JPMORGAN CHASE & CO

For the period ended Sep 30, 2025. Filed Nov 4, 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.

Sep 30, 2025 · Filed Nov 4, 2025

JPM$342.08+2.3%Stored close · as of Nov 9, 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)	Nine months ended Sep 30,
3Q25 · 2Q25 · 1Q25 · 4Q24 · 3Q24 · 2025 · 2024
Selected income statement data
Total net revenue	$46,427		$44,912	$45,310	$42,768	$42,654		$136,649	$134,788(f)
Total noninterest expense	24,281		23,779	23,597	22,762	22,565		71,657	69,035(f)
Pre-provision profit(a)	22,146		21,133	21,713	20,006	20,089		64,992	65,753
Provision for credit losses	3,403		2,849	3,305	2,631	3,111		9,557	8,047
Income before income tax expense	18,743		18,284	18,408	17,375	16,978		55,435	57,706
Income tax expense	4,350		3,297	3,765	3,370	4,080		11,412	13,240
Net income	$14,393		$14,987	$14,643	$14,005	$12,898		$44,023	$44,466
Earnings per share data
Net income: Basic	$5.08		$5.25	$5.08	$4.82	$4.38		$15.41	$14.97
Diluted	5.07		5.24	5.07	4.81	4.37		15.38	14.94
Average shares: Basic	2,762.4		2,788.7	2,819.4	2,836.9	2,860.6		2,790.2	2,886.2
Diluted	2,767.6		2,793.7	2,824.3	2,842.4	2,865.9		2,795.2	2,891.2
Market and per common share data
Market capitalization	858,683		797,181	681,712	670,618	593,643		858,683	593,643
Common shares at period-end	2,722.2		2,749.7	2,779.1	2,797.6	2,815.3		2,722.2	2,815.3
Book value per share	124.96		122.51	119.24	116.07	115.15		124.96	115.15
Tangible book value per share (“TBVPS”)(a)	105.70		103.40	100.36	97.30	96.42		105.70	96.42
Cash dividends declared per share	1.50		1.40	1.40	1.25	1.25		4.30	3.55
Selected ratios and metrics
Return on common equity (“ROE”)(b)	17	%	18%	18%	17%	16	%	17%	19	%
Return on tangible common equity (“ROTCE”)(a)(b)	20		21	21	21	19		21	23
Return on assets(b)	1.26		1.35	1.40	1.35	1.23		1.34	1.46
Overhead ratio	52		53	52	53	53		52	51
Loans-to-deposits ratio	56		55	54	56	55		56	55
Firm Liquidity coverage ratio (“LCR”) (average)(c)	110		113	113	113	114		110	114
JPMorgan Chase Bank, N.A. LCR (average)(c)	117		120	124	124	121		117	121
Common equity Tier 1 (“CET1”) capital ratio(d)(e)	14.8		15.1	15.4	15.7	15.3		14.8	15.3
Tier 1 capital ratio(d)(e)	15.8		16.1	16.5	16.8	16.4		15.8	16.4
Total capital ratio(d)(e)	17.7		17.8	18.2	18.5	18.2		17.7	18.2
Tier 1 leverage ratio(c)(d)	6.9		6.9	7.2	7.2	7.1		6.9	7.1
Supplementary leverage ratio (“SLR”)(c)(d)	5.8		5.9	6.0	6.1	6.0		5.8	6.0
Selected balance sheet data (period-end)
Trading assets	$952,777		$889,856	$875,203	$637,784	$787,489		$952,777	$787,489
Investment securities, net of allowance for credit losses	783,945		745,939	664,447	681,320	634,502		783,945	634,502
Loans	1,435,246		1,411,992	1,355,695	1,347,988	1,340,011		1,435,246	1,340,011
Total assets	4,560,205		4,552,482	4,357,856	4,002,814	4,210,048		4,560,205	4,210,048
Deposits	2,548,476		2,562,380	2,495,877	2,406,032	2,430,772		2,548,476	2,430,772
Long-term debt	427,203		419,802	407,224	401,418	410,157		427,203	410,157
Common stockholders’ equity	340,167		336,879	331,375	324,708	324,186		340,167	324,186
Total stockholders’ equity	360,212		356,924	351,420	344,758	345,836		360,212	345,836
Employees	318,153		317,160	318,477	317,233	316,043		318,153	316,043
Credit quality metrics
Allowances for credit losses	$29,089		$28,281	$27,835	$26,866	$26,543		$29,089	$26,543
Allowance for loan losses to total retained loans	1.88	%	1.85%	1.94%	1.87%	1.86	%	1.88%	1.86	%
Nonperforming assets	$10,635		$10,480	$9,105	$9,300	$8,628		$10,635	$8,628
Net charge-offs	2,593		2,410	2,332	2,364	2,087		7,335	6,274
Net charge-off rate	0.76	%	0.73%	0.74%	0.73%	0.65	%	0.74%	0.66	%

(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 18-19 for a further discussion of these measures.

(b)Ratios are based upon annualized amounts.

(c)For the nine months ended September 30, 2025 and 2024, the percentage represents average ratios for the three months ended September 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 and September 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 Standardized approach. Refer to Capital Risk Management on pages 44-50 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 recorded in the second quarter of 2024. 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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