JPMORGAN CHASE & CO

The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.

The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a definition of managed basis.

Description of business segment reporting methodology

Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.

Revenue sharing

When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.

Funds transfer pricing

Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.

The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.

As a result of lower average interest rates in the current year, the cost of funding for assets and the funding benefit earned for liabilities generally decreased compared with the prior year.

Foreign exchange risk

Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results. Refer to Market Risk Management on pages 67-73 for additional information.

Capital allocation

The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Line of business and Corporate equity on page 37, and page 96 of JPMorganChase’s 2025 Form 10-K for additional information on capital allocation.

Refer to Business Segment & Corporate Results – Description of business segment reporting methodology on pages 62–82 and Note 32 of JPMorganChase’s 2025 Form 10-K for a further discussion of those methodologies.

Segment & Corporate Results – Managed basis

The following tables summarize the Firm’s results by business segments and Corporate for the periods indicated.

Refer to Note 25 for further details on total net revenue and total noninterest expense.

The following sections provide a comparative discussion of the Firm’s results by business segments and Corporate as of or for the three months ended March 31, 2026 and 2025, unless otherwise specified.

CONSUMER & COMMUNITY BANKING

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.

(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $1.2 billion and $824 million for the three months ended March 31, 2026 and 2025, respectively.

(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.

(c)Included depreciation expense on leased assets of $756 million and $499 million for the three months ended March 31, 2026 and 2025, respectively.

(d)Included MSR risk management results of $(15) million and $9 million for the three months ended March 31, 2026 and 2025, respectively.

(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.

Net income was $5.0 billion, up 12%.

Net revenue was $19.6 billion, up 7%.

Net interest income was $14.7 billion, up 4%, reflecting higher Card Services NII, largely driven by higher revolving balances.

Noninterest revenue was $4.8 billion, up 16%, driven by:

•higher auto operating lease income as a result of growth in volume, and

•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 higher transaction volume and new accounts,

•lower card income, reflecting an increase in amortization related to new account origination costs, predominantly offset by higher annual fees. Net interchange was relatively flat as the impact of increased debit and credit card sales volume was offset by higher rewards costs and partner payments.

Refer to Note 5 for additional information on card income, asset management fees and deposit-related fees; and Critical Accounting Estimates on pages 75-77 for additional information on the credit card rewards liability.

Noninterest expense was $11.0 billion, up 11%, reflecting:

•higher noncompensation expense, predominantly driven by continued investments in marketing and technology, higher auto lease depreciation on higher auto operating lease assets and higher legal expense, as well as

•higher compensation expense, predominantly for bankers and advisors, including higher revenue-related compensation.

The provision for credit losses was $2.1 billion. Net charge-offs were $2.2 billion, up $41 million, primarily driven by Card Services. The net reduction in the allowance for credit losses was $145 million, predominantly driven by improvements in home prices.

In the prior year, the provision was $2.6 billion, net charge-offs were $2.2 billion and the net addition to the allowance for credit losses was $475 million.

Refer to Credit and Investment Risk Management on pages 48-66 and Allowance for Credit Losses on pages 63-65 for a further discussion of the credit portfolios and the allowance for credit losses.

(a)At March 31, 2026 and 2025, Home Lending loans held-for-sale and loans at fair value were $11.3 billion and $6.4 billion, respectively.

(b)Average Home Lending loans held-for sale and loans at fair value were $11.8 billion and $7.5 billion for the three months ended March 31, 2026 and 2025, respectively.

(c)Refer to footnote (e) on page 19 for further information concerning the centralization of Risk functions.

(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026 and 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $68 million and $81 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

(b)At March 31, 2026 and 2025, excluded mortgage loans insured by U.S. government agencies of $92 million and $114 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(c)Included $2.2 billion associated with the Apple Card transaction. Refer to Note 13 of the Firm's 2025 Form 10-K for additional information.

(a)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 27-29 for additional information.

(b)Firmwide mortgage origination volume was $16.6 billion and $11.2 billion for the three months ended March 31, 2026 and 2025, respectively.

COMMERCIAL & INVESTMENT BANK

Refer to pages 69–75 of JPMorganChase’s 2025 Form 10-K and Line of Business Metrics on page 177 for a discussion of the business profile of CIB.

(a)Included taxable-equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $646 million and $658 million for the three months ended March 31, 2026 and 2025, respectively.

(b)Included compensation expense recorded in and allocated from Corporate of $1.2 billion for each of the three months ended March 31, 2026 and 2025. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.

(c)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.

(a)Consists primarily of centrally-managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets. Refer to Notes 2, 3 and 19 for additional information.

(a)Refer to Line of Business Metrics on page 177 for a description of each of the client coverage segments.

Net income was $9.0 billion, up 30%.

Net revenue was $23.4 billion, up 19%.

Banking & Payments revenue was $10.4 billion, up 19%.

•Investment Banking revenue was $3.1 billion, up 38%. Investment Banking fees were up 28%, driven by higher advisory and equity underwriting fees, partially offset by lower debt underwriting fees. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.

–Advisory fees were $1.3 billion, up 82%, largely driven by higher fees from deals in the Diversified Industries and Natural Resource Group sectors.

–Equity underwriting fees were $472 million, up 46%, predominantly driven by higher revenue across all products.

–Debt underwriting fees were $1.1 billion, down 7%, largely driven by lower non-investment grade loans.

•Payments revenue was $5.1 billion, up 12%, predominantly driven by higher average deposits and fee growth.

•Lending revenue was $2.2 billion, up 13%, largely driven by fair value gains on credit protection purchased against certain retained loans and lending-related commitments, compared to losses in the prior year, and higher loan balances.

Markets & Securities Services revenue was $13.0 billion, up 19%. Markets revenue was $11.6 billion, up 20%.

•Fixed Income Markets revenue was $7.1 billion, up 21%, driven by higher revenue on strong client activity in Commodities, Credit and Currencies & Emerging Markets, as well as strong results in Securitized Products, partially offset by lower revenue in Rates.

•Equity Markets revenue was $4.5 billion, up 17%, predominantly due to increased client activity.

•Securities Services revenue was $1.5 billion, up 18%, predominantly driven by fee growth on higher market levels and client activity, as well as higher average deposits.

•Credit Adjustments & Other was a loss of $104 million, compared with a loss of $20 million in the prior year.

Noninterest expense was $11.1 billion, up 13%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage expense.

The provision for credit losses was $482 million, largely driven by changes in the credit quality of certain exposures. The net addition to the allowance for credit losses was $362 million and net charge-offs were $120 million.

In the prior year, the provision was $705 million, the net addition to the allowance for credit losses was $528 million and net charge-offs were $177 million.

Refer to Credit and Investment Risk Management on pages 48-66, Allowance for Credit Losses on pages 63-65, and Critical Accounting Estimates on pages 75-77 for a further discussion of the credit portfolios and the allowance for credit losses.

(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.

(b)Refer to Line of Business Metrics on page 177 for a description of each of the client coverage segments.

(c)Refer to footnote (c) on page 22 for further information concerning the centralization of Risk functions.

(a)Allowance for loan losses of $740 million and $566 million were held against these nonaccrual loans at March 31, 2026 and 2025, respectively.

(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2026 and 2025, mortgage loans 90 or more days past due and insured by U.S. government agencies were $183 million and $36 million, respectively.

(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(a)Represents long-term debt and loan syndications.

(a)Source: Dealogic as of April 1, 2026. Reflects the ranking of revenue wallet and market share.

(b)Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.

(c)Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.

(d)Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities ("ABS") and mortgage-backed securities ("MBS"); and exclude money market, short-term debt and U.S. municipal securities.

(e)Global investment banking fees exclude money market, short-term debt and shelf securities.

Markets revenue

The following table summarizes selected income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets generally occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives

that are reflected at fair value in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 73 of JPMorganChase’s 2025 Form 10-K for further information.

For the periods presented below, the primary source of principal transactions revenue was the amount recognized upon executing new transactions.

(a)Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.

(b)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.

(a)Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.

(b)Client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses, and AUC, are based on the domicile of the client or booking location, as applicable.

ASSET & WEALTH MANAGEMENT

Refer to pages 76–79 of JPMorganChase’s 2025 Form 10-K and Line of Business Metrics on page 178 for a discussion of the business profile of AWM.

(a)Included compensation expense recorded in and allocated from Corporate of $300 million and $269 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.

(b)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.

Net income was $1.8 billion, up 12%.

Net revenue was $6.4 billion, up 11%. Net interest income was $1.7 billion, down 1%. Noninterest revenue was $4.6 billion, up 16%.

Revenue from Asset Management was $3.1 billion, up 15%, predominantly driven by higher asset management fees, reflecting higher average market levels and strong net inflows.

Revenue from Global Private Bank was $3.3 billion, up 8%, driven by:

•higher noninterest revenue, reflecting higher management fees due to strong net inflows and higher average market levels, as well as higher brokerage commissions,

•lower net interest income driven by narrower spreads on loans and deposit margin compression, which were offset by higher average loans and deposits.

Noninterest expense was $4.2 billion, up 12%, largely driven by higher compensation, primarily higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees.

(a)Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura. Includes only Asset Management retail active open-ended mutual funds and active ETFs that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.

(b)Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management retail active open-ended mutual funds and active ETFs that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.

(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.

(d)Refer to footnote (b) on page 27 for further information concerning the centralization of Risk functions.

Client assets

Assets under management were $4.8 trillion, up 16%, and client assets were $7.1 trillion, up 18%. These increases were driven by higher market levels and continued net inflows.

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

(a)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.

(a)Regional revenue is based on the domicile of the client.

CORPORATE

Refer to pages 80–82 of JPMorganChase’s 2025 Form 10-K for a discussion of Corporate.

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $44 million and $36 million for the three months ended March 31, 2026 and 2025, respectively.

(b)Predominantly relates to the Firm's international consumer initiatives.

(c)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.

(d)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025.

Net income was $699 million, compared with $1.7 billion in the prior year.

Net revenue was $1.2 billion, compared with $2.3 billion in the prior year.

Net interest income was $1.0 billion, down $625 million, predominantly driven by the impact of lower rates.

Noninterest revenue was $189 million, compared with $653 million in the prior year, reflecting lower First Republic-related revenue, primarily driven by the absence of the $588 million First Republic-related gain in the prior year.

Refer to Note 5 for additional information on the First Republic acquisition, and Notes 9 and 12 for additional information on the investment securities portfolio and the allowance for credit losses.

Noninterest expense was $568 million, compared with $185 million in the prior year, predominantly due to the absence of an FDIC special assessment accrual release in the prior year.

Income tax benefit was $51 million, compared with $445 million expense in the prior year, driven by the changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.

Other Corporate includes the Strategic Investment Group within the Firm’s Security and Resiliency Initiative, as well as the Firm's international consumer initiatives, which primarily consist of Chase U.K., J.P. Morgan Personal Investing and an ownership stake in C6 Bank.

The deposits within Corporate relate to the Firm’s international consumer initiatives and have increased as a result of growth in new accounts.

Treasury and CIO overview

At March 31, 2026, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.

Refer to Liquidity Risk Management on pages 41-47 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 67-73 for information on interest rate and foreign exchange risks.

(a)During 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes. Refer to Note 10 of JPMorganChase’s 2025 Form 10-K for additional information concerning transfers from AFS to HTM securities.

(b)As of March 31, 2026 and 2025, the allowance for credit losses on investment securities was $73 million and $85 million, respectively.