JPMORGAN CHASE & CO
For the period ended Jun 30, 2026. Filed Aug 6, 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.
Jun 30, 2026 · Filed Aug 6, 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 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 StatementsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001628280-26-054343
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 804 previous paragraphs and 906 current paragraphs.
510 unchanged; 227 reworded; 127 added; 57 removed; 10 previous and 42 current paragraphs rearranged.
Tables are not compared: 92 previous and 93 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 (127)
Current report
Gains on certain equity investments: The second quarter of 2026 included $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. These gains represented a measurement alternative markup on an equity investment and initial gains on transition from
Current report
measurement alternative to recurring fair value on certain other equity investments.
Current report
•Total net revenue was $57.3 billion, up 28%, reflecting:
Current report
In the prior year, the provision was $2.8 billion, net charge-offs were $2.4 billion and the net addition to the allowance for credit losses was $439 million.
Current report
–lower wholesale nonperforming assets, reflecting net portfolio activity, predominantly offset by net downgrades, and
Current report
–lower consumer nonaccrual loans, driven by the normalization of loans following the forbearances related to California wildfires that were initiated in the prior year.
Current report
Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 66-74 and pages 61-65, respectively, for additional information.
Current report
–growth in new accounts in Corporate related to the Firm's international consumer initiatives, and
Current report
Refer to Liquidity Risk Management on pages 52-58 for additional information.
Current report
•TBVPS grew 10%, ending the second quarter of 2026 at $113.35.
Current report
•On June 25, 2026, JPMorganChase announced that Doug Petno and Troy Rohrbaugh, formerly the Co-CEOs of the Commercial & Investment Bank (“CIB”), had been named Co-Presidents of the Firm, effective immediately. In addition to their new roles, Mr. Petno became the sole CEO of the CIB, and Mr. Rohrbaugh became the CEO of Consumer & Community Banking (“CCB”). Marianne Lake, the former CEO of CCB, is retiring after more than 25 years with the Firm.
Current report
(b)Included a $4.6 billion net gain related to Visa shares in Corporate and $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB. Refer to Executive Overview on pages 5–8, and Notes 2 and 5 for additional information.
Current report
•higher equity underwriting fees predominantly driven by higher revenue from certain large IPOs and convertible securities offerings,
Current report
•higher debt underwriting fees predominantly driven by higher investment-grade loans and bonds and non-investment grade bonds, and
Current report
•higher advisory fees driven by higher fees from deals in the Financial Institutions, Technology, and Diversified Industries sectors, largely offset by lower fees from deals in the Consumer & Retail sector.
Current report
•higher Equity Markets revenue driven by Equity Derivatives, Prime Finance and Cash, and
Current report
•the $4.6 billion net gain related to Visa shares in Corporate,
Current report
•$1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB,
Current report
•higher investment valuation gains in AWM.
Current report
Principal transactions revenue increased, reflecting in CIB, higher Equity Markets revenue predominantly driven by Prime Finance and Equity Derivatives. Fixed Income Markets was relatively flat as higher revenue in Credit was offset by lower revenue in Securitized Products.
Current report
•in CIB, higher deposit-related fees, primarily cash management fees, and higher lending-related fees, primarily loan commitment fees, both as a result of higher volume, and
Current report
Investment securities losses increased, reflecting higher losses on sales of securities associated with repositioning the investment securities portfolio in Treasury and CIO. The current year net loss was primarily related to sales of U.S. GSE and government agency MBS, partially offset by gains on sales of U.S. Treasuries.
Current report
•the $4.6 billion net gain related to Visa shares in Corporate,
Current report
•$1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB,
Current report
•higher investment valuation gains in AWM,
Current report
Net interest income increased driven by higher Markets net interest income, higher deposit balances across the LOBs and Corporate, higher revolving balances in Card Services, and higher wholesale loan balances, partially offset by the impact of lower rates.
Current report
•$2.2 billion inconsumer, reflecting net charge-offs of $2.2 billion, predominantly driven by Card Services, primarily due to loan growth. The allowance for credit losses was relatively flat, and
Current report
•$361 million inwholesale, driven by a net increase in the loan portfolio and changes in the credit quality of certain exposures, partially offset by a reduction in the allowance with respect to certain accounts receivable and an update to loss assumptions on certain loans in Markets. Net charge-offs were $209 million and the net addition to the allowance for credit losses was $152 million.
Current report
In the prior year, the provision was $2.8 billion, net charge-offs were $2.4 billion and the net addition to the allowance for credit losses was $439 million.
Current report
The provision for credit losses was $5.0 billion. Net charge-offs were $4.7 billion and the net addition to the allowance for credit losses was $340 million.
Current report
•$808 million inwholesale, driven by changes in the credit quality of certain exposures and a net increase in the loan portfolio, partially offset by a reduction in the allowance with respect to certain accounts receivable and an update to loss assumptions on certain loans in Markets. The net addition to the allowance for credit losses was $479 million and net charge-offs were $329 million.
Current report
In the prior year, the provision was $6.2 billion, net charge-offs were $4.7 billion and the net addition to the allowance for credit losses was $1.4 billion.
Current report
Noncompensation expense increased, reflecting:
Current report
Theeffective tax rate increased predominantly driven by the absence of a $774 million income tax benefit recorded in the prior year arising from the resolution of certain tax audits and the impact of tax regulations, and changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.
Showing the first 40 of 127 passages. Open the source sections for the rest.
Removed paragraphs (57)
Previous report
•Total net revenue was $49.8 billion, up 10%, reflecting:
Previous 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.
Previous report
–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 report
–higher wholesale nonaccrual loans, reflecting net downgrades, predominantly offset by net portfolio activity.
Previous report
Refer to Consumer Credit Portfolio and Wholesale Credit Portfolio on pages 50-53 and pages 54-62, respectively, for additional information.
Previous report
Refer to Liquidity Risk Management on pages 41-47 for additional information.
Previous report
•TBVPS grew 8%, ending the first quarter of 2026 at $108.87.
Previous report
•lower Equity Markets revenue, particularly in Equity Derivatives, predominantly offset by higher revenue in Prime Finance.
Previous report
Mortgage fees and related income: refer to Note 14 for additional information.
Previous report
Other income decreased, reflecting:
Previous report
•$447 million inwholesale, predominantly driven by changes in the credit quality of certain exposures. The net addition to the allowance for credit losses was $327 million and net charge-offs were $120 million.
Previous 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.
Previous report
Loans increased, driven by:
Previous report
•a reduction in Card Services due to the impact of seasonality.
Previous report
•$292 million inwholesale, largely driven by changes in the credit quality of certain exposures, and
Previous report
Deposits increased, reflecting:
Previous report
•an increase in CCB predominantly driven by growth in new accounts, and
Previous report
Stockholders’ equity increased, reflecting:
Previous report
predominantly offset by
Previous 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.
Previous report
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.
Previous 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.
Previous report
Net revenue was $19.6 billion, up 7%.
Previous report
Noninterest expense was $11.0 billion, up 11%, reflecting:
Previous report
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.
Previous report
(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.
Previous report
Net income was $9.0 billion, up 30%.
Previous report
Net revenue was $23.4 billion, up 19%.
Previous report
–Equity underwriting fees were $472 million, up 46%, predominantly driven by higher revenue across all products.
Previous report
–Debt underwriting fees were $1.1 billion, down 7%, largely driven by lower non-investment grade loans.
Previous report
•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.
Previous report
Markets & Securities Services revenue was $13.0 billion, up 19%. Markets revenue was $11.6 billion, up 20%.
Previous report
•Equity Markets revenue was $4.5 billion, up 17%, predominantly due to increased client activity.
Previous report
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.
Previous report
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.
Previous report
(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.
Previous report
(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.
Showing the first 40 of 57 passages. Open the source sections for the rest.
Reworded paragraphs (227)
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 first quarter of 2026.
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 second quarter of 2026.
Previous 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.
Current wording
This Quarterly Report on Form 10-Q for the second 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 192-200 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 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.
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 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 92 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 $4.9 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.
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 $5.0 trillion in assets and $374.6 billion in stockholders’ equity as of June 30, 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 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.
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 20-42 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
(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 wording
(a)As of June 30, 2026, the Advanced total capital ratio was more binding on the Firm than the Standardized total capital ratio. Refer to Capital Risk Management on pages 44-51 of this Form 10-Q and pages 89–99 of JPMorganChase’s 2025 Form 10-K for additional information.
Previous wording
Comparisons noted in the sections below are for the first quarter of 2026 versus the first quarter of 2025, unless otherwise specified.
Current wording
Comparisons noted in the sections below are for the second quarter of 2026 versus the second quarter of 2025, unless otherwise specified.
Previous 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.
Current wording
Visa shares: On April 13, 2026, Visa Inc. commenced an exchange offer for Visa Class B-2 common shares. On May 11, 2026, Visa accepted the Firm’s tender of its 18.6 million Visa Class B-2 common shares in exchange for a combination of Visa Class B-3 common shares and Visa Class C common shares (“Visa C shares”), resulting in a $4.6 billion net gain for the three months ended June 30, 2026.
Previous 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%.
Current wording
For the second quarter of 2026, JPMorganChase reported net income of $21.2 billion, up 41%, with earnings per share of $7.70, ROE of 24% and ROTCE of 29%. The Firm's results included a $4.6 billion net gain related to Visa shares in Corporate and $1.0 billion of gains on certain equity investments in Corporate and CIB.
Previous 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%.
Current wording
–Net interest income ("NII") was $25.5 billion, up 10%, driven by higher Markets net interest income, higher deposit balances, higher revolving balances in Card Services, and higher wholesale loan balances, partially offset by the impact of lower rates. NII excluding Markets was $23.7 billion, up 4%.
Previous 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.
Current wording
–Noninterest revenue ("NIR") was $31.8 billion, up 47%, predominantly driven by the $4.6 billion net gain related to Visa shares, higher Markets noninterest revenue, $1.0 billion of gains on certain equity investments, higher asset management fees in AWM and CCB, higher investment banking fees, and higher auto operating lease income, partially offset by higher net investment securities losses in Treasury and CIO.
Previous 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.
Current wording
•Noninterest expense was $27.3 billion, up 15%, predominantly driven by higher compensation expense as a result of higher revenue-related compensation, wage inflation and growth in the number of employees, as well as higher brokerage expense and distribution fees, continued investments in marketing and technology, and higher occupancy expense.
Previous wording
•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 wording
•Theprovision for credit losses was $2.5 billion. Net charge-offs were $2.4 billion, down $44 million. The net addition to the allowance for credit losses was $149 million, primarily in wholesale.
Previous 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.
Current wording
•The total allowance for credit losses was $31.5 billion at June 30, 2026. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.79%, compared with 1.85% in the prior year.
Previous 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.
Current 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.
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 15-16 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 18-19 for a further discussion of each of these measures.
Previous wording
•The Firm’snonperforming assets totaled $10.0 billion at March 31, 2026, up 10%, driven by:
Current wording
•The Firm’snonperforming assets totaled $9.8 billion at June 30, 2026, down 6%, driven by:
Previous wording
•Firmwide average loans of $1.5 trillion were up 11%, predominantly driven by higher loans in CIB and AWM.
Current wording
•Firmwide average loans of $1.5 trillion were up 10%, predominantly driven by higher loans in CIB and AWM.
Previous wording
•Firmwide average depositsof $2.6 trillion were up 7%, reflecting:
Current wording
•Firmwide average depositsof $2.7 trillion were up 7%, reflecting:
Previous wording
–net inflows related to client-driven activities in Payments and Securities Services,
Current wording
–net inflows related to client-driven activities primarily in Payments,
Previous wording
•CET1 capital was $291 billion, and the Standardized and Advanced CET1 ratios were 14.3% and 14.1%, respectively.
Current wording
•CET1 capital was $303 billion, and the Standardized and Advanced CET1 ratios were each 14.2%.
Previous 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.
Current wording
•As of June 30, 2026, 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 $541 billion, resulting in approximately $1.5 trillion of liquidity sources.
Previous wording
Refer to Capital Risk Management and Liquidity Risk Management on pages 33-40 and pages 41-47, respectively, for additional information.
Current wording
Refer to Capital Risk Management and Liquidity Risk Management on pages 44-51 and pages 52-58, respectively, for additional information.
Previous wording
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the first quarter of 2026.
Current wording
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the second quarter of 2026.
Previous wording
(b)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.
Current wording
(c)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 17-31 for a detailed discussion of results by business segment.
Current wording
Refer to the Business Segment & Corporate Results on pages 20-42 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 three months of 2026, 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 six months of 2026, consisting of approximately:
Previous wording
•Management expects net interest income to be approximately $103 billion and net interest income excluding Markets to be approximately $95 billion, market dependent.
Current wording
•Management expects net interest income to be approximately $105.5 billion and net interest income excluding Markets to be approximately $96.5 billion, market dependent.
Previous wording
•Management expects adjusted expense to be approximately $105 billion, market dependent.
Current wording
•Management expects adjusted expense to be approximately $107.5 billion, market dependent.
Previous wording
•Management expects the net charge-off rate in Card Services to be approximately 3.4%.
Current wording
•Management expects the net charge-off rate in Card Services to be approximately 3.2%.
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 15-16.
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 18-19.
Previous 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.
Current wording
This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three and six months ended June 30, 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 87-89 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 $1.2 billion and $829 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 5 for additional information.
Current wording
(a)Included operating lease income of $1.2 billion and $901 million for the three months ended June 30, 2026 and 2025, respectively, and $2.4 billion and $1.7 billion for the six months ended June 30, 2026 and 2025, respectively. Refer to Note 5 for additional information.
Previous wording
Refer to CIB segment results on pages 22-26 and Note 5 for additional information.
Current wording
Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
Previous wording
•higher Fixed Income Markets revenue driven by higher revenue in Commodities and Credit, largely offset by lower revenue in Securitized Products and Rates, and
Current wording
•lower Fixed Income Markets revenue driven by Commodities, Currencies & Emerging Markets, and Securitized Products, partially offset by higher revenue in Credit.
Previous wording
•in CIB, higher cash management fees in Payments as a result of higher volume, and
Current wording
•in CIB, higher deposit-related fees, primarily cash management fees, and higher lending-related fees, primarily loan commitment fees, both as a result of higher volume, and
Previous wording
Refer to CCB and CIB segment results on pages 19-21 and pages 22-26, respectively, and Note 5 for additional information.
Current wording
Refer to CCB and CIB segment results on pages 22-26 and pages 27-34, respectively, and Note 5 for additional information.
Previous wording
Asset management fees increased predominantly driven by higher average market levels and net inflows in AWM and CCB. Refer to CCB and AWM segment results on pages 19-21 and pages 27-29, respectively, and Note 5 for additional information.
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Asset management fees increased driven by higher average market levels and net inflows in AWM and CCB. Refer to CCB and AWM segment results on pages 22-26 and pages 35-39, respectively, and Note 5 for additional information.
Previous wording
Commissions and other fees increased in CIB and AWM, predominantly due to higher brokerage commissions on higher volume and, to a lesser extent, higher custody fees as a result of higher market levels and client activity. Refer to CIB and AWM segment results on pages 22-26 and pages 27-29, respectively, and Note 5 for additional information.
Current wording
Commissions and other fees increased in CIB and AWM, largely due to higher brokerage commissions on higher volume and, to a lesser extent, higher custody fees as a result of higher market levels and client activity. Refer to CIB and AWM segment results on pages 27-34 and pages 35-39, respectively, and Note 5 for additional information.
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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 wording
Investment securities losses increased, reflecting higher losses on sales of securities associated with repositioning the investment securities portfolio in Treasury and CIO. The current quarter net loss was primarily related to sales of U.S. GSE and government agency MBS. Refer to Corporate results on pages 40-42 and Note 9 for additional information.
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(b)Source: Dealogic as of July 1, 2026.
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Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
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Investment banking fees increased, reflecting in CIB:
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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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•in CCB, higher deposit-related fees as a result of higher transaction volume and new accounts.
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Asset management fees increased driven by higher average market levels and net inflows in AWM and CCB.
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Commissions and other fees increased in CIB and AWM, largely due to higher brokerage commissions on higher volume and, to a lesser extent, higher custody fees as a result of higher market levels and client activity.
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•higher auto operating lease income in CCB due to growth in volume, and
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Refer to Note 5 for additional information on the First Republic acquisition.
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The Firm’s average interest-earning assets were $4.2 trillion, up $455 billion, and the yield was 4.79%, down 32 bps. The net yield on these assets, on an FTE basis, was 2.45%, a decrease of 6 bps. The net yield excluding Markets was 3.69%, down 6 bps.
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The provision for credit losses included:
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•higher occupancy expense, reflecting net additions and improvements to the Firm’s properties, including its new headquarters, bank branches and other corporate offices, and
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•higher depreciation expense on higher auto operating lease assets in CCB.
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Compensation expense increased predominantly driven by:
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•higher revenue-related compensation across the LOBs,
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•growth in the number of employees, primarily front office employees.
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•higher investments in technology across the LOBs and Corporate and marketing in CCB,
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•higher brokerage expense in CIB and higher distribution fees in AWM,
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Deposits increased, reflecting the net impact of:
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•an increase in Corporate as a result of growth in new accounts related to the Firm's international consumer initiatives,
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Net interest income was $15.1 billion, up 5%, predominantly driven by higher Card Services NII, largely driven by higher revolving balances.
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•in Banking & Wealth Management ("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.
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Noninterest expense was $11.1 billion, up 13%, reflecting:
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•higher noncompensation expense, predominantly driven by continued investments in marketing and technology, and higher auto lease depreciation on higher auto operating lease assets, as well as
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•higher auto operating lease income as a result of growth in volume, and
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•lower card income, driven by an increase in amortization related to new account origination costs and lower net interchange, predominantly 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.
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–Equity underwriting fees were $1.3 billion, up 65%, driven by higher revenue across all products.
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•Payments revenue was $10.4 billion, up 12%, predominantly driven by higher average deposits and fee growth.
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•Securities Services revenue was $3.2 billion, up 17%, predominantly driven by fee growth on higher market levels and client activity, as well as higher average deposits.
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•Credit Adjustments & Other was a loss of $148 million, compared with a loss of $87 million in the prior year.
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Noninterest expense was $22.5 billion, up 16%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage expense.
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•higher asset management fees, reflecting higher average market levels and strong net inflows, and
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Revenue from Global Private Bank was $6.8 billion, up 12%, reflecting:
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•higher noninterest revenue, predominantly driven by higher management fees due to strong net inflows and higher average market levels, as well as higher brokerage commissions, and
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•higher net interest income driven by higher average loans, largely offset by narrower spreads on loans.
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Noninterest expense was $8.4 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.
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(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.
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The Federal Reserve’s TLAC rule requires the U.S. GSIB top-tier holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible LTD.
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•an increase in Corporate as a result of growth in new accounts related to the Firm's international consumer initiatives, and
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–growth in new accounts related to the Firm's international consumer initiatives, and
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Refer to CIB segment results on pages 22-26 and Note 5 for additional information.
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Banking & Payments revenue was $10.4 billion, up 19%.
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Net income was $1.8 billion, up 12%.
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(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.
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(d)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025.
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At March 31, 2026, the Advanced risk-based ratios were more binding on the Firm than the Standardized risk-based ratios.
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•an increase in CCB primarily driven by growth in new accounts, predominantly offset by continued customer spending,
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•an increase in Corporate as a result of growth in new
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accounts related to the Firm's international consumer initiatives, and