JPMORGAN CHASE & CO
For the period ended Mar 31, 2026. Filed May 1, 2026.
View on SEC.govAbout 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.
Mar 31, 2026 · Filed May 1, 2026
JPM$334.49-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001628280-25-048859
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsIntroductionExecutive OverviewConsolidated Results of OperationsConsolidated Balance Sheets and Cash Flows AnalysisExplanation and Reconciliation of the Firm’s Use of Non-GAAP Financial MeasuresBusiness Segment & Corporate ResultsFirmwide Risk ManagementCapital Risk ManagementLiquidity Risk ManagementConsumer Credit PortfolioWholesale Credit PortfolioAllowance for Credit LossesInvestment Portfolio Risk ManagementMarket Risk ManagementCountry Risk ManagementCritical Accounting Estimates Used by the FirmAccounting and Reporting DevelopmentsForward-Looking StatementsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001628280-26-029344
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsIntroductionExecutive OverviewConsolidated Results of OperationsConsolidated Balance Sheets and Cash Flows AnalysisExplanation and Reconciliation of the Firm’s Use of Non-GAAP Financial MeasuresBusiness Segment & Corporate ResultsFirmwide Risk ManagementCapital Risk ManagementLiquidity Risk ManagementConsumer Credit PortfolioWholesale Credit PortfolioAllowance for Credit LossesInvestment Portfolio Risk ManagementMarket Risk ManagementCountry Risk ManagementCritical Accounting Estimates Used by the FirmAccounting and Reporting DevelopmentsForward-Looking StatementsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 944 previous paragraphs and 804 current paragraphs.
432 unchanged; 263 reworded; 101 added; 204 removed; 45 previous and 8 current paragraphs rearranged.
Tables are not compared: 97 previous and 92 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (101)
Current report
(a)At March 31, 2026, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios. Refer to Capital Risk Management on pages 33-40 of this Form 10-Q and pages 89–99 of JPMorganChase’s 2025 Form 10-K for additional information.
Current report
•Total net revenue was $49.8 billion, up 10%, reflecting:
Current report
•Theprovision for credit losses was $2.5 billion. Net charge-offs were $2.3 billion, down $16 million. The net addition to the allowance for credit losses was $191 million, which included a net addition of $327 million in wholesale and a net reduction of $139 million in consumer.
Current report
In the prior year, the provision was $3.3 billion, net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $973 million.
Current report
Refer to Consumer Credit Portfolio and Wholesale Credit Portfolio on pages 50-53 and pages 54-62, respectively, for additional information.
Current report
•Firmwide average depositsof $2.6 trillion were up 7%, reflecting:
Current report
–growth in new accounts related to the Firm's international consumer initiatives, and
Current report
Refer to Liquidity Risk Management on pages 41-47 for additional information.
Current report
•TBVPS grew 8%, ending the first quarter of 2026 at $108.87.
Current report
Refer to Capital Risk Management and Liquidity Risk Management on pages 33-40 and pages 41-47, respectively, for additional information.
Current report
The Firm provided the following outlook information on April 14, 2026 in connection with announcing its results for the quarter ended March 31, 2026:
Current report
•higher advisory fees largely driven by higher fees from deals in the Diversified Industries and Natural Resource Group sectors, and
Current report
•higher equity underwriting fees predominantly driven by higher revenue across all products,
Current report
•lower debt underwriting fees largely driven by lower non-investment grade loans.
Current report
Refer to CCB and CIB segment results on pages 19-21 and pages 22-26, respectively, and Note 5 for additional information.
Current report
Investment securities was a net gain compared with a net loss in the prior year; these results were associated with repositioning the investment securities portfolio in Treasury and CIO. Refer to Corporate results on pages 30-31 and Note 9 for additional information.
Current report
Mortgage fees and related income: refer to Note 14 for additional information.
Current report
•lower First Republic-related revenue primarily driven by the absence of the $588 million gain recorded in the prior year in Corporate,
Current report
The provision for credit losses was $2.5 billion. Net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $191 million.
Current report
In the prior year, the provision was $3.3 billion, net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $973 million.
Current report
Compensation expense increased predominantly driven by:
Current report
•higher revenue-related compensation across the LOBs, and
Current report
•higher FDIC-related expense as the prior year included an FDIC special assessment accrual release of $323 million in Corporate,
Current report
•higher occupancy expense, reflecting net additions and improvements to the Firm’s properties, including its new headquarters, bank branches and other corporate offices.
Current report
Investment securities increased due to:
Current report
Loans increased, driven by:
Current report
•a reduction in Card Services due to the impact of seasonality.
Current report
•$292 million inwholesale, largely driven by changes in the credit quality of certain exposures, and
Current report
•a net reduction of $129 million inconsumer, predominantly driven by improvements in home prices.
Current report
Premises and equipment: refer to Note 16 for additional information.
Current report
Deposits increased, reflecting:
Current report
•an increase in CCB predominantly driven by growth in new accounts, and
Current report
Stockholders’ equity increased, reflecting:
Current report
•higher net unrealized losses in AOCI in Treasury and CIO, driven by the impact of higher interest rates on AFS securities and cash flow hedges, and widening spreads on AFS securities.
Current report
Refer to pages 65–68 of JPMorganChase's 2025 Form 10-K and Line of Business Metrics on page 177 for a discussion of the business profile of CCB.
Current report
(b)Included compensation expense recorded in and allocated from Corporate of $814 million and $789 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.
Current report
(e)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.
Current report
Net revenue was $19.6 billion, up 7%.
Showing the first 40 of 101 passages. Open the source sections for the rest.
Removed paragraphs (204)
Previous report
(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.
Previous report
(b)Reflects the Firm’s ratios under the Standardized approach. Refer to Capital Risk Management on pages 44-50 for additional information.
Previous report
•Total net revenue was $46.4 billion, up 9%, reflecting:
Previous report
$23.4 billion, flat when compared with the prior year.
Previous report
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.
Previous report
Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 66-74 and pages 61-65, respectively, for additional information.
Previous report
•Firmwide average deposits of $2.5 trillion were up 6%, reflecting:
Previous report
Refer to Liquidity Risk Management on pages 51-58 for additional information.
Previous report
•TBVPS grew 10%, ending the third quarter of 2025 at $105.70.
Previous report
(b)Users of all mobile platforms who have logged in within the past 90 days.
Previous report
(c)On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.
Previous report
•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.
Previous report
•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.
Previous report
(b)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.
Previous report
•higher equity underwriting fees predominantly due to higher revenue from IPOs and private placements,
Previous report
•higher debt underwriting fees predominantly driven by higher deal flow activity, including refinancings, and
Previous report
•higher advisory fees benefiting from the closing of a higher number of large transactions.
Previous report
Refer to CCB and CIB segment results on pages 22-26 and pages 27-34, respectively, and Note 5 for additional information.
Previous report
Investment securities increased, reflecting a net gain 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 Corporate results on pages 40-42 and Note 9 for additional information.
Previous report
Other income increased, reflecting:
Previous report
•lower losses related to certain equity investments in CIB.
Previous report
Refer to CCB and CIB results on pages 22-26 and pages 27-34, respectively, for additional information.
Previous report
•higher debt underwriting fees predominantly driven by several large deals,
Previous report
•higher advisory fees predominantly benefiting from the closing of a higher number of large transactions, and
Previous report
•higher equity underwriting fees predominantly due to higher revenue from follow-on offerings and IPOs.
Previous report
The increase in CIB was partially offset by lower revenue in Treasury and CIO.
Previous report
Refer to Corporate results on pages 40-42 for additional information.
Previous report
•in CIB, a reduction in client credits applied to deposit-related fees, as well as higher cash management fees in Payments as a result of higher volume, and
Previous report
•in CCB, higher deposit-related fees as a result of new accounts and higher transaction volume.
Previous report
Asset management fees increased driven by net inflows in AWM and, to a lesser extent, in CCB, and higher average market levels in AWM and CCB.
Previous report
Commissions and other fees increased predominantly in CIB and AWM, largely due to higher brokerage commissions and fees on higher volume and, to a lesser extent, higher custody fees as a result of higher client activity and market levels.
Previous report
Investment securities increased, reflecting a net gain 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.
Previous report
•lower income in CCB, reflecting an increase in amortization related to new account origination costs, as well as lower net interchange income, 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, and
Previous report
•higher card revenue in CIB Payments as a result of higher volume.
Previous report
•the absence in Corporate of several items recorded in the prior year, particularly the $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024,
Previous report
•lower losses related to certain equity investments in CIB.
Previous report
Net interest income increased driven by higher Markets net interest income, higher revolving balances in Card Services, higher wholesale deposit balances, and the impact of investment securities activity including from prior quarters. These factors were largely offset by the impact of lower rates and deposit margin compression.
Previous report
The provision for credit losses was $3.4 billion. Net charge-offs were $2.6 billion and the net addition to the allowance for credit losses was $810 million.
Showing the first 40 of 204 passages. Open the source sections for the rest.
Reworded paragraphs (263)
Previous wording
The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) for the third quarter of 2025.
Current wording
The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) for the first quarter of 2026.
Previous wording
This Quarterly Report on Form 10-Q for the third quarter of 2025 (“Form 10-Q”) should be read together with JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 194-202 for definitions of terms and acronyms used throughout this Form 10-Q.
Current wording
This Quarterly Report on Form 10-Q for the first quarter of 2026 (“Form 10-Q”) should be read together with JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 170-178 for definitions of terms and acronyms used throughout this Form 10-Q.
Previous wording
This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These 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 discussion of certain of those risks and uncertainties and the factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.
Current wording
This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These 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 79 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9–31 of the 2025 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.
Previous wording
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.6 trillion in assets and $360.2 billion in stockholders’ equity as of September 30, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.
Current wording
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.9 trillion in assets and $364.0 billion in stockholders’ equity as of March 31, 2026. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.
Previous wording
For management reporting purposes, the Firm has three reportable business segments – Consumer & Community Banking (“CCB”), Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) – with the remaining activities in Corporate. The Firm's consumer business segment is CCB, and the Firm's wholesale business segments are CIB and AWM. Refer to Business Segment & Corporate Results on pages 20-42 and Note 25 of this Form 10-Q, and Note 32 of JPMorganChase's 2024 Form 10-K, for a description of the Firm’s reportable business segments and the products and services they provide to their respective client bases, as well as a description of Corporate activities.
Current wording
For management reporting purposes, the Firm has three reportable business segments – Consumer & Community Banking (“CCB”), Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) – with the remaining activities in Corporate. The Firm's consumer business segment is CCB, and the Firm's wholesale business segments are CIB and AWM. Refer to Business Segment & Corporate Results on pages 17-31 and Note 25 of this Form 10-Q, and Note 32 of JPMorganChase's 2025 Form 10-K, for a description of the Firm’s reportable business segments and the products and services they provide to their respective client bases, as well as a description of Corporate activities.
Previous wording
(c)NII and NIR refer to net interest income and noninterest revenue, respectively.
Current wording
(b)NII and NIR refer to net interest income and noninterest revenue, respectively.
Previous wording
(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.
Current wording
(c)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.
Previous wording
Comparisons noted in the sections below are for the third quarter of 2025 versus the third quarter of 2024, unless otherwise specified.
Current wording
Comparisons noted in the sections below are for the first quarter of 2026 versus the first quarter of 2025, unless otherwise specified.
Previous wording
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%.
Current wording
For the first quarter of 2026, JPMorganChase reported net income of $16.5 billion, up 13%, with earnings per share of $5.94, ROE of 19% and ROTCE of 23%.
Previous wording
–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
Current wording
–Net interest income ("NII") was $25.4 billion, up 9%, driven by higher Markets net interest income, higher deposit balances, and higher revolving balances in Card Services, partially offset by the impact of lower rates. NII excluding Markets was $23.3 billion, up 3%.
Previous wording
–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.
Current wording
–Noninterest revenue ("NIR") was $24.5 billion, up 11%, driven by higher asset management fees in AWM and CCB, higher investment banking fees, higher Markets noninterest revenue, higher auto operating lease income, and higher Payments fees. These increases were partially offset by the absence of the $588 million First Republic-related gain recorded in the prior year.
Previous wording
•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.
Current wording
•Noninterest expense was $26.9 billion, up 14%, 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, continued investments in marketing, and higher auto lease depreciation. The increase also reflected the absence of an FDIC special assessment accrual release recorded in the prior year.
Previous wording
•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.
Current wording
•The total allowance for credit losses was $31.4 billion at March 31, 2026. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.82%, compared with 1.94% in the prior year.
Previous wording
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.
Current wording
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-11 and pages 12-13, respectively, for a further discussion of the Firm's results, including the provision for credit losses.
Previous wording
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.
Current wording
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 15-16 for a further discussion of each of these measures.
Previous wording
•The Firm’snonperforming assets totaled $10.6 billion at September 30, 2025, up 23%, driven by:
Current wording
•The Firm’snonperforming assets totaled $10.0 billion at March 31, 2026, up 10%, driven by:
Previous wording
–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.
Current wording
–higher consumer nonaccrual loans, predominantly due to the impact of the wildfires in California in January 2025, which resulted in forbearance activities starting in the second quarter of 2025, as well as higher loans at fair value in CIB, and
Previous wording
–higher wholesale nonaccrual loans, reflecting downgrades in certain industries, and
Current wording
–higher wholesale nonaccrual loans, reflecting net downgrades, predominantly offset by net portfolio activity.
Previous wording
•Firmwide average loans of $1.4 trillion were up 7%, predominantly driven by higher loans in CIB and AWM.
Current wording
•Firmwide average loans of $1.5 trillion were up 11%, predominantly driven by higher loans in CIB and AWM.
Previous wording
–growth in both new accounts and balances in existing accounts in AWM, and
Current wording
–growth in both new accounts and balances in existing accounts in AWM.
Previous wording
•CET1 capital was $287 billion, and the Standardized and Advanced CET1 ratios were 14.8% and 14.9%, respectively.
Current wording
•CET1 capital was $291 billion, and the Standardized and Advanced CET1 ratios were 14.3% and 14.1%, respectively.
Previous wording
•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.
Current wording
•As of March 31, 2026, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $941 billion and unencumbered marketable securities with a fair value of approximately $565 billion, resulting in approximately $1.5 trillion of liquidity sources.
Previous wording
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the third quarter of 2025.
Current wording
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the first quarter of 2026.
Previous wording
(d)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.
Current wording
(b)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.
Previous wording
Refer to the Business Segment & Corporate Results on pages 20-42 for a detailed discussion of results by business segment.
Current wording
Refer to the Business Segment & Corporate Results on pages 17-31 for a detailed discussion of results by business segment.
Previous wording
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:
Current wording
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 three months of 2026, consisting of approximately:
Previous wording
Refer to Note 5 for additional information on the First Republic-related gain.
Current wording
•On April 13, 2026, Visa commenced an exchange offer expiring on May 8, 2026 for any and all outstanding shares of Visa Class B-1 common stock ("Visa B-1 shares") and Visa Class B-2 common stock ("Visa B-2 shares"). Holders participating in the exchange offer would receive a combination of Visa Class B-3 common stock ("Visa B-3 shares") and Visa Class C common stock ("Visa C shares") in exchange for Visa B-1 shares or Visa B-2 shares that are validly tendered and accepted for exchange by Visa. The Firm has tendered its 18.6 million Visa B-2 shares, and that tender is pending Visa’s acceptance. Upon acceptance by Visa of the Firm’s tender, the Visa C shares received by the Firm would be recognized at fair value, which is expected to result in a gain that may be recorded as early as the second quarter of 2026. Refer to Note 2 for additional information.
Previous wording
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.
Current wording
The statements set forth below are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the beliefs and expectations of JPMorganChase’s management, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 79 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9–31 of the 2025 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 2026 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.
Previous wording
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.
Current wording
JPMorganChase’s outlook for full year 2026 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.
Previous wording
•Management expects net interest income to be approximately $25 billion and net interest income excluding Markets to be approximately $23.5 billion, market dependent.
Current wording
•Management expects net interest income to be approximately $103 billion and net interest income excluding Markets to be approximately $95 billion, market dependent.
Previous wording
•Management expects adjusted expense to be approximately $24.5 billion, market dependent.
Current wording
•Management expects adjusted expense to be approximately $105 billion, market dependent.
Previous wording
•Management expects the net charge-off rate in Card Services to be approximately 3.3%.
Current wording
•Management expects the net charge-off rate in Card Services to be approximately 3.4%.
Previous wording
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.
Current wording
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 15-16.
Previous wording
This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three and nine months ended September 30, 2025 and 2024, unless otherwise specified. Factors that relate primarily to a single business segment or Corporate are discussed in more detail in the results of that segment or Corporate. Refer to pages 87-89 of this Form 10-Q and pages 161–164 of JPMorganChase’s 2024 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
Current wording
This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three months ended March 31, 2026 and 2025, unless otherwise specified. Factors that relate primarily to a single business segment or Corporate are discussed in more detail in the results of that segment or Corporate. Refer to pages 75-77 of this Form 10-Q and pages 154–157 of JPMorganChase’s 2025 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
Previous wording
(a)Included operating lease income of $990 million and $706 million for the three months ended September 30, 2025 and 2024, respectively, and $2.7 billion and $2.1 billion for the nine months ended September 30, 2025 and 2024, respectively. Refer to Note 5 for additional information.
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(a)Included operating lease income of $1.2 billion and $829 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 5 for additional information.
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Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
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Refer to CIB segment results on pages 22-26 and Note 5 for additional information.
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Principal transactions revenue increased, reflecting in CIB:
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Principal transactions revenue increased, reflecting the net impact in CIB of:
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•higher Fixed Income Markets revenue primarily driven by higher revenue in Rates and Commodities, largely offset by lower revenue in Securitized Products, Fixed Income Financing and Currencies & Emerging Markets, and
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•higher Fixed Income Markets revenue driven by higher revenue in Commodities and Credit, largely offset by lower revenue in Securitized Products and Rates, and
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•higher Equity Markets revenue, particularly in Prime Finance.
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•lower Equity Markets revenue, particularly in Equity Derivatives, predominantly offset by higher revenue in Prime Finance.
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Refer to CIB segment results on pages 22-26 and Note 5 for additional information.
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•higher wholesale loans in CIB due to higher client demand, and
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Refer to Consolidated statements of changes in stockholders’ equity on page 83, Capital Actions on page 38, and Note 19 for additional information.
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•an increase in CIB predominantly due to net inflows related to client-driven activities in Payments and Securities Services,
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Firm’s demand for financing, the ongoing management of the mix of the Firm’s liabilities, including with respect to liquidity and capital considerations, as well as other market and portfolio factors.
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exposure that could arise should the fair value of the client’s derivative contracts move in the Firm’s favor. Refer to Note 4 for additional information on the Firm’s use of collateral agreements for derivative transactions.
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(d)In the first quarter of 2025, the elevated average and maximum VaR was due to a client-driven equity position that has since matured.
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disruption, including in the interest rate environment;
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•higher Fixed Income Markets revenue primarily driven by higher revenue in Rates, partially offset by lower revenue in Securitized Products, and
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Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
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•higher auto operating lease income in CCB due to growth in volume, and
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Investment banking fees increased, reflecting in CIB:
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Principal transactions revenue increased, reflecting in CIB:
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•higher Equity Markets revenue, particularly in Equity Derivatives.
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Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.
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Lending- and deposit-related fees increased, reflecting:
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Card income decreased driven by the net impact of:
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Refer to CIB segment results on pages 27-34 for additional information.
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•the $588 million First Republic-related gain recorded in the first quarter of 2025, and
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The Firm’s average interest-earning assets were $3.8 trillion, up $278 billion, and the yield was 5.09%, down 47 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.49%, a decrease of 15 bps. The net yield excluding Markets was 3.74%, down 11 bps.
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The provision for credit losses included:
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•growth in the number of employees, primarily front office and technology, and
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•higher brokerage expense in CIB and higher distribution fees in AWM,
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•higher depreciation expense on higher auto operating lease assets in CCB,
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•higher investments in marketing in CCB and in technology across the segments, as well as
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•higher tax benefits related to the vesting of employee share-based awards, and
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Deposits increased, reflecting the net impact of:
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Short-term borrowings increased driven by higher financing requirements in Markets.
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Noninterest revenue was $4.6 billion, up 10%, driven by:
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•higher noncompensation expense, predominantly driven by higher auto lease depreciation on higher auto operating lease assets, and continued investments in marketing, as well as
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•higher Card Services NII, predominantly driven by higher revolving balances, and
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•higher auto operating lease income as a result of growth in volume, and
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•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,
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•higher compensation expense, predominantly for bankers and advisors, and employees in technology.
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•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.
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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.
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Refer to Note 5 for additional information on lending related fees.
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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.
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Revenue from Global Private Bank was $9.3 billion, up 9%, driven by:
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•higher net interest income, driven by higher average loans and deposits, partially offset by narrower spreads on loans.
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•higher compensation, primarily higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees,
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Refer to pages 88–90 of JPMorganChase’s 2024 Form 10-K for a discussion of Corporate.
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•the $588 million First Republic-related gain recorded in the first quarter of 2025.
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•higher tax benefits related to the vesting of employee share-based awards.
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Refer to page 47 of this Form 10-Q and page 104 of JPMorganChase's 2024 Form 10-K for additional information on SLR.
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public comment prior to implementation. Based on the Federal Reserve’s analysis, the proposed changes to the stress test models and scenarios are not expected to materially change the SCB for firms, such as JPMorganChase, that are subject to the supervisory stress test.
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(c)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.
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Refer to page 44 for Key Regulatory Developments related to proposed changes to the SCB requirement.
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