JPMORGAN CHASE & CO
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 13, 2026
JPM$342.07-0.0%Stored close · as of Nov 10, 2026
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Item 15. Exhibits, Financial Statement Schedules
| 1 | Financial statements |
| The Consolidated Financial Statements, the Notes thereto and the report of the Independent Registered Public Accounting Firm thereon listed in Item 8 are set forth commencing on page 162. | |
| 2 | Financial statement schedules |
| 3 | Exhibits |
| 3.1 | Restated Certificate of Incorporation of JPMorgan Chase & Co., effective September 16, 2025 (incorporated by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q of JPMorgan Chase & Co. (File No. 1-5805) for the quarter ended September 30, 2025). |
| 3.2 | Certificate of Designations for Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series CC (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed October 20, 2017). |
| 3.3 | Certificate of Designations for 5.75% Non-Cumulative Preferred Stock, Series DD (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed September 21, 2018). |
| 3.4 | Certificate of Designations for 6.00% Non-Cumulative Preferred Stock, Series EE (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed January 24, 2019). |
| 3.5 | Certificate of Designations for 4.75% Non-Cumulative Preferred Stock, Series GG (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed November 7, 2019). |
| 3.6 | Certificate of Designations for Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series II (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed February 24, 2020). |
| 3.7 | Certificate of Designations for 4.55% Non-Cumulative Preferred Stock, Series JJ (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed March 17, 2021). |
| 3.8 | Certificate of Designations for 3.65% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series KK (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed May 12, 2021). |
| 3.9 | Certificate of Designations for 4.625% Non-Cumulative Preferred Stock, Series LL (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed May 20, 2021). |
| 3.10 | Certificate of Designations for 4.20% Non-Cumulative Preferred Stock, Series MM (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed July 29, 2021). |
| 3.11 | Certificate of Designations for 6.875% Non-Cumulative Preferred Stock, Series NN (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File 1-5805) filed March 12, 2024). |
| 3.12 | Certificate of Designations for 6.500% Non-Cumulative Preferred Stock, Series OO (incorporated by reference to Exhibit 3.1 to the Current Report on From 8-K of JPMorgan Chase & Co. (File 1-5808) filed February 4, 2025). |
| 3.13 | By-laws of JPMorgan Chase & Co., as amended, effective September 12, 2025 (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed September 12, 2025). |
| 4.1(a) | Indenture, dated as of October 21, 2010, between JPMorgan Chase & Co. and Deutsche Bank Trust Company Americas, as Trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No.1-5805) filed October 21, 2010). |
| 4.1(b) | First Supplemental Indenture, dated as of January 13, 2017, between JPMorgan Chase & Co. and Deutsche Bank Trust Company Americas, as Trustee, to the Indenture, dated as of October 21, 2010 (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed January 13, 2017). |
Part IV
| 4.2(a) | Subordinated Indenture, dated as of March 14, 2014, between JPMorgan Chase & Co. and U.S. Bank Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No.1-5805) filed March 14, 2014). |
| 4.2(b) | First Supplemental Indenture, dated as of January 13, 2017, between JPMorgan Chase & Co. and U.S. Bank Trust National Association, as Trustee, to the Subordinated Indenture, dated as of March 14, 2014 (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed January 13, 2017). |
| 4.3(a) | Indenture, dated as of May 25, 2001, between JPMorgan Chase & Co. and Bankers Trust Company (succeeded by Deutsche Bank Trust Company Americas), as Trustee (incorporated by reference to Exhibit 4(a)(1) to the Registration Statement on Form S-3 of JPMorgan Chase & Co. (File No. 333-52826) filed June 13, 2001). |
| 4.3(b) | Sixth Supplemental Indenture, dated as of January 13, 2017, between JPMorgan Chase & Co. and Bankers Trust Company (succeeded by Deutsche Bank Trust Company Americas), as Trustee, to the Indenture, dated as of May 25, 2001 (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed January 13, 2017). |
| 4.4 | Indenture, dated as of February 19, 2016, among JPMorgan Chase Financial Company LLC, JPMorgan Chase & Co. and Deutsche Bank Trust Company Americas, as Trustee (incorporated by reference to Exhibit 4(a)(7) to the Registration Statement on Form S-3 of JPMorgan Chase & Co. and JPMorgan Chase Financial Company LLC (File No. 333-209682) filed February 24, 2016). |
| 4.5 | Form of Deposit Agreement (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form S-3 of JPMorgan Chase & Co. (File No. 333-191692) filed October 11, 2013). |
| 4.6 | Description of Securities of JPMorgan Chase & Co. registered pursuant to Section 12 of the Securities Exchange Act of 1934. (b) |
| Other instruments defining the rights of holders of long-term debt securities of JPMorgan Chase & Co. and its subsidiaries are omitted pursuant to Section (b)(4)(iii)(A) of Item 601 of Regulation S-K. JPMorgan Chase & Co. agrees to furnish copies of these instruments to the SEC upon request. | |
|---|---|
| 10.1 | Deferred Compensation Plan for Non-Employee Directors of JPMorgan Chase & Co., as amended and restated July 2001 and as of December 31, 2004 (incorporated by reference to Exhibit 10.1 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5805) for the year ended December 31, 2007).(a) |
| 10.2 | 2005 Deferred Compensation Plan for Non-Employee Directors of JPMorgan Chase & Co., as amended and restated effective January 1, 2025(a)(b) |
| 10.3 | 2005 Deferred Compensation Program of JPMorgan Chase & Co., restated effective as of December 31, 2008 (incorporated by reference to Exhibit 10.4 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5805) for the year ended December 31, 2008).(a) |
| 10.4 | JPMorgan Chase & Co. Amended and Restated Long-Term Incentive Plan, effective May 21, 2024 (incorporated by reference to the Appendix of the Schedule 14A of JPMorgan Chase & Co. (File No. 1-5805) filed April 8, 2024).(a) |
| 10.5 | Key Executive Performance Plan of JPMorgan Chase & Co., as amended and restated effective January 1, 2014 (incorporated by reference to Appendix G of the Schedule 14A of JPMorgan Chase & Co. (File No. 1-5805) filed April 10, 2013).(a) |
| 10.6 | Excess Retirement Plan of JPMorgan Chase & Co., restated and amended as of December 31, 2008, as amended (incorporated by reference to Exhibit 10.7 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5805) for the year ended December 31, 2009).(a) |
| 10.7 | Executive Retirement Plan of JPMorgan Chase & Co., as amended and restated December 31, 2008 (incorporated by reference to Exhibit 10.9 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5805) for the year ended December 31, 2008).(a) |
| 10.8 | Bank One Corporation Supplemental Savings and Investment Plan, as amended and restated effective December 31, 2008 (incorporated by reference to Exhibit 10.13 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5805) for the year ended December 31, 2008).(a) |
| 10.9 | Forms of JPMorgan Chase & Co. Long-Term Incentive Plan Terms and Conditions for restricted stock units and performance share unit awards for Operating Committee members (U.S. and U.K.), dated as of January 21, 2020 (incorporated by reference to Exhibit 10.18 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5805) for the year ended December 31, 2019).(a) |
| 10.10 | Forms of JPMorgan Chase & Co. Long-Term Incentive Plan Terms and Conditions for restricted stock units and performance share unit awards for Operating Committee members (U.S. and U.K.), dated as of January 19, 2021(incorporated by reference to Exhibit 10.17 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5805) for the year ended December 31, 2020).(a) |
| 10.11 | Form of JPMorgan Chase & Co. Long-Term Incentive Plan Terms and Conditions for stock appreciation rights for Chairman/Chief Executive Officer, dated July 20, 2021 (incorporated by reference to Exhibit 99 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed July 20, 2021).(a) |
| 10.12 | Form of JPMorgan Chase & Co. Long-Term Incentive Plan Terms and Conditions for stock appreciation rights for President and Chief Operating Officer, dated December 14, 2021 (incorporated by reference to Exhibit 99 to the Current Report on Form 8-K of JPMorgan Chase & Co. (File No. 1-5805) filed December 15, 2021).(a) |
| 10.13 | Forms of JPMorgan Chase & Co. Long-Term Incentive Plan Terms and Conditions for restricted stock units and performance share unit awards for Operating Committee members (U.S. and U.K.), dated as of January 18, 2022 (incorporated by reference to Exhibit 10.20 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5808) for the year ended December 31, 2021).(a) |
| 10.14 | Forms of JPMorgan Chase & Co. Long-Term Incentive Plan Terms and Conditions for restricted stock units and performance share unit awards for Operating Committee members (U.S. and U.K.), dated as of January 17, 2023 (incorporated by reference to Exhibit 10.18 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5808) for the year ended December 31, 2022).(a) |
| 10.15 | Forms of JPMorgan Chase & Co. Long-Term Incentive Plan Terms and Conditions for restricted stock units and performance share unit awards for Operating Committee members (U.S. and U.K.), dated as of January 16, 2024 (incorporated by reference to Exhibit 10.19 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5808) for the year ended December 31, 2023).(a) |
| 10.16 | Forms of JPMorgan Chase & Co. Long-Term Incentive Plan Terms and Conditions for restricted stock units and performance share unit awards for Operating Committee members (U.S. and U.K.), dated as of January 21, 2025 (incorporated by reference to Exhibit 10.19 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5808) for the year ended December 31, 2024.(a) |
| 10.17 | Forms of JPMorgan Chase & Co. Long-Term Incentive Plan Terms and Conditions for restricted stock units and performance share unit awards for Operating Committee members, dated as of January 20, 2026.(a)(b) |
| 10.18 | Employee Stock Purchase Plan of JPMorgan Chase & Co., as amended and restated effective as of January 1, 2019 (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of JPMorgan Chase & Co. (File No. 1-5805) for the quarter ended September 30, 2019). |
| 10.19 | Form of JPMorgan Chase & Co. Performance-Based Incentive Compensation Plan, effective as of January 1, 2021, as amended (incorporated by reference to Exhibit 10.23 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5808) for the year ended December 31, 2021).(a) |
| 19 | Insider Trading Policy - Firmwide, effective February 12, 2026.(b) |
| 21 | List of subsidiaries of JPMorgan Chase & Co.(b) |
| 22.1 | Annual Report on Form 11-K of The JPMorgan Chase 401(k) Savings Plan for the year ended December 31, 2024 (to be filed pursuant to Rule 15d-21 under the Securities Exchange Act of 1934). |
| 22.2 | Subsidiary Guarantors and Issuers of Guaranteed Securities.(b) |
| 23 | Consent of independent registered public accounting firm.(b) |
| 31.1 | Certification.(b) |
| 31.2 | Certification.(b) |
| 32 | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(c) |
| 97 | Recovery of Erroneously Awarded Incentive-Based Compensation Policy - Firmwide, effective October 10, 2025.(b) |
| 101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.(d) |
| 101.SCH | XBRL Taxonomy Extension Schema Document.(b) |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document.(b) |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document.(b) |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document.(b) |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document.(b) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). |
(a) This exhibit is a management contract or compensatory plan or arrangement.
(b) Filed herewith.
(c) Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
(d) Pursuant to Rule 405 of Regulation S-T, includes the following financial information included in the Firm’s Form 10-K for the year ended December 31, 2025, formatted in XBRL (eXtensible Business Reporting Language) interactive data files: (i) the Consolidated statements of income for the years ended December 31, 2025, 2024 and 2023, (ii) the Consolidated statements of comprehensive income for the years ended December 31, 2025, 2024 and 2023, (iii) the Consolidated balance sheets as of December 31, 2025 and 2024, (iv) the Consolidated statements of changes in stockholders’ equity for the years ended December 31, 2025, 2024 and 2023, (v) the Consolidated statements of cash flows for the years ended December 31, 2025, 2024 and 2023, and (vi) the Notes to Consolidated Financial Statements.
Table of contents
| Financial: | Page |
|---|---|
| Three-Year Summary of Consolidated Financial Highlights | 44 |
| Five-Year Stock Performance | 45 |
| Management’s discussion and analysis: | |
| Introduction | 46 |
| Executive Overview | 47 |
| Consolidated Results of Operations | 51 |
| Consolidated Balance Sheets and Cash Flows Analysis | 55 |
| Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures | 59 |
| Business Segment & Corporate Results | 62 |
| Firmwide Risk Management | 83 |
| Strategic Risk Management | 88 |
| Capital Risk Management | 89 |
| Liquidity Risk Management | 100 |
| Reputation Risk Management | 108 |
| Credit and Investment Risk Management | 109 |
| Credit Portfolio | 111 |
| Consumer Credit Portfolio | 112 |
| Wholesale Credit Portfolio | 118 |
| Allowance for Credit Losses | 129 |
| Investment Portfolio Risk Management | 132 |
| Market Risk Management | 133 |
| Country Risk Management | 143 |
| Climate Risk Management | 145 |
| Operational Risk Management | 146 |
| Critical Accounting Estimates Used by the Firm | 154 |
| Accounting and Reporting Developments | 158 |
| Forward-Looking Statements | 160 |
| Audited financial statements: | |
| Management’s Report on Internal Control Over Financial Reporting | 161 |
| Report of Independent Registered Public Accounting Firm | 162 |
| Consolidated Financial Statements | 165 |
| Notes to consolidated financial statements: | Page |
|---|---|
| Note 1 - Basis of presentation | 170 |
| Note 2 - Fair value measurement | 174 |
| Note 3 - Fair value option | 196 |
| Note 4 - Credit risk concentrations | 200 |
| Note 5 - Derivative instruments | 202 |
| Note 6 - Noninterest revenue and noninterest expense | 218 |
| Note 7 - Interest income and interest expense | 222 |
| Note 8 - Pension and other postretirement employee benefit plans | 223 |
| Note 9 - Employee share-based incentives | 226 |
| Note 10 - Investment securities | 228 |
| Note 11 - Securities financing activities | 233 |
| Note 12 - Loans | 236 |
| Note 13 - Allowance for credit losses | 258 |
| Note 14 - Variable interest entities | 263 |
| Note 15 - Goodwill, mortgage servicing rights, and other intangible assets | 272 |
| Note 16 - Premises and equipment | 277 |
| Note 17 - Deposits | 277 |
| Note 18 - Leases | 278 |
| Note 19 - Accounts payable and other liabilities | 280 |
| Note 20 - Long-term debt | 281 |
| Note 21 - Preferred stock | 283 |
| Note 22 - Common stock | 285 |
| Note 23 - Earnings per share | 286 |
| Note 24 - Accumulated other comprehensive income/(loss) | 287 |
| Note 25 - Income taxes | 288 |
| Note 26 - Restricted cash, other restricted assets and intercompany funds transfers | 292 |
| Note 27 - Regulatory capital | 293 |
| Note 28 - Off-balance sheet lending-related financial instruments, guarantees, and other commitments | 295 |
| Note 29 - Pledged assets and collateral | 301 |
| Note 30 - Litigation | 302 |
| Note 31 – International operations | 305 |
| Note 32 – Business segments & Corporate | 306 |
| Note 33 – Parent Company | 310 |
| Note 34 – Business combinations | 312 |
| Supplementary Information: | |
| Distribution of assets, liabilities and stockholders’ equity; interest rates and interest differentials | 315 |
| Glossary of Terms and Acronyms | 320 |
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