JPMORGAN CHASE & CO
For the period ended Sep 30, 2026. Filed Nov 3, 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.
Sep 30, 2026 · Filed Nov 3, 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 2026-06-30; 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 StatementsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0001628280-26-069523
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 906 previous paragraphs and 956 current paragraphs.
552 unchanged; 242 reworded; 140 added; 91 removed; 21 previous and 22 current paragraphs rearranged.
Tables are not compared: 93 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 (140)
Current report
For the third quarter of 2026, JPMorganChase reported net income of $15.3 billion, up 6%, with earnings per share of $5.57, ROE of 17% and ROTCE of 20%. The Firm's results included $658 million of net investment securities losses ($498 million after tax) in Treasury and CIO.
Current report
•Total net revenue was $50.2 billion, up 8%, reflecting:
Current report
In the prior year, the provision was $3.4 billion, net charge-offs were $2.6 billion and the net addition to the allowance for credit losses was $810 million.
Current report
Refer to Liquidity Risk Management on pages 53-59 for additional information.
Current report
•TBVPS grew 7%, ending the third quarter of 2026 at $112.64.
Current report
(a)Represents new and renewed credit, including loans and lending-related commitments, as well as unused amounts of advised uncommitted lines of credit where the Firm has discretion on whether to make a loan under these lines.
Current report
•higher equity underwriting fees driven by higher revenue from follow-on offerings, partially offset by lower revenue from private placements.
Current report
Refer to CIB segment results on pages 28-35 and Note 5 for additional information.
Current report
Principal transactions revenue decreased, reflecting in CIB:
Current report
•lower Fixed Income Markets revenue across products,
Current report
Refer to CIB segment results on pages 28-35 and Note 5 for additional information.
Current report
Refer to CCB and CIB segment results on pages 23-27 and pages 28-35, respectively, and Note 5 for additional information.
Current report
Mortgage fees and related income decreased in Home Lending predominantly driven by lower production revenue, primarily associated with warehouse loans held-for-sale. Refer to CCB segment results on pages 23-27 and Note 14 for additional information.
Current report
Card income increased, primarily in CCB, reflecting higher annual fees. Refer to CCB segment results on pages 23-27 and Note 5 for additional information.
Current report
Other income increased, primarily reflecting:
Current report
•a net loss compared with a net gain in the prior year on certain equity investments in Corporate and CIB.
Current report
Refer to CCB and CIB segment and Corporate results on pages 23-27, pages 28-35 and pages 41-43, respectively, for additional information.
Current report
on an FTE basis, was 2.48%, an increase of 3 bps. The net yield excluding Markets was 3.70%, down 3 bps.
Current report
•higher advisory fees driven by higher fees from deals in the Diversified Industries, Healthcare, Technology, Natural Resource Group and Media & Communication sectors, partially offset by lower fees from deals in the Consumer & Retail sector,
Current report
•higher debt underwriting fees driven by higher investment grade loans and bonds, partially offset by lower non-investment grade bonds.
Current report
Mortgage fees and related income decreased in Home Lending largely driven by lower production revenue, primarily associated with warehouse loans held-for-sale.
Current report
•higher net gains on certain equity investments, including the $1.0 billion of gains recorded in the second quarter of 2026, consisting of $763 million in Corporate and $263 million in CIB,
Current report
•$667 million inwholesale, predominantly driven by the impact of net increases in the loan and lending-related commitment portfolios and changes in the credit quality of certain exposures. The net addition to the allowance for credit losses was $435 million and net charge-offs were $232 million.
Current report
In the prior year, the provision was $3.4 billion, net charge-offs were $2.6 billion and the net addition to the allowance for credit losses was $810 million.
Current report
The provision for credit losses was $7.8 billion. Net charge-offs were $6.9 billion and the net addition to the allowance for credit losses was $879 million.
Current report
•$1.5 billion inwholesale, driven by changes in the credit quality of certain exposures and the impact of net increases in the loan and lending-related commitment portfolios. The net addition to the allowance for credit losses was $914 million and net charge-offs were $561 million.
Current report
In the prior year, the provision was $9.6 billion, net charge-offs were $7.3 billion and the net addition to the allowance for credit losses was $2.2 billion.
Current report
•growth in the number of employees, particularly front office employees.
Current report
Compensation expense increased driven by:
Current report
•growth in the number of employees, particularly front office employees.
Current report
•higher FDIC-related expense, primarily in Corporate, driven by the absence of FDIC special assessment accrual releases of $437 million recorded in the prior year, and
Current report
•lower operating losses largely in CCB.
Current report
•the current-period tax expense related to the filing of prior-year tax returns as compared with a benefit in the prior year, and
Current report
•tax benefits related to the resolution of certain tax audits.
Current report
•lower tax benefits related to the resolution of certain tax audits and the impact of tax regulations, including the absence of a $774 million income tax benefit recorded in the prior year,
Showing the first 40 of 140 passages. Open the source sections for the rest.
Removed paragraphs (91)
Previous report
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 report
•Total net revenue was $57.3 billion, up 28%, reflecting:
Previous 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.
Previous report
Refer to Liquidity Risk Management on pages 52-58 for additional information.
Previous report
•TBVPS grew 10%, ending the second quarter of 2026 at $113.35.
Previous 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.
Previous report
•higher equity underwriting fees predominantly driven by higher revenue from certain large IPOs and convertible securities offerings,
Previous 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.
Previous report
Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
Previous report
Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
Previous report
Refer to CCB and CIB segment results on pages 22-26 and pages 27-34, respectively, and Note 5 for additional information.
Previous report
Card income was flat, reflecting in CCB, higher annual fees, predominantly offset by lower net interchange income. Net interchange income decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments. Refer to CCB segment results on pages 22-26 and Note 5 for additional information.
Previous report
Refer to CCB, CIB and AWM segment and Corporate results on pages 22-26, pages 27-34, pages 35-39 and pages 40-42, respectively, for additional information; Notes 2 and 5 for additional information on Visa shares; and Note 5 for additional information on the gains on certain equity investments.
Previous report
•higher debt underwriting fees driven by higher investment-grade loans and bonds and non-investment grade bonds, largely offset by lower non-investment grade loans.
Previous 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.
Previous report
Other income increased, reflecting:
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
•growth in the number of employees, primarily front office employees.
Previous report
•growth in the number of employees, primarily front office employees.
Previous 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.
Previous report
by maturities and paydowns; and
Previous report
•$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
Previous report
•a net reduction of $120 million inconsumer, predominantly driven by improvements in home prices in the first quarter of 2026.
Previous report
Premises and equipment: refer to Note 16 for additional information.
Previous report
Deposits increased, reflecting the net impact of:
Previous report
•an increase in CIB predominantly due to net inflows related to client-driven activities in Payments and Securities Services,
Previous report
(a)Included a $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments. Refer to Executive Overview on pages 5–8, and Notes 2 and 5 for additional information.
Previous report
(b)Included compensation expense recorded in and allocated from Corporate of $815 million and $785 million for the three months ended June 30, 2026 and 2025, respectively, and $1.6 billion for each of the six months ended June 30, 2026 and 2025. Refer to Note 25, footnote (d) of the Segment & Corporate results and reconciliation table for additional information on the allocation.
Previous report
Net income was $5.3 billion, up 3%.
Previous report
Net revenue was $20.3 billion, up 8%.
Previous report
Net interest income was $15.1 billion, up 5%, predominantly driven by higher Card Services NII, largely driven by higher revolving balances.
Previous report
In addition, card income was relatively flat, reflecting higher annual fees, predominantly offset by lower net interchange. 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.
Previous report
Refer to Note 5 for additional information on card income, asset management fees and deposit-related fees; and Critical Accounting Estimates on pages 87-89 for additional information on the credit card rewards liability.
Previous report
Noninterest expense was $11.1 billion, up 13%, reflecting:
Previous report
In the prior year, the provision was $2.1 billion, net charge-offs were $2.1 billion and the allowance for credit losses was relatively flat.
Showing the first 40 of 91 passages. Open the source sections for the rest.
Reworded paragraphs (242)
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 second 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 third quarter of 2026.
Previous 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.
Current wording
This Quarterly Report on Form 10-Q for the third 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 193-201 for definitions of terms and acronyms used throughout this Form 10-Q.
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 $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.
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 $5.1 trillion in assets and $372.4 billion in stockholders’ equity as of September 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 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.
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 21-43 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)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.
Current wording
(a)As of September 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 45-52 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 second quarter of 2026 versus the second quarter of 2025, unless otherwise specified.
Current wording
Comparisons noted in the sections below are for the third quarter of 2026 versus the third quarter of 2025, unless otherwise specified.
Previous 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%.
Current wording
–Net interest income ("NII") of $27.0 billion, up 13%, driven by higher Markets net interest income, higher deposit balances, higher balances in Card Services, and higher wholesale loan balances,
Previous 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.
Current wording
–Noninterest revenue ("NIR") of $23.1 billion, up 3%, driven by higher asset management fees in AWM and CCB, higher investment banking fees, higher card income, and higher auto operating lease income, predominantly offset by higher net investment securities losses in Treasury and CIO, lower Markets noninterest revenue, and losses on certain equity investments.
Previous 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.
Current wording
•Noninterest expense was $27.3 billion, up 12%, predominantly driven by higher compensation expense as a result of higher revenue-related compensation, wage inflation, and growth in the number of front office employees, as well as higher brokerage expense and distribution fees, and continued investments in technology and marketing.
Previous 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.
Current wording
•Theprovision for credit losses was $2.7 billion. Net charge-offs were $2.2 billion, down $389 million, driven by wholesale. The net addition to the allowance for credit losses was $539 million, primarily in wholesale.
Previous 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.
Current wording
•The total allowance for credit losses was $32.0 billion at September 30, 2026. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.75%, compared with 1.88% in the prior year.
Previous 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.
Current wording
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-14 and pages 15-17, 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 18-19 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 19-20 for a further discussion of each of these measures.
Previous wording
•The Firm’snonperforming assets totaled $9.8 billion at June 30, 2026, down 6%, driven by:
Current wording
•The Firm’snonperforming assets totaled $10.0 billion at September 30, 2026, down 6%, primarily driven by:
Previous wording
–lower wholesale nonperforming assets, reflecting net portfolio activity, predominantly offset by net downgrades, and
Current wording
–lower wholesale nonaccrual loans, reflecting net portfolio activity, predominantly offset by net downgrades, and
Previous wording
•Firmwide average loans of $1.5 trillion were up 10%, predominantly driven by higher loans in CIB and AWM.
Current wording
•Firmwide average loans of $1.6 trillion were up 10%, predominantly driven by higher loans in CIB and AWM.
Previous wording
•Firmwide average depositsof $2.7 trillion were up 7%, reflecting:
Current wording
•Firmwide average depositsof $2.7 trillion were up 8%, reflecting:
Previous wording
–growth in new accounts in Corporate related to the Firm's international consumer initiatives, and
Current wording
–growth in new accounts in Corporate related to the Firm's international consumer initiatives
Previous wording
•CET1 capital was $303 billion, and the Standardized and Advanced CET1 ratios were each 14.2%.
Current wording
•CET1 capital was $304 billion, and the Standardized and Advanced CET1 ratios were each 14.0%.
Previous 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.
Current wording
•As of September 30, 2026, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $947 billion and unencumbered marketable securities with a fair value of approximately $563 billion, resulting in approximately $1.5 trillion of liquidity sources.
Previous wording
Refer to Capital Risk Management and Liquidity Risk Management on pages 44-51 and pages 52-58, respectively, for additional information.
Current wording
Refer to Capital Risk Management and Liquidity Risk Management on pages 45-52 and pages 53-59, respectively, for additional information.
Previous wording
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the second quarter of 2026.
Current wording
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the third quarter of 2026.
Previous wording
Refer to the Business Segment & Corporate Results on pages 20-42 for a detailed discussion of results by business segment.
Current wording
Refer to the Business Segment & Corporate Results on pages 21-43 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 six 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 nine months of 2026, consisting of approximately:
Previous wording
(a)Includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.
Current wording
(b)Includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM. Corporations include U.S. and non-U.S. corporations.
Previous wording
(b)Includes states, municipalities, hospitals and universities.
Current wording
(c)Includes states, municipalities, hospitals and universities.
Previous wording
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.
Current wording
JPMorganChase’s outlook for the fourth quarter and 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.
Previous 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.
Current wording
•Management expects net interest income to be approximately $28 billion and net interest income excluding Markets to be approximately $25.5 billion, market dependent.
Previous wording
•Management expects adjusted expense to be approximately $107.5 billion, market dependent.
Current wording
•Management expects adjusted expense to be approximately $27.5 billion, market dependent.
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 18-19.
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 19-20.
Previous 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.
Current wording
This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three and nine months ended September 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 86-88 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
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.
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 in Corporate for the three months ended June 30, 2026. As of September 30, 2026, the Firm had sold all of its Visa C shares.
Previous wording
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 wording
Gains on certain equity investments: The second quarter of 2026 results 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 measurement alternative to recurring fair value on certain other equity investments.
Previous 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.
Current wording
(a)Included operating lease income of $1.2 billion and $990 million for the three months ended September 30, 2026 and 2025, respectively, and $3.6 billion and $2.7 billion for the nine months ended September 30, 2026 and 2025, respectively. Refer to Note 5 for additional information.
Previous wording
(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 wording
(b)Included a $4.6 billion net gain related to Visa shares and $1.0 billion of gains on certain equity investments, both recorded in the second quarter of 2026. Refer to Note 5 for additional information.
Previous wording
•higher advisory fees largely driven by higher fees from deals in the Diversified Industries, Financial Institutions, and Technology sectors, partially offset by lower fees from deals in the Consumer & Retail sector,
Current wording
•higher advisory fees driven by higher fees from deals in the Healthcare, Diversified Industries and Technology sectors, partially offset by lower fees from deals in the Financial Institutions sector,
Previous wording
•higher debt underwriting fees predominantly driven by higher investment-grade loans and bonds and non-investment grade bonds, and
Current wording
•higher debt underwriting fees driven by higher non-investment grade loans, largely offset by lower non-investment grade bonds, and
Previous 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
Current wording
•in CIB, higher cash management fees in Payments, as a result of higher volume, and
Previous wording
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.
Current wording
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 23-27 and pages 36-40, respectively, and Note 5 for additional information.
Showing the first 40 of 242 pairs. Open the source sections for the rest.
Rearranged current paragraphs (22)
Current report — wording carried from elsewhere
partially offset by the impact of lower rates. NII excluding Markets was $24.7 billion, up 6%.
Current report — wording carried from elsewhere
•Management expects net interest income to be approximately $106.2 billion and net interest income excluding Markets to be approximately $97.2 billion, market dependent.
Current report — wording carried from elsewhere
•Management expects adjusted expense to be approximately $108.6 billion, market dependent.
Current report — wording carried from elsewhere
•higher Equity Markets revenue predominantly driven by Equity Derivatives and Prime Finance.
Current report — wording carried from elsewhere
Refer to Note 5 for additional information.
Current report — wording carried from elsewhere
Theeffective tax rate increased driven by:
Current report — wording carried from elsewhere
•higher tax benefits related to the vesting of employee share-based awards.
Current report — wording carried from elsewhere
•an increase in CIB due to net inflows related to client-driven activities, primarily in Payments and Securities Services,
Current report — wording carried from elsewhere
and Notes 2 and 15 for deposits; and Note 10 for federal funds purchased and securities loaned or sold under repurchase agreements.
Current report — wording carried from elsewhere
•higher derivative payables, primarily as a result of market movements.
Current report — wording carried from elsewhere
Refer to Notes 2 and 4 for additional information.
Current report — wording carried from elsewhere
Noninterest revenue was $15.4 billion, up 16%, driven by:
Current report — wording carried from elsewhere
Refer to Note 5 for additional information on deposit-related fees.
Current report — wording carried from elsewhere
•Lending revenue was $6.4 billion, up 13%, largely driven by higher loan balances, lower fair value losses on credit protection purchased against certain retained loans and lending-related commitments, and higher lending-related fees.
Current report — wording carried from elsewhere
Net income was $1.8 billion, up 11%.
Current report — wording carried from elsewhere
Refer to Credit and Investment Risk Management on pages 60-78 and Allowance for Credit Losses on pages 75-77 for further discussions of the credit portfolios and the allowance for credit losses.
Current report — wording carried from elsewhere
•changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes, and
Current report — wording carried from elsewhere
•changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.
Current report — wording carried from elsewhere
The Agencies also released a concurrent proposal, “Regulatory Capital Rule: Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies; Systemic Risk Report (FR Y-15),”
Current report — wording carried from elsewhere
compared to December 31, 2025, due to a higher amount of commercial loans and credit card receivables pledged at the Federal Reserve Banks. Although available, the Firm does not view this borrowing capacity at the Federal Reserve Banks discount window and the other central banks as a primary source of liquidity.
Current report — wording carried from elsewhere
•an increase in CIB due to net inflows related to client-driven activities, primarily in Payments and Securities Services,
Current report — wording carried from elsewhere
The carrying value of retained home equity lines of credit outstanding was $13.2 billion at September 30, 2026, including $3.3 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified, and $2.9 billion of interest-only balloon HELOCs, which primarily mature after 2030.
Rearranged previous paragraphs (21)
Previous report — wording carried elsewhere
measurement alternative to recurring fair value on certain other equity investments.
Previous report — wording carried elsewhere
–net inflows related to client-driven activities primarily in Payments,
Previous report — wording carried elsewhere
•$1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB,
Previous report — wording carried elsewhere
•the $4.6 billion net gain related to Visa shares in Corporate,
Previous report — wording carried elsewhere
•$1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB,
Previous report — wording carried elsewhere
•higher investment valuation gains in AWM,
Previous report — wording carried elsewhere
Refer to Note 5 for additional information on the First Republic acquisition.
Previous report — wording carried elsewhere
Compensation expense increased predominantly driven by:
Previous report — wording carried elsewhere
2, 3, 11 and 12 for additional information on loans and the total allowance for credit losses.
Previous report — wording carried elsewhere
•an increase in Corporate as a result of growth in new accounts related to the Firm's international consumer initiatives,
Previous report — wording carried elsewhere
Noninterest revenue was $5.2 billion, up 16%, predominantly driven by:
Previous report — wording carried elsewhere
•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.
Previous report — wording carried elsewhere
Noninterest expense was $22.5 billion, up 16%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage expense.
Previous report — wording carried elsewhere
Net income was $3.7 billion, up 22%.
Previous report — wording carried elsewhere
(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.
Previous report — wording carried elsewhere
dual calculation of Advanced and Standardized RWA with a single calculation based on the expanded risk-based approach (which, among other changes, would not permit the use of internal models for the calculation of RWA, other than for market risk) as well as a new operational risk RWA component. Based on the Firm's understanding of the U.S. Basel III Re-Proposal, as applied to its positions as of December 31, 2025, the estimated impact would be an increase to the Firm's required CET1 capital of approximately 6%.
Previous report — wording carried elsewhere
The Firm’s average LCR for the three months ended June 30, 2026 decreased, compared with the three months ended June 30, 2025, primarily driven by repurchases of and dividends on common stock, largely offset by dividend payments from JPMorgan Chase Bank, N.A. to the Parent Company and long-term debt issuance.
Previous report — wording carried elsewhere
•an increase in CCB driven by growth in new accounts, largely offset by continued customer spending,
Previous report — wording carried elsewhere
•an increase in Corporate as a result of growth in new accounts related to the Firm's international consumer initiatives, and
Previous report — wording carried elsewhere
•an increase in Corporate as a result of growth in new accounts related to the Firm's international consumer initiatives,
Previous report — wording carried elsewhere
•an increase in CCB driven by growth in new accounts, largely offset by continued customer spending, and