billion, up 25%.

•Equity Markets revenue was $3.3 billion, up 33%, predominantly driven by higher revenue across products, particularly in Prime Finance.

•Fixed Income Markets revenue was $5.6 billion, up 21%, predominantly driven by higher revenue in Rates, Credit, the Securitized Products Group and Commodities.

•Securities Services revenue was $1.4 billion, up 7%, driven by higher average deposits as well as fee growth related to higher client activity and market levels, partially offset by deposit margin compression.

Noninterest expense was $9.7 billion, up 11%, largely driven by higher compensation, brokerage, regulatory and legal expense.

The provision for credit losses was $809 million, 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. The net charge-offs were $567 million and the net addition to the allowance for credit losses was $242 million.

In the prior year, the provision was $316 million, the net addition to the allowance for credit losses was $160 million and net charge-offs were $156 million.

Refer to Credit and Investment Risk Management on pages 59-78, Allowance for Credit Losses on pages 75-77, and Critical Accounting Estimates on pages 87-89 for a further discussion of the credit portfolios and the allowance for credit losses.

Net income of $20.5 billion, up 13%.

Net revenue was $59.1 billion, up 12%.

Banking & Payments revenue was $27.5 billion, up 6%.

•Investment Banking revenue was $7.6 billion, up 9%. Investment Banking fees were up 11%, driven by higher fees across products. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.

–Debt underwriting fees were $3.6 billion, up 12%, predominantly driven by several large deals.

–Advisory fees were $2.5 billion, up 10%, predominantly driven by the closing of a higher number of large transactions.

–Equity underwriting fees were $1.3 billion, up 10%, predominantly driven by higher revenue from follow-on offerings and IPOs.

•Payments revenue was $14.2 billion, up 6%. Excluding the net impact of equity investments, revenue was up 4%, driven by higher average deposits and fee growth, largely offset by deposit margin compression.

•Lending revenue was $5.6 billion, up 1%, predominantly driven by lower fair value losses on credit protection purchased against certain retained loans and lending-related commitments.

Markets & Securities Services revenue was $31.6 billion, up 19%. Markets revenue was $27.5 billion, up 20%.

•Equity Markets revenue was $10.4 billion, up 32%, predominantly driven by higher revenue across products, particularly in Equity Derivatives.

•Fixed Income Markets revenue was $17.2 billion, up 14%, predominantly driven by higher revenue in Rates, Commodities and Currencies & Emerging Markets.

•Securities Services revenue was $4.1 billion, up 9%, driven by higher average deposits as well as fee growth related to higher client activity and market levels, partially offset by deposit margin compression.

•Credit Adjustments & Other was a loss of $59 million, compared with a loss of $211 million in the prior year.

Noninterest expense was $29.2 billion, up 10%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage, technology and regulatory expense.

The provision for credit losses was$2.2 billion, driven by net increases in the loan and lending-related commitment portfolios, including in the Commercial and industrial portfolio, changes in credit quality of client-specific exposures, andestimated 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. The net addition to the allowance for credit losses was $1.1 billion and net charge-offs were $1.1 billion.

In the prior year, the provision was $701 million, net charge-offs were $389 million and the net addition to the allowance for credit losses was $312 million.

(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 201 for a description of each of the client coverage segments.

(c)In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation.

(d)In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.

(e)On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.

(f)In the first quarter of 2025, 219 employees were transferred to Corporate as a result of the centralization of certain functions.

(a)Allowance for loan losses of $724 million and $366 million were held against these nonaccrual loans at September 30, 2025 and 2024, 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 September 30, 2025 and 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $93 million and $38 million, respectively.

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

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

(a)Source: Dealogic as of October 1, 2025. 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 81 of JPMorganChase’s 2024 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.

(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.

(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.

ASSET & WEALTH MANAGEMENT

Refer to pages 84–87 of JPMorganChase’s 2024 Form 10-K and Line of Business Metrics on page 202 for a discussion of the business profile of AWM.

(a)Includes the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic. The discount, which is deferred in other liabilities and recognized on a straight-line basis over the commitment period, continues to decline as commitments expire.

Net income was $1.7 billion, up 23%.

Net revenue was $6.1 billion, up 12%. Net interest income was $1.7 billion, up 5%. Noninterest revenue was $4.3 billion, up 14%.

Revenue from Asset Management was $2.9 billion, up 15%, predominantly driven by higher asset management fees, reflecting strong net inflows and higher average market levels.

Revenue from Global Private Bank was $3.2 billion, up 8%, driven by:

•higher noninterest revenue as a result of higher management fees predominantly due to strong net inflows and higher brokerage fees, and

•higher net interest income, driven by higher average loans and deposits, largely offset by narrower spreads on loans.

Noninterest expense was $3.8 billion, up 5%, driven by:

•higher compensation, primarily higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees,

largely offset by

•lower legal expense.

The provision for credit losses was $59 million, driven by the impact of a charge-off related to a client-specific exposure. Net charge-offs were $62 million, and the net reduction in the allowance for credit losses was $3 million. In the prior year, the provision was $4 million.

Refer to Note 5 for additional information on lending related fees.

Refer to Credit and Investment Risk Management on pages 59-78 and Allowance for Credit Losses on pages 75-77 for further discussions of the credit portfolios and the allowance for credit losses.

Net income was $4.7 billion, up 21%.

Net revenue was $17.6 billion, up 11%. Net interest income was $5.2 billion, up 6%. Noninterest revenue was $12.4 billion, up 13%.

Revenue from Asset Management was $8.3 billion, up 14%, predominantly driven by higher asset management fees, reflecting strong net inflows and higher average market levels.

Revenue from Global Private Bank was $9.3 billion, up 9%, driven by:

•higher noninterest revenue, reflecting:

–higher management fees predominantly due to strong net inflows, as well as higher brokerage fees,

–a decline in the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic that have expired, and

•higher net interest income, driven by higher average loans and deposits, partially offset by narrower spreads on loans.

Noninterest expense was $11.3 billion, up 6%, driven by:

•higher compensation, primarily higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees,

• lower legal expense.

The provision for credit losses was $95 million, largely driven by the impact of a charge-off related to a client-specific exposure. Net charge-offs were $62 million, and the net addition to the allowance for credit losses was $33 million. In the prior year, the provision was a net benefit of $33 million.

(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)In the first quarter of 2025, 130 employees were transferred to Corporate as a result of the centralization of certain functions.

Client assets

Assets under management were $4.6 trillion, up 18%, and client assets were $6.8 trillion, up 20%. These increases were each driven by continued net inflows and higher market levels.

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

(b)In the first quarter of 2025, the Firm realigned certain client assets from Private Banking to Global Funds to reflect them in the client segment where the assets are invested. Prior period amounts have been revised to conform with the current presentation.

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

(b)Relates to an equity plan administration business which was acquired in 2022 with the Firm’s purchase of Global Shares. The increase in 2025 includes the impact of onboarding participants in the Firm’s employee stock plans during the fourth quarter of 2024.

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

CORPORATE

Refer to pages 88–90 of JPMorganChase’s 2024 Form 10-K for a discussion of Corporate.

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $39 million and $44 million for the three months ended September 30, 2025 and 2024, respectively, and $113 million and $138 million for the nine months ended September 30, 2025 and 2024, respectively.

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

(c)Included an FDIC special assessment accrual release of $437 million and an accrual increase of $725 million for the nine months ended September 30, 2025 and 2024, respectively.

(d)Included a $774 million income tax benefit 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.

(e)In the first quarter of 2025, 768 employees were transferred from the LOBs to Corporate as a result of the centralization of certain functions.

(f)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.

(g)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.

Net income was $825 million, compared with $1.8 billion in the prior year.

Net revenue was $1.7 billion, compared with $3.1 billion in the prior year.

Net interest income was $1.4 billion, down $1.5 billion, predominantly driven by the impact of lower rates and changes in the FTP for consumer deposits.

Refer to Business Segment & Corporate Results on page 20 for additional information on FTP.

Noninterest revenue was $297 million, compared with $155 million in the prior year, primarily driven by:

•an increase associated with an equity investment, and

•a net gain in investment securities 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 Note 9 and Note 12 for additional information on the investment securities portfolio and the allowance for credit losses.

Noninterest expense was $445 million, compared with $589 million in the prior year.

The current period income tax expense was driven by changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes, partially offset by tax benefits related to the Firm's 2024 U.S. federal tax return.

Other Corporate includes the Firm's international consumer initiatives, which primarily consists of Chase U.K., Nutmeg (which was rebranded as J.P. Morgan Personal Investing as of November 3, 2025), 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 client accounts.

Net income was $4.2 billion, compared with $9.3 billion in the prior year.

Net revenue was $5.5 billion, compared with $15.4 billion in the prior year.

Net interest income was $4.5 billion, down $3.2 billion, driven by the impact of changes in the FTP for consumer deposits and of lower rates, partially offset by the impact of investment securities activity including from prior quarters.

Noninterest revenue was $999 million, compared with $7.6 billion in the prior year, driven by:

•the absence of the $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024,

•a net gain in investment securities 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, and

•the $588 million First Republic-related gain recorded in the first quarter of 2025.

Refer to Note 5 for additional information on the First Republic-related gain.

Noninterest expense was $1.2 billion, down 66%, predominantly driven by:

•lower FDIC-related expense driven by releases of FDIC special assessment accruals of $437 million, compared with an accrual increase of $725 million in the first quarter of the prior year, and

•the absence of the following items recorded in the prior year:

–a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation, and

–restructuring and integration costs associated with First Republic.

The current period income tax expense was driven by:

•changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes,

predominantly offset by

•a $774 million income tax benefit 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,

•tax benefits related to the Firm's 2024 U.S. federal tax return, and

•higher tax benefits related to the vesting of employee share-based awards.

Treasury and CIO overview

At September 30, 2025, 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 51-58 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 79-85 for information on interest rate and foreign exchange risks.

(a)As of September 30, 2025 and 2024, the allowance for credit losses on investment securities was $72 million and $123 million, respectively.

(b)During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.