JPMORGAN CHASE & CO

This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm, this Form 10-Q and the 2024 Form 10-K should be read together and in their entirety.

(a)As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. For the period ended 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.

(b)Reflects the Firm’s ratios under the Standardized approach. Refer to Capital Risk Management on pages 44-50 for additional information.

(c)NII and NIR refer to net interest income and noninterest revenue, respectively.

(d)Markets consists of CIB's Fixed Income Markets and Equity Markets businesses. The Firm assesses the performance of its Markets business on a total net revenue basis, as revenues in NII generally have offsets across other revenue lines, primarily Principal transactions revenue.

Comparisons noted in the sections below are for the third quarter of 2025 versus the third quarter of 2024, unless otherwise specified.

Firmwide overview

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%.

•Total net revenue was $46.4 billion, up 9%, reflecting:

–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

$23.4 billion, flat when compared with the prior year.

–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.

•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.

•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.

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.

•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.

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.

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.

•The Firm’snonperforming assets totaled $10.6 billion at September 30, 2025, up 23%, driven by:

–higher wholesale nonaccrual loans, reflecting downgrades in certain industries, and

–higher consumer nonaccrual loans, predominantly due to the impact of the wildfires in California in January 2025, as well as higher loans at fair value in CIB.

Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 66-74 and pages 61-65, respectively, for additional information.

•Firmwide average loans of $1.4 trillion were up 7%, predominantly driven by higher loans in CIB and AWM.

•Firmwide average deposits of $2.5 trillion were up 6%, reflecting:

–net inflows related to client-driven activities in Payments and Securities Services,

–growth in both new accounts and balances in existing accounts in AWM, and

–new accounts in CCB.

Refer to Liquidity Risk Management on pages 51-58 for additional information.

Selected capital and other metrics

•CET1 capital was $287 billion, and the Standardized and Advanced CET1 ratios were 14.8% and 14.9%, respectively.

•SLR was 5.8%.

•TBVPS grew 10%, ending the third quarter of 2025 at $105.70.

•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.

Business segment highlights

Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the third quarter of 2025.

(a)Excludes Commercial Card.

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

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

(d)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.

Refer to the Business Segment & Corporate Results on pages 20-42 for a detailed discussion of results by business segment.

Credit provided and capital raised

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:

(a)Includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.

(b)Includes states, municipalities, hospitals and universities.

Recent events

•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.

•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.

Outlook

These current expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs and expectations of JPMorganChase’s management, speak only as of the date of this Form 10-Q, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 91 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 10–37 of the 2024 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in 2025 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.

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.

Fourth quarter 2025

•Management expects net interest income to be approximately $25 billion and net interest income excluding Markets to be approximately $23.5 billion, market dependent.

•Management expects adjusted expense to be approximately $24.5 billion, market dependent.

Full year 2025

•Management expects the net charge-off rate in Card Services to be approximately 3.3%.

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.