JPMORGAN CHASE & CO
For the period ended Mar 31, 2026. Filed May 1, 2026.
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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
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Consolidated Balance Sheets and Cash Flows Analysis
Consolidated balance sheets analysis
The following is a discussion of the significant changes between March 31, 2026 and December 31, 2025. Refer to pages 154–157 for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Balance Sheets.
| Selected Consolidated balance sheets data | |||
|---|---|---|---|
| (in millions) | March 31,2026 | December 31,2025 | Change |
| Assets | |||
| Cash and due from banks | $22,039 | $21,742 | 1% |
| Deposits with banks | 290,103 | 321,596 | (10) |
| Federal funds sold and securities purchased under resale agreements | 482,704 | 336,426 | 43 |
| Securities borrowed | 284,524 | 286,191 | (1) |
| Trading assets | 1,069,335 | 802,873 | 33 |
| Available-for-sale securities | 549,037 | 507,198 | 8 |
| Held-to-maturity securities | 272,142 | 270,134 | 1 |
| Investment securities, net of allowance for credit losses | 821,179 | 777,332 | 6 |
| Loans | 1,503,520 | 1,493,429 | 1 |
| Allowance for loan losses | (25,928) | (25,765) | 1 |
| Loans, net of allowance for loan losses | 1,477,592 | 1,467,664 | 1 |
| Accrued interest and accounts receivable | 142,334 | 111,599 | 28 |
| Premises and equipment | 36,771 | 36,244 | 1 |
| Goodwill, MSRs and other intangible assets | 64,289 | 64,458 | — |
| Other assets | 209,605 | 198,775 | 5 |
| Total assets | $4,900,475 | $4,424,900 | 11% |
Cash and due from banks and deposits with banks decreased driven by Markets activities in CIB and net purchases of investment securities in Treasury and CIO, predominantly offset by the impact of higher deposits across the LOBs.
Federal funds sold and securities purchased under resale agreements increased driven by Markets, reflecting higher client-driven market-making activities and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.
Refer to Note 10 for additional information on securities purchased under resale agreements andsecurities borrowed.
Trading assets increased due to higher levels of equity and debt instruments in Markets, primarily related to client-driven market-making activities, as well as when compared with seasonally lower levels at year-end. Refer to Notes 2 and 4 for additional information.
Investment securities increased due to:
higher available-for-sale ("AFS") securities, reflecting net purchases, predominantly U.S. Treasuries, partially offset by maturities and paydowns; and
higher held to-maturity (“HTM”) securities driven by purchases of U.S. Treasuries, predominantly offset by maturities and paydowns.
Refer to Corporate results on pages 30-31, Investment Portfolio Risk Management on page 66, and Notes 2 and 9 for additional information.
Loans increased, driven by:
higher wholesale loans in CIB due to higher client demand, and
higher securities-based lending in AWM due to higher client demand,
a reduction in Card Services due to the impact of seasonality.
Theallowance for loan losses increased, reflecting a net addition of $163 million, and consisted of:
$292 million inwholesale, largely driven by changes in the credit quality of certain exposures, and
a net reduction of $129 million inconsumer, predominantly driven by improvements in home prices.
Refer to Consolidated Results of Operations and Credit and Investment Risk Management on pages 9-11 and pages 48-66, respectively, Critical Accounting
Estimates Used by the Firm on pages 75-77, and Notes 2, 3, 11 and 12 for additional information on loans and the total allowance for credit losses.
Accrued interest and accounts receivable increased predominantly due to client-driven activities in Markets, including prime brokerage.
Premises and equipment: refer to Note 16 for additional information.
Goodwill, MSRs and other intangible assets: refer to Note 14 for additional information.
| Selected Consolidated balance sheets data (continued) | |||
|---|---|---|---|
| (in millions) | March 31,2026 | December 31,2025 | Change |
| Liabilities | |||
| Deposits | $2,675,520 | $2,559,320 | 5% |
| Federal funds purchased and securities loaned or sold under repurchase agreements | 716,623 | 442,396 | 62 |
| Short-term borrowings | 68,048 | 64,776 | 5 |
| Trading liabilities | 247,836 | 216,019 | 15 |
| Accounts payable and other liabilities | 352,561 | 316,794 | 11 |
| Beneficial interests issued by consolidated variable interest entities (“VIEs”) | 27,085 | 27,951 | (3) |
| Long-term debt | 448,764 | 435,206 | 3 |
| Total liabilities | 4,536,437 | 4,062,462 | 12 |
| Stockholders’ equity | 364,038 | 362,438 | — |
| Total liabilities and stockholders’ equity | $4,900,475 | $4,424,900 | 11% |
Deposits increased, reflecting:
an increase in CIB predominantly due to net inflows related to client-driven activities in Payments and Securities Services,
an increase in CCB predominantly driven by growth in new accounts, and
an increase in AWM primarily driven by growth in both new accounts and balances in existing accounts, including the impact of higher-yielding product offerings, partially offset by migration into other investment products.
Federal funds purchased and securities loaned or sold under repurchase agreements increased driven by Markets, reflecting higher client-driven market-making activities, higher secured financing of trading assets, and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.
Refer to Liquidity Risk Management on pages 41-47 for additional information on deposits, federal funds purchased and securities loaned or sold under repurchase agreements, andshort-term borrowings; and Notes 2 and 15 for deposits; and Note 10 for federal funds purchased and securities loaned or sold under repurchase agreements.
Trading liabilities increased predominantly due to client-driven market-making activities, which resulted in higher levels of short positions. Refer to Notes 2 and 4 for additional information.
Accounts payable and other liabilities increased predominantly due to client-driven activities in Markets, including prime brokerage.
Beneficial interests issued by consolidated VIEs: refer to Liquidity Risk Management on pages 41-47 and Notes 13 and 22 for additional information related to Firm-sponsored VIEs and loan securitization trusts.
Long-term debt increased driven by net issuances of structured notes in Markets due to client demand and net issuances of long-term debt in Treasury and CIO. Refer to Liquidity Risk Management on pages 41-47 for additional information.
Stockholders’ equity increased, reflecting:
net income,
predominantly offset by
the impact of capital actions, including net repurchases of common shares and dividend payments on common and preferred stock, and
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.
Refer to Consolidated statements of changes in stockholders’ equity on page 83, Capital Actions on page 38, and Note 19 for additional information.
Consolidated cash flows analysis
The following is a discussion of cash flow activities during the three months ended March 31, 2026 and 2025.
| (in millions) | Three months ended March 31, | |
|---|---|---|
| 2026 | 2025 | |
| Net cash provided by/(used in) | ||
| Operating activities | $(211,761) | $(251,839) |
| Investing activities | (217,769) | (118,076) |
| Financing activities | 400,677 | 318,059 |
| Effect of exchange rate changes on cash | (2,343) | 8,442 |
| Net decrease in cash and due from banks and deposits with banks | $(31,196) | $(43,414) |
Operating activities
In 2026, cash used resulted from higher trading assets, higher accrued interest and accounts receivable and higher other assets, partially offset by higher accounts payable and other liabilities, and higher trading liabilities.
In 2025, cash used resulted from higher trading assets, higher securities borrowed, higher accrued interest and accounts receivable and lower trading liabilities.
Investing activities
In 2026, cash used resulted from higher securities purchased under resale agreements, net purchases of investment securities and net originations of loans.
In 2025, cash used resulted from higher securities purchased under resale agreements, partially offset by net proceeds from investment securities.
Financing activities
In 2026, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long- and short-term borrowings.
In 2025, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long-and short-term borrowings.
For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.
Refer to Consolidated Balance Sheets Analysis on pages 12-13, Capital Risk Management on pages 33-40, and Liquidity Risk Management on pages 41-47, and the Consolidated Statements of Cash Flows on page 84 of this Form 10-Q, and pages 100–107 of JPMorganChase’s 2025 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.
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