JPMORGAN CHASE & CO

Consolidated balance sheets analysis

The following is a discussion of the significant changes between September 30, 2025 and December 31, 2024. Refer to pages 161–164 for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Balance Sheets.

Cash and due from banks and deposits with banks decreased driven by Markets activities in CIB, and higher investment securities and cash deployment in Treasury and CIO, partially offset by the impact of higher deposits.

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.

Securities borrowed increased driven by Markets, reflecting higher demand for securities to cover short positions and higher client-driven activities.

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

Trading assets increased due to higher levels of debt and equity instruments in Markets 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. Excluding a non-cash transfer in the third quarter of 2025 of $44.1 billion of securities from available-for-sale ("AFS") to held-to-maturity (“HTM”) for asset-liability management purposes,

•AFS securities increased driven by net purchases, predominantly U.S. Treasuries and non-U.S. government debt securities, partially offset by maturities and paydowns; and

•HTM securities decreased driven by maturities and paydowns, partially offset by purchases.

Refer to Corporate results on pages 40-42, Investment Portfolio Risk Management on page 78, and Notes 2 and 9 for additional information.

Loans increased, reflecting:

•higher wholesale loans, primarily in Markets, associated with higher client demand, and

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

•a decline in Home Lending as loan paydowns and sales outpaced originations.

Theallowance for loan losses increased, reflecting a net addition to the allowance for loan losses of $1.4 billion, and consisted of:

•$1.1 billion inconsumer, 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

•$340 million inwholesale, driven by a net increase in the loan portfolio and changes in credit quality of client-specific exposures, partially offset by a reduction due to the impact of charge-offs and changes in the Firm's weighted-average macroeconomic outlook, including improvements in certain macroeconomic variables.

There was also an $863 million net addition to the allowance for lending-related commitments recognized in other liabilities on the Consolidated balance sheets. The net addition was predominantly driven by the impact of new lending-related commitments primarily in the second quarter of 2025.

Refer to Consolidated Results of Operations and Credit and Investment Risk Management on pages 9-14 and

pages 59-78, respectively, Critical Accounting Estimates Used by the Firm on pages 87-89, 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 higher client-driven activities in Markets.

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

Other assets increased primarily due to higher cash collateral placed with central counterparties ("CCP") in Markets, and higher auto operating lease assets in CCB.

Deposits increased, reflecting the net impact of:

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

•a decrease in AWM primarily driven by migration into other investment products as a result of the maturity of higher-yielding product offerings, partially offset by growth in both new accounts and balances in existing accounts.

Deposits in CCB were relatively flat, reflecting new accounts, offset by increased customer spending.

Federal funds purchased and securities loaned or sold under repurchase agreements increased driven by Markets, reflecting higher secured financing of trading assets, 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.

Short-term borrowings increased driven by higher financing requirements in Markets.

Refer to Liquidity Risk Management on pages 51-58 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 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 due to higher client-driven activities in Markets.

Beneficial interests issued by consolidated VIEs: Refer to Liquidity Risk Management on pages 51-58 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, as well as an increase in the fair value of such instruments, and net issuances of long-term debt in Treasury and CIO, partially offset by a net reduction in Federal Home Loan Bank ("FHLB") advances. Refer to Liquidity Risk Management on pages 51-58 for additional information.

Stockholders’ equity increased, reflecting net income and lower unrealized losses in AOCI, predominantly driven by the net impact of lower interest rates and widening spreads on cash flow hedges and AFS securities in Treasury and CIO, largely offset by the impact of capital actions, including net repurchases of common shares and dividend payments on common and preferred stock. Refer to Consolidated statements of changes in stockholders’ equity on page 95, Capital Actions on page 48, and Note 19 for additional information.

Consolidated cash flows analysis

The following is a discussion of cash flow activities during the nine months ended September 30, 2025 and 2024.

Operating activities

•In 2025, cash used resulted from higher trading assets, higher accrued interest and accounts receivable, higher securities borrowed and net originations and purchases of loans held-for-sale, partially offset by higher trading liabilities.

•In 2024, cash used resulted from higher trading assets, higher securities borrowed, higher accrued interest and accounts receivable, and net originations and purchases of loans held-for-sale, partially offset by higher trading liabilities and higher accounts payable and other liabilities.

Investing activities

•In 2025, cash used resulted from higher securities purchased under resale agreements, net purchases of investment securities and net originations of loans.

•In 2024, cash used resulted from higher securities purchased under resale agreements, net purchases of investment securities and net originations of loans.

Financing activities

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

•In 2024, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long-and short-term borrowings, partially offset by net redemption of preferred stock.

•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 15-16, Capital Risk Management on pages 44-50, and Liquidity Risk Management on pages 51-58, and the Consolidated Statements of Cash Flows on page 96 of this Form 10-Q, and pages 108–115 of JPMorganChase’s 2024 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.