JPMORGAN CHASE & CO

Consolidated balance sheets analysis

The following is a discussion of the significant changes between June 30, 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.

Cash and due from banks and deposits with banks decreased driven by Markets activities in CIB, higher loans, and net purchases of investment securities in Treasury and CIO, predominantly offset by the impact of higher deposits and higher long-term debt.

Federal funds sold and securities purchased under resale agreements increased driven by Markets, reflecting higher client-driven market-making activities, as well as when compared with seasonally lower levels at year-end.

Securities borrowed increased driven by Markets, predominantly due to a higher demand for securities to cover short positions.

Refer to Note 10 for additional information on securities purchased under resale agreements and securities 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 the net impact of:

•higher available-for-sale ("AFS") securities, reflecting net purchases, predominantly U.S. Treasuries and non-U.S. government debt securities, partially offset

by maturities and paydowns; and

•lower held to-maturity (“HTM”) securities driven by maturities and paydowns, predominantly offset by purchases of U.S. Treasuries.

Refer to Corporate results on pages 40-42, Investment Portfolio Risk Management on page 78, and Notes 2 and 9 for additional information.

Loans increased as a result of:

•higher loans in AWM, largely securities-based lending due to higher client demand, and

•higher wholesale loans in CIB due to higher client demand.

Theallowance for loan losses increased, reflecting a net addition of $387 million, and consisted of:

•$507 million inwholesale, driven by a net increase in the loan portfolio and changes in the credit quality of certain exposures, partially offset by an update to loss assumptions on certain loans in Markets, and

•a net reduction of $120 million inconsumer, predominantly driven by improvements in home prices in the first quarter of 2026.

Refer to Consolidated Results of Operations and Credit and Investment Risk Management on pages 9-14 and pages 59-78, respectively, Critical Accounting Estimates Used by the Firm on pages 87-89, 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.

Other assets increased predominantly due to a higher level of securities financing transactions, as well as higher cash collateral placed with central counterparties ("CCP") in Markets, higher equity investments, predominantly in Corporate, including those made by the Strategic Investment Group within the Firm’s Security and Resiliency Initiative, and Visa shares.

Deposits increased, reflecting the net impact of:

•an increase in CIB predominantly due to net inflows related to client-driven activities in Payments and Securities Services,

•an increase in Corporate as a result of growth in new accounts related to the Firm's international consumer initiatives,

•an increase in CCB driven by growth in new accounts, largely offset by continued customer spending, and

•a decrease in AWM driven by seasonal tax outflows and continued migration into other investment products, predominantly offset by growth in both new accounts and balances in existing accounts, including the impact of higher-yielding product offerings.

Federal funds purchased and securities loaned or sold under repurchase agreements increased driven by Markets, reflecting higher client-driven market-making activities and higher secured financing of trading assets, as well as when compared with seasonally lower levels at year-end.

Refer to Liquidity Risk Management on pages 52-58 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 due to client-driven market-making activities, which resulted in higher levels of short positions, and higher derivative payables, primarily as a result of market movements. Refer to Notes 2 and 4 for additional information.

Accounts payable and other liabilities increased due to client-driven activities and the impact of a higher level of securities financing transactions in Markets, including prime brokerage.

Beneficial interests issued by consolidated VIEs: refer to Liquidity Risk Management on pages 52-58 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 52-58 for additional information.

Stockholders’ equity increased, as a result of the Firm's net income, largely offset by the impact of capital actions, primarily net repurchases of common shares and dividend payments on common and preferred stock.

Refer to Consolidated statements of changes in stockholders’ equity on page 96, Capital Actions on page 49, and Note 19 for additional information.

Consolidated cash flows analysis

The following is a discussion of cash flow activities during the six months ended June 30, 2026 and 2025.

Operating activities

•In 2026, cash used resulted from higher trading assets, higher securities borrowed, higher accrued interest and accounts receivable, and higher other assets, partially offset by higher trading liabilities and higher accounts payable and other liabilities.

•In 2025, cash used resulted from higher trading assets, higher accrued interest and accounts receivable and net originations and purchases of loans held-for sale, partially offset by higher trading liabilities.

Investing activities

•In 2026, cash used resulted from higher securities purchased under resale agreements, net loan originations and net purchases of investment securities.

•In 2025, cash used resulted from higher securities purchased under resale agreements, net loan originations and net purchases of 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 15-16, Capital Risk Management on pages 44-51, and Liquidity Risk Management on pages 52-58, and the Consolidated Statements of Cash Flows on page 97 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.