JPMORGAN CHASE & CO

This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm, this Form 10-Q and the 2025 Form 10-K should be read together and in their entirety.

(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.

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

(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.

Comparisons noted in the sections below are for the first quarter of 2026 versus the first quarter of 2025, unless otherwise specified.

Firmwide overview

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%.

•Total net revenue was $49.8 billion, up 10%, reflecting:

–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%.

–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.

•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.

•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.

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.

•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.

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.

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.

•The Firm’snonperforming assets totaled $10.0 billion at March 31, 2026, up 10%, driven by:

–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

–higher wholesale nonaccrual loans, reflecting net downgrades, predominantly offset by net portfolio activity.

Refer to Consumer Credit Portfolio and Wholesale Credit Portfolio on pages 50-53 and pages 54-62, respectively, for additional information.

•Firmwide average loans of $1.5 trillion were up 11%, predominantly driven by higher loans in CIB and AWM.

•Firmwide average depositsof $2.6 trillion were up 7%, reflecting:

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

–growth in new accounts in CCB,

–growth in new accounts related to the Firm's international consumer initiatives, and

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

Refer to Liquidity Risk Management on pages 41-47 for additional information.

Selected capital and other metrics

•CET1 capital was $291 billion, and the Standardized and Advanced CET1 ratios were 14.3% and 14.1%, respectively.

•SLR was 5.6%.

•TBVPS grew 8%, ending the first quarter of 2026 at $108.87.

•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.

Refer to Capital Risk Management and Liquidity Risk Management on pages 33-40 and pages 41-47, respectively, for additional information.

Business segment highlights

Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the first quarter of 2026.

(a)Excludes Commercial Card.

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

Refer to the Business Segment & Corporate Results on pages 17-31 for a detailed discussion of results by business segment.

Credit provided and capital raised

JPMorganChase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first three months of 2026, consisting of approximately:

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

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

Recent events

•On 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.

Outlook

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.

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.

The Firm provided the following outlook information on April 14, 2026 in connection with announcing its results for the quarter ended March 31, 2026:

Full-year 2026

•Management expects net interest income to be approximately $103 billion and net interest income excluding Markets to be approximately $95 billion, market dependent.

•Management expects adjusted expense to be approximately $105 billion, market dependent.

•Management expects the net charge-off rate in Card Services to be approximately 3.4%.

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.